IDT CORPORATION (NASDAQ:IDT) 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 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

(e) On January 4, 2017, the Compensation Committee of the Board of Directors of IDT Corporation (the “Registrant”) approved a compensatory arrangement with Howard S. Jonas, the Registrant’s Chairman of the Board. to this arrangement, the Registrant will sell to Howard Jonas, for a purchase price of $1 million, ten percent (10%) of the Registrant’s, direct and indirect, interest and rights (which include a convertible promissory note, a warrant and certain contractual rights) in Cornerstone Pharmaceuticals, Inc., which is a clinical stage, oncology-focused pharmaceutical company committed to the development and commercialization of therapies targeting cancer metabolism that exploit the metabolic differences between normal cells and cancer cells. The $1 million purchase price represents the same price paid by the Registrant for the interests being sold to Mr. Jonas.