Company: ANY
Filing Date: 2025-04-28
Form Type: 8-K
Source: 0001062993-25-008129
Chunk: 0

Company: Sphere 3D Corp.
Filing Date: 2025-04-28
Form: 8-K
Item: Item 1.01
Chunk 0
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Item 1.01

Entry into a Material Definitive Agreement.

As previously disclosed in a Current Report on Form 8-K filed by Sphere 3D Corp. (the " Company") on March 29, 2024, on March 27, 2024, the Company entered into a new employment agreement with Kurt Kalbfleisch (the "OldEmployment Agreement"), which replaced his employment agreement dated June 20, 2022.

On April 22, 2025, the Company entered into an amended and restated employment agreement with Mr. Kalbfleisch (the "New Employment Agreement"), which amends and restates the Old Employment Agreement in its entirety.

Under the New Employment Agreement, Mr. Kalbfleisch will serve as the Company's Chief Financial Officer and, during the period where no replacement Chief Executive Officer has been appointed, the Company's Interim Chief Executive Officer. The Company will pay Mr. Kalbfleisch an annual base salary of $336,000. At the discretion of the Company's Chief Executive Officer (or if Mr. Kalbfleisch is then serving as Interim Chief Executive Officer, the Company's board of directors (the "Board")), Mr. Kalbfleisch will be eligible to receive an annual discretionary bonus up to 75% of his base salary and additional restricted stock units based upon the achievement of certain performance and financial thresholds to be determined by the Company's Chief Executive Officer (or if Mr. Kalbfleisch is then serving as Interim Chief Executive Officer, the Board) and approved by the Board. Mr. Kalbfleisch is also entitled to health insurance benefits and to participate in any employee benefit plans, life insurance plans, disability income plans, retirement plans, expense reimbursement plans and other benefit plans that we may from time to time have in effect for any of our executive management employees.

All compensation and unvested benefits payable under the New Employment Agreement shall terminate on the date of the termination of Mr. Kalbfleisch's employment, unless Mr. Kalbfleisch's employment is terminated by us without cause or by Mr. Kalbfleisch for good reason, each as defined in the New Employment Agreement, or as a result of a material breach by us of any of our obligations under the New Employment Agreement or any other agreement to which the Company and Mr. Kalbfleisch are parties, in which case Mr. Kalbfleisch shall be entitled to (i) continued payment of his base salary at the rate