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Employee Benefit Plans
12 Months Ended
Dec. 31, 2013
Notes to Financial Statements  
9. Employee Benefit Plans

The Spherix Incorporated 401(k) Retirement Plan (the “Retirement Plan”) is a discretionary defined contribution plan and covers substantially all employees who have attained the age of 21, have completed one year of service, and have worked a minimum of 1,000 hours in the past Plan or anniversary year.

 

Under provisions of the Retirement Plan, the Company, for any plan year, has contributed an amount equal to 50% of the participant’s contribution or 2.5% of the participant’s eligible compensation, whichever is less.  The Company may, at its own discretion, make additional matching contributions to participants.  Company contributions, net of forfeitures, amounted to $31,000 for the year ended December 31, 2012.  The Retirement Plan was terminated in December 2012.