EXHIBIT 10.1
Spherix Independent Board of Directors Compensation
(Approved by the Board on 5/12/09)
Below is the Compensation Committee’s 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 Awards | $10,000 | To be calculated by dividing $10,000 by the closing stock price the day the Stock Awards are granted; and at the May Board Meeting annually thereafter. 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. |