June 24, 2008 Gilbert V. Levin M. Karen Levin Annapolis, Maryland 21401 Dear Gil and Karen: This letter will evidence the agreements we discussed previously.
Exhibit 10.1
June 24, 2008
Xxxxxxx X. Xxxxx
M. Xxxxx Xxxxx
0000 Xxxxxxx Xxxxx Xxxx
Annapolis, Maryland 21401
Dear Xxx and Xxxxx:
This letter will evidence the agreements we discussed previously.
We have agreed to confirm and clarify our prior agreements set forth in the X.X. Xxxxx Exit Agreement (March 2004) and the Exit Agreement For M. Xxxxx Xxxxx (November 2005). Accordingly, the following provisions supersede the prior exit agreements:
1. Xxxxx has retired as an employee of Spherix as of January 4, 2006. Xxx will retire as an employee of Spherix effective as of August 14, 2008.
2. Each of Xxx and Xxxxx will be provided lifetime payments of $12,500 each quarter following their respective retirements.
3. Each of Xxx and Xxxxx have Consulting Agreements with Spherix which will remain in full force and effect.
4. All prior stock options and awards will remain unchanged.
5. Through August 13, 2011, Xxx and Xxxxx will continue to be provided suitable office space at Spherix’s headquarters office upon providing prior notice of the need to use such space.
6. Through August 13, 2011, Xxx and Xxxxx will be provided appropriate secretarial assistance upon providing prior notice of the need for such assistance.
7. Xxx and Xxxxx have been provided cell phones and computers for their home offices, and Spherix will continue to supply these and support them until August 13, 2011.
8. Spherix will make lump sum service award payments of $15,000 to each of Xxx and Xxxxx upon Xxx’x retirement in August 2008.
9. Xxxxxxx will defend Xxx and Xxxxx from all lawsuits filed resulting from legitimate actions taken by him or her on behalf of Xxxxxxx.
10. Spherix confirms its Resolution of February 19, 1998 concerning long-term care insurance and health insurance for Xxx and Xxxxx.
0000 Xxxxxxxxx Xxxxx,
#000
Xxxxxxxxxxxx Xxxxxxxx
Xxxxxxxx, XX 00000
Tel.: (000) 000-0000
Fax: (000) 000-0000
xxx.xxxxxxx.xxx
11. Xxx has been given full title to all Spherix files on the Viking Mission to Mars, the files on the life detection methods he developed, and We to the related developmental instruments.
12. Xxx has been granted title to the watercolor painting by Xxxxxxx Xxxx that previously hung in his office.
13. The above supersedes and replaces all previous agreements concerning Spherix’s obligations to Xxx and Xxxxx concerning their employment, including but not limited to employment and retirement plan agreements as well as the above described exit agreements.
14. As is the case with respect to other members of the Board of Directors of Spherix, Xxx and Xxxxx will not make statements regarding Spherix to government agencies, investment institutions and the press/extemal news agencies as Spherix management will continue to be responsible for these matters.
Please sign and return this letter evidencing your agreement with the foregoing. Sincerely,
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/s/ Xxxxxx X. Xxxxxx Xxxxxx |
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Xxxxxx X. Xxxxxx Xxxxxx, on behalf of the |
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AGREED: |
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/s/ Xxxxxxx X. Xxxxx |
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Xxxxxxx X. Xxxxx |
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/s/ M. Xxxxx Xxxxx |
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X. Xxxxx Xxxxx |
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Spherix Incorporated
00000 Xxxxxx Xxxxx Xxxxx, Xxxxxxxxxx, Xxxxxxxx 00000
Tel.: x0 000 000 0000 · Fax: x0 000
000 0000
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