Document:

Amendment to Stock Option Agreement under Employee Stock Option Program

 Exhibit 10.66 
  
  
 AMENDMENT TO STOCK OPTION AGREEMENT

  
 THIS AMENDMENT made on April 29, 2003, by and between IDT
Corporation, a Delaware corporation (the “Company”) and Marc Knoller (the “Executive”). 
  
  
 WITNESSETH: 
  
 WHEREAS, the Company and Executive have entered into a Stock Option Agreement dated as of August 15, 1994 (the “Agreement”) pursuant to which
Executive originally had the right to purchase 230,000 shares of the Company’s common stock, par value $.01 per share (“Common Stock”); 
  
 WHEREAS, the Company declared a stock dividend of one share of the Company’s class B common stock (“Class B Common Stock”) with respect to
each outstanding share of Common Stock, Class B Common Stock and class A common stock, par value $.01 per share, which dividend was payable on May 31, 2001 (the “Stock Dividend”); 
  
 WHEREAS, as a result of the Stock Dividend, each option to purchase a share
of Common Stock under the Agreement became an option to purchase one share of Common Stock and one share of Class B Common Stock; 
  
 WHEREAS, the Agreement is currently exercisable for 25,000 unexercised shares of Common Stock and 25,000 unexercised shares of Class B Common Stock; and

  
 WHEREAS, the parties hereto desire to amend the Agreement to
provide for the purchase of a share of Class B Common Stock in lieu of each unexercised share of Common Stock otherwise subject to the Agreement after the Stock Dividend, such that the Agreement will be exercisable for a total of 50,000 shares of
Class B Common Stock after the date of this Amendment. 
  
 NOW,
THEREFORE, the Agreement is hereby amended as follows: 
  
 1.    Section 2 of the Agreement is hereby deleted and replaced with the following: 
  
 “Grant of Options.    Pursuant to a determination by the Board of Directors of the Company (the “Board”), the
Company, subject to the terms and conditions of this Agreement, hereby grants, effective as of the date hereof (the “Grant Date”), Nonqualified Stock Options (the “Options”) to purchase from the Company 50,000 shares of class B
common stock, par value $.01 per share (“Common Stock”), subject to adjustment as provided in Section 8 hereof.” 

 2.    Section 4 of the Agreement is hereby deleted and replaced with the following:

  
 “Option Price. The price at which shares of Common
Stock shall be purchasable upon exercise of the Options shall be $0.1035 per share (the “Option Price”), subject to adjustment as provided in Section 8 hereof.” 
  
 3.    Except as expressly provided above, the Agreement shall remain in full force and effect.

  
 IN WITNESS WHEREOF, the Company has caused this Amendment to
be executed by an authorized officer and the Executive has hereunto set his hand all as of the day, month and year first above written. 
  
  

	IDT CORPORATION
	 
		
	By:	 	/S/    STEPHEN R. BROWN        
	 	

		
	 	 	 
		
	Executive:	 	Marc KnollerExchange Agreement dated March 21, 2003

 Exhibit 10.67 
  
 EXCHANGE AGREEMENT 
  
 THIS EXCHANGE AGREEMENT, dated March 21, 2003 (this “Agreement”), is by and between IDT Corporation, a Delaware corporation (“IDT”),
and the holder of shares of common stock, par value $0.01 per share (the “Common Stock”), of IDT who is a party hereto (the “Holder”). 
  
 BACKGROUND 
  
 IDT’s common equity listed on the New York Stock Exchange consists of shares of Common Stock and shares of Class B Common Stock, par value $0.01 per
share (“Class B”). 
  
 Each of the Holder and IDT wishes
to exchange the number of shares of Common Stock set forth under the name of the Holder on the signature page (the “Shares”) for a like number of shares of Class B. 
  
 NOW, THEREFORE, in consideration of the mutual agreements and covenants set forth herein, the parties hereby agree, subject
to the terms and conditions hereinafter set forth, as follows: 
  
  
 ARTICLE I. 
  
 SHARE EXCHANGE 
  
 1.1    Exchange.    Upon delivery of the certificate representing the Shares to IDT, IDT shall accept the Shares and issue to the Holder, in exchange therefor, the same
number of shares of Class B (the “Exchange”). The sole consideration for the Exchange shall be the shares of Class B issued in exchange for the Shares. 
  
 1.2    Certificates.    IDT shall deliver to the Holder, as soon as
practicable after accepting the Shares for exchange, a certificate representing the shares of Class B issued to the Holder in the exchange, which certificate shall be in the name of the Holder. 
  
  
 ARTICLE II. 
  
 REPRESENTATION 

 
 2.1    Representations by the
Holder.    The Holder represents and warrants to IDT that the Holder is, or upon the exercise of options will be, the beneficial owner and the owner of record of the Shares, that the Holder has the power and authority to
exchange the Shares and enter into this Agreement, and that this Agreement does not violate any other agreement, contract or understanding to which the Holder is party or to which the Shares may be subject. 

  
 ARTICLE III.

  
 GENERAL 
  
 3.1    Further
Assurances.    From time to time, as and when required by IDT, there shall be executed and delivered by the Holder such deeds and other instruments, and there shall be taken or caused to be taken by the Holder such further
and other actions as shall be appropriate or necessary in order to consummate the transactions contemplated hereby. 
  
 3.2    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 
  
 3.3    Governing Law.    This Agreement shall in all respects be construed, interpreted and enforced in
accordance with and governed by the laws of the State of Delaware. 
  
 3.4    Counterparts.    This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall constitute one and the same
instrument. 
  
 IN WITNESS WHEREOF, the parties hereto have
executed this Agreement as of the day and year first written above. 
  

	IDT CORPORATION
	 
	 
		
	By:	 	/S/    JOYCE MASON        
	 	

	 	 	Name:  Joyce Mason
	 	 	Title:    Senior VP

  

	
	/s/    MORRIS LICHTENSTEIN  
	

	HOLDER	 	 
	Name:	 	 Morris Lichtenstein

	Address:	 	 59 Olympia Lane

	 	 	 Monsey, NY 10952-2829

	Number of Shares of Common: 9,000

  
  

 2Exchange Agreement dated April 8, 2003

 Exhibit 10.68 
  
 EXCHANGE AGREEMENT 
  
 THIS EXCHANGE AGREEMENT, dated April 8, 2003 (this “Agreement”), is by and between IDT Corporation, a Delaware corporation (“IDT”),
and the holder of shares of common stock, par value $0.01 per share (the “Common Stock”), of IDT who is a party hereto (the “Holder”). 
  
 BACKGROUND 
  
 IDT’s common equity listed on the New York Stock Exchange consists of shares of Common Stock and shares of Class B Common Stock, par value $0.01 per
share (“Class B”). 
  
 Each of the Holder and IDT wishes
to exchange the number of shares of Common Stock set forth under the name of the Holder on the signature page (the “Shares”) for a like number of shares of Class B. 
  
 NOW, THEREFORE, in consideration of the mutual agreements and covenants set forth herein, the parties hereby agree, subject
to the terms and conditions hereinafter set forth, as follows: 
  
 ARTICLE I. 
  
 SHARE EXCHANGE 
  
 1.1    Exchange.  Upon delivery of the
certificate representing the Shares to IDT, IDT shall accept the Shares and issue to the Holder, in exchange therefor, the same number of shares of Class B (the “Exchange”). The sole consideration for the Exchange shall be the shares of
Class B issued in exchange for the Shares. 
  
 1.2    Certificates.  IDT shall deliver to the Holder, as soon as practicable after accepting the Shares for exchange, a certificate representing the shares of Class B issued to the Holder in the
exchange, which certificate shall be in the name of the Holder. 
  
 ARTICLE II. 
  
 REPRESENTATION 

 
 2.1    Representations by the
Holder.  The Holder represents and warrants to IDT that the Holder is, or upon the exercise of options will be, the beneficial owner and the owner of record of the Shares, that the Holder has the power and authority to exchange the
Shares and enter into this Agreement, and that this Agreement does not violate any other agreement, contract or understanding to which the Holder is party or to which the Shares may be subject. 

 ARTICLE III. 
  
 GENERAL 
  
 3.1    Further Assurances.  From time to time, as and when required by IDT, there shall be executed and delivered by
the Holder such deeds and other instruments, and there shall be taken or caused to be taken by the Holder such further and other actions as shall be appropriate or necessary in order to consummate the transactions contemplated hereby. 
  
 3.2    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 
  
 3.3    Governing Law. This Agreement shall in all
respects be construed, interpreted and enforced in accordance with and governed by the laws of the State of Delaware. 
  
 3.4    Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original and all of which together shall constitute one and the same instrument. 
  
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first written above. 
  

	IDT CORPORATION
		
	By:	 	 IRA GREENSTEIN

	 	

	 	 	 Name:    Ira Greenstein

	 	 	 Title:      President

	 	 	 
	 	 	 

	 /S/    MARC KNOLLER

	HOLDER
	 

	Name:	 	 Marc Knoller

	Address:	 	 680 Camperdown

	 	 	 
	 	 	 Teaneck, NJ 07666

	 	 	 
	 	 	 
	 Number of Shares of Common:    25,000 

  

 2

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