Document:

ex10_1.htm

Exhibit 10.1

SETTLEMENT AND GENERAL RELEASE AGREEMENT

This Settlement and General Release Agreement (“Agreement”) is entered as of June 17, 2010 into between Flint Telecom Group, Inc. (consisting of Flint Telecom Group, Inc. and its subsidiaries and affiliates) (hereinafter, altogether referred to as “Flint”), RedQuartz
Atlanta, LLC (RQ) and Thomas J. Davis (“TD”) (and RQ and TD each an “Investor” and together, the “Investors”). The Investors and Flint agree as follows:

RECITALS

	
A.  
	
WHEREAS, in November 2007, RQ was issued a $100,000 convertible promissory note by Flint, which was extended to September 30, 2011, and as of the date of this Agreement, Flint owes RQ $75,000 under this note; and

	
B.  
	
WHEREAS, on January 29, 2009, RQ and Flint entered into a Stock and Warrant Purchase Agreement, whereby Flint sold RQ 5,454,545 shares of its common stock and warrants and in exchange, RQ agreed to invest $1,500,000 into Flint; and

	
C.  
	
WHEREAS, as of the date of this Agreement, RQ invested a portion of that total amount, $500,000, into Flint, and Flint and RQ have agreed to cancel the shares and warrants as described above, and no consideration for the $500,000 investment has been paid to date; and

	
D.  
	
WHEREAS, it is acknowledged and agreed by each of the parties that the $575,000 total outstanding owed was assigned by RQ to TD and shall be repaid by Flint to TD under terms as set forth in this Agreement; and

	
E.  
	
WHEREAS, on or before September 30, 2008 TD invested $250,000 and Flint issued a $250,000 promissory note to TD dated September 30, 2008 and on or before November 10, 2008 TD invested another $250,000 and Flint issued a second $250,000 promissory note to TD dated November 10, 2008 (the “Notes”); and

	
F.  
	
WHEREAS, TD also invested $125,000 on or before October 1, 2008 and Flint issued a $125,000 promissory note to TD dated October 1, 2008; a portion of this note, in the amount of $50,000, remains issued and outstanding and is not a part of this Agreement; the remaining $75,000 is part of this Agreement, and TD also provided such other loans to Flint from
time to time from January 23, 2008 to April 22, 2009, totaling $200,000 in principal  (the “Debt”), and

 

	
G.  
	
WHEREAS, Kelly Davis loaned $125,000 to Flint on October 1, 2008 and was issued a promissory note which has not been repaid as of the date of this agreement; this note was repaid by TD and therefore $125,000 shall be repaid by Flint to TD under terms as set forth in this Agreement; and

	
H.  
	
WHEREAS, certain disputes and disagreements have arisen between the parties relating to the above investments and transactions (the “Transactions”), and the parties have entered into this Agreement to fully and finally settle all of their disputes and

  

  

  

disagreements, and to settle any and all claims that each of the parties may have against each other.

AGREEMENT

WHEREFORE, the parties to this Agreement hereby agree as follows:

	
1.  
	
TD hereby agrees to refinance the Debt, including the repayment of any and all principal and accrued interest amounts under the Debt, and terminate the rights to all warrants and the underlying securities, as set forth in this Agreement. In the event of any conflict between this Agreement and the promissory notes, warrants or the terms of the Debt, the
provisions of this Agreement shall prevail.

	
2.  
	
Each of the Parties acknowledge and agree that RQ hereby assigns to TD all of its $575,000 total investment.

	
3.  
	
Flint hereby agrees to pay a total of $800,000 cash to TD over a period of 20 months through equal monthly installment payments in the amount of $40,000 each commencing on or before August 31, 2010.

	
4.  
	
TD hereby agrees to sell the Notes to a third party for no more than $200,000 within sixty days from the date of this Agreement.

	
5.  
	
Flint hereby agrees to issue to TD 153,000 shares of Flint’s Series F Convertible Preferred Stock as of the effective date of this Agreement, a copy of the Certificate of Designation of the Series F Convertible Preferred Stock is attached hereto as Exhibit A, and includes the following terms: (i) convertible
into common stock commencing January 1, 2011, (ii) carrying a cumulative dividend of 14% per annum and (iii) convertible at a 20% discount to the market price at time of conversion, subject to a floor price of $0.0500 per share.

 

	
6.  
	
TD hereby agrees to execute the Voting Agreement attached hereto and incorporated herein as Exhibit B.

	
7.  
	
TD and all other plaintiffs hereby agree to file an executed Dismissal without Prejudice of the complaint filed against Flint and all other defendants.

	
8.  
	
Subject to full performance by Flint, as set forth herein, the above Sections of this Agreement is for full settlement of any and all claims each of the Investors may have, now or in the future, against Flint and its Releasees with respect to the subject matter herein, and for the release, as set forth below.  Each of the Investors shall be responsible
for payment of all taxes related to receipt of the consideration hereunder. A full accounting of all of the loans due and payments to be made as per this Agreement is attached hereto as Exhibit C.

	
9.  
	
Upon full performance by Flint of all obligations hereunder, including payments in full , issuance of the shares, and payment of the other debt as set forth herein,  each of the Investors hereby releases, waives and forever discharges, individually and collectively,

  

  

  

Flint and its current or former officers, directors, employees, agents, affiliates, predecessors, successors, assigns, subsidiaries and all persons acting through or with them (hereinafter collectively referred to as “Releasees”), from any and all claims, rights, demands, liabilities, causes of action, losses, counterclaims, obligations,
third party claims, costs or expenses (including attorneys’ fees) of any kind whatsoever, known or unknown, fixed or contingent, suspected or unsuspected, that the Investors may now have or has ever had against Releasees. This release includes, without limitation, all claims relating to any contract between any of the Investors or Releasees, whether express or implied, and its termination or breach; any and all claims relating to or arising from any consulting relationship with the Releasees; any claims
for misrepresentation, fraud, or breach of any covenant of good faith and fair dealing; and any and all claims related to or in any manner incidental to each of the Investors’ relationship with the Releasees, or by reason of any matter, cause or thing arising out of or relating to the Transactions.  Notwithstanding anything in this Section 12, it is hereby agreed and acknowledged that this Section 12 shall not be applicable to any claim, rights, demands, losses, liabilities, damages, obligations,
costs or expenses (including attorneys’ fees) arising out of a breach of this Agreement.

This release also expressly includes any and all claims relating to, or arising from, each of the Investors’ right to purchase, or actual purchase of any securities of Flint or any of its affiliates, including, without limitation, any claims for fraud, misrepresentation, breach of fiduciary duty, breach of duty under applicable state
corporate law, and securities fraud under any state or federal law.

It is expressly understood and agreed by the parties that this Agreement is in full accord, satisfaction and discharge of any and all claims by each of the Investors against Releasees (other than as set forth herein), and that this Agreement has been signed with the express intent of extinguishing all such claims.

Flint hereby releases, waives and forever discharges, individually and collectively, TD and his employees, agents, affiliates, predecessors, successors, assigns, and all persons acting through or with him (hereinafter collectively referred to as “ TD Releasees”), from any and all claims, rights, demands, liabilities, causes of
action, losses, counterclaims, obligations, third party claims, costs or expenses (including attorneys’ fees) of any kind whatsoever, known or unknown, fixed or contingent, suspected or unsuspected, that Flint may now have or has ever had against TD Releasees. This release includes, without limitation, all claims relating to any contract between Flint and any of the Investors or Releasees, whether express or implied, and its termination or breach; any and all claims relating to or arising from any consulting
relationship with the TD Releasees; any claims for misrepresentation, fraud, or breach of any covenant of good faith and fair dealing; and any and all claims related to or in any manner incidental to each of the Investors’ relationship with the TD Releasees, or by reason of any matter, cause or thing arising out of or relating to the Transactions.

	
10.  
	
Notwithstanding anything in Sections 8 or 9 above, nothing in this Agreement shall be construed to affect or impair in any way the ability of TD to enforce this Agreement in whole or in part and the terms of this Agreement and the accompanying Note and other

  

  

  

documents and instruments shall specifically not be considered the same subject matter as the claims being settled herein.

	
11.  
	
Each of the Investors agrees and acknowledges that none of the Flint common shares or other securities that are issued hereunder or any of the Investors current ownership of such securities are, and may never be, registered under the Securities Act of 1933 or under any state securities or "blue sky" laws of any state of the United States, and, unless so
registered, may not be offered or sold in the United States or, directly or indirectly, to U.S. Persons (as that term is defined in Regulation S under the Securities Act of 1933), except pursuant to an effective registration statement under the Securities Act of 1933, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933 and in each case only in accordance with applicable state and federal securities laws.

	
12.  
	
Flint agrees and acknowledges that the Transactions and all intended issuances of securities under this Agreement, including, with limitation, the restricted common stock and promissory notes to TD are exempt from registration requirements under the Securities Act of 1933, and that any and all necessary filings under federal or applicable state securities
laws have been made by it to effectuate the Transactions and intended issuances under this Agreement.

	
13.  
	
By entering into this Agreement, no party is admitting the sufficiency of any claim, allegation, assertion, contention or position of any other party, nor the sufficiency of any defense to any such claim, allegation, assertion, contention or position.  The Parties have entered into this Agreement in good faith and with a desire to forever settle
all claims relating to the Transactions.

	
14.  
	
Each of the Parties understand and hereby agree that this settlement is in compromise of a disputed claim, that the Releases given are not to be construed as an admission of liability on the part of the party or parties hereby released, that the parties deny any liability on their respective parts, and that the parties hereto, by entering into this Agreement,
attempt merely to avoid costly and lengthy litigation.

	
15.  
	
Any controversy or claim of any kind arising out of or relating to this Agreement or its breach, including but not limited to any claim relating to its validity, interpretation, or enforceability, shall be submitted to binding arbitration in the State of Florida, in accordance with the Arbitration Rules of the American Arbitration Association (“AAA”).
Each of the Investors and the Company agree that the prevailing party in any arbitration shall be entitled to injunctive relief in any court of competent jurisdiction to enforce the arbitration award.  Each of the Investors and the Company agree that the prevailing party in any arbitration shall be awarded its reasonable attorney's fees and costs.  EACH OF THE INVESTORS AND FLINT ACKNOWLEDGE AND AGREE THAT BY SIGNING THIS AGREEMENT, EACH OF THE INVESTORS AND FLINT HAVE VOLUNTARILY ELECTED
TO ARBITRATE ALL ARBITRABLE CLAIMS RATHER THAN LITIGATE THEM IN A JUDICIAL FORUM AND THAT YOU AND FLINT ARE GIVING UP THE RIGHT TO A JURY TRIAL AND TO A TRIAL IN A COURT OF LAW.

  

  

  

	
16.  
	
Civil Code.  Each Party represents that it is not aware of any claim against the other than the claims that are released by this Agreement.  Each Party acknowledges that it has been advised by legal counsel and is familiar with the provisions of the Nevada Civil Code,
which provides as follows:

A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.

Each Party, being aware of said code section, agrees to expressly waive and relinquish any right or benefit it has or may have under the Civil Code of the State of Nevada, as well as any other similar provision under the statutory or nonstatutory law of any other jurisdiction to the full extent that it may lawfully waive all such rights and
benefits.

 

	
17.  
	
This is the entire Agreement regarding the subject matter hereof and supersedes all previous and contemporaneous discussions, negotiations, agreements and understandings. No other promises or agreements have been made.

	
18.  
	
In the event that any provision of this Agreement is determined to be unenforceable for any reason, the remaining provisions shall remain in full force and effect and the unenforceable provision(s) shall be interpreted and rewritten to give effect to the parties’ economic intentions.

	
19.  
	
Each of the Investors acknowledges and agrees that it has been advised that this Agreement is a binding legal document. Each of the Investors further agrees that has had adequate time and a reasonable opportunity to review the provisions of this Agreement and to seek legal advice regarding all its aspects, and that in executing this Agreement each of the
Investors has acted voluntarily and has not relied upon any representation made by the Flint or any of its employees or representatives regarding the Agreement’s subject matter and/or effect. Each of the Investors has read and fully understands this Agreement and voluntarily agrees to its terms.

	
20.  
	
Each of the parties hereto agrees not to disclose the facts or any of the terms of this Agreement to anyone except for SEC filings, its attorney, accountant and government taxing authorities, unless required to do so by court order. Each of the parties further agrees not to make any negative or disparaging statements about any other party, its affilliates
or its employees or representatives to any third party, or to disclose any information that it became aware of as a result of its relationship with a party.

	
21.  
	
This Agreement may be executed via facsimile or e-mail in counterparts, and each facsimile or e-mail counterpart shall have the same force and effect as an original and shall constitute an effective, binding agreement on the part of each of the undersigned.

  

  

  

IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

 

FLINT TELECOM GROUP, INC.

 

By:          /s/ Vincent Browne

                Vincent Browne

Chief Executive Officer

                /s/ Thomas J. Davis

Thomas J. Davis

 

 

RedQuartz Atlanta, LLC

      By:    /s/ Thomas J. Davis

Name: Thomas J. Davis

Title:  Memberex10_2.htm

Exhibit 10.2 

 

WRAP-AROUND AGREEMENT

 

By and Between:

 

Flint Telecom Group, Inc., AS ISSUER;

 

AND

 

Thomas Davis AS Debtor;

 

AND

 

Machiavelli Ltd. or Its Assignees AS INVESTOR

 

_________________________________________________________________________________

 

Dated this: June 17, 2010

 

 

WHEREAS, the Issuer desires to fulfill debt obligations owed to Un-Debtor in the principal amount of $250,000.00 (Dollar amount of Debt) owed from November 10, 2008;

 

WHEREAS, the Issuer owes the Debtor $250,000.00  from a Note Attached hereto;

 

WHEREAS, the Issuer does not have the disposable cash to satisfy those obligations;

 

WHEREAS, the Issuer and the Debtor are willing to act as surety to the fulfillment of the debt assignment as a material inducement;

 

WHEREAS, the Investor desires to modify the existing debt structure with new terms and conditions, which reasonable terms and conditions are hereby agreed to by the Issuer and the Debtor as a material inducement;

 

WHEREAS, to effectuate this understanding, and facilitate in the mechanizations of the new terms and conditions, the parties agree to enter this Wrap-Around Agreement;

 

WHEREAS, the original Debt instrument, as defined below, shall be incorporated herein by reference; Schedule A, Resolution of Authority, Schedule B, Promissory
Note, is annexed hereto and incorporated herein.

 

NOW WHEREFORE the following terms and conditions are hereby agreed to:

 

	
1.  
	
 Assignment of Debt- The Debtor hereby assigns half of the Debt ($125,000.00) to the Investor from the inception of the debt, together with unpaid principal and unpaid accrued interest thereon;

 

 

	
1.1.  
	
 The Issuer hereby accepts said assignment to the Investor;

 

  

  

  

 

	
1.2.  
	
As consideration for the assignment, the Investor hereby renders the consideration of $50,000.00 (Fifty Thousand Dollars) in the form of a cash payment to Debtor;

 

 

	
1.3.  
	
The Debt consists of $250,000.00 (Two Hundred Fifty Thousand Dollars) from a Note owed to the Debtor by the Issuer;  (November 10th 2008) (the “Debt”);

 

 

	
1.3.1.  
	
 The Issuer hereby agrees, acknowledges, consents and stipulates, that full consideration has been rendered for said Debt and hereby waives any and all objections thereto;

 

	
1.3.2.  
	
The terms of the Debt are substantially similar to a line of credit in so much as:

 

	
1.3.3.  
	
The term of the Debt is ongoing until satisfied;

 

	
1.3.4.  
	
The Payment of the Debt shall be made by no later than two years from the date of this Agreement;

 

	
1.3.5.  
	
Additional Consideration may come on an ongoing basis between the Investor, Debtor, and the Issuer and accrued as Debt, subject to work-out between all parties.

 

	
  
	
1.4 THE ISSUER HEREBY AGREES TO BE LIABLE WITH FULL RECOURSE IN THE EVENT OF DEFAULT TO INVESTOR;

	
2.  
	
Modification of Terms and Conditions – The terms of this wrap-Around Agreement shall govern   and supersede the original Debt instrument. If at all possible, these two instruments, this wrap-Around Agreement and the original debt agreement, their terms and conditions therein, respectively, should be read in a manner whose interpretation
results in a harmonious and synergistic result. Failing the harmonious interpretation, if any terms in these agreements shall be found to be irreconcilable, the terms in this instant Wrap-Around Agreement shall govern and control the Debt Instrument.

	
  
	
2.1
	
Convertibility – The terms and conditions of the underlying Debt shall be so modified or amended as to include a convertibility provision allowing the Investor to convert into common voting stock ninety days after the effective date of this Agreement (the “Conversion Shares”) at the price of 20% discount of the average closing price over the
five trading days prior to the day of conversion (the “Conversion Price”).

	
  
	
2.1.1 Fractional Conversion – This wrap-Around Agreement shall be convertible in whole or in part into Conversion Shares. The remaining balance of the Debt shall continue to accrue interest and inure normally.

 

 

	
2.2.
	
Interest Rate – No interest shall apply to the Note.

 

	
2.3.
	
Call Provision – The Issuer shall have the rights to repurchase all remaining Debt at 130% of the Debt, within the first year of the execution hereof, and 115% thereafter

 

	
2.4.
	
Anti-Dilution -  Will not apply to this Debt.

 

  

  

  

 

	
2.5.
	
Default Provisions – If the Issuer Shall suffer a material adverse event, the Investor shall have the right to call for adequate assurances from the Issuer reasonable and prudent as circumstances warrant. Failure to produce such adequate assurances within a reasonable period of time shall result in default.

 

	
2.5.1
	
EXAMPLES OF MATERIAL ADVERSE EVENT: a) deregistration by the Issuer, either voluntary or involuntary; b) bankruptcy, a meeting of creditors, or the consultation of an attorney regarding bankruptcy. 

 

	
  
	
2.5.2
	
Entrance in Default – Upon a default event, the Issuer shall be liable for the remaining Debt.,

 

	
  
	
2.5.3.
	
Default Interest – Upon a default event, the interest rate shall be 15.00% per annum, compounded, effective retroactively since the inception of this agreement, less any converted amount, calculated as any conversion shares will be offset against the Debt nearest in time.

 

	
  
	
2.5.4
	
Nonpayment – any missed conversion, or several missed conversions shall constitute a default event.

 

	
2.6
	
Denovo of Debt and Extension of Payment Period – The Issuer hereby renews and affirms the debt as a legally binding obligation, regardless of any termination date or statute of limitation, and hereby extends the Debt for 2 years from the execution hereof, or the depletion and satisfaction of the Debt with all accrued interest thereon, if applicable.

 

	
2.7.
	
Transfer Agent Irrevocable Instructions – The Issuer hereby irrevocably instructs their Transfer Agent, current or successor, to issue said conversion shares upon request by Investor and waives all objections thereto.

 

	
2.8.
	
Notwithstanding anything to the contrary contained herein, the number of Conversion Shares that may be acquired by the Investor upon conversion of the underlying Debt (or otherwise in respect hereof) shall be limited to the extent necessary to ensure that, following such conversion, the total number of shares of Common Stock then beneficially owned by such Investor and its affiliates and any other persons whose beneficial
ownership of Common Stock would be aggregated with the Investor’s for purposes of Section 13(d) of the 1934 Act, does not exceed 4.999% of the total number of issued and outstanding shares of Common Stock (including for such purpose the shares of Common Stock issuable upon such conversion). For such purposes, beneficial ownership shall be determined in accordance with Section 13(d) of the 1934 Act and the rules and regulations promulgated thereunder.

 

	
  
	
2.9.
	
Jurisdiction and Venue – All Parties hereto consent to the Debt instrument and resultant Wrap-Around Agreement having jurisdiction within the State of Florida, County of Seminole.

 

  

  

  

	
  
	
2.10.
	
Legal Opinion(s) – The Legal Opinion(s) rendered pursuant to the terms and conditions, and resultant from this Wrap-Around Agreement, shall be construed for the entire conversion process of the Debt, should full conversion occur. Issuer and Debtor hereby agree, acknowledge, accept, consent, and stipulate that any Legal Opinion acceptable to the Investor
in a timely fashion, then the Investor shall have the right to cause to be furnished their own Legal Opinion and Issuer and Debtors hereby waives all rights to object thereto except for blatant and generally accepted misstatements or omissions of fact, law or application thereof. The costs of the Legal Opinion (or Legal Opinions, as there may be several) shall be deducted from the funds used to purchase the first tranche and/or are to be paid by the Issuer.

 

	
3.
	
Representation and Warranties –

 

	
3.1.
	
Issuer- The Issuer hereby represents and warrants the following material inducements:

 

	
3.1.1.
	
Hold a Special Shareholders’ Meeting to approve an amendment to its Articles of Incorporation to increase its total authorized common stock from 200,000,000 to 900,000,000 and thereafter, upon shareholder approval and the filing of such an amendment to its Articles of Incorporation with the Secretary of State of Nevada, hold a reserve of authorized shares for the issuance of conversion shares;

 

	
  
	
3.1.2.
	
The Issuer has no objection to, and hereby waives all objections, to a reasonable legal opinion regarding the free trading nature of the conversion shares or the mechanics of the transaction;

 

	
  
	
3.1.3.
	
All services constituting the Debt have been fully rendered for legitimate business purposes;

 

	
  
	
3.1.4      The Issuer will if necessary furnish a legal opinion regarding the free trading nature of the conversion shares and the mechanics thereof.

 

	
  
	
3.2.
	
Debtor – The Debtor hereby represents and warrants the following material inducements;

 

3.2.1.                      The services constituting the debt have been fully rendered for legitimate business purposes.

 

3.3           Investor – The Investor hereby represents and warrants the following material inducements;

 

3.2.1   Accredited Investor Status.  The Investor is an “accredited investor” as that term is defined in Rule 501(a) of Regulation D.

 

3.2.2  Reliance on Exemptions.  The Investor understands that the securities are being offered and sold to it in reliance upon specific exemptions from the registration requirements of United States federal and state securities laws and that the Issuer
is relying upon the truth and accuracy of, and the Investor’s compliance with, the representations, warranties, agreements, acknowledgments and understandings of the Investor set forth herein in order to determine the availability of such exemptions and the eligibility of the Investor to acquire the securities.

  

  

  

 

3.2.3  Short sales.  The Investor shall not sell short the common shares of the Issuer.

 

3.2.3           The Investor agrees and acknowledges that none of Issuer’s common shares or other securities that are issued hereunder or any of the Investor’s current ownership of such securities are, and may never be, registered
under the Securities Act of 1933 or under any state securities or "blue sky" laws of any state of the United States, and, unless so registered, may not be offered or sold in the United States or, directly or indirectly, to U.S. Persons (as that term is defined in Regulation S under the Securities Act of 1933), except pursuant to an effective registration statement under the Securities Act of 1933, or pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities
Act of 1933 and in each case only in accordance with applicable state and federal securities laws.  Additionally, Investor acknowledges and agrees that it may only sell a maximum amount of common shares per month not to exceed the weekly average trading volume of Issuer’s common stock in the prior month.

 

4.           Miscellaneous

 

4.1           Execution – this Agreement may be executed in counterparts, each taken in conjunction equating to a fully executed agreement; facsimile and scanned signatures may be accepted in lieu of original manual signatures;

 

4.2           Severability-This Agreement is not severable. If any term in this Wrap-Around Agreement is found by a court of competent jurisdiction to be unenforceable, then the entire Wrap-Around Agreement shall be rescinded, the
consideration proffered by the Investor shall be returned in its entirety and any conversion shares shall be forfeit.

 

4.3           Legal fees –The cost of any Legal Opinion caused to be furnished by the Investor in the event the Issuer fails to render a Legal opinion acceptable to the
Investor, which acceptance thereof shall not be unreasonably withheld, shall be borne by the Issuer, and such cost shall not exceed $500.

 

4.4           Jurisdiction and Venue –The jurisdiction and venue for this Wrap-Around agreement shall be within the state of Florida, County of Seminole.

 

4.5.           Modification – This Wrap-Around Agreement and debt may only be modified in a writing signed by all Parties.

 

Signature Page To Follow

 

  

  

  

NOW THEREFORE, all the Parties hereby agree, accept, acknowledge, consent, and stipulate to the terms and conditions contained herein for the mutual promise and consideration stated herein:

 

 

“ISSUER”                                                                           “DEBTOR”

 

Flint Telecom Group, Inc.

 

/s/ Vincent Browne                                                          /s/
Thomas Davis

Signature                                                                           Signature

Vincent Browne                                                                Thomas
Davis

Print Name and Title                                                        Print
Name

“INVESTOR”

Machiavelli Ltd.

/s/ Joseph C. Canouse

Joseph C. Canouse, Managing Director.

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