Company: ANY
Filing Date: 2025-08-05
Form Type: 10-Q
Source: 0001591956-25-000009
Chunk: 21

Company: Sphere 3D Corp.
Filing Date: 2025-08-05
Form: 10-Q
Item: Part I, Item 1
Chunk 21
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 to approximately 4.5 million common shares pursuant to the 2025 Plan. In addition, the share limit will automatically increase on the first trading day in January of each calendar year during the term of the 2025 Plan by an amount equal to the lesser of (i) 10% of the total number of common shares issued and outstanding on December 31 of the immediately preceding calendar year, or (ii) such number of common shares as may be established by the Board. The 2025 Plan authorizes the board of directors to grant stock and options awards to directors, employees and consultants.

16

Stock OptionsThe fair value of option awards are estimated on the date of grant using the Black-Scholes option pricing model. Expected volatility was based on historical volatility of the Company’s common shares. The expected term of options granted was based on the simplified formula. The risk-free interest rate was based on the U.S. Treasury yield for a period consistent with the expected term of the option in effect at the time of the grant. The dividend yield assumption was based on the expectation of no future dividend payments. Option awards can be granted for a maximum term of up to 10 years. The assumptions used in the Black-Scholes model were as follows:Three MonthsEnded June 30,Six MonthsEnded June 30,2025202420252024Expected volatility148.0%126.1%148.0%124.3-126.1%Expected term (in years)3.53.53.53.5Risk-free interest rate4.0%4.6%4.0%4.1-4.6%Dividend yield————The following table summarizes option activity:SharesSubject to OptionsWeighted-AverageExercisePriceWeighted-AverageRemainingContractualTerm (years)AggregateIntrinsicValue(in thousands)Options outstanding — January 1, 2025443,170 $5.11 Granted149,500 $0.79 Exercised— $— Forfeited(26,785)$12.60 Options outstanding — June 30, 2025565,885 $3.62 4.1$— Vested and expected to vest — June 30, 2025565,885 $3.62 4.1$— Exercisable — June 30, 2025416,385 $4.63 3.5$— The weighted average grant date fair