Document:

Exhibit 10.1

 

RAFAEL HOLDINGS, INC.

2018 EQUITY INCENTIVE PLAN

Adopted as of March 8, 2018

 

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.

 

(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.

 

(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.

 

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(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.

 

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

 

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(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.

 

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(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.

 

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 1,064,048 (which includes
714,851 of shares to be issued in respect of Spin-Off Awards), 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.

 

(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.

 

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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.

 

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.

 

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(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.

 

(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.

 

    	 	8	 

     

    

 

(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.

 

    	 	9	 

     

    

 

(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.

 

(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.

 

    	 	10	 

     

    

 

(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.

 

(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.

 

    	 	11	 

     

    

 

(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.

 

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.

 

    	 	12	 

     

    

 

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.

 

(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.

 

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.

 

    	 	13	 

     

    

 

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.

 

    	 	14Exhibit 10.2

 

TRANSITION SERVICES AGREEMENT

 

THIS TRANSITION SERVICES
AGREEMENT, dated as of March 26, 2018 (this “Agreement”), is entered into by and between Rafael Holdings, Inc.,
a Delaware corporation (“Rafael”), and IDT Corporation, a Delaware corporation (“IDT”). For
purposes of this Agreement, “Party” or “Parties” shall mean either Rafael or IDT, individually or collectively.

 

BACKGROUND

 

WHEREAS, IDT is executing
a spin-off of its equity interest in Rafael (which, prior to the date hereof, was a majority-owned subsidiary of IDT), to IDT’s
stockholders, and has agreed to provide certain corporate, tax and accounting support, administrative and other services to Rafael
on the terms and conditions set forth herein.

 

NOW THEREFORE, in consideration
of the foregoing, the mutual agreements contained herein and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the Parties hereto hereby agree as follows:

 

AGREEMENT

 

1. Representations and Warranties.

 

As an inducement to enter into this Agreement,
Rafael and IDT each hereby represents and warrants to the other as follows:

 

(a) It is an entity duly organized,
validly existing and in good standing under the laws of the state of Delaware.  Such Party has all necessary corporate
power and authority to enter into this Agreement, to carry out its obligations hereunder and to consummate the transactions contemplated
hereby.  The execution and delivery by such Party of this Agreement, the performance by such Party of its obligations
hereunder and the consummation by such Party of the transactions contemplated hereby have been duly authorized by all requisite
corporate action on the part of such Party.

 

(b) The execution and delivery by such
Party of this Agreement, the performance by such Party of its obligations hereunder and the consummation by such Party of the transactions
contemplated hereby do not and will not (i) violate, conflict with or result in the breach of any provision of the certificate
of incorporation or bylaws of such Party, (ii) conflict with or violate any law or governmental order applicable to such Party,
or (iii) conflict with, or result in any breach of, constitute a default (or event which, with the giving of notice or lapse of
time, or both, would become a default) under, require any consent under, or give to others any rights of termination, amendment,
acceleration, suspension, revocation or cancellation of, any note, bond, mortgage or indenture, contract, agreement, lease, sublease,
license, permit, franchise or other instrument or arrangement to which such Party is a party, which would adversely affect the
ability of such Party to carry out its obligations under, and to consummate the transactions contemplated by, this Agreement. 

 

2. Provision and Term of Services; Termination.

 

(a) IDT agrees to provide, directly
or via one or more of its affiliates, to Rafael the services (collectively, the “Services”) as set forth on
each Schedule A that is appended hereto from time to time.  The Services shall be provided in accordance with the terms
and provisions of this Agreement and the applicable Schedule A.  

 

(b) IDT shall, and where appropriate
shall ensure that any officer, employee, agent or sub-contractor providing Services on behalf of IDT shall, use reasonable care,
skill and diligence in providing the Services.

 

(c) IDT shall maintain accurate
records and accounts of all transactions relating to the Services performed by it or its affiliates pursuant to this Agreement.  Such
records and accounts shall be maintained separately from IDT’s own records and accounts and shall reflect such information
as would normally be examined by an independent accountant in performing a complete audit pursuant to U.S. generally accepted auditing
standards for the purpose of certifying financial statements, and to permit verification thereof by governmental agencies.  Rafael
shall have the right to inspect and copy, upon reasonable notice and at reasonable intervals during IDT’s regular office
hours, the separate records and accounts maintained by IDT relating to the Services.

  

     

    

    

 

(d) All of the Services shall
be provided during the term of this Agreement.  The term of this Agreement shall commence on the date hereof and continue
until the twelve (12) month anniversary of the date hereof, and shall automatically renew for additional six-month terms unless,
no later than ninety (90) days prior to the end of the then-current term of this Agreement, IDT or Rafael notifies the other of
its intent to terminate this Agreement, in which case this Agreement shall terminate effective as of the end of the then-current
term, provided that Services may terminate earlier by Rafael upon thirty (30) days prior written notice.

  

(e) In the event of a termination
of this Agreement, all outstanding sums due hereunder shall be paid immediately following the date of termination and any rights
or obligations to which any of the Parties may be entitled or be subject prior to its termination shall remain in full force and
effect. IDT shall cooperate fully in the transition back to Rafael of any and all matters related to the terminated Services such
that Rafael shall not be prejudiced by such termination (but IDT shall not be required to bear any out-of-pocket costs for such
transition unless Rafael shall agree to reimburse it for the same).

 

3. Compensation for Services.

 

(a) Rafael shall pay IDT for
the Services in accordance with the fee schedule or fee structure or calculation methodology set forth on an applicable Schedule
A.

 

(b) Unless otherwise specified
on a Schedule A, such fees shall be paid by Rafael within thirty (30) days of the delivery of an appropriate invoice related thereto
(which, unless otherwise provided for in a Schedule A, shall be issued no more frequently than monthly).  Such invoice
must comply with all applicable tax requirements and separately describe the amount for fees, expenses and value added tax, if
any.  Failure to provide an invoice for fees for any given month shall not be deemed a waiver of such fees, and such
fees may be included, without prejudice, in a later invoice delivered to Rafael.

 

(c) If not specified on the
applicable Schedule A, the fees payable for a specific Service shall be equal to the actual costs of IDT in providing such Service,
including a reasonable and good faith allocation of overhead expenses of IDT, which shall include an implied profit margin thereon
not to exceed three percent (3%).  Upon request of Rafael, IDT shall deliver to Rafael, on a monthly basis, such reasonable
and relevant information and supporting documentation with respect to the actual allocation of each of IDT’s employees delivering
the actual Service.

 

(d) Unless otherwise specified
on a Schedule A, Rafael shall reimburse IDT for third-party, out-of-pocket, incidental travel, lodging and food expenses incurred
by IDT in providing the Services in accordance with IDT’s customary travel policy provided that Rafael approves such expenses
in advance and in writing.  Such reimbursement shall be within thirty (30) days of receipt of an invoice from IDT for
such incidental expenses accompanied by such additional documentation reasonably required by Rafael to verify the amount of the
expense and that such expense was incurred in connection with providing the Services.

 

(e) All amounts payable by Rafael
to IDT shall be paid by wire transfer in accordance with the wire transfer instructions provided by IDT to Rafael from time to
time.

  

4. Force Majeure.

  

The obligation of IDT to provide Services
shall be suspended during the period and to the extent that IDT is prevented or hindered from complying therewith by any law or
governmental order, rule, regulation or direction, whether domestic or foreign, or by any cause beyond the reasonable control of
IDT, including, but not limited to, acts of nature, strikes, lock outs and other labor and industrial disputes and disturbances,
civil disturbances, accidents, acts of terrorism, acts of war or conditions arising out of or attributable to war (whether declared
or undeclared), shortage of necessary equipment, materials or labor, or restrictions thereon or limitations upon the use thereof,
and delays in transportation.  In such event, IDT shall give notice of suspension as soon as reasonably practicable to
Rafael stating the date and extent of such suspension and the cause thereof and IDT’s best estimate of the date on which
it will be able to resume the performance of its obligations.  In addition, IDT will use commercially reasonable efforts
during any such suspension to keep Rafael informed as to the progress of removal of the cause of such suspension.  IDT
shall resume the performance of such obligations as soon as reasonably practicable after the removal of the cause and IDT shall
so notify Rafael.  Rafael shall not be liable for payment of fees for any Service for the period in which such Service
could not be provided pursuant to this Section 4.

  

    	 	2	 

    

    

 

5. Compliance with Law.

 

IDT and Rafael shall undertake to provide
and utilize the Services in accordance with and adhere to all laws and governmental rules, regulations and orders applicable at
the place where Services are rendered, including without limitation, data protection regulations.

 

6. Confidentiality.

 

(a) Each Party agrees to hold
in confidence, and to use reasonable efforts to cause its employees, representatives and affiliates performing Services to hold
in confidence (at least to the extent that such Party keeps its own confidential information in confidence, but in no event less
than commercially reasonable given the nature of the confidential information), all confidential information concerning the other
Party and its affiliates furnished to or obtained by such Party in the course of providing the Services (except to the extent that
such information has been (i) in the public domain through no fault of such Party or (ii) lawfully acquired on a non-confidential
basis by such Party from sources other than Rafael); and shall not disclose or release any such confidential information to any
person, except its employees, representatives and agents who have a need to know such information in connection with such Party’s
performance under this Agreement, unless (A) such disclosure or release is compelled by the judicial or administrative process
or (B) in the opinion of counsel to IDT, such disclosure or release is necessary pursuant to requirements of law or the requirements
of any governmental entity including, without limitation, disclosure requirements under the Securities Act of 1933 or the Securities
Exchange Act of 1934, in each case as amended.

 

(b) Each Party shall supervise
its personnel and establish systems to assure that Rafael’s information is made available to such Party’s employees
on an “as needed” basis only.  Each Party shall use such information only for purposes of providing the Services
and for no other purpose.  In particular, the department of a Party providing the Services shall in no way make any information
concerning Rafael available to any other management or operational department or division of such Party or to personnel associated
with such divisions or departments except to the extent approved in writing by the other Party.

 

7. Indemnification.  

 

(a) Rafael and its affiliates,
officers, directors, employees, agents, successors and assigns shall be indemnified and held harmless by IDT for and against any
and all liabilities, losses, damages (excluding special, incidental, punitive, indirect and consequential damages), claims, costs
and expenses, interest, awards, judgments and penalties (including attorneys’ and consultants’ fees and expenses) actually
suffered or incurred by them (including any action brought or otherwise initiated by any of them), arising out of or resulting
from:

 

(i) the breach of any representation
or warranty made by IDT contained in this Agreement;

 

(ii) the breach of any covenant
or agreement by IDT contained in this Agreement;

 

(iii) the gross negligence, fraud,
willful defaults or willful misconduct of IDT or any of its employees, agents, contractors, successors, assigns or affiliates;
and

 

(iv) the enforcement of the indemnification
rights of Rafael and its affiliates provided for in this Agreement.

 

(b) IDT and its affiliates,
officers, directors, employees, agents, successors and assigns shall be indemnified and held harmless by Rafael for and against
any and all liabilities, losses, damages (excluding special, incidental, punitive, indirect and consequential damages), claims,
costs and expenses, interest, awards, judgments and penalties (including attorneys’ and consultants’ fees and expenses)
actually suffered or incurred by them (including any action brought or otherwise initiated by any of them), arising out of or resulting
from:

  

    	 	3	 

    

    

 

(i) the breach of any representation
or warranty made by Rafael contained in this Agreement;

 

(ii) the breach of any covenant
or agreement by Rafael contained in this Agreement;

 

(iii) the gross negligence, fraud,
willful defaults or willful misconduct of Rafael; and

 

(iv) the enforcement of the indemnification
rights of IDT and its affiliates provided for in this Agreement.

  

8. Liability.

 

Neither Party nor its affiliates shall
have any liability whatsoever to any other Party for any error, act or omission in connection with the Services to be rendered
by IDT to Rafael hereunder in excess of the Liability Limitation, unless any such error, act or omission derives from the willful
misconduct or gross negligence of such Party (or its affiliates).  IN NO EVENT SHALL EITHER PARTY (OR AFFILIATE THEREOF)
BE LIABLE TO THE OTHER PARTY FOR ANY SPECIAL, INCIDENTAL OR CONSEQUENTIAL DAMAGES (INCLUDING, WITHOUT LIMITATION, LOSS OF PROFITS,
REVENUES OR DATA), WHETHER BASED ON BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, WHETHER OR NOT SUCH PARTY HAS
BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE.  THE LIABILITY OF A PARTY (AND ITS AFFILIATES) FOR DAMAGES OR ALLEGED
DAMAGES HEREUNDER, WHETHER IN CONTRACT, TORT OR ANY OTHER LEGAL THEORY, IS LIMITED TO, AND WILL NOT EXCEED, THE OTHER PARTY’S
DIRECT DAMAGES. EXCEPT AS EXPRESSLY PROVIDED HEREIN, THE PARTIES DISCLAIM ALL WARRANTIES WITH RESPECT TO THE SERVICES, INCLUDING
ALL WARRANTIES AS TO SUITABILITY OR FITNESS FOR A SPECIFIC PURPOSE.

 

As used herein, the term “Liability
Limitation” shall mean, (i) all fees for Services billed hereunder during the term of this Agreement up to the date on which
such determination is made, plus (ii) without duplication, the anticipated fees for Services to be paid during the six (6) month
period (starting on the date hereof or a six (6) month or annual anniversary thereof) during which such determination is made. 

 

9. Notices.

 

Any legal notice, demand or other communication
required or permitted to be given by any provision of this Agreement (each a “Notice”) shall be in writing and
shall be deemed to have been properly given or served only if addressed to a Party at its address set forth on Schedule A attached
hereto, and if delivered (i) by hand, (ii) by certified mail, return receipt requested, (iii) by overnight commercial carrier,
(iv) by facsimile transmission with confirmation of receipt or (v) by email.  All such communications shall be deemed
to have been properly given or served (i) if by hand, when received, (ii) if by mail, on the date of receipt or of refusal to accept
shown on the return receipt, (iii) if by overnight commercial carrier, on the date that is one (1) business day after the date
upon which the same shall have been delivered to such overnight commercial carrier, addressed to the recipient, with all shipping
charges prepaid, provided that the same is actually received (or refused) by the recipient in the ordinary course (iv) if by facsimile,
on the date sent with transmission confirmed and (v) if by email, on the date such email is received by such party.

 

10. No Third Party Beneficiaries.

  

This Agreement shall be binding upon and
inure solely to the benefit of the Parties and their permitted successors and assigns, and IDT and Rafael shall be entitled to
enforce its respective rights under this Agreement against the other Party.  Rafael may not assign this Agreement without
the prior written consent of IDT.

 

11. Governing Law.

 

This Agreement shall be governed by, and
construed in accordance with the laws of the state of New Jersey.  The Parties submit to the jurisdiction of any state
or federal court sitting in New Jersey for the purpose of any suit, action or proceeding arising out of this Agreement.

  

    	 	4	 

    

    

 

12. Dispute Resolution.

 

It is the intention of the Parties that
IDT shall act in the best interests of Rafael.  If, in the course of providing or arranging for Services hereunder, IDT
identifies a conflict of interest that would lead a reasonable person to conclude that IDT cannot act in the best interests of
Rafael while also acting in the best interests of IDT, such conflict shall immediately be reported to Rafael so that it may be
addressed without prejudice to either Party.

 

Rafael and IDT shall each use good faith
efforts to resolve any disputes arising out of this Agreement within fifteen (15) days of receipt of a Party’s written notice
of a dispute.  All disputes under this Agreement shall be referred to the Chief Financial Officer (or the most senior
financial executive of a Party) or his/her designee of each of IDT and Rafael.  The executives shall meet as required
for the purpose of resolving any pending dispute referred to them under this Agreement and shall consider the disputes in the order
such disputes are brought before them.  In the event that such executives are unable to resolve a dispute within thirty
(30) business days (or such longer period as the executives may mutually determine), they shall submit the matter to binding arbitration
according to the rules of the American Arbitration Association for commercial disputes.  The arbitration shall be conducted
by one arbitrator, expert in matters relating to commercial law, mutually selected by the Parties. If the Parties fail to mutually
agree upon one arbitrator within ten (10) days of submission of the dispute to arbitration, one will be appointed in accordance
with the commercial rules and practices of the American Arbitration Association.  Any award, order or judgment pursuant
to such arbitration shall be deemed final and binding and may be enforced in any court of competent jurisdiction.  The
Parties agree that the arbitrator shall only have the power and authority to make awards and issue orders as expressly permitted
herein and shall not, in any event, make any award that provides for punitive damages.  The schedule and rules for the
arbitration proceedings shall be as set by the arbitrator and the arbitration proceedings shall be held in Newark, New Jersey.
Each Party shall bear its own costs of participating in the arbitration proceedings.

 

13. Entire Agreement.

  

This Agreement and the Schedules hereto
set forth all of the promises, covenants, agreements, conditions, and undertakings between the Parties with respect to the subject
matter hereof and supersedes all prior and contemporaneous agreements and understandings, inducements or conditions, express or
implied, oral or written.  The Schedules to this Agreement constitute an integral part of this Agreement.

 

14. Binding.

 

This Agreement shall be binding upon and
inure to the benefit of the Parties and their respective successors and permitted assigns.

 

15. Waiver.

 

No provision of this Agreement may be waived
except by an instrument in writing signed by the Party sought to be charged with the effect of such waiver.  The failure
of a Party to this Agreement to assert a right or exercise a remedy hereunder shall not waive such right or remedy or any future
rights or remedies.

 

16. Status; Other Activities.

 

(a) For purposes of this Agreement,
IDT is, and will be deemed to be, an independent contractor only and not an agent, joint venturer, partner, or representative of
Rafael.  Neither IDT nor a Rafael may create any obligations or responsibilities on behalf of or in the name of the other
Party.

 

(b) Notwithstanding the amount
of time, or percentage of business hours, spent by any employee of IDT in the provision of Services hereunder, no such employee
shall, by reason of such provision, become an employee of, or have any direct rights against, Rafael, or be deemed to have any
relationship with Rafael other than as a provider of Services hereunder.

 

(c) Nothing in this Agreement
shall limit or restrict the right of any Party, or its affiliates, directors, officers or employees to engage in any other business
or devote their time and attention in part to the management or other aspects of any other business, whether of a similar nature,
or to limit or restrict the right of such parties to engage in any other business or to render services of any kind to any corporation,
firm, individual, trust or association.

 

    	 	5	 

    

    

 

17. Amendment.

 

This Agreement may not be amended or modified
except by an instrument in writing signed by the Parties.

 

18. Severability.

  

This Agreement shall be deemed severable,
and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this
Agreement or of any other term or provision hereof.  Furthermore, in lieu of any such invalid or unenforceable term or
provision, the Parties intend that there shall be added as a part of this Agreement a provision as similar in terms to such invalid
or unenforceable provision as may be valid and enforceable, so as to effect the original intent of the Parties to the greatest
extent possible.

 

19. Counterparts.

 

This Agreement may be executed in one or
more counterparts, and by the Parties in separate counterparts, each of which when executed shall be deemed to be an original
but all of which taken together shall constitute one and the same agreement.

 

[The remainder of page intentionally
left blank]

  

    	 	6	 

    

    

 

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

  

	RAFAEL HOLDINGS, INC.	 
	 	 
	By:	/s/ David Polinsky	 
	 	David Polinsky	 
	 	Chief Financial Officer	 
	 	 
	IDT CORPORATION	 
	 	 
	By:	/s/ Marcelo Fischer	 
	 	Marcelo Fischer	 
	 	Senior Vice President of Finance	 

  

    	 	7	 

    

    

 

[FORM OF SCHEDULE A]

 

	Start Date:	[INSERT DATE]

 

Term:

 

[Exception to early termination provision:]

 

Description of Service: [DESCRIBE].
This includes, but is not limited to, the following service elements:

 

	 	●	[INSERT ELEMENTS]

  

Fee (other than allocated cost basis):

 

Rafael Contacts:

 

[INSERT CONTACTS]

 

Acknowledgement:

 

	RAFAEL HOLDINGS, INC.	 	IDT COPORATION:
	 	 	 	 
	By:	 	 	By:	 [NAMER NAME]
	Name:	        	 	Name: 	 
	Title:	 	 	Title:	 

 

 

8

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