Document:

IDT Corporation 2005 Stock Option and Incentive Plan

 EXHIBIT 10.5 
 IDT CORPORATION 
 2005 STOCK OPTION AND INCENTIVE PLAN 
 DEFERRED STOCK UNIT AWARD AGREEMENT 
 «FIRSTNAME» «LASTNAME» 
 IDT Corporation 
 520 Broad Street 
 Newark, NJ 07102 
 This Deferred Stock Unit Award Agreement (this “Agreement”) confirms the award (the “Award”) of Deferred Stock Units to you effective as of
                     (the “Effective Date”) under the IDT Corporation 2005 Stock Option and Incentive Plan, as Amended and
Restated (the “Plan”), upon the terms and conditions set forth herein. 
 1. Grant of Deferred Stock Units. Pursuant
to action of the Compensation Committee of the Board of Directors, IDT Corporation (the “Company”) hereby awards you under the Plan an aggregate of         
(                ) Deferred Stock Units (the “Units”). Subject to the terms and conditions hereof and of the Plan, a Unit represents a right to receive
a share of the Company’s Class B Common Stock (the “Stock”) upon a Vesting Event (as defined below), but does not represent a current interest in any Stock. This Award is a matter of separate inducement and is not in lieu of salary or
other compensation for your services. 
 2. Restrictions on 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 Units. 
 3. Voting and Other Rights. You will have no rights of a stockholder of the Company with respect to the Units. By way of example, and not limitation, prior to the date shares of Stock are issued to you pursuant to the terms
hereof (the “Shares”), you do not have the right to vote any of the Shares or to receive dividends on them. However, unless otherwise determined by the Committee, upon a Vesting Event, you shall be entitled to “Dividend
Equivalents.” Dividend Equivalents will be equal to the dividends payable on the same number of shares of Stock as the number of Units granted under this Award. The Dividend Equivalents will become vested in the same proportion as when and if
the Units of your Award vest. An amount equal to these Dividend Equivalents will be paid to you in cash at that time. If your Award (or any portion of the Award) does not vest, any related Dividend Equivalents will also be forfeited and void. Upon a
forfeiture of your Dividend Equivalents, the Company will not be obligated to pay you any consideration whatsoever for the forfeited Dividend Equivalents. 
 4. Vesting of Units. Provided such Units have not been forfeited pursuant to Section 5 hereof, vesting of the Units shall occur in the following manner (each such vesting occurrence
being a “Vesting Event”): 
 (a) Unless previously vested pursuant to Paragraph 4(b) hereof (relating to a Change in
Control of the Company): 
 (i) Units will vest on the first anniversary of the Effective Date; 
 (ii) Units will vest on the second anniversary of the Effective Date; and 
 (iii) Units will vest on the third anniversary of the Effective Date. 
  

	 	(b)	In the event of a Change in Control of the Company, any Units not otherwise vested pursuant to Paragraph 4(a) hereof shall become immediately vested. 

 5. Forfeiture. If your continuous employment or consulting relationship with the Company or any majority-owned subsidiary of the Company
shall terminate for any reason or you cease for any reason to be an outside director of the Company or any majority-owned subsidiary of the Company, all Units not otherwise vested 

 
as of the date of termination shall be forfeited and void. Upon a forfeiture of your Units, the Company will not be obligated to issue you any Shares or to
pay you any consideration whatsoever for the forfeited Units. 
 6. Issuance of Shares. 
 (a) No shares of Stock shall be issued to you prior to the date on which the Units vest. Subject to all the terms and conditions hereof
and of the Plan, upon a Vesting Event, you shall be issued one share of Stock for each Unit that vests on such Vesting Event in accordance with Section 4 of this Agreement. 
 (b) The Shares issued hereunder shall be registered in your name and evidenced by one or more certificates representing the number of
Shares, as the Company may determine, provided, however, that the Company shall not be obligated to deliver any Shares to be awarded hereunder until all federal and state laws and regulations as the Company may deem applicable have been complied
with and all other legal matters in connection with the issuance and delivery of the Shares have been approved by the Company’s legal department. 
 (c) Shares issued in settlement of this Award shall be subject to the terms and conditions of the Company’s Insider Trading Policy but otherwise shall not be subject to any additional transfer restrictions. Upon
the registration of the Shares in your name, you shall have all of the rights and status as a stockholder of the Company with respect to the Shares, including the right to vote such Shares and to receive dividends or other distributions thereon.

 7. Adjustments. If, prior to the time any of the Units awarded hereunder vest, the Company shall be reorganized, or
consolidated or merged with another corporation, the appropriate amount of any stock, securities or other property exchangeable for Shares pursuant to such reorganization, consolidation or merger shall be appropriately substituted for the Shares
hereunder. 
 8. Withholding Taxes. The Award and issuance of the Shares are conditioned on any applicable withholding taxes
being paid by you. By accepting this Award, you hereby irrevocably elect to satisfy any taxes required to be withheld by the Company by authorizing the Company to withhold a sufficient number of Shares as the Company deems necessary to satisfy such
tax obligation and agree to indemnify the Company against any and all liabilities, damages, costs and expenses that the Company may hereafter incur, suffer or be required to pay with respect to the payment or withholding of any taxes. 
 9. Nature of Plan and Award. In accepting the Award, you acknowledge that: (a) Your Award represents an unfunded and unsecured promise
by the Company to pay amounts in the future in accordance with the terms and conditions of this Agreement; (b) the Plan is established voluntarily by the Company, it is discretionary in nature and may be modified, amended, suspended or
terminated by the Company at any time, as provided in the Plan; (c) all decisions with respect to future awards, if any, will be at the sole discretion of the Company and the Award hereunder does not entitle you to any benefit other than that
specifically granted under this Agreement, nor to any future grants or other benefits under the Plan or any similar plan; (d) neither the Award nor any provision of this Agreement confers upon you any right with respect to employment or
continuation of current employment, and in the event that you are not an employee of the Company, this Award shall not be interpreted to form an employment contract or relationship with the Company; and (e) any benefits granted under this
Agreement and the Plan are not part of your ordinary compensation, and shall not be considered as part of such compensation in the event of severance, resignation or other termination. 
 10. Incorporation of Plan Provisions. This Agreement is made pursuant to the Plan and is subject to all the terms and provisions of the
Plan 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. 
 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. Subject to Section 13 below, 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. Reservation of Right to Modify Award to Comply with Section 409A. This Agreement is not intended to be subject to Code Section 409A. If this Agreement is deemed subject to Code
Section 409A, the Company reserves the authority to amend this Agreement, including amendments having retroactive effect, that the Committee determines to be necessary or appropriate (a) to comply with the requirements of Code
Section 409A and Department of Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or guidance that may be issued after the Effective Date or (b) to ensure that Code
Section 409A does not apply to this Agreement. 
 14. 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 14. All notices to the Company shall be addressed to it at:

 IDT Corporation 
 520 Broad
Street 
 Newark, New Jersey 07102 
 Attention: Human Resources, Stock Option and Incentive Plan Administrator 
 15. 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. 
 16. 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. 
 17. 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. 
 18. 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. 
 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, attn: Shari Gordon, IDT Corporation, 520 Broad Street, Newark, NJ 07102. 
  

					
	IDT CORPORATION
		
	By:	 	 
		 	Name:	 	Marc J Oppenheimer
		 	Title:	 	Chief Financial Officer

  

	
	ACCEPTED AND AGREED:
	
	  
	Name: «FIRSTNAME» «LASTNAME»
	
	Date:Amendment No. 6 to Credit Agreement

 Exhibit 10.27 
  
 AMENDMENT NO. 6 TO 
 CREDIT AGREEMENT 
  
 AMENDMENT NO. 6, dated
as of May 25, 2007 (this “Amendment”), to the Credit Agreement, dated as of December 22, 2006 (as amended, restated, supplemented or otherwise modified from time to time, including all schedules thereto, the
“Credit Agreement”), by and among the lenders identified on the signature pages thereof (such lenders, together with their respective successors and permitted assigns, are referred to hereinafter each individually as a
“Lender” and collectively as the “Lenders”), Wells Fargo Foothill, Inc., a California corporation, as the arranger and administrative agent for the Lenders (in such capacity, together with its successors and assigns
in such capacity, the “Agent”), Velocity Express Corporation, a Delaware corporation (the “Parent”), each of the Parent’s Subsidiaries identified on the signature pages thereof as a Borrower (such Subsidiaries
are referred to hereinafter each individually as a “Borrower”, and individually and collectively, jointly and severally, as the “Borrowers”), and each of Parent’s Subsidiaries identified on the signature pages
thereof as a Guarantor (such Subsidiaries, together with the Parent, are referred to hereinafter each individually as a “Guarantor”, and individually and collectively, jointly and severally, as the “Guarantors”).

  
 Preamble 
  
 The Loan Parties (as defined in the Credit Agreement), the Lenders and the
Agent wish to amend the Credit Agreement. Accordingly, the parties hereto hereby agree as follows: 
  
 1. Definitions in this Amendment. All capitalized terms used herein which are defined in the Credit Agreement and not otherwise defined herein
shall have the meanings assigned to them in the Credit Agreement. 
  
 2. Amendments.  
  
 (a)
Section 6.16(a) of the Credit Agreement is hereby amended in its entirety to read as follows: 
  
 Minimum EBITDA. Fail to achieve EBITDA, measured on a month end basis, of at least the required amount set forth in the following table
for the applicable period set forth opposite thereto: 
  

			
	Applicable Amount	  	Applicable Period
	($4,240,000)	  	For the 3 month period ending March 31, 2007
	($5,150,000)	  	For the 4 month period ending April 30, 2007
	($4,900,000)	  	For the 5 month period ending May 31, 2007
	($3,275,000)	  	For the 6 month period ending June 30, 2007
	($2,425,000)	  	For the 7 month period ending July 31, 2007

  
  

			
	($960,000)	  	For the 8 month period ending August 31,
2007
	$1,335,000	  	For the 9 month period ending September 30, 2007
	$3,125,000	  	For the 10 month period ending October 31, 2007
	$4,540,000	  	For the 11 month period ending November 30, 2007
	$6,925,000	  	For the 12 month period ending December 31, 2007
	$8,550,000	  	For the 12 month period ending January 31, 2008
	$14,000,000	  	For the 12 month period ending February 29, 2008
	$18,750,000	  	For the 12 month period ending March 31, 2008
	$20,000,000	  	For the 12 month period ending April 30, 2008
	$21,000,000	  	For the 12 month period ending May 31, 2008
	$21,000,000	  	For the 12 month period ending June 30, 2008
	$22,250,000	  	For the 12 month period ending July 31, 2008
	$22,250,000	  	For the 12 month period ending August 31, 2008
	$22,250,000	  	For the 12 month period ending September 30, 2008
	$23,250,000	  	For the 12 month period ending October 31, 2008
	$23,250,000	  	For the 12 month period ending November 30, 2008
	$23,250,000	  	For the 12 month period ending December 31, 2008
	$23,250,000	  	For the 12 month period ending January 31, 2009
	$23,250,000	  	For the 12 month period ending February 29, 2009
	$24,750,000	  	For the 12 month period ending March 31, 2009
	$24,750,000	  	For the 12 month period ending April 30, 2009
	$24,750,000	  	For the 12 month period ending May 31, 2009
	$26,000,000	  	For the 12 month period ending June 30, 2009
	$26,000,000	  	For the 12 month period ending on the last day of each month thereafter

  
  

 2 

 3. Representations and Warranties. In order to induce the Agent and the Lenders to enter into this
Amendment, the Administrative Borrower (on behalf of the Loan Parties) hereby represents and warrants that: 
  
 (a) No Default. At and as of the date of this Amendment, and both prior to and after giving effect to this Amendment, no Default or
Event of Default exists. 
  
 (b)
Representations and Warranties True and Correct. At and as of the date of this Amendment and at and as of the Amendment Effective Date (as defined below) and after giving effect to this Amendment, each of the representations and warranties
contained in the Credit Agreement and the other Loan Documents is true and correct in all material respects (except to the extent that such representations and warranties relate solely to an earlier date). 
  
 (c) Corporate Power, Etc. The Administrative Borrower
(on behalf of each Loan Party) (a) has all requisite corporate power and authority to execute and deliver this Amendment and to consummate the transactions contemplated hereby and (b) has taken all action, corporate or otherwise, necessary
to authorize the execution and delivery of this Amendment. The Administrative Borrower (on behalf of the Loan Parties) is entering into this Amendment in accordance with Section 14.1 of the Credit Agreement. 
  
 (d) No Conflict. The execution, delivery and
performance by the Administrative Borrower (on behalf of the Loan Parties) of this Amendment will not (a) violate any provision of federal, state, or local law or regulation applicable to any Loan Party, the Governing Documents of any Loan
Party, or any order, judgment, or decree of any court or other Governmental Authority binding on any Loan Party, (b) conflict with, result in a breach of, or constitute (with due notice or lapse of time or both) a default under any material
contractual obligation of any Loan Party, (c) result in or require the creation or imposition of any Lien of any nature whatsoever upon any properties or assets of any Loan Party, or (d) require any unobtained approval of any Loan
Party’s interestholders or any unobtained approval or consent of any Person under any material contractual obligation of any Loan Party. 
  
 (e) Binding Effect. This Amendment has been duly executed and delivered by the Administrative Borrower (on behalf of the Loan
Parties) and constitutes the legal, valid and binding obligation of the Loan Parties, enforceable against the Loan Parties in accordance with its terms, except as such enforceability may be limited by (a) applicable bankruptcy, insolvency,
reorganization, moratorium or other similar laws, now or hereafter in effect, relating to or affecting the enforcement of creditors’ rights generally, and (b) the application of general principles of equity (regardless of whether such
enforceability is considered in a proceeding in equity or at law). 
  
 4. Conditions Precedent. This Amendment shall be effective on May 25 2007 (the “Amendment Effective Date”) upon the fulfillment by the parties hereto, in a manner satisfactory to the Agent and the Lenders, of
all of the following conditions precedent set forth in this Section 4: 
  

 3 

 (a) Execution of the Amendment. Each of the parties hereto shall have executed an
original counterpart of this Amendment and shall have delivered (including by way of facsimile transmission or other electronic transmission) the same to the Agent. 
  
 (b) Representations and Warranties. As of the Amendment Effective Date, the representations and
warranties set forth in Section 3 hereof shall be true and correct. 
  
 (c) Amendment Fee. The Borrowers shall have paid to Agent, for its sole and separate account, a non-refundable amendment fee equal
to $30,000, in immediately available funds, in Dollars, which fee shall be earned in full when paid. 
  
 5. Miscellaneous. 
  
 (a) Continuing Effect. Except as specifically provided herein, the Credit Agreement and the other Loan Documents shall remain in
full force and effect in accordance with their respective terms and are hereby ratified and confirmed in all respects. It is understood and agreed by the parties hereto that this Amendment constitutes a Loan Document. 
  
 (b) No Waiver; Reservation of Rights. This Amendment
is limited as specified and the execution, delivery and effectiveness of this Amendment shall not operate as a modification, amendment or waiver of any provision of the Credit Agreement or any other Loan Document, except as specifically set forth
herein. Notwithstanding anything contained in this Amendment to the contrary, the Agent and the Lenders expressly reserve the right to exercise any and all of their rights and remedies under the Credit Agreement, each other Loan Document and
applicable law in respect of any Default or Event of Default. 
  
 (c) Governing Law. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF NEW YORK WITHOUT GIVING EFFECT TO ANY CHOICE OF LAW PROVISIONS THAT WOULD RESULT IN
THE APPLICATION OF THE LAWS OF A DIFFERENT JURISDICTION. 
  
 (d) Severability. The provisions of this Amendment are severable, and if any clause or provision shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such invalidity or
unenforceability shall affect only such clause or provision, or part thereof, in such jurisdiction and shall not in any manner affect such clause or provision in any other jurisdiction, or any other clause or provision in this Amendment in any
jurisdiction. 
  
 (e) Counterparts. This
Amendment may be executed in any number of counterparts, each of which counterparts when executed and delivered shall be an original, but all of which shall together constitute one and the same instrument. Delivery of an executed counterpart of this
Amendment by telefacsimile or other electronic transmission shall be equally effective as delivery of a manually executed counterpart. 
  
 (f) Headings. Section headings in this Amendment are included herein for convenience of reference only and shall not constitute a
part of this Amendment for any other purpose. 
  

 4 

 (g) Binding Effect; Assignment. This Amendment shall be binding upon and inure to
the benefit of the Loan Parties, the Lenders and the Agent and each of their respective successors and assigns. 
  
 (h) Expenses. The Administrative Borrower (on behalf of the Loan Parties) agrees that the Loan Parties will pay the Agent upon
demand for all reasonable expenses, including reasonable fees of attorneys for the Agent (who may be employees of the Agent), incurred by the Agent in connection with the preparation, negotiation and execution of this Amendment and any document
required to be furnished herewith. 
  
 (i)
Integration. This Amendment, together with the other Loan Documents, incorporates all negotiations of the parties hereto with respect to the subject matter hereof and is the final expression and agreement of the parties hereto with respect to
the subject matter hereof. 
  
 (j) Release.
The Administrative Borrower (on behalf of the Loan Parties) hereby acknowledges and agrees that no Loan Party has any defense, counterclaim, offset, cross-complaint, claim or demand of any kind or nature whatsoever that can be asserted to
reduce or eliminate all or any part of its liability to repay the obligations or to seek affirmative relief or damages of any kind or nature from the Agent or the Lenders. The Administrative Borrower (on behalf of the Loan Parties) hereby
voluntarily and knowingly releases and forever discharges the Agent, the Lenders and each of their respective predecessors, agents, employees, attorneys, successors and assigns (collectively, the “Released Parties”) from all
possible claims, demands, actions, causes of action, damages, costs, expenses and liabilities whatsoever, whether known or unknown, anticipated or unanticipated, suspected or unsuspected, fixed, contingent or conditional, or at law or in equity, in
any case originating in whole or in part on or before the date this amendment is executed that any Loan Party may now or hereafter have against the Released Parties, if any, irrespective of whether any such claims arise out of contract, tort,
violation of law or regulations, or otherwise, and that arise from any Loans, the exercise of any rights and remedies under the Credit Agreement or other Loan Documents, and/or negotiation for and execution of this Amendment, including, without
limitation, any contracting for, charging, taking, reserving, collecting or receiving interest in excess of the highest lawful rate applicable. 
  
 [Signature Pages Follow] 
  

 5 

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

			
	ADMINISTRATIVE BORROWER:
	
	 VELOCITY EXPRESS CORPORATION,
 a Delaware
corporation

		
	 By:
	 	 /s/ Mark T. Carlesimo

	 	 	Name: Mark T. Carlesimo
	 	 	Title:   Secretary

			
	AGENT AND LENDER:
	
	 WELLS FARGO FOOTHILL, INC.,
 a California
corporation

		
	 By:
	 	 /s/ Paul G. Chao

	 	 	Name: Paul G. Chao
	 	 	Title:   Vice President

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