Spherix Independent Boardof Directors Compensation (Approved by the Board on 5/25/10)
Exhibit 10.5
Spherix Independent Board of Directors Compensation
(Approved by the Board on 5/25/10)
Below is the Compensation Committees recommendation regarding annual compensation for outside, independent Board of Directors:
Annual Retainer |
| $ | 5,000 |
| To be paid in cash at May Board Meeting annually. |
Stock Options |
| $ | 10,000 |
| To be calculated by dividing $10,000 by the closing stock price the day the Stock Options are awarded; and at the May Board Meeting annually thereafter. The Options will vest in full on the day of award and will be exercisable for a period of five (5) years. |
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. |