Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

Termination of Curt R. Koeppen

On September 26, 2008, Arbinet-thexchange, Inc. (the "Company") terminated the employment of Curt R. Koeppen, the Chief Marketing Officer of the Company, without cause, effective September 30, 2008 (the "Termination Date"). Pursuant to the Employment Agreement, dated as of December 17, 2007, by and between the Company and Mr. Koeppen (the "Employment Agreement"), in connection with such termination, the Company will pay Mr. Koeppen an aggregate of approximately $331,891, consisting of:

· a lump sum equal to the salary which would have otherwise been paid to Mr. Koeppen through December 17, 2008, or approximately $52,083;
· payment for accrued vacation through the Termination Date, or approximately $4,808;
· severance pay equal to 12 months' base salary, or $250,000; and
· reimbursement for certain COBRA payments for a period of 12 months following the Termination Date and an amount equal to employer contributions to the Company's retirement plan for one year following the Termination Date, assuming he contributed the maximum amount to such plan, which amount to a payment of $25,000 in accordance with the limits placed on such payments by the terms of the Employment Agreement.

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