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THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), AND ARE PROPOSED TO BE ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE

THE SECURITIES OFFERED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), AND ARE PROPOSED TO BE ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT.   UPON ANY SALE, SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT.  HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT. 

SUBSCRIPTION AGREEMENT

TORON INC.

SUBSCRIPTION AGREEMENT made as of this _____ day of ______________, 200___ between TORON INC.., a Nevada corporation with its registered office at 50 WEST LIBERTY STREET SUITE 880 RENO NEVADA, 8910519801 (the "Company") and the undersigned (the "Subscriber").

WHEREAS:

A. 

The Company desires to issue a maximum of 3,000,000 shares of common stock of the Company at a price of $0.02 US per share (the "Offering") pursuant to Regulation S of the United States Securities Act of 1933 (the “Act”).

B.

The Subscriber desires to acquire the number of shares of the Offering set forth on the signature page hereof (the "Shares") on the terms and subject to the conditions of this Subscription Agreement.

NOW, THEREFORE, for and in consideration of the premises and the mutual covenants hereinafter set forth, the parties hereto do hereby agree as follows:

1. SUBSCRIPTION FOR SHARES

1.1 Subject to the terms and conditions hereinafter set forth, the Subscriber hereby subscribes for and agrees to purchase from the Company such number of Shares as is set forth upon the signature page hereof at a price equal to $0.02 US per Share.  Upon execution, the subscription by the Subscriber will be irrevocable.

1.2  The purchase price is payable by the Subscriber contemporaneously with the execution and delivery of this Subscription Agreement.

1.3 Upon execution by the Company, the Company agrees to sell such Shares to the Subscriber for said purchase price subject to the Company's right to sell to the Subscriber such lesser number of Shares as it may, in its sole discretion, deem necessary or desirable.

1.4 Any acceptance by the Company of the Subscriber is conditional upon compliance with all securities laws and other applicable laws of the jurisdiction in which the Subscriber is resident.  Each Subscriber will deliver to the Company all other documentation, agreements, representations and requisite government forms required by the lawyers for the Company as required to comply with all securities laws and other applicable laws of the jurisdiction of the Subscriber.  The Company will not grant any registration or other qualification rights to any Subscriber

2. REGULATION S AGREEMENTS OF THE SUBSCRIBER

2.1 The Subscriber agrees to resell the Shares only in accordance with the provisions of Regulation S of the Act pursuant to registration under the Act, or pursuant to an available exemption from registration pursuant to the Act.

2.2 The Subscriber agrees not to engage in hedging transactions with regard to the Shares unless in compliance with the Act.

2.3 The Subscriber acknowledges and agrees that all certificates representing the Shares will be endorsed with the following legend in accordance with Regulation S of the Act:

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE "ACT"), AND HAVE BEEN ISSUED IN RELIANCE UPON AN EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE ACT PROVIDED BY REGULATION S PROMULGATED UNDER THE ACT.   SUCH SECURITIES MAY NOT BE REOFFERED FOR SALE OR RESOLD OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE PROVISIONS OF REGULATION S, PURSUANT TO AN EFFECTIVE REGISTRATION UNDER THE ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM REGISTRATION UNDER THE ACT.  HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE ACT”

2.4 The Subscriber and the Company agree that the Company will refuse to register any transfer of the Shares not made in accordance with the provisions of Regulation S of the Act, pursuant to registration under the Act, or pursuant to an available exemption from registration.

3. REPRESENTATIONS AND WARRANTIES BY SUBSCRIBER

3.1 The Subscriber represents and warrants to the Company and acknowledges that the Company is relying upon the Subscriber’s representations and warranties in agreeing to sell the Shares to the Subscriber that:

(A)

The Subscriber is not a “U.S. Person” as defined by Regulation S of the Act and is not acquiring the Shares for the account or benefit of a U.S. Person.

 A “U.S. Person” is defined by Regulation S of the Act to be any person who is:

any natural person resident in the United States;

any partnership or corporation organized or incorporated under the laws of the United

States;

any estate of which any executor or administrator is a U.S. person;

any trust of which any trustee is a U.S. person;

any agency or branch of a foreign entity located in the United States;

any non-discretionary account or similar account (other than an estate or trust) held

by a dealer or other fiduciary organized, incorporate, or (if an individual) resident in

the United States; and

any partnership or corporation if:

1.

organized or incorporated under the laws of any foreign jurisdiction; and

2.

formed by a U.S. person principally for the purpose of investing in securities not registered under the Act, unless it is organized or incorporated, and owned, by accredited investors [as defined in Section 230.501(a) of the Act] who are not natural persons, estates or trusts.

The Subscriber recognizes that the purchase of Shares involves a high degree of risk in that

the Company has only recently commenced its proposed business and may require

substantial funds in addition to the proceeds of this private placement; 

An investment in the Company is highly speculative and only investors who can afford the

loss of their entire investment should consider investing in the Company and the Shares;

The Subscriber has had full opportunity to review information regarding the business and

financial condition of the Company with the Subscriber’s legal and financial advisers prior to

execution of this Subscription Agreement;

The Subscriber has such knowledge and experience in finance, securities, investments,

including investment in non-listed and non registered securities, and other business matters

so as to be able to protect its interests in connection with this transaction.

The Subscriber acknowledges that no market for the Shares presently exists and none may

develop in the future and accordingly the Subscriber may not be able to liquidate its

investment.

The Subscriber hereby acknowledges that this offering of Shares has not been reviewed by

the United States Securities and Exchange Commission (the "SEC") and that the Shares are

being issued by the Company pursuant to an exemption from registration provided by

Regulation S pursuant to the United States Securities Act. 

The Subscriber is acquiring the Shares as principal for the Subscriber's own benefit;

The Subscriber is not aware of any advertisement of the Shares.

The Subscriber is acquiring the Shares subscribed to hereunder as an investment for the

Subscriber's own account, not as a nominee or agent, and not with a view toward the resale

or distribution of any part thereof, and the Subscriber has no present intention of selling,

granting any participation in, or otherwise distributing the same;

            The Subscriber does not have any contract, undertaking, agreement or arrangement with any person  to sell, transfer or grant participation  to such person, or to any third person, with respect to any of the Shares sold hereby;

            The Subscriber has full power and authority to enter into this Agreement which constitutes a valid and legally binding obligation, enforceable in accordance with its terms;

           Subscriber can bear the economic risk of this investment, and was not organized for the purpose of acquiring the Shares;

           The Subscriber has satisfied himself or herself as to the full observance of the laws of his or her jurisdiction in connection with any invitation to subscribe for the Shares and/or any use of this Agreement, including (i) the legal requirements within his/her jurisdiction for the purchase of the Shares, (ii) any foreign exchange restrictions applicable to such purchase, (iii) any governmental or other consents that may need to be obtained, and (iv) the income tax and other tax consequences, if any, that may be relevant to the purchase, holding, redemption, sale, or transfer of the Shares.

 4.  REPRESENTATIONS BY THE COMPANY

4.1 

The Company represents and warrants to the Subscriber that:

(A)

The Company is a corporation duly organized, existing and in good standing under the laws of the State of Delaware and has the corporate power to conduct the business which it conducts and proposes to conduct.

(B)

Upon issue, the Shares will be duly and validly issued, fully paid and non-assessable common shares in the capital of the Company.

(C)

The issued and outstanding shares of the Company consists of 3,000,000 shares of the Company’s common stock prior to the completion of the issue of any shares of the Company’s common stock pursuant to this Offering.

5. TERMS OF SUBSCRIPTION

5.1 Pending acceptance of this subscription by the Company, all funds paid hereunder shall be deposited by the Company and immediately available to the Company for the purposes set forth in the disclosure statement.  In the event the subscription is not accepted, the subscription funds will constitute a non-interest bearing demand loan of the Subscriber to the Company.

5.2 The Subscriber hereby authorizes and directs the Company to deliver the securities to be issued to such Subscriber pursuant to this Subscription Agreement to the Subscriber’s address indicated herein.

5.3 The Subscriber acknowledges and agrees that the subscription for the Shares and the Company's acceptance of the subscription is not subject to any minimum subscription for the Offering.

6. MISCELLANEOUS

6.1 Any notice or other communication given hereunder shall be deemed sufficient if in writing and sent by registered or certified mail, return receipt requested, addressed to the Company, at its registered office, at 50 WEST LIBERTY STREET SUITE 880 RENO NEVADA, 89105 Attention: Mr. Ljubisa Vujovic, President, and to the Subscriber at his address indicated on the last page of this Subscription Agreement. Notices shall be deemed to have been given on the date of mailing, except notices of change of address, which shall be deemed to have been given when received.

6.2 Notwithstanding the place where this Subscription Agreement may be executed by any of the parties hereto, the parties expressly agree that all the terms and provisions hereof shall be construed in accordance with and governed by the laws of the State of Delaware.          

6.3 The parties agree to execute and deliver all such further documents, agreements and instruments and take such other and further action as may be necessary or appropriate to carry out the purposes and intent of this Subscription Agreement.

7. REPRESENTATIONS BY ALBERTA, BRITISH COLUMBIA, ONTARIO AND QUEBEC RESIDENTS

7.1

If the Subscriber is a resident of Canada, the Subscriber represents to the Company that the Subscriber is a resident of the Province of Alberta, British Columbia, Ontario or Quebec and the Subscriber is (Residents of Alberta, British Columbia, Ontario or Quebec must circle one, as appropriate, and add the name of the senior officer or director of the Company):

(i)

a spouse, parent, brother, sister or child of _______________________, a senior officer or director of the Company ;

(ii)

a close friend or business associate of _________________________, a senior officer or director of the Company , or

(iii)

a company, all of the voting securities of which are beneficially owned by one or more of a spouse, parent, brother, sister, child or close personal friend or business associate of ____________________, a senior officer or director of the Company.

IN WITNESS WHEREOF, this Subscription Agreement is executed as of the day and year first written above.

		
	

Number of Shares Subscribed For: 

	

            common shares

	

	

	

Signature of Subscriber:

	

	

Name of Subscriber:

	

	

Address of Subscriber:

	

	

	

	

Subscriber’s Social Security Number:

	

ACCEPTED BY:

TORON INC.

Signature of Authorized Signatory:

Name of Authorized Signatory:  Ljubisa Vujovic

Position of Authorized Signatory: PRESIDENT

Date of Acceptance:Exhibit 10.1

 

Spherix
Incorporated

 

May 25, 2010

 

Claire L. Kruger, Ph.D.,
D.A.B.T.

Chief Executive Officer
and

Chief Operating Officer

Spherix Incorporated

6430 Rockledge Drive, Suite 503

Bethesda, MD  20817

 

Dear Claire:

 

This letter will evidence our agreement to amend your employment letter
agreement with Spherix Incorporated (the “Company”) dated as of August 15,
2007 (the “original letter”).

 

The provisions of Sections
6.5 and 7 of the original letter are deleted in their entirety and the
following are substituted in lieu thereof:

 

“6.5.        Change of Control and Change of Control
Period Defined.

 

“Change of Control” means:

 

(i)            if any one person, or more than one
person acting as a group, acquires ownership of stock of the Company that,
together with stock held by such person or group, constitutes more than fifty
percent (50%) of the total fair market value or total voting power of the stock
of such Company; or

 

(ii)           if a majority of members of the Company’s
Board of Directors is replaced during any twelve (12) month period by directors
whose appointment or election is not endorsed by a majority of the members of
the Company’s Board of Directors before the date of the appointment or election;
or

 

(iii)          if
there is a change in the ownership of a substantial portion of the Company’s
assets occurring on the date that any one person, or more than one person
acting as a group, acquires (or has acquired during the twelve (12) month
period ending on the date of the most recent acquisition by such person or
persons) assets from the Company that have a total gross fair market value
equal to or more than forty percent (40%) of the total gross fair market value
of all of the assets of the Company immediately before such acquisition or
acquisitions (for this purpose, gross fair market value means the value of the
assets of the Company, or the value of the assets being disposed of, determined
without regard to any liabilities associated with such assets).

 

6430 Rockledge Drive, Suite 503

Bethesda, MD 
20817

Tel.:  (301) 897-2540;
Fax:  (301) 897-2567

http://spherix.com

 

 

(iv)          “Change of Control Period” means the
three (3) months period following a Change of Control; provided, that for
purposes of this letter agreement there can be no more than one Change of
Control Period.

 

7.             PAYMENTS UPON TERMINATION OF EMPLOYMENT

 

7.1.          If your employment is terminated by
death, the Company terminates your employment for Disability or for Cause, or except
as set forth in Section 7.2 (ii) hereof, you terminate your
employment without Good Reason, the Company shall:

 

(a)           pay to you (or in the event of
termination of employment by reason of your death, your legal representative or
your estate if no representative has been appointed) in a lump sum in cash,
within thirty (30) days after the date of termination, or as otherwise provided
in this Section 7.1, any portion of your base salary through the date of
termination that has not been paid plus any outstanding expenses due to you; and

 

(b)           make available to you (or your eligible
dependents) any rights to continued health and welfare benefits provided by law
at your (or your eligible dependents) expense (i.e., COBRA) or payable to you
under the terms of such plans and programs in effect immediately prior to your
death or Disability.

 

7.2.          If your employment is terminated: (i) by
the Company other than for Cause; (ii) by either the Company or you
contemporaneously with or during the Change of Control Period; (iii) by
the Company and it is reasonably demonstrated that such termination of
employment (a) was at the request of a third party who has taken steps
reasonably calculated to effect a Change of Control or (b) otherwise arose
in connection with or in anticipation of a Change of Control; or (iv) by
you for Good Reason, the Company shall:

 

(a)           pay to you, in accordance with the
Company’s payroll procedures, an amount equal to twelve (12) months of your
then-existing base salary in lieu of any severance under the Company’s
Severance Plan, payable over the twelve (12) month period following the date of
termination; and

 

(b)           pay twelve (12) months of health and
welfare (COBRA) benefits that provide you with coverage comparable to other
executives that are employed by the Company during that time.”

 

Spherix
Incorporated

6430 Rockledge
Drive, Suite 503, Bethesda, MD 20817

Tel.: 301-897-2540
· Fax: 301-897-2567

 

2

 

Your base salary has been
increased to $22,500.00 per month ($270,000.00 annualized).

 

In all other respects,
the provisions of the original letter are ratified and confirmed as of the date
hereof.

 

	
   

  	
  Sincerely,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  /s/ Aristides
  Melissaratos

  
	
   

  	
  Aristides Melissaratos

  
	
   

  	
  Chairman of
  Compensation Committee

  

 

 

ACCEPTANCE

 

I accept the
foregoing amendment to my employment letter agreement with Spherix Incorporated
under the terms set forth herein:

 

 

	
  /s/ Claire L.
  Kruger

  	
   

  	
   

  
	
  Claire L.
  Kruger, Ph.D., D.A.B.T.

  	
   

  	
   

  

 

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