13D Filing: Cyrus Capital Partners and Sphere 3D Corp (ANY)

SECURITIES
AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

SCHEDULE 13D

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 10)¹

SPHERE 3D CORP.

(Name of Issuer)

COMMON STOCK, NO PAR VALUE PER SHARE

(Title of Class of Securities)

84841L209

(CUSIP number)

Jennifer M. Pulick

General Counsel

Cyrus Capital Partners, L.P.

65 East 55th Street, 35th Floor

New York, New York 10022

(212) 380-5821

(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)

December 29,
2017

(Date of Event Which Requires Filing of this
Statement)

If the filing person has previously filed a statement on Schedule
13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f)
or 13d-1(g), check the following box ¨.

(Continued on the following pages)

(Page 1 of 16 pages)

¹
The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to
the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided
in a prior cover page.

The information required on the remainder of this cover page shall
not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (the “Act”)
or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act.

ITEM 1.         Security and Issuer

This constitutes Amendment No. 10 (“Amendment
No. 10”) to the Schedule 13D relating to the shares of Common Stock of Sphere 3D Corporation (the “Issuer”
or “Sphere 3D”) filed with the SEC on December 11, 2014 as subsequently amended by Amendment No. 1 filed on
August 4, 2015 and further amended by Amendment No. 2 filed on January 4, 2016, Amendment No. 3 filed on April 28, 2016,
Amendment No. 4 filed on September 27, 2016, Amendment No. 5 filed on December 22, 2016, Amendment No. 6 filed on January 4,
2017, Amendment No. 7 filed on February 2, 2017, Amendment No. 8 filed on February 13, 2017 and Amendment No. 9 filed on
July 3, 2017 (as so amended, the “Schedule 13D”) by Cyrus Capital Partners, L.P., a Delaware limited partnership
(“Cyrus Capital”), Crescent 1, L.P., a Delaware limited partnership (“CRES”), CRS Master Fund, L.P.,
a Cayman Islands exempted limited partnership (“CRS”), Cyrus Opportunities Master Fund II, Ltd., a Cayman Islands
exempted limited company (“CMFII”), Cyrus Select Opportunities Master Fund, Ltd., a Cayman Islands exempted
limited company (“CSOM”), Cyrus Capital Partners GP, L.L.C., a Delaware limited liability company
(“Cyrus GP”), Cyrus Capital Advisors, L.L.C., a Delaware limited liability company (“Cyrus
Advisors”), FBC Holdings S.à r.l., a Luxembourg private limited liability company (“FBC”) and Mr.
Stephen C. Freidheim (each of Cyrus Capital, CRES, CRS, CMFII, CSOM, Cyrus GP, Cyrus Advisors, FBC and Mr. Freidheim, a
“Reporting Person” and collectively the “Reporting Persons”). This Amendment No. 10 amends the
Schedule 13D as specifically set forth herein. Only those items amended are reported herein. Capitalized terms used in this
Amendment No. 10 without being defined herein have the respective meanings given to them in the Schedule 13D. All share amounts in this Amendment No. 10 have been adjusted to reflect the Issuer’s 1-for-25 reverse
stock split effected by the Issuer on July 11, 2017.

ITEM 3.         Source and Amount of Funds or Other Consideration

On December 29, 2017, FBC was issued 409,981 Common Shares
in lieu of US$988,054.79 of interest due and payable to FBC by Sphere 3D under the New Debentures. Each of such Common Shares
was issued at a price of US$2.4102 per share.

ITEM 4.         Purpose of Transaction

On December 29, 2017, FBC was issued 409,981 Common Shares
in lieu of US$988,054.79 of interest due and payable to FBC by Sphere 3D under the New Debentures. Each of such Common Shares
was issued at a price of US$2.4102 per share.

The Reporting Persons expect to independently evaluate on an
ongoing basis Sphere 3D’s financial condition and prospects and their interest in, and intentions with respect to, Sphere
3D and their investment in the securities of, Sphere 3D, which review may be based on various factors, including whether various
strategic transactions have occurred or may occur, Sphere 3D’s business and financial condition, results of operations and
prospects, general economic and industry conditions, the securities markets in general and those for Sphere 3D’s securities
in particular, as well as other developments and other investment opportunities. Each of the Reporting Persons reserves the right
to change its intentions and develop plans or proposals at any time, as it deems appropriate. Each of the Reporting Persons may
at any time and from time to time, in the open market, in privately negotiated transactions or otherwise, acquire additional securities
of Sphere 3D including Common Shares, dispose of all or a portion of the securities of Sphere 3D, including the Common Shares,
that the Reporting Persons now own or may hereafter acquire, and/or enter into derivative transactions with institutional counterparties
with respect to Sphere 3D’s securities. In addition, the Reporting Persons may engage in discussions with management of Sphere
3D, members of the board of directors of Sphere 3D, shareholders of Sphere 3D, industry analysts, existing or potential strategic
partners or competitors, investment and finance professionals, sources of credit, other investors and other relevant parties concerning
the operations, management, composition of Sphere 3D’s board of directors and management, ownership, capital structure, balance
sheet management, strategy and future plans of Sphere 3D including the possibility of proposing one or more acquisitions, business
combinations, mergers, asset sales, asset purchases or other similar transactions involving Sphere 3D and other third parties.

Except as set forth herein, the Reporting Persons do not have
present plans or proposals at this time that relate to or would result in any of the transactions described in subparagraphs (a)
through (j) of Item 4 of Schedule 13D. The information set forth in Item 6 of this Schedule 13D is hereby incorporated herein by
reference.

ITEM 5.         Interest in Securities of the Issuer

(a) and (b) Items 7 through 11 and 13 of each of the cover
pages of this Schedule 13D are incorporated herein by reference. Such information is based on 6,698,271 Common Shares
outstanding at October 23, 2017 as disclosed in Exhibit 99.2 to the Issuer’s Report of Foreign Private Issuer on Form
6-K (File No. 00136532) filed with the SEC on November 13, 2017 plus (ii) the 409,981 Common Shares issued to FBC in lieu
of interest on December 29, 2017.

(c) There have been no transactions with respect to the securities
of Sphere 3D during the sixty days prior to the date of this Schedule 13D by the Reporting Persons, or to their knowledge, by any
executive officer or director of the Reporting Persons.

(d) No other person is known by any Reporting Persons to have
the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, securities of Sphere
3D beneficially owned by any Reporting Person.

(e) Not applicable.

ITEM 6.         Contracts, Arrangements, Understandings or
Relationships With Respect to Securities of the Issuer

The Reporting Persons may be deemed to be a “group”
pursuant to Section 13(d)(3) of the Act. Neither the filing of this Schedule 13D nor any of its contents shall be deemed to constitute
an admission that the Reporting Persons or any of their respective affiliates are the beneficial owners of any Common Stock beneficially
owned by any of the Reporting Persons for purposes of Section 13(d) of the Act, the rules promulgated thereunder or for any other
purpose.

The information set forth in Item 4 of this Schedule 13D is
hereby incorporated by reference.

ITEM 7.         Material to be Filed as Exhibits

SIGNATURE

After reasonable inquiry and to the best of my knowledge and
belief, each of the undersigned hereby certifies that the information set forth in this statement is true, complete and correct.

EXECUTED as a sealed instrument this 3^rd day of
January, 2018