Amendment to Employment Agreement between IDT Corporation and James A. Courter (August 1, 2001)

Summary

This amendment updates the employment agreement between IDT Corporation and James A. Courter, effective August 1, 2001. The main change is that Mr. Courter will now serve as the Chief Executive Officer of the company for the duration of his employment. All other terms of the original agreement remain unchanged.

EX-10.40 3 b315354_ex10-40.txt AMENDMENT TO EMPLOYMENT AGREEMENT EXHIBIT 10.40 AMENDMENT TO EMPLOYMENT AGREEMENT Amendment dated as of August 1, 2001 (this "Amendment") to the Employment Agreement dated April 1, 1999, by and between IDT Corporation (the "Company") and James A. Courter (the "Executive") (the "Agreement"). WITNESSETH WHEREAS, the Company and the Executive desire to modify the terms and conditions of the Agreement on the terms set forth herein. NOW, THEREFORE, for good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows: Section 1. Section 3 of the Agreement is replaced in its entirety, with the following: "3. Position. During the Term, the Executive shall serve as the Chief Executive Officer of the Company." IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above. IDT CORPORATION By: /s/ Ira Greenstein ----------------------------- Name: Ira A. Greenstein Title: President By: /s/ James A. Courter ----------------------------- Name: James A. Courter