Kalbfleisch Kurt L. 4

What Happened

• Kurt L. Kalbfleisch, CEO and CFO of Sphere 3D Corp. (ANY), executed a derivative conversion on May 20, 2026 that resulted in the acquisition of 8,985 common shares and a simultaneous disposition of 8,985 derivative-related shares. The filing reports no dollar prices or total values (N/A).
• The transaction is reported under code M (exercise or conversion of a derivative). Because the acquired and disposed amounts are equal, there was no net increase in shares held as a result of this filing.

Key Details

• Transaction date: May 20, 2026; Form 4 filed May 22, 2026 (appears timely).
• Transaction codes: M (exercise/conversion of derivative) — Acquired 8,985 shares; Disposed 8,985 shares (both show price = N/A).
• Shares owned after the transaction: not specified in the filing.
• Relevant footnotes:
  • F1: Each RSU represents a contingent right to receive one share of Sphere 3D common stock.
  • F2: These shares vested on March 31, 2026.
  • F3: The RSUs reported include three awards with outstanding balances and upcoming vesting schedules (23,437; 46,875; 150,000 — see filing for detailed vesting dates).
• The filing does not state a reason for the simultaneous disposition (e.g., sell-to-cover for taxes); the report simply records the conversion and the disposal.

Context

• Code M covers exercises or conversions of derivatives (including conversion of vested RSUs into shares). When an acquisition and a same-size disposition appear together, it often reflects a sell-to-cover or immediate disposition tied to the conversion, but the filing itself does not explain the motivation.
• This transaction appears administrative (conversion of vested awards) rather than an open-market buy or sale that would signal a new directional bet by the insider.