Document:

exhibit4_5.htm

    NEITHER
THESE SECURITIES NOR THE SECURITIES ISSUABLE UPON EXERCISE HEREOF HAVE BEEN
REGISTERED WITH THE UNITED STATES SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE OR CANADIAN PROVINCE, OR UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”).  THE SECURITIES ARE
RESTRICTED AND MAY NOT BE OFFERED, RESOLD, PLEDGED OR TRANSFERRED EXCEPT AS
PERMITTED UNDER THE SECURITIES ACT PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT OR AN EXEMPTION FROM SUCH REGISTRATION REQUIREMENTS.

    

    Flint
Telecom Group, Inc.

    

    Incorporated
Under the Laws of the State of Nevada

    

    No.
A-1                                                                                                                                                                                           3,750,000 Common
Stock

                                                                          Purchase Warrants

    

    CERTIFICATE
FOR COMMON STOCK

    PURCHASE
WARRANTS

    

    1.           Warrants.  Flint
Telecom Group, Inc. (the “Company”) hereby certifies that Redquartz Atlanta, LLC, or
registered permitted assigns (the "Holder"), is entitled to purchase from the
Company, on the terms and subject to the provisions of this Warrant, at any time
during the period (the “Exercise Period”) commencing on the date of this Warrant
and ending at 5:00 P.M. Eastern Time on January 29, 2011 (the "Expira­tion
Date"), 3,750,000 shares of common stock of the Company, par value $.01 per
share (“Common Stock”), at a purchase price of forty cents ($0.40) per share
(the "Exercise Price").

    

    2.           Transfer of Warrants.
The Warrants represented by this Warrant Certificate shall not be transferable
except upon written consent of the Company to such transfer or the death of the
Holder and then, in such case of death, only to the estate of the Holder or
pursuant to the Holder's will or the applicable laws of descent and
distribution.

    

    3.           Exercise of Warrant.
(a) This Warrant may be exercised in whole or in part at any time on or before
the Expiration Date upon surrender of this Warrant Certificate together with the
Form of Election to Purchase (the “Purchase Form”) duly completed and executed,
together with (except as provided in Section 3(b) hereof) payment of the
Exercise Price, at the offices of the Company, 3390 Peachtree Rd. NE, Suite
1000, Atlanta, GA 30326.  If this Warrant is exercised in part, then
the Holder shall be entitled to receive a new Warrant covering the remaining
number of shares of Common Stock not exercised.  Upon receipt by the
Company of this Warrant at its office, or by the stock transfer agent of the
Company at its office, in proper form for exercise, or upon delivery of the Form
of Election to Convert attached hereto (the “Conversion Notice”) without
delivery of this Warrant, the Holder shall be deemed to be the holder of record
of the shares of Common Stock issuable upon such exercise or conversion, as the
case may be, notwithstanding that the stock transfer books of the Company shall
then be closed or that certificates representing such shares of Common Stock
shall not then be actually delivered to the Holder.

    

    (b) In
lieu of exercising this Warrant by payment of the Exercise Price pursuant to
Section 3(a) of this Warrant, and subject to the limitations provisions of
Section 3(c) of this Warrant, if the Current Market Price of the Common Stock
(determined in accordance with the provisions of the Conversion Notice) is
greater than the Exercise Price, then the Holder shall have the right, on notice
to the Company by delivery of the Conversion Notice, to convert this Warrant, in
whole or in part to the extent that this Warrant has not been exercised pursuant
to said Section 3(a) of this Warrant or converted pursuant to this Section 3(b),
for the

    
      
        
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    number of
shares of Common Stock determined in accordance with the “Calculation of Warrant
Conversion” section of the Conversion Notice. The parties understand and agree
that, for purposes of Rule 144 of the Securities and Exchange Commission under
the Securities Act of 1933, as amended (the “Securities Act”), if the holder
converts this Warrant pursuant to this Section 3(b), its holding period will
commence on the date hereof.  Conversion of the Warrant shall be
elected by the Holder delivering to the Company the Conversion Notice, duly
completed and executed, to the offices of the Company, 3390 Peachtree Rd. NE,
Suite 1000, Atlanta, GA 30326.

    

    (c)           If
the Common Stock to be issued upon the exercise of this Warrant are not covered
by an effective registration statement under the Securities Act, then unless the
Holder otherwise does not need to rely upon the provisions of Rule 144 of the
Securities Act in connection with a sale or transfer of the Common Stock to the
issued upon the exercise of this Warrant, the exercise of this Warrant shall be
effected as a “cashless exercise” pursuant to the provisions of Section 3(b)
above.

    

    4.           Expiration of
Warrants.  No Warrant may be exercised after 5:00 p.m. Eastern
Time on the Expiration Date and any Warrant not exercised by such time shall
become void, unless the Expiration Date of this Warrant is extended by the
Company.

    

    5.           Delivery of
Shares.  (a)                                                      
No fractional shares or script representing fractional shares shall be issued
upon the exercise of this Warrant. With respect to any fraction of a share
called for upon any exercise or conversion of this Warrant, the Company shall
round the number of shares of Common Stock to be issued to the next higher
integral number of shares.

    

    (b) Except
as otherwise set forth herein, upon delivery of a completed Purchase Form
accompanied, if the exercise is not a cashless exercise, by payment of the
Exercise Price, not later than three (3) business days after the Exercise Date
(such third day being the “Delivery Date”), the Company shall deliver to the
Holder a certificate or certificates which, after the effective date of a
registration statement covering the shares of Common Stock issuable upon
exercise of this Warrant (the “Effective Date”), shall be free of restrictive
legends and trading restrictions (other than those required by the Securities
Act) representing the number of shares of Common Stock being acquired upon such
exercise. After the Effective Date and if then available, the Company shall,
upon request of the Holder, deliver any certificate or certificates required to
be delivered by the Company under this Section 5(b) electronically through the
Depository Trust Company or another established clearing company performing
similar functions if the Company’s transfer agent has the ability to deliver
shares of Common Stock in such manner. If in the case of any exercise of this
Warrant such certificate or certificates are not delivered to or as directed by
the applicable Holder by the second day after the Delivery Date, the Holder
shall be entitled to elect by written notice to the Company at any time on or
before its receipt of such certificate or certificates thereafter, to rescind
such conversion, in which event the conversion shall be deemed void ab
initio.

    

    (c) The
Company’s obligations to issue and deliver the Common Stock upon exercise of
this Warrant in accordance with the terms hereof are absolute and unconditional,
irrespective of any action or inaction by the Holder to enforce the same, any
waiver or consent with respect to any provision hereof, the recovery of any
judgment against any Person or any action to enforce the same, or any setoff,
counterclaim, recoupment, limitation or termination, or any breach or alleged
breach by the Holder or any other Person of any obligation to the Company or any
violation or alleged violation of law by the Holder or any other Person, and
irrespective of any other circumstance which might otherwise limit such
obligation of the Company to the Holder in connection with the issuance of such
shares. In the absence of an injunction precluding the same, the Company shall
issue the Common Stock upon a properly executed Purchase Form. If the Company
fails to

    
      
        
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    deliver
to the Holder such certificate or certificates pursuant to this Section 5(c)
within three (3) trading days of the Delivery Date applicable to such exercise,
the Company shall pay to the Holder, in cash, as liquidated damages and not as a
penalty, for each $5,000 of Value of the Warrant being exercised, $50 per
trading day (increasing to $100 per trading day three (3) trading days after
such damages begin to accrue and increasing to $200 per trading day six (6)
trading days after such damages begin to accrue) for each trading day after the
Delivery Date until such certificates are delivered. Nothing herein shall limit
a Holder’s right to pursue actual damages for the Company’s failure to deliver
certificates representing shares of Common Stock upon exercise within the period
specified herein and such Holder shall have the right to pursue all remedies
available to it hereunder, at law or in equity including, without limitation, a
decree of specific performance and/or injunctive relief.

    

    (d) If
the Company fails to deliver to the Holder such certificate or certificates
pursuant to this Section52(c) by the Delivery Date, and if after such Delivery
Date the Holder purchases (in an open market transaction or otherwise) Common
Stock to deliver in satisfaction of a sale by such Holder of the Common Stock
which the Holder was entitled to receive upon the exercise relating to such
Delivery Date (a “Buy-In”), then the Company shall pay in cash to the Holder the
amount by which (a) the Holder’s total purchase price (including brokerage
commissions, if any) for the Common Stock so purchased exceeds (b) the product
of (x) the aggregate number of shares of Common Stock that such Holder was
entitled to receive from the exercise at issue multiplied by (y) the price at
which the sell order giving rise to such purchase obligation was executed. For
example, if the Holder purchases Common Stock having a total purchase price of
$11,000 to cover a Buy-In with respect to an attempted exercise of this Warrant
with respect to which the aggregate sale price giving rise to such purchase
obligation is $10,000, under the immediately preceding sentence the Company
shall be required to pay the Holder $1,000. The Holder shall provide the Company
written notice indicating the amounts payable to the Holder in respect of the
Buy-In, together with applicable confirmations and other evidence reasonably
requested by the Borrowers. Nothing in this Section 2(d) shall limit a Holder’s
right to pursue any other remedies available to it hereunder, at law or in
equity including, without limitation, a decree of specific performance and/or
injunctive relief with respect to the Company’s failure to timely deliver
certificates representing shares of Common Stock upon exercise of this Warrant
pursuant to its terms.

    

    6.           Adjustment of Exercise
Price.   (a)                                                                           If
the Company shall, subsequent to the date of the initial issuance of this
Warrant, (i) pay a dividend or make a distribution on its shares of Common Stock
in shares of Common Stock, (ii) subdivide or reclassify its outstanding Common
Stock into a greater number of shares or otherwise effect a stock split or
distribution, or (iii) combine or reclassify its outstanding Common Stock into a
smaller number of shares or otherwise effect a reverse split, then, in each such
event, the Exercise Price shall, simultaneously with the happening of such
event, be adjusted by multiplying the then Exercise Price by a fraction, the
numerator of which shall be the number of shares of Common Stock outstanding
immediately prior to such event and the denominator of which shall be the number
of shares of Common Stock outstanding immediately after such event, and the
product so obtained shall thereafter be the Exercise Price then in effect. The
Exercise Price, as so adjusted, shall be readjusted in the same manner upon the
happening of any successive event or events described herein in this
Section 6. The number of shares of Common Stock that the Holder of this
Warrant shall thereafter, on the exercise hereof as provided in Section 3,
be entitled to receive shall be adjusted to a number determined by multiplying
the number of shares of Common Stock that would otherwise (but for the
provisions of this Section 6(a)) be issuable on such exercise by a fraction
of which (i) the numerator is the Exercise Price that would otherwise (but
for the provisions of this Section 6(a)) be in effect, and (ii) the
denominator is the Exercise Price in effect on the date of such exercise (prior
to any adjustment to the number of shares issuable, as may be made pursuant to
the provisions of Section 6(d) below).

    
      
        
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    (b) If,
while this Warrant is outstanding, the Company sells or otherwise issues any
Convertible Securities, shares of Common Stock, or shares of any class of
capital stock at a price per share of Common Stock, or with a conversion right
or exercise price to acquire Common Stock at a price per share of Common Stock
(other than (x) an Exempt Issuance (hereinafter defined), or (y) an issuance
covered by Section 6(a) of this Warrant), that is less than the Exercise Price
in effect at the time of such sale (such lower price being referred to as the
“Lower
Price”), the Exercise Price shall be reduced to an amount equal to the
Lower Price. Such adjustment shall be made successively whenever any such sale
or other issuance at a Lower Price is made. The term “Convertible
Security” shall mean any debt or equity security or instrument upon the
conversion or exercise of which shares of Common Stock may be
issued.  For purposes hereof, “Exempt
Issuance” means the issuance of (a) shares of Common Stock or options to
employees, officers, directors of and consultants (other than consultants whose
services relate to the raising of funds) of the Company pursuant to the
Company’s outstanding stock option or long-term incentive plans, (b) securities
upon the exercise or conversion of the Securities issued hereunder, in payment
of principal or interest on indebtedness of the Company, (c) securities issued
pursuant to acquisition, licensing agreements, or other strategic transactions,
provided any such issuance shall only be to a person or entity which is, itself
or through its subsidiaries, an operating company (including, without
limitation, a company engaged primarily in research and development) in a
business which the Company’s board of directors believes is beneficial to the
Company and in which the Company receives benefits in addition to the investment
of funds, but shall not include a transaction in which the Company is issuing
securities primarily for the purpose of raising capital or to an entity whose
primary business is investing in securities. For purposes of the parenthetical
clause in clause (a), an investor relations firm that is not involved in fund
raising is not deemed to be consultant whose services are related to the raising
of funds.

    

    (i) For
purposes of this Section 6(b), the price at which such shares of Common Stock
are issued shall be the consideration paid for the Common Stock or the price at
which the Company agrees to issue shares of Common Stock. The price at which any
Convertible Security is issued shall be the amount received for the issuance of
the Convertible Security plus the minimum amount of additional consideration
which is payable upon exercise or conversion of the Convertible Security. If the
Company issues securities as a unit, regardless of whether such issuance is
defined as a unit, a separate computation shall be made with respect to (x)
shares of Common Stock and convertible securities (based on the maximum number
of shares of Common Stock which may be issued upon conversion, including
conversion of interest or dividends, but excluding warrants, rights and options)
and (y) warrants, options or rights, with a separate computation being made as
to each warrant, option or right which is issued. If warrants, options or rights
are issued, the Company shall not be deemed to have received any consideration
for the issuance of the shares upon exercise of the warrant, option or right
other than the lowest exercise price provided therein. If the Company has an
agreement which provides for the issuance of shares at a fixed price or a
formula price with a maximum price, the Company shall be deemed to have issued
securities at such maximum price regardless of whether any securities are
actually sold, and any issuance of securities below such maximum price shall, if
such price is a Lower Price, be a sale which results in an adjustment pursuant
to this Section 6(b).

    

    (ii) Any
stock or convertible securities (other than warrants or options which shall be
valued at the lowest stated exercise price thereof) issued for services that are
not Exempt Issuances shall, for purposes of this Warrant, be valued at the par
value thereof unless such issuance is made with the prior written approved of
the Holder, not to be unreasonably withheld, in which event the securities shall
be valued in the manner as set forth in the Holder’s approval.

    

    (c) If
the Company shall, subsequent to the date of initial issuance of this Warrant,
issue rights or warrants to all holders of its Common Stock entitling them to
subscribe for or purchase shares of Common Stock (or securities convertible into
Common Stock) at a price (or having a conversion price per

    
      
        
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    share)
less than the Current Market Price per share of Common Stock for the record date
mentioned below, if issuance does not result in an adjustment pursuant to
Section 6(b) of this Warrant, the Exercise Price shall be adjusted to an
adjusted Exercise Price equal to the price determined by multiplying the
Exercise Price in effect immediately prior to the date of such issuance by a
fraction, of which the numerator shall be the number of shares of Common Stock
outstanding on the record date mentioned below plus the number of additional
shares of Common Stock which the aggregate offering price of the total number of
shares of Common Stock so offered (or the aggregate conversion price of the
convertible securities so offered) would purchase at such Current Market Price
per share of the Common Stock, and of which the denominator shall be the number
of shares of Common Stock outstanding on such record date plus the number of
additional shares of Common Stock offered for subscription or purchased (or into
which the convertible securities so offered are convertible). Such adjustment
shall be made successively whenever such rights or warrants are issued and shall
become effective immediately after the record date for the determination of
stockholders entitled to receive such rights or warrants; and shall be effective
regardless of whether such rights are exercised or expire in whole or in part
unexercised. The provisions of this Section 6(c) are in addition to the
provisions of Section 6(b) and any adjustment pursuant to this Section 6(c)
shall be made after the application of Section 6(b).

    

    (d) Subject
to the provisions of Section 6(a) of this Warrant, whenever the Exercise Price
payable upon exercise of each Warrant is adjusted pursuant to this Section 6,
the number of shares of Common Stock issuable upon exercise or conversion of
this Warrant shall simultaneously be adjusted by multiplying the number of
shares of Common Stock issuable upon exercise of each Warrant in effect on
immediately prior to the adjustment by the Exercise Price then in effect and
dividing the product so obtained by the Exercise Price, as adjusted. In no event
shall the Exercise Price per share be less than the par value per share, and, if
any adjustment made pursuant to said Section 6 would result in an Exercise Price
which would be less than the par value per share, then, in such event, the
Exercise Price per share shall be the par value per share; provided, however,
that the limitation contained in this sentence shall not limit the number of
shares of Common Stock issuable upon exercise or conversion of this
Warrant.

    

    (e)           Upon
each adjustment of the Exercise Price pursuant to the provisions of this Section
6, the number of Shares issuable upon the exercise of this Warrant shall be
adjusted to the nearest full Share by multiplying a number equal to the Exercise
Price in effect immediately prior to such adjustment by the number of Shares
issuable upon exercise of this Warrant immediately prior to such adjustment and
dividing the product so obtained by the adjusted Exercise Price, so that the
aggregate amount delivered by the Holder to the Company in connection with an
exercise of this entire Warrant after the adjustment, shall be equal to the
aggregate amount that would have been delivered by Holder to the Company in
connection with an exercise of this entire Warrant immediately prior to such
adjustment.

    

    7.           Adjustments for
Reorganization, Consolidation, Merger, or Sale of Assets.  If
at any time while the Warrant, or any portion thereof, remains outstanding and
unexpired, should there occur a reorganization, merger, or consolidation; or
should there occur a sale or transfer of the Company’s assets or properties
substantially in entirety as part of a reorganization, merger or consolidation,
then lawful provision shall be made so that the Holder shall thereafter be
entitled to receive upon exercise of the Warrant, or any unexpired exercisable
portion thereof, the number of shares of stock or other securities or property
of the successor corporation resulting from such reorganization, consolidation,
merger, sale or transfer that the Holder would have been entitled to if the
Warrant, or portions thereof, had been exercised immediately prior to the
event.  The foregoing shall apply similarly to any successive
reorganizations, consolidations, mergers, sales or transfers that may occur
while the Warrant, or any portion thereof, remains exercisable.

    
      
        
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    8.           Reservation of Stock
Underlying the Warrant.  At all times until the expiration of
the Warrant, the Company will use commercially reasonable efforts to cause the
Company to authorize, reserve, and keep available, solely for issuance and
delivery upon the exercise of the Warrant, the shares of Common Stock of the
Company that shall be receivable upon exercise or conversion of the
Warrant.

    

    9.           Underlying Stock to be Fully
Paid and Non-Assessable.  The Company covenants that the shares
of Common Stock issuable upon exercise of the Warrant shall be duly and validly
issued, fully paid, non-assessable, and free of any liens, charges, and all
taxes with respect to the issue thereof.

    

    10.           No
Impairment.  The Company shall not, by amendment of its
Certificate of Incorporation or

    other
method or venue, avoid or seek to avoid the observance or performance of any of
the terms of the Warrant, but shall at all times, in good faith, take all such
actions as may be necessary or appropriate in order to protect the rights of the
Holder thereunder against impairment.

    

    11. Exchange or Loss of
Warrant. Subject to the provisions of Section 2 hereof, this Warrant is
exchangeable, without expense, at the option of the Holder, upon presentation
and surrender hereof to the Company or at the office of its stock transfer
agent, if any, for other Warrants of different denominations entitling the
holder thereof to purchase in the aggregate the same number of shares of Common
Stock purchasable hereunder. This Warrant may be divided or combined with other
Warrants which carry the same rights upon presentation hereof at the office of
the Company or at the office of its stock transfer agent, if any, together with
a written notice specifying the names and denominations in which new Warrants
are to be issued and signed by the Holder hereof. The term “Warrant”
as used herein includes any Warrants into which this Warrant may be divided or
exchanged. Upon receipt by the Company of evidence satisfactory to it of the
loss, theft, destruction or mutilation of this Warrant, and (in the case of
loss, theft or destruction) of reasonably satisfactory indemnification, and upon
surrender and cancellation of this Warrant, if mutilated, the Company will
execute and deliver a new Warrant of like tenor. Any such new Warrant executed
and delivered shall constitute an additional contractual obligation on the part
of the Company, whether or not this Warrant so lost, stolen, destroyed, or
mutilated shall be at any time enforceable by anyone.

    

    12. Rights of the Holder.
The Holder shall not, by virtue of this Warrant, be entitled to any rights of a
stockholder in the Company, either at law or equity, and the rights of the
Holder are limited to those expressed in this Warrant and the Note and are
enforceable against the Company only to the extent set forth herein and therein,
and as provided by applicable law.

    

    13.           Notices.  Any
notice or other communication between parties hereto shall be sufficiently given
if delivered in accordance with the provisions of the Common Stock and Warrant
Purchase Agreement, dated of even date herewith, between the Company and the
Holder.

    
      
        
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    IN
WITNESS WHEREOF, the Company has caused this Warrant to be signed by its CEO and
by its Secretary.

    

    Dated:   January 29,
2009

    

    Flint Telecom Group,
Inc.

    Attest:

    

    /s/ Tali
Durant                                                                                     /s/
Vincent Browne

    _________________________________                          By_______________________________________

    Tali Durant,
Secretary                                                                                      Vincent Browne, CEO

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    FORM
OF ELECTION TO PURCHASE

    

    (To be
executed by the Holder if he desires to exercise

    Warrants
evidenced by the within Warrant Certificate)

    

    To: Flint
Telecom Group, Inc.:

    

    The undersigned hereby irrevocably
elects to exercise ____________ Warrants, evidenced by the within Warrant
Certificate for, and to purchase thereunder, ________________ full shares of
Common Stock issuable upon exercise of said Warrants and delivery of
$____________ and any applicable taxes.

    

    The undersigned requests that
certificates for such shares be issued in the name of:

    

    PLEASE INSERT SOCIAL SECURITY
OR

       TAX IDENTIFICATION
NUMBER

    

    

    _______________________________                                                                           ______________________________________

    (Please
print name and address)

    

    _______________________________                                                                           ______________________________________

    

    _______________________________                                                                           ______________________________________

    

    If said number of Warrants shall not
be all the Warrants evidenced by the within Warrant Certificate, the undersigned
requests that a new Warrant Certificate evidencing the Warrants not so exercised
be issued in the name of and delivered to:

    

    _______________________________________________________

    _______________________________________________________

    _______________________________________________________

    (Please
print name and address)

    

    

    Dated:
____________________                                                                Signature:
_____________________________________

    

    
      	
              NOTICE:

            	
              The
      above signature must correspond with the name as written upon the face of
      the within Warrant Certificate in every particular, without alteration or
      enlargement or any change whatsoever, or if signed by any other person the
      Form of Election to Purchase must be duly executed and if the certificate
      representing the shares or any Warrant Certificate representing Warrants
      not exercised is to be registered in a name other than that in which the
      within Warrant Certificate is registered, the signature of the holder
      hereof must be guaranteed.

            

    

    

    Signature
Guaranteed:  __________________________________________

    

    SIGNATURE
MUST BE GUARANTEED BY A COMMERCIAL BANK OR MEMBER FIRM OF ONE OF THE FOLLOWING
STOCK EXCHANGES:  NEW YORK STOCK EXCHANGE, PACIFIC COAST STOCK
EXCHANGE, AMERICAN STOCK EXCHANGE, OR MIDWEST STOCK EXCHANGE.

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    FORM
OF ELECTION TO CONVERT

    

    TO:           Flint
Telecom Group, Inc.

    

    Pursuant to Section 5 of the Warrant,
the undersigned hereby irrevocably elects to convert ____________ Warrants,
evidenced by the within Warrant Certificate for, and to purchase thereunder,
________________ full shares of Common Stock issuable upon conversion of said
Warrants.  A conversion calculation is attached hereto.

    

    The undersigned requests that
certificates for such shares be issued in the name of:

    

    PLEASE INSERT SOCIAL SECURITY
OR

       TAX IDENTIFICATION
NUMBER

    

    _______________________________                                                                                     ______________________________________

    (Please
print name and address)

    

    If said number of Warrants shall not
be all the Warrants evidenced by the within Warrant Certificate, the undersigned
requests that a new Warrant Certificate evidencing the Warrants not so converted
be issued in the name of and delivered to:

    
 

    

    

    (Please
print name and address)

    

    Dated:
____________________                                                                           Signature:
_____________________________________

    

    
      	
              NOTICE:

            	
              The
      above signature must correspond with the name as written upon the face of
      the within Warrant Certificate in every particular, without alteration or
      enlargement or any change whatsoever, or if signed by any other person the
      Form of Election to Convert must be duly executed and if the certificate
      representing the shares or any Warrant Certificate representing Warrants
      not exercised is to be registered in a name other than that in which the
      within Warrant Certificate is registered, the signature of the holder
      hereof must be guaranteed.

            

    

    

    CALCULATION OF WARRANT
CONVERSION

    

    X
=                      
Y(A-B)

    A

    

    
      	
               
      

            	
               Where:

            	
              X
      =

            	
              the
      number of Shares and/or Warrants to be issued to the
    Holder;

            

    

    

    Y
=           the number of
Shares and/or Warrants to be converted;

    

    A
=           the Current
Market Price of one share of Common Stock, to be defined as the average of the
closing prices for the common stock for the five (5) trading days ending
immediately prior to the Exercise Date; and

    

    B
=           the Share
Exercise Price.

    
      
        
          PS1764-b.cerexhibit10_1.htm

    EMPLOYMENT
AGREEMENT

     

    THIS
EMPLOYMENT AGREEMENT (“Agreement”) is made and entered into as of the 29th day of
January, 2009, (the “Effective Date”) by and between Flint
Telecom Group. Inc, a Nevada corporation (the “Company”), and Bill Burbank,
whose residence address is 2605 Windham Court, Delray Beach, Florida 33445
(the “Executive”).

     

    The
Company wishes to employ the Executive and the Executive wishes to enter into
the employee of the Company as President, Chief Operating Officer, and Board
Member of the Company.

     

    This
Agreement shall become effective immediately upon the execution
hereof.

     

    NOW,
THEREFORE, in consideration of the premises and mutual covenants set forth
herein, the parties hereby agree as follows:

     

    1.      Employment.

     

    1.1           Employment and
Term.  The Company shall employ the Executive and the Executive
shall continue to serve the Company, on the terms and conditions set forth
herein, for the period (the “Term”) from the Effective Date and expiring on the
second anniversary of the Effective Date, unless sooner terminated as
hereinafter set forth. The Agreement will automatically renew for subsequent six
month period(s), unless terminated at least 60 days prior to the expiration of
the applicable six month period.

     

    1.2           Duties of
Executive.  The Executive shall serve as President and Chief
Operating Officer of the Company and shall perform the duties of an executive
commensurate with such position, shall diligently perform all services as may be
assigned to him by the Company’s Board of Directors.  The Executive
shall devote his working time and attention to the business and affairs of the
Company, directing the operations and business
development functions of the company by performing the following duties
personally or through subordinate supervisors:  establishing,
recommending or making decisions on all aspects of
the business. The Executive
shall report to the Company’s CEO. The Company agrees that Executive is not
required to relocate from South Florida. The Company further agrees that
Executive may have other non-competitive business interests and may continue as
an Officer of China Voice Holding Corp.

     

    1.3           The
Company.  As used herein the term the “Company” shall be deemed
to include any and all present and future subsidiaries, divisions and affiliates
of the Company.

     

    2.      Compensation.

     

    2.1           Base
Salary.  During the term, the Executive shall receive a base
salary of $15,500.00 per month paid bi-weekly. The Board of Directors may also pay cash, stock or
stock option bonuses based on performance if the Company has achieved the goals
set by the Board.

     

    2.2           Compensation while an
Officer of China Voice Holding Corp.  During the time the
Executive is an Officer of China Voice Holding Corp. he will be compensated
as

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    follows:
January 2009, 60% of base monthly salary and for months thereafter 90% of
monthly base salary.

     

    2.3           Equity.  Upon
the execution of this Agreement, the Company will issue to the Executive two
million (2,000,000) shares of restricted common stock of the Company, vesting
over a period of four years,  such that 1⁄4 of the shares shall vest at
the first annual anniversary of the Effective Date, and quarterly thereafter so
that 100% of the shares shall be fully vested at the Executive’s four year
anniversary with the Company.  If the Executive resigns from the
Company at anytime prior to the Executive’s four year anniversary, the Executive
shall be entitled to all vested shares as of the date of resignation. If the
Executive’s Employment is discontinued after the initial term of this agreement
or if the Executive is terminated without cause, the Executive shall be entitled
to receive full vesting of all 2,000,000 shares.

     

    2.4           Stock Option Grants. 
Subject to the approval of the Company’s Board of Directors, the Executive shall
be entitled to receive a grant based on the
Executive’s performance during the applicable year. The amount of the stock
option grant in any year shall be
determined by reference to the profitability of the Company and such other
measures as the Board of Directors and the Executive may agree.  The
terms and conditions relating to the stock option grant shall be negotiated in
good faith.

     

    3.      Expense Reimbursement and
Other Benefits.

     

    3.1           Expense
Reimbursement.  During the Term, upon the submission of
supporting documentation by the Executive, and in accordance with Company
policies for its executives, the Company shall reimburse the Executive for
all expenses actually paid or incurred by the Executive in the course of and
pursuant to the business of the Company, including expenses for travel, auto and
entertainment.

     

    3.2           Other
Benefits.  During the term, Company shall provide Executive
with major medical and dental insurance. The Company shall pay for 100% of the
costs to provide the Executive with “family” coverage for medical and dental
insurance.  

     

    3.3           Vacation.  Executive
shall be entitled to four weeks of paid vacation during each calendar year,
taking into consideration the business needs of the Company.

     

    3.4           D&O Insurance.
The Company agrees to provide Executive with D&O insurance in a suitable
amount agreeable to Executive and the Company will be responsible for
maintaining and continuing this coverage throughout the term of Executive’s
employment.

     

    4.      Termination for
Cause.  Notwithstanding anything contained in this Agreement to
the contrary, the Company may terminate this Agreement for Cause.  As
used in this Agreement “Cause” shall mean (i) an
act of fraud, embezzlement or theft of funds or property of the Company or any
of its clients/customers; (ii) any intentional wrongful disclosure of
proprietary information or trade secrets of the Company or its affiliates or any
intentional form of self-dealing detrimental to the Interests of the Company;
(iii) the habitual and debilitating use of alcohol or drugs; (iv) continued
failure to comply with the reasonable
written directives of the Board of
Directors; insubordination or abandonment of position (after written notice and
a reasonable opportunity to cure); or (v) failure to comply in any material
respect with the terms of this Agreement (after written notice and a reasonable
opportunity to cure).  Upon
any

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    termination
pursuant to this Section (4) the Company shall pay to the Executive any unpaid
Base Salary at the rate then in effect accrued through the effective date of
termination specified in such notice.  Except as provided above, the
Company shall have no further liability hereunder other than for reimbursement
for reasonable business expenses incurred prior to the date of termination
outlined in Sections 3.1.

     

    4.1           Termination Without
Cause.  The Company may terminate this Agreement without cause at any
time by giving Executive sixty (60) day prior written notice of its desire to
terminate. In the event the Company elects to terminate the Agreement pursuant
to this Section 4.1, the Company shall have no further liability hereunder
other than for the payment to Executive on the termination date of any unpaid
Base Salary through the termination date, reimbursement of reasonable business
expenses incurred prior to the termination date, a lump sum
of two hundred
thousand dollars ($200,000) in cash. The Executive shall be
released from all restrictive covenants within Section 7 of this Agreement
related to competition if terminated without cause, but the Executive shall not
disclose any Company “Confidential Information” (as defined within Section 7),
to any third party.

     

    5.      Resignation by
Executive.  The Executive upon delivery of notice may terminate
this Agreement therefore upon not less than
60 days prior notice of such
termination.  Upon receipt of such notice, the Company may, in its
sole discretion, release the Executive of his duties and his employment
hereunder prior to the expiration of the 60 day notice
period.  Notwithstanding anything contained in this Agreement to the
contrary, in the event of a termination by the Executive pursuant to this
Section 5, the Company shall have no further liability hereunder other than for
reimbursement for reasonable business expenses incurred prior to the date of
termination outlined in Sections 3.1.

     

    5.1           Disability.  Notwithstanding
anything contained in this Agreement to the contrary, the Company, by 30 days
written notice to the Executive shall at all times have the right to terminate
this Agreement, and the Executive’s employment hereunder, if the Executive
shall, as the result of mental or physical incapacity, illness or disability,
fail to perform his duties and responsibilities provided for herein for a period
of more than 60 days in any 12 month period.  Upon the termination
pursuant to this Section, the Company shall continue (i) to pay to the Executive
Base Salary at the rates then in effect for a period of 6 months after the
effective date of termination (the “Severance Period”), (ii) employee benefit
programs as to the Executive for the Severance Period and (iii) the Company
shall be responsible for making payments on behalf of the Executive and his
family to maintain coverage of health and other benefits under COBRA, for the
maximum period allowed.  Except as provided above, the Company shall
have no further liability hereunder other than for reimbursement for reasonable
business expenses, incurred prior to the date of termination, subject, however
to the provisions of Section 3.1.

     

    5.2           Changes in
Control.  For the purposes of this Agreement, a “Change of
Control” shall be deemed to have taken place if : (i) any person, including a
“group” as defined in Section 13(d)(3) of the Securities Exchange Act of 1934,
as amended, becomes the owner of beneficial owner of Company securities, after
the date of this Agreement, having 50% or more of the combined voting power of
the then outstanding securities of the Company that may be cast for the election
of directors of the Company or (ii) the persons who were directors of the
Company before such transactions shall cease to constitute a majority of the
Board of Directors of the Company.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (a)           The
Company and Executive hereby agree that, if Executive is affiliated with the
Company on the date on which a Change of Control occurs, (the “Change of Control
Date”), and this Agreement is in full force and effect, the Company (or, if
Executive is affiliated with a subsidiary, the subsidiary) will continue to
retain Executive and Executive will remain affiliated with the Company (or
subsidiary), subject to the terms and conditions of this
Agreement,  for the period commencing on the Change of Control Date
and ending on the expiration date of this Agreement (which date shall then
become the “Change of Control Termination Date”) to exercise such authority and
perform such executive duties as are commensurate with the authority being
exercised and duties being performed by the Executive immediately prior to the
Change of Control Date.  If after the Change of Control, Executive is
requested, and, in his sole and absolute discretion, consents to change his
principal business location, the Company will reimburse the Executive for his
reasonable relocation expenses, including, without limitation, moving expenses,
temporary living and travel expenses for a reasonable time while arranging to
move his residence to the changed location, closing costs, if any, associated
with the sale of his existing residence and the purchase of a replacement
residence at the changed location, plus an additional amount representing a
gross-up of any state or federal taxes payable by Executive as a result of any
such reimbursement.  If the Executive shall not consent to change his
business location, the Executive may continue to provide the services required
of him hereunder from his then residence and/or business address until the
Change of Control Termination Date, at which time this Agreement shall
terminate, unless sooner terminated or extended as set forth
herein.

     

    (b)           During
the remaining term hereof after the Change of Control Date, the Company (or
subsidiary) will (i) continue to pay Executive a salary and benefits at not less
than the level applicable to Executive on the Change of Control Date, (ii) pay
Executive bonuses as set forth herein, and (iii) continue employee benefit
programs as to Executive at levels in effect on the Change of Control
Date.

     

    (c)           The
Company hereby agrees that, if Change of Control
occurs prior to the termination of this Agreement, any Shares owned by the Executive shall become
registered.

     

    6.      Death.  In
the event of the death of the Executive during the Term of his employment
hereunder, the Company shall pay to the personal representative of the estate of
the deceased Executive any unpaid Base Salary accrued through the date of his
death.  Except as provided above, the Company shall have no further
liability hereunder other than for reimbursement for reasonable business
expenses incurred prior to the date of the Executive’s death, subject, however
to the provisions of Section 3.1.

     

    7.      Restrictive
Covenants.

     

    7.1           Nondisclosure.  During
the Term and following termination of the Executive’s employment with the
Company, Executive shall not divulge, communicate, use to the detriment of the
Company or for the benefit of any other person or persons, or misuse in any way,
any Confidential Information (as hereinafter defined) pertaining to the business
of the Company.  Any Confidential Information or data now or hereafter
acquired by the Executive with respect to the business of the Company (which
shall include, but not be limited to, information concerning the Company’s
financial condition, prospects, technology, customers, suppliers, methods of
doing business and promotion of the Company’s products and services) deemed a
valuable, special and unique asset of the Company that is received by the
Executive in confidence and as a

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    fiduciary.  For
purposes of this Agreement “Confidential Information” means information
disclosed to the Executive or known by the Executive as a consequence of or
through his employment by the Company (including information conceived,
originated, discovered or developed by the Executive) prior to or after the date
hereof and not generally known or in the public domain, about the Company or its
business.  Notwithstanding the foregoing, nothing herein shall be
deemed to restrict the Executive from disclosing Confidential Information to the
extent required by law.

     

    7.2           Books and
Records.  All books, records, accounts and similar repositories
of Confidential Information of the Company, whether prepared by the Executive or
otherwise coming into the Executive’s possession, shall be the exclusive
property of the Company and shall be returned immediately to the Company on
termination of this Agreement.

     

    7.3           Certain
Activities.  The Executive shall not, while employed by the
Company and for a period of 12 months following the date of termination,
directly or indirectly, hire, offer to hire, entice away or in any other manner
persuade or attempt to persuade any officer, employee, agent, customer, lessor,
lessee, licensor, licensee or supplier of Employer or any of its subsidiaries to
discontinue or alter his or its relationship with Employer or any of its
subsidiaries.

     

    7.4           Non-Competition.  The
Executive shall not in any manner, directly or indirectly, including through
entities controlled by such Executive, while employed by the Company and for a
period of two (2) years following the Executive’s resignation or fulfillment of
the initial term of this agreement (i) engage or participate in a business, or
otherwise perform services for third parties which are competitive with those
performed by the Company, or (ii) own or operate any business which engages or
participates in the same or similar business or businesses conducted by the
Company which performs competitive services.  Executive shall be
deemed to be engaged in the Business or performing competitive services if the
Executive engages in such business or performs such services directly or
indirectly, whether for the Executive’s own account or for that of another
person, firm or corporation, or whether as a stockholder, principal, partner,
member, agent, investor, proprietor, director, officer, employee or consultant,
except as an employee, director or consultant of the Company; provided, however, that the
Executive may hold an investment of no more than 5% of the equity securities of
any publicly traded entity without violating this Agreement. It is understood
and agreed that the business of China Voice Holding Corp is excluded from this
Non-Competition clause.

     

    7.5           Property Rights; Assignment
of Inventions.  With respect to information, inventions and
discoveries or any interest in any copyright and/or other property right
developed, made or conceived of by Executive, either alone or with others, at
any time during his employment by Employer and whether or not within working
hours, arising out of such employment or pertinent to any field of business or
research in which, during such employment, Employer is engaged or (if such is
known to or ascertainable by Executive) is considering engaging, Executive
hereby agrees:

     

    (a)           that
all such information, inventions and discoveries or any interest in any
copyright and/or other property right, whether or not patented or patentable,
shall be and remain the exclusive property of the Employer;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    (b)           to
disclose promptly to an authorized representative of Employer all such
information, inventions and discoveries or any copyright and/or other property
right and all information in Executive’s possession as to possible applications
and uses thereof;

     

    (c)           not
to file any patent application relating to any such invention or discovery
except with the prior written consent of an authorized officer of Employer
(other than Executive);

     

    (d)           that
Executive hereby waives and releases any and all rights Executive may have in
and to such information, inventions and discoveries, and hereby assigns to
Executive and/or its nominees all of Executive’s right, title and interest in
them, and all Executive’s right, title and interest in any patent, patent
application, copyright or other property right based
thereon.  Executive hereby irrevocably designates and appoints
Employer and each of its duly authorized officers and agents as his agent and
attorney-in-fact to act for him and on his behalf and in his stead to execute
and file any document and to do all other lawfully permitted acts to further the
prosecution, issuance and enforcement of any such patent, patent application,
copyright or other property right with the same force and effect as if executed
and delivered by Executive; and

     

    (e)           at
the request of Employer, and without expense to Executive, to execute such
documents and perform such other acts as Employer deems necessary or
appropriate, for Employer to obtain patents on such inventions in a jurisdiction
or jurisdictions designated by Employer, and to assign to Employer or its
designee such inventions and any and all patent applications and patents
relating thereto.

     

    7.6           Injunctive
Relief.  The parties hereby acknowledge and agree that (a)
Employer will be irreparably injured in the event of a breach by Executive under
this Section 7; (b) monetary damages will not be an adequate remedy for any
such breach; (c) Employer will be entitled to injunctive relief, in addition to
any other remedy which it may have, in the event of any such breach; and (d) the
existence of any claims that Executive may have against Employer, whether under
this Agreement or otherwise, will not be a defense to the enforcement by
Employer of any of its rights under this Section 7.

     

    7.7           Non-Exclusivity and
Survival.  The covenants of the Executive contained in this
Section 7 are in addition to, and not in lieu of, any obligations that
Executive may have with respect to the subject matter hereof, whether by
contractor by law, and such covenants and their enforceability shall survive any
termination of the Employment Term by either party and any investigation made
with respect to the breach thereof by Employer at any time.

     

    8.      Withholding.  Anything
to the contrary notwithstanding, all payments required to be made by the Company
hereunder to the Executive or the Executive’s estate or beneficiaries shall be
subject to the withholding of such amounts, if any, relating to tax and other
payroll deductions as the Company may reasonably determine it should withhold
pursuant to any applicable law or regulation

     

    9.      Arbitration.  Any
controversy or claim arising out of or relating to this Agreement, or the breach
thereof, shall be settled by arbitration in accordance herewith, and judgment
upon the award rendered by the arbitrators may be entered in any Court having
jurisdiction thereof.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Venue of
the arbitration shall be in Palm Beach County, Florida.  Any
controversy or claim shall be submitted to three arbitrators selected from the
panels of the arbitrators of the American Arbitration
Association.  The arbitrators, in addition to any award made, shall
have the discretion to award the prevailing party the costs of the proceedings,
together with reasonable attorneys’ fees, provided that absent such award, each
party shall bear the costs of its own counsel and presentation of evidence, and
each party shall share equally the cost of such arbitration
proceeding.  Any award made hereunder may be docketed in a court of
competent jurisdiction in Palm Beach County, Florida, and all parties hereby
consent to the personal jurisdiction of such court for purposes of the
enforcement of the arbitration award.

     

    10.           Binding
Effect.  Except as herein otherwise provided, this Agreement
shall inure to the benefit of and shall be binding upon the parties hereto,
their personal representatives, successors, heirs and assigns.  The
Executive may not assign his rights or benefits, or delegate any of his duties,
hereunder without the prior written consent of the Company.

     

    11.           Further
Assurances.  At any time, and from time to time, each party
will take such action as may be reasonably requested by the other party to carry
out the intent and purposes of this Agreement.

     

    12.           Entire
Agreement.  This Agreement constitutes the entire agreement
between the parties hereto with respect to the subject matter
hereof.  It supersedes all prior negotiations, letters and
understandings relating to the subject matter hereof.

     

    13.           Amendment.  This
Agreement may not be amended, supplemented or modified in whole or in part
except by an instrument in writing signed by the party or parties against whom
enforcement of any such amendment, supplement or modification is
sought.

     

    14.           Choice of
Law.  This Agreement will be interpreted, construed and
enforced in accordance with the laws of the State of Florida, without giving
effect to the application of the principles pertaining to conflicts of
laws.

     

    15.           Effect of
Waiver.  The failure of any party at any time or times to
require performance of any provision of this Agreement will in no manner affect
the right to enforce the same.  The waiver by any party of any breach
of any provision of this Agreement will not be construed to be a waiver by any
such party of any succeeding breach of that provision or a waiver by such party
of any breach of any other provision.

     

    16.           Construction.  The
parties hereto and their respective legal counsel participated in the
preparation of this Agreement; therefore, this Agreement shall be construed
neither against nor in favor of any of the parties hereto, but rather in
accordance with the fair meaning thereof.

     

    17.           Severability.  The
invalidity, illegality or unenforceability of any provision or provisions of
this Agreement will not affect any other provision of this Agreement, which will
remain in full force and effect, nor will the invalidity, illegality or
unenforceability of a portion of any provision of this Agreement affect the
balance of such provision.  In the event that any one or more of the
provisions contained in this Agreement or any portion thereof shall for any
reason be held to be invalid, illegal or unenforceable in any respect, this
Agreement shall be reformed, construed and enforced as if such invalid, illegal
or unenforceable provision had never been contained herein.

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    18.           No Third-Party
Beneficiaries.  No person shall be deemed to possess any
third-party beneficiary right pursuant to this Agreement.  It is the
intent of the parties hereto that no direct benefit to any third party is
intended or implied by the execution of this Agreement.

     

    19.           Counterparts.  This
Agreement may be executed in one or more counterparts, each of which will be
deemed an original.

     

    20.           Notice.  Any
notice required or permitted to be delivered hereunder shall be in writing and
shall be deemed to have been delivered when hand delivered, sent by facsimile
with receipt confirmed or when deposited in the United States mail, postage
prepaid, registered or certified mail, return receipt requested, or by overnight
courier, addressed to the parties at the addresses first stated herein, or to
such other address as either party hereto shall from time to time designate to
the other party by notice in writing as provided herein.

     

    IN
WITNESS WHEREOF, this Agreement has been duly signed by the parties hereto on
the day and year first above written.

     

    Flint
Telecom Group, Inc.

     

    

     

    

     

    

     

    By: /s/ Vincent
Browne                                                                

     

    Vincent
Browne,  CEO

     

    

     

    /s/ Bill
Burbank                                                                

     

    Bill
Burbank

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