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Exhibit 10.24    
    

THIS
CONVERTIBLE PROMISSORY NOTE AND THE SECURITIES ISSUABLE UPON CONVERSION HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR APPLICABLE STATE SECURITIES LAWS AND MAY
NOT BE SOLD, OFFERED FOR SALE, OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THIS NOTE OR SUCH SECURITIES UNDER SAID ACT AND APPLICABLE
STATE SECURITIES LAWS OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED. 

VISTULA COMMUNICATION SERVICES, INC.

CONVERTIBLE PROMISSORY NOTE  

	No. 2	 	 
	

$50,000	
 	

August 11, 2004

        FOR VALUE RECEIVED, Vistula Communications Services, Inc, a Delaware corporation (hereinafter referred to as the
"Borrower" or the "Company"), hereby promises to pay to the order of J.Rothschild Assurance Self
Invested PPP#2-F/B/O Rupert Anthony Galliers-Pratt (the "Lender") the principal sum
of Fifty Thousand DOLLARS and NO CENTS ($50,000). Interest from the date hereof on the outstanding principal amount under this note ("Note") shall
accrue at the rate of seven percent (7%) per annum, compounded annually, computed on the basis of the actual number of days elapsed and a year of 365 days, from the date hereof until all
amounts payable to the Lender hereunder are repaid in full. All payments received by the Lender hereunder shall be applied first to costs of collection, if any, then to interest and the balance to
principal. This Note is issued by the Company as of the date first above written and is one of a series of convertible promissory notes issued by the Company pursuant to the Amended and Restated Note
Subscription Agreement, dated as of August 11, 2004, by and between the Company and the Lender. 

        1.    Maturity Date; Payment.    The principal amount hereof and all accrued and unpaid interest shall become due on
the earlier to occur of (i) August 11, 2005 (the "Maturity Date") (unless sooner converted hereunder) or (ii) an Event of Default
(as hereinafter defined). All payments of principal and any interest hereunder shall be payable in lawful money of the United States of America at the address of the Lender, or at such other place as
the holder hereof may from time to time designate in writing to the Borrower. Prepayment of principal, together with accrued interest, may be made by Borrower at any time without penalty. 

        2.    Conversion.    The outstanding principal of and accrued interest on this Note shall be converted into shares of
the Company's common stock, $0.001 par value per share ("Common Stock"), at a price of $1.50 per share (the "Conversion Price") at the election of the holder at any time prior to the Maturity Date. In
order to convert the outstanding principal of and accrued interest on this Note, the holder of this Note shall surrender this Note at the office of the Borrower or of its transfer agent, together with
a written request for conversion signed by the holder, for the applicable amount of shares of Common Stock. Thereupon, the Company shall issue and deliver to such holder a certificate representing the
number of shares of Common Stock into which this Note is convertible on the date on which the Note was surrendered to the Company. 

        (a)    Cash in Lieu of Fractional Shares.    No fractional share or interest of any equity securities of the Borrower
or scrip representing fractional shares or interests shall be issued upon any conversion of this Note. Instead of any fractional shares or interest of any equity securities of the 

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Borrower
which would otherwise be issuable upon any conversion of this Note, the Borrower shall pay to the holder of this Note a cash adjustment in respect of such fraction in an amount equal
to the same fraction of the price per share at which this Note is converted into such equity securities of the Borrower under this Section 2. 

        (b)    Cancellation of Note.    Upon the conversion of the entire principal amount of this Note and accrued and unpaid
interest pursuant to this Section 2 and payment of any other amounts owed with respect hereto, this Note shall be canceled. 

        (c)    Reservation of Stock.    The Company will at all times reserve and keep available, solely for issuance and
delivery upon the conversion of this Note, such shares of stock, securities and property, as from time to time shall be issuable upon the conversion of this Note. 

        (d)    Adjustment to Conversion Price.    If the Company at any time subdivides (by any stock split, stock dividend,
recapitalization or otherwise) its outstanding shares of Common Stock into a greater number of shares, the Conversion Price in effect immediately prior to such subdivision will be proportionately
reduced, and if the Company at any time combines (by reverse stock split, recapitalization or otherwise) its outstanding shares of Common Stock into a smaller number of shares, the Conversion Price in
effect immediately prior to such combination will be proportionately increased. 

        3.    Events of Default.    Each of the following events shall constitute an "Event of
Default": 

        (a)   The
Company shall fail to pay any principal, interest or other amount payable hereunder promptly and when due, whether on the Maturity Date or otherwise; 

        (b)   The
Company shall (i) voluntarily terminate operations or apply for or consent to the appointment of, or the taking of possession by, a receiver, custodian,
trustee or liquidator of the Company or of all or a substantial part of the assets of the Company, (ii) admit in writing its inability, or be generally unable, to pay its debts as the debts
become due, (iii) make a general assignment for the benefit of its creditors, (iv) commence a voluntary case under the Federal Bankruptcy Code (as now or hereafter in effect),
(v) file a petition seeking to take advantage of any other law relating to bankruptcy, insolvency, reorganization, winding-up, or composition or adjustment of debts,
(vi) fail to controvert in a timely and appropriate manner, or acquiesce in writing to, any petition filed against it in an involuntary case under the Federal Bankruptcy Code or applicable
state bankruptcy laws or (vii) take any corporate action for the purpose of effecting any of the foregoing; 

        (c)   Without
its application, approval or consent, a proceeding shall be commenced, in any court of competent jurisdiction, seeking in respect of the Company: the
liquidation, reorganization, dissolution, winding-up, or composition or readjustment of debt, the appointment of a trustee, receiver, liquidator or the like of the Company or of all or any
substantial part of the assets of the Company, or other like relief in respect of the Company under any law relating to bankruptcy, insolvency, reorganization, winding-up, or composition
or adjustment of debts; and, if the proceeding is being contested in good faith by the Company, the same shall continue undismissed, or unstayed and in effect for any period of ninety
(90) consecutive days, or an order for relief against the Company shall be entered in any case under the Federal Bankruptcy Code or applicable state bankruptcy laws; 

        If
any Event of Default shall occur, then, and at any time thereafter while such Event of Default is continuing, the Lender by written notice to the Company may declare the entire unpaid
principal amount of this Note, together with all accrued and unpaid interest thereon, to be due and payable immediately; provided,  however, that
notwithstanding the above, if there shall occur an Event of Default under clause (b) or (c) above, then this Note shall
become immediately due and payable without the necessity of any action by the Lender or notice to the Company. 

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        4.    Amendments; Waivers.    Any of the terms and conditions of this Note may be changed or amended, and any right of
the holder of this Note may be waived, with the written consent of the Company and the holder of this Note. 

        5.    Notice.    Any notice required or permitted under this Note shall be in writing and shall be deemed to have been
given on the date of delivery, if delivered personally or by overnight courier or sent by electronic facsimile transmission, with confirmation received, to the party to whom notice is to be given at
the address or telecopy number specified below or to the most recent address or telecopy number of such party specified by written notice, or on the third business day after mailing, if mailed to the
party to whom notice is to be given, by certified mail, return receipt requested, postage prepaid, and addressed to the addressee at the address specified below or to the most recent address of such
addressee specified by written notice: 

 To Borrower:  

Vistula
Communication Services, Inc.

40 Portman Square, 4th Floor

London W1H 6LT

United Kingdom

Attn: Chief Executive Officer

Telecopier: +44 20 7487 4001 

 To Lender:  

J.Rothschild
Assurance Self Invested PPP#2-F/B/O

Rupert Anthony Galliers-Pratt

St. James Place

New Garden HS 78

Hattongarden

London

United Kingdom ECIN 8JR

Attn: Rupert Galliers-Pratt

Telecopier: 

        6.    Severability.    In the event any one or more of the provisions of this Note shall for any reason be held to be
invalid, illegal or unenforceable, in whole or in part or in any respect, or in the event that any one or more of the provisions of this Note operate or would prospectively operate to invalidate this
Note, then and in any such event, such provision(s) only shall be deemed null and void and shall not affect any other provision of this Note and the remaining provisions of this Note shall remain
operative and in full force and effect and in no way shall be affected, prejudiced, or disturbed thereby. 

        7.    Governing Law.    This Note shall be governed by, and construed and enforced in accordance with, the substantive
laws of the State of Delaware without regard to its principles of conflicts of laws. 

***

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        IN
WITNESS WHEREOF, the undersigned has caused this instrument to be executed by its duly authorized officer as of the date first above written. 

	 	 	BORROWER:
	

 	
 	

Vistula Communications Services, Inc.
	

 	
 	

By:	

/s/  RUPERT GALLIERS-PRATT      
 Name:  Rupert Galliers-Pratt

Title:    Chairman and Chief Executive Officer

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Exhibit 10.25    
    

Mossbarton Limited  

August
23, 2004 

Vistula
Limited

40 Portman Square, 4th Floor

London W1H 6LT

United Kingdom 

Ladies
and Gentlemen: 

        This
letter sets forth the mutual agreement between Vistula Limited ("Vistula") and Mossbarton Limited ("Mossbarton") whereby Mossbarton agrees to permit Vistula to use and occupy part
of the fourth floor of the building commonly known as 39/40 Portman Square, London W1H 6LT, United Kingdom (such space being referred to as the "Premises"), which space is shown on the plan attached
to Schedule 2 of the Underlease (the "Underlease"), dated as of August 4, 2004, by and between Mossbarton and Meynard Freres Limited (the "Landlord"). Vistula and Mossbarton have agreed
as follows: 

	1.
	During
Vistula's occupancy of the Premises, Vistula agrees to comply with the terms of the Underlease as the same apply to the Premises; provided, however, Vistula shall not have
(i) any liability for any of Mossbarton's financial obligations under the Underlease (it being agreed that Vistula's financial obligations are entirely described in paragraph 3 herein),
or (ii) any obligation to maintain, repair or restore the Premises to any condition other than that existing as of the date hereof, reasonable wear and tear and damage by fire or other casualty
or Mossbarton's acts and/or omissions excepted. Without limiting the foregoing, the parties agree that Vistula's obligations with respect to surrender of the Premises are entirely described in
paragraph 5 herein. Vistula hereby acknowledges and confirms that it has been provided with a copy of the Underlease.

	2.
	Vistula's
right to use and occupy the Premises will commence immediately and terminate upon thirty (30) days written notice from Vistula to Mossbarton.

	3.
	Vistula
has agreed to pay to Mossbarton any rents incurred and actually paid by Mossbarton to the Landlord during the period of Vistula's occupancy of the Premises as required of
Mossbarton by the Underlease on the days and as required in Clause 2 of the Underlease. Such payments for any partial quarter shall be pro-rated based upon the number of days
Vistula occupies the Premises in such quarter.

	4.
	Except
for the obligations of Vistula described herein, Mossbarton agrees to comply with the terms of the Underlease, and shall use reasonable efforts to cause the Landlord to perform
its obligations under the Underlease to the extent the same affect Vistula's use of the Premises.

	5.
	Upon
termination of Vistula's occupancy of the Premises, Vistula will surrender the Premises and any and all keys to the Premises given to Vistula, in the same condition and repair as
they were in on the commencement of Vistula's occupancy of the Premises ordinary use and reasonable wear and tear and damage by fire or other casualty or Mossbarton's acts and/or omissions excepted.

	6.
	Any
notice to be provided hereunder shall be sent by certified mail, postage prepaid, return receipt requested, or delivered by hand, if to Vistula, at the address first above stated,
with a copy to Foley Hoag LLP, 155 Seaport Boulevard, Boston, MA 02210, USA, Attention: Paul Bork, Esq., or at such other address as Vistula may from time to time designate to Mossbarton in writing,
and if to Mossbarton, at Mossbarton Limited, 7-10 Chandos Street, 5th Floor, London W1G 9DQ, Attention: Adam Bishop, or at such other address as Mossbarton may from time to
time designate to Vistula in writing. 

	7.
	This
agreement may be executed in multiple counterparts, each of which shall be deemed an original and all of which together constitute one and the same document. Faxed signatures
shall have the same binding effect as original signatures. 

        If
the foregoing correctly sets forth the understanding and agreement with respect to Vistula's use of the Premises, please have an authorized officer sign this letter and return it to
Vistula, whereupon this letter shall constitute a binding agreement between Vistula and Mossbarton. 

	 	 	Very truly yours,
	

 	
 	

MOSSBARTON LIMITED
	

 	
 	

By:	

/s/  ADAM BISHOP      
 Name:  Name: Adam Bishop

Title:    Title: Director

	Agreed to and accepted to

this 23rd day of August, 2004:	 	 
	

VISTULA LIMITED	
 	

 
	

By:	

/s/  ADAM BISHOP      
 Name:  Name: Adam Bishop

Title:    Title: President	
 	

 

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Exhibit 10.25

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