Exhibit 10.3

                        GENEREX BIOTECHNOLOGY CORPORATION

                           SUMMARY OF COMPENSATION FOR
                          MEMBERS OF BOARD OF DIRECTORS

         It is the policy of Generex Biotechnology Corporation (the "Company")
to compensate members of the Company's Board of Directors as follows:

         o        Directors who are not officers or employees of the Company
                  receive cash compensation of $10,000 each fiscal quarter and
                  are reimbursed for expenses incurred in connection with
                  attendance at Board and committee meetings.

         o        At the discretion of the full Board of Directors, directors
                  who are not officers or employees of the Company may receive
                  stock options to purchase shares of the Company's common
                  stock, par value $0.001 per share, each fiscal year. The
                  number and terms of such options is within the discretion of
                  the full Board of Directors.

         o        Directors who are officers or employees of the Company do not
                  receive separate consideration for their service on the Board
                  of Directors.