Exhibit
4.1


 


RAFAEL
HOLDINGS, INC.

2018 EQUITY INCENTIVE PLAN


Adopted
as of March 8, 2018


 


Amended
and Restated May 7, 2021


 


1.
Purpose; Types of Awards; Construction.


 


The
purpose of the Rafael Holdings, Inc. 2018 Equity Incentive Plan (the “Plan”) is to provide incentives to executive officers,
employees, directors and consultants of Rafael Holdings, Inc. (the “Company”), or any subsidiary of the Company which now
exists or hereafter is organized or acquired by the Company, to acquire a proprietary interest in the Company, to continue as officers,
employees, directors or consultants, to increase their efforts on behalf of the Company and to promote the success of the Company’s
business. In addition, the Plan permits the issuance, in connection with the spin-off (the ‘Spin-Off’) of the Company from
IDT Corporation (“IDT”) contemplated by the Separation Agreement (as defined below), of awards (“Spin-Off Award”)
to holders of restricted shares of Class B common stock (“IDT Class B Stock”), par value $0.01 per share of IDT, options
to purchase IDT Class B Stock, deferred stock units related to IDT Class B Stock and other equity awards granted by IDT prior to the
date hereof (“IDT Awards) . The provisions of the Plan are intended to satisfy the requirements of Section 16(b) of the Securities
Exchange Act of 1934, as amended and shall be interpreted in a manner consistent with the requirements thereof.


 


2.
Definitions.


 


As
used in this Plan, the following words and phrases shall have the meanings indicated:


 


(a)
“Agreement” shall mean a written agreement entered into between the Company and a Grantee in connection with an award under
the Plan.


 


(b)
“Board” shall mean the Board of Directors of the Company.


 


(c)
“Change in Control” means a change in ownership or control of the Company effected through either of the following:


 


(i)
any “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act (other than (A) the Company, (B) any trustee
or other fiduciary holding securities under an employee benefit plan of the Company, (C) any corporation or other entity owned, directly
or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of common stock, or (D) any
person who, immediately following the spin-off of the Company by way of a pro rata distribution of the Company’s common stock to
the stockholders of IDT Corporation, owned more than 25% of the combined voting power of the Company’s then outstanding voting
securities), is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act), directly or indirectly,
of securities of the Company (not including in the securities beneficially owned by such person any securities acquired directly from
the Company or any of its affiliates other than in connection with the acquisition by the Company or its affiliates of a business) representing
25% or more of the combined voting power of the Company’s then outstanding voting securities; or


 


(ii)
during any period of not more than two consecutive years, not including any period prior to the initial adoption of this Plan by the
Board, individuals who at the beginning of such period constitute the Board, and any new director (other than a director whose initial
assumption of office is in connection with an actual or threatened election contest, including, but not limited to a consent solicitation,
relating to the election of directors of the Company) whose election by the Board or nomination for election by the Company’s stockholders
was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning
of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute at least a
majority thereof.


 






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(d)
“Class B Common Stock” shall mean shares of Class B Common Stock, par value $.01 per share, of the Company.


 


(e)
“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time.


 


(f)
“Committee” shall mean the Compensation Committee of the Board or such other committee as the Board may designate from time
to time to administer the Plan.


 


(g)
“Company” shall mean Rafael Holdings, Inc., a corporation incorporated under the laws of the State of Delaware, or any successor
corporation.


 


(h)
“Continuous Service” means that the provision of services to the Company or a Related Entity in any capacity of officer,
employee, director or consultant is not interrupted or terminated and, with respect to Spin-Off Awards, shall also include services as
an employee, director, or consultant of IDT Corporation. Continuous Service shall not be considered interrupted in the case of (i) any
approved leave of absence, (ii) transfers between locations of the Company or among the Company, any Related Entity or any successor
in any capacity of officer, employee, director or consultant, or (iii) any change in status as long as the individual remains in the
service of the Company or a Related Entity in any capacity of officer, employee, director or consultant (except as otherwise provided
in the applicable Agreement). An approved leave of absence shall include sick leave, maternity leave, military leave (including without
limitation service in the National Guard or the Army Reserves) or any other personal leave approved by the Committee. For purposes of
Incentive Stock Options, no such leave may exceed ninety (90) days unless reemployment upon expiration of such leave is guaranteed by
statute or contract.


 


(i)
“Corporate Transaction” means any of the following transactions:


 


(i)
a merger or consolidation of the Company with any other corporation or other entity, other than (A) a merger or consolidation which would
result in the voting securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding
or by being converted into voting securities of the surviving or parent entity) 80% or more of the combined voting power of the voting
securities of the Company or such surviving or parent entity outstanding immediately after such merger or consolidation or (B) a merger
or consolidation effected to implement a recapitalization of the Company (or similar transaction) in which no “person” (as
defined in the Exchange Act) acquired 25% or more of the combined voting power of the Company’s then outstanding securities; or


 


(ii)
a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company of all or substantially all
of its assets (or any transaction having a similar effect).


 


(j)
“Deferred Stock Units” mean a Grantee’s rights to receive shares of Class B Common Stock on a deferred basis, subject
to such restrictions, forfeiture provisions and other terms and conditions as shall be determined by the Committee.


 


(k)
“Disability” shall mean a Grantee’s inability to perform his or her duties with the Company or any of its affiliates
by reason of any medically determinable physical or mental impairment, as determined by a physician selected by the Grantee and acceptable
to the Company.


 


(l)
“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time.


 


(m)
“Fair Market Value” per share as of a particular date shall mean (i) the closing sale price per share of Class B Common Stock
on the national securities exchange on which the Class B Common Stock is principally traded for the last preceding date on which there
was a sale of Class B Common Stock on such exchange, or (ii) if the shares of Class B Common Stock are then traded in an over-the-counter
market, the average of the closing bid and asked prices for the shares of Class B Common Stock in such over-the-counter market for the
last preceding date on which there was a sale of Class B Common Stock in such market, or (iii) if the shares of Class B Common Stock
are not then listed on a national securities exchange or traded in an over-the-counter market, such value as the Committee, in its sole
discretion, shall determine.


 






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(n)
“Grantee” shall mean a person who receives a grant of Options, Stock Appreciation Rights, Limited Rights, Deferred Stock
Units or Restricted Stock under the Plan.


 


(o)
“IDT” shall mean IDT Corporation, a corporation incorporated under the laws of the State of Delaware, or any successor corporation.


 


(p)
“Incentive Stock Option” shall mean any option intended to be, and designated as, an incentive stock option within the meaning
of Section 422 of the Code.


 


(q)
“Insider” shall mean a Grantee who is subject to the reporting requirements of Section 16(a) of the Exchange Act.


 


(r)
“Insider Trading Policy” shall mean the Insider Trading Policy of the Company, as may be amended from time to time.


 


(s)
“Limited Right” shall mean a limited stock appreciation right granted pursuant to Section 10 hereof.


 


(t)
“Non-Employee Director” means a member of the Board or the board of directors of any Subsidiary (other than any Subsidiary
that has either (A) a class of “equity securities” (as defined in Rule 3a11-1 promulgated under the Exchange Act) registered
under the Exchange Act or a similar foreign statute or (B) adopted any stock option plan, equity compensation plan or similar employee
benefit plan in which non-employee directors of such Subsidiary are eligible to participate) who is not an employee of the Company or
any Subsidiary.


 


(u)
“Non-Employee Director Annual Grant” shall mean an award of a number of shares of Restricted Stock as shall be equal to a
value of $25,000 determined on the date that is within thirty (30) days following consummation of the Spin-Off.


 


(v)
“Non-Employee Director Grant Date” shall mean January 5 of the applicable year (or the following business day if January 5
is not a business day).


 


(w)
“Nonqualified Stock Option” shall mean any option not designated as an Incentive Stock Option.


 


(x)
“Option” or “Options” shall mean a grant to a Grantee of an option or options to purchase shares of Class B Common
Stock.


 


(y)
“Option Agreement” shall have the meaning set forth in Section 6 hereof.


 


(z)
“Option Price” shall mean the exercise price of the shares of Class B Common Stock covered by an Option.


 


(aa)
“Parent” shall mean any company (other than the Company) in an unbroken chain of companies ending with the Company if, at
the time of granting an award under the Plan, each of the companies other than the Company owns stock possessing fifty percent (50%)
or more of the total combined voting power of all classes of stock in one of the other companies in such chain.


 


(bb)
“Plan” means this Rafael Holdings, Inc. 2018 Equity Incentive Plan, as amended or restated from time to time.


 


(cc)
“Related Entity” means any Parent, Subsidiary or any business, corporation, partnership, limited liability company or other
entity in which the Company, a Parent or a Subsidiary holds a substantial ownership interest, directly or indirectly.


 


(dd)
“Related Entity Disposition” means the sale, distribution or other disposition by the Company of all or substantially all
of the Company’s interest in any Related Entity effected by a sale, merger or consolidation or other transaction involving such
Related Entity or the sale of all or substantially all of the assets of such Related Entity.


 






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(ee)
“Restricted Period” shall have the meaning set forth in Section 11(b) hereof.


 


(ff)
“Restricted Stock” means shares of Class B Common Stock issued under the Plan to a Grantee for such consideration, if any,
and subject to such restrictions on transfer, rights of refusal, repurchase provisions, forfeiture provisions and other terms and conditions
as shall be determined by the Committee.


 


(gg)
“Retirement” shall mean a Grantee’s retirement in accordance with the terms of any tax-qualified retirement plan maintained
by the Company or any of its affiliates in which the Grantee participates.


 


(hh)
“Rule 16b-3” shall mean Rule 16b-3, as from time to time in effect, promulgated under the Exchange Act, including any successor
to such Rule.


 


(ii)
“Separation Agreement” means that certain Separation and Distribution Agreement, by and between IDT and the Company, dated
as of March 26, 2018).


 


(jj)
“Stock Appreciation Right” shall mean the right, granted to a Grantee under Section 9 hereof, to be paid an amount measured
by the appreciation in the Fair Market Value of a share of Class B Common Stock from the date of grant to the date of exercise of the
right, with payment to be made in cash or Class B Common Stock, as specified in the award or determined by the Committee.


 


(kk)
“Subsidiary” shall mean any company (other than the Company) in an unbroken chain of companies beginning with the Company
if each of the companies other than the last company in the unbroken chain owns stock possessing fifty percent (50%) or more of the total
combined voting power of all classes of stock in one of the other companies in such chain.


 


(ll)
“Tax Event” shall have the meaning set forth in Section 17 hereof.


 


(mm)
“Ten Percent Stockholder” shall mean a Grantee who at the time an Incentive Stock Option is granted, owns stock possessing
more than ten percent (10%) of the total combined voting power of all classes of stock of the Company or any Parent or Subsidiary.


 


3.
Administration.


 


(a)
The Plan shall be administered by the Committee, the members of which may be composed of (i) “non-employee directors” under
Rule 16b-3 or (ii) any other members of the Board.


 


(b)
The Committee shall have the authority in its discretion, subject to and not inconsistent with the express provisions hereof, to administer
the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in
the administration of the Plan, including, without limitation, the authority to grant Options, Stock Appreciation Rights, Limited Rights,
Deferred Stock Units and Restricted Stock; to determine which options shall constitute Incentive Stock Options and which Options shall
constitute Nonqualified Stock Options; to determine which Options (if any) shall be accompanied by Limited Rights; to determine the purchase
price of the shares of Class B Common Stock covered by each Option; to determine the persons to whom, and the time or times at which
awards shall be granted; to determine the number of shares to be covered by each award; to interpret the Plan and any award under the
Plan; to reconcile any inconsistent terms in the Plan or any award under the Plan; to prescribe, amend and rescind rules and regulations
relating to the Plan; to determine the terms and provisions of the Agreements (which need not be identical) and to cancel or suspend
awards, as necessary; and to make all other determinations deemed necessary or advisable for the administration of the Plan.


 


(c)
All decisions, determination and interpretations of the Committee shall be final and binding on all Grantees of any awards under this
Plan. No member of the Board or Committee shall be liable for any action taken or determination made in good faith with respect to the
Plan or any award granted hereunder.


 


(d)
The Committee may delegate to one or more executive officers of the Company the authority to (i) grant awards under the Plan to employees
of the Company and its Subsidiaries who are not officers or directors of the Company, (ii) execute and deliver documents or take such
other ministerial actions on behalf of the Committee with respect to awards and (iii) to make interpretations of the Plan. The grant
of authority in this Section 3(d) shall be subject to such conditions and limitations as may be determined by the Committee. If the Committee
delegates authority to any such executive officer or executive officers of the Company pursuant to this Section 3(d), and such executive
officer or executive officers grant awards pursuant to such delegated authority, references in this Plan to the “Committee”
as they relate to such awards shall be deemed to refer to such executive officer or executive officers, as applicable.


 






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4.
Eligibility.


 


Awards
may be granted to executive officers, employees, directors and consultants of the Company or of any Subsidiary, except that Spin-Off
Awards may be granted to any person who holds an IDT Award. In addition to any other awards granted to Non-Employee Directors hereunder,
awards shall be granted to Non-Employee Directors pursuant to Section 12 hereof. In determining the persons to whom awards shall
be granted and the number of shares to be covered by each award, the Committee shall take into account the duties of the respective persons,
their present and potential contributions to the success of the Company and such other factors as the Committee shall deem relevant in
connection with accomplishing the purposes of the Plan.


 


5.
Stock.


 


(a)
The maximum number of shares of Class B Common Stock reserved for the grant of awards under the Plan shall be 2,090,954 (which includes
714,851 of shares to be issued in respect of Spin-Off Awards and 1,026,906 reserved in a separate pool for inducement awards under New
York Stock Exchange Rule 303A.08 all of which shall, excepts as provided for herein, be subject to the same provisions related to grants
provided herein), subject to adjustment as provided below and in Section 13 hereof. Such shares may, in whole or in part, be authorized
but unissued shares or shares that shall have been or may be reacquired by the Company.  


 


(b)
If any outstanding award under the Plan (including Spin-Off Awards) should, for any reason expire, be canceled or be forfeited (other
than in connection with the exercise of a Stock Appreciation Right or a Limited Right), without having been exercised in full, the shares
of Class B Common Stock allocable to the unexercised, canceled or terminated portion of such award shall (unless the Plan shall have
been terminated) become available for subsequent grants of awards under the Plan, unless otherwise determined by the Committee.


 


6.
Terms and Conditions of Options.


 


(a)
OPTION AGREEMENT.  Each Option granted pursuant to the Plan shall be evidenced by a written agreement between the Company and
the Grantee (the “Option Agreement”), in such form and containing such terms and conditions as the Committee shall from time
to time approve, which Option Agreement shall comply with and be subject to the following terms and conditions, unless otherwise specifically
provided in such Option Agreement.


 


(b)
NUMBER OF SHARES.  Each Option Agreement shall state the number of shares of Class B Common Stock to which the Option relates.


 


(c)
TYPE OF OPTION.  Each Option Agreement shall specifically state that the Option constitutes an Incentive Stock Option or a
Nonqualified Stock Option. In the absence of such designation, the Option will be deemed to be a Nonqualified Stock Option.


 


(d)
OPTION PRICE.  Each Option Agreement shall state the Option Price, which, in the case of an Incentive Stock Option, shall not
be less than one hundred percent (100%) of the Fair Market Value of the shares of Class B Common Stock covered by the Option on the date
of grant. The Option Price shall be subject to adjustment as provided in Section 13 hereof.


 


(e)
MEDIUM AND TIME OF PAYMENT.  The Option Price shall be paid in full, at the time of exercise, in cash or in shares of Class
B Common Stock having a Fair Market Value equal to such Option Price or in a combination of cash and Class B Common Stock including a
cashless exercise procedure through a broker-dealer; provided, however, that in the case of an Incentive Stock Option, the medium of
payment shall be determined at the time of grant and set forth in the applicable Option Agreement.


 


(f)
TERM AND EXERCISABILITY OF OPTIONS.  Each Option Agreement shall provide the exercise schedule for the Option as determined
by the Committee, provided, that, the Committee shall have the authority to accelerate the exercisability of any outstanding option at
such time and under such circumstances as it, in its sole discretion, deems appropriate. The exercise period will be ten (10) years from
the date of the grant of the option unless otherwise determined by the Committee; provided, however, that in the case of an Incentive
Stock Option, such exercise period shall not exceed ten (10) years from the date of grant of such Option. The exercise period shall be
subject to earlier termination as provided in Sections 6(g) and 6(h) hereof. An Option may be exercised, as to any or all full shares
of Class B Common Stock as to which the Option has become exercisable, by written notice delivered in person or by mail to the administrator
designated by the Company, specifying the number of shares of Class B Common Stock with respect to which the Option is being exercised.


 






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(g)
TERMINATION.  Except as provided in this Section 6(g) and in Section 6(h) hereof, an Option may not be exercised unless the
Grantee is then in the employ of or maintaining a director or consultant relationship with the Company or a Subsidiary thereof (or a
company or a Parent or Subsidiary of such company issuing or assuming the Option in a transaction to which Section 424(a) of the Code
applies), and unless the Grantee has remained in Continuous Service with the Company or any Subsidiary since the date of grant of the
Option. In the event that the employment or consultant relationship of a Grantee shall terminate (other than by reason of death, Disability
or Retirement), all Options of such Grantee that are exercisable at the time of Grantee’s termination may, unless earlier terminated
in accordance with their terms, be exercised within one hundred eighty (180) days after the date of termination (or such different period
as the Committee shall prescribe).


 


(h)
DEATH, DISABILITY OR RETIREMENT OF GRANTEE.  If a Grantee shall die while employed by, or maintaining a director or consultant
relationship with, the Company or a Subsidiary thereof, or within thirty (30) days after the date of termination of such Grantee’s
employment, director or consultant relationship (or within such different period as the Committee may have provided pursuant to Section
6(g) hereof), or if the Grantee’s employment, director or consultant relationship shall terminate by reason of Disability, all
Options theretofore granted to such Grantee (to the extent otherwise exercisable) may, unless earlier terminated in accordance with their
terms, be exercised by the Grantee or by the Grantee’s estate or by a person who acquired the right to exercise such Options by
bequest or inheritance or otherwise by result of death or Disability of the Grantee, at any time within one hundred eighty (180) days
after the death or Disability of the Grantee (or such different period as the Committee shall prescribe). In the event that an Option
granted hereunder shall be exercised by the legal representatives of a deceased or former Grantee, written notice of such exercise shall
be accompanied by a certified copy of letters testamentary or equivalent proof of the right of such legal representative to exercise
such Option. In the event that the employment, director or consultant relationship of a Grantee shall terminate on account of such Grantee’s
Retirement, all Options of such Grantee that are exercisable at the time of such Retirement may, unless earlier terminated in accordance
with their terms, be exercised at any time within one hundred eighty (180) days after the date of such Retirement (or such different
period as the Committee shall prescribe).


 


(i)
OTHER PROVISIONS.  The Option Agreements evidencing awards under the Plan shall contain such other terms and conditions not
inconsistent with the Plan as the Committee may determine.


 


7.
Nonqualified Stock Options.


 


Options
granted pursuant to this Section 7 are intended to constitute Nonqualified Stock Options and shall be subject only to the general terms
and conditions specified in Section 6 hereof.


 


8.
Incentive Stock Options.


 


Options
granted pursuant to this Section 8 are intended to constitute Incentive Stock Options and shall be subject to the following special terms
and conditions, in addition to the general terms and conditions specified in Section 6 hereof:


 


(a)
LIMITATION ON VALUE OF SHARES.  To the extent that the aggregate Fair Market Value of shares of Class B Common Stock subject
to Options designated as Incentive Stock Options which become exercisable for the first time by a Grantee during any calendar year (under
all plans of the Company or any Subsidiary) exceeds $100,000, such excess Options, to the extent of the shares covered thereby in excess
of the foregoing limitation, shall be treated as Nonqualified Stock Options. For this purpose, Incentive Stock Options shall be taken
into account in the order in which they were granted, and the Fair Market Value of the shares of Class B Common Stock shall be determined
as of the date that the Option with respect to such shares was granted.


 






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(b)
TEN PERCENT STOCKHOLDER.  In the case of an Incentive Stock Option granted to a Ten Percent Stockholder, (i) the Option Price
shall not be less than one hundred ten percent (110%) of the Fair Market Value of the shares of Class B Common Stock on the date of grant
of such Incentive Stock Option, and (ii) the exercise period shall not exceed five (5) years from the date of grant of such Incentive
Stock Option.


 


9.
Stock Appreciation Rights.


 


The
Committee shall have authority to grant a Stock Appreciation Right, either alone or in tandem with any Option. A Stock Appreciation Right
granted in tandem with an Option shall, except as provided in this Section 9 or as may be determined by the Committee, be subject to
the same terms and conditions as the related Option. Each Stock Appreciation Right granted pursuant to the Plan shall be evidenced by
a written Agreement between the Company and the Grantee in such form as the Committee shall from time to time approve, which Agreement
shall comply with and be subject to the following terms and conditions, unless otherwise specifically provided in such Agreement:


 


(a)
TIME OF GRANT.  A Stock Appreciation Right may be granted at such time or times as may be determined by the Committee.


 


(b)
PAYMENT.  A Stock Appreciation Right shall entitle the holder thereof, upon exercise of the Stock Appreciation Right or any
portion thereof, to receive payment of an amount computed pursuant to Section 9(d) hereof.


 


(c)
EXERCISE.  A Stock Appreciation Right shall be exercisable at such time or times and only to the extent determined by the Committee,
and will not be transferable. A Stock Appreciation Right granted in connection with an Incentive Stock Option shall be exercisable only
if the Fair Market Value of a share of Class B Common Stock on the date of exercise exceeds the purchase price specified in the related
Incentive Stock Option. Unless otherwise approved by the Committee, no Grantee shall be permitted to exercise any Stock Appreciation
Right during the period beginning two weeks prior to the end of each of the Company’s fiscal quarters and ending on the second
business day following the day on which the Company releases to the public a summary of its fiscal results for such period.


 


(d)
AMOUNT PAYABLE.  Upon the exercise of a Stock Appreciation Right, the Optionee shall be entitled to receive an amount determined
by multiplying (i) the excess of the Fair Market Value of a share of Class B Common Stock on the date of exercise of such Stock Appreciation
Right over the exercise or other base price of the Stock Appreciation Right or, if applicable, the Option Price of the related Option,
by (ii) the number of shares of Class B Common Stock as to which such Stock Appreciation Right is being exercised.


 


(e)
TREATMENT OF RELATED OPTIONS AND STOCK APPRECIATION RIGHTS UPON EXERCISE.  Upon the exercise of a Stock Appreciation Right,
the related Option, if any, shall be canceled to the extent of the number of shares of Class B Common Stock as to which the Stock Appreciation
Right is exercised. Upon the exercise or surrender of an option granted in connection with a Stock Appreciation Right, the Stock Appreciation
Right shall be canceled to the extent of the number of shares of Class B Common Stock as to which the Option is exercised or surrendered.


 


(f)
METHOD OF EXERCISE.  Stock Appreciation Rights shall be exercised by a Grantee only by a written notice delivered to the Company
in accordance with procedures specified by the Company from time to time. Such notice shall state the number of shares of Class B Common
Stock with respect to which the Stock Appreciation Right is being exercised. A Grantee may also be required to deliver to the Company
the underlying Agreement evidencing the Stock Appreciation Right being exercised and any related Option Agreement so that a notation
of such exercise may be made thereon, and such Agreements shall then be returned to the Grantee.


 


(g)
FORM OF PAYMENT.  Payment of the amount determined under Section 9(d) hereof may be made solely in whole shares of Class B
Common Stock in a number based upon their Fair Market Value on the date of exercise of the Stock Appreciation Right or, alternatively,
at the sole discretion of the Committee, solely in cash, or in a combination of cash and shares of Class B Common Stock as the Committee
deems advisable. If the Committee decides to make full payment in shares of Class B Common Stock and the amount payable results in a
fractional share, payment for the fractional share will be made in cash.


 






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10.
Limited Stock Appreciation Rights.


 


The
Committee shall have authority to grant a Limited Right, either alone or in tandem with any Option. Each Limited Right granted pursuant
to the Plan shall be evidenced by a written Agreement between the Company and the Grantee in such form as the Committee shall from time
to time approve, which Agreement shall comply with and be subject to the following terms and conditions, unless otherwise specifically
provided in such Agreement:


 


(a)
TIME OF GRANT.  A Limited Right may be granted at such time or times as may be determined by the Committee.


 


(b)
EXERCISE.  A Limited Right may be exercised only (i) during the ninety-day period following the occurrence of a Change in Control
or (ii) immediately prior to the effective date of a Corporate Transaction. A Limited Right shall be exercisable at such time or times
and only to the extent determined by the Committee, and will not be transferable except to the extent any related Option is transferable
or as otherwise determined by the Committee. A Limited Right granted in connection with an Incentive Stock Option shall be exercisable
only if the Fair Market Value of a share of Class B Common Stock on the date of exercise exceeds the purchase price specified in the
related Incentive Stock Option.


 


(c)
AMOUNT PAYABLE.  Upon the exercise of a Limited Right, the Grantee thereof shall receive in cash whichever of the following
amounts is applicable:


 


(i)
in the case of the realization of Limited Rights by reason of an acquisition of common stock described in clause (i) of the definition
of “Change in Control” (Section 2(c) above), an amount equal to the Acquisition Spread as defined in Section 10(d)(ii) below;
or


 


(ii)
in the case of the realization of Limited Rights by reason of stockholder approval of an agreement or plan described in clause (i) of
the definition of “Corporate Transaction” (Section 2(i) above), an amount equal to the Merger Spread as defined in Section
10(d)(iv) below; or


 


(iii)
in the case of the realization of Limited Rights by reason of the change in composition of the Board described in clause (ii) of the
definition of “Change in Control” or stockholder approval of a plan or agreement described in clause (ii) of the definition
of Corporate Transaction, an amount equal to the Spread as defined in Section 10(d)(v) below.


 


Notwithstanding
the foregoing provisions of this Section 10(c) (or unless otherwise approved by the Committee), in the case of a Limited Right granted
in respect of an Incentive Stock Option, the Grantee may not receive an amount in excess of the maximum amount that will enable such
option to continue to qualify under the Code as an Incentive Stock Option.


 


(d)
DETERMINATION OF AMOUNTS PAYABLE.  The amounts to be paid to a Grantee pursuant to Section 10 (c) shall be determined as follows:


 


(i)
The term “Acquisition Price per Share” as used herein shall mean, with respect to the exercise of any Limited Right by reason
of an acquisition of common stock described in clause (i) of the definition of Change in Control, the greatest of (A) the highest price
per share shown on the Statement on Schedule 13D or amendment thereto filed by the holder of 25% or more of the voting power of the Company
that gives rise to the exercise of such Limited Right, (B) the highest price paid in any tender or exchange offer which is in effect
at any time during the ninety-day period ending on the date of exercise of the Limited Right, or (C) the highest Fair Market Value per
share of common stock during the ninety day period ending on the date the Limited Right is exercised.


 


(ii)
The term “Acquisition Spread” as used herein shall mean an amount equal to the product computed by multiplying (A) the excess
of (1) the Acquisition Price per Share over (2) the exercise or other base price of the Limited Right or, if applicable, the Option Price
per share of common stock at which the related Option is exercisable, by (B) the number of shares of common stock with respect to which
such Limited Right is being exercised.


 






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(iii)
The term “Merger Price per Share” as used herein shall mean, with respect to the exercise of any Limited Right by reason
of stockholder approval of an agreement described in clause (i) of the definition of Corporate Transaction, the greatest of (A) the fixed
or formula price for the acquisition of shares of common stock specified in such agreement, if such fixed or formula price is determinable
on the date on which such Limited Right is exercised, (B) the highest price paid in any tender or exchange offer which is in effect at
any time during the ninety-day period ending on the date of exercise of the Limited Right, (C) the highest Fair Market Value per share
of common stock during the ninety-day period ending on the date on which such Limited Right is exercised.


 


(iv)
The term “Merger Spread” as used herein shall mean an amount equal to the product. computed by multiplying (A) the excess
of (1) the Merger Price per Share over (2) the exercise or other base price of the Limited Right or, if applicable, the Option Price
per share of common stock at which the related Option is exercisable, by (B) the number of shares of common stock with respect to which
such Limited Right is being exercised.


 


(v)
The term “Spread” as used herein shall mean, with respect to the exercise of any Limited Right by reason of a change in the
composition of the Board described in clause (ii) of the definition of Change in Control or stockholder approval of a plan or agreement
described in clause (ii) of the definition of Corporate Transaction, an amount equal to the product computed by multiplying (i) the excess
of (A) the greater of (1) the highest price paid in any tender or exchange offer which is in effect at any time during the ninety-day
period ending on the date of exercise of the Limited Right or (2) the highest Fair Market Value per share of common stock during the
ninety day period ending on the date the Limited Right is exercised over (B) the exercise or other base price of the Limited Right or,
if applicable, the Option Price per share of common stock at which the related Option is exercisable, by (ii) the number of shares of
common stock with respect to which the Limited Right is being exercised.


 


(e)
TREATMENT OF RELATED OPTIONS AND LIMITED RIGHTS UPON EXERCISE.  Upon the exercise of a Limited Right, the related Option, if
any, shall cease to be exercisable to the extent of the shares of Class B Common Stock with respect to which such Limited Right is exercised
but shall be considered to have been exercised to that extent for purposes of determining the number of shares of Class B Common Stock
available for the grant of future awards pursuant to this Plan. Upon the exercise or termination of a related Option, if any, the Limited
Right with respect to such related Option shall terminate to the extent of the shares of Class B Common Stock with respect to which the
related Option was exercised or terminated.


 


(f)
METHOD OF EXERCISE.  To exercise a Limited Right, the Grantee shall (i) deliver written notice to the Company specifying the
number of shares of Class B Common Stock  with respect to which the Limited Right is being exercised, and (ii) if requested by the
Committee, deliver to the Company the Agreement evidencing the Limited Rights being exercised and, if applicable, the Option Agreement
evidencing the related Option; the Company shall endorse thereon a notation of such exercise and return such Agreements to the Grantee.
The date of exercise of a Limited Right that is validly exercised shall be deemed to be the date on which there shall have been delivered
the instruments referred to in the first sentence of this paragraph (f).


 


11.
Restricted Stock.


 


The
Committee may award shares of Restricted Stock to any eligible employee, director or consultant of the Company or of any Subsidiary.
Each award of Restricted Stock under the Plan shall be evidenced by a written Agreement between the Company and the Grantee, in such
form as the Committee shall from time to time approve, which Agreement shall comply with and be subject to the following terms and conditions,
unless otherwise specifically provided in such Agreement:


 


(a)
NUMBER OF SHARES.  Each Agreement shall state the number of shares of Restricted Stock to be subject to an award.


 


(b)
RESTRICTIONS.  Shares of Restricted Stock may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed
of, except by will or the laws of descent and distribution, for such period as the Committee shall determine from the date on which the
award is granted (the “Restricted Period”). The Committee may also impose such additional or alternative restrictions and
conditions on the shares as it deems appropriate including, but not limited to, the satisfaction of performance criteria. Such performance
criteria may include sales, earnings before interest and taxes, return on investment, earnings per share, any combination of the foregoing
or rate of growth of any of the foregoing, as determined by the Committee. The Company may, at its option, maintain issued shares in
book entry form.  Certificates, if any, for shares of stock issued pursuant to Restricted Stock awards shall bear an appropriate
legend referring to such restrictions, and any attempt to dispose of any such shares of stock in contravention of such restrictions shall
be null and void and without effect. During the Restricted Period, any such certificates shall be held in escrow by an escrow agent appointed
by the Committee. In determining the Restricted Period of an award, the Committee may provide that the foregoing restrictions shall lapse
with respect to specified percentages of the awarded shares on successive anniversaries of the date of such award.


 






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(c)
FORFEITURE.  Subject to such exceptions as may be determined by the Committee, if the Grantee’s Continuous Service with
the Company or any Subsidiary shall terminate for any reason prior to the expiration of the Restricted Period of an award, any shares
remaining subject to restrictions (after taking into account the provisions of Subsection (e) of this Section 11) shall thereupon be
forfeited by the Grantee and transferred to, and retired by, the Company without cost to the Company or such Subsidiary, and such shares
shall become available for subsequent grants of awards under the Plan, unless otherwise determined by the Committee.


 


(d)
OWNERSHIP.  During the Restricted Period, the Grantee shall possess all incidents of ownership of such shares, subject to Subsection
(b) of this Section 11, including the right to receive dividends with respect to such shares and to vote such shares.


 


(e)
ACCELERATED LAPSE OF RESTRICTIONS.  Upon the occurrence of any of the events specified in Section 14 hereof (and subject to
the conditions set forth therein), all restrictions then outstanding on any shares of Restricted Stock awarded under the Plan shall lapse
as of the applicable date set forth in Section 14. The Committee shall have the authority (and the Agreement may so provide) to cancel
all or any portion of any outstanding restrictions prior to the expiration of the Restricted Period with respect to any or all of the
shares of Restricted Stock awarded on such terms and conditions as the Committee shall deem appropriate.


 


12.
Non-Employee Director Restricted Stock.


 


The
provisions of this Section 12 shall apply only to certain grants of Restricted Stock to Non-Employee Directors, as provided below.
Except as set forth in this Section 12, the other provisions of the Plan shall apply to grants of Restricted Stock to Non-Employee
Directors to the extent not inconsistent with this Section.


 


(a)
GENERAL. Non-Employee Directors shall receive Restricted Stock in accordance with this Section 12. Restricted Stock granted
pursuant to this Section 12 shall be subject to the terms of such section and shall not be subject to discretionary acceleration
of vesting by the Committee. Unless determined otherwise by the Committee, Non-Employee Directors shall not receive separate and additional
grants hereunder for being a Non-Employee Director of (i) the Company and a Subsidiary or (ii) more than one Subsidiary.


 


(b)
INITIAL GRANTS OF RESTRICTED STOCK. A Non-Employee Director who first becomes a Non-Employee Director shall receive a pro-rata
amount (based on projected quarters of service to the following Non-Employee Director Grant Date) of a Non-Employee Director Annual Grant
on his date of appointment as a Non-Employee Director.


 


(c)
ANNUAL GRANTS OF RESTRICTED STOCK. On each Non-Employee Director Grant Date, each Non-Employee Director shall receive a Non-Employee
Director Annual Grant.


 


(d)
VESTING OF RESTRICTED STOCK. Restricted Stock granted under this Section 12 shall be fully vested on the date of grant.  


 


13.
Deferred Stock Units.


 


The
Committee may award Deferred Stock Units to any outside director, eligible employee or consultant of the Company or of any Subsidiary.
Each award of Deferred Stock Units under the Plan shall be evidenced by a written Agreement between the Company and the Grantee, in such
form as the Committee shall from time to time approve, which Agreement shall comply with and be subject to the following terms and conditions,
unless otherwise specifically provided in such Agreement:


 


(a)
NUMBER OF SHARES.  Each Agreement for Deferred Stock Units shall state the number of shares of Class B Common Stock to be subject
to an award.


 






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(b)
RESTRICTIONS.  Deferred Stock Units may not be sold, assigned, transferred, pledged, hypothecated or otherwise disposed of,
except by will or the laws of descent and distribution, until shares of Class B Common Stock are payable with respect to an award. The
Committee may impose such vesting restrictions and conditions on the payment of shares as it deems appropriate including the satisfaction
of performance criteria. Such performance criteria may include sales, earnings before interest and taxes, return on investment, earnings
per share, any combination of the foregoing or rate of growth of any of the foregoing, as determined by the Committee.


 


(c)
FORFEITURE.  Subject to such exceptions as may be determined by the Committee, if the Grantee’s Continuous Service with
the Company or any Subsidiary shall terminate for any reason prior to the Grantee becoming fully vested in the award, then the Grantee’s
rights under any unvested Deferred Stock Units shall be forfeited without cost to the Company or such Subsidiary.


 


(d)
OWNERSHIP.  Until shares are delivered with respect to Deferred Stock Units, the Grantee shall not possess any incidents of
ownership of such shares, including the right to receive dividends with respect to such shares and to vote such shares.


 


(e)
ACCELERATED LAPSE OF RESTRICTIONS.  Upon the occurrence of any of the events specified in Section 15 hereof (and subject to
the conditions set forth therein), all restrictions then outstanding on any Deferred Stock Units awarded under the Plan shall lapse as
of the applicable date set forth in Section 15. The Committee shall have the authority (and the Agreement may so provide) to cancel all
or any portion of any outstanding restrictions prior to the expiration of any restricted period with respect to any or all of the shares
of Deferred Stock Units awarded on such terms and conditions as the Committee shall deem appropriate.


 


14.
Effect of Certain Changes.


 


(a)
ADJUSTMENTS UPON CHANGES IN CAPITALIZATION.  In the event of any extraordinary dividend, stock dividend, recapitalization,
merger, consolidation, stock split, warrant or rights issuance, or combination or exchange of such shares, or other similar transactions,
the Committee shall equitably adjust (i) the maximum number of Options or shares of Restricted Stock that may be awarded to a Grantee
in any calendar year (as provided in Section 5 hereof), (ii) the number of shares of Class B Common Stock available for awards under
the Plan, (iii) the number and/or kind of shares covered by outstanding awards and (iv) the price per share of Options or the applicable
market value of Stock Appreciation Rights or Limited Rights, in each such case so as to reflect such event and preserve the value of
such awards; provided, however, that any fractional shares resulting from such adjustment shall be eliminated.


 


(b)
CHANGE IN CLASS B COMMON STOCK.  In the event of a change in the Class B Common Stock as presently constituted that is limited
to a change of all of its authorized shares of Class B Common Stock, into the same number of shares with a different par value or without
par value, the shares resulting from any such change shall be deemed to be the Class B Common Stock within the meaning of the Plan.


 


15.
Corporate Transaction; Change in Control; Related Entity Disposition.


 


(a)
CORPORATE TRANSACTION.  In the event of a Corporate Transaction, each award which is at the time outstanding under the Plan
shall automatically become fully vested and exercisable and, in the case of an award of Restricted Stock or an award of Deferred Stock
Units, shall be released from any restrictions on transfer (except with regard to the Insider Trading Policy and such other agreements
between the Grantee and the Company) and repurchase or forfeiture rights, immediately prior to the specified effective date of such Corporate
Transaction. Effective upon the consummation of the Corporate Transaction, all outstanding awards of Options, Stock Appreciation Rights
and Limited Rights under the Plan shall terminate, unless otherwise determined by the Committee. However, all such awards shall not terminate
if the awards are, in connection with the Corporate Transaction, assumed by the successor corporation or Parent thereof.


 


(b)
CHANGE IN CONTROL.  In the event of a Change in Control (other than a Change in Control which is also a Corporate Transaction),
each award which is at the time outstanding under the Plan automatically shall become fully vested and exercisable and, in the case of
an award of Restricted Stock or an award of Deferred Stock Units, shall be released from any restrictions on transfer and repurchase
or forfeiture rights, immediately prior to the specified effective date of such Change in Control.


 






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(c)
RELATED ENTITY DISPOSITION.  The Continuous Service of each Grantee (who is primarily engaged in service to a Related Entity
at the time it is involved in a Related Entity Disposition) shall terminate effective upon the consummation of such Related Entity Disposition,
and each outstanding award of such Grantee under the Plan shall become fully vested and exercisable and, in the case of an award of Restricted
Stock or an award of Deferred Stock Units, shall be released from any restrictions on transfer (except with regard to the Insider Trading
Policy and such other agreements between the Grantee and the Company). Unless otherwise determined by the Committee, the Continuous Service
of a Grantee shall not be deemed to terminate (and each outstanding award of such Grantee under the Plan shall not become fully vested
and exercisable and, in the case of an award of Restricted Stock or an award of Deferred Stock Units, shall not be released from any
restrictions on transfer) if (i) a Related Entity Disposition involves the spin-off of a Related Entity, for so long as such Grantee
continues to remain in the service of such entity that constituted the Related Entity immediately prior to the consummation of such Related
Entity Disposition (“SpinCo”) in any capacity of officer, employee, director or consultant or (ii) an outstanding award is
assumed by the surviving corporation (whether SpinCo or otherwise) or its parent entity in connection with a Related Entity Disposition.


 


(d)
SUBSTITUTE AWARDS.  The Committee may grant awards under the Plan in substitution of stock-based incentive awards held by employees,
consultants or directors of another entity who become employees, consultants or directors of the Company or any Subsidiary by reason
of a merger or consolidation of such entity with the Company or any Subsidiary, or the acquisition by the Company or a Subsidiary of
property or equity of such entity, upon such terms and conditions as the Committee may determine, and such awards shall not count against
the share limitation set forth in Section 5 hereof.


 


16.
Period During which Awards May Be Granted.


 


Awards
may be granted pursuant to the Plan, from time to time, until March 8, 2028 which is within a period of ten (10) years from the date
the Board adopted the Plan.


 


17.
Transferability of Awards.


 


(a)
Incentive Stock Options and Stock Appreciation Rights may not be sold, pledged, assigned, hypothecated, transferred or disposed of in
any manner other than by the laws of descent and distribution and may be exercised, during the lifetime of the Grantee, only by the Grantee
or his or her guardian or legal representative.


 


(b)
Nonqualified Stock Options shall be transferable in the manner and to the extent acceptable to the Committee, as evidenced by a writing
signed by the Company and the Grantee. Nonqualified Stock Options (together with any Stock Appreciation Rights or Limited Rights related
thereto) shall be transferable by a Grantee as a gift to the Grantee’s “family members” (as defined in Form S-8) under
such terms and conditions as may be established by the Committee; provided that the Grantee receives no consideration for the transfer.
Notwithstanding the transfer by a Grantee of a Nonqualified Stock Option, the transferred Nonqualified Stock Option shall continue to
be subject to the same terms and conditions as were applicable to the Nonqualified Stock Option immediately before the transfer (including,
without limitation, the Insider Trading Policy) and the Grantee will continue to remain subject to the withholding tax requirements set
forth in Section 18 hereof.


 


(c)
The terms of any award granted under the Plan, including the transferability of any such award, shall be binding upon the executors,
administrators, heirs and successors of the Grantee.


 


(d)
Restricted Stock shall remain subject to the Insider Trading Policy after the expiration of the Restricted Period.  Deferred
Stock Units shall remain subject to the Insider Trading Policy after payment thereof.


 


18.
Agreement by Grantee regarding Withholding Taxes.


 


If
the Committee shall so require, as a condition of exercise of an Option, Stock Appreciation Right or Limited Right, the expiration of
a Restricted Period or payment of a Deferred Stock Unit (each, a “Tax Event”), each Grantee shall agree that no later than
the date of the Tax Event, the Grantee will pay to the Company or make arrangements satisfactory to the Committee regarding payment of
any federal, state or local taxes of any kind required by law to be withheld upon the Tax Event. Unless determined otherwise by the Committee,
a Grantee shall permit, to the extent permitted or required by law, the Company to withhold federal, state and local taxes of any kind
required by law to be withheld upon the Tax Event from any payment of any kind due to the Grantee. Unless otherwise determined by the
Committee, any such above-described withholding obligation may, in the discretion of the Company, be satisfied by the withholding by
the Company or delivery to the Company of Class B Common Stock.


 






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19.
Rights as a Stockholder.


 


Except
as provided in Section 11(d) hereof, a Grantee or a transferee of an award shall have no rights as a stockholder with respect to any
shares covered by the award until the date of the issuance of such shares to him or her. No adjustment shall be made for dividends (ordinary
or extraordinary, whether in cash, securities or other property) or distribution of other rights for which the record date is prior to
the date such shares are issued, except as provided in Section 14(a) hereof.


 


20.
No Rights to Employment; Forfeiture of Gains.


 


Nothing
in the Plan or in any award granted or Agreement entered into pursuant hereto shall confer upon any Grantee the right to continue as
a director of, in the employ of, or in a consultant relationship with, the Company or any Subsidiary or to be entitled to any remuneration
or benefits not set forth in the Plan or such Agreement or to interfere with or limit in any way the right of the Company or any such
Subsidiary to terminate such Grantee’s employment or consulting relationship. Awards granted under the Plan shall not be affected
by any change in duties or position of a Grantee as long as such Grantee continues to be employed by, or in a consultant relationship
with, or a director of the Company or any Subsidiary. The Agreement for any award under the Plan may require the Grantee to pay to the
Company any financial gain realized from the prior exercise, vesting or payment of the award in the event that the Grantee engages in
conduct that violates any non-compete, non-solicitation or non-disclosure obligation of the Grantee under any agreement with the Company
or any Subsidiary, including, without limitation, any such obligations provided in the Agreement.


 


21.
Beneficiary.


 


A
Grantee may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may,
from time to time, amend or revoke such designation. If no designated beneficiary survives the Grantee, the executor or administrator
of the Grantee’s estate shall be deemed to be the Grantee’s beneficiary.


 


22.
Approval; Amendment and Termination of the Plan.


 


(a)
APPROVAL.  The Plan initially became effective when adopted by the Board on March 8, 2018 and shall terminate on the tenth
anniversary of such date. The Plan was ratified by the Company’s sole stockholder on March 8, 2018. The Plan was amended by the
Board on March 2, 2021 to increase the maximum number of shares of Class B Common Stock reserved for the grant of awards under the Plan
by 118,409 shares, to be reserved in a separate pool for inducement awards under New York Stock Exchange Rule 303A.08). The Plan was
amended by the Board on May 7, 2021 to increase the maximum number of shares of Class B Common Stock reserved for the grant of awards
under the Plan by 908,497 shares, to be reserved in a separate pool for inducement awards under New York Stock Exchange Rule 303A.08).


 


(b)
AMENDMENT AND TERMINATION OF THE PLAN.  The Board, or the Committee if so delegated by the Board, at any time and from time
to time may suspend, terminate, modify or amend the Plan; however, unless otherwise determined by the Board, or the Committee if applicable,
an amendment that requires stockholder approval in order for the Plan to continue to comply with any law, regulation or stock exchange
requirement shall not be effective unless approved by the requisite vote of stockholders. Except as provided in Section 14(a) hereof,
no suspension, termination, modification or amendment of the Plan may adversely affect any award previously granted, unless the written
consent of the Grantee is obtained.


 


23.
Governing Law.


 


The
Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of the State of Delaware.


 






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24.
Section 409A of the Code.


 


It
is the intention of the Company that no award shall be “deferred compensation” subject to Section 409A of the Code, unless
and to the extent that the Committee specifically determines otherwise as provided in this Section 24, and the Plan and the terms and
conditions of all awards shall be interpreted accordingly. The terms and conditions governing any awards that the Committee determines
will be subject to Section 409A of the Code shall be set forth in the applicable award Agreement and shall comply in all respects with
Section 409A of the Code. Notwithstanding any provision of this Plan to the contrary, if one or more of the payments or benefits received
or to be received by a Grantee pursuant to an award would cause the Grantee to incur any additional tax or interest under Section 409A
of the Code, the Committee may reform such provision to maintain to the maximum extent practicable the original intent of the applicable
provision without violating the provisions of Section 409A of the Code. Although the Company intends to administer the Plan so that Awards
will be exempt from, or will comply with, the requirements of Section 409A of the Code, the Company does not warrant that any Award under
the Plan will qualify for favorable tax treatment under Section 409A of the Code or any other provision of federal, state, local or foreign
law. The Company shall not be liable to any Grantee for any tax, interest, or penalties that Grantee might owe as a result of the grant,
holding, vesting, exercise, or payment of any award under the Plan.


 


25.
Spin-Off Awards


 


(a)
In connection with the Spin-Off, certain Spin-Off Awards may be issued under this Plan in respect of outstanding IDT Awards and in connection
with the equitable adjustment by IDT of IDT Awards. Notwithstanding any other provision of the Plan to the contrary and subject to the
terms of the Separation Agreement, (i) the number of shares to be subject to each Spin-Off Award shall be determined by the Compensation
Committee of the Board of Directors of IDT (the “IDT Committee”), and (ii) the other terms and conditions of each Spin-Off
Award, including option exercise price, shall be determined by the IDT Committee, provided that such determinations are made prior to
the “Distribution” (as such term is defined in the Separation Agreement). Solely for purposes of any Spin-Off Award, the
term “Grantee” shall also include any person who holds an “IDT Option” or “IDT Restricted Share”
(as those terms are defined in the Separation Agreement) that remains outstanding immediately prior to the Separation Date and receives
a Spin-Off Award under the Plan.


 


(b)
With respect to any Spin-Off Award held by an employee, consultant, or director in the employ or service of IDT (an “IDT Holder”),
the Committee shall, upon written notification from IDT, provide that any such Spin-Off Award shall vest upon the terms and conditions
set forth in such notification, to the extent permitted by the Plan.


 


(c)
IDT shall be an intended third party beneficiary of, and shall have standing to enforce the terms of, this Section 25 as if it were a
party hereto.


 


 


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