Extracted from this filing and checked against the source text.
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.95
Sphere 3D Corp. entered into Share Purchase Agreement with Joseph O'Daniel valued at nominal consideration for sale of HVE Inc.; additionally, $400,000 cash and shares to be paid to Mr. (effective 2023-12-28).
- Action
- entry
- Agreement
- asset purchase
- Counterparty
- Joseph O'Daniel
- Value
- nominal consideration for sale of HVE Inc.; additionally, $400,000 cash and shares to be paid to Mr.
- Effective
- 2023-12-28
Exact text from the filing
On December 28, 2023, Sphere 3D Corp. (the " Company ") entered into a Share Purchase Agreement (the " SPA ") with Joseph O'Daniel, the Company's former President, in connection with the Company's strategic decision to transition out of its legacy business and into the cryptocurrency business. Pursuant to the SPA, the Company sold its wholly-owned subsidiary, HVE Inc. (" HVE "), including all liabilities, to Mr. O'Daniel for nominal consideration. In connection with entering into the SPA, on December 28, 2023, Joseph O'Daniel resigned from his position as President of the Company. In connection with Mr. O'Daniel's resignation from the Company, Mr. O'Daniel agreed that in place of a Retention Agreement previously entered into with Mr. O'Daniel that entitled Mr. O'Daniel to $533,802, Mr. O'Daniel will instead be entitled to $400,000 in a combination of cash and common shares of the Company, to be paid in three installments. In connection with Mr. O'Daniel's resignation, Mr. O'Daniel also
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