Document:

Exhibit 4.1

 

GENIE ENERGY LTD.

2011 STOCK OPTION AND INCENTIVE PLAN 

(Amended and Restated March 10, 2015)

 

	1.	Purpose; Types of Awards; Construction.

 

The purpose of
the Genie Energy Ltd. 2011 Stock Option and Incentive Plan (the “Plan”) is to provide incentives to executive officers,
employees, directors and consultants of Genie Energy Ltd. (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 of awards in partial substitution of incentive awards that covered shares
of the Class B common stock of IDT Corporation immediately prior to the spin-off of Genie Energy Ltd. by IDT Corporation (the “Spin-Off”).
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 of Section 162(m) of the Internal Revenue Code of 1986, 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.

 

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(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 Genie Energy Ltd., a corporation incorporated under the laws of the State of Delaware, or any
successor corporation.

 

(h)          
“Conversion Award” shall have the meaning specified in Section 25 hereof.

 

(i)            “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 Conversion 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.

 

(j)           
“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).

 

(k)          
“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.

 

(l)            “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.

 

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

 

(n)          
“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.

 

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

 

(q)          
“IDT Award” shall have the meaning specified in Section 25 hereof.

 

(r)           
“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.

 

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

 

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

 

(u)          
“Limited Right” shall mean a limited stock appreciation right granted pursuant to Section 10 of the Plan.

 

(v)          
“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.

 

(w)         
“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 $20,000 determined on the date that is within thirty (30) days following consummation of the Spin-Off.

 

(x)          
“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).

 

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

 

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

 

(aa)        
“Option Agreement” shall have the meaning set forth in Section 6 of the Plan.

 

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

 

(cc)       
“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.

 

(dd)        
“Plan” means this Genie Energy Ltd. 2011 Stock Option and Incentive Plan, as amended or restated from time to time.

 

(ee)        
“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.

 

(ff)         
“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.

 

(gg)        
“Restricted Period” shall have the meaning set forth in Section 11(b) of the Plan.

 

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(hh)       
“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.

 

(ii)          
“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.

 

(jj)         
“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.

 

(kk)       
“Separation Agreement” means that certain Separation and Distribution Agreement, by and between IDT and the Company,
dated as of October 28, 2011).

 

(ll)          
“Stock Appreciation Right” shall mean the right, granted to a Grantee under Section 9 of the Plan, 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.

 

(mm)     
“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.

 

(nn)        
“Tax Event” shall have the meaning set forth in Section 17 of the Plan.

 

(oo)       
“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 and “outside directors” under Section 162(m) of the Code, 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 of the Plan,
to administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary
or advisable in the administration of the Plan, including, without limitation, the authority to grant Options, Stock Appreciation
Rights, Limited Rights, Deferred Stock Units and Restricted Stock; to determine which options shall constitute Incentive Stock
Options and which Options shall constitute Nonqualified Stock Options; to determine which Options (if any) shall be accompanied
by Limited Rights; to determine the purchase price of the shares of Class B Common Stock covered by each Option; to determine the
persons to whom, and the time or times at which awards shall be granted; to determine the number of shares to be covered by each
award; to interpret the Plan and any award under the Plan; to reconcile any inconsistent terms in the Plan or any award under the
Plan; to prescribe, amend and rescind rules and regulations relating to the Plan; to determine the terms and provisions of the
Agreements (which need not be identical) and to cancel or suspend awards, as necessary; and to make all other determinations deemed
necessary or advisable for the administration of the Plan.

 

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

 

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

 

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	4.	Eligibility.

 

Awards may be granted
to executive officers, employees, directors and consultants of the Company or of any Subsidiary, except that Conversion Awards
may be granted to any person who holds IDT Awards. In addition to any other awards granted to Non-Employee Directors hereunder,
awards shall be granted to Non-Employee Directors pursuant to Section 12 of the Plan. 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 one million, three
hundred and twenty thousand (1,320,000), plus the number of shares of Class B Stock that are covered by Conversion Awards, subject
to adjustment as provided below and in Section 13 of the Plan. 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 Conversion 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.

 

(c)          
Other than in respect of Conversion Awards, in no event may a Grantee be granted during any calendar year Options to acquire more
than an aggregate of two hundred thousand (200,000) shares of Class B Common Stock or more than one hundred thousand (100,000)
shares of Restricted Stock or Deferred Stock Units, subject to adjustment as provided in Section 13 of the Plan.

 

	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 of the Plan.

 

(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.

 

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(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) of the Plan. 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.

 

(g)          
TERMINATION.  Except as provided in this Section 6(g) and in Section 6(h) of the Plan, 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) of the Plan), 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 of the Plan.

 

	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 of the Plan:

 

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

 

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

 

	9.	Stock Appreciation Rights.

 

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

 

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

 

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

 

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

 

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	10.	Limited Stock Appreciation Rights.

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	8

    	 

    

 

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

 

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

 

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

 

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

 

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

 

	11.	Restricted Stock.

 

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

 

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

 

    	9

    	 

    

 

(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.

 

(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 of the Plan (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.

 

    	10

    	 

    

 

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

 

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

 

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

 

(e)          
ACCELERATED LAPSE OF RESTRICTIONS.  Upon the occurrence of any of the events specified in Section 15 of the Plan (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.

 

    	11

    	 

    

 

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

 

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

 

	16.	Period During which Awards May Be Granted.

 

Awards may be granted
pursuant to the Plan, from time to time, until October 24, 2021 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.

 

    	12

    	 

    

 

	19.	Rights as a Stockholder.

 

Except as provided
in Section 11(d) of the Plan, 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) of the Plan.

 

	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 October 24, 2011 and shall terminate on the
tenth anniversary of such date. The Plan was ratified by the Company’s sole stockholder on October 25, 2011.

 

(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) of the Plan, 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.

 

    	13

    	 

    

 

	24.	Section 409A of the Code.

 

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

 

	25.	Converted IDT Awards

 

(a)          
As a result of the spin-off transaction contemplated by the Separation Agreement, certain awards (“Conversion Awards”)
may be issued under this Plan in connection with the equitable adjustment by IDT of certain stock options, restricted stock awards
and other equity-based awards previously granted by IDT (collectively, the “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 Conversion 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 Conversion 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 Conversion 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 Conversion Award under this Section 25.

 

(b)          
With respect to any Conversion 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 Conversion 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.

 

 

14EX-10.9.6

 Exhibit 10.9.6 

FIFTH AMENDMENT TO SECOND AMENDED AND RESTATED 

CREDIT AND SECURITY AGREEMENT 

THIS FIFTH AMENDMENT (the “Amendment”), dated October 21, 2014, is entered into by and between SCHUFF INTERNATIONAL,
INC., a Delaware corporation, and the other Persons listed in Schedule 1.1 of the Credit Agreement, as hereafter defined (collectively, jointly and severally the “Borrower”), and WELLS FARGO CREDIT, INC., a Minnesota corporation
(“Lender”). 
 RECITALS 

The Borrower and the Lender are parties to a Second Amended and Restated Credit and Security Agreement dated August 14, 2013 (as amended
from time to time, the “Credit Agreement”). Capitalized terms used in these recitals have the meanings given to them in the Credit Agreement unless otherwise specified. 

NOW, THEREFORE, in consideration of the premises and of the mutual covenants and agreements herein contained, it is agreed as follows: 

1. Credit Agreement Amendment. The Credit Agreement is hereby amended as follows: 

(a) The definition of “Fixed Charge Coverage Ratio” contained in Section 1.1 of the Credit Agreement is hereby deleted and
replaced as follows: 
 “Fixed Charge Coverage Ratio” means (i) EBITDA, minus (a) unfinanced Capital Expenditures made
(to the extent not already incurred in a prior period) or incurred during such period, and (b) cash taxes paid during such period, to the extent greater than zero, to (ii) Fixed Charges for such period. “Fixed Charges” means,
with respect to any fiscal period and with respect to a Borrower determined on a consolidated basis in accordance with GAAP, the sum, without duplication, of (a) cash Interest Expense paid during such period (other than interest paid-in-kind,
amortization of financing fees, and other non-cash Interest Expense), (b) principal payments paid in cash in respect of Indebtedness paid during such period, including cash payments with respect to capital leases, but excluding principal
payments made with respect to the Revolving Advances (unless there is a corresponding reduction in the Lender’s Commitment) and (c) dividends and distributions permitted to be paid hereunder and actually paid during such period. 

(b) Section 2.9(j) of the Credit Agreement is hereby deleted and replaced as follows: 

Real Estate Term Advance Prepayment Fee. If the Real Estate Term Advance or any Real Estate (2) Term Advance (M&E) is
prepaid in whole or in part prior to the Real Estate Facility Maturity Date for any reason, then on the date of any such prepayment, the Borrower shall pay to the Lender as liquidated damages and not as a penalty a prepayment fee in an amount equal
to (i) three 

  
 1 

 
percent (3.0%) of the amount prepaid, if prepayment occurs on or before April 30, 2016; (ii) two percent (2.0%) of the amount prepaid, if prepayment occurs after April 30,
2016 but on or before April 30, 2018 and (iii) one percent (1.0%) of the amount prepaid if the prepayment occurs after April 30, 2018. 

(c) Section 2.20 of the Credit Agreement is hereby deleted and replaced as follows: 

Section 2.20 Real Estate (2) Term Advances. 

(a) The Lender agrees, subject to the terms and conditions of this Agreement, to make advances to the Borrower (each a
“Real Estate (2) Term Advance”). Real Estate (2) Term Advances shall be classified as either Real Estate (2) Term Advances (M&E) or Real Estate (2) Term Advances (Working Capital). The Lender shall have no
obligation to make a Real Estate (2) Term Advance (M&E) if, after giving effect to such requested Real Estate (2) Term Advance (M&E), the aggregate original principal amount of all of the Real Estate (2) Term Advances
(M&E) made under this agreement would exceed $10,000,000.00. The Lender shall have no obligation to make a Real Estate (2) Term Advance (Working Capital) if, after giving effect to such requested Real Estate (2) Term Advance (Working
Capital), the aggregate original principal amount of all of the Real Estate (2) Term Advances (Working Capital) made under this agreement would exceed $5,000,000.00. Any Real Estate (2) Advances repaid may not be reborrowed. 

(b) The Borrower shall comply with the following procedures in requesting Real Estate (2) Term Advances: 

  (i) The Borrower shall make each request for a Real Estate (2) Term Advance to the Lender no later than the
Cut-off Time on the Banking Day on which the Borrower wishes to receive the Real Estate (2) Term Advance. Requests may be made in writing or by telephone, specifying the date of the requested Real Estate (2) Term Advance, designating such
advance as a Real Estate (2) Term Advance (M&E) or Real Estate (2) Term Advance (Working Capital) and the amount thereof. 

  (ii) Each Real Estate (2) Term Advance shall be a minimum of $1,000,000.00. 

  (iii) Each request shall be by an individual authorized pursuant to 2.2(a). 

  (iv) There may not be more than 4 Real Estate (2) Term Advances (Working Capital) and each must be requested
and disbursed on or before January 31, 2015; provided however, if, but only if, the Borrower is awarded phase 2 of Project Tiger, 

  
 2 

 
there may be an additional 5 Real Estate (2) Term Advances (Working Capital) and each of said additional Advances must be requested and disbursed on or before May 15, 2015. 

  (v) The proceeds of each Real Estate (2) Term Advance (M&E) may be used solely for Capital Expenditures
for Project Tiger. 
   (vi) There is not less than $10,000,000.00 in excess Availability on the date of each
request for a Real Estate (2) Term Advance. 
 (c) Upon fulfillment of the applicable conditions set forth in Article
IV, the Lender shall deposit the proceeds of the requested Real Estate (2) Term Advance by crediting the same to the Borrower’s demand deposit account specified in Section 2.2(b) unless the Lender and the Borrower shall agree in
writing to another manner of disbursement. Upon the Lender’s request, the Borrower shall promptly confirm each telephonic request for a Real Estate (2) Term Advance by executing and delivering an appropriate confirmation certificate to the
Lender. The Borrower shall be obligated to repay all Real Estate (2) Term Advances notwithstanding the Lender’s failure to receive such confirmation and notwithstanding the fact that the Person requesting the same was not in fact
authorized to do so. Any request for a Real Estate (2) Term Advance, whether written or telephonic, shall be deemed to be a representation by the Borrower, upon which the Lender may rely, that the Borrower is in compliance with the conditions
set forth in Section 4.2 as of the time of the request. 
 (d).1 Payment of the Real Estate {2) Term Advance
(M&E). The outstanding principal balance of the Real Estate (2) Term Advances (M&E) shall be due and payable as follows: 

     (i) In equal monthly installments sufficient to fully amortize the Real Estate (2) Term
Advances (M&E) over an assumed term of 5 years commencing on the date of disbursement of the first Real Estate (2) Term Advance (M&E) (the “Assumed Maturity Date”), beginning on the first day of the first month following the
disbursement of the first Real Estate (2) Term Advance (M&E), and on the first day of each month thereafter. The monthly installments shall be recalculated after the disbursement of each Real Estate (2) Term Advance (M&E) so that
all Real Estate (2) Term Advances (M&E) will be fully amortized by the Assumed Maturity Date. 

     (ii) All prepayments of principal with respect to the Real Estate (2) Term Advance (M&E)
shall be applied to the principal installments thereof in the inverse order of maturity. 

  
 3 

      (iii) On the Real Estate Facility Termination Date,
the entire unpaid principal balance of the Real Estate Term (2) Advance (M&E), and all unpaid interest accrued thereon, shall also be fully due and payable. 

(d).2 Payment of the Real Estate (2) Term Advance (Working Capital). The outstanding principal balance of the Real
Estate (2) Term Advances (Working Capital) shall be due and payable as follows: 
   (i) In equal monthly
installments sufficient to fully amortize the Real Estate (2) Term Advances (Working Capital) over the Assumed Maturity Date, beginning on the first day of the first month following the disbursement of the first Real Estate (2) Term
Advance (Working Capital), and on the first day of each month thereafter. The monthly installments shall be recalculated after the disbursement of each Real Estate (2) Term Advance (Working Capital) so that all Real Estate (2) Term
Advances (Working Capital) will be fully amortized by the Assumed Maturity Date. 
   (ii) All prepayments of
principal with respect to the Real Estate (2) Term Advance (Working Capital) shall be applied to the principal installments thereof in the inverse order of maturity. 

  (iii) On the Real Estate Facility Termination Date, the entire unpaid principal balance of the Real Estate Term
(2) Advance (Working Capital), and all unpaid interest accrued thereon, shall also be fully due and payable. 
 (d) Section 6.7
of the Credit Agreement is hereby deleted and replaced as follows: 
 6. 7 Dividends and Distributions. Except as provided in this
Section 6.7, neither the Borrower nor any of its Subsidiaries will declare or pay any dividends (other than dividends payable solely in stock of the Borrower) on any class of its stock or other ownership interests or make any payment on account
of the purchase, redemption or other retirement of any such stock or other ownership interests or make any distribution in respect thereof, either directly or indirectly, without the consent of the Lender, which consent may not be unreasonably
withheld. So long as Borrower is a “pass-through” tax entity for United States federal income tax purposes, and after first providing such supporting documentation as Wells Fargo may request (including the personal state and federal tax
returns (and all related schedules) of each Owner net of any prior year loss carry-forward, Borrower may pay Pass-Through Tax Liabilities. In addition, so long as (i) there is not a then existing Event of Default or Default Period and
(ii) there is not less than $10,000,000.00 (after giving 

  
 4 

 
effect to all Availability blocks) of excess Availability both before and after giving effect to the applicable dividend or distribution, the Borrower may declare and pay dividends and
distributions. 
 2. No Other Changes. Except as explicitly amended by this Amendment, all of the terms and conditions of the Credit
Agreement shall remain in full force and effect and shall apply to any advance or letter of credit thereunder. 
 3. Conditions
Precedent. This Amendment shall be effective when the Lender shall have received an executed original hereof, together with each of the following, each in substance and form acceptable to the Lender in its sole discretion: 

(a) A Certificate of the Secretary of the Borrower certifying as to (i) the resolutions of the board of directors of the Borrower
approving the execution and delivery of this Amendment, (ii) the fact that the articles of incorporation and bylaws or articles of organization and operating agreement, as applicable, of the Borrower, which were certified and delivered to the
Lender pursuant to a previous Certificate of Authority of the Borrower’s secretary or assistant secretary continue in full force and effect and have not been amended or otherwise modified except as set forth in the Certificate to be delivered,
and (iii) certifying that the officers and agents of the Borrower who have been certified to the Lender, pursuant to a previous Certificate of Authority of the Borrower’s secretary or assistant secretary, as being authorized to sign and to
act on behalf of the Borrower continue to be so authorized or setting forth the sample signatures of each of the officers and agents of the Borrower authorized to execute and deliver this Amendment and all other documents, agreements and
certificates on behalf of the Borrower. 
 (b) Such other matters as the Lender may reasonably require. 

4. Representations and Warranties. The Borrower hereby represents and warrants to the Lender as follows: 

(a) The Borrower has all requisite power and authority to execute this Amendment and any other agreements or instruments required hereunder
and to perform all of its obligations hereunder, and this Amendment and all such other agreements and instruments has been duly executed and delivered by the Borrower and constitute the legal, valid and binding obligation of the Borrower,
enforceable in accordance with its terms. 
 (b) The execution, delivery and performance by the Borrower of this Amendment and any other
agreements or instruments required hereunder have been duly authorized by all necessary corporate action and do not (i) require any authorization, consent or approval by any governmental department, commission, board, bureau, agency or
instrumentality, domestic or foreign, (ii) violate any provision of any law, rule or regulation or of any order, writ, injunction or decree presently in effect, having applicability to the Borrower, or the articles of incorporation or by-laws
of the Borrower, or (iii) result in a breach of or constitute a default under any indenture or loan or credit agreement or any other agreement, lease or instrument to which the Borrower is a party or by which it or its properties may be bound
or affected. 
 (c) All of the representations and warranties contained in Article V of the Credit Agreement are correct on and as of the
date hereof as though made on and as of such date, except to the extent that such representations and warranties relate solely to an earlier date. 

  
 5 

 5. References. All references in the Credit Agreement to “this Agreement” shall
be deemed to refer to the Credit Agreement as amended hereby; and any and all references in the Security Documents to the Credit Agreement shall be deemed to refer to the Credit Agreement as amended hereby. 

6. No Waiver. The execution of this Amendment and the acceptance of all other agreements and instruments related hereto shall not be
deemed to be a waiver of any Default or Event of Default under the Credit Agreement or a waiver of any breach, default or event of default under any Security Document or other document held by the Lender, whether or not known to the Lender and
whether or not existing on the date of this Amendment. 
 7. Release. The Borrower hereby absolutely and unconditionally releases and
forever discharges the Lender, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors,
officers, agents and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or
otherwise, which the Borrower has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Amendment,
whether such claims, demands and causes of action are matured or unmatured or known or unknown. 
 8. Costs and Expenses. The
Borrower hereby reaffirms its agreement under the Credit Agreement to pay or reimburse the Lender on demand for all costs and expenses incurred by the Lender in connection with the Loan Documents, including without limitation all title insurance
premiums and all reasonable fees and disbursements of legal counsel. Without limiting the generality of the foregoing, the Borrower specifically agrees to pay all reasonable fees and disbursements of counsel to the Lender for the services performed
by such counsel in connection with the preparation of this Amendment and the documents and instruments incidental hereto. The Borrower hereby agrees that the Lender may, subject to the terms of this Amendment, in its sole discretion and without
further authorization by the Borrower, make a loan to the Borrower under the Credit Agreement, or apply the proceeds of any loan, for the purpose of paying any such fees, disbursements, costs and expenses. 

9. Miscellaneous. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be
deemed an original and all of which counterparts, taken together, shall constitute one and the same instrument. 
 [EXECUTION PAGES
FOLLOW] 

  
 6 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their
respective officers thereunto duly authorized as of the date first above written. 
  

							
	For Each Person Comprising the Borrower	 	 SCHUFF INTERNATIONAL, INC., a
Delaware corporation

	 c/o Schuff International, Inc.
 1841
W. Buchanan Street
 Phoenix, Arizona 85007
 Telecopier:
(602) 452-4465
 Attention: Michael R. Hill
 e-mail:
mike.hill@schuff.com
	 		 		 	
	 	By	 	 /s/ Michael R. Hill

	 		 	Michael R. Hill
	 	Its:	 	Vice President and CFO
	 	  
 SCHUFF STEEL COMPANY, a
Delaware corporation

 

	 	By:	 	 /s/ Michael R. Hill

	 		 	Michael R. Hill
	 	Its:	 	 Vice President and CFO

		
		 	SCHUFF STEEL – ATLANTIC, LLC., a
Florida limited liability company
			
		 	By:	 	 Schuff Steel Company, a
Delaware corporation

		 		 	Its Managing Member
				
		 		 	By:	 	 /s/ Michael R. Hill

		 		 		 	Michael R. Hill
		 		 	Its:	 	Vice President and CFO
		
		 	 QUINCY JOIST COMPANY, a
 Delaware
corporation

			
		 	By:	 	 /s/ Michael R. Hill

		 		 	Michael R. Hill
		 		 	Its:	 	Vice President and CFO
		
		 	SCHUFF STEEL – GULF COAST, INC., a
Delaware corporation
			
		 	By:	 	 /s/ Michael R. Hill

		 		 	Michael R. Hill
		 		 	Its:	 	Vice President and CFO

  
 7 

 
			
	ON-TIME STEEL MANAGEMENT
	HOLDING, INC., a Delaware corporation
		
	By:		 /s/ Michael R. Hill

			Michael R. Hill
			Its: Vice President and CFO
	
	SCHUFF HOLDING CO., a Delaware corporation
		
	By		 /s/ Michael R. Hill

			Michael R. Hill
			Its: President
	
	ADDISON STRUCTURAL SERVICES, INC., a Florida corporation
		
	By		 /s/ Michael R. Hill

			Michael R. Hill
			Its: President
	
	SCHUFF STEEL MANAGEMENT COMPANY- SOUTHEAST L.L.C., a Delaware limited liability company
		
	By		 /s/ Michael R. Hill

	Name:		Michael R. Hill, Manager
	
	SCHUFF STEEL MANAGEMENT COMPANY- SOUTHWEST, INC., a Delaware corporation
		
	By:		 /s/ Michael R. Hill

			Michael R. Hill
			Its: Vice President and CFO
	
	SCHUFF STEEL MANAGEMENT COMPANY- COLORADO, L.L.C., a Delaware limited liability company
		
	By:		 /s/ Michael R. Hill

			Michael R. Hill, Manager

  
 8 

 
			
	SCHUFF PREMIER SERVICES LLC, a
	Delaware limited liability company
		
	By:		 /s/ Michael R. Hill

	Name:		Michael R. Hill, Manager
	
	WELLS FARGO CREDIT, INC.
		
	By		 

			Its Authorized Signatory

  
 9

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