(e) On April 29, 2009, IDT Corporation (the "Registrant") entered into an Employment Agreement (the "Agreement") with Bill Pereira, the Registrant's Chief Financial Officer and Treasurer. Pursuant to the Agreement, Mr. Pereira will be paid a base salary of $435,000 per year. Should Mr. Pereira be terminated without cause or should he resign for good reason, the Registrant shall pay to Mr. Pereira, among other things, a severance payment equal to the greater of $600,000 or his base salary (at the rate in effect on the date of termination) for the remainder of the term of the Agreement and all awards theretofore granted to the Mr. Pereira under the Registrant's incentive plans shall immediately vest, subject to Mr. Pereira's execution of the Registrant's standard release agreement. The Agreement has a three year term with an effective date of January 2, 2009 and will expire on January 1, 2012. The term shall automatically be renewed or extended for additional one-year periods unless, not later than ninety (90) days prior to any such expiration, the Registrant or Mr. Pereira shall have notified the other party in writing that such renewal extension shall not take effect. In the event that the Registrant provides such notice to not extend the term, Mr. Pereira shall be entitled to receive, among other things, a severance payment in the amount of $600,000 and all awards theretofore granted to the Mr. Pereira under the Registrant's incentive plans shall immediately vest, subject to his execution and delivery of the Registrant's standard release agreement.

The foregoing summary of the Agreement is qualified in its entirety by reference to the Agreement, a copy of which is filed as Exhibit 10.01 to this report and is incorporated herein by reference.

(d) Exhibits.

Exhibit No.   Document
10.01         Employment Agreement, dated April 29, 2009, between the
              Registrant and Bill Pereira.