Document:

Separation Agreement and General Release, dated May 29, 2008

 Exhibit 10.1 
 EXECUTION COPY 
 CONFIDENTIAL SEPARATION AGREEMENT AND GENERAL RELEASE 
 This CONFIDENTIAL SEPARATION AGREEMENT AND GENERAL RELEASE (“Agreement”), dated as of April 30, 2008, is hereby made between
MARC OPPENHEIMER (“EMPLOYEE”) and IDT CORPORATION and its divisions, affiliates, subsidiaries (including, but not limited to, IDT Telecom, Inc., Net2Phone, Inc. and Union Telecard Alliance, LLC and their respective divisions,
affiliates and subsidiaries), predecessors, successors and assigns (collectively, “IDT”). EMPLOYEE and IDT are hereinafter referred to individually as a “Party” and collectively as the
“Parties.” This Agreement will become effective on the Effective Date (as hereafter defined). 
 WHEREAS, EMPLOYEE
and IDT have mutually agreed to terminate EMPLOYEE’s employment with IDT effective as of the close of business on July 16, 2008 (the “Termination Date”); and 
 WHEREAS, EMPLOYEE and IDT have agreed to settle fully and finally any and all matters and/or controversies between them under the terms and conditions
set forth in this Agreement. 
 NOW, THEREFORE, with the intent to be legally bound hereby, and in consideration of the mutual promises and
covenants contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, IDT and EMPLOYEE agree to the terms and conditions set forth below. 
 1. Payment. 
 1.1.
EMPLOYEE shall be entitled to the following payments from IDT: 
 (a) EMPLOYEE shall receive his base salary and benefits
through the Termination Date. Any base salary earned through the Termination Date but unpaid at such time shall be paid at such time as other IDT employees are paid for such period. 
 (b) Promptly upon the expiration of the Revocation Period (as hereafter defined), IDT shall pay to EMPLOYEE, by wire transfer of
immediately available funds to an account designated by EMPLOYEE in writing to IDT, the amount of ($65,409.47) (the “Lump Sum Payment”). 
 (c) During the one-year period commencing July 17, 2008 and ending July 16, 2009 (the “Severance Pay
Period”) subject to IDT’s receipt from EMPLOYEE of an affirmation of the general release contained in Section 9 in the form of Exhibit B hereto and dated July 16, 2008, IDT agrees to pay EMPLOYEE severance
payments as follows: 
 (i) During the period commencing upon July 17, 2008 and ending December 31, 2008, the
aggregate amount of Two Hundred Eighty-One Thousand Five Hundred and Thirty Eight Dollars and Forty Five Cents ($281,538.45) payable in equal installments and in accordance with the same payroll schedule as active IDT employees (the
“Short-Term Severance Payments”). 

 (ii) During the period commencing upon January 1, 2009 and ending
July 16, 2009, the aggregate amount of Three Hundred Twenty Eight Thousand Four Hundred and Sixty One Dollars and Fifty Five Cents ($328,461.55) payable in equal installments and in accordance with the same payroll schedule as active IDT
employees (the “Termination Payments”). 
 (d) The Lump Sum Payment and Short-Term Severance Payments
under Section 1.1 (b) and subparagraphs (i) of Section 1.1.(c) of this Agreement are intended to constitute separate payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations and thus payable pursuant to
the “short-term deferral” rule set forth in Section 1.409A-1(b)(4) of the Treasury Regulations. The Termination Payments under subparagraph (ii) of Section 1.1.(b) of this Agreement are intended to constitute separate
payments for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations made upon an involuntary termination from service and payable pursuant to Section 1.409A-1(b)(9)(ii) of the Treasury Regulations. 
 1.2. EMPLOYEE shall receive reimbursement by IDT for all reasonable and approved business expenses incurred prior to the Termination Date
in accordance with IDT’s policies. 
 1.3. All payments hereunder shall be less required withholdings for taxes and
benefit plan contributions (if any). 
 2. Benefits. 
 2.1. As of August 1, 2008, EMPLOYEE shall be eligible to elect the continuance of group health and dental insurance (if EMPLOYEE is
currently enrolled in the IDT sponsored plan), in accordance with the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended, (“COBRA”). If EMPLOYEE wishes to elect coverage under COBRA, EMPLOYEE must complete
and sign the appropriate COBRA Election Form and return it to COBRA Elect in accordance with COBRA. 
 2.2. If EMPLOYEE so
elects, and so long as EMPLOYEE is entitled to COBRA coverage, during the Severance Pay Period, EMPLOYEE’S premiums for group health and dental insurance under COBRA shall be the same amount that an active employee contributes for such benefit
coverage. Thereafter, and until the end of the applicable COBRA coverage period, and so long as EMPLOYEE is entitled to COBRA coverage, EMPLOYEE’s premiums for COBRA coverage will be the published rate of group health insurance under COBRA.
EMPLOYEE will not be entitled to any additional benefits after such COBRA coverage period. 
 2.3. After the Termination Date,
EMPLOYEE will not continue to accrue vacation benefits or commissions, or otherwise be eligible for Life or Disability benefits, or continue to contribute to the IDT Savings Plan or 401(k) 

 
Plan, or participate in the Employee Stock Purchase Plan, and will not receive any other benefits from IDT, other than those specified in this Agreement.

 2.4. Notwithstanding anything contained herein to the contrary, from and after the Termination Date, EMPLOYEE shall
continue to be entitled to indemnification pursuant to any applicable provision of the Certificate of Incorporation or By-laws of IDT which purport to create, for the benefit of EMPLOYEE, rights to indemnification and to any benefits under any
applicable directors and officers insurance policies maintained by IDT (but nothing herein shall preclude IDT from altering, amending, modifying or supplementing any provision of its Certificate of Incorporation or By-laws or any such insurance
policy, or terminating any such insurance policy). EMPLOYEE’s rights with respect to any options to purchase IDT stock or IDT stock he may have received from IDT are governed by the applicable award agreements and plan documents. 
 3. Payment of all Outstanding Compensation. Except for those obligations specifically set forth in this Agreement, and for those obligations set
forth in the stock option, restricted stock and other equity award agreements and benefit plans, as of the Termination Date, any and all agreements or arrangements between the Parties related to commissions, bonuses, ownership or other interests in
any entities or assets, payments and/or compensation of any kind (“Compensation”) are deemed null and void without any continuing obligation or liability of any party thereunder; it being understood that, among other things,
from and after the Termination Date except as expressly provided hereunder IDT will have no obligation to pay EMPLOYEE any Compensation or have any duties, responsibilities or other obligations to EMPLOYEE with respect to any agreement or
arrangement and EMPLOYEE will have no rights thereunder. 
 4. Equipment. EMPLOYEE will return any and all IDT property and equipment
in his possession, including, but not limited to, any and all IDT identification cards, card key passes, keys, pagers, computers (laptops or desktops), cellular telephones, BlackBerry or similar personal digital assistant devices, corporate credit
cards, corporate calling cards, and any other property or equipment in his possession that IDT may not know of, on or before the Termination Date. 
 5. Termination of Employment; Resignation. EMPLOYEE acknowledges and agrees that his employment by IDT terminated on the Termination Date, and that he will be deemed to have resigned from all officer positions and directorships that
he may hold with IDT (or otherwise at the request of IDT) at such time including without limitation as an officer of IDT Corporation. On or prior to the Termination Date, EMPLOYEE shall execute and deliver a resignation letter from such officer
positions and directorships in the form attached hereto as Exhibit A. EMPLOYEE acknowledges and agrees that he is due no other compensation, commission payments, benefits or other consideration of any kind other than as specifically identified in
this Agreement. 
 6. Re-employment or Reinstatement. EMPLOYEE recognizes and acknowledges that IDT has no obligation to recall,
rehire, or re-employ EMPLOYEE in the future. 

 7. Cooperation. 
 7.1. EMPLOYEE agrees to cooperate with reasonable requests for advice, cooperation and/or assistance made by IDT, at no charge, in
connection with matters he worked on while employed by IDT, including, without limitation, to assist in the orderly transition of his duties and responsibilities and any outstanding projects to the individual (or individuals) designated by IDT.
EMPLOYEE shall be entitled to reimbursement from IDT of his actual out-of-pocket expenses incurred in providing such advice, cooperation and assistance. EMPLOYEE shall not be entitled to any additional compensation in return for his reasonable
cooperation. Failure by EMPLOYEE to provide complete and honest cooperation will constitute a material breach of this Agreement. 
 7.2. In furtherance of the foregoing, EMPLOYEE agrees to cooperate with all reasonable requests which IDT may make, including but not limited to, requests for information, interviews, depositions (to be conducted at a mutually convenient
and reasonable time) and/or at trial related to any legal action arising from events which occurred during EMPLOYEE’s employment. IDT shall in good faith attempt, when possible, to issue the above referenced requests so as not to prevent
EMPLOYEE’s efficient disposition of same, and EMPLOYEE agrees to comply in good faith with IDT’s requests. EMPLOYEE shall be entitled to reimbursement from IDT of his actual out-of-pocket expenses incurred in providing such advice,
cooperation and assistance. EMPLOYEE shall not be entitled to any additional compensation in return for his reasonable cooperation. 
 8.
No Other Inducements. EMPLOYEE acknowledges that the payments described in Section 1 are made solely in consideration of and in exchange for his execution of this Agreement and the general release. EMPLOYEE acknowledges that he is
not otherwise entitled to receive the payments and other items of value referenced above, absent his execution of this Agreement, and that no other promise or agreements of any kind have been made to him or with him by any person or entity
whatsoever to cause him to sign this Agreement. 
 9. Release. 
 9.1. For good and valuable consideration (the receipt and sufficiency of which hereby are acknowledged) and as a material inducement to
IDT to enter into this Agreement, EMPLOYEE, for himself and his heirs, executors, administrators, personal representatives and members of his immediate family, hereby voluntarily, irrevocably and unconditionally releases, acquits and forever
discharges IDT and its present and former officers, directors, employees, shareholders, consultants, attorneys, advisors, insurers, agents and representatives, and all persons acting by, through, under or in concert with any of them (whether any of
the aforementioned individuals were acting as agents for IDT or in their individual capacities) (collectively, the “Released Parties”) from any and all claims and causes of action (except those necessary to enforce his rights
under this Agreement) including, but not limited to, claims related to EMPLOYEE’s employment, or separation from employment,; any claims for salary, bonuses, commissions, payments related to severance pay, vacation pay or any benefits under the
Employee Retirement Income Security Act (except for vested ERISA benefits which are not affected by this Agreement); any claims for option, stock 

 
or other incentive awards; any claim under New Jersey’s Wage and Hour Laws, or other state wage and hour laws; any claim under the Worker Adjustment and
Retraining and Notification Act; any claim alleging sexual or other harassment, or discrimination based on race, color, national origin, ancestry, religion, marital status, sex, sexual orientation, citizenship status, pregnancy, medical condition,
handicap or disability (as defined by the Americans with Disabilities Act or any foreign, federal, state or local law), age, or any other unlawful discrimination (under the Age Discrimination in Employment Act, as amended by the Older Workers
Benefit Protection Act of 1990, Title VII of the Civil Rights Act of 1964, as amended, the Americans with Disabilities Act, the Equal Pay Act, the Violence Against Women Act, the New Jersey Law Against Discrimination, or any other foreign, federal,
state or local laws); discharge in violation of New Jersey’s Conscientious Employee Protection Act or other foreign, state or federal “whistle blower” laws; discharge in violation of the federal Family and Medical Leave Act, the New
Jersey Family Leave Act or other foreign, state or federal family leave laws; the New Jersey Temporary Disability Benefits Law, breach of implied or express contract, breach of promises, misrepresentation, negligence, fraud, estoppel, defamation,
infliction of emotional distress, violation of public policy, retaliatory discharge, wrongful or constructive discharge, retaliation, intentional tort or for attorneys' fees, which EMPLOYEE or his heirs, executors, administrators, personal
representatives or members of his immediate family now have, ever had or may hereafter have, whether known or unknown, suspected or unsuspected, up to and including the date both Parties have executed this Agreement. 
 9.2. EMPLOYEE, for himself and his heirs, executors, administrators, personal representatives and members of his immediate family, also
hereby waives all rights to file any charge or complaint against IDT arising out of EMPLOYEE’s employment by or termination thereof from IDT before any federal, state or local administrative agency, except where any law prohibits such waivers.
EMPLOYEE, for himself and his heirs, executors, administrators, personal representatives and members of his immediate family, further waives all rights to recover any damages or equitable or other relief in any claim or suit brought by or through
the Equal Employment Opportunity Commission, or any other federal, state or local agency under the Age Discrimination in Employment Act, as amended by the Older Workers Benefit Protection Act of 1990, Title VII of the Civil Rights Act of 1964, as
amended, the Americans with Disabilities Act, the Equal Pay Act, the New Jersey Law Against Discrimination or any other foreign, federal, state, or local discrimination law, except where such waiver is prohibited by law. 
 9.3. EMPLOYEE further agrees, promises and covenants that neither he nor his heirs, executors, administrators, personal representatives,
members of his immediate family or any person, organization, or other entity acting on his behalf has filed, charged or claimed, or will file, charge or claim, or will cause or permit to be filed, charged or claimed, any action for damages or other
relief (including injunctive, declaratory, monetary relief or other) against the Released Parties involving any matter occurring in the past up to the Effective Date (as 

 
hereafter defined), or involving or based upon any claims, demands, causes of action, obligations, damages or liabilities which are later discovered.

 9.4. EMPLOYEE further agrees that the releases contained in Sections 9.1 through 9.3 above shall survive in
the event of a breach by EMPLOYEE (or any person, organization or entity acting on his behalf) of this Agreement, or any representation, warranty, promise, covenant or other obligation contained herein or therein. 
 9.5 EMPLOYEE agrees to affirm the releases contained in Sections 9.1 through 9.3 above as of the Termination Date in the
form of Exhibit B. Failure to provide such affirmation upon request of IDT will constitute a material breach of the Agreement. 
 9.6 To the knowledge of IDT as of the Termination Date, it does not have any claims or causes of action against EMPLOYEE; provided that nothing herein shall be deemed to be a release by IDT or any other party of any
claims or causes of action against EMPLOYEE or waiver of any rights. 
 10. No Admission of Liability. The making of this Agreement
and anything contained herein is not intended, and shall not be construed, as an admission that IDT has violated any foreign, federal, state or local law (statutory or common law), ordinance or regulation; breached any contract; or violated any
right or obligation that it may owe or may have owed to EMPLOYEE, or committed any wrong whatsoever against EMPLOYEE. EMPLOYEE further acknowledges, covenants, and agrees that no final findings or final judgments have been made by any court or
arbitration panel against IDT in favor of EMPLOYEE, and that EMPLOYEE does not purport and will not claim to be a prevailing party, for any purpose. 
 11. Confidentiality of Agreement. The Parties agree that the consideration furnished under this Agreement, the discussions and correspondence that led to this Agreement, and the terms and conditions of this
Agreement are confidential. EMPLOYEE represents that he, and any attorney he may have retained to review this Agreement, have not disclosed the terms or conditions of this Agreement. Except as may be required by law or to enforce the terms hereof,
neither EMPLOYEE nor his attorney may disclose the above information to any other person or entity, except that EMPLOYEE may disclose the provisions of this Agreement to his immediate family members and financial and/or tax advisor, provided
that EMPLOYEE makes the person to whom disclosure is made aware of the confidentiality provisions of this Agreement and such person agrees in writing to keep confidential the terms of this Agreement. If subpoenaed to appear in any civil or criminal
litigation, or by any governmental authority, to testify as to the contents of this Agreement, EMPLOYEE agrees to immediately forward a copy of the subpoena to the CLO of IDT so that IDT may contest such subpoena, or any request, requirement or
order related thereto, and to notify the proponent of the subpoena that this Agreement is the subject of an agreement of confidentiality. IDT may disclose the terms and conditions of this Agreement to its respective officers, directors, employees,
accountants and counsel who have a business 

 
need to know, and as otherwise required by law. EMPLOYEE further agrees that he will not encourage others who are not Parties to this Agreement to demand any
disclosure of the terms and conditions of this Agreement. 
 12. Intellectual Property and Non-Disclosure Obligations. 
 12.1. EMPLOYEE agrees that he will not file, without the express written consent of the CEO or CLO of IDT Corporation, any patent,
copyright or trademark applications relating to any IDT Invention (as hereafter defined), except under the direction of IDT Corporation. As referred to in this Agreement, “IDT Invention” shall mean all ideas, inventions,
discoveries, improvements, trade secrets, formulae, techniques, data, software, programs, systems, specifications, developments, system architectures, documentation, algorithms, flow charts, logic diagrams, source code, methods, processes, marketing
and business data, including works-in-progress, whether or not subject to statutory protection, whether or not reduced to practice, which were conceived, created, authored, developed, or reduced to practice by EMPLOYEE, either alone or jointly with
others, whether on the premises of IDT or not, during his employment by IDT. EMPLOYEE agrees to assist IDT in perfecting, registering, maintaining, and enforcing, in any jurisdiction, IDT’s rights (including such rights as may be assigned by
IDT from time to time) in the IDT Inventions by performing promptly all acts and executing all documents deemed necessary or convenient by IDT and does hereby irrevocably designate and appoint IDT and its duly authorized officers and agents as his
agent and attorney-in-fact to do all lawfully permitted acts (including, but not limited to, the execution, verification and filing of applicable documents) with the same legal force and effect as if performed by him. 
 12.2. EMPLOYEE agrees that he will not, without the express written consent of the CEO or CLO of IDT Corporation, use the Confidential
Information (as hereafter defined). As referred to in this Agreement, “Confidential Information” shall mean technical and business information about IDT, and its clients and customers that was learned by EMPLOYEE in the
course of his employment by IDT and that was not already in the public domain through no fault of EMPLOYEE including, without limitation, any and all proprietary IDT Inventions, any trade secrets, customer and potential customer names, product plans
and designs, licenses and other agreements, marketing and business plans, and other financial and business information of IDT. EMPLOYEE will not duplicate or replicate (or cause or permit others to duplicate or replicate) any document or other
material in any medium embodying any Confidential Information. EMPLOYEE will not disclose or permit the disclosure of any Confidential Information to any person or entity under any circumstances, unless EMPLOYEE is required to disclose such
information by law or pursuant to a judicial order, and in such case, prior written notice to IDT is required where possible. All of the Confidential Information shall remain the sole and exclusive property of IDT. IDT owns all right, title and
interest in and to the Confidential Information and other intellectual property owned by IDT, including, without limitation, the IDT Inventions. EMPLOYEE agrees that he acquired no right, title 

 
or interest in any Confidential Information or the IDT Inventions; and the Confidential Information is specialized, unique in nature, and of great value to
IDT and that such Confidential Information gives IDT a competitive advantage. EMPLOYEE hereby agrees to promptly return to IDT all tangible materials and all copies thereof, in whatever media, in his possession or control, containing or employing
any Confidential Information or the IDT Inventions, together with a written certification with the foregoing. 
 12.3.
EMPLOYEE acknowledges and agrees that all copyrights, trademarks, patents and IDT Inventions conceived, created, authored, developed or reduced to practice by EMPLOYEE during his employment with IDT are the sole and exclusive property of IDT; all
copyrightable works included in the IDT Inventions shall be “works made for hire” within the meaning of the Copyright Act of 1976, as amended (17 U.S.C. §101), and IDT Corporation is the “author” within the meaning of such
Act; and in the event that title to any or all of the IDT Inventions does not or may not, by operation of law, vest in IDT, EMPLOYEE hereby assigns to IDT all his right, title and interest in all IDT Inventions, and all copies of them, in whatever
medium fixed or embodied, and in all writings relating thereto in his possession or control and expressly waives any moral rights or similar rights in any IDT Invention or any such work made for hire. 
 12.4. EMPLOYEE acknowledges and agrees that: 
 (a) (i) IDT owns all right, title and interest in and to the Confidential Information and IDT Inventions, and (ii) EMPLOYEE acquired
no right, title or interest in any Confidential Information or the IDT Inventions; and 
 (b) The Confidential Information is
specialized, unique in nature, and of great value to IDT and that such Confidential Information gives IDT a competitive advantage; and 
 (c) EMPLOYEE hereby agrees to promptly return to IDT all tangible materials and all copies thereof, in whatever media, in his possession or control, containing or employing any Confidential Information, together with
a written certification with the foregoing. 
 13. Non-Competition and Non-Solicitation. 
 13.1. EMPLOYEE acknowledges and agrees that, during the one-year period following the Termination Date (except upon express written
consent of IDT): 
 (a) EMPLOYEE shall not, either as an employee, employer, consultant, agent, principal, partner,
stockholder, corporate officer, director or in any other individual or representative capacity, engage or participate, invest in (except for investments of less than 5% of a business entity’s capitalization) or become employed by any business
that is in competition in any manner whatsoever with the business of IDT as of the Termination Date; 

 (b) EMPLOYEE shall not, directly or indirectly, influence or attempt to influence, or
assist or advise any person attempting to influence, customers, distributors, partners or suppliers of IDT (i) to divert any part of their business away from IDT, (ii) to cause damage to the business of IDT, or (iii) to do any
material business with any competitor of IDT; and 
 (c) EMPLOYEE shall not, directly or indirectly, except for general
solicitations not directed at IDT specifically, solicit or recruit any employee, officer, partner or consultant of IDT to leave the employment of IDT or terminate his/her relationship with IDT and EMPLOYEE shall not advise or otherwise assist any
other person to solicit or recruit any employee, officer, partner or consultant of IDT. 
 13.2. The Parties agree that the
provisions of this Section 13 replace all prior non-competition and non-solicitation provisions in any agreements between EMPLOYEE and IDT notwithstanding any survival clauses contained therein. The Parties further agree that the
provisions of this Section 13 shall be interpreted as broadly as possible in favor of IDT. 
 14. Non-Disparagement.

 14.1. EMPLOYEE agrees that he will not at any time, in any way, disparage IDT or any individuals associated with IDT,
including its present or former officers, directors, agents and employees, by making or soliciting any comments, statements or the like to the media or to others, either orally or in writing, that may be considered to be derogatory or detrimental,
in any way, to the good name or business reputation of IDT or such other persons. EMPLOYEE further agrees that he will not engage in any conduct that is in any way injurious, or may be perceived to be injurious, to IDT’s reputation or interest
(other than normal competitive process not in violation of this Agreement), including, but not limited to, encouraging or assisting others to bring any form of suit, claim or cause of action against IDT. 
 14.2. IDT agrees that it will use reasonable efforts to ensure that neither it, nor its subsidiaries, officers, directors, employees or
agents or anyone acting on IDT’s behalf, shall (i) make any derogatory, disparaging or critical statement or comments, either orally or in writing, about the EMPLOYEE, his reputation, business expertise and job performance or
(ii) with the exception of any disclosures required by law, communicate, directly or indirectly, with the press or other media concerning the EMPLOYEE in any manner. 
 15. Breach. EMPLOYEE agrees and acknowledges that if he breaches any representation, covenant, promise or undertaking made pursuant to this Agreement, IDT is authorized to pursue all rights and remedies
available in law or in equity, which rights and remedies may include, but are not limited to, EMPLOYEE’s obligation to promptly return to IDT all amounts paid by IDT to EMPLOYEE under this Agreement. 

 16. Agreement Not Admissible. The Parties agree that this Agreement may be used and admitted as
evidence only in a subsequent proceeding in which IDT or EMPLOYEE seeks to enforce its/his rights hereunder. 
 17. Representations and
Warranties. EMPLOYEE represents and warrants that he has been given a reasonable and sufficient period of time to consider the terms and conditions of this Agreement; that he has been advised in writing to consult with an attorney before signing
this Agreement; that he has had an opportunity to be represented by independent legal counsel of his own choice throughout all of the negotiations preceding the execution of this Agreement; that he has executed this Agreement after the opportunity
for consultation with above-described independent legal counsel; that he is of sound mind and body, competent to enter into this Agreement, and is fully capable of understanding the terms and conditions of this Agreement; that he has carefully read
this Agreement in its entirety; that he has had the opportunity to have the provisions of this Agreement explained to him by his own counsel, who has answered to his satisfaction any questions he has asked with regard to the meaning of any of the
provisions of this Agreement, and that he fully understands their terms and significance; and that he voluntarily assents to all the terms and conditions contained therein, and that he is signing this Agreement of his own force and will, without any
coercion or duress. EMPLOYEE acknowledges and agrees that EMPLOYEE is not relying on IDT for, and IDT is not providing, any tax, legal, or accounting advice and that EMPLOYEE is solely responsible for any taxes, interest or penalties relating to
benefits he may receive under this Agreement including, but not limited to, any taxes, interest or penalties that may be imposed under Section 409A of the Internal Revenue Code (“409A”) and EMPLOYEE agrees to indemnify and hold
harmless IDT from and against any and all taxes, interest, penalties, and other costs and expenses as a result of any non-compliance with 409A. 
 18. Consideration and Revocation Periods. Pursuant to the Older Workers Benefit Protection Act, EMPLOYEE is advised that he shall have at least 21 days to consider this Agreement before signing it, but may sign this Agreement at any
earlier time if he so desires. If EMPLOYEE signs this Agreement, he shall have 7 calendar days thereafter (the “Revocation Period”) to revoke this Agreement by indicating his desire to do so, in writing, addressed to IDT
Corporation—Legal Department, 520 Broad Street, 4th Floor, Newark, New Jersey 07102 (attention: Director of Legal Operations). In order for such revocation to be effective, it must be received before 5:00 p.m. on the seventh day following the
date this Agreement was executed by EMPLOYEE. The effective date of this Agreement shall be the 8th day following the execution of this Agreement by EMPLOYEE (the “Effective Date”). In the event EMPLOYEE does not accept this
Agreement, or in the event EMPLOYEE revokes this Agreement during the Revocation Period, this Agreement, including, but not limited to, the obligation of IDT to make the payments set forth in Section 1, shall automatically be deemed null and
void, and EMPLOYEE shall promptly return to IDT any amounts paid by IDT to EMPLOYEE under this Agreement. 
 19. Severability. If, at
any time after the date EMPLOYEE executes this Agreement, any provision of this Agreement shall be held to be illegal, void or unenforceable, such provision shall be of no force and effect, provided that, in the event that any provision of
Section 13 is held invalid or unenforceable or is deemed to exceed 

 
the time, geographic or scope limitations permitted by applicable law, then such provisions shall be reformed to the maximum time, geographic or scope
limitations, as the case may be, permitted by applicable laws, and such other changes shall be made to give effect to the original intent of the Parties. The illegality or unenforceability of any provision shall have no effect upon, and shall not
impair the enforceability of, any other provision of this Agreement, provided that, upon a finding by a court or agency of competent jurisdiction that the release of claims contained in Section 9 is illegal, void or unenforceable,
EMPLOYEE agrees that, at the request of IDT, he will execute a release covering all the same claims as are released under Section 9 that are legal and enforceable, or, if the basis on which the release was found illegal, void or
unenforceable cannot be so cured, to return promptly to IDT, upon its request, all amounts paid to him under this Agreement. 
 20. Prior
Agreements Superseded; No Oral Modification. This Agreement constitutes the complete understanding between the Parties and supersedes any and all prior agreements (whether oral or written) between the Parties (including, but not limited to, all
agreements related to commissions and any other payments). EMPLOYEE acknowledges that neither IDT nor any representative of IDT has made any representation or promises to EMPLOYEE other than as set forth herein. This Agreement may not be modified
except in a writing signed by both EMPLOYEE and the CEO of IDT Corporation. 
 21. No Assignment of Claims. Each of the Parties
represents and warrants that it/he has not assigned or transferred any of the claims released under this Agreement, or any portion of or interest in any such claims, to any other individual, firm, or other entity. 
 22. Dispute Resolution. Any dispute arising out of or relating to this Agreement shall be finally determined by arbitration in the State of New
Jersey in accordance with the employment arbitration rules of the American Arbitration Association by a neutral arbitrator with no direct or indirect relationship to either party. In such arbitration, (a) the arbitrator shall agree to treat all
evidence as confidential; (ii) the arbitrator shall have no authority to amend or modify any of the terms of this Agreement; (iii) the arbitrator shall have 10 business days from the closing statements or submission of post-hearing briefs
by the parties to render his or her decision. The results of any such arbitration shall be final and binding upon the parties hereto, and any party may enforce any arbitration award in any court of competent jurisdiction. Each party shall bear
its/his own costs of participating in the arbitration proceedings. 
 23. Choice of Law. This Agreement will be construed and enforced
in accordance with the laws of the State of New Jersey, without regard to its conflict of law rules. 
 24. Counterparts. This
Agreement may be executed in counterparts, each of which shall be deemed an original. Facsimile signatures shall be deemed effective if subsequently followed by handwritten signatures. 
 25. Construction of Agreement. This Agreement shall be interpreted without regard to the identity of the drafter, and shall not be construed for
or against either party. 

 
The subheadings in this Agreement are for convenience only and shall not affect the interpretation of the substantive terms of this Agreement. 
 26. Binding Agreement. This Agreement shall inure to the benefit of and be binding upon the Parties and their respective heirs, administrators,
representatives, executors, successors and assigns. 
 [Signature Page Follows] 

 WHEREFORE, the Parties, by their signatures below, evidence their agreement to the provisions stated
above. 
  

			
	 IDT CORPORATION

		
	 By:
	 	/s/ James A. Courter
		 	   Name: James A. Courter
   Title:
Chief Executive Officer

	
	 Dated: May 29, 2008

 I HAVE READ AND UNDERSTOOD THIS AGREEMENT, INCLUDING THE GENERAL RELEASE OF ALL CLAIMS
CONTAINED IN SECTION 9, AND AM IN AGREEMENT WITH ITS TERMS. 
  

	
	EMPLOYEE:
	
	     /s/ Marc J,
Oppenheimer                

	 Name: Marc Oppenheimer

	
	 Dated: May 29, 2008

  

	
	 Sworn to before me this
                  day of
                                    .

	  
                                       
                   

	Notary Public

 EXHIBIT A 
 April 30, 2008 
 The Board of Directors 
 IDT
Corporation 
 520 Broad Street 
 Newark, New Jersey 07102

  

	Re:	Resignation 

 Dear Sirs: 
 I hereby resign my position as Chief Operating Officer of IDT Corporation, effective April 30, 2008. 
 I confirm that I have no claim against IDT Corporation for compensation for loss of office. 
 Very truly yours, 

Marc Oppenheimer 

 EXHIBIT B 
 AFFIRMATION 
 Reference is made to the CONFIDENTIAL SEPARATION AGREEMENT AND GENERAL RELEASE
(“Agreement”), dated as of April 30, 2008, between MARC OPPENHEIMER (“EMPLOYEE”) and IDT CORPORATION and its divisions, affiliates, subsidiaries (including, but not limited to, IDT Capital, Inc.,
IDT Telecom, Inc., Net2Phone, Inc. and Union Telecard Alliance, LLC and their respective divisions, affiliates and subsidiaries), predecessors, successors and assigns (collectively, “IDT”). All terms used but not defined
herein shall have the respective meanings attributed to them in the Agreement. 
 EMPLOYEE hereby ratifies and affirms the release (and other
provisions) set forth in Section 9 of the Agreement of all claims and causes of action he and his heirs, executors, administrators, personal representatives and members of his immediate family now have, ever had or may hereafter have, whether
known or unknown, suspected or unsuspected, up to and including the date of this Affirmation against the Released Parties (except actions brought to obtain benefits specifically set forth in the Agreement). Pursuant to the Older Workers Benefit
Protection Act, EMPLOYEE is advised that he shall have 7 calendar days after he signs this Affirmation to revoke it by indicating his desire to do so, in writing, addressed to IDT Corporation—Legal Department, 520 Broad Street, 4th Floor,
Newark, New Jersey 07102 (attention: Chief Legal Officer). In order for such revocation to be effective, it must be received before 5:00 p.m. on the 7th day following the date this Affirmation was executed by EMPLOYEE. The effective date of this
Affirmation shall be the 8th day following the execution hereof. In the event 

 
EMPLOYEE revokes this Affirmation, EMPLOYEE shall promptly return to IDT any amounts paid by IDT to EMPLOYEE under Section 1.1(c) of the Agreement prior
to the effective date of this Affirmation. 
 I HAVE READ AND UNDERSTAND THIS AFFIRMATION AND AM IN AGREEMENT WITH ITS TERMS.

  

							
				
	Dated:	 	  	 		 	  
		 		 		 	Marc Oppenheimer

 Sworn to before me this              day of
                        , 2009. 
 _________________________________ 
 Notary PublicEXHIBIT 10.1

 Exhibit 10.1 
 Execution Version 
 FIRST AMENDMENT 
 TO CREDIT AGREEMENT 
 THIS FIRST AMENDMENT TO CREDIT AGREEMENT (this
“Amendment”) is dated as of May 29, 2008 and is entered into by and among SRA INTERNATIONAL, INC., a Delaware corporation (the “Borrower”), the Subsidiary Guarantor listed on the signature pages hereto
(the “Guarantor”), the existing Lenders party to the Credit Agreement (as defined below) (the “Existing Lenders”), each of the Persons becoming Lenders by the execution of this Amendment (the
“Assuming Lenders,” and, together with the Existing Lenders, the “Lenders”), CITIBANK, N.A. (“Citibank”), as existing Agent for the Lenders (the “Existing Agent”),
SUNTRUST BANK (“SunTrust”) as successor Agent pursuant to Section III below (the “Successor Agent”), SUNTRUST ROBINSON HUMPRHEY as a Joint Lead Arranger. BANK OF AMERICA, N.A., as
Syndication Agent and a Joint Lead Arranger, and BRANCH BANKING & TRUST COMPANY, as Documentation Agent, and is made with reference to that certain CREDIT AGREEMENT, dated as of August 9, 2007 (the “Credit
Agreement”) by and among the Borrower, the Guarantor, the Existing Lenders, the Existing Agent and the other agents party thereto. Capitalized terms used herein without definition shall have the same meanings herein as set forth in the
Credit Agreement. 
 RECITALS 
 WHEREAS, the Borrower has delivered a notice to the Existing Agent requesting a Commitment Increase of $100,000,000 pursuant to Section 2.18 of the Credit Agreement; 
 WHEREAS, in addition to the Commitment Increase permitted pursuant to Section 2.18, the Borrower desires a further increase in the
aggregate amount of the Commitments by $85,000,000 (the “Additional Commitment Increase”), resulting in aggregate Commitments of $285,000,000; 
 WHEREAS, the Assuming Lenders and certain of the Existing Lenders desire to provide the additional Commitments requested by the Borrower; 
 WHEREAS, Citibank desires to resign from its appointment as Agent under the Credit Agreement, and the Lenders desire to appoint SunTrust as
successor Agent; and 
 WHEREAS, in connection with the foregoing, the parties hereto desire to provide for certain amendments to the
Credit Agreement as specified herein. 
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and covenants
herein contained, the parties hereto agree as follows: 
 SECTION I. AMENDMENTS TO CREDIT AGREEMENT 
 Upon satisfaction of the conditions set forth in Section II herein, the Credit Agreement shall be amended as follows: 

 A. Amendments to Section 1.01: Certain Defined Terms. Section 1.01 (Certain
Defined Terms) of the Credit Agreement is hereby amended by: 
 (1) inserting the following new definition in proper
alphabetical order: 
 “SunTrust” means Suntrust Bank. 
 (2) deleting the definition of “Agent’s Account” in its entirety and inserting in lieu thereof the following: 

“Agent’s Account” means (a) the account of the Agent maintained by the Agent at SunTrust Bank at its office
at 303 Peachtree Street, NE, Mail Code 7662, Atlanta, GA 30308, Account No. 0610001040:1000022220783, Attention: Wanda Gregory, or (b) such other account of the Agent as is designated in writing from time to time by the Agent to the
Borrower and the Lenders for such purpose. 
 (3) deleting the definition of “Applicable Margin” in its entirety and
inserting in lieu thereof the following: 
 “Applicable Margin” means as of any date, (a) for Base Rate
Advances, 0% and (b) for Eurodollar Rate Advances and Swing Line Advances, a percentage per annum determined by reference to the Leverage Ratio for the most recently completed four fiscal quarters: 
  

			
	 Leverage Ratio
	  	Applicable Margin for
Eurodollar Rate
Advances and Swing
Line
Advances
	 Level 1
 Leverage Ratio less than 0.50:1.00
	  	0.65%
	 Level 2
 Leverage Ratio greater than or equal to 0.50:1.00, but less than 1.00 to 1.00
	  	0.75%
	 Level 3
 Leverage Ratio greater than or equal to 1.00:1.00, but less than 1.50 to 1.00
	  	0.85%
	 Level 4
 Leverage Ratio greater than or equal to 1.50 to 1.00
	  	0.95%

  

 2 

 Any increase or decrease in the Applicable Margin resulting from a change in the Leverage
Ratio shall become effective as of the first Business Day immediately following the delivery of certificates of the chief financial officer of the Borrower pursuant to Section 5.01(i)(i) or (ii); provided, however, that if
such certificates are not delivered when due in accordance with such Sections, then Pricing Level 4 shall apply as of the first Business Day after the date on which such certificates were required to have been delivered. 
 Notwithstanding anything to the contrary contained in this definition, the determination of the Applicable Rate for any period shall be
subject to the provisions of Section 2.07(c). 
 (4) deleting the definition of “Base Rate” in its
entirety and inserting in lieu thereof the following: 
 “Base Rate” means a fluctuating interest rate per
annum in effect from time to time, which rate per annum shall at all times be equal to the higher of: 
 (a) the rate of
interest announced publicly by SunTrust in New York, New York, from time to time, as SunTrust’s base rate; and 
 (b)  1/2 of one percent per annum above the Federal Funds Rate. 
 (5)
deleting the definition of “Reference Banks” in its entirety and inserting in lieu thereof the following: 
 “Reference Banks” means Bank of America, N.A. and SunTrust Bank. 
 (6) deleting the definition of
“Swing Line Bank” in its entirety and inserting in lieu thereof the following: 
 “Swing Line Bank”
means SunTrust. 
 B. Amendment to Section 2.18: Increase in Aggregate Commitments. Subpart (a) of Section 2.18
(Increase in the Aggregate Commitments) of the Credit Agreement is hereby amended by deleting the proviso thereto in its entirety and inserting in lieu thereof the following: 
 provided, however, that (i) in no event shall the aggregate amount of the Commitments at any time exceed $285,000,000 and
(ii) on the date of any request by the Borrower for a Commitment Increase and on the related Increase Date the applicable conditions set forth in Article III shall be satisfied. 
 C. Amendment to Section 8.03: Citibank and Affiliates. Section 8.03 (Citibank and Affiliates) of the Credit Agreement is
hereby amended by deleting each reference in such section to the word “Citibank” and replacing it with the word “SunTrust” in each instance. 
 D. Amendments to Section 9.02: Notices, Etc. 
  

 3 

 (1) Subpart (a) of Section 9.02 (Notices, Etc.) of the Credit
Agreement is hereby amended by deleting the phrase “and if to the Agent, at its address at Two Penns Way, New Castle, Delaware, 19720, Attention: Bank Loan Syndications Department;” and inserting in lieu thereof the following: 

and if to the Agent, at its address at PO Box 4418, Mail Code 7662, Atlanta, GA 30302, Attention: Wanda Gregory; 
 (2) Subpart (b) of Section 9.02 (Notices, Etc.) of the Credit Agreement is hereby amended by deleting the first
sentence of such subpart in its entirety and inserting in lieu thereof the following: 
 So long as SunTrust or any of its
Affiliates is the Agent, materials required to be delivered pursuant to Section 5.01(i)(i), (ii) and (iv) shall be delivered to the Agent in an electronic medium in a format acceptable to the Agent and the Lenders
by e-mail at wanda.gregory@suntrust.com. 
 E. Amendments to Schedules. The Credit Agreement is hereby amended by amending and
restating Schedule I thereof in the form of Schedule I set forth as Annex A attached hereto. 
 F.
Amendments to Exhibits. 
 (1) The Credit Agreement is hereby amended by amending and restating Exhibit A
thereto in the form of Exhibit A set forth as Annex B attached hereto. 
 (2) The Credit Agreement is
hereby amended by amending and restating Exhibit B thereto in the form of Exhibit B set forth as Annex C attached hereto. 
 (3) Exhibits C and D of the Credit Agreement are hereby amended by deleting each reference in such exhibits to the word
“Citibank, N.A.” and replacing it with the words “SunTrust Bank” in each instance. 
 SECTION II. CONDITIONS TO EFFECTIVENESS 

 This Amendment shall become effective as of the date hereof only upon the satisfaction of all of the following conditions precedent (the
date of satisfaction of such conditions being referred to herein as the “First Amendment Effective Date”): 
 A.
Execution. The Successor Agent shall have received a counterpart signature page of this Amendment duly executed by each of the Borrower, the Guarantor, the Existing Agent, the Successor Agent, the Existing Lenders and the Assuming Lenders.

 B. Borrower Authorizations. The Successor Agent shall have received certified copies of resolutions of the Board of Directors of
each Loan Party approving the execution, delivery and performance of this Amendment, and of all documents evidencing other necessary corporate action and governmental approvals, if any, with respect to this Amendment and the Notes. 
  

 4 

 C. Fees. The Borrower shall have paid (i) all accrued fees and expenses of the Existing Agent
and the Successor Agent (including the accrued fees and expenses of counsel to the Agent to the extent invoiced to the Borrower prior to the First Amendment Effective Date) and (ii) upfront fees to each Assuming Lender and each Existing Lender
that increases its Commitment (an “Increasing Lender”) pursuant to this Amendment in the amount of (A) in the event that (x) the amount of the Commitment of any Assuming Lender or (y) the amount of the Commitment of
any Increasing Lender in excess of such Lender’s Commitment immediately prior to the execution of this Amendment (in each case, the “Additional Commitment” of such Lender) is less than $20,000,000, 0.25% of such Additional
Commitment or (B) in the event that the Additional Commitment of any Assuming Lender or Increasing Lender is greater than or equal to $20,000,000, 0.375% of such Additional Commitment. 
 D. Representations and Warranties. The representations and warranties contained in Section 4.01 of the Credit Agreement shall be correct on
and as of the First Amendment Effective Date, before and after giving effect to this Amendment and the consummation of the transactions contemplated hereby, including, without limitation, the Commitment Increase, the Additional Commitment Increase
or the application of the proceeds therefrom, as though made on and as of such date. 
 E. Absence of Default. No event shall have
occurred and be continuing, or would result from the consummation of the transactions contemplated by this Amendment, including, without limitation, the Commitment Increase, the Additional Commitment Increase or the application of the proceeds
therefrom, that constitutes a Default. 
 F. The Successor Agent shall have received, on or before the First Amendment Effective Date,
the following, each dated such day, in form and substance satisfactory to the Successor Agent and (except for the Notes) in sufficient copies for each Lender: 
 (1) The Notes to the order of each Assuming Lender and Increasing Lender to the extent requested by such Lender pursuant to
Section 2.16 of the Credit Agreement. 
 (2) A certificate of the Secretary or an Assistant Secretary of each Loan
Party certifying the names and true signatures of the officers of such Loan Party authorized to sign this Amendment and the Notes and the other documents to be delivered hereunder. 
 (3) A favorable opinion of Hogan & Hartson L.L.P., counsel for the Loan Parties, as to such matters as any Lender through the
Agent may reasonably request. 
 SECTION III. SUCCESSOR AGENT APPOINTMENT 
 A. Citibank hereby resigns as Agent effective as of the First Amendment Effective Date. From and after such resignation, (i) Citibank shall
cease to be the Agent under the Credit Agreement and shall not have any further duties or obligations to act as Agent under the Credit Agreement and (ii) Borrower shall be released of any further obligations pursuant to that certain Fee Letter,
dated July 9, 2007, between the Borrower and Citigroup Global Markets Inc. 
 B. The Existing Lenders, the Assuming Lenders and
the Borrower irrevocably consent (i) to the resignation of Citibank as Agent under the Credit Agreement effective as of the First 

  

 5 

 
Amendment Effective Date (and irrevocably waive any advance written notice requirement of such resignation under the Credit Agreement) and (ii) to the
appointment of SunTrust as Agent under the Credit Agreement. In such capacity, SunTrust shall succeed to the rights, powers and duties of the Agent under the Credit Agreement and the rights, powers and duties of Citibank as Agent under the Credit
Agreement shall be terminated without any further act or deed on the part of Citibank or any of the other parties to the Credit Agreement or this Amendment. 
 C. The Successor Agent the Existing Lenders, the Assuming Lenders and the Borrower agree that after the resignation of Citibank as Agent under the Credit Agreement, the provisions of Article VIII of the Credit
Agreement inure to Citibank’s benefit as to any actions taken or omitted to be taken by it while it was Agent under the Credit Agreement. 
 SECTION
IV. ASSUMPTION BY ASSUMING LENDERS; INCREASE BY INCREASING LENDERS 
 A. Each Assuming Lender hereby: (i) acquires a
Commitment pursuant to, and assumes an interest in the rights and obligations under, the Credit Agreement, in amount equal to the amount set forth next to such Assuming Lender’s name in Annex A attached hereto.; (ii) confirms that
it has received a copy of the Credit Agreement and the other Loan Documents, together with copies of the financial statements referred to therein and such other documents and information as it has deemed appropriate to make its own credit analysis
and decision to enter into this Amendment; (iii) agrees that it will, independently and without reliance upon the Existing Agent or Successor Agent or any other Lender and based on such documents and information as it shall deem appropriate at
the time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement; (iv) appoints and authorizes the Agent to take such action as agent on its behalf and to exercise such powers under the Credit
Agreement and the other Loan Documents as are delegated to the Agent by the terms thereof, together with such powers as are reasonably incidental thereto; (v) agrees that it will perform in accordance with their terms all of the obligations
which by the terms of the Credit Agreement are required to be performed by it as a Lender, and (vi) confirms that it is an Eligible Assignee; (vii) attaches any U.S. Internal Revenue Service forms required under Section 2.14 of
the Credit Agreement. 
 B. The Existing Agent, the Successor Agent and the Existing Lenders hereby approve of, and consent to, the
execution of this Amendment by each Assuming Lender and the performance by such Assuming Lender of all of the obligations which by the terms of the Credit Agreement are required to be performed by it as a Lender. On and after the First Amendment
Effective Date, all references to the “Lenders” in the Credit Agreement shall be deemed to include the Assuming Lenders. 
 C.
Each Increasing Lender hereby confirms that it has agreed to increase the amount of its Commitment to the amount set forth next to such Increasing Lender’s name in Annex A attached hereto. 
 SECTION V. ACKNOWLEDGMENT AND CONSENT 
 A. The
Guarantor hereby acknowledges that it has reviewed the terms and provisions of the Credit Agreement and this Amendment and consents to the amendment of the Credit 

  

 6 

 
Agreement effected pursuant to this Amendment, including, without limitation, the increase of the Commitments effected hereby. The Guarantor hereby confirms
that each Loan Document to which it is a party or otherwise bound will continue to guarantee to the fullest extent possible in accordance with the Loan Documents the payment and performance of all of the Guaranteed Obligations, as increased pursuant
to this Amendment. 
 B. The Guarantor acknowledges and agrees that, notwithstanding the effectiveness of this Amendment, any of the
Loan Documents to which it is a party or otherwise bound shall continue in full force and effect and that all of its obligations thereunder shall be valid and enforceable and shall not be impaired or limited by the execution or effectiveness of this
Amendment. The Guarantor represents and warrants that after giving effect to this Amendment all representations and warranties contained in the Credit Agreement and the other Loan Documents to which it is a party or otherwise bound are true and
correct in all material respects on and as of the First Amendment Effective Date to the same extent as though made on and as of that date, except to the extent such representations and warranties specifically relate to an earlier date, in which case
they were true and correct in all material respects on and as of such earlier date. 
 SECTION VI. MISCELLANEOUS 
 A. Binding Effect. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns,
except that neither the Borrower nor the Guarantor shall have the right to assign its rights hereunder or any interest herein without the prior written consent of the Lenders. 
 B. Severability. In case any provision in or obligation hereunder shall be invalid, illegal or unenforceable in any jurisdiction, the validity,
legality and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 
 C. Reference to Credit Agreement. On and after the First Amendment Effective Date, each reference in the Credit Agreement to “this
Agreement”, “hereunder”, “hereof”, “herein” or words of like import referring to the Credit Agreement, and each reference in the other Loan Documents to the “Credit Agreement”, “thereunder”,
“thereof” or words of like import referring to the Credit Agreement shall mean and be a reference to the Credit Agreement as amended by this Amendment. 
 D. Effect on Credit Agreement. Except as specifically amended by this Amendment, the Credit Agreement and the other Loan Documents shall remain in full force and effect and are hereby ratified and confirmed.
The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender or the Agent under the Credit Agreement or any other Loan Document, nor
constitute a waiver of any provision of the Credit Agreement or any other Loan Document. 
 E. Headings. Section and Subsection
headings in this Amendment are included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect. 
  

 7 

 F. Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAWS). 
 G. Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but
one and the same instrument. As set forth herein, this Amendment shall become effective upon the execution of a counterpart hereof by each of the parties hereto and receipt by the Agent of written or telephonic notification of such execution and
authorization of delivery thereof. 
 [Remainder of this page intentionally left blank.] 
  

 8 

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

					
	BORROWER:	 	SRA INTERNATIONAL, INC.
			
		 	By:	 	 /s/ Stephen C. Hughes

		 	Name:	 	Stephen C. Hughes
		 	Title:	 	CFO, EVP Operations
		
	SUBSIDIARY GUARANTOR:	 	SYSTEMS RESEARCH AND APPLICATIONS CORPORATION
			
		 	By:	 	 /s/ Stephen C. Hughes

		 	Name:	 	Stephen C. Hughes
		 	Title:	 	CFO, EVP Operations

  

					
	First Amendment	 	S-1	  	

					
	AGENT:	 	CITIBANK, N.A., as Existing Agent
			
		 	By:	 	 /s/ Ramon Vinluan

		 	Name:	 	Ramon Vinluan
		 	Title:	 	Vice President
		
		 	SUNTRUST BANK, as Successor Agent
			
		 	By:	 	 /s/ Mark A. Flatin

		 	Name:	 	Mark A. Flatin
		 	Title:	 	Managing Director

  

					
	First Amendment	 	S-2	  	

					
	EXISTING LENDERS:	 	CITIBANK, N.A., as a Lender
			
		 	By:	 	 /s/ Ramon Vinluan

		 	Name:	 	Ramon Vinluan
		 	Title:	 	Vice President
		
		 	SUNTRUST BANK, as a Lender
			
		 	By:	 	 /s/ Mark A. Flatin

		 	Name:	 	Mark A. Flatin
		 	Title:	 	Managing Director
		
		 	BANK OF AMERICA, N.A., as a Lender
			
		 	By:	 	 /s/ Eric H. Williams

		 	Name:	 	Eric H. Williams
		 	Title:	 	Vice President
		
		 	BRANCH BANKING & TRUST COMPANY, as a Lender
			
		 	By:	 	 /s/ James E. Davis

		 	Name:	 	James E. Davis
		 	Title:	 	Senior Vice President
		
		 	FIFTH THIRD BANK, as a Lender
			
		 	By:	 	 /s/ Randolph J. Stierer

		 	Name:	 	Randolph J. Stierer
		 	Title:	 	Vice President
		
		 	JPMORGAN CHASE BANK, N.A., as a Lender
			
		 	By:	 	 /s/ Robert St. Jean

		 	Name:	 	Robert St. Jean
		 	Title:	 	Senior Vice President

  

					
	First Amendment	 	S-3	  	

			
	WACHOVIA BANK, NATIONAL ASSOCIATION, as a Lender
		
	By:	 	 /s/ John G. Taylor

	Name:	 	John G. Taylor
	Title:	 	Director

  

					
	First Amendment	 	S-4	  	

					
	ASSUMING LENDERS:	 	COMMERCE BANK, N.A, as a Lender
			
		 	By:	 	 /s/ Louise M. Wager

		 	Name:	 	Louise M. Wager
		 	Title:	 	Vice President
		
		 	PNC BANK, NATIONAL ASSOCIATION, as a Lender
			
		 	By:	 	 /s/ Michael J. Elehwany

		 	Name:	 	Michael J. Elehwany
		 	Title:	 	Vice President

  

					
	First Amendment	 	S-5	  	

 ANNEX A 
 SCHEDULE I 
 SRA INTERNATIONAL INC. 
 CREDIT AGREEMENT 
 APPLICABLE LENDING OFFICES 
  

														
	 Name of
 Initial
 Lender
	  	Revolving
Credit
Commitment	  	Letter of
Credit
Commitment	  	Swing Line
Commitment	  	 Domestic Lending
 Office
	  	 Eurodollar Lending
 Office

	Bank of America, N.A.	  	$	60,000,000	  	$	0	  	$	0	  	 70 Batterson Park Rd
 Farmington, CT 06032
 Attn: Special Handling Department
 F: 617-310-2713
	  	 70 Batterson Park Rd
 Farmington, CT 06032

Attn: Special Handling Department
 F: 617-310-2713

	Branch Banking and Trust Company	  	$	53,000,000	  	$	0	  	$	0	  	 8200 Greensboro Dr Ste 1000
 McLean, VA 22102

Attn: Divina S. Tamayo
 T: 703-442-4038
 F: 703-442-4025
	  	 8200 Greensboro Dr Ste 1000
 McLean, VA
22102
 Attn: Divina S. Tamayo
 T: 703-442-4038
 F: 703-442-4025

	Citibank, N.A.	  	$	19,000,000	  	$	10,000,000	  	$	0	  	 Two Penns Way
 New Castle, DE 19720
 Attn: Lisa M. Rodriguez
 T: (302) 894-6153
 F: (212) 994-0961
	  	 Two Penns Way
 New Castle, DE 19720
 Attn: Lisa M. Rodriguez
 T: (302) 894-6153
 F: (212) 994-0961

	Commerce Bank, N.A.	  	$	20,000,000	  	$	0	  	$	0	  	 6000 Atrium Way
 Mt. Laurel, NJ 08054
 Attn: Investor Processing
 T: 856.533.4683
 F: 856.533.4879
 email: Investor.Processing@
 yesbank.com
	  	 6000 Atrium Way
 Mt. Laurel, NJ 08054
 Attn: Investor Processing
 T: 856.533.4683
 F: 856.533.4879
 email: Investor.Processing@
 yesbank.com

	Fifth Third Bank	  	$	10,000,000	  	$	0	  	$	0	  	 5050 Kingsley Drive
 MD 1MOC2B
 Cincinnati, OH 45202
 Attn: Tania Baker
 T: 513-358-1060
 F: 513-358-0221
	  	 5050 Kingsley Drive
 MD 1MOC2B
 Cincinnati, OH 45202
 Attn: Tania Baker
 T: 513-358-1060
 F: 513-358-0221

	JPMorgan Chase Bank, N.A.	  	$	14,000,000	  	$	0	  	$	0	  	 10 South Dearborn 7th Floor
 Chicago, IL 60603
 Attn: Cecily Roland
 T: 312-732-2016
 F: 312-661-0116
	  	 10 South Dearborn 7th Floor
 Chicago, IL 60603
 Attn: Cecily Roland
 T: 312-732-2016
 F: 312-661-0116

														
	 Name of
 Initial
 Lender
	  	Revolving
Credit
Commitment	  	Letter of
Credit
Commitment	  	Swing Line
Commitment	  	 Domestic Lending
 Office
	  	 Eurodollar Lending
 Office

	PNC Bank, National Association	  	$	20,000,000	  	$	0	  	$	0	  	 800 Connecticut Ave, NW
 Washington, D.C.
20006
 Attn: Michael Elehwany
 T: 202-835-5197
 F: 202-835-5977
	  	 800 Connecticut Ave, NW
 Washington, D.C.
20006
 Attn: Michael Elehwany
 T: 202-835-5197
 F: 202-835-5977

	SunTrust Bank	  	$	61,000,000	  	$	0	  	$	10,000,000	  	 303 Peachtree Street 10th Floor
 Atlanta, GA 30303
 Attn: Tonita Arnold
 T: 404-588-8341
 F: 404-588-4402
	  	 303 Peachtree Street 10th Floor
 Atlanta, GA 30303
 Attn: Tonita Arnold
 T: 404-588-8341
 F: 404-588-4402

	Wachovia Bank, National Association	  	$	28,000,000	  	$	0	  	$	0	  	 303 Peachtree Street 10th Floor
 Atlanta, GA 30303
 Attn: Joseph Feheley
 T: 704-383-8048
 F: 704-715-0094
	  	 303 Peachtree Street 10th Floor
 Atlanta, GA 30303
 Attn: Joseph Feheley
 T: 704-383-8048
 F: 704-715-0094

	Total:	  	$	285,000,000	  	$	10,000,000	  	$	10,000,000	  		  	

 ANNEX B 
 EXHIBIT A - FORM OF 
 REVOLVING CREDIT 
 PROMISSORY NOTE 
  

											
	U.S.$                    	 		 		 		 	Dated:                    , 2008

 FOR VALUE RECEIVED, the undersigned, SRA INTERNATIONAL, INC., a Delaware corporation (the
“Borrower”), HEREBY PROMISES TO PAY to the order of                      (the “Lender”) for the account of
its Applicable Lending Office on the Termination Date (each as defined in the Credit Agreement referred to below) the principal sum of U.S.$[amount of the Lender’s Commitment in figures] or, if less, the aggregate principal amount of the
Advances made by the Lender to the Borrower pursuant to the Credit Agreement dated as of August 9, 2007 among the Borrower, the Lender and certain other lenders parties thereto, and SunTrust Bank as successor Agent to Citibank, N.A. for the
Lender and such other lenders (as amended or modified from time to time, the “Credit Agreement”; the terms defined therein being used herein as therein defined) outstanding on the Termination Date. 
 The Borrower promises to pay interest on the unpaid principal amount of each Advance from the date of such Advance until such principal amount is paid in
full, at such interest rates, and payable at such times, as are specified in the Credit Agreement. 
 Both principal and interest in respect of each Advance are payable in lawful money of the United States of America to the Agent at its account maintained at 303 Peachtree Street, 10th Floor, Atlanta, GA 30308, in same day funds. Each Advance owing to the Lender by the Borrower pursuant to the Credit Agreement, and all payments made on account of principal
thereof, shall be recorded by the Lender and, prior to any transfer hereof, endorsed on the grid attached hereto which is part of this Promissory Note. 
 This Promissory Note is one of the Notes referred to in, and is entitled to the benefits of, the Credit Agreement. The Credit Agreement, among other things, (i) provides for the making of Revolving Credit
Advances by the Lender to the Borrower from time to time in an aggregate amount not to exceed at any time outstanding the U.S. dollar amount first above mentioned, the indebtedness of the Borrower resulting from each such Advance being evidenced by
this Promissory Note, and (ii) contains provisions for acceleration of the maturity hereof upon the happening of certain stated events and also for prepayments on account of principal hereof prior to the maturity hereof upon the terms and
conditions therein specified. 
  

			
	SRA INTERNATIONAL, INC.
		
	By	 	  

	Title:	 	

 ADVANCES AND PAYMENTS OF PRINCIPAL 
  

									
	 Date
	  	 Amount of
 Advance
	  	 Amount of
 Principal Paid
 or Prepaid
	  	 Unpaid Principal
 Balance
	  	 Notation
 Made By

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

 ANNEX C 
 EXHIBIT B - FORM OF NOTICE OF 
 REVOLVING CREDIT BORROWING 
 SunTrust Bank, as Agent 
 for the Lenders parties 

to the Credit Agreement 
 referred to below

 303 Peachtree Street, 10th
 Floor 
 Atlanta, GA 30308 
 [Date] 
 Attention: Bank Loan Syndications
Department 
 Ladies and Gentlemen: 
 The
undersigned, SRA International, Inc., refers to the Credit Agreement, dated as of August 9, 2007 (as amended or modified from time to time, the “Credit Agreement”, the terms defined therein being used herein as therein
defined), among the undersigned, certain Lenders parties thereto and SunTrust Bank as successor Agent to Citibank, N.A. for said Lenders, and hereby gives you notice, irrevocably, pursuant to Section 2.02 of the Credit Agreement that the
undersigned hereby requests a Revolving Credit Borrowing under the Credit Agreement, and in that connection sets forth below the information relating to such Revolving Credit Borrowing (the “Proposed Revolving Credit Borrowing”) as
required by Section 2.02(a) of the Credit Agreement: 
 (i) The Business Day of the Proposed Revolving Credit Borrowing
is                     , 200  . 
 (ii) The Type of Advances comprising the Proposed Revolving Credit Borrowing is [Base Rate Advances] [Eurodollar Rate Advances]. 
 (iii) The aggregate amount of the Proposed Revolving Credit Borrowing is
$[            ]. 
 [(iv) The initial Interest Period for
each Eurodollar Rate Advance made as part of the Proposed Revolving Credit Borrowing is              month[s].] 
 The undersigned hereby certifies that the following statements are true on the date hereof, and will be true on the date of the Proposed Revolving Credit
Borrowing: 
 (A) the representations and warranties contained in Section 4.01 of the Credit Agreement are correct,
before and after giving effect to the Proposed Revolving Credit Borrowing and to the application of the proceeds therefrom, as though made on and as of such date; and 

 (B) no event has occurred and is continuing, or would result from such Proposed Revolving
Credit Borrowing or from the application of the proceeds therefrom, that constitutes a Default. 
  

			
	Very truly yours,
	
	SRA INTERNATIONAL, INC.
		
	By	 	  

	Title:

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