Spherix Incorporated Board of Directors Annual Compensation Summary
This document outlines the annual compensation for non-employee members of the Board of Directors of Spherix Incorporated. Board members receive a $5,000 cash retainer, $10,000 in restricted stock awards, and fees for attending board and committee meetings, as well as teleconferences. The Chairman of the Audit Committee receives an additional $1,000 retainer. Stock awards are restricted from transfer until one year after a member leaves the board. Compensation is contingent on attendance at meetings or participation in teleconferences.
Exhibit 10.1
Spherix Incorporated
SUMMARY OF ANNUAL COMPENSATION OF MEMBERS OF
THE BOARD OF DIRECTORS OF SPHERIX INCORPORATED
Non-employee directors of Spherix Incorporated (“Spherix”) receive the following annual compensation for service as a member of Spherix:
| 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. |
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