Document:

FORM OF DIRECTOR AND OFFICER INDEMNIFICATION AGREEMENT

 Exhibit 10.19 
  
 AGREEMENT, effective as of             ,
            , between Perini Corporation, a Massachusetts corporation (the “Company”), and [Name of Director/Officer] (the “Indemnitee”). 
  
 WHEREAS, it is essential to the Company to retain and attract as directors
and officers the most capable persons available; 
  
 WHEREAS,
Indemnitee is a director or officer of the Company; 
  
 WHEREAS,
both the Company and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors and officers of public companies in today’s environment; 
  
 WHEREAS, basic protection against undue risk of personal liability of directors and officers heretofore has been provided
through insurance coverage providing reasonable protection at reasonable cost, and Indemnitee has relied on the availability of such coverage; but as a result of substantial changes in the marketplace for such insurance it has become increasingly
more difficult to obtain such insurance on terms providing reasonable protection at reasonable cost; 
  
 WHEREAS, the By-laws of the Company permit the Company to indemnify and advance expenses to its directors and officers to the full extent permitted by law
and the Indemnitee has been serving and continues to serve as a director or officer of the Company in part in reliance on such By-laws; 
  
 WHEREAS, in recognition of Indemnitee’s need for substantial protection against personal liability in order to enhance Indemnitee’s continued
service to the Company in an effective manner, the increasing difficulty in obtaining satisfactory director and officer liability insurance coverage, and Indemnitee’s reliance on the aforesaid By-laws, and in part to provide Indemnitee with
specific contractual assurance that the protection promised by such By-laws will be available to Indemnitee (regardless of, among other things, any amendment to or revocation of such By-laws or any change in the composition of the Company’s
Board of Directors or acquisition transaction relating to the Company), the Company wishes to provide in this Agreement for the indemnification of and the advancing of expenses to Indemnitee to the fullest extent (whether partial or complete)
permitted by law and as set forth in this Agreement, and, to the extent insurance is maintained, for the continued coverage of Indemnitee under the Company’s directors’ and officers’ liability insurance policies; 
  
 NOW, THEREFORE, in consideration of the premises and of Indemnitee continuing
to serve the Company directly or, at its request, another enterprise, and intending to be legally bound hereby, the parties hereto agree as follows: 

	 	1.	Certain Definitions: 

  

	 	(a)	Change in Control: shall be deemed to have occurred if (i) any “person” (as such term is used in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended), other than a trustee or other fiduciary holding securities under an employee benefit plan of the Company or a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their
ownership of stock of the Company, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under said Act), directly or indirectly, of securities of the Company representing 20% or more of the total voting power represented by the
Company’s then outstanding Voting Securities, or (ii) during any period of two consecutive years, individuals who at the beginning of such period constitute the Board of Directors of the Company and any new director whose election by the Board
of Directors or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors then still in office who either were directors at the beginning of the period or whose election or
nomination for election was previously so approved, cease for any reason to constitute a majority thereof, or (iii) the stockholders of the Company approve a merger or consolidation of the Company with any other corporation, other than a merger or
consolidation which would result in the Voting Securities of the Company outstanding immediately prior thereto continuing to represent (either by remaining outstanding or by being converted into Voting Securities of the surviving entity) at least
80% of the total voting power represented by the Voting Securities of the Company or such surviving entity outstanding immediately after such merger or consolidation, or the stockholders of the Company approve a plan of complete liquidation of the
Company or an agreement for the sale or disposition by the Company of (in one transaction or a series of transactions) all or substantially all the Company’s assets. 

  

	 	(b)	Claim: any threatened, pending or completed action, suit or proceeding, or any inquiry or investigation, whether instituted by the Company or any other party, that Indemnitee
in good faith believes might lead to the institution of any such action, suit or proceeding, whether civil, criminal, administrative, investigative or other. 

  

	 	(c)	Expenses: include attorneys’ fees and all other costs, expenses and obligations paid or incurred in connection with investigating, defending, being a witness in or
participating in (including on appeal), or preparing 

  

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	 	    	to defend, be a witness in or participate in, any Claim relating to any Indemnifiable Event. 

  

	 	(d)	Indemnifiable Event: any event or occurrence related to the fact that Indemnitee is or was a director, officer, employee, agent or fiduciary of the Company, or is or was
serving at the request of the Company as a director, officer, employee, trustee, agent or fiduciary of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, or by reason of anything done or not done by
Indemnitee in any such capacity. 

  

	 	(e)	Independent Legal Counsel: an attorney or firm of attorneys, selected in accordance with the provisions of Section 3, who shall not have otherwise performed services for the
Company or Indemnitee within the last five years (other than with respect to matters concerning the rights of Indemnitee under this Agreement, or of other indemnitees under similar indemnity agreements). 

  

	 	(f)	Potential Change in Control: shall be deemed to have occurred if (i) the Company enters into an agreement, the consummation of which would result in the occurrence of a
Change in Control; (ii) any person (including the Company) publicly announces an intention to take or to consider taking actions which if consummated would constitute a Change in Control; (iii) any person, other than a trustee or other fiduciary
holding securities under an employee benefit plan of the Company or a corporation owned, directly or indirectly, by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company, who is or becomes
the beneficial owner, directly or indirectly, of securities of the Company representing 9.5% or more of the combined voting power of the Company’s then outstanding Voting Securities, increases his beneficial ownership of such securities by five
percentage points (5%) or more over the percentage so owned by such person; or (iv) the Board adopts a resolution to the effect that, for purposes of this Agreement, a Potential Change in Control has occurred. 

  

	 	(g)	Reviewing Party: any appropriate person or body consisting of a member or members of the Company’s Board of Directors or any other person or body appointed by the Board
who is not a party to the particular Claim for which Indemnitee is seeking indemnification, or Independent Legal Counsel. 

  

	 	(h)	Voting Securities: any securities of the Company which vote generally in the election of directors. 

  

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 2.    Basic Indemnification Arrangement. (a) In the event Indemnitee was, is
or becomes a party to or witness or other participant in, or is threatened to be made a party to or witness or other participant in, a Claim by reason of (or arising in part out of) an Indemnifiable Event, the Company shall indemnify Indemnitee to
the fullest extent permitted by law as soon as practicable but in any event no later than thirty days after written demand is presented to the Company, against any and all Expenses, judgments, fines, penalties and amounts paid in settlement
(including all interest, assessments and other charges paid or payable in connection with or in respect of such Expenses, judgments, fines, penalties or amounts paid in settlement) of such Claim. If so requested by Indemnitee, the Company shall
advance (within two business days of such request) any and all Expenses to Indemnitee (an “Expense Advance”). 
  
 (b)    Notwithstanding the foregoing, (i) the obligations of the Company under Section 2(a) shall be subject to the condition that the
Reviewing Party shall not have determined (in a written opinion, in any case in which the Independent Legal Counsel referred to in Section 3 hereof is involved) that Indemnitee would not be permitted to be indemnified under applicable law, and (ii)
the obligation of the Company to make an Expense Advance pursuant to Section 2(a) shall be subject to the condition that, if, when and to the extent that the Reviewing Party determines that Indemnitee would not be permitted to be so indemnified
under applicable law, the Company shall be entitled to be reimbursed by Indemnitee (who hereby agrees to reimburse the Company) for all such amounts theretofore paid; provided, however, that if Indemnitee has commenced or thereafter commences legal
proceedings in a court of competent jurisdiction to secure a determination that Indemnitee should be indemnified under applicable law, any determination made by the Reviewing Party that Indemnitee would not be permitted to be indemnified under
applicable law shall not be binding and Indemnitee shall not be required to reimburse the Company for any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been
exhausted or lapsed). If there has not been a Change in Control, the Reviewing Party shall be selected by the Board of Directors, and if there has been such a Change in Control (other than a Change in Control which has been approved by a majority of
the Company’s Board of Directors who were directors immediately prior to such Change in Control), the Reviewing Party shall be the Independent Legal Counsel referred to in Section 3 hereof. If there has been no determination by the Reviewing
Party or if the Reviewing Party determines that Indemnitee substantively would not be permitted to be indemnified in whole or in part under applicable law, Indemnitee shall have the right to commence litigation in any court in the Commonwealth of
Massachusetts having subject matter jurisdiction thereof and in which venue is proper seeking an initial determination by the court or challenging any such determination by the Reviewing Party or any aspect thereof, including the legal or factual
bases therefor, and the Company hereby consents to service of process and to 
  

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 appear in any such proceeding. Any determination by the Reviewing Party otherwise shall be conclusive and binding on the
Company and Indemnitee. 
  
 3.    Change in
Control. The Company agrees that if there is a Change in Control of the Company (other than a Change in Control which has been approved by a majority of the Company’s Board of Directors who were directors immediately prior to such Change in
Control) then with respect to all matters thereafter arising concerning the rights of Indemnitee to indemnity payments and Expense Advances under this Agreement or any other agreement or Company By-law now or hereafter in effect relating to Claims
for Indemnifiable Events, the Company shall seek legal advice only from Independent Legal Counsel selected by Indemnitee and approved by the Company (which approval shall not be unreasonably withheld). Such counsel, among other things, shall render
its written opinion to the Company and Indemnitee as to whether and to what extent the Indemnitee would be permitted to be indemnified under applicable law. The Company agrees to pay the reasonable fees of the Independent Legal Counsel referred to
above and to indemnify fully such counsel against any and all expenses (including attorneys’ fees), claims, liabilities and damages arising out of or relating to this Agreement or its engagement pursuant hereto. 
  
 4.    Indemnification for Additional Expenses. The
Company shall indemnify Indemnitee against any and all expenses (including attorneys’ fees) and, if requested by Indemnitee, shall (within two business days of such request) advance such expenses to Indemnitee, which are incurred by Indemnitee
in connection with any action brought by Indemnitee for (i) indemnification or advance payment of Expenses by the Company under this Agreement or any other agreement or Company By-law now or hereafter in effect relating to Claims for Indemnifiable
Events and/or (ii) recovery under any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee ultimately is determined to be entitled to such indemnification, advance expense
payment or insurance recovery, as the case may be. 
  
 5.    Partial Indemnity, Etc. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a portion of the Expenses, judgments, fines, penalties and amounts paid
in settlement of a Claim but not, however, for all of the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. Moreover, notwithstanding any other provision of this
Agreement, to the extent that Indemnitee has been successful on the merits or otherwise in defense of any or all Claims relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, including dismissal without
prejudice, Indemnitee shall be indemnified against all Expenses incurred in connection therewith. 
  

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 6.    Burden of Proof. In connection with any determination by the Reviewing
Party or otherwise as to whether Indemnitee is entitled to be indemnified hereunder the burden of proof shall be on the Company to establish that Indemnitee is not so entitled. 
  
 7.    No Presumptions. For purposes of this Agreement, the termination of any claim, action, suit
or proceeding, by judgment, order, settlement (whether with or without court approval) or conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard of
conduct or have any particular belief or that a court has determined that indemnification is not permitted by applicable law. In addition, neither the failure of the Reviewing Party to have made a determination as to whether Indemnitee has met any
particular standard of conduct or had any particular belief, nor an actual determination by the Reviewing Party that Indemnitee has not met such standard of conduct or did not have such belief, prior to the commencement of legal proceedings by
Indemnitee to secure a judicial determination that Indemnitee should be indemnified under applicable law shall be a defense to Indemnitee’s claim or create a presumption that Indemnitee has not met any particular standard of conduct or did not
have any particular belief. 
  
 8.    Nonexclusivity, Etc. The rights of the Indemnitee hereunder shall be in addition to any other rights Indemnitee may have under the Company’s By-laws or the Massachusetts Business Corporation Law or
otherwise. To the extent that a change in the Massachusetts Business Corporation Law (whether by statute or judicial decision) permits greater indemnification by agreement than would be afforded currently under the Company’s By-laws and this
Agreement, it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change. 
  
 9.    Liability Insurance. To the extent the Company maintains an insurance policy or policies providing directors’ and
officers’ liability insurance, Indemnitee shall be covered by such policy or policies, in accordance with its or their terms, to the maximum extent of the coverage available for any Company director or officer. 
  
 10.    Period of Limitations. No legal action
shall be brought and no cause of action shall be asserted by or in the right of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors or personal or legal representatives after the expiration of two years from the date of
accrual of such cause of action, and any claim or cause of action of the Company shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such two-year period; provided, however, that if any shorter
period of limitations is otherwise applicable to any such cause of action such shorter period shall govern. 
  
 11.    Amendments, Etc. No supplement, modification or amendment of this Agreement shall be binding unless executed in writing
by both of the parties hereto. No 
  

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 waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any other provisions
hereof (whether or not similar) nor shall such waiver constitute a continuing waiver. 
  
 12.    Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall
execute all papers required and shall do everything that may be necessary to secure such rights, including the execution of such documents necessary to enable the Company effectively to bring suit to enforce such rights. 
  
 13.    No Duplication of Payments. The Company
shall not be liable under this Agreement to make any payment in connection with any Claim made against Indemnitee to the extent Indemnitee has otherwise actually received payment (under any insurance policy, By-law or otherwise) of the amounts
otherwise indemnifiable hereunder. 
  
 14.    Binding Effect, Etc. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties hereto and their respective successors, assigns, including any direct or indirect
successor by purchase, merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company, spouses, heirs, executors and personal and legal representatives. This Agreement shall continue in effect regardless
of whether Indemnitee continues to serve as an officer or director of the Company or of any other enterprise at the Company’s request. 
  
 15.    Severability. The provisions of this Agreement shall be severable in the event that any of the provisions hereof
(including any provision within a single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable in any respect, and the validity and enforceability of any such provision in every
other respect and of the remaining provisions hereof shall not be in any way impaired and shall remain enforceable to the fullest extent permitted by law. 
  
 16.    Governing Law. This Agreement shall be governed by and construed and enforced in accordance with the laws of the
Commonwealth of Massachusetts applicable to contracts made and to be performed in such state without giving effect to the principles of conflicts of laws. 
  
 [REMAINDER INTENTIONALLY LEFT BLANK] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement this
             day of             ,             .

  
  

			
	PERINI CORPORATION
		
	 By:
	 	  

	 	 	 Name: Robert Band
 Title: Chief Operating Officer

		
	 	 	  

	 	 	[Name of Director/Officer]Subscription Agreement, dated April 17, 2003

 Exhibit 10.71 
  
 SUBSCRIPTION AGREEMENT 
  
 SUBSCRIPTION AGREEMENT, made as of this 17th day of April 2003 (this “Agreement”), between IDT Media, Inc., a Delaware corporation (the “Company”), and Liberty IDTMED, Inc., a Delaware corporation
(“Liberty”). 
  
 WHEREAS, Liberty desires
to subscribe for and purchase from the Company and the Company desires to issue and sell to Liberty newly-issued shares of Class A Common Stock, par value $0.01 per share (the “Class A Common Stock”), of the Company upon the terms
and subject to the conditions set forth in this Agreement; 
  
 NOW, THEREFORE, the Company and Liberty hereby agree as follows: 
  
 ARTICLE I 
 SUBSCRIPTION 
  
 SECTION 1.1 Subscription for Class A Common Stock. Upon the terms and subject to the conditions of this Agreement,
the Company hereby agrees to issue and sell to Liberty and Liberty hereby agrees to purchase from the Company (such purchase and sale, the “Share Purchase”) 88.235 shares of Class A Common Stock (the “Liberty
Securities”), at a price of $283,334.28 per share of Class A Common Stock (the “Purchase Price Per Share”), representing an aggregate purchase price for the Liberty Securities of $25,000,000 (the “Purchase
Price”). 
  
 SECTION 1.2 Purchase Price; Issuance of
Class A Common Stock. Upon the terms and subject to the conditions of this Agreement, at the Closing (as defined hereinafter): 
  
 (a) Against delivery of the share certificate(s) referred to in clause (b) below, Liberty will pay to the Company cash in immediately available funds in
an amount equal to the Purchase Price by transferring such cash to a bank account of the Company, which will be specified by the Company to Liberty not later than two business days prior to the date of the Closing. 
  
 (b) Against payment of the Purchase Price, the Company will issue and deliver
to Liberty a share certificate or certificates representing the Liberty Securities purchased hereunder by Liberty, which certificate or certificates shall be registered in Liberty’s name. 
  
 SECTION 1.3 Closing. The closing of the purchase and sale of the
Liberty Securities contemplated hereby (the “Closing”) will take place at the offices of McDermott, Will & Emery, 50 Rockefeller Plaza, New York, New York, or by exchange of documents by mail, facsimile or electronic mail, at
10:00 a.m. on the date hereof or at such other place and/or time as may be agreed by the Company and Liberty (the “Closing Date”). 

 ARTICLE II 
 REPRESENTATIONS AND WARRANTIES OF THE COMPANY 
  
 The Company hereby represents, warrants and acknowledges to Liberty as follows: 
  
 SECTION 2.1 Organization, Good Standing and Qualification. 
  

(a) The Company and each of its subsidiaries is a corporation duly organized, validly existing and in good standing under the laws of its respective
jurisdiction of incorporation and has all requisite corporate or similar power and authority to own, lease and operate its properties and assets and to carry on its business as currently conducted. The Company and each of its subsidiaries is
qualified to do business and is in good standing as a foreign corporation in each jurisdiction where the ownership, lease or operation of its assets or properties or conduct of its business requires such qualification, except where the failure to be
so qualified or in good standing, when taken together with all other such failures, is not reasonably likely to have a Material Adverse Effect or a material adverse effect on the ability of the Company to consummate the Share Purchase. As used in
this Agreement, the term “Material Adverse Effect” means a material adverse effect on the financial condition, properties, assets, business or results of operations of the Company and its subsidiaries, taken as a whole; provided,
however, that any such adverse effect resulting from any change that affects companies in the media industry generally shall be disregarded in determining whether a Material Adverse Effect has occurred. 
  
 (b) The Company has delivered to Liberty true and complete copies of the
Amended and Restated Certificate of Incorporation of the Company, as amended to date (the “Certificate of Incorporation”), and By-laws, as in effect on the date hereof, of the Company. 
  
 SECTION 2.2 Corporate Authority. The Company has all requisite
corporate power and authority and has taken all corporate action necessary in order to execute, deliver and perform its obligations under this Agreement and to consummate the Share Purchase. The Company has duly executed and delivered this
Agreement. This Agreement is a valid and binding agreement of the Company enforceable against the Company in accordance with its terms, subject as to enforcement to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar
laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 
  
 SECTION 2.3 Capital Structure. 
  
 (a) The aggregate number of shares of all classes of capital stock which the Corporation has the authority to issue is 4,000 shares, consisting of 2,000
shares of common stock, par value $0.01 per share (the “Common Stock”) and 2,000 shares of Class A Common Stock (the Common Stock and Class A Common Stock are collectively referred to as “Common Shares”). As of the
date hereof (and immediately prior to the transactions contemplated hereby), 1,500 shares of Common Stock (all of which are held by IDT Corporation) and no shares of Class A Common Stock of the Company are issued and outstanding. All of the
outstanding shares of Common Stock have been duly authorized and are validly issued, fully paid and 
  

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nonassessable. The Liberty Securities have been duly authorized and, when issued, delivered and paid for in accordance with the terms of this Agreement, will
be validly issued, fully paid and nonassessable, and the issuance thereof will not have been subject to any preemptive rights or made in violation of any Applicable Law. The term “Applicable Law” for purposes of this Agreement means
any foreign, United States federal, state or local law, statute, rule, regulation, order, writ, injunction, judgment, decree or permit of any governmental entity. 
  
 (b) Except as provided in Section 4.2 of this Agreement, as of the date of this Agreement, there are (i) no outstanding
options, warrants, agreements, conversion rights, exchange rights, preemptive rights or other rights (whether contingent or not) to subscribe for, purchase or acquire any issued or unissued shares of capital stock of the Company or any of its
subsidiaries, (ii) no authorized or outstanding stock appreciation, phantom stock, profit participation, or similar rights with respect to the Company or any of its subsidiaries, (iii) no rights, contracts, commitments or arrangements (contingent or
otherwise) obligating the Company or any of its subsidiaries to either (A) redeem, purchase or otherwise acquire, or offer to purchase, redeem, or otherwise acquire, any outstanding shares of, or any outstanding warrants or rights of any kind to
acquire any shares of, or any outstanding securities that are convertible into or exchangeable for any shares of, capital stock of the Company, or (B) pay any dividend or make any distribution in respect of any shares of, or any outstanding
securities that are convertible or exchangeable for any shares of, capital stock of the Company, (iv) except as provided by Section 4.1 of this Agreement, no agreements or arrangements under which the Company or any of its subsidiaries are obligated
to register the sale of any of its securities under the Securities Act of 1933, as amended (the “Securities Act”) and (v) no restrictions upon, or contracts or understandings of the Company or any subsidiary of the Company, or, to
the knowledge of the Company, contracts or understandings of any other person, with respect to, the voting or transfer of any shares of capital stock of the Company or any of its subsidiaries. There are no securities or instruments containing
antidilution or similar provisions that will be triggered by the consummation of the Share Purchase. No party has any right of first refusal, right of first offer, right of co-sale or other similar right regarding the Company’s securities.
Except as set forth in the Amended and Restated Certificate of Incorporation and the By-laws of the Company, each in effect on the date hereof and which are attached hereto as Exhibits A and B, respectively, there are no agreements to which the
Company is a party and no agreements by which the Company or any of its subsidiaries are bound, that would (a) require the vote of the holders of more than a majority of the voting power of the shares of the Company’s issued and outstanding
Common Stock and Class A Common Stock, voting together as a single class, to take or prevent any corporate action, other than those matters requiring a class vote under the General Corporation Law of the State of Delaware (the
“DGCL”), or (b) entitle any party to nominate or elect any director of the Company or require any of the Company’s stockholders to vote for any such nominee or other person as a director of the Company. As used in this
Agreement, the term “person” means any individual, partnership, corporation, limited liability company, joint venture, association, joint-stock company trust, unincorporated organization, government or agency or political
subdivision thereof, or other entity. 
  
 SECTION 2.4
Compliance with Laws; Actions and Proceedings. The business of the Company has not been, and is not being, conducted in violation of any federal, state, local or foreign law, statute, ordinance, rule, regulation, judgment, order, injunction,
decree, arbitration 
  

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award, agency requirement, license or permit of any governmental entity, except for violations or possible violations that, individually or in the aggregate,
would not be reasonably expected to have a Material Adverse Effect or have a material adverse effect on the ability of the Company to consummate the Share Purchase. As of the date of this Agreement, there are no actions, suits, claims, proceedings
or investigations pending or, to the knowledge of the Company, threatened against the Company, nor any outstanding judgments, orders, writs, injunctions or decrees of any governmental entity against the Company that (i) seek to prevent or materially
restrict or delay the consummation of the Share Purchase or (ii) would likely have a Material Adverse Effect or have a material adverse effect on the ability of the Company to consummate the Share Purchase. 
  
 SECTION 2.5 No Violation. The execution, delivery and performance of
this Agreement and the Registration Rights Agreement (as defined in Section 4.1 of this Agreement) by the Company and the consummation of the Share Purchase do not and will not constitute or result in (i) a breach or violation of, or a default
under, the Certificate of Incorporation or By-laws of the Company or (ii) a breach or violation of, or a default under, the acceleration of any obligations or the creation of an encumbrance on the assets of the Company (with or without notice, lapse
of time or both) pursuant to any contract binding upon the Company or any Applicable Law, except, in the case of clause (ii) above, for any breach, violation, default, acceleration, creation or change that, individually or in the aggregate, would
not likely have a Material Adverse Effect or a material adverse effect on the ability of the Company to consummate the Share Purchase or fulfill its obligations under the Registration Rights Agreement. No provision of any Applicable Law, injunction,
order or decree of any governmental entity is in effect that has the effect of making the Share Purchase illegal or would likely have a Material Adverse Effect or material adverse effect on the ability of the Company to consummate the Share
Purchase. 
  
 SECTION 2.6 Consents and Approvals. Assuming
the correctness of the representations by Liberty in Article III below, all authorizations, consents, approvals, licenses, qualifications or exemptions from, or any filings, declarations or registrations with, any governmental entity or any other
person required to be obtained or made by the Company in connection with the execution, delivery or performance by the Company of this Agreement have been made or obtained and are in full force and effect as of the date hereof, other than
authorizations, consents, approvals, licenses or qualifications the absence of which would not likely have a Material Adverse Effect or a material adverse effect on the ability of the Company to consummate the Share Purchase. 
  
 SECTION 2.7 Private Offering. Based, in part, on Liberty’s
representations and warranties contained in Article III, the offer and sale of the Liberty Securities is exempt from the registration and prospectus delivery requirements of the Securities Act. Neither the Company, nor anyone acting on behalf of the
Company, has offered or sold or will offer or sell any securities or has taken or will take any other action that would subject the offer and sale of the Liberty Securities, pursuant to the terms of this Agreement, to the registration requirements
of the Securities Act. 
  
 SECTION 2.8 Permits, Licenses, etc.
The Company and its subsidiaries have obtained all governmental permits, licenses, franchises and authorizations required for the 
  

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Company and its subsidiaries to conduct their respective businesses as currently conducted, except for those the failure of which to be obtained would not
have a Material Adverse Effect or a material adverse effect on the ability of the Company to consummate the Share Purchase. Except as set forth in Schedule 2.8, neither the Company nor any of its subsidiaries hold any permits, licenses, franchises,
or authorizations issued by the U.S. Federal Communications Commission or any similar state, local or foreign governmental body. 
  
 SECTION 2.9 SEC Reports; Financial Statements. 
  
 (a) Except as set forth in Schedule 2.9, all material filings required to be made by IDT Corporation since January 1, 2000 under the Securities Act and
the Securities Exchange Act of 1934, as amended (the “Exchange Act”), have been made in accordance with the requirements of the Securities Act or the Exchange Act, as the case may be, and such filings conformed in all material
respects, when such filings were filed or became effective, as the case may be, to the requirements of the Securities Act or the Exchange Act, as applicable. 
  
 (b) As of the respective dates of their filing with the Securities and Exchange Commission (“SEC”), the IDT Reports did not contain any
untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements made therein, in the light of the circumstances under which they were made, not misleading. The term “IDT
Reports” for purposes of this Agreement means each registration statement, report, proxy statement or information statement (including exhibits and any amendments thereto and documents incorporated by reference therein) prepared by IDT
Corporation since January 1, 2000 and filed with the SEC. 
  
 (c)
Each of the consolidated balance sheets included in or incorporated by reference into the IDT Reports (including the related notes and schedules) fairly presents the consolidated financial position of IDT Corporation and its subsidiaries as of the
date of such balance sheet, and each of the consolidated statements of income, changes in stockholders’ equity, and cash flows included in or incorporated by reference into the IDT Reports (including any related notes and schedules) fairly
presents the results of operations, cash flows, and changes in stockholders’ equity, as the case may be, of IDT Corporation and its subsidiaries for the periods set forth in such statements (subject, in the case of unaudited statements, to
notes and normal year-end audit adjustments that are not material in amount or effect), and in each case has been prepared in accordance with generally accepted accounting principles (“GAAP”) consistently applied during the periods
involved, except as may be noted therein, and in compliance in all material respects with the rules and regulations of the SEC. 
  
 SECTION 2.10 Absence of Certain Changes. Since January 31, 2003 there has not been any event or occurrence or any change in the financial
condition, properties, business or results of operations of the Company that has had or could reasonably be expected to have a Material Adverse Effect. 
  
 SECTION 2.11 Intellectual Property. To its knowledge, the Company and its subsidiaries have all right, title and interest in, or a valid and
binding license to use, all Company Intellectual Property (as defined hereinafter). Except for those disclosures included in the IDT 
  

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Reports and defaults, proceedings, litigation, losses or impairments that, individually or in the aggregate, do not have or would not be reasonably expected
to have a Material Adverse Effect, the Company and its subsidiaries (i) have not defaulted in any material respect under any license to use any Company Intellectual Property, (ii) are not, to the knowledge of the Company, the subject of any
proceeding or litigation for infringement of any third party intellectual property, (iii) have no knowledge of circumstances that would be reasonably expected to give rise to any such proceeding or litigation and (iv) have no knowledge of
circumstances that are causing or would be reasonably expected to cause the loss or impairment of any Company Intellectual Property. 
  
 The term “Company Intellectual Property” for purposes of this Agreement means patents and patent rights, trademarks and trademark rights,
tradenames and tradename rights, service marks and service mark rights, copyrights and copyright rights, trade secret and trade secret rights, and other intellectual property rights, and all pending applications for and registrations of any of the
foregoing that are used in the conduct of the business of the Company or its subsidiaries as presently conducted. 
  
 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES OF LIBERTY 
  
 Liberty hereby represents, warrants and acknowledges to the Company as
follows: 
  
 SECTION 3.1 Organization, Good Standing and
Qualification. Liberty is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all requisite corporate or similar power and authority to own, lease and operate its properties and
assets and to carry on its business as currently conducted. 
  
 SECTION 3.2 Corporate Authority. Liberty has all requisite corporate power and authority and has taken all corporate action necessary in order to execute, deliver and perform its obligations under this Agreement and to consummate the
Share Purchase. Liberty has duly executed and delivered this Agreement. This Agreement is a valid and binding agreement of Liberty enforceable against Liberty in accordance with its terms, subject as to enforcement to bankruptcy, insolvency,
fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 
  
 SECTION 3.3 Actions and Proceedings. As of the date of this Agreement, there are no actions, suits, claims,
proceedings or investigations pending or, to the knowledge of Liberty, threatened against Liberty, nor any outstanding judgments, orders, writs, injunctions or decrees of any governmental entity against Liberty that (i) seek to prevent or materially
restrict or delay the consummation of the Share Purchase or (ii) would likely have a material adverse effect on the ability of Liberty to consummate the Share Purchase. 
  
 SECTION 3.4 No Violation. The execution, delivery and performance of this Agreement by Liberty hereunder does not and
will not constitute or result in (i) a breach or violation of, or a default under, the Certificate of Incorporation or By-laws of Liberty or (ii) a 
  

 -6- 

 
breach or violation of, or a default under, the acceleration of any obligations or the creation of an encumbrance on the assets of Liberty (with or without
notice, lapse of time or both) pursuant to any contract binding upon Liberty or any Applicable Law, except, in the case of clause (ii) above, for any breach, violation, default, acceleration, creation or change that, individually or in the
aggregate, would not likely have a material adverse effect on the ability of Liberty to consummate the Share Purchase. No provision of any Applicable Law, injunction, order or decree of any governmental entity is in effect that has the effect of
making the Share Purchase contemplated by this Agreement illegal or would likely have a material adverse effect on the ability of Liberty to consummate the Share Purchase. 
  
 SECTION 3.5 Consents and Approvals. Assuming the correctness of the representations by the Company in Article II
above, all authorizations, consents, approvals, licenses, qualifications or exemptions from, or any filings, declarations or registrations with, any governmental entity or any other person required to be obtained or made by Liberty in connection
with the execution, delivery or performance by Liberty of this Agreement have been made or obtained and are in full force and effect as of the date hereof, other than authorizations, consents, approvals, licenses or qualifications the absence of
which would not likely have a material adverse effect on the ability of Liberty to consummate the Share Purchase. 
  
 SECTION 3.6 No Registration of Liberty Securities. Liberty acknowledges that the Liberty Securities have not been registered under the Securities
Act, that the offer and sale of the Liberty Securities pursuant to this Agreement is intended to be exempt from registration under the Securities Act and the rules and regulations promulgated thereunder by the SEC, and that the Liberty Securities
cannot be offered, sold, assigned, transferred or otherwise disposed of unless they are subsequently registered under the Securities Act or an exemption from such registration is available. Liberty is also aware that the sale or transfer of the
Liberty Securities is further restricted by state securities laws and that the certificate(s) for the Liberty Securities will bear the legend set forth in Section 5.4 of this Agreement. 
  
 SECTION 3.7 Suitability of Investment. 
  
 (a) Liberty is an “accredited investor” within the meaning of Rule 501 of Regulation D promulgated under
the Securities Act as presently in effect and is acquiring the Liberty Securities for its own account, for investment purposes only and not with a view to the resale or distribution thereof; 
  
 (b) Liberty will not, directly or indirectly, offer, sell, transfer, assign,
exchange or otherwise dispose of all or any part of the Liberty Securities except in accordance with applicable state and federal securities laws and the provisions of this Agreement; 
  
 (c) Liberty has such knowledge and experience in financial, business and tax matters that it is capable of evaluating the
merits and risks relating to its investment in the Liberty Securities and making an investment decision with respect to the Company; 
  

 -7- 

 (d) Liberty has been given the opportunity to obtain information and documents relating to the Company
and to ask questions of and receive answers from representatives of the Company concerning the Company and the investment in the Liberty Securities; 
  
 (e) Liberty has such knowledge and experience in financial, business and tax matters that it can, and it has, adequately analyzed the risks of an
investment in the Liberty Securities and it has determined the Liberty Securities are a suitable investment for it and that it is able at this time, and in the foreseeable future, to bear the economic risk of a total loss of its investment in the
Company; and 
  
 (f) Liberty is aware that there are substantial
risks incident to an investment in the Liberty Securities. 
  
 ARTICLE IV 
 COVENANTS 
  
 SECTION 4.1 Registration Rights Agreement. 
  
 (a) At the Closing, each of the Company and Liberty will execute and deliver a Registration Rights Agreement (the “Registration Rights
Agreement”) to each other substantially in the form of Exhibit C to this Agreement. The Company and Liberty acknowledge that neither this Section 4.1 nor the Registration Rights Agreement creates, and should not be construed to create, any
obligation on the part of the Company to proceed with an Initial Public Offering. As used in this Agreement, the term “Initial Public Offering” means the completion of the first sale of any common equity securities of the Company,
whether primary or secondary, pursuant to a widely dispersed, underwritten public offering (in or outside the United States) whereby such common equity securities are thereafter traded on a national securities exchange or on the Nasdaq Stock Market.

  
 (b) Immediately prior to the Initial Public Offering, shares
of Class A Common Stock of the Company, including the Liberty Securities, shall have been authorized for listing on a national securities exchange or on the Nasdaq Stock Market. 
  
 SECTION 4.2 Price Adjustment. Immediately prior to the closing of the Initial Public Offering or on the date one year
from the date hereof, whichever is earlier (the “Adjustment Time”), the Company shall make a one time adjustment to the number of shares of Class A Common Stock issued to Liberty pursuant to this Agreement, subject to the following
provisions of this Section 4.2: 
  
 (a) If at any time during the
Adjustment Period (as defined hereinafter) the Company has an Interim Issuance (as defined hereinafter) at an Interim Price Per Share (as defined hereinafter) that is less than the Purchase Price Per Share, then the Company shall issue to Liberty at
the Adjustment Time an additional number of shares of Class A Common Stock (“Make-Whole Shares”) upon receipt by the Company from Liberty of an amount in cash equal to the par value of such Make-Whole Shares (the “Additional
Consideration”), such that the price per share determined by dividing the sum of (i) the Purchase Price plus (ii) the Additional 
  

 -8- 

 
Consideration by the sum of (i) the number of Liberty Securities plus (ii) the number of Make-Whole Shares issued at the Adjustment Time equals the weighted
average Interim Price Per Share of all Interim Issuances during the Adjustment Period. In the event no adjustment is made pursuant to this Section 4.2(a), the Company shall be under no obligation to issue Make-Whole Shares to Liberty. 
  
 (b) All prices per share and number of shares of Class A Common Stock,
whether identified as Liberty Securities, Make-Whole Shares or otherwise, referred to in this Section 4.2 shall be appropriately adjusted to reflect any stock splits, stock dividends, reverse stock splits and other similar events affecting the Class
A Common Stock. 
  
 (c) The Company may issue fractional shares of
Class A Common Stock pursuant to this Section 4.2. 
  
 (d) Liberty
acknowledges that none of the Make-Whole Shares issued pursuant to this Section 4.2 will have been registered under the Securities Act and that any such Make-Whole Shares issued pursuant to this agreement are intended to be exempt from registration
under the Securities Act and the rules and regulations promulgated thereunder by the SEC, and that the Make-Whole Shares cannot be offered, sold, assigned, transferred or otherwise disposed of unless they are subsequently registered under the
Securities Act or an exemption from such registration is available. Liberty is also aware that the sale or transfer of any Make-Whole Shares issued to it, if any, is further restricted by state securities laws and that the certificate(s) for any
Make-Whole Shares shall bear the legend set forth in Section 5.4 of this Agreement. Liberty hereby agrees that, prior to the issuance of the Make-Whole Shares, if any, Liberty shall provide to the Company representations and warranties substantially
similar to those set forth in Sections 3.6 and 3.7 of this Agreement. 
  
 The term “Adjustment Period” for purposes of this Agreement means the period beginning on the date here of and ending immediately prior to the Initial Public Offering or, if earlier, the date one year from the date hereof.

  
 The term “Convertible Securities” for
purposes of this Agreement means securities convertible into or redeemable or exchangeable for Common Shares. 
  
 The term “Excluded Securities” for purposes of this Agreement means any Common Shares issued by the Company (i) in the Initial Public
Offering, (ii) pursuant to commercial transactions approved by the Board of Directors (including, without limitation, equipment leases or bank lines of credit), (iii) in connection with any acquisition by the Company of the business or assets of a
third party who is not an Affiliate of either the Company or Liberty, (iv) upon the conversion, redemption, or exchange of any Convertible Securities the issuance of which was factored into the calculation of the number of Make-Whole Shares issued
to Liberty or (v) to employees or directors of the Company or its affiliates as compensation, whether restricted or unrestricted, including any options to purchase Common Shares that may be issued to employees or directors of the Company or its
affiliates in the future (“Employee Options”), so long as the number of Common Shares so issued to the employees or directors of 
  

 -9- 

 
the Company or its affiliates (including all shares issued or issuable pursuant to the Employee Options), does not exceed 15% of the outstanding Common
Shares on a fully diluted basis. 
  
 The term “Interim
Issuance” for purposes of this Agreement means an issuance of Common Shares or any Convertible Securities, other than Excluded Securities. 
  
 The term “Interim Price Per Share” for purposes of this Agreement is determined as follows: (i) in the case of Common Shares issued by
the Company, the price per share of such issuance of Common Shares; (ii) in the case of Convertible Securities issued by the Company, the sum of (x) the total amount, if any, received or receivable by the Company as consideration for the granting of
such Convertible Securities, plus (y) the aggregate amount of additional consideration, if any, payable to the Company upon the conversion, redemption or exchange of such Convertible Securities divided by the total number of Common Shares issuable
by the Company upon the conversion, redemption or exchange of such Convertible Securities. 
  
 SECTION 4.3 Tax Matters. If, at any time, IDT Corporation desires to distribute the stock of the Company to the shareholders of IDT Corporation in a transaction qualifying under Section 355 (or Section 356) of
the Internal Revenue Code of 1986, as amended (the “Spin-Off”), Liberty and its Affiliates (as defined hereinafter) shall use their commercially reasonable efforts to cooperate with the Company and IDT Corporation to facilitate the
Spin-Off. 
  
 ARTICLE V 
 MISCELLANEOUS 
  
 SECTION 5.1 Veracity of Representations and Warranties. If the Closing does not occur on the date of this Agreement, the representations and
warranties contained in this Agreement shall be true and correct on the date hereof and as of the Closing Date, with the same force and effect as if made as of the Closing Date. All representations and warranties in this Agreement shall survive the
Closing indefinitely. 
  
 SECTION 5.2 Indemnification. The
Company shall indemnify and hold Liberty harmless for, and will pay to Liberty the amount of, any losses arising directly or indirectly from or in connection with any breach of any representation or warranty in this Agreement made by the Company.
Liberty shall indemnify and hold the Company harmless for, and will pay to the Company the amount of any losses arising directly or indirectly from or in connection with any breach of any representation or warranty in this Agreement made by Liberty.
Notwithstanding the above, neither the Company nor Liberty shall be obligated to pay to the other party any amount in excess of the Purchase Price. 
  
 SECTION 5.3 Transfer Limitations and Right of First Offer. 
  

(a) Subject to Sections 5.3(c) and (d), Liberty hereby covenants that, prior to the eighteen (18) month anniversary of the Closing Date, it shall not
offer, transfer, pledge, encumber, contract to do any of the foregoing or otherwise transfer or dispose of, whether or not for or without consideration (“Transfer”), any of the Liberty Securities and Make-Whole Shares, if any, or
any interest therein, without the prior written consent of the Company. 
  

 -10- 

 (b) Subject to Sections 5.3(c) and (d), Liberty hereby covenants that, subsequent to the eighteen (18)
month anniversary of the Closing Date and prior to the closing of the Initial Public Offering, it shall not Transfer any of the Liberty Securities and Make-Whole Shares, if any, or any interest therein, without first offering such shares (the
“Offered Shares”) to IDT Corporation pursuant to the following provisions: 
  
 (i) Liberty shall, by written notice to IDT Corporation, propose a purchase price and other material terms and conditions of such offer
and the parties shall have a period of thirty (30) days (the “Offer Period”) within which to negotiate the terms of a Transfer of the Offered Shares to IDT Corporation; provided, however, that IDT Corporation shall
have the right, in its sole discretion, to pay the purchase price for the Offered Shares to Liberty (A) in cash, (B) in shares of IDT Corporation Class B common stock, par value $0.01 per share (“IDT Class B Stock”), valued at the
average closing price thereof on the five (5) consecutive trading days ending two trading days before the closing date of such Transfer, if such shares are then publicly traded on a national securities exchange or on the Nasdaq Stock Market, or (C)
in any combination of cash and IDT Class B Stock; provided, further, that if at the time of payment, shares of IDT Telecom, Inc. (“IDT Telecom”) common stock, par value $0.01 per share (“IDT Telecom Common
Stock”), are separately traded on a national securities exchange or on the Nasdaq Stock Market, then, if IDT Corporation has notified Liberty of its intention to pay the purchase price for the Offered Shares in whole or in part in shares of
IDT Class B Stock, Liberty shall have the right to choose to receive, in lieu of shares of IDT Class B Stock, shares of IDT Telecom Common Stock, valued at the average closing price thereof on the five (5) consecutive trading days ending two trading
days before the closing date of such Transfer, to the extent that IDT Corporation has the corporate power to cause IDT Telecom to issue such shares in payment for the Offered Shares. If, within such Offer Period, Liberty and IDT Corporation execute
a binding commitment to Transfer the Offered Shares to IDT Corporation, then Liberty shall Transfer the Offered Shares to IDT Corporation on the terms set forth in such binding commitment. 
  
 (ii) If (A) Liberty and IDT Corporation do not execute such a
binding commitment during the Offer Period or (B) IDT Corporation gives Liberty notice that it rejects the terms of Liberty’s offer (a “Rejection Notice”), then Liberty shall have a period of ninety (90) days from the earlier
of the end of the Offer Period and the date of a Rejection Notice, if any, to negotiate and execute a definitive agreement for the Transfer of the Offered Shares to a third person at a price and on terms no less favorable to Liberty than the price
and terms offered to IDT Corporation. 
  
 (iii) If
Liberty does not execute such a definitive agreement with such a third person for the Transfer of the Offered Shares within such ninety (90) day period, or if the definitive agreement is not consummated within forty-five (45) days after the date
thereof or is terminated for any reason, then the Offered Shares shall again become subject to the IDT Corporation’s right of first offer pursuant to the provisions of this Section 5.3(b). 
  

 -11- 

 (c) Any purported Transfer of Liberty Securities other than in accordance with Sections 5.3(a) and (b)
shall be null and void; provided, however, that Liberty shall cease to be bound by Sections 5.3(a) and (b) at any time that the Company ceases to be controlled, directly or indirectly, by persons that beneficially own a majority of the
outstanding voting power of the outstanding voting securities of IDT Corporation on the date of this Agreement. 
  
 (d) Notwithstanding Sections 5.3(a), (b) and (c), Liberty may, without the consent of the Company and without offering the Liberty Securities and
Make-Whole Shares to IDT Corporation, (A) Transfer all or part of the Liberty Securities and Make-Whole Shares (i) to an Affiliate (as defined below) of Liberty, provided that such Affiliate agrees with the Company and IDT Corporation to be
bound by this Section 5.3 with the same effect as if it were named as a party to this Agreement in lieu of Liberty, and (ii) in any transaction in which holders of Common Shares generally participate or have the opportunity to participate pro rata,
including, without limitation, a merger, consolidation or binding share exchange involving the Company or a tender or exchange offer for shares of the Company’s capital stock; and (B) pledge the Liberty Securities or Make-Whole Shares, if any,
to secure bona fide indebtedness or in connection with a hedging transaction, provided that the transferee in the event of foreclosure agrees with the Company to be bound by this Section 5.3 with the same effect as if it were named as a party
to this Agreement in lieu of Liberty. As used in this Agreement, the term “Affiliate” means, with respect to any person, a person directly or indirectly controlling, controlled by or under direct or indirect common control with such
person. 
  
 SECTION 5.4 Legend. Each certificate
representing Liberty Securities to be issued pursuant to this Agreement or Make-Whole Shares, if issued, shall bear a legend substantially in the following form: 
  
 “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR ANY APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS, AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL SUCH SHARES ARE REGISTERED UNDER THE ACT
AND ANY APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS UNLESS SUCH TRANSFER, PLEDGE OR HYPOTHECATION IS PERMITTED PURSUANT TO RULE 144 UNDER THE ACT OR ANOTHER EXEMPTION FROM REGISTRATION UNDER THE ACT AND ANY APPLICABLE STATE LAWS AND AN
OPINION OF COUNSEL REASONABLY SATISFACTORY TO THE COMPANY IS DELIVERED TO THE COMPANY TO THE EFFECT THAT SUCH REGISTRATIONS ARE NOT REQUIRED AND ARE SUBJECT TO TRANSFER RESTRICTIONS AS SET FORTH IN A SUBSCRIPTION AGREEMENT BETWEEN IDT MEDIA, INC.
(THE “COMPANY”) AND LIBERTY IDTMED, INC., DATED APRIL 17, 2003, COPIES OF WHICH MAY BE OBTAINED FROM THE COMPANY.” 
  
 SECTION 5.5 Assignment. This Agreement shall not be assignable by any party without the prior written approval of the other party hereto;
provided, however, that Liberty may, without the consent of the Company, assign its rights and obligations hereunder to any of its 
  

 -12- 

 
Affiliates (provided that no such assignment shall relieve Liberty of its responsibility for the performance of its obligations hereunder and any such
assignment shall be valid only for the time and to the extent that the assignee remains an Affiliate of Liberty). Any purported assignment made without the prior written approval required by this Section 5.5 shall be null and void. 
  
 SECTION 5.6 Entire Agreement. This Agreement contains the entire
agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings, oral or written, with respect to such matters. 
  
 SECTION 5.7 Parties in Interest; Third Party Beneficiaries. This Agreement shall inure to the benefit of and be
binding upon the parties hereto and their heirs, successors and permitted assigns. Nothing in this Agreement, express or implied, is intended to confer upon any person other than the Company, Liberty or their heirs, successors or permitted assigns,
any rights or remedies under or by reason of this Agreement. 
  
 SECTION 5.8 Expenses. Each of the Company and Liberty shall pay its own expenses relating to the negotiation, execution and delivery of this Agreement and the consummation of the Share Purchase. 
  
 SECTION 5.9 Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York without regard to the conflict of law principles thereof. 
  
 SECTION 5.10 Counterparts. This Agreement may be executed in separate counterparts, each of which shall be deemed an original, and all of which
together shall be deemed to constitute one and the same instrument. 
  
 SECTION 5.11 Captions and Headings. The captions and headings used in this Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement. 
  
 SECTION 5.12 Notices. Unless otherwise provided, any notice or other
communication required or permitted to be given or effected under this Agreement shall be in writing and shall be deemed effective upon (i) personal or facsimile delivery to the party to be notified, (ii) one business day after deposit with an
internationally recognized courier service, delivery fees prepaid, or (iii) three business days after deposit with the U.S. mail, return-receipt requested, postage prepaid, and in each case, addressed to the party to be notified at the following
respective addresses, or at such other addresses as may be designated by written notice; provided that any notice of change of address shall be deemed effective only upon receipt. 
  
 If to the Company or IDT Corporation: 
  
 IDT Media, Inc. 
 520 Broad Street 
 Newark, New Jersey 07102 
  

 -13- 

 Attn: Mitchell Burg 
 Telephone: (973) 438-1000 
 Fax: (973)438-1503 
  
 with a copy to: 
  
 McDermott, Will & Emery 
 50 Rockefeller
Plaza 
 New York, NY 10020-1605 
 Attn: Mark S. Selinger 
 Telephone: (212) 547-5438 
 Fax: (212) 547-5444 
  
 If to the
Investor: 
  
 Liberty IDTMED, Inc. 
 12300 Liberty Boulevard 
 Englewood, Colorado
80112 
 Attn: Legal Department 
 Telephone: (720) 875-5400 
 Fax: (720) 875-5858 
  
 SECTION 5.13 Amendments and Waivers. Any term of this Agreement may be amended, and the observance of any term of
this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of each of the Company and Liberty. 
  
 SECTION 5.14 Severability. If one or more provisions of this Agreement are held to be unenforceable under Applicable
Law, such provisions shall be excluded from this Agreement and the balance of this Agreement shall be interpreted as if such provision were so excluded and shall be enforceable in accordance with its terms. 
  
 [Signatures on the following page.] 
  
  

 -14- 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of the
date first written above. 
  
  

			
	 IDT MEDIA, INC.

		
	 By:
	 	/s/ Mitch Burg
	 	 	

	 	 	 Name:  Mitch Burg
 Title:    Chief Executive Officer

  
  

			
	LIBERTY IDTMED, INC.
		
	 By:
	 	/s/ Charles Y. Tanabe
	 	 	

	 	 	 Name:  Charles Y. Tanabe
 Title:    Senior Vice President

  
  

			
	 Solely for the purposes of Section 5.3:
  
 IDT CORPORATION

		
	 By:
	 	/s/ Howard Jonas
	 	 	

	 	 	 Name:  Howard Jonas
 Title:    Chairman of the Board

  
  
  

 Schedule 2.8 
  
 Permits, Licenses, etc. 
  
  
 FCC Licenses and Authorizations 
  

							
	 Call Sign/Description/ FCC ID.

	 	 Frequency

	 	 Community of License

	 	 Expiration Date

	WMET (AM) main station AM radio broadcasting license (FCC Facility ID: 4346)	 	1150 kHz	 	Gaithersburg, Maryland	 	October 1, 2003
				
	 WMET (AM) main station AM radio broadcasting construction permit (FCC File
 No. BP-20021101ABE)
	 	1160 kHz	 	Gaithersburg, Maryland	 	November 21, 2005

  
  
 FCC Antenna Structure Registrations 
  
 1036909 
 1036910 
 1036911 
 1036912 
 1036913 

 Schedule 2.9 
  
 SEC Reports; Financial Statements 
  
 IDT Corporation’s Current Report on Form 8-K/A, filed with the SEC on August 28, 2002, was not filed in a timely manner.

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