HSDT · Solana Co

This transaction reported represents the withholding of shares by the Issuer to satisfy the cashless exercise by the Reporting Person in connection with the exercise of the warrant reported on Table II herein.

The warrant initially contained a vesting schedule as was more fully described in the Reporting Person's Form 4 filed with the Securities and Exchange Commission on June 4, 2026 (the "Original Vesting Schedule"). Notwithstanding the Original Vesting Schedule reported therein, such Original Vesting Schedule was accelerated in full at the election of the Reporting Person, such that the shares underlying the warrant became fully vested and the warrant immediately exercisable as of May 3, 2026.

Grant to the Reporting Person of restricted stock units ("RSUs") under the Issuer's 2022 Equity Incentive Plan (the "Plan"). The RSUs vest in a series of twelve (12) successive equal monthly installments on the last day of each month so that all of the RSUs will be fully vested on the one-year anniversary of the grant date, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of restricted stock units ("RSUs") under the Issuer's 2022 Equity Incentive Plan (the "Plan"). The RSUs vest in a series of twelve (12) successive equal monthly installments on the last day of each month so that all of the RSUs will be fully vested on the one-year anniversary of the grant date, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Plan. The options vest in a series of twelve (12) successive equal monthly installments on the last day of each month so that all of the options will be fully vested on the one-year anniversary of the grant date, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Plan. The options vest in a series of twelve (12) successive equal monthly installments on the last day of each month so that all of the options will be fully vested on the one-year anniversary of the grant date, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Plan. The options vest in a series of twelve (12) successive equal monthly installments on the last day of each month so that all of the options will be fully vested on the one-year anniversary of the grant date, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of restricted stock units ("RSUs") under the Issuer's 2022 Equity Incentive Plan (the "Plan"). The RSUs vest in a series of twelve (12) successive equal monthly installments on the last day of each month so that all of the RSUs will be fully vested on the one-year anniversary of the grant date, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Plan. The options vest in a series of twelve (12) successive equal monthly installments on the last day of each month so that all of the options will be fully vested on the one-year anniversary of the grant date, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of restricted stock units ("RSUs") under the Issuer's 2022 Equity Incentive Plan (the "Plan"). The RSUs vest in a series of twelve (12) successive equal monthly installments on the last day of each month so that all of the RSUs will be fully vested on the one-year anniversary of the grant date, subject to the Reporting Person's continued service through each applicable vesting period.

Represents a pro-rata distribution-in-kind of Class A Common Stock by Fusion Summer Limited to one of its members for no consideration.

Represents a pro-rata distribution-in-kind of Class A Common Stock by Fusion Summer Limited to one of its members for no consideration.

Summer Wisdom Holdings Limited ("Summer Wisdom") holds the sole Ordinary Share and the sole Class B Participating Share of Fusion Summer Limited ("Fusion Summer"). As the sole owner of Fusion Summer, Summer Wisdom may be deemed to beneficially own the securities held directly by Fusion Summer.

Shares of Class A Common Stock acquired upon the vesting of the restricted stock unit award (the "RSUs").

Each RSU represents a contingent right to receive one (1) share of the Issuer's Class A Common Stock.

On September 18, 2025, the Reporting Person was granted 1,109,118 RSUs under the Issuer's 2022 Equity Incentive Plan (the "Plan"). On October 30, 2025, the RSUs fully vested following the shareholder approval of a share reserve increase to the Issuer's Plan. On May 11, 2026, each RSU settled into one share of the Issuer's Class A Common Stock.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. 75% of the options vested on March 31, 2026, and the remaining 25% of options will vest on June 30, 2026, subject to the Reporting Person's continued service through such vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. 75% of the options vested on March 31, 2026, and the remaining 25% of options will vest on June 30, 2026, subject to the Reporting Person's continued service through such vesting period.

Grant to the Reporting Person of restricted stock units ("RSUs") under the Issuer's 2022 Equity Incentive Plan. 75% of the RSUs vested on March 31, 2026, and the remaining 25% of RSUs will vest on June 30, 2026, subject to the Reporting Person's continued service through such vesting period.

Grant to the Reporting Person of restricted stock units ("RSUs") under the Issuer's 2022 Equity Incentive Plan. 75% of the RSUs vested on March 31, 2026, and the remaining 25% of RSUs will vest on June 30, 2026, subject to the Reporting Person's continued service through such vesting period.

Grant to the Reporting Person of restricted stock units ("RSUs") under the Issuer's 2022 Equity Incentive Plan. 75% of the RSUs vested on March 31, 2026, and the remaining 25% of RSUs will vest on June 30, 2026, subject to the Reporting Person's continued service through such vesting period.

The Issuer implemented three reverse stock splits. Effective August 16, 2023, the Issuer effected a 1-for-50 reverse stock split for the Issuer's Class A common stock, effective May 2, 2025, the Issuer effected a second 1-for-15 reverse stock split of the Issuer's Class A common stock and effective July 1, 2025, the Issuer effected a third 1-for-50 reverse stock split of the Issuer's Class A common stock. The number of securities reported herein have been adjusted to reflect the reverse stock split. The initial Form 4 did not account for the reverse stock splits.

Grant to the Reporting Person of restricted stock units ("RSUs") under the Issuer's 2022 Equity Incentive Plan. 75% of the RSUs vested on March 31, 2026, and the remaining 25% of RSUs will vest on June 30, 2026, subject to the Reporting Person's continued service through such vesting period.

The Issuer implemented three reverse stock splits. Effective August 16, 2023, the Issuer effected a 1-for-50 reverse stock split for the Issuer's Class A common stock, effective May 2, 2025, the Issuer effected a second 1-for-15 reverse stock split of the Issuer's Class A common stock and effective July 1, 2025, the Issuer effected a third 1-for-50 reverse stock split of the Issuer's Class A common stock. The number of securities reported herein have been adjusted to reflect the reverse stock split. The initial Form 4 did not account for the reverse stock splits.

On September 18, 2025, Pantera Capital Management LP ("Pantera") transferred the warrant to the Reporting Person pursuant to that certain Warrant Transfer Agreement, dated as of September 18, 2025 (the "Warrant Transfer Agreement"), by and among the Issuer, Pantera and the Reporting Person. The warrant vests as to 25% of the shares on March 18, 2026; the remaining 75% of the shares shall vest in equal monthly installments on the last day of each month over the following thirty-six (36) calendar months, in each case subject to the Reporting Person providing continuous service to the Pantera on each such vesting date.

Notwithstanding the foregoing, the number of vested shares on each subsequent March 31, June 30, September 30 and December 31, shall be equal to the greater of (x) the then vested amount, and (y) the Exercise-based Catch-Up Amount (as that term is defined in the Warrant Transfer Agreement), provided that in no event shall the cumulative number of vested warrant shares reported herein exceed 100% of the warrant shares reported herein.

Immediately exercisable.

Summer Wisdom Holdings Limited ("Summer Wisdom") holds all of the ordinary shares of Fusion Summer and Fusion Summer holds shares of the Issuer's Class A Common Stock. The Reporting Person is the controlling shareholder of Summer Wisdom and, as such, has the power to vote and dispose of the shares held by Fusion Summer. The Reporting Person disclaims beneficial ownership of these shares except to the extent of his pecuniary interest therein and this report shall not be deemed an admission that the Reporting Person is the beneficial owner of the securities for purposes of Section 16 or for any other purpose.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. 50% of the options vested immediately upon grant, and the remaining options vest in a series of four (4) successive equal quarterly installments on the last day of each quarter starting on September 30, 2025, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. 50% of the options vested immediately upon grant, and the remaining options vest in a series of twelve (12) successive equal quarterly installments on the last day of each quarter starting on September 30, 2025, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. 50% of the options vested immediately upon grant, and the remaining options vest in a series of four (4) successive equal quarterly installments on the last day of each quarter starting on September 30, 2025, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. 50% of the options vested immediately upon grant, and the remaining options vest in a series of four (4) successive equal quarterly installments on the last day of each quarter starting on September 30, 2025, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. 50% of the options vested immediately upon grant, and the remaining options vest in a series of four (4) successive equal quarterly installments on the last day of each quarter starting on September 30, 2025, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. 50% of the options vested immediately upon grant, and the remaining options vest in a series of twelve (12) successive equal quarterly installments on the last day of each quarter starting on September 30, 2025, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. 50% of the options vested immediately upon grant, and the remaining options vest in a series of twelve (12) successive equal quarterly installments on the last day of each quarter starting on September 30, 2025, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. 50% of the options vested immediately upon grant, and the remaining options vest in a series of four (4) successive equal quarterly installments on the last day of each quarter starting on March 31, 2025, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. 50% of the options vested immediately upon grant, and the remaining options vest in a series of twelve (12) successive equal quarterly installments on the last day of each quarter starting on March 31, 2025, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. 50% of the options vested immediately upon grant, and the remaining options vest in a series of twelve (12) successive equal quarterly installments on the last day of each quarter starting on March 31, 2025, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. 50% of the options vested immediately upon grant, and the remaining options vest in a series of four (4) successive equal quarterly installments on the last day of each quarter starting on March 31, 2025, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. 50% of the options vested immediately upon grant, and the remaining options vest in a series of twelve (12) successive equal quarterly installments on the last day of each quarter starting on March 31, 2025, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. 50% of the options vested immediately upon grant, and the remaining options vest in a series of four (4) successive equal quarterly installments on the last day of each quarter starting on March 31, 2025, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. 50% of the options vested immediately upon grant, and the remaining options vest in a series of four (4) successive equal quarterly installments on the last day of each quarter starting on March 31, 2025, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. 62.5% of the options vested immediately upon grant, and the remaining options vest in a series of ten (10) successive equal quarterly installments on the last day of each quarter starting on September 30, 2024, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. The options vest in a series of four (4) successive equal quarterly installments on the last day of each quarter starting September 30, 2024, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. 62.5% of the options vested immediately upon grant, and the remaining options vest in a series of ten (10) successive equal quarterly installments on the last day of each quarter starting on September 30, 2024, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. 62.5% of the options vested immediately upon grant, and the remaining options vest in a series of ten (10) successive equal quarterly installments on the last day of each quarter starting on September 30, 2024, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. The options vest in a series of four (4) successive equal quarterly installments on the last day of each quarter starting September 30, 2024, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. The options vest in a series of four (4) successive equal quarterly installments on the last day of each quarter starting September 30, 2024, subject to the Reporting Person's continued service through each applicable vesting period.

Grant to the Reporting Person of a stock option under the Issuer's 2022 Equity Incentive Plan. The options vest in a series of four (4) successive equal quarterly installments on the last day of each quarter starting September 30, 2024, subject to the Reporting Person's continued service through each applicable vesting period.

The shares are held by Maple Leaf Discovery I, L.P. ("MLD I"). The reporting person is the managing member of Maple Leaf Capital, the general partner of MLD I and as such may be deemed to beneficially own the securities owned by MLD I. The reporting person disclaims beneficial ownership over such shares except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of the reported shares for purposes of Section 16 or for any other purposes.

The shares are held by Maple Leaf Partners, L.P. ("MLP"). The reporting person is the managing member of Maple Leaf Capital I, LLC ("Maple Leaf Capital"), the general partner of MLP and as such may be deemed to beneficially own the securities owned by MLP. The reporting person disclaims beneficial ownership over such shares except to the extent of his pecuniary interest therein, and the inclusion of these shares in this report shall not be deemed an admission of beneficial ownership of the reported shares for purposes of Section 16 or for any other purposes.