Company: ANY
Filing Date: 2025-11-13
Form Type: 8-K
Source: 0001062993-25-016743
Chunk: 0

Company: Sphere 3D Corp.
Filing Date: 2025-11-13
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

On November 11, 2025, the Sphere 3D Corp. (the “Company”) entered into a third amended and restated employment agreement with Mr. Kalbfleisch (the “November 2025 Employment Agreement”), which amended and restated the second amended and restated employment agreement between the Company and Mr. Kalbfleisch dated May 8, 2025, in its entirety. Under the November 2025 Employment Agreement, Mr. Kalbfleisch will serve as the Company's Chief Executive Officer and will continue in his role of Chief Financial Officer. The Company will pay Mr. Kalbfleisch an annual base salary of $400,000. At the discretion of the board of directors of the Company (the “Board”), Mr. Kalbfleisch will be eligible to receive an annual discretionary bonus of 110% of his base salary and additional restricted stock units and/or options based upon the achievement of certain performance and financial thresholds to be determined by the Board. Mr. Kalbfleisch is also entitled to family health insurance benefits to be fully paid for by the Company and to participate in any employee benefit plans, life insurance plans, disability income plans, retirement plans, expense reimbursement plans and other benefit plans that the Company may from time to time have in effect for any of the Company’s executive management employees.

All compensation and unvested benefits payable under the November 2025 Employment Agreement shall terminate on the date of the termination of Mr. Kalbfleisch's employment, unless Mr. Kalbfleisch's employment is terminated by the Company without cause or by Mr. Kalbfleisch for good reason (each as defined in the November 2025 Employment Agreement), in which case Mr. Kalbfleisch shall be entitled to (i) continued payment of his base salary at the rate and schedule then in effect for a period of 18 months after the date of termination; (ii) 75% of his target bonus for a period of 18 months; (iii) all unpaid and accrued vacation as of the date of termination; (iv) continued health and life insurance benefits for 18 months after the date of termination, 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 18 months after the date of termination, subject to a maximum