Summary by Moomoo AI
Sphere 3D Corp. has entered into a new employment agreement with its CEO and Director, Patricia Trompeter, effective January 15, 2024. This agreement supersedes the previous one dated April 8, 2022. Under the terms of the new agreement, Trompeter will receive an annual base salary of $450,000 and is eligible for an annual discretionary bonus of up to 150% of her base salary, along with additional restricted stock units (RSUs) based on performance and financial targets set by the Board. Trompeter was granted 1,000,000 RSUs, with 25% vested on the effective date and the rest to vest quarterly until December 31, 2025. She has deferred the vesting of the first tranche of RSUs. The agreement also includes provisions for benefits upon a Change of Control and standard clauses on confidentiality and noncompetition. The full text of the new employment agreement was filed with the SEC as Exhibit 10.1 on the Form 8-K report dated January 19, 2024.