IDT CORPORATION (NYSE:IDT) Files An 8-K Results of Operations and Financial ConditionItem 2.02. Results of Operations and Financial Condition
On December 5, 2017, IDT Corporation (the “Registrant”) issued a press release announcing its results of operations for its fiscal quarter ended October 31, 2017. A copy of the earnings release concerning the foregoing results is furnished herewith as Exhibit 99.1 and is incorporated herein by reference.
The Registrant is furnishing the information contained in this Report, including Exhibit 99.1, to Item 2.02 of Form 8-K promulgated by the Securities and Exchange Commission (the “SEC”). This information shall not be deemed to be “filed” with the SEC or incorporated by reference into any other filing with the SEC unless otherwise expressly stated in such filing. In addition, this Report and the press release contain statements intended as “forward-looking statements” that are subject to the cautionary statements about forward-looking statements set forth in the press release.
Item 2.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
(e) On December 5, 2017, the Registrant entered into an Agreement (the “Agreement”) with Abilio “(“Bill”) Pereira, who currently serves as Chief Executive Officer of Registrant subsidiary IDT Telecom, Inc. (“IDT Telecom”). This Agreement provides for the termination, as of December 31, 2017, of the Amended and Restated Employment Agreement, dated January 12, 2015, between IDT Telecom and Mr. Pereira. to the Agreement, upon execution of a release, Mr. Pereira will receive $425,000, payable over the course of seven months, and will, commencing on January 1, 2018, serve as President and Chief Operating Officer of the Registrant. Mr. Pereira will be paid a base salary of $500,000 per year, and will have a target annual bonus of $300,000, based on performance and as approved by the Compensation Committee of the Board of Director. Mr. Pereira will also be entitled to participate in any of the Registrant’s broad-based equity grants to its employees. Should Mr. Pereira’s employment be terminated without Cause or should he resign for Good Reason (as such terms are defined in the Agreement), the Registrant will be obligated to pay to Mr. Pereira severance of $800,000. The Agreement has an effective date of January 1, 2018 and continues until it is terminated by either the Registrant or Mr. Pereira.
The foregoing summary of the Agreement is qualified in its entirety by reference to the Agreement, a copy of which is filed as Exhibit 10.01 to this report and is incorporated herein by reference.
Item 2.02. Financial Statements and Exhibits.
IDT CORP ExhibitEX-10.1 2 f8k120517ex10-1_idtcorp.htm AGREEMENT BETWEEN IDT CORPORATION,…To view the full exhibit click here
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.