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Exhibit 10.22    
    

VISTULA COMMUNICATIONS SERVICES, INC.

Amended and Restated Note Subscription Agreement  

        This Amended and Restated Note Subscription Agreement (the "Agreement") is made and entered as of August 11, 2004, by and between Vistula Communication
Services, Inc., a Delaware corporation (the "Company"), and J.Rothschild Assurance Self Invested PPP#2 F/B/O Rupert Anthony Galliers-Pratt (the "Purchaser"). 

        WHEREAS,
the Company and the Purchaser entered into a Note Subscription Agreement, dated as of July 2, 2004 (the "Initial Agreement"), in connection with the purchase by the
Purchaser from the Company of a convertible promissory note in the principal amount of $310,000; and 

        WHEREAS,
the Company and the Purchaser wish to amend and restated the Initial Agreement to provide for the issuance of one or more convertible promissory notes (each a "Note" and
collectively, the "Notes") in the form attached as Exhibit A hereto, at one or more closings. The Notes and, where the context permits, the shares of Common Stock of the Company into which the
Notes are convertible, are sometimes hereinafter referred to collectively as the "Securities." 

        NOW,
THEREFORE, in consideration of the foregoing and for good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree, and hereby amend and
restate the Initial Agreement, as follows: 

        1.    Purchase and Sale of Securities.    The Purchaser hereby subscribes for one or more Note(s) in the aggregate
principal amount of up to $310,000. In consideration for the Note(s) the Purchaser agrees to pay to the Company an amount equal to the aggregate principal amount of the Note(s) purchased by the
Purchaser hereunder. 

        2.    Closing(s).    The issuance and acquisition of the Notes shall take place at one or more closings at the offices
of the Company on any date on which the Purchaser makes a wire transfer to a bank account designated by the Company representing the purchase price for a Note (or such later date as may be agreed by
the Company and the Purchaser) upon receipt of the Purchaser's wire transfer to a bank account designated by the Company representing the purchase price for the Note to be issued at such Closing. Upon
acceptance of the wire transfer by the Company, the Company shall deliver a duly executed Note to the Purchaser. The Company reserves the right in its sole discretion to reject the subscription herein
provided at any time prior to a Closing. In such event, the Company shall promptly return to the Purchaser the purchase price for the Note subscribed for by the Purchaser (without interest). 

        3.    Purchaser's Representations and Warranties.    The Purchaser represents and warrants to the Company that the
Purchaser is acquiring, and will acquire, the Securities for the Purchaser's own account for investment only and not with a view to any resale or distribution thereof, and the Purchaser agrees that
the Purchaser will not sell or otherwise dispose of the Securities in violation of the provisions of the Securities Act of 1933, as amended (the "Act"), or any applicable state securities laws. The
Purchaser represents and warrants to the Company that the Purchaser is an "Accredited Investor," as such term is defined by Rule 501 promulgated under the Act. The Purchaser understands that
the Company is selling the Securities to the Purchaser in transactions that are exempt from the Act's registration requirement, and from the registration requirements of any applicable state
securities laws and that the Purchaser must hold the Securities indefinitely unless they are subsequently offered for sale and sold in transaction(s) registered under the Act or such state laws or an
exemption from registration (such as Rule 144 promulgated under the Act) is available. The Purchaser understands that the Company is under no obligation to register the Securities under the Act
or such state laws or to file for an exemption from registration under the Act or such state laws. The Purchaser further understands that the Company is under no obligation to comply with any other
exemption from registration and that such exemptions are extremely limited and may not be available at such time or times as the 

 

Purchaser
may wish to sell or otherwise dispose of the Securities. The Purchaser understands that the certificate or certificates representing the Common Stock issuable upon conversion of the Notes
will bear a legend in substantially the following form: 

The
shares represented by this certificate have been acquired for investment and have not been registered under the Securities Act of 1933, as amended (the "Act"), or any applicable state securities
laws and may not be offered, sold or otherwise transferred without an effective registration statement relating thereto or an opinion of counsel in form and substance satisfactory to the Company that
such registration is not required under the Act or such state laws." 

        4.    Transfer Restrictions.    Before any disposition of Securities is made by the Purchaser of the Notes by sale,
gift, pledge or otherwise, the Purchaser agrees to give the Company written notice describing briefly the manner of such proposed disposition. No such disposition of Securities shall be made unless
and until (i) the Company has received an opinion of its counsel, or other counsel satisfactory to it, to the effect that such proposed disposition does not require registration pursuant to the
Act and, where appropriate, a representation and agreement of the transferee in form and substance as set forth in this Agreement, and the Company shall have advised the Purchaser that such opinion,
representation and agreement are satisfactory to it, or (ii) a registration statement or other similar filing has been made covering the Securities and their proposed disposition and has been
declared effective. 

        5.    Representations and Warranties of the Company.    The Company hereby represents and warrants to the Purchaser as
follows: 

        (a)   The
Company is a corporation duly organized and validly existing under the laws of the State of Delaware. 

        (b)   The
execution, delivery and performance of this Agreement will not violate, any provision of the Company's certificate of incorporation or by-laws or any
contract, order, judgment, writ, injunction or decree of any governmental agency or instrumentality applicable to the Company or by which it is bound. 

        (c)   The
execution, delivery and performance of this Agreement by and on behalf of the Company have been duly and effectively authorized by all necessary corporate action.
The Securities when delivered pursuant to this Agreement and the terms of the Notes, if applicable, will be duly authorized, validly issued, fully paid, nonassessable and free and clear of any liens
or encumbrances. 

        6.    Notices.    All notices hereunder shall be in writing and shall be deemed to be delivered if in writing
addressed as provided below and if either (a) actually delivered at said address by overnight courier service or hand delivery or (b) in the case of a letter, five business days shall
have elapsed after the same shall have been deposited in the United States mails, postage prepaid and certified: 

        To
the Company at the following address: 

Vistula
Communication Services, Inc.

40 Portman Square, 4th Floor

London W1H 6LT

United Kingdom

Attn: Chief Executive Officer

Telecopier: +44 20 7487 4001 

        To
the Purchaser at the address on the signature page hereof. 

        Any
person or company may change the address to which notices are to be sent to him, her, or it by notifying all the other persons and companies listed above in writing of such address
change. 

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        7.    Binding Effect.    This Agreement shall be binding on and inure to the benefit of the Company and its successors
and assigns and the Purchaser's heirs, executors, successors and permitted assigns. 

        8.    Survival of Representations and Warranties.    The representations, warranties, covenants and agreements herein
shall survive the execution and delivery of this Agreement, it being understood that the representations and warranties are only being made as of the date hereof. 

************

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        Intending
to be legally bound hereby, the parties have duly executed this Agreement on the date first written above. 

PURCHASER:  

J.Rothschild
Assurance Self Invested PPP#2

F/B/O Rupert Anthony Galliers-Pratt 

	

/s/  RUPERT GALLIERS-PRATT      
 Signature of Purchaser or Authorized Representative	

 
	

 Title (if applicable)	

 

	

Mailing Address:	
 	

St. James Place

New Garden HS 78

Hattongarden

London

United Kingdom ECIN 8JR

COMPANY:  

	VISTULA COMMUNICATIONS SERVICES, INC.
	

By:	
 	

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

Title: Chairman and Chief Executive Officer

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Exhibit A  

[Form
of Convertible Note] 

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Exhibit 10.23    
    

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. 1

	$125,000	 	July 12, 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 One Hundred Twenty-Five Thousand DOLLARS and NO CENTS ($125,000). 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) July 12, 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 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 

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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 10.23

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