Summary by Moomoo AI
Sphere 3D Corp. has reported significant changes to its executive employment agreements in a recent Form 8-K filing with the SEC. On March 18, 2024, the company amended the employment agreement of CEO Patricia Trompeter, reducing her base salary from $450,000 to $350,000, with the balance accruable and payable upon her request. Additionally, on March 27, 2024, Sphere 3D clarified the definition of 'Change of Control' in Trompeter's agreement. On the same day, the company entered into a new employment agreement with CFO Kurt Kalbfleisch, superseding his previous agreement from June 20, 2022. Kalbfleisch's new annual base salary is set at $320,000, with potential for a discretionary bonus and restricted stock units based on performance. The agreement also includes health insurance and other benefits, with provisions for severance and accelerated vesting of stock options under certain termination conditions. Furthermore, Kalbfleisch received 125,000 restricted stock units valued at $170,000, with a vesting schedule starting on March 27, 2024. The full texts of the amendments and new agreement are attached as exhibits to the Form 8-K.