Spherix Board of Directors Compensation Package
This agreement outlines the compensation for members of the Spherix Board of Directors. Board members receive an annual cash retainer of $5,000, stock awards valued at $10,000 (with transfer restrictions until one year after leaving the Board), and fees for attending in-person board and committee meetings, as well as teleconferences. The Chairman of the Audit Committee receives an additional $1,000 retainer. Payments are contingent on attendance or participation as specified.
EXHIBIT 10.1
SPHERIX BOARD COMPENSATION PACKAGE
| Annual Retainer |
| $5,000 |
| To be paid in cash at the first meeting of the term. |
|
|
|
|
|
|
| Stock Awards |
| $10,000 |
| To be calculated by dividing $10,000 by the closing stock price the day the Stock Awards are granted. The shares will be granted upon approval of the Board; however, the shares will be restricted and instructions will be given to the stock transfer agent that the shares may not be transferred until the one year anniversary of the Board Member’s departure from the Board. |
|
|
|
|
|
|
| Board Meeting Fees |
| $2,500 |
| To be paid for all in-person Board Meetings. Members must be present to be paid. |
|
|
|
|
|
|
| Committee Meeting Fees |
| $800 |
| To be paid for all in-person Committee Meetings. Members must be present to be paid. |
|
|
|
|
|
|
| Teleconference Fees |
| $300 |
| To be paid for all teleconferences called by either the Chairman of the Board, the President, or by the Chairman of the relevant Committee. Members must be on-line to be paid. |
|
|
|
|
|
|
| Additional Retainer |
| $1,000 |
| To be paid to the Chairman of the Audit Committee. |
