SPHERIX INCORPORATED (NASDAQ:SPEX) Files An 8-K Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Item 5.02.
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
On March 10, 2017, Spherix Incorporated (the Company) entered
into a separation agreement and general release (the Separation
Agreement) with Frank Reiner, our Interim Chief Financial
Officer, effective March 13, 2017. In addition to payments due to
Mr. Reiner to the terms of his employment agreement, dated March
14, 2014 and as amended on June 30, 2015, Mr. Reiner will receive
a lump sum payment of $18,504 on or before March 15, 2017 in lieu
of his right to continue health insurance coverage under the
Companys group health plan to the Consolidated Omnibus Budget
Reconciliation Act of 1985 (or COBRA).
The foregoing description of the Separation Agreement does not
purport to be complete and is qualified in its entirety by
reference to such agreement, which is filed as Exhibit 10.1
hereto and incorporated herein by reference.
In connection with the vacancy left by Mr. Reiner, the Board of
the Directors of the Company has appointed Mr. Anthony Hayes, the
Companys Chief Executive Officer, as principal financial officer
and principal accounting officer. The Company has also increased
the involvement of Chord Advisors, LLC in the form of additional
financial accounting and advisory services. Chord Advisors, LLC
has been working with the Company for over three years and has
extensive experience in financial accounting and Securities and
Exchange Commission reporting.
| Item 9.01. | Financial Statements and Exhibits. |
(d) Exhibits
| Exhibit No. | Description |
| 10.1 |
Separation Agreement and General Release, dated March 10, 2017, between the Company and Frank Reiner. |
About SPHERIX INCORPORATED (NASDAQ:SPEX)
Spherix Incorporated is an intellectual property company that owns patented and unpatented intellectual property. The Company is a patent commercialization company focused on generating revenues from the monetization of intellectual property. The Company acquires intellectual property from patent holders in order to maximize the value of the patent holdings by conducting and managing a licensing campaign. Its activities generally include the acquisition and development of patents through internal or external research and development. In addition, it seeks to acquire existing rights to intellectual property through the acquisition of already issued patents and pending patent applications. Its patent portfolio includes both the United States and foreign patents and pending patent applications in the wireless communications and telecommunication sectors, including data, optical and voice technology, antenna technology, wireless fidelity (Wi-Fi), base station functionality, and cellular. SPHERIX INCORPORATED (NASDAQ:SPEX) Recent Trading Information
SPHERIX INCORPORATED (NASDAQ:SPEX) closed its last trading session down -0.01 at 1.12 with 62,177 shares trading hands.