How Belizaire was paid
$6M in total for 2025, as reported in the Summary Compensation Table. Equity awards are valued at grant, not at what they turned out to be worth.
Named executive officers
| Executive | Salary | Bonus | Stock | Other | Total |
|---|---|---|---|---|---|
| John BelizaireChief Executive Officer | $463,050 | $471,742 | $5,058,182 | $14,772 | $6,007,746 |
| David MichaelsChief Financial Officer | $280,745 | — | $1,416,151 | — | $1,696,896 |
| Michael ToporekExecutive Chairman of the Board | $315,000 | — | $12,186,164 | $12,600 | $12,513,764 |
What changed and why
- $6M2025 CEO total compensation was $6,007,746, compared with $2,182,044 in 2024.
- $5.1M$5,058,182 of the CEO’s 2025 compensation was stock awards.
- $12.5M$12,513,764 was Michael Toporek’s total 2025 compensation, including $12,186,164 in stock awards.
- $1.7M$1,696,896 was David Michaels’s total 2025 compensation, including $1,416,151 in stock awards.
- December 31, 2026 is the cessation date for additional True-Up Agreement dilution protection grants.
- January 21, 2026 marked the Board’s decision to sunset additional dilution protection grants and not adopt replacement arrangements.
Other Soluna Holdings proxy statements
- 2025 proxy statement
John Belizaire paid $2.2M (+394% on the year).
Filed Jul 21, 2025
About this page
Figures are automated and can be wrong; check the filing for the exact numbers. Totals follow SEC rules, which value stock and option awards at grant. Read the DEF 14A proxy statement for footnotes and the compensation committee's full reasoning.