Document:

Exhibit 4.9

 

	State of Delaware	 
	Secretary of State	 
	Division of Corporations	 
	Delivered 12:06 PM 03/02/2016	 
	FILED 12:06 PM 03/02/2016	 
	SR 20161441593 - File Number 2296558	 

 

CERTIFICATE
OF AMENDMENT

OF THE

AMENDED
AND RESTATED CERTIFICATE OF INCORPORATION

OF

SPHERIX
INCORPORATED

Under Section
242 of the Delaware General Corporation Law

 

Pursuant
to the provisions of Section 242 of the Delaware General Corporation Law, the undersigned, being a duly authorized person of Spherix
Incorporated, a corporation organized and existing under the Delaware General Corporation Law (the “Corporation”),
does hereby certify and set forth as follows:

 

FIRST:
  The name of the corporation is Spherix Incorporated. The Corporation was originally incorporated under the name Biospherics Incorporated.

 

SECOND:
  The date of the filing of the Corporation’s original Certificate of Incorporation with the Secretary of State of the State
of Delaware was May 1, 1992. On April 24, 2014, the Corporation filed an Amended and Restated Certificate of Incorporation with
the Secretary of State of the State of Delaware.

 

THIRD:
  This Certificate of Amendment was duly adopted in accordance with the General Corporation Law of the State of Delaware by the Board
of Directors and stockholders of the Corporation. Following adoption of a resolution by the Corporation’s Board of Directors
declaring its advisability and calling a special meeting of the stockholders entitled to vote in respect thereof, a meeting of
the stockholders of the Corporation was duly called and held, upon notice in accordance with Section 222 of the General Corporation
Law of the State of Delaware, at which meeting the necessary number of shares as required by statute were voted in favor of the
amendment. This Certificate of Amendment was duly adopted at said special meeting of the stockholders in accordance with the provisions
of Section 242 of the General Corporation Law of the State of Delaware.

 

FOURTH:
  Effective as of 11:59 p.m., Eastern time, on March 3, 2016 (the “Effective Time”), Clause A. and Paragraphs numbered
1. and 2. thereunder of Article FOURTH of the Corporation’s Amended and Restated Certificate of Incorporation, is hereby
amended in their entirety such that, as amended, Clause A. of Article FOURTH shall read in its entirety as follows:

 

“A.
The total number of shares of stock of all classes that the Corporation shall have authority to issue is One Hundred Fifty Million
(150,000,000) shares, consisting of One Hundred Million (100,000,000) shares of common stock, par value $0.0001 per share (the
“Common Stock”), and
Fifty Million (50,000,000) shares of preferred stock, par value $0.0001 per share (the “Preferred
Stock”).”

 

FIFTH:
  Effective as of the Effective Time, each nineteen (19) shares of common stock, par value $0.0001 per share (the “Old Common
Stock”), issued and outstanding immediately before the Effective Date, shall be and hereby is, reclassified as and changed
into one (1) share of common stock, par value $0.0001 per share (the “New Common Stock”). Each outstanding stock certificate
which immediately before the Effective Date represented one or more shares of Old Common Stock shall thereafter, automatically
and without the necessity of surrendering the same for exchange, represent the number of whole shares of New Common Stock determined
by multiplying the number of shares of Old Common Stock represented by such certificate immediately prior to the Effective Date
by one-nineteenth (1/19), and shares of Old Common Stock held in uncertificated form shall be treated in the same manner. No fractional
shares shall be issued in connection therewith. Stockholders who would otherwise be entitled to receive fractional share interests
of Common Stock shall instead receive a cash payment equal to the fraction multiplied by the closing sales price of our Common
Stock as of the date of the Effective Time.

 

     

     

    

 

IN
WITNESS WHEREOF, Spherix Incorporated has caused this certificate to be signed by its Chief Executive Officer as of the 2nd
day of March, 2016.

 

	 	By:	/s/ Anthony Hayes
	 	 	Name: Anthony Hayes 
	 	 	Title: Chief Executive OfficerExhibit 10.23

 

EMPLOYMENT AGREEMENT

 

THIS EMPLOYMENT AGREEMENT
is made and entered into as of this 14 day of March 2014 (the “Effective Date”), by and between SPHERIX INCORPORATED,
a Delaware corporation (the “Corporation”), and Frank Reiner (the “Executive”), under the following
circumstances:

 

RECITALS:

 

A.           The
Corporation desires to secure the services of the Executive upon the terms and conditions hereinafter set forth; and

 

B.           The
Executive desires to render services to the Corporation upon the terms and conditions hereinafter set forth.

 

NOW, THEREFORE,
the parties mutually agree as follows:

 

1.          Employment.
The Corporation hereby employs the Executive and the Executive hereby accepts employment as an executive of the Corporation, subject
to the terms and conditions set forth in this Agreement.

 

2.          Duties.
The Executive shall serve as the Vice President, Licensing, with such duties, responsibilities and authority as are commensurate
and consistent with his position, as may be, from time to time, assigned to him by the Chief Executive Officer of the Corporation
(the “Chief Executive Officer”). The Executive shall report directly to the Chief Executive Officer. During
the Term (as defined in Section 3), the Executive shall devote his full business time and efforts to the performance of
his duties hereunder unless otherwise authorized by the Board. Notwithstanding the foregoing, the expenditure of reasonable amounts
of time by the Executive for the making of passive personal investments, the conduct of business affairs and charitable and professional
activities shall be allowed, provided such activities do not materially interfere with the services required to be rendered to
the Corporation hereunder and do not violate the restrictive covenants set forth in Section 9 below.

 

3.           
Term of Employment. The term of the Executive’s employment hereunder, unless sooner terminated as provided herein
(the “Initial Term”), shall be for a period of one (1) year commencing on the Effective Date. The term of this
Agreement shall automatically be extended for additional terms of one (1) year each (each a “Renewal Term”)
unless either party gives prior written notice of non-renewal to the other party no later than sixty (60) days prior to the expiration
of the Initial Term (“Non-Renewal Notice”), or the then current Renewal Term, as the case may be. For purposes
of this Agreement, the Initial Term and any Renewal Term are hereinafter collectively referred to as the “Term.”

 

4.           Compensation
of Executive.

 

(a)          The
Corporation shall pay the Executive as compensation for his services hereunder, in equal bi-weekly installments during the Term,
an annual salary of Two Hundred and Twenty Thousand Dollars (the “Base Salary”), less such deductions as shall
be required to be withheld by applicable law and regulations. The Corporation shall review the Base Salary on an annual basis and
has the right but not the obligation to increase it.

 

(b)          In
addition to the Base Salary set forth in Section 4(a), the Executive shall be entitled to receive an annual bonus the
(“Annual Bonus”) as set forth in the attached Schedule A (unless adjusted by the Compensation
Committee of the Board (the “Compensation Committee”)). The Annual Bonus shall be paid by the Corporation
to the Executive promptly after determination that the relevant targets have been met, it being understood that the
attainment of any financial targets associated with any bonus shall not be determined until following the completion of the
Corporation’s annual audit and public announcement of such results and shall be paid promptly following the
Corporation’s announcement of earnings. In the event that the Compensation Committee is unable to act or if there shall
be no such Compensation Committee, then all references herein and in Schedule A to the Compensation Committee (except in the
proviso to this sentence) shall be deemed to be references to the Board.

 

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(c)          Equity
Awards. Executive shall be eligible for such grants of awards under stock option or other equity incentive plans of the Corporation
adopted by the Board and approved by the Corporation’s stockholders (or any successor or replacement plan adopted by the
Board and approved by the Corporation’s stockholders) (the “Plan”) as the Compensation Committee of the
Corporation may from time to time determine (the “Share Awards”). Share Awards shall be subject to the applicable
Plan terms and conditions, provided, however, that Share Awards shall be subject to any additional terms and conditions as are
provided herein or in any award certificate(s), which shall supersede any conflicting provisions governing Share Awards provided
under the Plan. On the Effective Date, Executive shall be entitled to receive (i) a stock option grant (the “Initial Option
Grant”) to purchase up to 100,000 shares of common stock, par value $0,0001 per share (the “Common Stock”)
of the Corporation, which shall vest in four (4) equal installments on each of July 1, 2014, October 1, 2014, January 1, 2015
and April 1, 2015, and shall expire as to all installments on the tenth (10th) anniversary of the Effective Date and
(ii) 10,000 restricted shares of Common Stock of the Corporation (the “Initial Stock Grant”), which shall vest
in four (4) equal installments on the Effective Date, June 14, 2014, September 14, 2014 and December 14, 2014. Notwithstanding
any provision to the contrary, the Initial Option Grant and Initial Stock Grant shall immediately vest in full upon the termination
of the Executive’s services hereunder by the Corporation other than for “Cause”.

 

(d)          The
Corporation shall pay or reimburse the Executive for all reasonable out-of-pocket expenses actually incurred or paid by the Executive
in the course of his employment, consistent with the Corporation’s policy for reimbursement of expenses from time to time.

 

(e)          The
Executive shall be entitled to participate in suchpension, profit sharing, group insurance, hospitalization, and group health
and benefit plans and all other benefits and plans, including perquisites, if any, as the Corporation provides to its senior executives,
including group family health insurance coverage which shall be paid by the Corporation (the “Benefit Plans”).
In the event the Corporation does not have a health benefit plan in place, the Corporation shall reimburse the Executive for expenses
incurred in maintaining health and dental insurance for Executive and his dependents, in an amount not to exceed $2,000 per month.

 

(f)          The
Corporation shall execute and deliver in favor of the Executive an indemnification agreement on the same terms and conditions entered
into with the other officers and directors of the Corporation. Such agreement shall provide for the indemnification of the Executive
for the term of his employment.

 

5.          Termination.

 

(a)          This
Agreement and the Executive’s employment hereunder shall terminate upon the happening of any of the following events:

 

(i)          upon
the Executive’s death;

 

(ii)         upon
the Executive’s “Total Disability” (as herein defined);

 

(iii)        upon
the expiration of the Initial Term of this Agreement or any Renewal Term thereof, if either party has provided a timely notice
of non-renewal in accordance with Section 3, above;

 

(iv)        at
the Executive’s option, upon sixty (60) days prior written notice to the Corporation;

 

(v)         at
the Executive’s option, in the event of an act by the Corporation, defined in Section 5(c), below, as constituting “Good
Reason” for termination by the Executive; and

 

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(vi) at the Corporation’s
option, in the event of an act by the Executive, defined in Section 5(d), below, as constituting “Cause” for termination
by the Corporation.

 

(b)          For
purposes of this Agreement, the Executive shall be deemed to be suffering from a “Total Disability” if the Executive
has failed to perform his regular and customary duties to the Corporation for a period of 180 days out of any 360-day period and
if before the Executive has become “Rehabilitated” (as herein defined) a majority of the members of the Board, exclusive
of the Executive, vote to determine that the Executive is mentally or physically incapable or unable to continue to perform such
regular and customary duties of employment. As used herein, the term “Rehabilitated” shall mean such time as
the Executive is willing, able and commences to devote his time and energies to the affairs of the Corporation to the extent and
in the manner that he did so prior to his Total Disability.

 

(c)          For
purposes of this Agreement, the term “Good Reason” shall mean that the Executive has resigned due to (i) any
diminution of duties inconsistent with Executive’s title, authority, duties and responsibilities (including, without limitation,
a change in the chain of reporting); (ii) any reduction of or failure to pay Executive compensation provided for herein, except
to the extent Executive consents in writing to any reduction, deferral or waiver of compensation, which non-payment continues for
a period of fifteen (15) days following written notice to the Corporation by Executive of such non-payment; (iii) the consummation
of any Change in Control Transaction (as defined below) or (iv) any material violation by the Corporation of its obligations under
this Agreement that is not cured within thirty (30) days Agreement after receipt of written notice thereof from the Executive.
For purposes of this Agreement, the term “Change in Control Transaction” means the sale of the Corporation to
an un-affiliated person or entity or group of un-affiliated persons or entities pursuant to which such party or parties acquire
(i) shares of capital stock of the Corporation representing at least fifty percent (50%) of outstanding capital stock or sufficient
to elect a majority of the Board of the Corporation (whether by merger, consolidation, sale or transfer of shares (other than
a merger where the Corporation is the surviving corporation and the shareholders and directors of the Corporation prior to the
merger constitute a majority of the shareholders and directors, respectively, of the surviving corporation (or its parent)) or
(ii) all or substantially all of the Corporation’s assets determined on a consolidated basis.

 

(d)          For
purposes of this Agreement, the term “Cause” shall mean:

 

(i)          conviction
of a felony or a crime involving fraud or moral turpitude; or

 

(ii)         theft,
material act of dishonesty or fraud, intentional falsification of any employment or Corporation records, or commission of any criminal
act which impairs Executive’s ability to perform appropriate employment duties for the Corporation; or

 

(iii)        intentional
or reckless conduct or gross negligence materially harmful to the Corporation or the successor to the Corporation after a Change
in Control Transaction, including violation of a non-competition or confidentiality agreement; or

 

(iv)        willful
failure to follow lawful and reasonable instructions of the person or body to which Executive reports; or

 

(v)         gross
negligence or willful misconduct in the performance of Executive’s assigned

duties; or

 

(vi)        any
material breach of this Agreement by Executive.

 

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6.          Effects
of Termination.

 

(a)          Upon
termination of the Executive’s employment pursuant to Section 5(a)(i) or (ii), in addition to the accrued but
unpaid compensation and vacation pay through the date of death or Total Disability and any other benefits accrued to him
under any Benefit Plans outstanding at such time and the reimbursement of documented, unreimbursed expenses incurred prior to
such date, the Executive or his estate or beneficiaries, as applicable, shall be entitled to the following severance
benefits: (i) continued provision for a period of twelve (12) months following the Executive’s death of benefits under
Benefit Plans extended from time to time by the Corporation to its senior executives; and (ii) payment on a pro-rated basis
of any bonus or other payments earned in connection with any bonus plan to which the Executive was a participant as of the
date of death or Total Disability.

 

(b)          Upon
termination of the Executive’s employment pursuant to Section 5(a)(iii), where the Corporation has offered to
renew the term of the Executive’s employment for an additional one (1) year period and the Executive chooses not
to continue in the employ of the Corporation, the Executive shall be entitled to receive only the accrued but unpaid
compensation and vacation pay through the date of termination and any other benefits accrued to him under any Benefit Plans
outstanding at such time and the reimbursement of documented, unreimbursed expenses incurred prior to such date. In the event
the Corporation tenders a Non-Renewal Notice to the Executive, then the Executive shall be entitled to the same severance
benefits as if the Executive’s employment were terminated pursuant to Section 5(a)(v); provided, however,
if such Non-Renewal Notice was triggered due to the Corporation’s statement that the Executive’s employment was
terminated due to Section 5(a)(vi) (for “Cause”), then payment of severance benefits will be contingent upon a
determination as to whether termination was properly for “Cause.”

 

(c)          Upon
termination of the Executive’s employment pursuant to Section 5(a)(v) or other than pursuant to Section 5(a)(i), 5(a)(ii),
5(a)(iii), 5(a)(iv), or 5(a)(vi) (i.e., without “Cause”), in addition to the accrued but unpaid compensation and vacation
pay through the end of the Term or any then applicable extension of the Term and any other benefits accrued to him under any Benefit
Plans outstanding at such time and the reimbursement of documented, unreimbursed expenses incurred prior to such date, the Executive
shall be entitled to the following severance benefits: (i) a cash payment based on the current scale of Executive’s Base
Salary: (x) twelve (12) months of the Base Salary at the then current rate to be paid in a single lump sum payment not later than
sixty (60) days following such termination, less withholding of all applicable taxes; (ii) continued provision for a period of
twelve (12) months after the date of termination of the benefits under Benefit Plans extended from time to time by the Corporation
to its senior executives; and (iii) payment on a pro-rated basis of any bonus or other payments earned in connection with any bonus
plan to which the Executive was a participant as of the date of the Executive’s termination of employment. In addition, any options
or restricted stock shall be immediately vested upon termination of Executive’s employment pursuant to Section 5(a)(v) or
by the Corporation without “Cause”.

 

(d)          Upon
termination of the Executive’s employment pursuant to Section 5(a)(iv) or (vi), in addition to the reimbursement of documented,
unreimbursed expenses incurred prior to such date, the Executive shall be entitled to the following severance benefits: (i) accrued
and unpaid Base Salary and vacation pay through the date of termination, less withholding of applicable taxes; and (ii) continued
provision, for a period of one (1) month after the date of the Executive’s termination of employment, of benefits under Benefit
Plans extended to the Executive at the time of termination. Executive shall have any conversion rights available under the Corporation’s
Benefit Plans and as otherwise provided by law, including the Comprehensive Omnibus Budget Reconciliation Act.

 

(e)          Any
payments required to be made hereunder by the Corporation to the Executive shall continue to the Executive’s beneficiaries
in the event of his death until paid in full.

 

7.          Vacations.
The Executive shall be entitled to a vacation of three (3) weeks per year, during which period his salary shall be paid in full.
The Executive shall take his vacation at such time or times as the Executive and the Corporation shall determine is mutually convenient.
Any vacation not taken in one (1) year shall accrue, and up to a maximum of six (6) weeks vacation shall carry over to the subsequent
year.

 

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8.          Disclosure
of Confidential Information.

 

(a)          The
Executive recognizes, acknowledges and agrees that he has had and will continue to have access to secret and confidential information
regarding the Corporation, its subsidiaries and their respective businesses (“Confidential Information”), including
but not limited to, its products, methods, formulas, software code, patents, sources of supply, customer dealings, data, know-how,
trade secrets and business plans, provided such information is not in or does not hereafter become part of the public domain, or
become known to others through no fault of the Executive. The Executive acknowledges that such information is of great value to
the Corporation, is the sole property of the Corporation, and has been and will be acquired by him in confidence. In consideration
of the obligations undertaken by the Corporation herein, the Executive will not, at any time, during or after his employment hereunder,
reveal, divulge or make known to any person, any information acquired by the Executive during the course of his employment, which
is treated as confidential by the Corporation, and not otherwise in the public domain. The provisions of this Section 8 shall survive
the termination of the Executive’s employment hereunder for a period of two (2) years.

 

(b)          The
Executive affirms that he does not possess and will not rely upon the protected trade secrets or confidential or proprietary information
of any prior employer(s) in providing services to the Corporation or its subsidiaries.

 

(c)          In
the event that the Executive’s employment with the Corporation terminates for any reason, the Executive shall deliver forthwith
to the Corporation any and all originals and copies, including those in electronic or digital formats, of Confidential Information;
provided, however, Executive shall be entitled to retain (i) papers and other materials of a personal nature, including, but not
limited to, photographs, correspondence, personal diaries, calendars and rolodexes, personal files and phone books, (ii) information
showing his compensation or relating to reimbursement of expenses, (iii) information that he reasonably believes may be needed
for tax purposes and (iv) copies of plans, programs and agreements relating to his employment, or termination thereof, with the
Corporation.

 

9.          Non-Competition
and Non-Solicitation.

 

(a)          The
Executive agrees and acknowledges that the Confidential Information that the Executive has already received and will receive is
valuable to the Corporation and that its protection and maintenance constitutes a legitimate business interest of the Corporation,
to be protected by the non-competition restrictions set forth herein. The Executive agrees and acknowledges that the non-competition
restrictions set forth herein are reasonable and necessary and do not impose undue hardship or burdens on the Executive. The Executive
also acknowledges that the Corporation’s business is conducted in New York, Connecticut and New Jersey (the “Territory”),
and that the Territory, scope of prohibited competition, and time duration set forth in the non-competition restrictions set forth
below are reasonable and necessary to maintain the value of the Confidential Information of, and to protect the goodwill and other
legitimate business interests of, the Corporation, its affiliates and/or its clients, investors or customers. The provisions of
this Section 9 shall survive the termination of the Executive’s employment hereunder for the time periods specified below.

 

(b)          The
Executive hereby agrees and covenants that he shall not without the prior written consent of the Corporation, directly or indirectly,
in any capacity whatsoever, including, without limitation, as an employee, employer, consultant, principal, partner, shareholder,
officer, director or any other individual or representative capacity (other than (i) as a holder of less than two (2%) percent
of the outstanding securities of a company whose shares are traded on any national securities exchange or (ii) as a limited partner,
passive minority interest holder in a venture capital fund, private equity fund or similar investment entity which holds or may
hold an equity or debt position in portfolio companies that are competitive with the Corporation; provided however, that the Executive
shall be precluded from serving as an operating partner, general partner, manager or governing board designee with respect to such
portfolio companies), whether on the Executive’s own behalf or on behalf of any other person or entity or otherwise howsoever,
during the Term and thereafter to the extent described below, within the Territory:

 

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(1)         Engage,
own, manage, operate, control, be employed by, consult for, participate in, or be connected in any manner with the ownership, management,
operation or control of any business in competition with the Business of the Corporation, as defined in the next sentence. “Business”
shall mean the acquisition and development of patents through internal or external research and development, acquisition of existing
rights to intellectual property through the acquisition of already issued patents and pending patent applications, both in the
United States and abroad, development of products and processes associated with the Corporation’s intellectual property and
licensing its intellectual property to others seeking to develop products or processes or whose products or processes infringe
its intellectual property rights through legal processes, otherwise deriving value from licensing, commercialization, settlement
and litigation from its patents and obtaining patents from inventors and patent owners to monetize patent portfolios.

 

(2)         Recruit,
solicit or hire, or attempt to recruit, solicit or hire, any employee, or independent contractor of the Corporation to leave the
employment (or independent contractor relationship) thereof, whether or not any such employee or independent contractor is party
to an employment agreement, for the purpose of competing with the Business of the Corporation;

 

(3)         Attempt
in any manner to solicit or accept from any third party, with whom Executive had significant contact during Executive’s employment
by the Corporation (whether under this Agreement or otherwise), business competitive with the Business done by the Corporation
with such third party or to persuade or attempt to persuade any such third party to cease to do business or to reduce the amount
of business which such third party has customarily done or might do with the Corporation, or if any such party elects to move its
business to a person other than the Corporation, provide any services of the kind or competitive with the Business of the Corporation
for such party, or have any discussions regarding any such service with such party, on behalf of such other person for the purpose
of competing with the Business of the Corporation; or

 

(4)         Otherwise
interfere with any relationship, contractual or otherwise, between the Corporation and any other party, including, without limitation,
any supplier, distributor, co-venturer or joint venturer of the Corporation, for the purpose of soliciting such other party to
discontinue or reduce its business with the Corporation for the purpose of competing with the Business of the Corporation.

 

With respect to
the activities described in Paragraphs (1), (2), (3) and (4) above, the restrictions of this Section 9 shall continue during the
Employment Period and, upon termination of the Executive’s employment for a period of six (6) months thereafter.

 

10.         Clawback
Rights. The Annual Bonus, and any and all stock based compensation (such as options and equity awards, including Share Awards
and the Initial Option Grant) (collectively, the “Clawback Benefits”) shall be subject to “Corporation
Clawback Rights” as follows: During the period that the Executive is employed by the Corporation and upon the termination
of the Executive’s employment and for a period of three (3) years thereafter, if there is a restatement of any financial
results from which any Clawback Benefits to Executive shall have been determined, Executive agrees to repay any amounts which
were determined by reference to any Corporation financial results which were later restated (as defined below), to the extent
the Clawback Benefits amounts paid exceed the Clawback Benefits amounts that would have been paid, based on the restatement of
the Corporation’s financial information. All Clawback Benefits amounts resulting from such restated financial results shall
be retroactively adjusted by the Compensation Committee to take into account the restated results, and any excess portion of the
Clawback Benefits resulting from such restated results shall be immediately surrendered to the Corporation and if not so surrendered
within ninety (90) days of the revised calculation being provided to the Executive by the Compensation Committee following a publicly
announced restatement, the Corporation shall have the right to take any and all action to effectuate such adjustment. The calculation
of the Revised Clawback Benefits amount shall be determined by the Compensation Committee in good faith and applicable law, rules
and regulations. All determinations by the Compensation Committee with respect to the Clawback Rights shall be final and binding
on the Corporation and Executive. For purposes of this Section 9, a restatement of financial results that requires a repayment
of a portion of the Clawback Benefits amounts shall mean a restatement resulting from material non-compliance of the Corporation
with any financial reporting requirement under the federal securities laws and shall not include a restatement of financial results
resulting from subsequent changes in accounting pronouncements or requirements which were not in effect on the date the financial
statements were originally prepared (“Restatements”). Additionally, if any material breach of any agreement
by Executive relating to confidentiality, non-competition, non-raid of employees, or non-solicitation of vendors or customers
(including, without limitation, Sections 8 or 9 hereof) or if any material breach of Corporation policy or procedures which causes
material harm to the Corporation occurs, as determined by the Board in its sole discretion, then the Executive agrees to repay
or surrender any Clawback Benefits upon demand by the Corporation and if not so repaid or surrendered within ninety (90) days
of such demand, the Corporation shall have the right to take any and all action to effectuate such adjustment. The parties acknowledge
it is their intention that the foregoing Clawback Rights as relates to Restatements conform in all respects to the provisions
of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (the “Dodd Frank Act”) and requires recovery
of all “incentive-based” compensation, pursuant to the provisions of the Dodd Frank Act and any and all rules and
regulations promulgated thereunder from time to time in effect. Accordingly, the terms and provisions of this Agreement shall
be deemed automatically amended from time to time to assure compliance with the Dodd Frank Act and such rules and regulation as
hereafter may be adopted and in effect.

 

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11.         Section
409A.

 

The provisions of
this Agreement are intended to comply with Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”)
and any final regulations and guidance promulgated thereunder (“Section 409A”) and shall be construed in a manner
consistent with the requirements for avoiding taxes or penalties under Section 409A. The Corporation and Executive agree to work
together in good faith to consider amendments to this Agreement and to take such reasonable actions which are necessary, appropriate
or desirable to avoid imposition of any additional tax or income recognition prior to actual payment to Executive under Section
409A.

 

To the extent that
Executive will be reimbursed for costs and expenses or in-kind benefits, except as otherwise permitted by Section 409A, (a) the
right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit, (b) the amount of expenses
eligible for reimbursement, or in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement,
or in-kind benefits to be provided, in any other taxable year; provided that the foregoing clause (b) shall not be violated with
regard to expenses reimbursed under any arrangement covered by Section 105(b) of the Code solely because such expenses are subject
to a limit related to the period the arrangement is in effect and (c) such payments shall be made on or before the last day of
the taxable year following the taxable year in which you incurred the expense.

 

A termination of
employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any
amounts or benefits upon or following a termination of employment unless such termination constitutes a “Separation from
Service” within the meaning of Section 409A and, for purposes of any such provision of this Agreement references to a “termination,”
“termination of employment” or like terms shall mean Separation from Service.

 

Each installment
payable hereunder shall constitute a separate payment for purposes of Treasury Regulation Section 1.409A-2(b), including Treasury
Regulation Section 1.409A-2(b)(2)(iii). Each payment that is made within the terms of the “short-term deferral” rule
set forth in Treasury Regulation Section 1.409A-1 (b)(4) is intended to meet the “short-term deferral” rule. Each other
payment is intended to be a payment upon an involuntary termination from service and payable pursuant to Treasury Regulation Section
1.409A-l(b)(9)(iii), et. seq., to the maximum extent permitted by that regulation, with any amount that is not exempt from Code
Section 409A being subject to Code Section 409A.

 

Notwithstanding
anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A
at the time of Executive’s termination, then only that portion of the severance and benefits payable to Executive pursuant to this
Agreement, if any, and any other severance payments or separation benefits which may be considered deferred compensation under
Section 409A (together, the “Deferred Compensation Separation Benefits”), which (when considered together) do not exceed
the Section 409A Limit (as defined herein) may be made within the first six (6) months following Executive’s termination
of employment in accordance with the payment schedule applicable to each payment or benefit. Any portion of the Deferred Compensation
Separation Benefits in excess of the Section 409A Limit otherwise due to Executive on or within the six (6) month period following
Executive’s termination will accrue during such six (6) month period and will become payable in one lump sum cash payment
on the date six (6) months and one (1) day following, the date of Executive’s termination of employment. All subsequent Deferred
Compensation Separation Benefits, if any, will be payable in accordance with the payment schedule applicable to each payment or
benefit. Notwithstanding anything herein to the contrary, if Executive dies following termination but prior to the six (6) month
anniversary of Executive’s termination date, then any payments delayed in accordance with this paragraph will be payable in a lump
sum as soon as administratively practicable after the date of Executive’s death and all other Deferred Compensation Separation
Benefits will be payable in accordance with the payment schedule applicable to each payment or benefit.

 

    7 

     

    

  

For purposes of
this Agreement, “Section 409A Limit" will mean a sum equal (x) to the amounts payable prior to March 15 following
the year in which Executive terminations plus (y) the lesser of two (2) times: (i) Executive’s annualized compensation based
upon the annual rate of pay paid to Executive during the Corporation’s taxable year preceding the Corporation’s taxable
year of Executive’s termination of employment as determined under Treasury Regulation 1.409A-1 (b)(9)(iii)(A)(1) and any
IRS guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account under a qualified plan pursuant
to Section 401(a)(17) of the Code for the year in which Executive’s employment is terminated.

 

12.          Miscellaneous.

 

a.           The
Executive acknowledges that the services to be rendered by him under the provisions of this Agreement are of a special, unique
and extraordinary character and that it would be difficult or impossible to replace such services. Accordingly, the Executive agrees
that any breach or threatened breach by him of Sections 8 or 9 of this Agreement shall entitle the Corporation, in addition to
all other legal remedies available to it, to apply to any court of competent jurisdiction to seek to enjoin such breach or threatened
breach. The parties understand and intend that each restriction agreed to by the Executive hereinabove shall be construed as separable
and divisible from every other restriction, that the unenforceability of any restriction shall not limit the enforceability, in
whole or in part, of any other restriction, and that one or more or all of such restrictions may be enforced in whole or in part
as the circumstances warrant. In the event that any restriction in this Agreement is more restrictive than permitted by law in
the jurisdiction in which the Corporation seeks enforcement thereof, such restriction shall be limited to the extent permitted
by law. The remedy of injunctive relief herein set forth shall be in addition to, and not in lieu of, any other rights or remedies
that the Corporation may have at law or in equity.

 

b.           Neither
the Executive nor the Corporation may assign or delegate any of their rights or duties under this Agreement without the express
written consent of the other; provided however that the Corporation shall have the right to delegate its obligation of payment
of all sums due to the Executive hereunder, provided that such delegation shall not relieve the Corporation of any of its obligations
hereunder.

 

c.           This
Agreement constitutes and embodies the full and complete understanding and agreement of the parties with respect to the Executive’s
employment by the Corporation, supersedes all prior understandings and agreements, whether oral or written, between the Executive
and the Corporation, and shall not be amended, modified or changed except by an instrument in writing executed by the party to
be charged. The invalidity or partial invalidity of one or more provisions of this Agreement shall not invalidate any other provision
of this Agreement. No waiver by either party of any provision or condition to be performed shall be deemed a waiver of similar
or dissimilar provisions or conditions at the same time or any prior or subsequent time.

 

d.           This
Agreement shall inure to the benefit of, be binding upon and enforceable against, the parties hereto and their respective successors,
heirs, beneficiaries and permitted assigns.

 

e.           The
headings contained in this Agreement are for convenience of reference only and shall not affect in any way the meaning or interpretation
of this Agreement.

 

    8 

     

    

  

f.            All
notices, requests, demands and other communications required or permitted to be given hereunder shall be in writing and shall be
deemed to have been duly given when personally delivered, sent by registered or certified mail, return receipt requested, postage
prepaid, or by private overnight mail service (e.g. Federal Express) to the party at the address set forth above or to such other
address as either party may hereafter give notice of in accordance with the provisions hereof. Notices shall be deemed given on
the sooner of the date actually received or the third business day after sending.

 

g.           This
Agreement shall be governed by and construed in accordance with the internal laws of the State of New York without reference to
principles of conflicts of laws and each of the parties hereto irrevocably consents to the jurisdiction and venue of the federal
and state courts located in the State of New York.

 

h.           This
Agreement may be executed simultaneously in two or more counterparts, each of which shall be deemed an original, but all of which
together shall constitute one of the same instrument. The parties hereto have executed this Agreement as of the date set forth
above.

 

[signature page follows immediately]

 

    9 

     

    

  

IN WITNESS WHEREOF, each of
the parties hereto has executed this Agreement as of the day and year first above written.

 

	CORPORATION:	 
	 	 
	SPHERIX INCORPORATED	 
	 	 	 
	By:	/s/ Anthony Hayes	 
	 	 	 
	Title: 	Anthony Hayes CEO	 
	 	 	 
	EXECUTIVE:	 
	 	 
	/s/ FRANK REINER     3/14/14	 
	 	 	 
	FRANK REINER	 

 

    10

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