secwatch.observer — SEC 8-K summary
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Issuer:     IDT CORP (IDT)
CIK:        0001005731
Form:       8-K
Filed at:   2023-12-28T23:59:59+00:00
Accession:  0001493152-23-046390
Event type: leadership
Sentiment:  neutral
Materiality: 0.40
Item codes: 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

IDT enters amended employment agreement with COO Pereira through Jan 2027
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- Base salary $500,000/year; target bonus $300,000 (with $150K satisfied by equity).
- Equity grants: 23,500 DSUs, 50,000 restricted shares of net2phone 2.0, plus additional DSUs.
- Contingent bonus up to $1M per milestone (max two) based on revenue or EBITDA targets.
- Severance of $800,000 if terminated without cause or resignation for good reason.
- Agreement runs from Nov 1, 2023 to Jan 31, 2027, replacing 2017 agreement.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1005731/000149315223046390/0001493152-23-046390-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1005731/000149315223046390/form8-k.htm
  HTML page:      https://secwatch.observer/filing/0001493152-23-046390

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer