Document:

f1012ga1iex10vii_ctm.htm

     

    Exhibit
10.7

     

    FORM
OF AGREEMENT TO BE ENTERED INTO BETWEEN

    CTM
MEDIA HOLDINGS, INC.

    AND

    HOLDERS
OF RESTRICTED SHARES OF IDT CORPORATION’ STOCK

    

     

    
      	
               
      

            	
              «FIRSTNAME»
      «LASTNAME»

            

    

    
      	
               
      

            	
              [ADDRESS]

            

    

    

    This
Agreement confirms the grant of Restricted Stock to you effective as of «RESTRICTED_DATE» (the
“Effective Date”), upon the terms and conditions described herein.

     

    1. Grant of Restricted
Stock.  As owner of [NUMBER] restricted shares of IDT
Corporation’s [CLASS] common stock, in connection with the spinoff (the
“Spinoff”) of CTM Media Holdings, Inc. (the “Company”) from IDT Corporation
(“IDT”), you will receive, [NUMBER] restricted shares of the Company’s [CLASS]
common stock (the “Restricted Shares”), subject to the terms and conditions
hereinafter set forth. This grant is a matter of separate inducement and is not
in lieu of salary or other compensation for your services.

     

    2. Closing.  The
transfer of the Restricted Shares shall occur on or around the distribution date
of the Spinoff.  Concurrently with the execution of this Agreement,
the Company may issue one or more certificates representing the Restricted
Shares (which shall be held by the Company pursuant to paragraph 6 until the
applicable Restrictions (as defined in paragraph 3) have lapsed).

     

    3. Restrictions.  The
Restricted Shares are being awarded to you subject to (i) the same transfer
and forfeiture restrictions of your restricted shares of IDT [CLASS] common
stock, and as set forth in this paragraph 3 (the “Restrictions”), which shall
lapse after the expiration of the vesting periods described in paragraph 4,
(ii) satisfaction of the tax withholding requirements set forth in
paragraph 8, and (iii) compliance with the Company’s Insider Trading
Policy.

     

    (a) Transfer.  You may
not directly or indirectly, by operation of law or otherwise, voluntarily or
involuntarily, alienate, attach, sell, assign, pledge, encumber, charge or
otherwise transfer any of the Restricted Shares still subject to Restrictions,
except for such assignments as are allowed under Section 11(b) of the CTM
Media Holdings, Inc. 2009 Stock Option and Incentive Plan, as Amended and
Restated (the “Plan”), provided that, in all cases, such transferee executes a
written consent to be bound by the terms of this Agreement.

     

    (b) Forfeiture.  Subject
to exceptions as may be determined by the Compensation Committee of the Board of
Directors of the Company, if your continuous employment or consulting
relationship with the Company or any majority-owned subsidiary of the Company or
IDT or any majority-owned subsidiary of IDT shall terminate for any reason, or
if you cease for any reason to be a Non-Employee Director of the Company or any
majority-owned subsidiary of the Company or IDT or any majority-owned subsidiary
of IDT, then all Restricted Shares for which the Restrictions have not lapsed at
such time shall be returned to or canceled by the Company, and shall be deemed
to have been forfeited by you. Upon a forfeiture of your Restricted Shares, the
Company will not be obligated to pay you any consideration whatsoever for the
forfeited Restricted Shares.

     

     

    
      
         

      

      
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    4. Lapse
of Restrictions.

     

    (a) The
Restrictions shall lapse to the extent the Restricted Shares have become vested,
as follows:  «VESTING»

     

    (i) [NUMBER]
Restricted Shares will vest on [DATE]; and

     

    (ii) [NUMBER]
Restricted Shares will vest on [DATE].

     

    (b) All of
the Restricted Shares shall become vested and the Restrictions shall lapse with
respect to any unvested Restricted Shares upon a Change in Control (as defined
in the Plan).

     

    (c) To the
extent the Restrictions shall have lapsed under this paragraph 4 with respect to
any portion of the Restricted Shares, those shares (“Vested Shares”) will be
free of the terms and conditions of this Agreement except those terms and
conditions contained in paragraph 8; provided, however, that such
Vested Shares shall remain subject to the terms and conditions of the Company’s
Insider Trading Policy.

     

    5. Adjustments.  The
terms “Restricted Shares” and “Vested Shares” shall include any shares or other
securities that you receive or become entitled to receive as a result of your
ownership of the original Restricted Shares.

     

    6. Custody.  Any
certificates representing the Restricted Shares (other than Vested Shares) shall
be deposited with the Company. The Company is hereby authorized to effectuate
the transfer into its name of all certificates representing the Restricted
Shares that are forfeited or otherwise transferred to the Company pursuant to
either paragraph 3 or paragraph 8.

     

    7. Voting and Other
Rights.

     

    (a) Upon the
registration of the Restricted Shares in your name, you shall have all of the
rights and status as a stockholder of the Company with respect to the Restricted
Shares, including the right to vote such shares and to receive dividends or
other distributions thereon. All such rights and status as a stockholder of the
Company with respect to the Restricted Shares shall terminate if the Restricted
Shares are forfeited pursuant to either paragraph 3 or paragraph 8.

     

    (b) The grant
of the Restricted Shares to you does not confer upon you any right to continue
in the employ of the Company or IDT.

     

    8. Withholding
Taxes.  The award or other transfer of the Restricted Shares,
and the lapse of Restrictions on the Restricted Shares, shall be conditioned
further on any applicable withholding taxes being paid by you. You hereby
authorize the Company to sell, or otherwise take possession of via forfeiture by
you or otherwise, such number of the Restricted Shares as the Company deems
necessary to satisfy any of your withholding tax requirement.

     

     

    
      
         

      

      
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    9. Incorporation of Plan
Provisions.  Even though the Restricted Shares are not granted
pursuant to the Plan, to the extent applicable, the terms and provisions of the
Plan are incorporated herein as if the same were fully set forth herein.
Capitalized terms not otherwise defined herein shall have the meanings set forth
for such terms in 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.

     

    10. Stock Power.  At
the Company’s request, you hereby agree to promptly execute any document,
including a stock power endorsed in blank, that is necessary to comply with the
terms of this Agreement.

     

    11. Successors.  This
Agreement shall be binding upon and inure to the benefit of any successor of the
Company and your successors, assigns and estate, including your executors,
administrators and trustees.

     

    12. Amendment or Modification,
Waiver.  No provision of this Agreement may be amended or
waived unless such amendment or waiver is agreed to in writing and signed by
each party hereto. No waiver by either 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.

     

    13. Notices.  Each
notice relating to this Agreement shall be in writing and delivered in person or
by certified mail or overnight delivery to the proper address. Notices to
employees sent via e-mail shall be deemed to satisfy the requirements of this
paragraph 13. All notices to the Company shall be addressed to it
at:

     

    CTM Media
Holdings, Inc.

       
11 Largo Drive South

       
Stamford, Connecticut 06907

      
Attention: Human Resources, Stock Option and Incentive Plan
Administrator

    

    14. 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.

     

    15. 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.

     

     

    
      
         

      

      
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    16. 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.

     

    17. 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.

     

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    To
confirm your acceptance of the foregoing, please sign and date below under
“Accepted and Agreed” and return one copy of this Agreement to the Human
Resources Department, CTM Media Holdings, Inc. 11 Largo Drive South, Stamford,
Connecticut 06907.

    

    

    CTM MEDIA
HOLDINGS, INC.

     

    By:                                                             
      

    Name: Leslie
B. Rozner

    Title:  Chief
Financial Officer

    

    

    ACCEPTED
AND AGREED:

    

                                                                                 
       

    Name:  «FIRSTNAME»
«LASTNAME»

    

    

    Date:                                                             
                                                                         

     

     

     

    5f1012ga1iex10viii_ctm.htm

     

    Exhibit
10.8

     

    CTM
MEDIA HOLDINGS, INC.

    2009
STOCK OPTION AND INCENTIVE PLAN

     

    INCENTIVE
STOCK OPTION AGREEMENT

     

    
      
        
          

        

      

      
 

    

    This
INCENTIVE STOCK OPTION
AGREEMENT (this “Agreement”) is entered into as of «OPTIONDATE», by and between
CTM Media Holdings, Inc.,
a Delaware corporation (the “Company”), and «FIRSTNAME» «LASTNAME» (the
“Grantee”).

     

    WHEREAS,
the Company desires to grant to the Grantee options to acquire an aggregate of
«REVISEDOPTIONS» shares
of Class «CLASS OF COMMON
STOCK» Common Stock of the Company, par value $0.01 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 given to them in
the Company’s 2009 Stock Option and Incentive Plan (the “Plan”).

     

    2. Grant of
Options.  The Grantee is hereby granted an Incentive Stock
Option (the “Option”) to purchase an aggregate of «REVISEDOPTIONS» shares of
Stock, pursuant to the terms of this Agreement.  Though the Option is
granted as an Incentive Stock Option, the Company does not represent or warrant
that the Option qualifies as such. If the Option (or any part thereof) does not
qualify for Incentive Stock Option treatment for any reason, then, to the extent
of such non-qualification, the Option (or portion thereof) shall be treated as a
nonqualified stock option granted under the Plan, provided that the Option (or
portion thereof) otherwise satisfies the terms and conditions of the Plan
generally relating to non-qualified stock options.

     

    3. Term.  The term of
the Options (the “Option Term”) shall be for ten (10) years [a five-year period
if Grantee is a 10% shareholder within the meaning of Code Section 422(c)(5)]
commencing on «OPTIONDATE» and terminating
on «TERMINATIONDATE».

     

    4. Option Price.  The
initial exercise price per share of the Options shall be $«OPTION_PRICE», said
exercise price not being less than the Fair Market Value of the Stock at the
time this Option is granted (or not less than 110% of
the Fair Market Value of the Stock on the date of grant if the Grantee is a 10%
shareholder within the meaning of Code Section 422(c)(5)); provided, however,
subject to adjustment as provided herein (the “Option Price”).

     

    5. Conditions to
Exercisability.  The Options shall vest and become exercisable
as follows:  «VESTING», if the Grantee continues to
be employed by the Company or any of its Subsidiaries on such date or
dates.

     

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

     

     

     

    
      «OPTIONDATE»

      «LASTNAME»

      «REVISEDOPTIONS»

    

     

    
      
         

      

      
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    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 Stock (whether then owned by the Grantee or
issuable upon exercise of the Option) having a Fair Market Value equal to such
Option Price or in a combination of cash and 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 Grantee is then in the employ of the Company or a
Subsidiary thereof (or a company or a Parent or Subsidiary of such company
issuing or assuming the Option in a transaction to which Section 424(a) of the
Code applies), and unless the Grantee has remained continuously so employed
since the date of grant of the Option. In the event that the employment or
consultant relationship of a Grantee shall terminate (other than by reason of
death, Disability or Retirement), all Options of such Grantee that are
exercisable at the time of Grantee’s termination may, unless earlier terminated
in accordance with their terms, be exercised within ninety (90) days after the
date of such termination (or such different period as the Compensation Committee
of the Board of Directors of the Company (the “Committee”) shall
prescribe).

     

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

     

    10. Withholding Taxes; Disqualifying
Disposition.  No later than the
date of exercise of an Option, the Grantee 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 Grantee. The withholding obligation may be satisfied by
the withholding or delivery of the Stock.  If the Grantee disposes of
Stock acquired upon exercise of this option within two years from the date of
grant or one year after such Stock was acquired pursuant to exercise of the
Option, the Grantee shall notify the Company in writing of such disposition
within ten (10) days thereof.

     

    11. Terms Incorporated by Reference
Herein.  Each of the terms of the 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.

     

     

    
      «OPTIONDATE»

      «LASTNAME»

      «REVISEDOPTIONS»

    

     

    
      
         

      

      
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    12. Transferability of
Options.  Options may not be sold, pledged, assigned,
hypothecated, transferred or disposed of in any manner other than to an
immediate family member of Grantee or to a trust or other estate planning entity
created for the benefit of the Grantee 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.

     

    13. 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 Grantee represents
that, in executing this Agreement, s/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.

     

    14. 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
Grantee 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.

     

    15. 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:

     

    CTM Media
Holdings, Inc.

    11 Largo
Drive South

    Stamford,
CT 06907

    Attention:
Human Resources, Stock Option and Incentive Plan Administrator

    

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

     

                                         
                            

                                                                       

                                                                       

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

     

    16. 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.

     

    17. 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.

     

     

     

    
      «OPTIONDATE»

      «LASTNAME»

      «REVISEDOPTIONS»

    

     

    
      
         

      

      
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    18. 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.

     

    19. 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.

     

    [Remainder
of page intentionally left blank]

     

     

     

     

     

     

     

     

    
      «OPTIONDATE»

      «LASTNAME»

      «REVISEDOPTIONS»

    

     

    
      
         

      

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

     

    CTM Media
Holdings, Inc.

     

    By:                                                                         
   

    Name:

    Title:

     

     

    By:                                                                                

    Grantee:
«FIRSTNAME» «LASTNAME»

    

    
 

     

     

     

     

    
      «OPTIONDATE»

      «LASTNAME»

      «REVISEDOPTIONS»

    

     

     

     5

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