<PAGE>
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13D
(Rule 13d-101)
INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULE 13d-1(a) AND
AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a)
(Amendment No. 1)
Under the Securities Exchange Act of 1934
IDT Corporation
-------------------------------------------------------------------------
(Name of Issuer)
Common Stock, par value $0.01 per share
-------------------------------------------------------------------------
(Title of Class of Securities)
448947-10-1
-------------------------------------------------------------------------
(CUSIP Number)
Howard S. Jonas
c/o IDT Corporation
190 Main Street
Hackensack, New Jersey 07601
(201) 928-1000
-------------------------------------------------------------------------
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
October 7, 1998
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(Date of Event which Requires Filing of This Statement)
If the Filing person has previously filed a statement on Schedule 13G to
report the acquisition which is the subject of this Schedule 13D, and is filing
this schedule because of Rule 13d-1 (e), 13d-1(f) or 13d-1 (g), check the
following box [_].
<PAGE>
SCHEDULE 13D
<TABLE>
<CAPTION>
CUSIP No. 448947-10-1
- --------------------------------------------------------------------------------------------------
<C> <S> <C>
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Howard S. Jonas
- --------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [_]
- --------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [_]
- --------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
- --------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES 7,123,575
---------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 5,591,968
---------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING 4,697,085
---------------------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 5,591,968
- --------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
12,715,543
- --------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
- --------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
37.5%
- --------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
IN
- --------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
2
<PAGE>
SCHEDULE 13D
<TABLE>
<CAPTION>
CUSIP No. 448947-10-1
- --------------------------------------------------------------------------------------------------
<C> <S> <C>
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
The Jonas Family Limited Partnership
- --------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [_]
- --------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [_]
- --------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New Jersey
- --------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
---------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 14,242
---------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
---------------------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 14,242
- --------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,242
- --------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
- --------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
Less than 0.1%
- --------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
PN
- --------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
3
<PAGE>
SCHEDULE 13D
<TABLE>
<CAPTION>
CUSIP No. 448947-10-1
- --------------------------------------------------------------------------------------------------
<C> <S> <C>
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Howard S. Jonas 1996 Annuity Trust
- --------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [_]
- --------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [_]
- --------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
---------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 3,695,270
---------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
---------------------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 3,695,270
- --------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
3,695,270
- --------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
- --------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
10.9%
- --------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
4
<PAGE>
SCHEDULE 13D
<TABLE>
<CAPTION>
CUSIP No. 448947-10-1
- --------------------------------------------------------------------------------------------------
<C> <S> <C>
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
Howard S. Jonas 1998 Annuity Trust
- --------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [_]
- --------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [_]
- --------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
---------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 1,559,228
---------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
---------------------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 1,559,228
- --------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,559,228
- --------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
- --------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.6%
- --------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
5
<PAGE>
SCHEDULE 13D
<TABLE>
<CAPTION>
CUSIP No. 448947-10-1
- --------------------------------------------------------------------------------------------------
<C> <S> <C>
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
The Jonas Foundation
- --------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [_]
- --------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [_]
- --------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
New York
- --------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
---------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 178,571
---------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
---------------------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 178,571
- --------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
178,571
- --------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
- --------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.5%
- --------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT!
6
<PAGE>
SCHEDULE 13D
<TABLE>
<CAPTION>
CUSIP No. 448947-10-1
- --------------------------------------------------------------------------------------------------
<C> <S> <C>
1 NAME OF REPORTING PERSONS
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS
The JTBC Foundation
- --------------------------------------------------------------------------------------------------
2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (a) [x]
(b) [_]
- --------------------------------------------------------------------------------------------------
3 SEC USE ONLY
- --------------------------------------------------------------------------------------------------
4 SOURCE OF FUNDS*
OO
- --------------------------------------------------------------------------------------------------
5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS
IS REQUIRED PURSUANT TO ITEM 2(d) or 2(e) [_]
- --------------------------------------------------------------------------------------------------
6 CITIZENSHIP OR PLACE OF ORGANIZATION
Massachusetts
- --------------------------------------------------------------------------------------------------
NUMBER OF 7 SOLE VOTING POWER
SHARES
---------------------------------------------------------------------------------
BENEFICIALLY 8 SHARED VOTING POWER
OWNED BY 144,657
---------------------------------------------------------------------------------
EACH 9 SOLE DISPOSITIVE POWER
REPORTING
---------------------------------------------------------------------------------
PERSON 10 SHARED DISPOSITIVE POWER
WITH 144,657
- --------------------------------------------------------------------------------------------------
11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
146,657
- --------------------------------------------------------------------------------------------------
12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
[_]
- --------------------------------------------------------------------------------------------------
13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
0.4%
- --------------------------------------------------------------------------------------------------
14 TYPE OF REPORTING PERSON*
OO
- --------------------------------------------------------------------------------------------------
</TABLE>
*SEE INSTRUCTIONS BEFORE FILLING OUT
7
<PAGE>
This Amendment No. 1 (this "Amendment") amends the Schedule 13D filed by
Howard S. Jonas, The Jonas Family Limited Partnership, the Howard S. Jonas 1996
Annuity Trust and the Howard S. Jonas 1998 Annuity Trust on May 15, 1998 (the
"Original Schedule 13D"). This Amendment is also filed by The Jonas Foundation
and The JTBC Foundation, two entities which were recently organized by Howard S.
Jonas and Howard S. Jonas, Dr. David Turock, Howard Balter and James A. Courter,
respectively. Capitalized terms used but not otherwise defined in this
Amendment shall have the meanings assigned in the Original Schedule 13D.
ITEM 1. SECURITY AND ISSUER
This statement relates to the common stock, par value $0.01 per share
("Common Stock"), of IDT Corporation ("IDT"). The principal executive offices
of IDT are located at 190 Main Street, Hackensack, New Jersey 07601.
ITEM 2. IDENTITY AND BACKGROUND
(a) This statement is filed by Howard S. Jonas, The Jonas Family Limited
Partnership, the Howard S. Jonas 1996 Annuity Trust, the Howard S. Jonas 1998
Annuity Trust, The Jonas Foundation and The JTBC Foundation (collectively, the
"Reporting Persons").
(b) The business address of each of the Reporting Persons is 190 Main
Street, Hackensack, New Jersey 07601.
(c) The present principal occupation of Mr. Jonas is Chief Executive
Officer of IDT, located at 190 Main Street, Hackensack, New Jersey 07601. The
Jonas Foundation, a charitable foundation under (S) 501(c)(3) of the Internal
Revenue Code of 1986 (the "IRC"), is controlled by Mr. Jonas, its sole Trustee.
The JTBC Foundation, a charitable foundation under (S) 501(c)(3) of the IRC is
controlled by its trustees, Howard Jonas, Dr. David Turock, Director of
Technology of IDT, Howard Balter, Chief Operating Officer of IDT, and James
Courter, President of IDT. The business of each of the other Reporting Persons
is to hold certain assets for the benefit of Mr. Jonas and members of his
family.
(d) During the last five years, none of the Reporting Persons or none of
the general partners or trustees of any of them has been convicted in a criminal
proceeding (excluding traffic violations or similar misdemeanors).
(e) During the last five years, none of the Reporting Persons or none of
the general partners or trustees of any of them was a party to a civil
proceeding of a judicial or administrative body of competent jurisdiction and as
a result of such proceeding was or is subject to a judgment, decree or final
order enjoining future violations of, or prohibiting or mandating activities
subject to, federal or state securities laws or finding any violation with
respect to such laws.
8
<PAGE>
(f) Mr. Jonas, Dr. Turock, Mr. Balter and Mr. Courter are citizens of the
United States of America. The Jonas Family Limited Partnership was organized
under the laws of the State of New Jersey. Each of the Howard S. Jonas 1996
Annuity Trust, the Howard S. Jonas 1998 Annuity Trust and the Jonas Foundation
was organized under the laws of the State of New York. The JTBC Foundation was
organized under the laws of Commonwealth of Massachusetts.
ITEM 3. SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION
On April 7, 1998, IDT entered into an Agreement and Plan of Merger
(the "Merger Agreement"), pursuant to which the parties thereto agreed that a
wholly owned subsidiary of IDT would be merged with and into InterExchange,
Inc., a Delaware corporation ("IX"), and that IX would become a wholly owned
subsidiary of IDT. The Merger Agreement was included as Exhibit 2 of the
Original Schedule 13D and is incorporated herein by reference.
Pursuant to the Merger Agreement, all of the outstanding shares of
the common stock of IX were exchanged for an aggregate of 3,242,323 newly issued
shares (the "IDT Shares") of Common Stock and $20 million in cash, which was
funded out of IDT's working capital.
Pursuant to the Merger Agreement, 3,106,379 of the IDT Shares (the
"Proxy Shares") are subject to certain restrictions on transferability (the
"Lock-Ups"). As previously disclosed, on October 7, 1998, the Lock-Ups expired
with respect to approximately 20% of the Proxy Shares. 142,857 shares of stock
registered in the name of Dr. Turock that were scheduled to be released from the
Lock-Ups and and Proxies in 1999 were released from Lock-Ups and Proxy in June
1998 immediately prior to their donation to The JTBC Foundation.
Certain of the Proxy Shares will remain in escrow until October 2002 in order to
satisfy certain indemnification obligations that the former stockholders of IX
may have under the Merger Agreement. On each October 7 thereafter, through and
including October 7, 2002, the Lock-Ups will expire with respect to an
additional 20% of the remainder of the Proxy Shares. Pursuant to the Merger
Agreement, Mr. Jonas was given proxies to vote the Proxy Shares (the "Proxies")
until such time as the Lock-Ups expire with respect to such shares; as a result
of these transactions, Mr. Jonas may be deemed to have "beneficial ownership" of
such shares for purposes of Rule 13d-3 under the Securities Exchange Act of
1934, as amended. The Proxies were included as Exhibit 3 of the Original
Schedule 13D and are incorporated herein by reference.
ITEM 4. PURPOSE OF TRANSACTION
As disclosed in the Original Schedule 13D, pursuant to the Merger
Agreement, the Lock-Ups with respect to 537,032 shares of Common Stock that were
subject to the Proxies and the Lock-Ups expired on October 7, 1998. 2,426,490
shares of Common Stock continue to be subject to the Proxies and the Lock-Ups.
The following transactions are also reflected in this Amendment:
1) On June 30, 1998, Mr. Jonas donated 178,571 shares of Common Stock
to The Jonas Foundation.
2) During June 1998 Mr. Jonas gave an aggregate of 9,292 shares of
Common Stock to various charities and employees of IDT.
3) On July 2, 1998, Mr. Jonas sold 35,000 shares of Common Stock.
9
<PAGE>
4) In June 1998 an aggregate of 4,000 shares of Common Stock were donated
to The JTBC Foundation by Mr. Balter and Mr. Courter. Dr. Turock donated an
additional 142,856 shares to The JTBC Foundation, which were released from the
Lock-Ups and Proxies immediately prior to the donation.
5) On October 2, 1998, Mr. Jonas sold 35,000 shares in a market
transaction through Hambrecht & Quist for $630,000 pursuant to the exemption
provided in Rule 144 under the Securities Act of 1993.
6) On October 9, 1998, The JTBC Foundation sold 2,220 shares on the
common market for $36,129.
Except as described above, none of the Reporting Persons presently has
any plan or proposal that relates to or would result in:
(a) the acquisition by any person of additional securities of IDT, or
the disposition of securities of IDT;
(b) an extraordinary corporate transaction, such as a merger,
reorganization or liquidation, involving IDT or any of its
subsidiaries;
(c) a sale or transfer of a material amount of assets of IDT or any of
its subsidiaries;
(d) any change in the present Board of Directors or management of IDT;
(e) any material change in the present capitalization or dividend policy
of IDT;
(f) any other material change in IDT's business or corporate structure;
(g) changes in IDT's charter, bylaws or instruments corresponding
thereto or other actions which may impede the acquisition of control
of IDT by any person;
(h) causing a class of securities of IDT to be delisted from a national
securities exchange or to cease to be authorized to be quoted in an
inter-dealer quotation system of a registered national securities
association;
(i) a class of equity securities of IDT becoming eligible for
termination of registration pursuant to Section 12(g)(4) of the
Exchange Act; or
(j) any action similar to any of those enumerated in (a)-(j) above.
ITEM 5. INTEREST IN SECURITIES OF THE ISSUER/1/
(a) As of the date hereof, Mr. Jonas beneficially owns 12,715,543 shares
of Common Stock (37.5% of the outstanding shares of Common Stock), consisting of
(i) the remaining 2,426,490 Proxy Shares, (ii) 10,144,396 shares of Class A
Common Stock, par value $0.01 per share, which are convertible into shares of
Common Stock on a one-for-one basis, consisting of (a) 4,697,085 shares held by
Mr. Jonas directly, (b) 14,242 shares (less than 0.1% of the outstanding shares
of Common Stock) held and also beneficially owned by The Jonas Family Limited
Partnership, (c) 3,695,270 shares (10.9% of the outstanding shares of Common
Stock) held and also beneficially owned by the Howard S. Jonas 1996 Annuity
Trust, (d) 1,559,228 shares (4.6% of the outstanding shares of Common Stock)
held and also beneficially owned by the Howard S. Jonas 1998 Annuity Trust and
(e) 178,571 shares (0.5% of the outstanding shares of Common Stock) held and
also beneficially owned by The Jonas Foundation. Mr. Jonas is the General
Partner of The Jonas Family Limited Partnership and the Trustee of each of the
Howard S. Jonas 1996 Annuity Trust, the Howard S. Jonas 1998 Annuity Trust and
the Jonas Foundation. Each share of Class A Common Stock has three votes with
respect to any matter submitted to the shareholders of IDT for approval.
(b) As of the date hereof, Mr. Jonas has the sole power to vote the Proxy
Shares until such time as the Proxies expire
- -------------------------------
/1/ All percentages in this Item are calculated assuming conversion of the
Company's Class A Common Stock into shares of Common Stock.
10
<PAGE>
Mr. Jonas does not have power to dispose or to direct the disposition of the
Proxy Shares.
Mr. Jonas has the sole power to cast or to direct the casting of three
votes per share on 4,697,085 shares of Class A Common Stock he directly owns and
has the sole power to dispose or to direct the disposition of such shares. Mr.
Jonas shares with The Jonas Family Limited Partnership, the Howard S. Jonas 1996
Annuity Trust, the Howard S. Jonas 1988 Annuity Trust and The Jonas Foundation
the power to vote or to direct the vote with respect to 5,447,311 shares of
Class A Common Stock that are beneficially owned by such entities, as well as
the shared power to dispose or to direct the disposition of such shares. The
JTBC Foundation and Dr. Turock, Mr. Balter and Mr. Courter share with Mr. Jonas
the power to vote or to direct the vote with respect to 144,657 shares of IDT
Common Stock and shares the power to dispose of and to direct the disposition of
such shares.
(c) Except as described in Item 4 above, no transactions in the Common
Stock or the Class A Common Stock were effected by any of the Reporting Persons
during the 60 days prior to the date of this Schedule 13D.
(d) Pursuant to the Merger Agreement, each holder of the Proxy Shares has
the right to receive or to direct the receipt of dividends from such shares. Dr.
David Turock, a holder of 1,148,467 Proxy Shares, is the beneficial owner of
more than 5% of the Common Stock.
(e) Not applicable.
ITEM 6. CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH RESPECT
TO SECURITIES OF THE ISSUER.
Pursuant to the Merger Agreement, stockholders of the Proxy Shares have
granted Mr. Jonas the Proxies, and have agreed to be subject to the Lock-Ups as
described in Item 3.
ITEM 7. MATERIAL TO BE FILED AS EXHIBITS.
1. Joint Filing Agreement, dated May 15, 1998, among Howard S. Jonas,
The Jonas Family Limited Partnership, Howard S. Jonas 1996 Annuity Trust, Howard
S. Jonas 1998 Annuity Trust, The Jonas Foundation and The JTBC Foundation.
2. Agreement and Plan of Merger, dated April 7, 1998 (incorporated by
reference from Exhibit 2.1 to IDT's Current Report on Form 8-K, as filed with
the Securities and Exchange Commission on April 22, 1998).
* 3. Proxies of Eric Hecht, Richard Robbins, David Turock, Mary Jo Altom,
Lisa Mikulynec, Wai Nam Tam and Bradley Turock, dated April 7, 1998.
__________________
*Previously filed.
11
<PAGE>
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.
Date: October 22, 1998
/s/ Howard S. Jonas
-------------------------
Howard S. Jonas
The Jonas Family Limited Partnership
By: /s/ Howard S. Jonas
-------------------------
Name: Howard S. Jonas
Title: General Partner
Howard S. Jonas 1996 Annuity Trust
By: /s/ Howard S. Jonas
-------------------------
Name: Howard S. Jonas
Title: Trustee
Howard S. Jonas 1998 Annuity Trust
By: /s/ Howard S. Jonas
-------------------------
Name: Howard S. Jonas
Title: Trustee
The Jonas Foundation
By: /s/ Howard S. Jonas
-------------------------
Name: Howard S. Jonas
Title: Trustee
The JTBC Foundation
By: /s/ Howard S. Jonas
-------------------------
Name: Howard S. Jonas
Title: Trustee
12
<PAGE>
EXHIBIT 1
Joint Filing Agreement
----------------------
In accordance with Rule 13d-1(k) under the Securities Exchange Act of
1934, as amended, the persons named below agree to the joint filing on behalf of
each of them of a statement on Schedule 13D (including amendments thereto) with
respect to the Common Stock of IDT Corporation and further agree that this Joint
Filing Agreement be included as an Exhibit to such joint filings. In evidence
thereof, the undersigned, being duly authorized, hereby execute this Agreement
this 22nd day of October, 1998.
/s/ Howard S. Jonas
-------------------------
Howard S. Jonas
The Jonas Family Limited Partnership
By: /s/ Howard S. Jonas
-------------------------
Name: Howard S. Jonas
Title: General Partner
Howard S. Jonas 1996 Annuity Trust
By: /s/ Howard S. Jonas
-------------------------
Name: Howard S. Jonas
Title: Trustee
Howard S. Jonas 1998 Annuity Trust
By: /s/ Howard S. Jonas
-------------------------
Name: Howard S. Jonas
Title: Trustee
The Jonas Foundation
By: /s/ Howard S. Jonas
-------------------------
Name: Howard S. Jonas
Title: Trustee
The JTBC Foundation
By: /s/ Howard S. Jonas
-------------------------
Name: Howard S. Jonas
Title: Trustee
