Document:

Exhibit 10.10

 

IDT CORPORATION

2015 STOCK OPTION AND INCENTIVE PLAN

STOCK OPTION AGREEMENT

 

 

 

This STOCK OPTION AGREEMENT (this “Agreement”)
is entered into as of May 2, 2017, by and between IDT Corporation, a Delaware corporation (the “Company”), and Howard
Jonas (the “Employee”).

 

WHEREAS, the Company desires to grant to
the Employee options to acquire an aggregate of 1,000,000 shares of Class B Common Stock of the Company, par value $.01 per share
(the “Stock”), on the terms set forth herein.

 

NOW, THEREFORE, the parties hereby agree
as follows:

 

1.       Definitions.
Capitalized terms are defined herein; those terms not defined herein shall have the meaning giving to them in the Plan.

 

2.       Grant
of Options. The Employee is hereby granted stock options (the “Options”) to purchase an aggregate of 1,000,000
shares of Stock, pursuant to the terms of this Agreement.

 

3.       Term.
The term of the Options (the “Option Term”) shall be for five (5) years commencing on May 2, 2017 and terminating on
May 1, 2022.

 

4.       Option
Price. The initial exercise price per share of the Options shall be $14.93, subject to adjustment as provided herein.

 

5.       Conditions
to Exercisability. The Options are immediately exercisable. The unexercised portion of the Option will terminate should Employee
cease being an officer or director of the Company or one or more of its subsidiaries. 

 

6.       Method
of Exercise. An Option may be exercised, as to any or all full shares of Class B Common Stock as to which the Option has become
exercisable, by written notice delivered in person or by mail, email, fax or overnight delivery to the Company’s transfer
agent or other administrator designated by the Company, specifying the number of shares of Class B Common Stock with respect to
which the Option is being exercised.

 

7.       Medium
and Time of Payment. The Option Price shall be paid in full, at the time of exercise, in cash or in shares of Class B Common
Stock (whether then owned by the Employee or issuable upon exercise of the Option) having a Fair Market Value equal to such Option
Price or in a combination of cash and Class B Common Stock, including a cashless exercise procedure through a broker-dealer.

 

     

     

    

 

8.       Termination.
Except as provided in this Section 8 and in Section 9 hereof, an Option may not be exercised unless the Employee is then in the
employ of or maintaining a director or consultant relationship with the Company or a Subsidiary thereof (or a company or a Parent
or Subsidiary of such company issuing or assuming the Option in a transaction to which Section 424(a) of the Code applies), and
unless the Employee has remained continuously so employed or in the director or consultant relationship since the date of grant
of the Option, unless otherwise determined by the Committee. In the event that the employment or consultant relationship of a Employee
shall terminate (other than by reason of death, Disability or Retirement), all Options of such Employee that are exercisable at
the time of Employee’s termination may, unless earlier terminated in accordance with their terms, be exercised within one
hundred eighty (180) days after the date of such termination (or such different period as the Compensation Committee of the Company
(the “Committee”) shall prescribe).

 

9.       Death,
Disability or Retirement of Employee. If the Employee shall die while employed by, or maintaining a director or consultant
relationship with, the Company or a Subsidiary thereof, or within thirty (30) days after the date of termination of such Employee’s
employment, director or consultant relationship (or within such different period as the Committee may have provided pursuant to
Section 8 hereof), or if the Employee’s employment, director or consultant relationship shall terminate by reason of
Disability, all Options theretofore granted to the Employee (to the extent otherwise exercisable) may, unless earlier terminated
in accordance with their terms, be exercised by the Employee or by the Employee’s estate or by a person who acquired the
right to exercise such Options by bequest or inheritance or otherwise by result of death or Disability of the Employee, at any
time within 180 days after the death or Disability of the Employee (or such different period as the Committee shall prescribe).
In the event that an Option granted hereunder shall be exercised by the legal representatives of a deceased or former Employee,
written notice of such exercise shall be accompanied by a certified copy of letters testamentary or equivalent proof of the right
of such legal representative to exercise such Option. In the event that the employment or consultant relationship of an Employee
shall terminate on account of such Employee’s Retirement, all Options of the Employee that are exercisable at the time of
such Retirement may, unless earlier terminated in accordance with their terms, be exercised at any time within one hundred eighty
(180) days after the date of such Retirement (or such different period as the Committee shall prescribe). All unvested Options
shall be terminated upon death, disability or retirement, unless otherwise determined by the Committee.

 

10.       Company’s
Repurchase Right. The Company will have the right to repurchase the Class B Common Stock issued upon exercise of the Options
at a purchase price equal to the exercise price of the Options should Employee cease to provides services as an officer or director
of the Company or one or more of its subsidiaries. The Company’s repurchase right will lapse as to 333,333 shares underlying
the Options on each of May 2, 2018 and 2019 and as to 333,334 shares underlying the Options on May 2, 2020.  Employee will
be prohibited from transferring any shares of the Class B Common Stock issued on exercise of the Option that are subject to the
Company’s repurchase right. The Company’s repurchase right shall lapse as to all shares underlying the Options upon
the Employee’s death, “Disability,” termination by the Company without “Cause” or termination by
the Employee for “Good Reason,” each as defined in the Fourth Amended and Restated Employment Agreement between the
Company and the Employee, dated December 14, 2016 (the “Employment Agreement”). ] If the Employee’s employment
is terminated by the Company for “Cause" or by the Employee other than for “Good Reason,” each as defined
in the Employment Agreement, then the Company’s then the Pro Rata Portion (as defined below) of its right to repurchase the
shares upon exercise of the Options shall lapse. As used herein, the term "Pro Rata Portion" shall mean a percentage
of the shares subject to the repurchase right that is scheduled to lapse on the May 2 that follows the twelve-month period in which
the Date of Termination (as defined in the Employment Agreement) shall occur represented by the portion of such twelve-month period
that has elapsed as of the Date of Termination.

 

    	 	2	May 2, 2017

	 	 	Jonas

	 	 	1,000,000 Class B Shares

     

    

 

11.       Withholding
Taxes. No later than the date of exercise of an Option, the Employee will pay to the Company or make arrangements satisfactory
to the Company regarding payment of any federal, state or local taxes of any kind required by law to be withheld upon the exercise
of an Option. Alternatively, solely to the extent permitted or required by law, the Company may deduct the amount of any federal,
state or local taxes of any kind required by law to be withheld upon the exercise of an Option from any payment of any kind due
to the Employee. The withholding obligation may be satisfied by the withholding or delivery of the Stock.

 

12.       Terms
Incorporated by Reference Herein. Each of the terms of the Company’s 2015 Stock Option and Incentive Plan, as Amended
and Restated (“Plan”), as in effect as of the date hereof, shall be deemed to govern the Options granted hereunder,
as if the Options had been granted pursuant to the Plan. To the extent that there is any inconsistency between this Agreement and
the terms of the Plan, the terms of this Agreement shall govern.

 

13.       Stockholder
Approval. The grant of the Options will be subject to ratification by the stockholders of the Company and will be submitted
to the stockholders and the next annual meeting of stockholders. If the grant of the Options is not ratified by the stockholders,
the Options shall terminate and the Company shall buy back all of the shares that were previously purchased upon exercise of the
Options.

 

14.       Transferability
of Options. Stock Options may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any manner other
than to an immediate family member of Employee or to a trust or other estate planning entity created for the benefit of the Employee
or one or more members of his immediate family as provided for under the Plan, provided that, in all cases, such transferee executes
a written consent to be bound by the terms of this Agreement and that written evidence of the transfer as well as the written consent
of the transferee is provided to the Compensation Committee, care of Joyce Mason, General Counsel and Secretary of the Company,
within thirty (30) days of the transfer.

 

15.       Entire
Agreement. This Agreement contains all of the understandings between the parties hereto pertaining to the matters referred
to herein, and supersedes all undertakings and agreements, whether oral or in writing, previously entered into by them with respect
thereto. The Employee represents that, in executing this Agreement, he does not rely and has not relied upon any representation
or statement not set forth herein made by the Company with regard to the subject matter of this Agreement or otherwise.

 

    	 	3	May 2, 2017

	 	 	Jonas

	 	 	1,000,000 Class B Shares

     

    

 

16.       Amendment
or Modification, Waiver. No provision of this Agreement may be amended or waived unless such amendment or waiver is agreed
to in writing, signed by the Employee and by a duly authorized officer of the Company. No waiver by any party hereto of any breach
by another party hereto of any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver
of a similar of dissimilar condition or provision at the same time, any prior time or any subsequent time.

 

17.       Notices.
Each notice relating to this Agreement shall be in writing and delivered in person or by certified mail to the proper address.
All notices to the Company shall be addressed to it at:

 

IDT Corporation

520 Broad Street

Newark, New Jersey 07102

Attention:Nadine Shea

Options Administrator

 

All notices to the Employee or other person or persons then
entitled to exercise the Options shall be addressed to the Employee or such other person or persons at:

 

Mr. Howard S. Jonas
 

 

Anyone to whom a notice may be given under this Agreement may
designate a new address by notice to such effect.

 

18.       Severability.
If any provision of this Agreement or the application of any such provision to any party or circumstances shall be determined by
any court of competent jurisdiction to be invalid and unenforceable to any extent, the remainder of this Agreement or the application
of such provision to such person or circumstances other than those to which it is so determined to be invalid and unenforceable,
shall not be affected thereby, and each provision hereof shall be validated and shall be enforced to the fullest extent permitted
by law.

 

19.       Governing
Law. This Agreement shall be construed and governed in accordance with the laws of the state of Delaware, without regard to
principles of conflicts of laws.

 

20.       Headings.
All descriptive headings of sections and paragraphs in this Agreement are intended solely for convenience, and no provision of
this Agreement is to be construed by reference to the heading of any section or paragraph.

 

21.       Counterparts.
This Agreement may be executed in counterparts, each of which shall be deemed to be an original but both of which together shall
constitute one and the same instrument.

 

    	 	4	May 2, 2017

	 	 	Jonas

	 	 	1,000,000 Class B Shares

     

    

 

IN WITNESS WHEREOF, the Company has caused
this Agreement to be executed by an authorized officer and the Employee has hereunto set his hand all as of the date first above
written.

 

	 	IDT Corporation
	 	 	 
	 	By:	 
	 	 	Name: Marcelo Fischer
	 	 	Title: Senior Vice President - Finance
	 	 	 
	 	By:	 
	 	 	Employee: Howard S. Jonas
	 	 	Telephone: (973) 438-1000

 

 

	 	5	May 2, 2017
	 	 	Jonas
	 	 	1,000,000 Class B SharesExhibit 10.11

 

ASSIGNMENT AGREEMENT

 

This Assignment Agreement
(this “Agreement”), is made and entered into as of September 19, 2017 by and between IDT Corporation, a Delaware
corporation (“Assignor”) and Howard S. Jonas, an individual residing at 3020 Palisade Avenue, Riverdale, New York 10463
(“Assignee”). Assignor and Assignee are hereinafter referred to in this Agreement individually as a “Party”
and collectively as the “Parties”.

 

WHEREAS, pursuant to
Section 2.4 (“Section 2.4”) of that certain First Global Amendment to Loan Documents, dated as of April 13,
2016, by and between Rafael Pharmaceutical, Inc., a Delaware corporation (f/k/a Cornerstone Pharmaceuticals, Inc.) (“Rafael”),
Assignor, A. Joseph Stern and Aaron Drillick, Assignor was granted the right to receive ten percent (10%) of the equity interests
in Rafael upon the happening of the events set forth in such Section 2.4 (the “Right”). None of the conditions have
been satisfied and the Right remains contingent;

 

WHEREAS, pursuant to
that certain Contribution Agreement, dated as of March 2, 2017, by and between Assignor and IDT-Rafael Holdings LLC, a Delaware
limited liability company, Assignor contributed, among other things, the Right to IDT-Rafael Holdings LLC, a Delaware limited liability
company and subsidiary of Assignor (“IDT-Rafael”);

 

WHEREAS, on March 2,
2017, Assignee purchased from Assignor a 10% ownership interest in IDT-Rafael;

 

WHEREAS, on September
12, 2017, the Compensation Committee, Corporate Governance Committee and Board of Directors of Assignor approved a compensatory
arrangement whereby Assignor will transfer the Right to Mr. Jonas;

 

WHEREAS, on September
14, 2017, Assignor, as the manager of IDT-Rafael, determined that it was in the best interests of IDT-Rafael and its members, that
the IDT-Rafael distribute the Right, by way of pro-rata distribution to its members (90% to Assignor and 10% to Assignee); and

 

WHEREAS, the Parties
hereto desire to execute this Agreement to evidence the assignment of Assignor’s ninety percent (90%) interest to the Right
to Assignee.

  

NOW, THEREFORE, in consideration
of the premises and the mutual agreements herein contained, the parties hereto agree as follows:

 

1.       Assignment
and Assumption. Assignor hereby sells, transfers, conveys, assigns and sets over to Assignee and Assignee’s successors
and assigns, all its right, title and interest in, to and under the right to receive equity or other interests in Rafael under
Section 2.4.

 

3.       Further
Assurances. At any time and from time to time after the date hereof, at the request of Assignee, and without further consideration,
Assignor shall execute and deliver such other instruments of sale, transfer, conveyance, assignment and confirmation and take such
other action as Assignee may reasonably request as necessary or desirable in order to more effectively transfer, convey and assign
to Assignee the contracts.

 

4.       Governing
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.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

    

     

    

 

IN WITNESS WHEREOF,
Assignors have caused this Assignment and Agreement to be executed on its behalf by its duly authorized officer as of the date
first above written.

 

	 	IDT CORPORATION
	 	 	 
	 	By:	 
	 	 	Name: Joyce J. Mason
	 	 	Title: Corporate Secretary
	 	 	 
	 	 
	 	Howard S. Jonas

  

 

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