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                                                                   Exhibit 10.14

                        NOVATION AND AMENDMENT AGREEMENT

         THIS NOVATION AND AMENDMENT AGREEMENT (the "Agreement") is executed on
June 28, 2001 by and among:

RSL COMMUNICATIONS, LTD. (Provisional Liquidators appointed), a Bermuda
corporation ("RSL");

DELTATHREE, INC., a Delaware corporation ("Deltathree"); and

ATAREY HASHARON CHEVRA LEPITUACH VEHASHKAOT BENADLAN (1991) LTD. ("Atarey").

                                   WITNESSETH

         WHEREAS, RSL and Deltathree are parties to a Registration Rights
Agreement dated September 1, 1999 (the "Registration Rights Agreement"),
delineating the manner in which Deltathree shall provide registration rights to
RSL with respect to its Registrable Shares (as defined in the Registration
Rights Agreement);

         WHEREAS, by an order of the Supreme Court of Bermuda, dated March 19,
2001, Randall Eisenberg of PricewaterhouseCoopers LLP and Peter Spratt and Peter
Mitchell of PricewaterhouseCoopers of Clarendon House, 2 Church Street,
Hamilton, Bermuda HM 11 (the "Provisional Liquidators") were appointed the
provisional liquidators of RSL with the express power and authority to sell
assets of RSL and to perform functions ancillary to any such sales of RSL
assets, including the execution of this Agreement;

         WHEREAS, simultaneously with this Agreement, Atarey and RSL will
execute a Share Purchase Agreement dated as of June 28, 2001, whereby Atarey
will purchase an aggregate of 19,569,459 shares of Class B common stock of
Deltathree from RSL which, upon completion of the transfer, will be
automatically converted into shares of Class A common stock of Deltathree (the
"Transaction"); and

         WHEREAS, the parties wish for Atarey to succeed to all of the rights
granted to RSL under the Registration Rights Agreement.

         NOW, THEREFORE, in consideration of the foregoing and the mutual
promises, covenants and agreements hereinafter contained, the sufficiency of
which is hereby acknowledged, the parties hereby agree as follows:
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                                      -2-

1. Pursuant to Section 9 of the Registration Rights Agreement, RSL and
Deltathree hereby expressly consent to the amendment of Section 13 of the
Registration Rights Agreement to provide that RSL may assign all of the rights
and obligations of RSL under the Registration Rights Agreement with the prior
written consent of Deltathree.

2. RSL hereby expressly consents to the novation and assignment of all of the
rights and obligations of RSL under the Registration Rights Agreement to Atarey
and Atarey hereby expressly accepts such novation and assignment.

3. Deltathree hereby expressly consents to the novation and assignment by RSL to
Atarey of all of the rights and obligations of RSL under the Registration Rights
Agreement and hereby expressly confirms that neither such novation nor the
consummation of the Transaction shall result in the termination of or otherwise
affect, except as expressly provided in this Agreement, the Registration Rights
Agreement.

4. The rights and obligations of Deltathree under the Registration Rights
Agreement shall not be affected in any way by this Agreement save that any
rights against and any obligations to RSL shall from the date of this Agreement
become rights against and obligations to Atarey in accordance with clauses 2 and
3 above.

5. Pursuant to Section 9 of the Registration Rights Agreement, RSL and
Deltathree hereby expressly consent to the amendment of the Registration Rights
Agreement by deleting Section 2.2(b)(ii) thereof in its entirety.

6. This Agreement shall be governed by the laws of the State of New York
applicable to contracts to be executed and performed entirely within the State
of New York.

7. If any provisions of this Agreement are judicially declared invalid, illegal
or unenforceable, the validity and enforceability of the remaining provisions of
the Agreement shall not be affected thereby.

8. This Agreement may be executed in any number of counterparts by the different
parties hereto on separate counterparts each of which when executed and
delivered shall constitute an original and all such counterparts together shall
constitute one and the same instrument.

9. No personal liability under or by virtue of this Agreement or under any
document executed pursuant to this Agreement shall attach to the Provisional
Liquidators or any of them individually, as acknowledged by the signature of the
Deltathree below.
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                                      -3-

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

RSL COMMUNICATIONS LTD.

     By:
         -------------------------------
         Name:  Randall Eisenberg
         Title: Provisional Liquidator

DELTATHREE, INC.

     By:
         -------------------------------
         Name:  Shimmy Zimels
         Title: Chief Operating Officer

ATAREY HASHARON CHEVRA LEPITUACH VEHASHKAOT BENADLAN (1991) LTD.

     By:
         -------------------------------
         Name:
         Title:Prepared by MERRILL CORPORATION

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EMPLOYMENT AGREEMENT    
  

    THIS EMPLOYMENT AGREEMENT is made as of the 15th day of May, 2001 by and between BRAM GOLDSMITH ("Goldsmith"), on the one hand, and CITY NATIONAL
CORPORATION, a Delaware corporation ("CNC") and CITY NATIONAL BANK, a National Banking Association ("CNB"). CNC and CNB being sometimes referred to collectively herein as "CNB" and "CNC". 

    1.  Employment.  CNC hereby employs Goldsmith, and Goldsmith hereby accepts employment, under the terms
and conditions hereafter set forth. 

    2.  Duties.  Goldsmith shall be employed as the Chairman of the Board of CNC and as an untitled officer
of CNB, and his duties shall be consistent with such office and position. Substantially all of Goldsmith's duties shall be performed in Los Angeles and Beverly Hills, California and unless mutually
agreed upon by Goldsmith and CNC, Goldsmith shall be headquartered in Beverly Hills, California. 

    3.  Term.  Subject to the provisions for termination as hereinafter provided, the term of this Agreement
shall be deemed to commence on May 15, 2001 and shall terminate two (2) years thereafter. 

    4.  Annual Compensation.  In addition to fringe benefits and reimbursement of expenses consistent with
Goldsmith's duties and position, CNC shall pay Goldsmith as annual compensation, payable in equal semimonthly payments, the sum of Five Hundred Forty Thousand Dollars ($540,000) during the term
hereof. 

    5.  Incentive Bonus.  Goldsmith shall be paid an annual incentive bonus, provided however, that the
amount of such incentive bonus for any year in terms of a percentage of Goldsmith's then annual salary shall be no less than the mean between the high and low percentages of annual salary paid as a
bonus to any other member of CNC's or CNB's Strategy & Planning Committee, but in no event shall the total amount paid to Mr. Goldsmith pursuant to Paragraphs 4 and 5 of this Agreement with respect to
any one fiscal year of CNC and CNB exceed $925,000. The parties hereto recognize that incentive bonuses paid by CNB for services rendered during a fiscal year are generally paid during the first
quarter of the fiscal year following the fiscal year in which such services were performed. In such event, the annual compensation paid to Goldsmith with respect to each fiscal year pursuant to
Paragraph 4 of the Agreement, will be added to the incentive bonus paid in the following fiscal year, for purposes of calculating whether the $925,000 limit has been reached. For the purpose of
determining the amount of bonus to be paid Goldsmith for any calendar year, his then annual salary shall be an amount equal to twenty-four times the semimonthly salary paid to Goldsmith (exclusive of
any incentive bonus) for the calendar year in question. 

    6.  Life Insurance.  CNB has previously provided Goldsmith with a whole life insurance policy on the
joint lives of Goldsmith and Mrs. Elaine Goldsmith in an insured amount of Seven Million Dollars ($7,000,000) (the "Joint Policy"). The Joint Policy is owned by the Goldsmith 1980 Life Insurance Trust
("Trust"). The Joint Policy, or the proceeds thereof, and possession of the Joint Policy and all rights therein, including the right to designate the beneficiary, shall be vested completely in the
Trust; provided however, that CNB shall be entitled to receive from the proceeds of such Joint Policy a sum equal to the aggregate amount of premiums paid by CNB, on account of said Joint Policy
pursuant to the terms of the Split Dollar Life Insurance Agreement, as amended, and Collateral Assignment of Policy attached hereto and marked as Exhibit A. 

    Furthermore,
pursuant to the Eighth Amendment to the Split Dollar Life Insurance Agreement, CNB shall pay an annual premium for the Joint Policy for each year while either Goldsmith
or Mrs. Elaine Goldsmith is then living, in an amount equal to the greater of Sixty Thousand Dollars ($60,000) or an amount necessary to maintain a then current death benefit for the Joint Policy of
Seven Million Dollars ($7,000,000), whichever amount is greater. This obligation of CNB to pay said annual premium shall continue beyond the term of this Employment Agreement for as long as either
Goldsmith or Mrs. Elaine Goldsmith is alive. CNB and Goldsmith hereby acknowledge that, as of the date of this Employment Agreement, CNB has paid premiums with respect to the Joint Policy, including
premiums 

paid for the Connecticut General Policy and subsequently applied to the Joint Policy, totaling Seven Hundred Twenty Thousand Eight Hundred Forty-Two Dollars ($720,842). 

    7.  Extent of Service.  Goldsmith shall devote his time, attention and energies to the business of CNC
and CNB and shall not, during the term of this Agreement, be engaged in any other activity which will interfere with the performance of his duties hereunder. Time expended by Goldsmith on
philanthropic activities and in connection with real estate investments shall be deemed not to interfere with the performance of his duties hereunder; provided however, that during the term hereof,
Goldsmith shall not become an active participant (as opposed to a passive investor or consultant) in any real estate investment or venture in which he does not presently have a direct or indirect
interest. 

    8.  Termination of Employment.  

    (a)  Termination by CNC for Good Cause.  CNC may terminate the employment of Goldsmith for "good cause"
by written notice to Goldsmith. For purposes of this Agreement, "good cause" shall mean only (i) conviction of a crime directly related to his employment hereunder, (ii) conviction of a felony
involving moral turpitude, (iii) willful and gross mismanagement of the business and affairs of CNC or CNB, or (iv) breach of any material provision of this Agreement. In the event the employment of
Goldsmith is terminated pursuant to this subparagraph 8(a), CNC shall have no further liability to Goldsmith other than for compensation accrued but not yet paid. 

    In
the event CNC contends that it has good cause to terminate Goldsmith pursuant to clause (iii) or (iv) of this subparagraph 8(a), CNC shall provide Goldsmith with written notice
specifying in reasonable detail the services or matters which it contends Goldsmith has not been adequately performing, or the material provisions of this Agreement of which Goldsmith is in violation,
why CNC has good cause to terminate this Agreement, and what Goldsmith should do to adequately perform his obligations hereunder. If within thirty (30) days of receipt of the notice Goldsmith performs
the required services or modifies his performance to correct the matters complained of, Goldsmith's breach will be deemed cured, and Goldsmith's employment shall not be terminated. However, if the
nature of the service not performed by Goldsmith or the matters complained of are such that more than thirty (30) days are reasonably required to perform the required service or to correct the matters
complained of, then his breach will be deemed cured if he commences to perform such service or to correct such matters within the thirty (30) day period and thereafter diligently prosecutes such
performance or correction to completion. If Goldsmith does not perform the required services or modify his performance to correct the matter complained of within the thirty (30) day period or the
extension thereof, CNC shall have the right to terminate this Agreement at the end of the thirty (30) day period or extension thereof. It is understood that Goldsmith's performance hereunder shall not
be deemed unsatisfactory solely on the basis of any economic performance of CNC because this performance will depend in part on a variety of factors over which Goldsmith has little control. 

    (b)  Termination by CNC Without Good Cause.  CNC may terminate the employment of Goldsmith without "good
cause" (as defined in subparagraph 8(a) above) at any time by written notice to Goldsmith. In the event the employment of Goldsmith is terminated pursuant to this subparagraph 8(b), CNC shall continue
to be obligated to pay to and compensate Goldsmith pursuant to Paragraphs 4 and 5 of this Agreement for the full term of this Agreement. Goldsmith shall have no duty to mitigate and CNC shall have no
right to offset any other compensation paid to Goldsmith during the applicable time period. 

    (c)  Termination by Death or Disability.  CNC may terminate the employment of Goldsmith by written notice
to Goldsmith if, during the term of this Agreement, Goldsmith shall become incapable of fulfilling his obligations hereunder because of injury or physical or mental illness which shall exist or may
reasonably be anticipated to exist for a period of twelve (12) consecutive months or for an aggregate of twelve (12) months during any twenty-four (24) month period. The death of Goldsmith during the
term of this Agreement shall likewise operate to terminate the Agreement, except that Goldsmith's base salary shall continue in effect and be paid to his wife, if she is then living, and if she is not
then living, to his Revocable Living Trust for a period equal to the lesser of two years or the remaining term of this Agreement. In the event the employment of Goldsmith is terminated by CNC 

pursuant to this subparagraph 8(c) because of injury, physical or mental illness, CNC shall continue to be obligated to pay Goldsmith while he is alive his base salary and Incentive Bonus which
Goldsmith would otherwise have been entitled to receive pursuant to Paragraph 5 to the same extent and in the same manner as if Goldsmith had remained employed by CNC for the full term of this
Agreement less any amount Goldsmith receives in lieu of salary while he is alive during the term of this Agreement from private or government insurance programs, exclusive of reimbursement of medical
costs. 

    (d)  Optional Termination by Goldsmith.  Goldsmith shall have the right, at any time following a "Change
of Control" (as that term is defined in the Agreement between Goldsmith and CNC dated as of March 3l, l997, a copy of which is attached hereto marked Exhibit "B" and incorporated by reference herein)
(the "Change of Control Agreement"), to declare the Change of Control Agreement in effect, from which time forward, except for rights pursuant to this Agreement vested in Goldsmith, his spouse,
designees, successors or representatives prior to the Effective Date, as that term is defined in the Change of Control Agreement (which rights will remain in full force and effect), from and after the
Effective Date, in the event of inconsistencies or conflicts between this Agreement and the Change of Control Agreement, the terms of the Change of Control Agreement will govern. 

    9.  Entire Agreement; Modification; Waiver.  This Agreement and the agreements referred to in the
Exhibits attached hereto constitute the entire agreement between the parties pertaining to the subject matter contained therein and supersedes all prior and contemporaneous agreements, representations
and understandings of the parties, except for those contained in the Change of Control Agreement. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing
by both parties. No waiver of any of the provisions of this Agreement shall be deemed, or shall constitute, a waiver of any other provisions, whether or not similar, nor shall any waiver constitute a
continuing waiver. No waiver shall be binding unless executed in writing by the party making the waiver. 

    10.  Separability Clause.  The invalidity or unenforceability of any provision hereof shall in no way
affect the validity or enforceability of any other provision hereof. 

    11.  Benefit.  Except as herein and otherwise specifically provided, this Agreement shall be binding upon
and inure to the benefit of the parties, their personal representatives, heirs, administrators, executors, successors, and permitted assigns. 

    12.  Notices.  Any notice, request, or other communication required to be given pursuant to the
provisions of this Agreement shall be in writing and shall be deemed to be duly given if delivered in person or mailed by registered or certified United States mail, postage prepaid, and mailed to the
parties at the following addresses: 

BRAM GOLDSMITH

Mr.
Bram Goldsmith

City National Corporation

400 No. Roxbury Drive

Beverly Hills, California 90210 

CITY NATIONAL CORPORATION

City
National Corporation

400 No. Roxbury Drive

Beverly Hills, CA 90210

Attn: General Counsel 

    The
parties hereto may change the above addresses from time to time by giving notice thereof to each other in conformity with this Paragraph 12. 

    13.  Non-Competition.  Goldsmith agrees not to compete with CNC in any form whatsoever. Without limiting
the generality of the foregoing, Goldsmith covenants and agrees with CNC that Goldsmith shall not, during or after the term of this Agreement, disclose to anyone any confidential 

information concerning the business or operations of CNC which Goldsmith may acquire in the course of or incident to the performance of his duties hereunder, including, without limitation, processes,
customer lists, business or trade secrets, or methods or techniques used by CNC in its business or operations. 

    Goldsmith
covenants and agrees that he shall not, during the term of this Agreement, directly or indirectly (whether for compensation or otherwise), alone or as an agent, principal,
partner, shareholder or in any other capacity, own, manage, operate, join, control or participate in the ownership, management, operation or control of or furnish any capital to or be connected in any
manner with or provide any services for any business, operation or entity which competes with the business or operations of CNC. 

    14.  Construction.  This Agreement shall be governed by, and construed in accordance with, the laws of
the State of California. 

    15.  Captions.  The paragraph headings and captions contained herein are for reference purposes and
convenience only and shall not in any way affect the meaning or interpretation of this Agreement. 

    16.  Counterparts.  This Agreement may be executed in one or more counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same instrument. 

    17.  Amendments.  This Agreement shall not be modified, amended, or in any way altered except by an
instrument in writing and signed by both of the parties hereto. 

    18.  Mandatory Arbitration.  At the request of Goldsmith or City National Corporation, any dispute,
claim, controversy of any kind (whether in contract or tort, statutory or common law, legal or equitable) now existing or hereafter arising out of, pertaining to or in connection with this Agreement
and/or any renewals, extensions, or amendments thereto, shall be resolved through final and binding arbitration conducted at a location determined by the arbitrator in Los Angeles or Beverly Hills,
California, and administered by the American Arbitration Association ("AAA") in accordance with the Federal Arbitration Act, 9 U.S.C. §1, et seq., and the then existing Commercial
Arbitration Rules of the AAA. Judgment upon any award rendered by the arbitrator(s) may be entered in any State or Federal courts having jurisdiction thereof. 

    IN
WITNESS WHEREOF, the parties hereto have executed this Employment Agreement as of the date first above written at Beverly Hills, California. 

	 	 	CITY NATIONAL CORPORATION
	

 	
 	

By:	
 	

/s/ FRANK PEKNY
 FRANK PEKNY

Executive President
	

 	
 	

 	
 	

/s/ BRAM GOLDSMITH
 BRAM GOLDSMITH

 
 

EIGHTH AMENDMENT TO
  SPLIT DOLLAR LIFE INSURANCE AGREEMENT
  COLLATERAL ASSIGNMENT PLAN    
  

    This Eighth Amendment to Split Dollar Life Insurance Agreement Collateral Assignment Plan ("Eighth Amendment") is made and entered into as of the 15th day of
May 2001, by and between The Goldsmith 1980 Insurance Trust (the "Trust") and City National Bank, a national banking association (the "Bank") with reference to the following: 

    A.  The
Trust and the Bank are parties to that certain Split Dollar Life Insurance Agreement Collateral Assignment Plan dated as of the 13th day of June
1980, as amended to date (the "Agreement"). 

    B.  As
of the date of this Eighth Amendment, the Bank has paid premiums with respect to a life insurance policy insuring the joint lives of Bram Goldsmith and Elaine
Goldsmith issued by Transamerica Occidental Life Insurance Co. (the "Joint Policy"), including premiums paid for a prior life insurance policy, issued by Connecticut General Life Insurance Company,
and subsequently applied to the Joint Policy, totaling $720,842. 

    NOW
THEREFORE, the Trust and the Bank agree as follows: 

    Paragraph
7 of the Agreement is amended to provide that the Agreement shall terminate on the death of the last to die of Bram Goldsmith and Elaine Goldsmith. Except as amended by the
foregoing, the Agreement shall remain in full force and effect without any other changes. 

    IN
WITNESS WHEREOF, the parties hereto have executed this Eighth Amendment as of the day and year first set forth above. 

	THE GOLDSMITH INSURANCE TRUST	 	CITY NATIONAL BANK
	

By:	
 	

/s/ Bruce Leigh Goldsmith
	
 	

By:	
 	

/s/ Frank Pekny

	 	 	Bruce Leigh Goldsmith, Trustee	 	Its:	 	Vice Chairman & Chief Financial Officer
	

By:	
 	

/s/ Russell David Goldsmith
 Russell David Goldsmith, Trustee	
 	

 	
 	

 
	

By:	
 	

City National Bank, as Trustee	
 	

 	
 	

 
	

By:	
 	

/s/ Thomas Mayer
 Thomas Mayer	
 	

 	
 	

 
	Its:	 	Vice President	 	 	 	 

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EMPLOYMENT AGREEMENT

EIGHTH AMENDMENT TO SPLIT DOLLAR LIFE INSURANCE AGREEMENT COLLATERAL ASSIGNMENT PLAN

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