Document:

Amended and Restated Master Services Agreement, dated as of August 11, 2005

 Exhibit 10.4 
  
 AMENDED AND RESTATED MASTER SERVICES AGREEMENT 
  
 THIS AMENDED AND RESTATED MASTER SERVICES AGREEMENT, dated as of August 11, 2005 (this “Agreement”), is
entered into by and between IDT SPECTRUM, INC., a Delaware corporation (“Spectrum”) and IDT Corporation, a Delaware corporation (“IDT”). For purposes of this Agreement, “Party” or
“Parties” shall mean either Spectrum or IDT, individually or collectively. 
  
 BACKGROUND 
  
 WHEREAS,
each of Spectrum and IDT has agreed that it may, from time to time, provide certain telecommunications, corporate support, administrative and other services to the other party; and 
  
 WHEREAS, the Parties entered into a Master Services Agreement dated as of January 27, 2005 (the “Original
Agreement”); and 
  
 WHEREAS, the Parties wish to amend and
restate the Original Agreement in its entirety; 
  
 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 amend and restate the Original Agreement in
its entirety and agree as follows: 
  
 AGREEMENT 

 
 1. Representations and Warranties. 
  
 As an inducement to enter into this Agreement, Spectrum 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 jurisdiction of its organization. Such Party has all necessary company 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 company action on the part of such Party. 
  
 (b) The
execution, delivery and performance by such Party to this Agreement do not and will not (i) violate, conflict with or result in the breach of any provision of the organizational or governing documents 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 the 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) Each of the Parties agrees to
provide to the other party one or more of the services (collectively, the “Services”) as shall be set forth on a Schedule A to be executed by the Parties and annexed hereto from time to time upon mutual agreement of the
Parties. Each Schedule A annexed hereto shall be sequentially numbered (i.e., the first such Schedule A shall be titled Schedule A-1, the second Schedule A-2, etc.). The Services shall be provided in accordance with the
terms and provisions of this Agreement and the applicable Schedule A. A Party that is to perform Services hereunder may, unless the applicable Schedule A provides otherwise, cause one or more of its affiliates to perform such Services
on its behalf, provided that such Party shall remain responsible for the performance thereof and all other obligations hereunder relating thereto. Upon agreement of the performing Party, a Party may request that Services be performed for or on
behalf of one or more of its affiliates, provided that the requesting Party shall, in all cases, remain responsible for the payment of fees, costs and expenses related thereto as if it were the entity receiving or benefiting from the performance of
the Services. Each of the parties hereto (i) shall cause each of its affiliates that perform or receive Services, as the case may be, to perform and comply with the obligations of a Provider or Recipient, as applicable, pursuant to this Agreement
and (ii) agrees that each such affiliate shall be entitled to the rights and benefits of a Provider or Recipient, as the case may be, in each of clauses (i) and (ii) as if such affiliate was a party to this Agreement. As used herein, the term
“Provider” shall refer to any entity providing Services, and the term “Recipient” shall refer to any entity receiving Services. 
  
 (b) Each Provider shall, and where appropriate shall ensure that any officer, employee, agent or sub-contractor providing Services on behalf
of such Provider shall, use reasonable care, skill and diligence in providing the Services. 
  
 (c) Each Provider shall maintain accurate records and accounts of all transactions relating to the Services performed by it pursuant to this Agreement. Such records and accounts shall be maintained separately from
such Provider’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. Each Recipient shall have the right to inspect and copy, upon reasonable notice and at reasonable intervals during the applicable Provider’s regular
office hours, the separate records and accounts maintained by such Provider 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 January 28, 2006, and shall automatically renew for
additional one-year terms unless no later than sixty (60) days prior to end of the then-current term of this Agreement, Spectrum notifies IDT of its intent to terminate this Agreement, or no later than one hundred and eighty (180) prior to the end
of the then-current term of this Agreement, IDT notifies Spectrum of its intent to terminate this Agreement, in which case this Agreement shall terminate effective as of the end of the then-current term. This 

  

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Agreement or any Service being provided for a Recipient may be terminated by such Recipient or a Party, as the case may be, upon not less than one hundred
and eighty (180) days prior written notice in the event IDT is the terminating Party, or upon not less than thirty days (30) prior written notice in the event Spectrum is the terminating Party. 
  
 (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 to this Agreement may be entitled or be subject prior to its termination shall remain in full force and effect. In the event of a
termination of this Agreement or any specific Service or Services, each Party shall, upon payment of all outstanding invoices owing to such Party, deliver to the other Party all books, records, correspondence, memoranda, forms and any other
materials in any form or medium in its possession relating to the terminated Services. In addition, each Provider shall cooperate fully in the transition back to each Recipient any and all matters related to the terminated Services such that no
Recipient shall be prejudiced by such termination. 
  
 3.
Compensation for Services. 
  
 (a) Each Recipient shall pay the applicable
Provider for the Services in accordance with the fee schedule set forth on an applicable Schedule A. 
  
 (b) Unless otherwise specified on a Schedule A, such fees shall be paid by each Recipient on the last business day of each calendar month immediately following the month in which an invoice for such fees is
received by the Recipient. 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 the Recipient. 
  
 (c) If not specified on the applicable Schedule A, the fees payable for a specific Service shall be equal to the actual costs of the Provider in providing such
Service, including a reasonable and good faith allocation of overhead expenses of such Provider. Upon request of the Recipient, the Provider shall deliver to Recipient such reasonable information and supporting documentation with respect to such
overhead allocation. If an estimate of costs is given in respect of Services to be provided in exchange for costs or costs plus overhead expenses, then, without the prior consent of the Recipient, the actual fees for such Services shall not exceed
such estimate by more than 20%. 
  
 (d) Unless otherwise specified on a
Schedule A, a Recipient shall reimburse the applicable Provider for third-party, out-of-pocket, incidental travel, lodging and food expenses incurred by Provider in accordance with such Provider’s customary travel policy, within thirty
(30) days of receipt of an invoice from such Provider for such incidental expenses accompanied by such additional documentation reasonably required by the Recipient to verify the amount of the expense and that such expense was incurred in connection
with providing the Services. 
  
 (e) All amounts payable by a Recipient to a
Provider shall be paid by wire transfer in accordance with the wire transfer instructions provided by Provider to Recipient from time to time. 
  

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 (f) To the extent that, pursuant to more than one Schedule A in effect from time to time, both Parties (or their
affiliates) are performing Services hereunder during the same period, a Party may offset against payments for Services due by it or its affiliates, amounts due to it from the other Party or its affiliates during the same period. It is the intention
of the Parties that all charges in a monthly period shall be offset against each other and only one payment shall be made by the Parties hereunder in respect of any monthly period. 
  
 4. Force Majeure. 
  
 The obligation of any Provider to provide Services shall be suspended during the period and to the extent that such Provider 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 such Provider, 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, the Provider shall give notice of suspension as soon as reasonably practicable to each applicable Recipient stating the date and extent
of such suspension and the cause thereof and such Provider’s best estimate of the date on which it will be able to resume the performance of its obligations. In addition, the Provider will use commercially reasonable efforts during any such
suspension to keep each applicable Recipient informed as to the progress of removal of the cause of such suspension. The Provider shall resume the performance of such obligations as soon as reasonably practicable after the removal of the cause and
the Provider shall so notify each applicable Recipient, and no Recipient shall 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. 
  
 5. Compliance With Law. 
  
 The parties shall undertake to provide 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 by
such Party from sources other than Recipient); 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 Provider, such disclosure or release is necessary pursuant to
requirements of law or 

  

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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 the Recipient’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 a Recipient 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) Spectrum 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, diminution in value, 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 misconduct of IDT; and 
  
 (iv) the enforcement of the indemnification rights of Spectrum 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 Spectrum for and against any and all
liabilities, losses, diminution in value, 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 Spectrum contained in this Agreement; 

 
 (ii) the breach of any covenant or agreement by Spectrum
contained in this Agreement; 
  
 (iii) the gross
negligence, fraud, willful defaults or misconduct of Spectrum; and 
  

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 (iv) the enforcement of the indemnification rights of IDT and its affiliates provided for
in this Agreement. 
  
 8. Offset. 
  
 If a Party (the “Offsetting Party”) is entitled to payment
of any amount (the “Off-Setting Amount”) from the other Party with respect to an indemnification payment under any of the provisions of this Agreement, then the Off-Setting Amount may be deducted from (i) any payment owed by the
Offsetting Party for Services under Section 2 of this Agreement and (ii) any indemnification payment owed by the Offsetting Party to the other Party. Such right of set-off shall be in addition to, and not in lieu of, any other rights or remedies
which may be available to any Party at law or in equity. 
  
 9.
Liability. 
  
 No Provider (or affiliate thereof) shall
have any liability whatsoever to any Recipient or other Party for any error, act or omission in connection with the Services to be rendered by such Provider to a Recipient hereunder unless any such error, act or omission derives from the willful
misconduct or gross negligence of such Provider (or its affiliates). IN NO EVENT SHALL ANY PROVIDER (OR AFFILIATE THEREOF) BE LIABLE TO ANY RECIPIENT OR 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 PROVIDER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE. THE LIABILITY OF A PROVIDER (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, RECIPIENT’S DIRECT DAMAGES. 
  

10. 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 hereto 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 or (iv) by telefax transmission with confirmation of receipt. 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 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 and (iv) if by telefax, on the date sent with transmission confirmed. 

 
 11. No Third Party Beneficiaries. 
  

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 This Agreement shall be binding upon and inure solely to the benefit of the Parties hereto and their
permitted successors and assigns, and each Provider and Recipient shall be entitled to enforce its respective rights under this Agreement against the Provider or Recipient of the Service in question. 
  
 12. Governing Law. 
  
 This Agreement shall be governed by, and construed in accordance with the
laws of the state of New Jersey. The Parties hereto 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. 
  
 13. Dispute Resolution. 
  
 Each Party, in providing or arranging for Services, shall act in the best
interests of the other Party. If, in the course of providing or arranging for Services hereunder, a Party or Provider identifies a conflict of interest that would lead a reasonable person to conclude that such Party or Provider cannot act in the
best interests of the other Party or the applicable Recipient while also acting in the best interest of such Party or Provider, such conflict shall immediately be reported to the applicable Recipient so that it may be addressed without prejudice to
either Party. 
  
 Spectrum and IDT shall each use good faith
efforts to resolve any disputes arising out of this Agreement within (15) days of receipt of a Party’s written notice of a dispute. All disputes under this Agreement shall be referred to mid-level executives of each of IDT and Spectrum. 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 (15) business days, 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 telecommunications, mutually selected by the parties hereto. If the Parties fail to mutually agree upon one arbitrator within thirty (30) 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 New York City, New York. Each Party shall bear its own costs of participating in the arbitration proceedings. 
  
 14. Entire Agreement. 
  
 This Agreement and the Schedules hereto sets forth all of the promises,
covenants, agreements, conditions, and undertakings between the Parties hereto with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements and 

  

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understandings, inducements or conditions, express or implied, oral or written. The Schedules to this Agreement constitute an integral part of this
Agreement. 
  
 15. No Assignment. 
  
 This Agreement shall not be assignable by either Party without the prior
written consent of the other Party hereto. This Agreement shall be binding upon and inure to the benefit of the Parties hereto and their respective successors and permitted assigns. 
  
 16. 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. 
  

17. Status; Other Activities. 
  
 (a) For purposes of this Agreement, a Provider is, and will be deemed to be, an independent contractor only and not an agent, joint
venturer, partner, or representative of Recipient. Neither a Provider nor a Recipient may create any obligations or responsibilities on behalf of or in the name of the other hereunder. 
  
 (b) Notwithstanding the amount of time, or percentage of business hours, spent by any employee of any
Provider 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, any Recipient, or be deemed to have any relationship with any Recipient other than as a
provider of Services hereunder. 
  
 (c) Nothing
in this Agreement shall limit or restrict the right of any 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. 
  
 18. Amendment. 
  
 This Agreement may not be amended or modified except by an instrument in
writing signed by the Parties. 
  
 19. 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 

  

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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. 
  
 20. Counterparts.

  
 This Agreement may be executed in one or more counterparts,
and by the different Parties hereto 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. 
  
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 
  

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

					
	 IDT SPECTRUM, INC.

		
	By:	 	 /s/ John C. Petrillo

	 	 	 Name:
	 	 John C. Petrillo

	 	 	 Title:
	 	 CEO

	
	 IDT CORPORATION

		
	By:	 	 /s/ Marcelo Fischer

	 	 	 Name:
	 	 Marcelo Fischer

	 	 	 Title:
	 	 CAO

  

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 SCHEDULE A 

 

	Recipient:	IDT Spectrum, Inc. 

  

	Provider:	IDT Corporation 

  

	Start Date:	1/31/05 

  

	Term:	Annual 

  
 Description of Service: Purchase of General Corporate services to support IDT Spectrum, Inc.’s existing and future Private Line and Spectrum leasing business on an “as needed” basis. This
includes, but is not limited to, the following service elements: 
  

	 	•	 	Human Resources 

  

	 	•	 	Marketing 

  

	 	•	 	Management Information Systems (MIS) (Including Computer & Phone systems) 

  

	 	•	 	Financial Services 

  

	 	•	 	Tax Services 

  

	 	•	 	Legal and Regulatory Services 

  

	 	•	 	Lobbying 

  

	 	•	 	Travel and Transportation 

  

	 	•	 	Office Space 

  

	 	•	 	Business Supplies 

  

	 	•	 	Data Bases 

  

	 	•	 	Intellectual Property 

  

	 	•	 	Infrastructural Support 

  

	 	•	 	Consulting Services 

  
 Fee (other than allocated cost basis): IDT Corporation’s costs to the extent incurred in providing this Service to IDT Spectrum, Inc. IDT Spectrum, Inc. will be accorded reasonable and appropriate audit
rights with respect to any IDT Corporation costs charged to IDT Spectrum, Inc. in accordance with the foregoing. 
  
 Recipient Contacts: Bill Pereira, Chris O’Loughlin, Ross Henzel, Mendel Yudin 
  
 Acknowledgement: 
  

									
	Recipient:	 	 	 	Provider:
					
	By:	 	 IDT Spectrum, Inc.
	 	 	 	By:	 	 IDT Corporation

					
	 Name:
	 	 /s/ John C. Petrillo
	 	 	 	 Name:
	 	 /s/ Marcelo Fischer

	 Title:
	 	 CEO
	 	 	 	 Title:
	 	 CAO

  

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 SCHEDULE A-1

  

	Recipient:	IDT Spectrum, Inc. 

  

	Provider:	IDT Corporation 

  

	Start Date:	1/31/05 

  

	Term:	Annual 

  
 Description of Service: Purchase of Fixed Wireless Private Lines and Spectrum Services to support IDT Corporation’s internal and customer communication systems on an “as needed” basis. This
includes, but is not limited to, the following service elements: 
  

	 	•	 	Engineering 

  

	 	•	 	Marketing and sales support 

  

	 	•	 	Lobbying 

  

	 	•	 	Consulting 

  

	 	•	 	Fixed Wireless Private Lines, including but not limited to following services: 

  

	 	•	 	T-1 

  

	 	•	 	T-3 

  

	 	•	 	OC-3 

  

	 	•	 	Ethernet 

  

	 	•	 	Spectrum Services 

  

	 	•	 	Point to Point Licenses Spectrum Lease 

  

	 	•	 	Area Wide Licensed Spectrum Lease 

  

	 	•	 	Fixed Wireless Equipment 

  

	 	•	 	Other Telecommunications Equipment 

  

	 	•	 	Spectrum Related Consulting Services 

  
 Fee (other than allocated cost basis): Prices for these services will be provided by IDT Spectrum, Inc. at a very competitive rate to be determined on a
case-by-case basis with IDT Corporation. IDT Corporation will be accorded reasonable and appropriate audit rights with respect to any IDT Spectrum, Inc. costs charged to IDT Corporation in accordance with the foregoing. 
  
 Recipient Contacts: Ira Greenstein 
  
 Acknowledgement: 
  

									
	Recipient:	 	 	 	Provider:
					
	By:	 	 IDT Corporation
	 	 	 	By:	 	 IDT Spectrum, Inc.

					
	 Name:
	 	 /s/ Marcelo Fischer
	 	 	 	 Name:
	 	 /s/ John C. Petrillo

	 Title:
	 	 CAO
	 	 	 	 Title:
	 	 CEO

  

 -12-Contribution Agreement, made and entered in to as of January 31, 2005

 Exhibit 10.5 
  
 CONTRIBUTION AGREEMENT 
  
 This Contribution (“Contribution Agreement”) is made and entered into as of January 31, 2005, by and between Winstar Communications, LLC,
a Delaware limited liability company (“Transferor”), and IDT Spectrum, Inc. a Delaware corporation (“Transferee”). 
  
 WHEREAS, Winstar Holdings, LLC (“Holdings”) is the sole shareholder of Transferor and Transferee; and 
  
 WHEREAS, Holdings has decided to redeploy certain assets of Transferor by
transferring them to Transferee in order to maximize their income producing value; 
  
 NOW, THEREFORE, in consideration of the foregoing premises and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree as follows:

  
 1. Contribution. Transferor hereby contributes,
transfers and assigns to Transferee and its permitted assigns, forever, without recourse, representation or warranty, all of Transferor’s right, title and interest in and to the assets set forth on Schedule A hereto. 
  
 2. Exclusive Benefit. Nothing in this Contribution Agreement, express
or implied, is intended to, or shall be construed to confer upon, or give to, any person, firm, corporation or entity other than Transferee, its successors and assigns, any remedy or claim under or by reason this Contribution Agreement or any
provisions hereof, and all the provisions contained herein shall be for the exclusive benefit of Transferee, its successors and assigns. 
  
 3. Governing Law. This Contribution Agreement shall be governed by, and construed in accordance with, the laws of the State of New Jersey, without
regard to conflicts of laws principles thereof. 
  
 4.
Counterparts. This Contribution Agreement may be executed in one or more counterparts, each of which shall be deemed an original and both of which together shall constitute one and the same instrument. 
  

 1 

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

			
	 WINSTAR COMMUNICATIONS, LLC

		
	By:	 	 /s/ Abilio Pereira

	 Name:
	 	 Abilio Pereira

	 Title:
	 	 CFO

	
	AGREED AND ACCEPTED:
	
	 IDT SPECTRUM, INC.

		
	By:	 	 /s/ Joseph Sandri

	 Name:
	 	 Joseph Sandri

	 Title:
	 	 President

  

 2 

 SCHEDULE A 
  

Section 1 – General 
  

	1.	All customers of Transferor’s private line business (“Private Line Business”) and their associated receivables as of December 31, 2004, including, but not limited to,
those set forth in Section 2 of this Schedule A. 

  

	2.	All non-optronic equipment in Transferor’s warehouse located at 401 Pencader Drive, Newark, Delaware 19702, including, but not limited to, the assets set forth in Section
3 of this Schedule A. 

  

	3.	All servers, systems databases, computers, equipment and in-house developed software supporting the Private Line Business, including, but not limited to engineering related
equipment, material and systems housed at Transferor’s facility located at 2350 Corporate Park Drive, Herndon, VA 20171 (the “Herndon Facility”). 

  

	4.	All servers, computers, printers, copiers, furniture, in Transferor’s regulatory office located at 1850 M Street, NW, Suite 300, Washington, DC 10036 (the “DC
Office”). 

  

	5.	All physical files related to the Private Line Business, including, but not limited to those housed at the Herndon Facility, the DC Office and 520 Broad Street, Newark, NJ
07012. 

  

	6.	All Computers used by Winstar Communications personnel being transferred to IDT Spectrum. 

  

	7.	All contractual and other rights of Transferor relating to the Private Line business including without limitation the contracts set forth in Section 4 of this Schedule
A. 

  

 3 

																							
	 Last Name

	  	Account

	  	Mso

	  	0_30

	  	31_45

	  	46_60

	  	61_75

	  	75_90

	  	91_120

	 Abc Inc
	  	4250513177	  	16	  	$	4,572.80	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00
	 Abn Amro
	  	4258976594	  	16	  	$	2,710.68	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00
	 AT&T Wireless Communications
	  	9327172	  	16	  	$	6,845.00	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00
	 Cbs Inc.
	  	9327075	  	16	  	$	4,985.28	  	$	0.00	  	$	4,985.28	  	$	0.00	  	$	4,985.28	  	$	2,757.44
	 Cingular
	  	9327030	  	16	  	$	2,683.67	  	$	0.00	  	$	2,683.67	  	$	0.00	  	$	2,202.30	  	$	0.00
	 Cingular Interactive, LP
	  	9327102	  	16	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00
	 Cingular Wireless
	  	4250562186	  	16	  	$	3,823.56	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00
	 Cingular Wireless – Puerto Rico
	  	9327142	  	16	  	$	7,077.15	  	$	0.00	  	$	7,077.15	  	$	0.00	  	$	7,077.15	  	$	7,077.15
	 Detroit Smsa Limited Partnership
	  	932021	  	16	  	$	1,214.40	  	$	0.00	  	$	1,214.40	  	$	0.00	  	$	1,214.40	  	$	1,214.40
	 Ditco
	  	4250580836	  	16	  	$	911.37	  	$	0.00	  	$	911.37	  	$	0.00	  	$	911.37	  	$	911.37
	 Dps – State Of Arizona Azafis – E(
	  	1804	  	16	  	$	471.74	  	$	0.00	  	$	471.74	  	$	0.00	  	$	0.00	  	$	0.00
	 Eureka Networks
	  	27838716	  	16	  	$	1,500.00	  	$	0.00	  	$	8,197.28	  	$	0.00	  	$	0.00	  	$	0.00
	 George Washington University
	  	4258981991	  	16	  	$	2,878.16	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00
	 Hewitt Associates
	  	4258981977	  	16	  	$	1,011.41	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00
	 Icg Communications Inc.
	  	9327005	  	16	  	$	2,273.75	  	$	0.00	  	$	2,273.75	  	$	0.00	  	$	2,273.75	  	$	862.50
	 Kas Lighting
	  	9327041	  	16	  	$	406.60	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00
	 M C I – Delta
	  	9327199	  	16	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 	  	 	 
	 M C I Federal Systems
	  	9327223	  	16	  	$	18,047.25	  	$	0.00	  	$	14,261.71	  	$	0.00	  	$	0.00	  	$	0.00
	 M C I Metro
	  	9327006	  	16	  	$	22,455.94	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00
	 Mitsubishi Motor Sales Of Amer
	  	4250523603	  	16	  	$	6,316.03	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00
	 Sprint Pcs (Ca)
	  	9327175	  	16	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00
	 Sprint Spectrum
	  	9327053	  	16	  	$	644.00	  	$	0.00	  	$	644.00	  	$	0.00	  	$	644.00	  	$	644.00
	 T Mobile U S A
	  	9327038	  	16	  	$	882.60	  	$	0.00	  	$	882.60	  	$	0.00	  	$	882.60	  	$	882.60
	 T Mobile Usa
	  	9327055	  	16	  	$	269.63	  	$	0.00	  	$	269.63	  	$	0.00	  	$	269.63	  	$	269.63
	 Twentieth Century Fox
	  	4250521305	  	16	  	$	3,158.01	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00
	 Ubs Ag
	  	4250577515	  	16	  	$	4,825.12	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00
	 University Of Chicago
	  	5258981537	  	16	  	$	802.73	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00
	 Verizon Wireless
	  	9327045	  	16	  	$	532.50	  	$	0.00	  	$	632.50	  	$	0.00	  	$	632.50	  	$	632.50
	 Verizon Wireless – virginia
	  	9327025	  	16	  	$	12,768.25	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00
	 William Sonoma
	  	4250509785	  	16	  	$	2,842.21	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00	  	$	0.00
	 	  	 	  	 	  	
	
	  	
	
	  	
	
	  	
	
	  	
	
	  	
	

	 	  	 	  	 	  	$	137,379.84	  	$	0.00	  	$	64,875.08	  	$	0.00	  	$	41,462.98	  	$	54,610.59
	 	  	 	  	 	  	
	
	  	
	
	  	
	
	  	
	
	  	
	
	  	
	

			
	 Private Line Summation
	 	 CONFIDENTIAL
 January 2005

  

					
	 Acct. #

	    	 Company

	  	 Contract/Service Ordcer

	Spectrum	    	 Airetel
	  	 Spectrum-pre paid

	9327172	    	 ATTW
	  	 Expired SO

	4250562186	    	 Cingular Wireless
	  	 SO

	27838716	    	 Eureka
	  	 SO

	Spectrum	    	 ICNT
	  	 Spectrum-pre paid

	Spectrum	    	 Islanet
	  	 Contract in DC as per Joe

	GSA	    	 MAA
	  	 Govt. svcs.

	9327199	    	 MCI Delta
	  	 Currently renegotiating

	9327223	    	 MCI Federal
	  	 Currently renegotiating

	9327006	    	 MCI Metro
	  	 Currently renegotiating

	Spectrum	    	 Purelink
	  	 Spectrum-pre paid

	9327038	    	 T Mobile U S A
	  	 SO

	4250521305	    	 TWENTIETH CENTURY FOX
	  	 Currently renegotiating

	9327025	    	 Verizon Wireless-Virginia
	  	 SO

	4250509785	    	 WILLIAM SONOMA
	  	 Currently renegotiating

 PL – accts remaining 2-1-05 
  

																			
	 Site Address

	  	City

	  	State

	  	Zip Code

	  	 Company Name

	  	 Lessor Name

	  	 Lessor Address

	  	Lessor City

	  	Lessor
State

	  	Lessor Zip Code

	2001 Park Pl	  	Birmingham	  	AL	  	352032735	  	M C I FEDERAL SYSTEM (FAA)	  	WHML – S Real Estate LP c/o Action Group LP	  	600 Las Calinas Blvd E Suite 400	  	Irving	  	TX	  	750395646
										
	1000 W Lake St	  	Addison	  	IL	  	601012068	  	Cingular	  	J.D.P. Partnership	  	1000 Lake St	  	Addison	  	IL	  	601012086
										
	1001 State St	  	Erie	  	PA	  	165011814	  	M C I METRO (FAA)	  	Renaissance Centre Ltd c/o Realty Management Service	  	1001 State St Suite 103	  	Erie	  	PA	  	165011814
										
	2000 W Grandview	  	Erie	  	PA	  	165091029	  	M C I METRO (FAA)	  	Lord Corporation	  	111 Lord Dr PO Box 8012	  	Cary	  	NC	  	275117923
										
	10301 W Pico Blvd	  	Los Angeles	  	CA	  	900642607	  	TWENTIETH CENTURY FOX	  	Papazian Hirsch Studios, LLC	  	6625 Variel Avenue Suite 200	  	Canoga
Park	  	CA	  	91303-4001
										
	2121 Avenue Of The Stars	  	Los Angeles	  	CA	  	900674010	  	TWENTIETH CENTURY FOX	  	Fox Plaza, LLC	  	2121 Avenue Of The Stars Suite 2800	  	Los
Angeles	  	CA	  	9006750556
										
	17 State Street	  	New York	  	NY	  	100041501	  	Eureka – NYC	  	FiberNet Real Estate Services	  	50 Lexington Avenue 3rd Flr	  	New York	  	NY	  	100226837
										
	2 Wall St	  	New York	  	NY	  	100052001	  	Eureka – NYC	  	Fieldstone Capitol, Inc.	  	200 Madison	  	New York	  	NY	  	100163902
										
	39 Broadway	  	New York	  	NY	  	100063003	  	Eureka – NYC	  	39 Cam, LLC	  	42 Broadway	  	New York	  	NY	  	100041617
										
	1402 E Sunnyside Dr	  	Phoenix	  	AZ	  	850201215	  	AT&T WIRELESS COMMUNICATIONS	  	Antenna Sites, Inc.	  	7725 E Redfield Rd Suite 101	  	Scottsdale	  	AZ	  	852602984
										
	2001 Westmoreland St	  	Richmond	  	VA	  	232303227	  	Verizon Wireless – Virginia	  	Crown Castle GT Company, LLC	  	200 Corporate Dr.	  	Canonsburg	  	PA	  	15317
										
	3015 Dumbarton Rd	  	Richmond	  	VA	  	232285831	  	Verizon Wireless – Virginia	  	Crown Castle GT Company, LLC	  	200 Corporate Dr.	  	Canonsburg	  	PA	  	15317
										
	8006 Midlothian Tpke	  	Richmond	  	VA	  	232355232	  	Verizon Wireless – Virginia	  	Crown Castle GT Company, LLC	  	200 Corporate Dr.	  	Canonsburg	  	PA	  	15317

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