Spherix Incorporated Board of Directors Annual Compensation Summary
This document outlines the annual compensation for non-employee members of the Spherix Incorporated Board of Directors. Each director receives a $2,000 annual retainer, $1,200 for each board or in-person committee meeting attended (if not held with a board meeting), and an annual stock option grant for Spherix common stock, typically between 1,000 and 3,000 shares. In 2005, each outside director received 2,500 options. The exercise price for the options is set at the closing price on the grant date.
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 of $2,000;
• Fees of $1,200 for each meeting of the Spherix board and each in-person Spherix committee meeting attended not in conjunction with a board meeting; and
• Stock option for shares of Spherix common stock with an exercise price equal to the closing price on the date of grant. The number of option shares granted annually is typically between one thousand and three thousand for each director. In 2005, 2,500 options were granted to each of the outside Directors. In 2004, no options were granted to the outside Directors.
