Document:

Non Qualified Stock Option Agreement

 EXHIBIT 10.1 
 Arbinet-thexchange, Inc. 
 Non-Qualified Stock Option Agreement 
 Granted Under 2004 Stock Incentive Plan 
 1.
Grant of Option. 
 This Non-Qualified Stock Option Agreement (the “Agreement”) evidences the grant by Arbinet-thexchange,
Inc., a Delaware corporation (the “Company”), on November 16, 2007 (the “Grant Date”) to William M. Freeman, an employee of the Company (the “Participant”), of an option to purchase, in whole or in part, on the
terms provided herein and in the Company’s 2004 Stock Incentive Plan, as amended (the “Plan”), a total of 375,000 shares (the “Shares”) of common stock, $0.001 par value per share, of the Company (“Common Stock”)
at $5.80 per Share. Unless earlier terminated, this option shall expire at 5:00 p.m., Eastern time, on November 16, 2017 (the “Final Exercise Date”). 
 It is intended that the option evidenced by this Agreement shall not be an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any regulations promulgated
thereunder (the “Code”). Except as otherwise indicated by the context, the term “Participant”, as used in this option, shall be deemed to include any person who acquires the right to exercise this option validly under its terms.

 2. Vesting Schedule. 
 (a) Subject to
the terms of Section 2(b) hereof below, this option will become exercisable (“vest”) as to 25% of the original number of Shares on the first anniversary of the Grant Date and pro-rata thereafter on a monthly basis at the end of each
successive month following the first anniversary of the Grant Date until the fourth anniversary of the Grant Date. 
 (b) Except as set forth
below, in the case of a Change of Control (as defined below) of the Company, this option shall terminate on the effective date of such transaction, unless provision is made in connection with such transaction for the assumption of this option or the
substitution for this option of a new option of the successor corporation or parent thereof, with appropriate adjustment as to the number and kind of shares and the per share exercise price, as provided in the Plan. In the event of a Change of
Control, the Company shall give written notice thereof to the Participant at least twenty (20) days prior to the effective date of any such transaction or the record date on which stockholders of the Company entitled to participate in such
transaction shall be determined, whichever shall first occur. In the event of such Change of Control, (i) the Company shall have the option (in its sole discretion) to make or provide for a cash payment to the Participant, in exchange for the
cancellation thereof, in an amount equal to the difference between (A) the consideration payable, or otherwise to be received by stockholders, per share of Common Stock pursuant to a Change of Control (the “Sale Price”), multiplied by
the number of Shares subject to this option (to the extent then exercisable (after taking into account any acceleration hereunder) at prices not in excess of the Sale Price) and (B) the aggregate exercise price of this option; and (ii) any
unexercised portion of this option, whether or not then vested and exercisable, shall be exercisable in full for at least fifteen (15) days prior to the date of such termination whether or not otherwise exercisable during such period;
provided, however, that in no event shall this option be exercisable after the Final Exercise Date. 

 For purposes of this Agreement, a “Change of Control” shall mean: 
 (i) a merger, consolidation or other reorganization approved by the Company’s stockholders, unless securities representing more than fifty percent
(50%) of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who beneficially owned
the Company’s outstanding voting securities immediately prior to such transaction; or 
 (ii) a stockholder-approved liquidation,
dissolution, sale, transfer or other disposition of all or substantially all of the Company’s assets; or 
 (iii) the closing of any
transaction or series of related transactions pursuant to which any person or any group of persons comprising a “group” within the meaning of Rule 13d-5(b)(1) of the Securities Exchange Act of 1934 Act, as amended (the “Exchange
Act”) (other than the Company or a person that, prior to such transaction or series of related transactions, directly or indirectly controls, is controlled by or is under common control with, the Company) becomes directly or indirectly the
beneficial owner (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing (or convertible into or exercisable for securities possessing) more than fifty percent (50%) of the total combined voting power of the
Company’s securities (as measured in terms of the power to vote with respect to the election of Board members) outstanding immediately after the consummation of such transaction or series of related transactions, whether such transaction
involves a direct issuance from the Company or the acquisition of outstanding securities held by one or more of the Company’s existing stockholders. 
 (c) The right of exercise shall be cumulative so that to the extent this option is not exercised in any period to the maximum extent permissible it shall continue to be exercisable, in whole or in part, with respect
to all Shares for which it is vested until the earlier of the Final Exercise Date or the termination of this option under Section 2(b) hereof, Section 3 hereof or the Plan. 
 3. Exercise of Option. 
 (a) The Participant may exercise this option only in the following manner:
from time to time on or prior to the Final Exercise Date of this option, the Participant may give written notice to the Company of his or her election to purchase some or all of the Shares purchasable at the time of such notice. This notice shall
specify the number of Shares to be purchased. 
 Payment of the purchase price for the Shares may be made by one or more of the following
methods: (i) in cash or by check payable to the order of the Company; (ii) by the Participant delivering to the Company a properly executed exercise notice together with irrevocable instructions to a broker to promptly deliver to the
Company cash or a check payable and acceptable to the Company to pay the option purchase price and any required tax withholding; (iii) through the delivery of shares of Common Stock that have been purchased by the Participant on the open market
or that are beneficially owned by the Participant and are not then subject to any restrictions under any Company plan and that otherwise satisfy any holding periods as may be required by the Board; or (iv) a combination of (i), (ii) and
(iii) above. Payment instruments will be received subject to collection. 

 (b) [Reserved] 
 (c) Termination of Relationship with the Company. If the Participant ceases to be an employee, officer or director of, or consultant or advisor to, the Company or any other entity the employees, officers,
directors, consultants, or advisors of which are eligible to receive option grants under the Plan (an “Eligible Participant”) for any reason, then, except as provided in Sections 3(d) and (e) below, the right to exercise this option
shall terminate three months after such cessation (but in no event after the Final Exercise Date), provided that this option shall be exercisable only to the extent that the Participant was entitled to exercise this option on the date
of such cessation. 
 Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates the non-competition or
confidentiality provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the Company, the right to exercise this option shall terminate immediately upon written notice to the
Participant from the Company describing such violation. 
 (d) Exercise Period Upon Death or Disability. If the Participant dies or
becomes disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date while he or she is an Eligible Participant and the Company has not terminated such relationship for “cause” as specified in
Section 3(e) below, this option shall be exercisable, within the period of one year following the date of death or disability of the Participant, by the Participant (or in the case of death by an authorized transferee), provided
that this option shall be exercisable only to the extent that this option was exercisable by the Participant on the date of his or her death or disability, and further provided that this option shall not be exercisable after the Final
Exercise Date. 
 (e) Discharge for Cause. If the Participant, prior to the Final Exercise Date, is discharged by the Company for
“cause” (as defined below), the right to exercise this option shall terminate immediately upon the effective date of such discharge. “Cause” shall have the meaning, and be subject t the terms, set forth in the Employment
Agreement dated as of the date hereof by and between the Participant and the Company. 
 4. Withholding. 
 No Shares will be issued pursuant to the exercise of this option unless and until the Participant pays to the Company, or makes provision satisfactory to
the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option. 
 5.
Nontransferability of Option. 
 This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the
Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, this option shall be exercisable only by the Participant. 
 6. Provisions of the Plan. 
 This option is subject to
the provisions of the Plan, a copy of which is furnished to the Participant with this option. 

 Remainder of Page Intentionally Left Blank 

 IN WITNESS WHEREOF, the Company has caused this option to be executed under its corporate seal by its
duly authorized officer. This option shall take effect as a sealed instrument. 
  

					
		 	ARBINET-THEXCHANGE, INC.
			
	Dated: November 16, 2007	 	By:	 	 /s/ Shawn F. O’Donnell

		 	Name:	 	Shawn F. O’Donnell
		 	Title:	 	Director

 PARTICIPANT’S ACCEPTANCE 
 The undersigned hereby accepts the foregoing option and agrees to the terms and conditions thereof. The undersigned hereby acknowledges receipt of a copy
of the Company’s 2004 Stock Incentive Plan, as amended. 
  

			
	PARTICIPANT:
		
		 	 /s/ William M. Freeman

	Address:	 	 11143 Coniston Way

		
		 	Windermere, FL 34786Employment Agreement

 EXHIBIT 10.2 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT (the “Agreement”) is made as of
November 16, 2007 (the “Effective Date”), by and between Arbinet-thexchange, Inc. a Delaware corporation with its headquarters located in New Brunswick, New Jersey (the “Employer”), and William M. Freeman (the
“Executive”). In consideration of the mutual covenants contained in this Agreement, the Employer and the Executive agree as follows: 
 1. Employment. The Employer agrees to employ the Executive and the Executive agrees to be employed by the Employer on the terms and conditions set forth in this Agreement. 
 2. Capacity. 
 (a) Subject to the
terms and conditions of this Agreement, the Executive shall serve the Employer as Chief Executive Officer and President. The Executive shall also serve the Employer in such additional offices incidental to such position as the Executive may be
requested to serve by the Board of Directors of the Employer (the “Board of Directors”). In such capacity or capacities, the Executive shall perform such services and duties in connection with the business, affairs and operations of the
Employer as may be assigned or delegated to the Executive from time to time by or under the authority of the Board of Directors. 
 (b) The
Executive shall also be a member of the Board of Directors. The Board of Directors will add him as a Class I Director, whose term will expire at the 2008 Annual Meeting of Stockholders. 
 3. [Reserved] 
 4. Compensation and
Benefits. The regular compensation and benefits payable to the Executive under this Agreement shall be as follows: 
 (a) Salary.
For all services rendered by the Executive under this Agreement, the Employer shall pay the Executive a salary (the “Salary”) at the annual rate of Three Hundred Seventy Five Thousand Dollars ($375,000), subject to increase from time to
time in the discretion of the Board of Directors or the Compensation Committee of the Board of Directors (the “Compensation Committee”). The Salary shall be payable in periodic installments in accordance with the Employer’s usual
practice for its senior executives. 
 (b) Bonus. Beginning with the fiscal year ending 2008, the Executive shall be entitled to
participate in an annual incentive program established by the Board of Directors or the Compensation Committee with such terms as may be established by the Board of Directors or the Compensation Committee and mutually and reasonably agreed by the
Executive; provided, that the Executive will have the opportunity to earn up to One Hundred Percent (100%) (the “Target Percentage”) of his Salary then in effect in bonus compensation annually; provided, further, that
the Executive will have the opportunity to earn more than or less than the Target Percentage in bonus compensation based upon underachievement or overachievement of either the Employer’s or the Executive’s performance objectives or both.

 (c) Regular Benefits. The Executive shall also be entitled to participate in any qualified
retirement plans, deferred compensation plans, supplemental retirement plans, stock option and incentive plans, stock purchase plans, medical insurance plans, life insurance plans, disability income plans, retirement plans, vacation plans, expense
reimbursement plans and other benefit plans which the Employer may from time to time have in effect for all or most of its senior executives. Such participation shall be subject to the terms of the applicable plan documents, generally applicable
policies of the Employer, applicable law and the discretion of the Board of Directors, the Compensation Committee or any administrative or other committee provided for in or contemplated by any such plan. Nothing contained in this Agreement shall be
construed to create any obligation on the part of the Employer to establish any such plan or to maintain the effectiveness of any such plan that may be in effect from time to time. 
 (d) Equity Grants: The Executive shall be eligible to participate in the Employer’s 2004 Stock Option Plan, as amended (the “2004
Plan”). Under the 2004 Plan and subject to the approval of the Board of Directors or the Compensation Committee, the Employer shall initially grant the Executive an option to purchase 375,000 shares of the Employer’s common stock (the
“Initial Grant”). In the event of a Change of Control (as defined below), the Executive shall become fully vested in the Initial Grant in accordance with the terms of the Equity Agreement (as defined below). Concurrent with the execution
of this Agreement, the Employer and the Executive shall enter into a Non-Qualified Stock Option Agreement which is attached hereto as Exhibit A (the “Equity Agreement”). 
 (e) Additional Benefits. The Employer shall provide the following additional benefits to the Executive: 
 (i) Vacation. 
 (A) For fiscal year 2007, the Executive shall be entitled, as of the date hereof, to three (3) working days’ paid vacation to be taken at such time or times as may be agreed with the Board of Directors. It is further agreed that
the Executive shall be entitled to work remotely for five (5) days during fiscal year 2007. 
 (B) Beginning with fiscal
year 2008, the Executive shall be entitled to 20 working days’ paid vacation during each calendar year to be taken at such time or times as may be agreed with the Board of Directors. The Executive shall accrue five (5) vacation days as of
the first day of each calendar quarter. 
 (C) The Executive may not, without the prior consent of the Board of Directors,
carry forward any unused part of his vacation entitlement to a subsequent calendar year. Any vacation entitlement that has not been used by the end of the calendar year or carried forward to the next calendar year shall be forfeited without pay.

 (D) Upon termination of his employment for whatever reason he shall, if appropriate,
either be entitled to salary in lieu of any accrued vacation entitlement that has not been taken or be required to repay to the Employer any salary received in respect of vacation taken in excess of his proportionate vacation entitlement. For the
purposes of calculating such payment in lieu or such repayment, a day’s paid vacation shall be taken to be the Executive’s Salary divided by 260. 
 (E) It is agreed that the Executive shall be entitled to, at his option, take either a working day paid vacation or a working day unpaid
to attend Board of Directors meetings of the companies listed on Exhibit B. 
 (ii) Reimbursement of Business
Expenses. The Employer shall reimburse the Executive for all reasonable expenses incurred by him in performing services during the term of this Agreement, in accordance with the Employer’s policies and procedures for its senior executive
officers, as in effect from time to time. 
 (iii) Commuting, Living and Relocation Expenses. 
 (A) From the date hereof until February 29, 2008 (the “Initial Reimbursement Period”), the Executive shall be entitled to
reimbursement by the Employer for reasonable and documented out-of-pocket expenses incurred by him for living expenses in the New Jersey area and travel to and from the Executive’s residence in the Florida area not more frequently than once a
week (excluding the Thanksgiving, Christmas and New Year holidays). 
 (B) After the Initial Reimbursement Period and until
the earlier of August 31, 2008 or the Executive’s relocation to the New Jersey area, the Executive shall be entitled to reimbursement by the Employer for up to $10,000 per month of the Executive’s reasonable and documented
out-of-pocket expenses incurred by him for living expenses in the New Jersey area and travel to and from the Executive’s residence in the Florida area not more frequently than once a month. 
 (C) The Executive shall be entitled to reimbursement for up to $50,000 of the Executive’s documented relocation and moving expenses
related to his relocation to the New Jersey area. 
 (iv) Indemnification. From and after the date hereof, Executive
will be included under the Employer’s directors and officers liability insurance policy, with the same coverage as is provided to other directors or officers of the Employer in respect of their service to the Employer, and such coverage will
continue without interruption for so long as the Employer, or its successors and assigns, maintains such coverage for its officers and directors. 
 (v) Legal Fees. The Employer shall reimburse the Executive for all reasonable and documented attorney and professional fees incurred by the Executive in connection with the negotiation and review of the terms
of employment and this Agreement. 

 (f) Exclusivity of Salary and Benefits. The Executive shall not be entitled to any payments or
benefits other than those provided under this Agreement. 
 5. Extent of Service. During the Executive’s employment under this
Agreement, the Executive shall, subject to the direction and supervision of the Board of Directors, devote the Executive’s full business time, best efforts and business judgment, skill and knowledge to the advancement of the Employer’s
interests and to the discharge of the Executive’s duties and responsibilities under this Agreement. The Executive shall not engage in any other business activity, except as may be approved by the Board of Directors; provided that nothing
in this Agreement shall be construed as preventing the Executive from: 
 (a) investing the Executive’s assets in any company or other
entity in a manner not prohibited by Section 8(d) and in such form or manner as shall not require any material activities on the Executive’s part in connection with the operations or affairs of the companies or other entities in which such
investments are made; 
 (b) engaging in religious, charitable or other community or non-profit activities that do not impair the
Executive’s ability to fulfill the Executive’s duties and responsibilities under this Agreement; or 
 (c) serving as a member of
the Board of Directors of the companies listed on Exhibit B attached hereto; provided that at no time during the term of this Agreement may the Executive serve as a member of the Board of Directors for more than two (2) public
companies. 
 6. Termination. The Executive’s employment under this Agreement shall terminate under the following circumstances
set forth in this Section 6. 
 (a) Termination by the Employer for Cause. The Executive’s employment under this Agreement
may be terminated by the Employer for Cause (as defined below) without further liability on the part of the Employer effective immediately upon a vote of the Board of Directors and written notice to the Executive. Only the following shall constitute
“Cause” for such termination: 
 (i) the Executive’s willful misconduct in the performance of his duties to the
Employer, or the Executive’s willful failure to implement any lawful policy of the Employer; 
 (ii) the Executive’s
conviction of or plea of guilty or any plea other than “not guilty” to a felony; 
 (iii) the violation by the
Executive of any material provision of this Agreement, which either is not cured within ten (10) days after written notice is given to the Executive by the Employer or constitutes a habitual breach; or 

 (iv) the Executive’s dishonesty, misappropriation or fraud with regard to the
property of the Employer or its affiliates. 
 (b) Termination by the Executive for Good Reason. The Executive’s employment
under this Agreement may be terminated by the Executive for Good Reason (as defined below). For purposes of this Agreement, “Good Reason” shall mean that the Executive has complied with the Good Reason Process (as defined below) following
the occurrence of any of the following events: 
 (i) a substantial diminution or other substantive adverse change, not
consented to by the Executive, in the nature or scope of the Executive’s responsibilities, authorities, powers, functions or duties; 
 (ii) an involuntary material reduction in the Executive’s base salary except for across-the-board reductions similarly affecting all or substantially all senior management employees; 
 (iii) a breach by the Employer of any of its other material obligations under this Agreement, or 
 (iv) a material change in the geographic location at which the Executive must perform his services. 
 “Good Reason Process” shall mean that: (A) the Executive reasonably determines in good faith that a “Good Reason” event has occurred;
(B) the Executive notifies the Employer in writing of the occurrence of the Good Reason event within 90 days of the occurrence of such event; (C) the Executive cooperates in good faith with the Employer’s efforts, for a period not
less than 30 days following such notice, to modify the Executive’s employment situation in a manner acceptable to the Executive and the Employer; and (D) notwithstanding such efforts, one or more of the Good Reason events continues to
exist and has not been modified in a manner acceptable to the Executive. If the Employer cures the Good Reason event in a manner acceptable to the Executive during the 30 day period, Good Reason shall be deemed not to have occurred. 
 (c) Termination by the Employer without Cause. Subject to the payment of Termination Benefits (as defined below), the Executive’s employment
under this Agreement may be terminated by the Employer without Cause upon written notice to the Executive. 
 (d) Death. The
Executive’s employment with the Employer shall terminate upon his death. 
 (e) Disability. If the Executive shall be disabled
so as to be unable to perform the essential functions of the Executive’s then existing position or positions under this Agreement with or without reasonable accommodation for a period of 30 nonconsecutive days or more within any six
(6) month period, the Board of Directors may, upon ten (10) days prior written notice, terminate the Executive’s employment hereunder. Notwithstanding any such termination, the Executive shall continue to receive the Executive’s
full Salary (less any disability pay or sick pay benefits to which the Executive may be entitled under the Employer’s policies) and benefits under Section 4 of this Agreement (except to the extent that the Executive 

 
may be ineligible for one or more such benefits under applicable plan terms) for a period of time equal to six (6) months, and the Executive’s
employment may be terminated by the Employer at any time thereafter. If any question shall arise as to whether during any period the Executive is disabled so as to be unable to perform the essential functions of the Executive’s then existing
position or positions with or without reasonable accommodation, the Executive may, and at the request of the Employer shall, submit to the Employer a certification in reasonable detail by a physician selected by the Employer to whom the Executive or
the Executive’s guardian has no reasonable objection as to whether the Executive is so disabled or how long such disability is expected to continue, and such certification shall for the purposes of this Agreement be conclusive of the issue. The
Executive shall cooperate with any reasonable request of the physician in connection with such certification. If such question shall arise and the Executive shall fail to submit such certification, the Employer’s determination of such issue
shall be binding on the Executive. Nothing in this Section 6(e) shall be construed to waive the Executive’s rights, if any, under existing law including, without limitation, the Family and Medical Leave Act of 1993, 29 U.S.C. §2601
et seq. and the Americans with Disabilities Act, 42 U.S.C. §12101 et seq. 
 7. Compensation Upon Termination.

 (a) Termination Generally. If the Executive’s employment with the Employer is terminated for any reason during the term of
this Agreement, the Employer shall pay or provide to the Executive (or to his authorized representative or estate) any earned but unpaid Salary, unpaid expense reimbursements, accrued but unused vacation and any vested benefits the Executive may
have under any employee benefit plan of the Employer (the “Accrued Benefit”). 
 (b) Termination by the Employer Without Cause
Before a Change of Control. In the event of termination of the Executive’s employment with the Employer before a Change of Control pursuant to Section 6(c) above and subject to the Executive’s agreement to a release of any and all
legal claims in a form satisfactory to the Employer (excluding any indemnification or other obligations hereunder which survive termination of this Agreement), the Employer shall provide to the Executive the following termination benefits
(“Termination Benefits”): 
 (i) a lump sum payment equal to one times the Executive’s Salary at the rate then
in effect pursuant to Section 4(a); provided, however, if the Executive’s employment with the Employer is terminated before a Change of Control pursuant to Section 6(c) within one year of the date hereof, the Executive shall
also receive a lump sum payment equal to the remaining unpaid Salary for such one year period; 
 (ii) an amount equal to any
employer contribution that would have been made by the Employer pursuant to any retirement plan of the Employer on the Executive’s behalf had the Executive remained employed by the Employer during the twelve-month period following the date of
termination, assuming the Executive contributed the maximum amount to the plan; and 
 (iii) continuation of group health plan
benefits to the extent authorized by and consistent with 29 U.S.C. § 1161 et seq. (commonly known as “COBRA”) for twelve (12) months or until the Executive commences employment, if earlier, subject to payment of premiums by
the Executive at the active employees’ rate. 

 Notwithstanding the foregoing, the amounts paid to the Executive under Section 7(b)(ii) and Section 7(b)(iii)
shall not exceed $25,000 in the aggregate. The Employer’s liability for severance pursuant to Section 7(b)(i) shall be reduced by the amount of any severance pay paid to the Executive pursuant to any severance pay plan or stay bonus plan
of the Employer. Notwithstanding the foregoing, nothing in this Section 7(b) shall be construed to affect the Executive’s right to receive COBRA continuation entirely at the Executive’s own cost to the extent that the Executive may
continue to be entitled to COBRA continuation after the Executive’s right to cost sharing under Section 7(b)(iii) ceases. The Executive shall be obligated to give prompt notice of the date of commencement of any employment during the
benefits continuation period and shall respond promptly to any reasonable inquiries concerning any employment in which the Executive engages during the benefits continuation period. 
 (c) Termination by the Employer with Cause. If the Executive’s employment is terminated by the Employer with Cause under Section 6(a),
the Employer shall have no further obligation to the Executive other than payment of his Accrued Benefit. 
 (d) Termination by the
Employer without Cause or by the Executive for Good Reason following a Change of Control. In the event of termination of the Executive’s employment with the Employer pursuant to Section 6(b) or Section 6(c) above within twelve
(12) months following a Change of Control and subject to the Executive’s agreement to a release of any and all legal claims in a form satisfactory to the Employer (excluding any indemnification or other obligations hereunder which survive
termination of this Agreement), the Employer shall provide to the Executive the following termination benefits (“Termination Benefits”): 
 (i) a lump sum payment equal to one times the Executive’s Salary at the rate then in effect pursuant to Section 4(a); provided, however, if the Executive’s employment with the Employer is
terminated before a Change of Control pursuant to Section 6(c) within one year of the date hereof, the Executive shall also receive a lump sum payment equal to the remaining unpaid Salary for such one year period; 
 (ii) a lump sum payment equal to the bonus compensation paid to the Executive in immediately preceding fiscal year; 
 (iii) an amount equal to any employer contribution that would have been made by the Employer pursuant to any retirement plan of the
Employer on the Executive’s behalf had the Executive remained employed by the Employer during the twelve-month period following the date of termination, assuming the Executive contributed the maximum amount to the plan; and 
 (iv) continuation of group health plan benefits to the extent authorized by and consistent with 29 U.S.C. § 1161 et seq.
(commonly known as “COBRA”) for twelve (12) months or until the Executive commences employment, if earlier, subject to payment of premiums by the Executive at the active employees’ rate. 

 Notwithstanding the foregoing, the amounts paid to the Executive under Section 7(d)(iii) and Section 7(d)(iv)
shall not exceed $25,000 in the aggregate. The Employer’s liability for severance pursuant to Section 7(d)(i) and Section 7(d)(ii) shall be reduced by the amount of any severance pay paid to the Executive pursuant to any severance pay
plan or stay bonus plan of the Employer. Notwithstanding the foregoing, nothing in this Section 7(d) shall be construed to affect the Executive’s right to receive COBRA continuation entirely at the Executive’s own cost to the extent
that the Executive may continue to be entitled to COBRA continuation after the Executive’s right to cost sharing under Section 7(d)(iv) ceases. The Executive shall be obligated to give prompt notice of the date of commencement of any
employment during the benefits continuation period and shall respond promptly to any reasonable inquiries concerning any employment in which the Executive engages during the benefits continuation period. 
 (e) Definition of Change of Control. For purposes of this Agreement, a “Change of Control” shall mean: 
 (i) a merger, consolidation or other reorganization approved by the Employer’s stockholders, unless securities representing more than
fifty percent (50%) of the total combined voting power of the voting securities of the successor corporation are immediately thereafter beneficially owned, directly or indirectly and in substantially the same proportion, by the persons who
beneficially owned the Employer’s outstanding voting securities immediately prior to such transaction; or 
 (ii) a
stockholder-approved liquidation, dissolution, sale, transfer or other disposition of all or substantially all of the Employer’s assets; or 
 (iii) the closing of any transaction or series of related transactions pursuant to which any person or any group of persons comprising a “group” within the meaning of Rule 13d-5(b)(1) of the Securities
Exchange Act of 1934 Act, as amended (the “Exchange Act”) (other than the Employer or a person that, prior to such transaction or series of related transactions, directly or indirectly controls, is controlled by or is under common control
with, the Employer) becomes directly or indirectly the beneficial owner (within the meaning of Rule 13d-3 of the Exchange Act) of securities possessing (or convertible into or exercisable for securities possessing) more than fifty percent
(50%) of the total combined voting power of the Employer’s securities (as measured in terms of the power to vote with respect to the election of Board members) outstanding immediately after the consummation of such transaction or series of
related transactions, whether such transaction involves a direct issuance from the Employer or the acquisition of outstanding securities held by one or more of the Employer’s existing stockholders. 
 (f) Payment of Termination Benefits. Anything in this Agreement to the contrary notwithstanding, if at the time of the Executive’s
termination of employment, the Executive is considered a “specified employee” within the meaning of Section 409A(a)(2)(B)(i) of the Internal Revenue Code of 1986, as amended (the “Code”), and if any payment that the
Executive becomes entitled to under this Agreement is considered deferred compensation subject to interest and additional tax imposed pursuant to Section 409A(a) of the Code as a result of the application of Section 409A(a)(2)(B)(i) of the
Code, then no such payment shall be payable prior to the date that is the earlier of (i) six months after the Executive’s separation from service, or (ii)

 
the Executive’s death, and the initial payment shall include a catch-up amount covering amounts that would otherwise have been paid during the first
six-month period but for the application of this Section 7(f). Any such deferred payment shall earn simple interest calculated at the short-term applicable federal rate in effect on the date of the Executive’s separation from service. The
parties intend that this Agreement will be administered in accordance with Section 409A of the Code. The parties agree that this Agreement may be amended, as reasonably requested by either party, and as may be necessary to fully comply with
Section 409A of the Code and all related rules and regulations in order to preserve the payments and benefits provided hereunder without additional cost to either party. 
 8. Confidential Information, Noncompetition and Cooperation. 
 (a) Confidential Information. As used in this Agreement, “Confidential Information” means information belonging to the Employer which is of value to the Employer in the course of conducting its
business and the disclosure of which could result in a competitive or other disadvantage to the Employer. Confidential Information includes, without limitation, financial information, reports, and forecasts; inventions, improvements and other
intellectual property; trade secrets; know-how; designs, processes or formulae; software; market or sales information or plans; customer lists; and business plans, prospects and opportunities (such as possible acquisitions or dispositions of
businesses or facilities) which have been discussed or considered by the management of the Employer. Confidential Information includes information developed by the Executive in the course of the Executive’s employment by the Employer, as well
as other information to which the Executive may have access in connection with the Executive’s employment. Confidential Information also includes the confidential information of others with which the Employer has a business relationship.
Notwithstanding the foregoing, Confidential Information does not include (i) information in the public domain, unless due to breach of the Executive’s duties under Section 8(b) or (ii) otherwise known by the Executive other than
by reason of his employment hereunder; provided that the source of such information is not known by the Executive to have disclosed such information in violation of an obligation of confidentiality owed to the Employer. 
 (b) Confidentiality. The Executive understands and agrees that the Executive’s employment creates a relationship of confidence and trust
between the Executive and the Employer with respect to all Confidential Information. At all times, both during the Executive’s employment with the Employer and after its termination, the Executive will keep in confidence and trust all such
Confidential Information, and will not use or disclose any such Confidential Information without the written consent of the Employer, except as may be necessary in the ordinary course of performing the Executive’s duties to the Employer.

 (c) Documents, Records, etc. All documents, records, data, apparatus, equipment and other physical property, whether or not
pertaining to Confidential Information, which are furnished to the Executive by the Employer or are produced by the Executive in connection with the Executive’s employment will be and remain the sole property of the Employer. The Executive will
return to the Employer all such materials and property as and when requested by the Employer. In any event, the Executive will return all such materials and property immediately upon termination of the Executive’s employment for any reason. The
Executive will not retain any such material or property or any copies thereof after such termination. 

 (d) Noncompetition and Nonsolicitation. During the term of this Agreement and for one
(1) year thereafter, the Executive (i) will not, directly or indirectly, whether as owner, partner, shareholder, consultant, agent, employee, co-venturer or otherwise, engage, participate, assist or invest in any Competing Business (as
defined below); (ii) will refrain from directly or indirectly employing, attempting to employ, recruiting or otherwise soliciting, inducing or influencing any person to leave employment with the Employer (other than terminations of employment
of subordinate employees undertaken in the course of the Executive’s employment with the Employer); and (iii) will refrain from soliciting or encouraging any customer or supplier to terminate or otherwise modify adversely its business
relationship with the Employer. The Executive understands that the restrictions set forth in this Section 8(d) are intended to protect the Employer’s interest in its Confidential Information and established employee, customer and supplier
relationships and goodwill, and agrees that such restrictions are reasonable and appropriate for this purpose. For purposes of this Agreement, the term “Competing Business” shall mean a business conducted anywhere in any jurisdiction where
the Employer and/or its affiliates conduct such business as of the date Executive’s employment terminates, and shall be deemed to include, without limitation, any business activity or jurisdiction which is covered by or included in a written
proposal or business plan existing on the date of the termination of the Executive’s employment with the Employer, which is competitive with any business which the Employer or any of its affiliates conducts or proposes to conduct at any time
during the employment of the Executive. Notwithstanding the foregoing, (i) the Executive may own up to one percent (1%) of the outstanding stock of a publicly held corporation which constitutes or is affiliated with a Competing Business,
and (ii) the companies listed on Exhibit B hereto shall not be deemed to be a Competing Business. 
 (e) Third-Party
Agreements and Rights. The Executive hereby confirms that the Executive is not bound by the terms of any agreement with any previous employer or other party which restricts in any way the Executive’s use or disclosure of information or the
Executive’s engagement in any business. The Executive represents to the Employer that the Executive’s execution of this Agreement, the Executive’s employment with the Employer and the performance of the Executive’s proposed
duties for the Employer will not violate any obligations the Executive may have to any such previous employer or other party. In the Executive’s work for the Employer, the Executive will not disclose or make use of any information in violation
of any agreements with or rights of any such previous employer or other party, and the Executive will not bring to the premises of the Employer any copies or other tangible embodiments of non-public information belonging to or obtained from any such
previous employment or other party. 
 (f) Litigation and Regulatory Cooperation. During and after the Executive’s employment,
the Executive shall cooperate fully with the Employer in the defense or prosecution of any claims or actions now in existence or which may be brought in the future against or on behalf of the Employer which relate to events or occurrences that
transpired while the Executive was employed by the Employer. The Executive’s full cooperation in connection with such claims or actions shall include, but not be limited to, being available to meet with counsel to prepare for discovery or trial
and to act as a witness on behalf of the Employer at mutually 

 
convenient times. During and after the Executive’s employment, the Executive also shall cooperate fully with the Employer in connection with any
investigation or review of any federal, state or local regulatory authority as any such investigation or review relates to events or occurrences that transpired while the Executive was employed by the Employer. The Employer shall reimburse the
Executive for any reasonable out-of-pocket expenses incurred in connection with the Executive’s performance of obligations pursuant to this Section 8(f). 
 (g) Injunction. The Executive agrees that it would be difficult to measure any damages caused to the Employer which might result from any breach by the Executive of the promises set forth in this
Section 8, and that in any event money damages would be an inadequate remedy for any such breach. Accordingly, the Executive agrees that if the Executive breaches, or proposes to breach, any portion of this Agreement, the Employer shall be
entitled, in addition to all other remedies that it may have, to an injunction or other appropriate equitable relief to restrain any such breach without showing or proving any actual damage to the Employer. 
 9. Consent to Jurisdiction. The parties hereby consent to the jurisdiction of the Superior Court of the State of New Jersey and the United States
District Court for the District of New Jersey. Accordingly, with respect to any such court action, the parties (a) submit to the personal jurisdiction of such courts; (b) consent to service of process; and (c) waive any other
requirement (whether imposed by statute, rule of court, or otherwise) with respect to personal jurisdiction or service of process. 
 10.
Integration. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior agreements between the parties with respect to any related subject matter. 
 11. Assignment; Successors and Assigns, etc. Neither the Employer nor the Executive may make any assignment of this Agreement or any interest
herein, by operation of law or otherwise, without the prior written consent of the other party; provided that the Employer may assign its rights under this Agreement without the consent of the Executive in the event that the Employer shall
effect a reorganization, consolidate with or merge into any other corporation, partnership, organization or other entity, or transfer all or substantially all of its properties or assets to any other corporation, partnership, organization or other
entity. This Agreement shall inure to the benefit of and be binding upon the Employer and the Executive, their respective successors, executors, administrators, heirs and permitted assigns. 
 12. Enforceability. If any portion or provision of this Agreement (including, without limitation, any portion or provision of any section of this
Agreement) shall to any extent be declared illegal or unenforceable by a court of competent jurisdiction, then the remainder of this Agreement, or the application of such portion or provision in circumstances other than those as to which it is so
declared illegal or unenforceable, shall not be affected thereby, and each portion and provision of this Agreement shall be valid and enforceable to the fullest extent permitted by law. 
 13. Waiver. No waiver of any provision hereof shall be effective unless made in writing and signed by the waiving party. The failure of any party
to require the performance of 

 
any term or obligation of this Agreement, or the waiver by any party of any breach of this Agreement, shall not prevent any subsequent enforcement of such
term or obligation or be deemed a waiver of any subsequent breach. 
 14. Notices. Any notices, requests, demands and other
communications provided for by this Agreement shall be sufficient if in writing and delivered in person or sent by a nationally recognized overnight courier service or by registered or certified mail, postage prepaid, return receipt requested, to
the Executive at the last address the Executive has filed in writing with the Employer or, in the case of the Employer, at its main offices, attention of the Chief Executive Officer, and shall be effective on the date of delivery in person or by
courier or three (3) days after the date mailed. 
 15. Amendment. This Agreement may be amended or modified only by a written
instrument signed by the Executive and by a duly authorized representative of the Employer. 
 16. Governing Law. This is a New Jersey
contract and shall be construed under and be governed in all respects by the laws of the State of New Jersey, without giving effect to the conflict of laws principles of such State. With respect to any disputes concerning federal law, such disputes
shall be determined in accordance with the law as it would be interpreted and applied by the United States Court of Appeals for the Third Circuit. 
 17. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so executed and delivered shall be taken to be an original; but such counterparts shall together constitute one and the same document.

 *remainder of page has intentionally been left blank* 

 IN WITNESS WHEREOF, this Employment Agreement has been executed as a sealed instrument by the Employer,
by its duly authorized officer, and by the Executive, as of the Effective Date. 
  

			
	ARBINET-THEXCHANGE, INC.
		
	By:	 	 /s/ Shawn F. O’Donnell

	Name:	 	Shawn F. O’Donnell
	Title:	 	Director
	
	 /s/ William M. Freeman

	William M. Freeman

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