Document:

Sphere 3D Corporation: Exhibit 10.2 - Filed by newsfilecorp.com

    

    		Exhibit 10.2

    Sphere 3D Enters Agreement for Acquisition of a Commercial Water-as-a-Service Supplier

    Ontario, Canada - August 4, 2020 - Sphere 3D Corporation (NASDAQ: ANY) ("Sphere 3D" or the "Company") today announced that it has entered into an agreement to acquire 100% of the outstanding shares of 101250 Investment Limited. ("101250"), a Turks and Caicos Islands water partner of Rainmaker Worldwide Inc. (OTC: RAKR).

    101250 has exclusive rights to deliver the Rainmaker water solution to three island communities - Plantation Hills, Blue Sky and Village Estates (the "Developments"). 101250 owns 75% of a joint venture which plans to supply a minimum of 180,000L of water per day to service residents of the Developments. It is anticipated that annual revenue will be in excess of $5 million upon full occupancy and deployment.

    101250 Investment Limited President Dale Peters stated, "We selected Rainmaker's solutions because of their commitment to renewable energy and maintaining a small carbon footprint. The Plantation Hills, Blue Sky and Village Estates developments have a focus on being constructed in an environmentally sustainable way and Rainmaker's clear focus on cost-effective sustainable technology meets that standard."

    Sphere 3D's CEO Peter Tassiopoulos stated, "The agreement to supply water to end users through agreements with developers is an example of how the Rainmaker technology provides new business models in the water business. We believe it was important to complete this transaction now and assist in the deployment and expansion of these opportunities in the Water-as-a-Service segment."

    Transaction Details

    Under the terms of the purchase agreement, Sphere 3D shall issue 480,000 common shares to the vendors of 101250 (the "Payment Shares"), subject to regulatory and NASDAQ approvals.  All such Payment Shares shall contain an appropriate legend, either statutory or contractual, which will restrict the resale of the Payment Shares for a period of six months and one day from the closing date.  In addition, Sphere 3D shall holdback and retain 96,000 of the Payment Shares for a six-month period from the closing date in support of any breaches of representations and warranties by 101250 under the purchase agreement.

    About Sphere 3D

    Sphere 3D Corp. (NASDAQ: ANY) delivers containerization, virtualization, and data management solutions via hybrid cloud, cloud and on-premise implementations through its global reseller network and professional services organization.  Sphere 3D has a portfolio of brands, including HVE ConneXions, UCX ConneXions, and SnapServer® dedicated to helping customers achieve their IT goals.  For more information, visit www.sphere3d.com.

    On July 15, 2020, Sphere 3D announced that it had entered into a merger agreement with Rainmaker Worldwide Inc. (OTC: RAKR) pursuant to which Sphere 3D will acquire all of its outstanding securities and Rainmaker shareholders will receive one-third of a share of Sphere 3D for each whole share of Rainmaker exchanged and one-third of a warrant or option for each whole warrant or option then held by such Rainmaker shareholder. In connection with this transaction, which is expected to close in the fall 2020, Sphere 3D will change its name to Rainmaker Worldwide Inc. Follow us on Twitter @Sphere3D and @HVEconneXions.

    

    About 101250 Investments Limited

    101250 Investments Limited is a strategic Rainmaker Worldwide partner with exclusive distribution of Water-as-a-Service ("WaaS") to three Turks and Caicos Islands communities - Plantation Hills, Blue Sky and Village Estates. These three communities combined will have 300 homes, 200 condominiums, 28 townhomes, 5 commerce buildings and a hotel.

    Safe Harbor Statement

    This press release contains forward-looking statements that involve risks, uncertainties, and assumptions that are difficult to predict. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of risks and uncertainties including, without limitation, our inability to obtain additional debt or equity financing; any increase in our cash needs; Sphere 3D's ability to maintain listing with the NASDAQ Capital Market; market adoption and performance of our products; the level of success of our collaborations and business partnerships; possible actions by customers, partners, suppliers, competitors or regulatory authorities; and other risks detailed from time to time in our periodic reports contained in our Annual Information Form and other filings with Canadian securities regulators (www.sedar.com) and in prior periodic reports filed with the United States Securities and Exchange Commission (www.sec.gov). Sphere 3D undertakes no obligation to update any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future developments or otherwise, except as required by law.

    Certain statements contained in this press release may constitute forward-looking statements under Canadian securities legislation.  Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects" or "it is expected", or variations of such words and phrases or statements that certain actions, events or results "will" occur. Forward-looking statements in this press release include, but are not restricted to, statements the future operating or financial performance of Sphere 3D and 101250.

    These forward-looking statements are subject to a number of risks and uncertainties. Actual results may differ materially from results contemplated by the forward-looking statements. Factors that could cause actual results to differ materially from those in forward-looking statements include market conditions, regulatory risks and uncertainty as to revenues, reliance on key personnel, management or growth and difficulty in forecasting. Accordingly, the actual events may differ materially from those projected in the forward-looking statements.  When relying on forward-looking statements to make decisions, investors and others should carefully consider the foregoing factors and other uncertainties and should not place undue reliance on such forward-looking statements. Sphere 3D does not undertake to update any forward-looking statements, except as may be required by applicable securities laws.

    Investor Contacts

    Sphere 3D Corp.

    Kurt Kalbfleisch

    Chief Financial Officer

    +1 (858) 495-4211

    Investor.relations@sphere3d.comSphere 3D Corporation: Exhibit 4.1 - Filed by newsfilecorp.com

    

    Exhibit 4.1

    PROMISSORY NOTE

    	US$150,000.00	Toronto, Canada
	 	August 4, 2020

     

    FOR VALUE RECEIVED, Rainmaker Worldwide Inc., a Nevada corporation with principal offices at 271 Brock Street, Peterborough, Ontario, K9H 2P8 ("Maker"), promises to pay to the order of Sphere 3D Corp., an Ontario, Canada corporation, or its successors (collectively, "Holder"), at the following address: 895 Don Mills Road, Building 2, Suite 900, Toronto, Ontario, M3C 1W3, or at such other place as the Holder may from time to time designate in writing, the principal sum of  ONE HUNDRED AND FIFTY THOUSAND UNITED STATES DOLLARS (US$150,000.00) (the "Loan").

    The unpaid principal balance of this Note shall bear simple interest from and after the date hereof at the rate of ten percent (10.0%) per annum, and all principal and interest hereunder shall accrue monthly (based on 365 days per year) and be due and payable in full on or before the earlier of: (i) the closing of the date of the Merger Agreement dated July 14, 2020 by and among, the Holder, the Maker and S3D Nevada Inc. (the "Merger Agreement"), or (ii) February 28, 2021.  Principal and interest are payable in lawful money of the United States of America.

    All payments hereunder shall be credited by Holder first to any late charges, then to accrued and unpaid interest and then to principal or other amounts owing pursuant hereto.  Maker shall have the right to prepay all, or any portion, of the indebtedness owing under this Note at any time without premium, charge or penalty.  Any prepayment hereunder shall be credited by Holder first to any late charges, then to accrued and unpaid interest, with the remainder of such payment being credited against the principal balance of the Note.

    The occurrence of any of the following shall be deemed to be an event of default ("Event of Default") hereunder, if after written notice of such default to Maker, such default is not cured within five (5) days of such written notice of default:

    a. failure to pay any monetary amount when due under this Note;

    b. the occurrence of an event of default under this Note;

    c. the date that either the Holder or Maker provides notice of termination pursuant to the terms of the Merger Agreement;

    d. the occurrence of any event (including, without limitation, a change in the financial condition, business, or operations of Maker for any reason whatsoever) that materially and adversely affects the ability of Maker to perform any of its obligations under this Note; or

    e. any litigation or proceeding that is commenced before any arbitrator (other than private adjudicator), court, government or governmental authority (federal, state, local or foreign) against or affecting Maker or the property of Maker or any part thereof and such litigation or proceeding is not defended diligently and in good faith by Maker.

    

    No provision of this Note may be changed, discharged, terminated, or waived except in a writing signed by the party against whom enforcement of the change, discharge, termination, or waiver is sought.  No failure on the part of Holder to exercise and no delay by Holder in exercising any right or remedy under this Note or under the law shall operate as a waiver thereof.

    If this Note is not paid when due upon maturity or acceleration or if any Event of Default occurs, Maker promises to pay all costs of enforcement and collection and preparation therefor, including but not limited to, reasonable attorneys' fees, whether or not any action or proceeding is brought to enforce the provisions hereof (including, without limitation, all such costs incurred in connection with any bankruptcy, receivership, or other court proceedings (whether at the trial or appellate level)).

    Maker hereby waives diligence, demand for payment, presentment for payment, protest, notice of protest, notice of intent to accelerate, notice of acceleration, notice of dishonor, and notice of nonpayment, and all other notices or demands of any kind (except notices specifically provided for in this Note) and expressly agrees that, without in any way affecting the liability of Maker, Holder may extend any maturity date or the time for payment of any installment due hereunder, otherwise modify this Note.

    If any provision of this Note is unenforceable, the enforceability of the other provisions shall not be affected and they shall remain in full force and effect. In this Note the singular shall include the plural and the masculine shall include the feminine and neuter gender, and vice versa.

    This Note shall be governed by and construed in accordance with the laws of the Province of Ontario without giving effect to conflict of laws principles and all persons and entities in any manner obligated under this Note consent to the jurisdiction of any court located in the City of Toronto, Ontario.

    Maker acknowledges and covenants that the proceeds of this Note shall be used exclusively for business purposes, and shall not be used for personal, family, household, or agricultural purposes. Maker acknowledges that the Loan is not a consumer loan or a consumer related loan. 

    Time is of the essence hereof. 

    IN WITNESS WHEREOF, Maker has executed and delivered this Note effective as of August 4, 2020.

    RAINMAKER WORLDWIDE INC., a

    Nevada Corporation

    By: /s/ Michael O'Connor          

      Michael O'Connor 

      Chairman

     

    
        	
                     

                	
                    - 2 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00312-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00312-of-00352.parquet"}]]