Company: ANY
Filing Date: 2025-03-28
Form Type: PRE 14A
Source: 0001628280-25-015485
Chunk: 27

Company: Sphere 3D Corp.
Filing Date: 2025-03-28
Form: PRE 14A
Chunk 27
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 days following the date of grant, or (ii) that number of stock options equal to $100,000 divided by the value of the options at the time of grant (to be determined using the Black-Scholes pricing model) to be priced at the market close on the day of our next annual shareholder’s meeting, such stock options to vest in full 364 days following the date of grant (the “ Board Compensation Program ”), provided there are sufficient shares available in our Amended and Restated 2015 Performance Incentive Plan, as may be further amended.

Pursuant to the Board Compensation Program, each director is entitled to an annual equity award valued at $100,000 based upon the closing market price of the Company’s common shares on the date of the annual shareholders’ meeting.

On January 9, 2024, Mr. Danzinger, Mr. McEwan and Mr. Mahadevan each received a stock option for 82,050 shares with an exercise price of $2.65 per share vesting in full on December 5, 2024 and expiring on December 5, 2029. Ms. Harnett and Mr. Hanley each received 57,471 restricted stock units valued at $152,298 based upon the common share closing market price of $2.65 on January 9, 2024, the date of grant, vesting in full on December 5, 2024. The number of stock options and restricted stock units granted was based upon the Company’s common share closing market price of $1.74 on December 5, 2023, the date of the 2023 annual shareholders’ meeting.

In June 2024, the Compensation Committee recommended a change in Board Compensation based upon industry comparables and size of the Company. The Compensation Committee also recommended that it was appropriate to rely more heavily on stock-based compensation versus cash compensation. Effective April 1, 2024, the Board’s annual cash payment was reduced from $75,000 to $60,000 and Chairman fees were eliminated. There was no change to the stock-based compensation under the Board Compensation Program discussed above. (the “ New Board Compensation Program ”).

On May 21, 2024, under the Board Compensation Program, Ms. Harnett and Mr. Hanley each received 96,154 restricted stock units valued at $113,942 based upon the common share closing market price of $1.185 on May 21, 202