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
Item5.02
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Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. |
(e)The term of Howard Jonas current employment agreement with IDT
Corporation (the Registrant or the Company) expires on December
31, 2016. On December 14, 2016, the Compensation Committee of the
Companys Board of Directors approved a Fourth Amended and
Restated Employment Agreement with Howard Jonas that will be
effective January 1, 2017. to this agreement, Howard Jonas will
receive the following compensation for his role as Chairman of
the Board of the Company: An annual cash base salary of $250,000
from January 1, 2017 to December 31, 2019, as well as a
restricted stock grant with an aggregate value of $1.35 million.
The aggregate number of shares granted will equal 69,624 based on
the closing price of the Companys Class B common stock on
December 13, 2016, $19.39. The restricted shares will be granted
on January 5, 2017 and vest as follows: 23,208 shares on January
5, 2017, 23,208 shares on January 5, 2018 and 23,208 shares on
January 5, 2019. Mr. Jonas will be entitled to participate in the
executive bonus program, and receive any other bonuses approved
by the Compensation Committee of the Companys Board of Directors.
A copy of the Agreement is attached hereto as Exhibit 10.01 and
is incorporated by reference herein as if set forth in full.
| Item9.01. | Financial Statements and Exhibits. |
(d)Exhibits.
| ExhibitNo. | Document | |
| 10.01 |
Fourth Amended and Restated Employment Agreement, dated December 14, 2016, between the Registrant and Howard S. Jonas. |
About IDT CORPORATION (NASDAQ:IDT)
