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 Xxxxx X. Xxxxxxx (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/ Xxx Xxxxxxxxxx
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Name: Xxx X. Xxxxxxxxxx
Title: President
By: /s/ Xxxxx X. Xxxxxxx
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Name: Xxxxx X. Xxxxxxx
