On March 24, 2021, the Board of Directors of IDT Corporation appointed Howard S. Jonas to fill a vacancy on the Board, to serve until the next annual meeting of stockholders. The vacancy arose from Bill Pereira’s resignation from the Board. The Board appointed Mr. Pereira as an ex-officio non-voting member of the Board on March 24, 2021. Prior to the appointment, Mr. Jonas was serving as an ex-officio non-voting member of the Board and he previously served as a member of the Board until December 16, 2020. Howard Jonas was nominated as a member of the Board by the Nominating Committee of the Board after a review of Mr. Jonas’ experience as founder of the Company and its Chairman of the Board since inception. Mr. Jonas, who receives compensation from the Company for his role as Chairman of the Board, is not receiving any additional compensation in connection with his election as a member of the Board. Howard Jonas received $252,000 in compensation for the period from August 1, 2019 to July 31, 2020 (“Fiscal 2020”) for his role as Chairman of the Board. Howard Jonas will not serve on any committees of the Board of Directors as he is not considered independent.
IDT Corporation is a provider of fintech and communications services. Its businesses include National Retail Solutions (NRS), BOSS Money, net2phone, IDT Digital Payments, BOSS Revolution Calling and IDT Global. NRS, through its point-of-sale (POS) platform, enables independent retailers to operate while providing advertisers and marketers with unprecedented reach into underserved consumer markets. BOSS Money provides international money remittance services markets to immigrant communities across the United States and Canada. BOSS Money enables retail customers to send money to friends and family in 47 countries in Latin America and the Caribbean, Africa, Europe and Asia. net2phone provides enterprises and organizations with intelligently integrated cloud communications and contact center services across channels and devices. IDT Digital Payments provides a range of prepaid digital products, including mobile airtime top-up, mobile data bundles, digital gift cards and other offerings.