Company: ANY
Filing Date: 2025-03-28
Form Type: PRE 14A
Source: 0001628280-25-015485
Chunk: 55

Company: Sphere 3D Corp.
Filing Date: 2025-03-28
Form: PRE 14A
Chunk 55
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 the Kalbfleisch Employment Agreement), Mr. Kalbfleisch would receive a percentage ranging from 0.1% to 0.7% of the consideration received by our common shareholders based upon the amount of the transaction. In addition, 50% of any unvested restricted stock units and 50% of any unvested stock options would immediately vest as of the day immediately prior to the change of control.

All compensation and unvested benefits payable under the Kalbfleisch Employment Agreement would 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 Kalbfleisch Employment Agreement, or as a result of a material breach by us of any of our obligations under the Kalbfleisch Employment Agreement or any other agreement to which the Company and Mr. Kalbfleisch are parties, in which case Mr. Kalbfleisch would be entitled to (i) continued payment of his base salary at the rate and schedule then in effect for a period of six months after the date of termination, with an additional month of severance to be added for every completed year of service as Chief Financial Officer plus a pro-rated portion of his bonus; (ii) continued health and life insurance benefits for eight months after the date of termination; (iii) any unvested stock options and restricted stock units shall vest on the day immediately prior to the termination date; and (iv) if such termination, or expiration of the term of the Kalbfleisch Employment Agreement, occurs less than 60 days prior to a change of control, we will remain obligated to compensate Mr. Kalbfleisch for any other payments due under a change of control.

In February 2023, Mr. Kalbfleisch received 121,428 restricted stock units of the Company valued at $351,728 based upon the common share price of $2.90 on February 28, 2023, of which 20% of the shares vested on May 22, 2023 and 80% of the shares vested on December 1, 2023.

In March 2024, the Board approved a fiscal year 2023 annual bonus for Mr. Kalbfleisch in the amount of $180,000.

On March 27, 2024, we entered into a new employment agreement with Mr. Kalbfleisch