EXHIBIT 10.62

 

ASSIGNMENT AND ASSUMPTION AGREEMENT

 

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT (this “Agreement”) is made as of the
19th day of December, 2002 by and among IDT INVESTMENTS, INC., a Nevada
corporation (“Assignor”), IDT CORPORATION, a Delaware corporation and the
indirect parent company of Assignor (the “Assignee”), and AT&T Corp., a New York
corporation.

 

W I T N E S S E T H:

 

WHEREAS, Assignor and AT&T are parties to that certain Value Guarantee
Agreement, dated October 19, 2001 (the “Value Agreement”);

 

WHEREAS, Assignee is the indirect parent company of Assignor;

 

WHEREAS, Assignor desires to assign all of its rights and obligations under the
Value Agreement to Assignee;

 

WHEREAS, pursuant to Section 6 of the Value Agreement, Assignor has the right to
assign the Value Agreement to Assignee; and

 

WHEREAS, Assignee has agreed to assume all of Assignor’s obligations under the
Value Agreement in consideration of good and valuable consideration, including
shares of common stock of Assignor.

 

NOW, THEREFORE, in consideration of the mutual agreements set forth herein and
other valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereby agree as follows:

 

1. Assignment of Rights. Assignor hereby conveys, transfers and assigns to
Assignee all of Assignor’s right, title and interest in, to and under the Value
Agreement.

 

2. Assumption of Liabilities. Assignee hereby accepts assignment of Assignor’s
right, title and interest in, to and under the Value Agreement and assumes and
shall timely discharge, perform and satisfy any and all of Assignor’s
obligations under the Value Agreement in accordance with and subject to the
Value Agreement.

 

3. Release of Assignor. Effective upon execution of this Agreement, Assignor
shall have no further right, title and interest in, to and under the Value
Agreement, and AT&T shall not look to Assignor for performance of any of
Assignor’s obligations under the Value Agreement.

 

4. Indemnification by Assignee. Assignee hereby agrees to indemnify and hold
harmless Assignor from any costs, expenses and obligations of Assignor assumed
by Assignee pursuant to this Agreement.

--------------------------------------------------------------------------------

 

5. Consideration. In consideration for Assignee’s agreements hereunder, Assignor
shall issue to Assignee shares of Class A Common Stock of Assignor with a value
of approximately $6.6 million as of the date hereof.

 

6. Further Assurances. The parties hereto shall execute and deliver any and all
additional documents, agreements and instruments that may be necessary or
desirable, if any, to effectuate the transactions contemplated hereby.

 

7. Miscellaneous. This Agreement shall be binding upon and inure to the benefit
of the parties hereto and their respective successors and assigns. THIS
AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE
LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF CONFLICTS OF
LAWS OF THE STATE OF NEW YORK. This Agreement may be executed in one or more
counterparts, which together shall constitute one agreement. If any provision of
this Agreement is deemed invalid or unenforceable, the parties hereto agree to
substitute a mutually agreed upon term and provision that is valid and
enforceable.

--------------------------------------------------------------------------------

 

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the
date first above written.

 

IDT INVESTMENTS, INC.

By:

 

/S/     ANTHONY S. DAVIDSON        

--------------------------------------------------------------------------------

Name:

 

Anthony S. Davidson

Title:

 

CFO

 

IDT CORPORATION

By:

 

/S/    MOTTI LICHTENSTEIN        

--------------------------------------------------------------------------------

Name:

 

Motti Lichtenstein

Title:

 

EVP

 

AT&T CORP.

By:

 

/S/    RAYMOND E. LIGUORI        

--------------------------------------------------------------------------------

Name:

 

Raymond E. Liguori

Title:

 

Mergers & Acquisitions Vice-President

 

3