SEC FORM 3

SEC Form 3

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person^*

Heap Steven

(Last)

(First)

(Middle)

C/O ARBINET CORPORATION

120 ALBANY STREET, TOWER II, SUITE 450

(Street)

NEW BRUNSWICK

08901

(City)

(State)

(Zip)

2. Date of Event Requiring Statement (Month/Day/Year)
02/18/2009

3. Issuer Name and Ticker or Trading Symbol
ARBINET Corp [ ARBX ]

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
	Chief Technology Officer

5. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	36,277⁽¹⁾	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
Stock Option (Right to Buy)	⁽²⁾	03/16/2014	Common Stock	44,301	$7.63	D
Stock Option (Right to Buy)	⁽²⁾	11/10/2014	Common Stock	34,375	$15.04	D
Stock Option (Right to Buy)	⁽²⁾	02/22/2015	Common Stock	32,714	$23.07	D
Stock Option (Right to Buy)	⁽³⁾	08/17/2016	Common Stock	87,239	$4.27	D
Stock Appreciation Rights	⁽⁴⁾	02/20/2018	Common Stock	33,805	$4.61	D

Explanation of Responses:

1. Includes (a) 16,782 restricted stock units which vest in equal installments over a three-year period with the first installment having vested on February 29, 2008; and (b) 19,495 shares of common stock held by Mr. Heap.

2. The stock option has vested in full and is exercisable.

3. 8,330 shares of the stock option vested on August 18, 2006, and the remaining shares vest monthly in equal installments over a three-year, seven-month period.

4. The stock appreciation rights vest monthly in 48 equal installments over a four-year period with the first installment having vested on March 31, 2008.

	/s/ Steven Heap	07/27/2009
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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