IDT CORPORATION (NYSE: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)On May 2, 2017, IDT Corporations (the Registrant) Board of
Directors and its Compensation and Corporate Governance
Committees approved the grant to Howard Jonas, the Registrants
Chairman, of options to purchase up to 1,000,000 shares of the
Registrants Class B Common Stock at an exercise price of $14.93
per share, the closing price of the Registrants Class B Common
Stock on May 1, 2017 (the Option). The Option is immediately
exercisable. The unexercised portion of the Option will terminate
should Mr. Jonas cease being an officer or director of the
Registrant or one or more of its subsidiaries. The Registrant
will have the right to repurchase the Class B Common Stock issued
upon exercise of the Option at a purchase price equal to the
exercise price of the Option should Mr. Jonas cease being an
officer or director of the Registrant or one or more of its
subsidiaries. The Registrants repurchase right will lapse as to
333,333 shares underlying the Options on each of May 2, 2018 and
2019 and as to 333,334 shares underlying the Option on May 2,
2020. Mr. Jonas will be prohibited from transferring any shares
of the Class B Common Stock issued on exercise of the Option that
are subject to the Registrants repurchase right. The Options have
not been granted under the Registrants 2015 Stock Option and
Incentive Plan, as amended (the Plan), but, except to the extent
otherwise provided in the related grant agreement, will be
subject to the terms of the Plan. The grant of the Options will
be subject to ratification by the stockholders of the Registrant.
| Item 8.01 | Other Events. |
On May 2, 2017, the Board of Directors the Registrant and its
Corporate Governance Committee approved the sale by the
Registrant of 1,000,000 shares of Class B common stock to Howard
Jonas, the Registrants Chairman, for aggregate consideration of
$14.93 million. The price per share of $14.93 was based on the
closing price of the Class B common stock on May 1, 2017. The
purchase is to be consummated within sixty (60) days of such
approval.
About IDT CORPORATION (NYSE:IDT)
IDT Corporation is a holding company with operations primarily in the telecommunications and payment industries. The Company’s segments include Telecom Platform Services, Consumer Phone Services and All Other. The Company’s Telecom Platform Services segment provides retail telecommunications and payment offerings, as well as wholesale international long distance traffic termination. The Telecom Platform Services segment markets and distributes multiple communications and payment services across four businesses: Retail Communications, Wholesale Carrier Services, Payment Services and Hosted Platform Solutions. The Company’s Consumer Phone Services segment provides consumer local and long distance services in certain states of the United States. The Telecom Platform Services and Consumer Phone Services segments comprise the Company’s IDT Telecom division. The All Other segment includes its real estate holdings and other smaller businesses. IDT CORPORATION (NYSE:IDT) Recent Trading Information
IDT CORPORATION (NYSE:IDT) closed its last trading session up +0.51 at 15.76 with 259,934 shares trading hands.
