Company: ANY
Filing Date: 2025-04-28
Form Type: 8-K
Source: 0001062993-25-008129
Chunk: 1

Company: Sphere 3D Corp.
Filing Date: 2025-04-28
Form: 8-K
Item: Item 1.01
Chunk 1
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 and schedule then in effect for a period of 18 months after the date of termination; (ii) 50% of his target bonus for a period of 18 months; (iii) continued health and life insurance benefits ("Benefits") for 12 months after the date of termination, with an additional month of Benefits to be added for every completed year of service as Chief Financial Officer or at Mr. Kalbfleisch's discretion, retaining or obtaining family medical, dental, vision and/or other insurance plans and benefits, the cost of which shall be reimbursed by the Company for a period of 12 months after the date of termination, subject to a maximum average monthly reimbursement of $5,000; and (iv) the immediate vesting of any outstanding unvested stock options, restricted stock units or other stock awards.

Upon the occurrence of a Change of Control (as defined in the New Employment Agreement) that results in Mr. Kalbfleisch's termination, Mr. Kalbfleisch shall help transition his duties for a three-month period following his termination date if requested by the Company.

Under the New Employment Agreement, on April 22, 2025, Mr. Kalbfleisch received 1,000,000 restricted stock units, valued at $493,000 based upon the common share price on the date of grant of $0.493, 25% of which will vest on June 1, 2025, and the remaining which vest in equal quarterly installments beginning September 1, 2025 and ending June 1, 2027.

The above description of the New Employment Agreement is not complete and is subject to, and qualified in its entirety by, the full text of the New Employment Agreement, a copy of which is attached hereto as Exhibit 10.1 to this Current Report on Form 8-K and the contents of which are incorporated by reference herein.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.