Exhibit 10.67

 

EXCHANGE AGREEMENT

 

THIS EXCHANGE AGREEMENT, dated March 21, 2003 (this “Agreement”), is by and
between IDT Corporation, a Delaware corporation (“IDT”), and the holder of
shares of common stock, par value $0.01 per share (the “Common Stock”), of IDT
who is a party hereto (the “Holder”).

 

BACKGROUND

 

IDT’s common equity listed on the New York Stock Exchange consists of shares of
Common Stock and shares of Class B Common Stock, par value $0.01 per share
(“Class B”).

 

Each of the Holder and IDT wishes to exchange the number of shares of Common
Stock set forth under the name of the Holder on the signature page (the
“Shares”) for a like number of shares of Class B.

 

NOW, THEREFORE, in consideration of the mutual agreements and covenants set
forth herein, the parties hereby agree, subject to the terms and conditions
hereinafter set forth, as follows:

 

 

ARTICLE I.

 

SHARE EXCHANGE

 

1.1    Exchange.    Upon delivery of the certificate representing the Shares to
IDT, IDT shall accept the Shares and issue to the Holder, in exchange therefor,
the same number of shares of Class B (the “Exchange”). The sole consideration
for the Exchange shall be the shares of Class B issued in exchange for the
Shares.

 

1.2    Certificates.    IDT shall deliver to the Holder, as soon as practicable
after accepting the Shares for exchange, a certificate representing the shares
of Class B issued to the Holder in the exchange, which certificate shall be in
the name of the Holder.

 

 

ARTICLE II.

 

REPRESENTATION

 

2.1    Representations by the Holder.    The Holder represents and warrants to
IDT that the Holder is, or upon the exercise of options will be, the beneficial
owner and the owner of record of the Shares, that the Holder has the power and
authority to exchange the Shares and enter into this Agreement, and that this
Agreement does not violate any other agreement, contract or understanding to
which the Holder is party or to which the Shares may be subject.

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ARTICLE III.

 

GENERAL

 

3.1    Further Assurances.    From time to time, as and when required by IDT,
there shall be executed and delivered by the Holder such deeds and other
instruments, and there shall be taken or caused to be taken by the Holder such
further and other actions as shall be appropriate or necessary in order to
consummate the transactions contemplated hereby.

 

3.2    Entire Agreement.    This Agreement contains the entire agreement between
the parties hereto with respect to the subject matter hereof and supersedes all
prior agreements and understandings, oral or written, with respect to such
matters

 

3.3    Governing Law.    This Agreement shall in all respects be construed,
interpreted and enforced in accordance with and governed by the laws of the
State of Delaware.

 

3.4    Counterparts.    This Agreement may be executed in any number of
counterparts, each of which shall be deemed to be an original and all of which
together shall constitute one and the same instrument.

 

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

 

IDT CORPORATION     By:   /S/    JOYCE MASON          

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    Name:  Joyce Mason     Title:    Senior VP

 

/s/    MORRIS LICHTENSTEIN  

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HOLDER     Name:  

Morris Lichtenstein

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Address:  

59 Olympia Lane

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Monsey, NY 10952-2829

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Number of Shares of Common: 9,000

 

 

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