Document:

Exhibit
10.1

 

Spherix
Incorporated

 

STOCK
OPTION GRANT

 

AGREEMENT made
                          
between Spherix Incorporated, a corporation of the State of Delaware,
hereinafter referred to as SPHERIX and
                                                       
hereinafter referred to as the OPTIONEE.

 

WHEREAS SPHERIX has established the 1997
Stock Option Plan (the “Plan”) for the purpose of promoting goals mutually
beneficial to its employees and to the Company.

 

WHEREAS SPHERIX considers the OPTIONEE a select
employee of the Company and also considers it desirable and in the best
interests of the Company that the OPTIONEE be given an inducement to acquire an
equity interest in SPHERIX in the form of options to purchase common stock of
SPHERIX as an added incentive to advance the interests of the Company.

 

NOW, THEREFORE, in consideration of the
mutual covenants hereinafter set forth and for other good and valuable
consideration, it is agreed as follows:

 

1.                                       Grant
of Option:  SPHERIX hereby grants to
the OPTIONEE the right, privilege, and option to purchase
              
shares of its common stock at
                per
share in the manner and subject to the conditions hereinafter provided.

 

2.                                       Time
of Exercise of Option:

 

(a)          During
the lifetime of the OPTIONEE, the option may be exercised in whole or in part
in accordance with the following schedule:

 

	
  ELIGIBILITY DATE

  	
   

  	
  NUMBER OF SHARES

  	
   

  	
  EXPIRATION DATE

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

3.                           Method
of Exercise.  The option shall be
exercised, in whole or in part, by written notice(s) directed to the Treasurer
of SPHERIX at its principal place of business, accompanied by payment in full
of the option price in cash or by certified check for the number of eligible
shares acquired or with payment in any other manner permitted under the
Plan.  SPHERIX shall make immediate
delivery of such shares, provided that, if any law or regulation requires
SPHERIX to take any action with respect to the shares specified in such notice
before the issuance thereof, then the date of delivery of such shares shall be
extended for the period necessary to take such action.

 

 

4.                                       Termination
of Option.  The Option, unless
otherwise stipulated by the Committee, to the extent not theretofore exercised
or expired, shall terminate on the date that is the earliest of:

 

(a)          The date on which an
OPTIONEE terminates employment except as noted in (b).

 

(b)         Upon the death of an
OPTIONEE while in the employ of SPHERIX, the Committee may, upon determining
that circumstances exist that merit special consideration, allow any Successor
of the deceased OPTIONEE (as defined in the Plan) to exercise all or a portion
of the deceased OPTIONEE’s options that were exercisable on the day before the
date of his death.  The terms on which
the Successor may exercise any or all of such options shall be established in
the absolute discretion of the Committee, provided that:

 

i.                  The Committee
shall notify the Successor in writing of such terms within thirty (30) days of
the date of death of the deceased OPTIONEE, and

 

ii.               In all events, an
option exercisable by the Successor shall expire no later than its expiration
date under its terms as originally granted to the deceased OPTIONEE.

 

5.                                       Adjustments
upon Recapitalization or other Reorganization.   If and to the extent that the number of
issued shares of common stock of SPHERIX shall be increased or reduced by stock
dividends, stock splits, reverse stock splits, recapitalizations, mergers,
consolidations, combinations or exchanges of shares and the like, the number of
shares subject to option and the option price therefor may be proportionately
adjusted in the discretion of the Compensation Committee.

 

6.                                       Rights
and Obligations Prior to Exercise of Option:

 

(a)          The option shall not be
transferred by the OPTIONEE in whole or in part other than by will or the laws
of descent and distribution.

 

(b)         The OPTIONEE shall have
no rights as a stockholder in the shares subject to this option until payment
of the option price to SPHERIX and delivery of eligible shares to the OPTIONEE.

 

(c)          The granting of this
option shall confer no right upon the OPTIONEE to continued employment with
SPHERIX.

 

(d)         The granting of this
option shall impose no obligation upon the OPTIONEE to exercise the option in
whole or in part.

 

7.                                       Rights
and Obligations after Exercise of Option:

 

(a)          The OPTIONEE agrees that
(s)he will purchase the stock subject to the option
for investment, and not with any present intention to sell the same; nor with
any view toward public distribution.

 

2

 

(b)         The OPTIONEE agrees that
(s)he will not dispose of such stock except in strict conformance with the
provisions of federal and applicable State securities laws as they may be
amended from time to time.

 

8.                                       The
option is intended to be a non-qualified stock option.

 

9.                                       The
option is governed by terms of the attached Plan.  In the event of any inconsistency between
this option and the Plan, the Plan controls. 
A copy of the Plan is attached.

 

 

	
  Corporate Seal

  	
  SPHERIX INCORPORATED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  BY:

  	
   

  	
   

  
	
  Katherine M. Brailer

  	
  Richard
  C. Levin

  
	
  Corporate Secretary

  	
  Acting
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  OPTIONEE

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
					

 

3Exhibit
10.2

 

Spherix
Incorporated

 

SPECIAL
STOCK OPTION GRANT—BOARD MEMBER

 

AGREEMENT made
                        
between Spherix Incorporated, a corporation of the State of Delaware,
hereinafter referred to as SPHERIX and
                            ,
Board Member, hereinafter referred to as the OPTIONEE.

 

WHEREAS SPHERIX considers it desirable and in
the best interests of the Company that the OPTIONEE be given an inducement to
acquire an equity interest in SPHERIX in the form of options to purchase common
stock of SPHERIX as an added incentive to advance the interests of the Company:

 

NOW, THEREFORE, in consideration of the
mutual covenants hereinafter set forth and for other good and valuable
consideration, it is agreed as follows:

 

1.                                       Grant
of Option.  SPHERIX hereby grants to
the OPTIONEE the right, privilege, and option to purchase
          shares of its
common stock at                
per share in the manner and subject to the conditions hereinafter provided.

 

2.                                       Time
of Exercise of Option:

 

(a)          During the lifetime of
the OPTIONEE, the option may be exercised in whole or in part in accordance
with the following schedule:

 

	
  ELIGIBILITY DATE

  	
   

  	
  NUMBER OF SHARES

  	
   

  	
  EXPIRATION DATE

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  

 

3.                                       Method
of Exercise.  The option shall be
exercised, in whole or in part, by written notice(s) directed to the Treasurer
of SPHERIX at its principal place of business, accompanied by payment in full
of the option price in cash payment in any other manner permitted.  SPHERIX shall make immediate delivery of such
shares, provided that, if any law or regulation requires SPHERIX to take any
action with respect to the shares specified in such notice before the issuance
thereof, then the date of delivery of such shares shall be extended for the
period necessary to take such action.

 

4.                                       Termination
of Option.  The Option, unless
otherwise stipulated by the Committee, to the extent not theretofore exercised
or expired, shall terminate upon the death of an
OPTIONEE.  The Company may, upon
determining that circumstances exist that merit
special consideration, allow any Successor of the deceased OPTIONEE to exercise
all or a portion of the deceased OPTIONEE’s options that were exercisable on
the day before the date of his death. 
The terms on which the Successor may exercise any or all of such options
shall be established in the absolute discretion of the Company, provided that:

 

(a)          The Company shall notify
the Successor in writing of such terms within thirty (30) days of the date of
death of the deceased OPTIONEE, and

 

1

 

(b)         In all events, an option
exercisable by the Successor shall expire no later than its expiration date
under its terms as originally granted to the deceased OPTIONEE.

 

5.                                       Adjustments
upon Recapitalization or other Reorganization.  If and to the extent that the number of
issued shares of common stock of SPHERIX shall be increased or reduced by stock
dividends, stock splits, reverse stock splits, recapitalizations, mergers,
consolidations, combinations or exchanges of shares and the like, the number of
shares subject to option and the option price therefore shall be
proportionately adjusted as required.

 

6.                                       Rights
and Obligations Prior to Exercise of Option:

 

(a)          The option shall not be
transferred by the OPTIONEE in whole or in part other than by will or the laws
of descent and distribution.

 

(b)         The OPTIONEE shall have
no rights as a stockholder in the shares subject to this option until payment
of the option price to SPHERIX and delivery of eligible shares to the OPTIONEE.

 

(c)          The granting of this
option shall impose no obligation upon the OPTIONEE to exercise the option in
whole or in part.

 

7.                                       Rights
and Obligations after Exercise of Option:

 

(a)          The OPTIONEE agrees that
(s)he will purchase the stock subject to the option
for investment, and not with any present intention to sell the same; nor with
any view toward public distribution.

 

(b)         The OPTIONEE agrees that
(s)he will not dispose of such stock except in strict conformance with the
provisions of federal and applicable State securities laws as they may be
amended from time to time.

 

	
  Corporate Seal

  	
  SPHERIX INCORPORATED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
  BY:

  	
   

  	
   

  
	
  Katherine M. Brailer

  	
  Richard
  C. Levin

  
	
  Corporate Secretary

  	
  Acting
  Chief Executive Officer

  
	
   

  	
   

  
	
   

  	
  OPTIONEE

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
					

 

2

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