Document:

Exhibit 10.1

 

EMPLOYMENT AGREEMENT

 

This AGREEMENT (the “Agreement”) is
made as of the date signed (the “Effective Date”), by and between Sphere 3D Corp., an Ontario corporation (the “Employer”)
and Kurt Kalbfleisch (the “Executive”). In consideration of the mutual covenants contained in this Agreement, the Employer
and the Executive agree as follows:

 

1. Employment. The
Employer agrees to employ the Executive and the Executive agrees to be employed by the Employer on the terms and conditions set forth
in this Agreement.

 

2. Duties. The Executive
shall serve the Employer as its Chief Financial Officer. In such capacity, Executive will report to both the Chief Executive Officer (the
“CEO”) and the Chairman of the Audit Committee (the “Audit Chair”) of the Board of Directors of the Company (the
“Board”), and shall have the customary powers, responsibilities, and authorities of a Chief Financial Officer of corporations
of the size, type and nature of the Employer, as it exists from time to time, and as are assigned by the CEO or Board.

 

3. Term. The Term of
this agreement shall be one (1) year (the period of employment hereunder shall be referred to herein as the “Employment Term”).
This Agreement shall continue during the Employment Term to govern the terms and conditions of Executive’s employment, unless modified
by the parties hereto in writing. The term of this Agreement shall automatically renew on the anniversary of the date hereof, unless terminated
by either party within ninety (90) days prior to such annual renewal date.

 

4. Compensation and Benefits.
The regular compensation and benefits payable to the Executive under this Agreement shall be as follows:

 

(a) Signing Bonus; Base Salary.
Upon execution of this Agreement, in consideration of amounts owed to Executive by Employer prior to the date hereof, Employer shall pay
the Executive a one-time cash payment equal to $360,000. During the term of this Agreement, for all services rendered by the Executive
under this Agreement, the Employer shall pay the Executive a base salary at the annual rate of $320,000 USD. The base salary shall be
payable in dollars in installments in accordance with the Employer’s usual practice for its senior executives, and the salary shall
transition to being paid in Bitcoin at the Executive’s request.

 

(b) Annual Bonus. In
addition to Base Salary, Executive shall be eligible to receive an annual bonus up to 75% of Employee’s Base Salary, as determined
by the CEO, which such bonus shall be payable in USD or Bitcoin (the “Bonus”), based on performance criteria determined by
the CEO and Executive as well as the performance of the Employer. In addition, the CEO may determine to issue Employee additional restricted
stock units of the Employer (“RSUs”) based upon the achievement of certain performance and financial thresholds to be determined
by the CEO, subject to approval by the Board.

 

     

     

    

 

(c) Regular Benefits.
The Executive shall be entitled to health insurance benefits from Employer, and shall also be entitled to participate in any employee
benefit plans, life insurance plans, disability income plans, retirement plans, expense reimbursement plans and other benefit plans which
the Employer may from time to time have in effect for any of its executive management employees. Participation
in any Employer benefit plan shall be subject to the terms of the applicable plan documents, generally applicable policies of
the Employer, applicable law and the discretion of the Board, or any administrative or other committee provided for in or contemplated
by any such plan. Except with respect to the aforementioned health insurance benefits, nothing contained in this Agreement shall be construed
to create any obligation on the part of the Employer to establish any such plan or to maintain the effectiveness of any such plan which
may be in effect from time to time. In the event that Employer does not have an established U.S. health insurance plan for Employer’s
employees, then Employer shall reimburse Executive for the cost of obtaining or retaining his personal life, accident, medical, dental,
vision and/or other insurance plans and benefits, including out-of-pocket expenses related to medical expenses and deductibles, the costs
of which shall be reimbursed by the Company to Executive in an amount up to an average of $5,000 per month during the Employment Term,
until such time as a company health plan is established. Health Insurance will be Anthem Blue Cross Platinum plan or equivalent.

 

(d) Vacation. The Executive
shall be entitled to four weeks paid time off per year, such vacation leave to be taken in accordance with the Employer’s
standard employee vacation policy, and at such time or times as will not unreasonably hinder or interfere with the Employer’s business
or operations. Vacation will be considered to have been accrued as of the date of this Agreement.

 

(e) Taxation of Payments
and Benefits. The Employer shall undertake to make deductions, withholdings and tax reports with respect to payments and benefits
under this Agreement to the extent that it reasonably and in good faith believes that it is required to make such deductions, withholdings
and tax reports. Payments under this Agreement shall be in amounts net of any such deductions or withholdings. Nothing in this Agreement
shall be construed to require the Employer to make any payments to compensate the Executive for any adverse tax effect associated with
any legally required payments or benefits or for any legally required deduction or withholding from any payment or benefit.

 

(f) Expenses. The Employer
shall reimburse the Executive for all reasonable and necessary business-related out-of-pocket expenses incurred or paid by the Executive
in performing his duties under this Agreement and that are consistent with applicable policies of the Employer and immediate manager.
All payments for reimbursement of such expenses shall be made upon presentation by the Executive of expense statements or vouchers and
such other supporting information as the Employer may from time to time reasonably request.

 

(g) Equity Issuance.
Upon execution of this Agreement, Employee shall be due (i) a one-time issuance of (1) 325,000 RSUs and (2) 225,000 cashless options to
purchase Employer stock, each of which shall vest as follows: (x) 20% of the RSUs shall vest on August 18, 2022 and 20% of the options
shall vest immediately upon Executive’s execution of this Agreement, (y) the remaining RSUs and cashless options shall vest over
a period of three years, as follows: 30% on the first anniversary of the date of this Agreement, 25% upon the second anniversary of the
date of this Agreement, and 25% on the third anniversary of the date of this Agreement. In the event of a Change of Control event as set
out in section 4(j) below, 50% of any unvested RSUs and 50% of any unvested cashless options will immediately vest as of the day immediately
prior to the Change of Control.

 

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(h) Exclusivity of Salary
and Benefits. The Executive shall not be entitled to any payments or benefits other than those provided under this Agreement.

 

(i) Increase of D&O Limits.
The Employer undertakes to perform a review of its Director and Officer Liability coverage and increase coverage under such policy as
deemed appropriate by the Board.

 

(j) Change of Control.
Upon the closing of a Change of Control (as defined herein), Employee shall receive a percentage of the consideration received by shareholders
of Employer as part of such Change of Control as outlined in Exhibit A, but such percentages shall not count the value of any debt
assumed by the counterparty in such Change of Control. The Employer will withhold from any such payment the taxes required to be paid
by Executive with respect to such consideration. Any required federal or state taxes will be remitted on behalf of the Executive by the
Employer.

 

For purposes hereof, “Change
of Control” shall mean the occurrence after the date hereof of any of (a) acquisition by an individual or legal entity or “group”
(as described in Rule 13d-5(b)(1) promulgated under the Securities Exchange Act of 1934, as amended) of effective control (whether through
legal or beneficial ownership of capital stock of Employer, by contract or otherwise) of in excess of 50% of the voting securities of
Employer, (b) Employer merges into or consolidates with any other person or entity, or any person or entity merges into or consolidates
with Employer and, after giving effect to such transaction, the stockholders of Employer immediately prior to such transaction own less
than 50% of the aggregate voting power of Employer or the successor entity of such transaction, (c) Employer sells or transfers all or
substantially all of its assets to another person or entity and the stockholders of Employer immediately prior to such transaction own
less than 50% of the aggregate voting power of the acquiring entity immediately after the transaction, (d) a replacement at one time or
within a three-year period of more than one-half of the members of the Board which is not approved by a majority of those individuals
who are members of the Board on the date of this Agreement (or by those individuals who are serving as members of the Board on any date
whose nomination to the Board was approved by a majority of the members of the Board who are members on the date hereof), or (e) the execution
by Employer of an agreement to which Employer is a party or by which it is bound, providing for any of the events set forth in clauses
(a) through (d) above.

 

5. Extent of Service.
(a) During the Executive’s employment under this Agreement, the Executive shall devote the Executive’s full business time,
best efforts and business judgment, skill and knowledge to the advancement of the Employer’s interests and to the discharge of the
Executive’s duties and responsibilities under this Agreement. By the thirtieth (30th) day following the date hereof,
Executive shall not engage in any other business activity, except as may be approved by the Board, such approval not to be unreasonably
withheld; provided, that nothing in this Agreement shall be construed as preventing the Executive from:

 

(i) investing
the Executive’s assets in any company or other entity in a manner not prohibited by Section 7(d) and in such form or manner as shall
not require any material activities on the Executive’s part in connection with the operations or affairs of the companies or other
entities in which such investments are made; and

 

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(ii) engaging in
religious, charitable or other community or non-profit activities that do not impair the Executive’s ability to fulfill the Executive’s
duties and responsibilities under this Agreement.

 

(iii) participating
or sitting on the Boards of other companies, provided that Executive shall notify the Board and seek the Board’s approval, which
approval shall not be unreasonably held.

 

(b) The Executive shall cooperate
with the Employer in the event the Employer wishes to obtain key-man insurance on the Executive. Such cooperation shall include, but not
be limited to, taking any physical examinations that may be requested by the insurance company.

 

6. Termination and Termination
Benefits. (a) Unless otherwise specifically provided in this Agreement or otherwise required by law, all compensation and unvested
benefits payable to the Executive under this Agreement shall terminate on the date of termination of the Executive’s employment
under this Agreement. Notwithstanding the foregoing, in the event of termination of the Executive’s employment by the Employer without
Cause (as defined below) or by the Executive for Good Reason (as defined below) or as a result of a material breach by the Employer of
any of the Employer’s obligations under this Agreement, or any other agreement to which the Executive and the Employer are now or
hereafter parties, the Employer shall provide to the Executive the following termination benefits (“Termination Benefits”):

 

(i) continued
payment of the Executive’s base salary at the rate and schedule then in effect pursuant to Section 4(a) for the period from the
date of termination until the date that is six (6) months after the date of termination (with an additional month of severance to be added
for every completed year of service to Employer as Chief Financial Officer), plus a pro-rated portion of Employee’s Bonus;

 

(ii) if Executive
is participating in the Employer’s health insurance plan on the date of termination, continuation of group health plan benefits
to the extent authorized by and consistent with 29 U.S.C. § 1161 et seq. (commonly known as “COBRA”), with the
Employer paying the entire cost of the regular premium for such benefits for eight (8) months after the date of termination;

 

(iii) if Executive
is participating in the Employer’s life insurance and short term and long term disability insurance plans on the date of termination,
continuation of those benefits at the Employer’s expense, for the period from the date of termination until the date that is eight
(8) months after the date of termination; provided, however, that in lieu thereof Executive may, in his discretion, retain, or
obtain, his personal life, accident, medical, dental, vision and/or other insurance plans and benefits, the costs of which shall be reimbursed
by the Company to Executive in an amount up to an average of $5,000 per month;

 

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(iv) if any
portion of the equity issuance set forth in Section 4(g) is unvested at the time of termination of Executive’s employment, the vesting
of such RSUs and options shall be accelerated to become fully vested on the day immediately prior to the termination date of Executive’s
employment; and

 

(v) if such
termination occurs less than sixty (60) days prior to a Change of Control the Company will remain obligated to compensate the Executive
for any other payments due under a Change of Control.

 

Notwithstanding the foregoing,
nothing in this Section 6(a) shall be construed to affect the Executive’s right to receive COBRA continuation entirely at the Executive’s
own cost to the extent that the Executive may continue to be entitled to COBRA continuation after the Executive’s right to cost
sharing under Section 6(a)(ii) ceases.

 

For purposes of this Agreement,
the term “Cause” shall mean:

 

(i) materially
dishonest or fraudulent statements or acts of the Executive with respect to the Employer or any affiliate of the Employer;

 

(ii) the Executive’s
conviction of, or entry of a plea of guilty or nolo contendere for, (A) a felony or (B) any misdemeanor (excluding minor traffic
violations) involving deceit, dishonesty or fraud;

 

(iii) willful
misconduct of the Executive or the failure of the Executive for any reason, within thirty (30) days after receipt by the Executive of
written notice from the Board, to comply with reasonable specific instructions of the Board or requests of the Board for other specific
action or specific omission to act that in each case may adversely affect the Employer’s business or operations; or

 

(iv) material
breach by the Executive of any of the Executive’s obligations under this Agreement, or any other agreement to which Executive and
Employer are now or hereafter parties.

 

For purposes of
this agreement, “Good Reason” shall mean

 

(i) a material breach
by Employer of this Agreement;

 

(ii) a diminution
in Executive’s title, compensation, or responsibilities; and/or

 

(iii) refusal by Employer
to take action on a Change of Control activity that would significantly increase shareholder value.

 

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Executive should notify Employer
in writing within sixty (60) days following the initial existence of one of the circumstances constituting “Good Reason” (as
defined above). Employer will be given thirty (30) days from the receipt of such notice during which Employer may remedy or cure such
condition. In addition, if such resignation occurs less than sixty (60) days prior to a Change of Control, the Company will remain obligated
to compensate Executive for any payments due pursuant to a Change of Control.

 

(b) Disability. If the
Executive shall be disabled so as to be unable to perform the essential functions of the Executive’s then existing position or positions
under this Agreement with reasonable accommodation, the Board may remove the Executive from any responsibilities and/or reassign the Executive
to another position with the Employer during the period of such disability. Notwithstanding any such removal or reassignment, the Executive
shall continue to receive the Executive’s full base salary (less any disability pay or sick pay benefits to which the Executive
may be entitled under the Employer’s policies) and benefits under Section 4 of this Agreement (except to the extent that the Executive
may be ineligible for one or more such benefits under applicable plan terms) for a period of time equal to twelve (12) months. If any
question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of
the Executive’s then existing position or positions with reasonable accommodation, the Executive may, and at the request of the
Employer shall, submit to the Employer a certification in reasonable detail by a physician selected by the Employer to whom the Executive
or the Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is
expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The Executive shall
cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive
shall fail to submit such certification, the Employer’s determination of such issue shall be binding on the Executive. Nothing in
this Section 6(b) shall be construed to waive the Executive’s rights, if any, under existing law including, without limitation,
the Family and Medical Leave Act of 1993, 29 U.S.C. §2601 et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101
et seq.

 

7. Confidential Information, Noncompetition
and Cooperation.

 

(a) Confidential Information.
As used in this Agreement, “Confidential Information” means information belonging to the Employer which is of value to the
Employer in the course of conducting its business and the disclosure of which could result in a competitive or other disadvantage to the
Employer. Confidential Information includes, without limitation, financial information, reports and forecasts; inventions, improvements
and other intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans;
customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of businesses or facilities)
that have been developed for the Employer, or discussed or considered by the management of the Employer and that have specific application
to the Employer. Confidential Information includes information developed by the Executive in the course of the Executive’s employment
by the Employer, as well as other information to which the Executive may have access in connection with the Executive’s employment.
Confidential Information also includes the confidential information of others with which the Employer has a business relationship. Notwithstanding
the foregoing, Confidential Information does not include the following: information in the public domain, unless due to breach of the
Executive’s duties under Section 7(b); any of the items listed in this section that were developed, possessed or created by the
Executive prior to the date of this Agreement; or any designs, inventions and other intellectual property conceptualized by the Executive
during the period he is employed by the Employer but which are not directly related to the Employer’s business operations.

 

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(b) Confidentiality.
The Executive understands and agrees that the Executive’s employment creates a relationship of confidence and trust between the
Executive and the Employer with respect to all Confidential Information. At all times, both during the Executive’s employment with
the Employer and after its termination, the Executive will keep in confidence and trust all such Confidential Information, and will not
use or disclose any such Confidential Information without the prior written consent of the Employer, except as may be necessary in the
ordinary course of performing the Executive’s duties to the Employer.

 

(c) Documents, Records, etc.
All documents, records, data, apparatus, equipment and other physical property, whether or not pertaining to Confidential Information,
which are furnished to the Executive by the Employer or are produced by the Executive in connection with the Executive’s employment
will be and remain the sole property of the Employer. The Executive will return to the Employer all such materials and property as and
when requested by the Employer. In any event, the Executive will return all such materials and property immediately upon termination of
the Executive’s employment for any reason. The Executive will not retain with the Executive any such material or property or any
copies thereof after such termination. Notwithstanding the foregoing, the Executive may retain after the termination of his employment
with the Employer copies of his personal notes, diaries, journals, correspondence, expense accounts, communication logs, business cards,
contact lists, and other similar materials maintained by the Executive.

 

(d) Noncompetition and Nonsolicitation.
Without the prior written consent of the Board, during the period that the Executive is employed by Employer and, in the event the Executive
terminates his employment with the Employer for any reason other than as a result of a material breach by the Employer of any of the
Employer’s obligations under this Agreement, or any other agreement to which the Executive and the Employer are now or hereafter
parties, for six (6) months thereafter, the Executive will not, directly or indirectly, whether as owner, partner, shareholder, consultant,
agent, employee, co-venturer or otherwise, engage, participate, assist or invest in any Competing Business (as hereinafter defined).
Without the prior written consent of the Board, during the period that the Executive is employed by the Employer and, (x) in the event
of the termination of the Executive’s employment by the Employer with Cause or (y) in the event the Executive terminates his employment
with the Employer for any reason other than for Good Reason or as a result of a material breach by the Employer of any of the Employer’s
obligations under this Agreement, or any other agreement to which the Executive and the Employer are now or hereafter parties, for twelve
(12) months thereafter, the Executive will refrain from directly or indirectly employing, attempting to employ, recruiting or otherwise
soliciting, inducing or influencing any person to leave employment with the Employer, and also will refrain from soliciting or encouraging
any customer or supplier to terminate or otherwise modify adversely its business relationship with the Employer. The Executive understands
that the restrictions set forth in this Section 7(d) are intended to protect the Employer’s interest in their Confidential Information
and established employee, customer and supplier relationships and goodwill, and agrees that such restrictions are reasonable and appropriate
for this purpose. For purposes of this Agreement, the term “Competing Business” shall mean any business that provides or
intends to provide the same or similar services as those provided by the Employer or any of its subsidiaries in any geographic area then
served by Employer (which for this purpose only shall be defined
as being within 100 miles of any office or data center currently used or operated by the Employer
or any subsidiary of the Employer) and/or the Employer or any of their subsidiaries. Notwithstanding the foregoing, the Executive
may own up to two percent (2%) of the outstanding stock of a publicly-held corporation.

 

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(e) Third-Party Agreements
and Rights. The Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous employer
or other party which restricts in any way the Executive’s use or disclosure of information or the Executive’s engagement in
any business. The Executive represents to the Employer that the Executive’s execution of this Agreement, the Executive’s employment
with the Employer and the performance of the Executive’s proposed duties for the Employer will not violate any obligations the Executive
may have to any such previous employer or other party. In the Executive’s work for the Employer, the Executive will not disclose
or make use of any information in violation of any agreements with or rights of any such previous employer or other party, and the Executive
will not bring to the premises of the Employer any copies or other tangible embodiments of non-public information belonging to or obtained
from any such previous employment or other party.

 

(f) Litigation and Regulatory
Cooperation. During and after the Executive’s employment, the Executive shall reasonably cooperate with the Employer in the
defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Employer
which relate to events or occurrences that transpired while the Executive was employed by the Employer. The Executive’s reasonable
cooperation in connection with such claims or actions shall include, but not be limited to, being reasonably available to meet with counsel
to prepare for discovery or trial and to act as a witness on behalf of the Employer at mutually convenient times. During and after the
Executive’s employment, the Executive also shall reasonably cooperate with the Employer in connection with any investigation or
review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired
while the Executive was employed by the Employer. The Employer shall reimburse the Executive for any reasonable out-of-pocket expenses
incurred in connection with the Executive’s performance of obligations pursuant to this Section 7(f) and shall pay the Executive
for his time at his annual salary rate in effect at the time of the termination of his employment.

 

(g) Developments. Executive
will make full and prompt disclosure to the Employer of all inventions, discoveries, designs, developments, methods, modifications, improvements,
processes, algorithms, databases, computer programs, formulae, techniques, trade secrets, graphics or images, audio or visual works, and
other works of authorship (collectively “Developments”), whether or not patentable or copyrightable, that are created, made,
conceived or reduced to practice by Executive (alone or jointly with others) or under Executive’s direction during the period of
his employment and that pertain directly to the Employer’s business operations. Executive acknowledges that all work performed by
Executive for Employer hereunder is on a “work for hire” basis, and Executive hereby assigns and transfers, and will assign
and transfer, to the Employer and its successors and assigns all of Executive's right, title and interest, including, but not limited
to, all patents, patent applications, trademarks and trademark applications, copyrights and copyright applications, and other intellectual
property rights in all countries and territories worldwide and under any international conventions, in and to all Developments that (a)
relate to the business of the Employer or any of the products or services of the Employer; (b) result from tasks assigned to Executive
by the Employer; or (c) result from the use of personal property (whether tangible or intangible) owned, leased or contracted for by the
Employer.

 

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(h) Injunction. The Executive
agrees that it would be difficult to measure any damages caused to the Employer which might result from any breach by the Executive of
the promises set forth in this Section 7, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly,
subject to Section 8 of this Agreement, the Executive agrees that if the Executive breaches, or proposes to breach, any portion of this
Agreement, the Employer shall be entitled, in addition to all other remedies that it may have, to seek an injunction or other appropriate
equitable relief to restrain any such breach.

 

8. Indemnification.
Employer agrees to indemnify and hold harmless Executive to the fullest extent permitted by New York law (including, but not limited to,
indemnification for reasonable attorneys’ fees and related expenses, including advancement of such fees and expenses as incurred)
with respect to any future legal action, investigation, or other matter which in Executive’s reasonable good faith belief requires
independent counsel, related to acts taken by Executive during the course of Executive’s employment.

 

9. Arbitration of Disputes.
Any controversy or claim arising out of or relating to this Agreement or the breach thereof or otherwise arising out of the Executive’s
employment or the termination of that employment (including, without limitation, any claims of unlawful employment discrimination whether
based on age or otherwise) shall, to the fullest extent permitted by law, be settled by arbitration in any forum, form or location agreed
upon by the parties or, in the absence of such an agreement, under the auspices of the American Arbitration Association (“AAA”)
in New York, New York in accordance with the Employment Dispute Resolution Rules of the AAA, including, but not limited to, the rules
and procedures applicable to the selection of arbitrators. The cost of such arbitration shall be borne by Employer. In the event that
any person or entity other than the Executive or the Employer may be a party with regard to any such controversy or claim, such controversy
or claim shall be submitted to arbitration subject to such other person or entity’s agreement. Judgment upon the award rendered
by the arbitrator may be entered in any court having jurisdiction thereof. This Section 8 shall be specifically enforceable. Notwithstanding
the foregoing, this Section 8 shall not preclude either party from pursuing a court action for the sole purpose of obtaining a temporary
restraining order or a preliminary injunction in circumstances in which such relief is appropriate; provided, that any other relief
shall be pursued through an arbitration proceeding pursuant to this Section 8.

 

10. Consent to Jurisdiction.
To the extent that any court action is permitted consistent with or to enforce Section 8 of this Agreement, the parties hereby consent
to the jurisdiction of the courts of the State of New York. Accordingly, with respect to any such court action, the Executive (a) submits
to the personal jurisdiction of such courts; (b) consents to service of process; and (c) waives any other requirement (whether imposed
by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process.

 

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11. Integration. This
Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements
between the parties with respect to any related subject matter.

 

12. Assignment; Successors
and Assigns, etc. Neither the Employer nor the Executive may make any assignment of this Agreement or any interest herein, by operation
of law or otherwise, without the prior written consent of the other party; provided, that the Employer may assign its rights under
this Agreement without the consent of the Executive in the event that the Employer shall effect a reorganization, consolidate with or
merge into any other corporation, partnership, organization or other entity, or transfer all or substantially all of its properties or
assets to any other corporation, partnership, organization or other entity. This Agreement shall inure to the benefit of and be binding
upon the Employer and the Executive, their respective successors, executors, administrators, heirs and permitted assigns.

 

13. Enforceability.
If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this Agreement)
shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or
the application of such portion or provision in circumstances other than those as to which it is so declared illegal or unenforceable,
shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted
by law.

 

14. Waiver. No waiver
of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party to require
the performance of any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent
any subsequent enforcement of such term or obligation or be deemed a waiver of any subsequent breach.

 

15. Notices. Any notices,
requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and delivered in person or
sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested,
to the Executive at the last address the Executive has filed in writing with the Employer, or, in the case of the Employer, at its principal
executive offices, Attn: Chief Executive Officer, with a copy to Pryor Cashman LLP, 7 Times Square, New York, New York 10036, Attn: M.
Ali Panjwani, Esq., and shall be effective on the date of delivery in person or by courier or three (3) days after the date mailed.

 

16. Amendment. This
Agreement may be amended or modified only by a written instrument signed by the Executive and by a duly authorized representative of the
Employer.

 

17. Governing Law.
This is a New York contract and shall be construed under and be governed in all respects by the laws of the State of New York, without
giving effect to the conflict of laws principles of such State.

 

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18. Counterparts. This
Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original;
but such counterparts shall together constitute one and the same document.

 

19. Section 409A. This
Agreement is intended to comply with the requirements of Section 409A of the Code (“Section 409A”), and the parties hereby
agree to amend this Agreement as and when necessary or desirable to conform to or otherwise properly reflect any guidance issued under
Section 409A after the date hereof without violating Section 409A.  In case any one or more provisions of this Agreement fails to
comply with the provisions of Section 409A, the remaining provisions of this Agreement shall remain in effect, and this Agreement shall
be administered and applied as if the non-complying provisions were not part of this Agreement.  The parties in that event shall
endeavor to agree upon a reasonable substitute for the non-complying provisions, to the extent that a substituted provision would not
cause this Agreement to fail to comply with Section 409A, and, upon so agreeing, shall incorporate such substituted provisions into this
Agreement.  In no event whatsoever shall Employer be liable for any additional tax, interest or penalty that may be imposed on you
by Section 409A or damages for failing to comply with Section 409A. A termination of your employment hereunder shall not be
deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amount or benefit constituting
“deferred compensation” under Section 409A upon or following a termination of employment unless such termination is also a
“separation from service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement, references
to a “termination,” “termination of employment” or like terms shall mean “separation from service.”
In the event that any payment or benefit made hereunder or under any compensation plan, program or arrangement of the Employer would constitute
payments or benefits pursuant to a non-qualified deferred compensation plan within the meaning of Section 409A and, at the time of your
“separation from service” you are a “specified employee” within the meaning of Section 409A, then any such payments
or benefits shall be delayed until the six-month anniversary of the date of your “separation from service.” Each payment made
under this Agreement shall be designated as a “separate payment” within the meaning of Section 409A. All reimbursements and
in-kind benefits provided under this Agreement shall be made or provided in accordance with the requirements of Section 409A to the extent
that such reimbursements or in-kind benefits are subject to Section 409A.  All reimbursements for expenses paid pursuant hereto that
constitute taxable income to you shall in no event be paid later than the end of the calendar year next following the calendar year in
which you incur such expense or pay such related tax.  Unless otherwise permitted by Section 409A, the right to reimbursement or
in-kind benefits under this Agreement shall not be subject to liquidation or exchange for another benefit and the amount of expenses eligible
for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or
in-kind benefits to be provided, respectively, in any other taxable year. In the event that any payment(s) from the Employer to you is
conditioned upon your execution and non-revocation of a general release of claims in favor of the Employer, and the period you have to
sign and/or revoke such release spans two calendar years, the Employer will pay (or begin paying you, as applicable) such payment(s) as
soon as possible but in no event earlier than the beginning of such second calendar year.

 

    11

     

    

 

IN WITNESS WHEREOF, this Agreement
has been executed by the Employer and by the Executive as of the Effective Date.

 

	 	SPHERE 3D CORP.
	 	 	 	 
	 	By:	/s/ Patricia Trompeter
	 	 	Name: 	Patricia Trompeter
	 	 	Title:	Chief Executive Officer
	 	 	 	 
	 	EXECUTVE:
	 	 	 	 
	 	By:	/s/ Kurt Kalbfleisch
	 	 	Name:	Kurt Kalbfleisch
	 	 	 	 
	 	 	Date:	June 20, 2022

 

    12

     

    

 

Exhibit A

 

Change of Control Percentages

 

If a Change of Control occurs within sixty (60) days following the
termination of the Executive’s employment, or the expiration of the Employment Term, the Employer will remain obligated to compensate
the Executive for any payments due pursuant to a Change of Control.

 

	Amount of Transaction	 	% Payout	 
	 	 	 	 
	$0- $850MM	 	 	.7	%
	$851MM - $1.499B	 	 	.4	%
	$1.5B - $1.7499B	 	 	.3	%
	$1.75B - $1.999B	 	 	.2	%
	$2B+	 	 	.1	%

 

 

13EX-10.1

 Exhibit 10.1 
  

 
 EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT (Agreement) is made by and between Sonida Senior Living, Inc. including its subsidiary and affiliated entities (Employer) and
Timothy Cober (Employee), collectively referred to herein as the Parties, and is effective the 07/01/22. 
  

	1.-	 Term of Employment. Employer hereby employs Employee and Employee hereby accepts such employment beginning the
07/01/22 until terminated as hereinafter provided. It is hereby expressly agreed that unless otherwise agreed to in writing by the parties, any re-employment of Employee from time to time, whether in his or
her present capacity or otherwise, shall be deemed a renewal of this Agreement without formal written renewal beginning on the date of such re-employment, and the provisions hereof shall be carried into such
renewal period as fully to all intents and purposes as if a new written agreement were entered into and executed. 

  

	2.-	 Duties of Employee. Employee’s duties shall be those which are assigned to him or her from time to
time by the Board of Directors or other appropriate manager of Employer. 

  

	3.-	 Compensation of Employee. As compensation for the services rendered hereunder, Employee shall receive an
annual salary and such other payments and benefits as may be determined from time to time. Employer retains full right and absolute discretion and authority to make changes to such other payments and benefits as it deems appropriate from time to
time, in accordance with federal and state law, and with or without notice to Employee. Upon termination of such employment, the salary and any other appropriate compensation of Employee shall be prorated through the date on which the termination
becomes effective. Employee, in consideration thereof, hereby agrees to devote his or her full working time and energy to the best interests and business of Employer and hereby agrees that he or she will, to the best of his or her skill and ability,
use his or her best efforts and endeavors to the extension and promotion of said business, to the proper servicing of said business and to the protection of the goodwill of such business, both as now enjoyed and in the future. Employee shall receive
paid time off for vacations in accordance with Employer’s vacation policy, and during such vacations shall generally be excused from performing any services for the Employer absent an immediate need or other unusual circumstance. Any business
of Employer which is secured or acquired by Employee during the term of this Agreement and while in the employ of Employer in his or her present capacity or in any other capacity shall belong wholly to Employer and to its successors and assigns, as
more fully set forth hereinafter. 

	4.-	 Business Expenses. It is recognized by the parties that Employee, in connection with the services to be
performed by him or her under this Agreement, may expend monies for travel and other business expenses. Employer agrees to reimburse Employee for any such reasonable expenses incurred, provided that Employer has authorized same and Employee has
properly submitted such expenses for payment in accordance with any applicable Employer policy or procedures. 

  

	5.-	 Confidential Information. For the purposes of this Agreement, “confidential information” of
Employer shall consist of all trade secrets and other information that is proprietary in nature, confidential to Employer, and not generally known by or available to the public or to Employer’s competitors. Such confidential information may
include, but is not limited to, one or more of the following, whether in written, electronic, email or other format: The identity of and internal business information regarding Employer’s clients, employees, contractors, residents, customers,
suppliers, and investors; information relating to Employer’s property management reports and techniques, facilities, computer systems and computer reports, properties, and services; and Employer’s operational, financial and private
personnel information. All such information shall be treated as confidential by Employee both during and after the termination of Employee’s employment under this Agreement. Employee shall not possess, use or disclose any confidential
information at any time to any person except authorized personnel of Employer or its subsidiary corporations, or in the usual course of performing his or her duties and responsibilities under this Agreement or as Employer may otherwise authorize in
writing. 

  

	6.-	 Nonsolicitation. In consideration of Employee’s employment with Employer, Employee agrees that
during the term of this Agreement Employee shall use his or her best business efforts to further Employer’s interests and shall not do anything that might reasonably be considered detrimental to or competing against those interests. Employee
further agrees that for one year immediately following the termination of such employment for any reason, Employee shall not for himself or herself, or for any third party, directly or through another person acting in concert with Employee:

 (i) divert or attempt to divert from Employer any business of any kind in which it is or has been engaged during the 12
months immediately before such employment ended at the facility or location at which Employee was employed, including, without limitation, the solicitation of, interference with, or entering into any contract for, competitive business services with
any of Employer’s clients, residents or customers that have conducted business with Employer at any time during such 12-month period; or (ii) employ or solicit for employment any person with whom
Employee came into contact and who was employed by Employer in order to compete with same, or induce any such person to leave such employment or otherwise violate any employment agreement, confidentiality, nonsolicitation or noncompetition agreement
with Employer. The time periods referenced in this Paragraph shall not include any period of time during which Employee is in breach of this Agreement, and Employee’s obligations under this Agreement shall be extended for an amount of time
equal to the period of time during which Employee violates any of these provisions 

	7.-	 Property Rights. All confidential information, data, property management reports, business secured or
acquired by or for Employer, techniques, personnel booklets, manuals, drawings, keys to buildings or vehicles, computers, cellular phones, personal data assistants, and other equipment, records, emails and other electronic or written material
prepared or compiled by or furnished to Employee while employed with Employer and for the purposes of such employment (the “Property”), shall be the sole and exclusive property of Employer. None of the Property, or any copies and
reproductions thereof, shall be retained, used, or disclosed to any third persons by Employee upon termination of his or her employment, and Employee shall promptly return such Property to Employer upon such termination or at any time upon
Employer’s request. 

  

	8.-	 Continuation of Rights; Remedies. The provisions of Sections 5, 6 and 7 of this Agreement shall continue
to be binding upon Employee in accordance with their terms, notwithstanding termination of Employee’s employment with Employer for any reason. Employer and Employee acknowledge and agree that the restrictions and obligations contained in such
Sections are reasonable and necessary to protect the legitimate business interests of Employer. The parties further acknowledge and agree that any violation of such Sections will result in immediate and irreparable harm to Employer for which a
remedy at law is inadequate. In the event of a breach or threatened breach by Employee of any such Section, Employer and Employee agree that Employer shall, in addition to any other legal or equitable remedies, be entitled to an injunction
restraining Employee from such breach or threatened breach without having to prove actual damages to Employer or the inadequacy of a legal remedy. 

  

	9.-	 Termination of Employment. This Agreement and Employee’s employment hereunder may be terminated at
any time upon the parties’ mutual written agreement. With or without cause, either party may also terminate this Agreement and Employee’s employment hereunder at any time by giving two (2) weeks advance written notice of termination
to the other party. Upon such event, Employer shall have the option, at its sole discretion, to do either or both of the following after receiving or providing such notice of termination: (i) request Employee to continue his or her present
duties, with the termination being effective on the last day of the two (2) week notice period; or (ii) elect for the termination to become immediately effective when such notice is received or provided, or at any time during such two
(2) week notice period. In either event, Employer shall pay Employee his or her base salary or other regular rate of pay for such two (2) week notice period unless such termination is for any “cause” reason as defined below or as
otherwise defined by applicable state law, which shall result in a forfeiture of such payment. Such cause reasons include but are not limited to, any of the following as may be determined in the sole discretion of Employer: embezzlement, fraud,
theft, malfeasance, or any act of willful misconduct; possession or use of illegal drugs or violation of any substance abuse policy of Employer; or any arrest or conviction for such acts or for any crime involving moral turpitude; or any act or
omission which would warrant immediate termination under Employer’s policies and procedures. Employer shall also notify Employee of any rights to elect continued group health insurance coverage in accordance with applicable federal or state
law. 

 For the purposes of this Agreement, the termination of Employee’s employment with
Employer for any reason shall be considered a termination of this Agreement, and unless the parties agree otherwise in writing the termination of this Agreement shall be considered a termination of Employee’s employment with Employer. 

 

	10.-	 Representations. Employee represents and warrants that, by accepting employment with Employer he or she
is not violation of or breaching any of Employee’s other agreements or obligations. Employee further represents that he or she has not taken and will not bring to, use at, or disclose to Employer, the confidential, trade secret, or proprietary
information of any third person or prior employer. Employee further represents and warrants that he or she has not previously assumed any obligations inconsistent with those contained in this Agreement. 

 

	11.-	 Amendment. This Agreement supersedes and replaces any and all previous agreements, written or oral,
relating to Employee’s employment with Employer, and shall not be changed orally, but only by a written instrument signed by Employee and an authorized representative of Employer. 

 

	12.-	 Benefit of Agreement. This Agreement and the rights and obligations hereunder shall be binding upon and
inure to the benefit of the parties hereto and their respective legal representatives, and shall also bind and inure to the benefit of any parent, subsidiary, affiliate or successor of Employer, including but not limited to any successor by merger,
acquisition or consolidation, or to any assignee of all or substantially all of its Property or other assets. Because Employee’s duties and responsibilities under this Agreement are personal in nature, he or she may not assign any rights or
obligations under this Agreement. 

  

	13.-	 Notices. Any notices to be given hereunder by either party to the other shall be made in writing by
personal delivery or by United States mail, registered or certified, postage prepaid with return receipt requested, or by overnight delivery. Notices delivered personally shall be deemed to be provided as of actual receipt, and mailed notices shall
be deemed to be provided as of their signed receipt or as of three (3) days after mailing, whichever first occurs. Mailed notices shall be addressed to either party at the last known address for the respective party. 

 

	14.-	 Waiver of Rights. The rights and remedies provided in this Agreement are cumulative, and the use of or
failure to use any such right or remedy by a party shall not preclude or waive that party’s right to use any or all of same. Said rights and remedies are given in addition to any other rights the parties may have by law, statute, ordinance or
otherwise 

	15.-	 Severability. Every provision in this Agreement is intended to be severable. If any term, provision or
part thereof is determined by a court of competent jurisdiction to be illegal or invalid for any reason, such term, provision or part shall be severed and the remainder of this Agreement shall remain in full force and effect. In addition to or
instead of such severability, this Agreement may be judicially modified to be construed in a manner consistent with the parties’ intent herein and enforced to the fullest extent provided by law. 

 

	16.-	 Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the
State of Texas. 

  

	17.-	 Attorneys’ Fees and Costs. If any action at law or in equity occurs to enforce or interpret the
terms of this Agreement, and Employer prevails in any such action, then Employee shall pay Employer’s reasonable attorneys’ fees, costs, and necessary disbursements in addition to any other relief to which Employer may be entitled or
otherwise be awarded. 

 The parties sign this Employment Agreement intending to be bound by its terms, to be effective as
of the date first written above. 
  

							
	 /s/ Timothy Cober
	 		 	BY:	 	 /s/ Kevin Detz

	Timothy Cober	 		 		 	Kevin Detz, EVP & Chief Financial Officer

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