Document:

Amended and Restated Management Service Contract dated April 27, 2007

 EXHIBIT 10.2 
 (1) MAGYAR TELECOM B.V. 
 - AND - 
 (2) ROB INVESTMENTS LIMITED 
  

 AMENDED AND RESTATED 
 MANAGEMENT SERVICE
CONTRACT 
  

 April 27, 2007 

 THE AGREEMENT BETWEEN 
  

	(1)	MAGYAR TELECOM B.V., a private company with limited liability incorporated under the laws of The Netherlands having its registered office at Teleporteboulevard 140, 1043 EJ
Amsterdam, The Netherlands (the “Company”); and 

  

	(2)	ROB INVESTMENTS LIMITED, a limited liability company with its registered seat at Top Floor, 14 Athol Street, Douglas, Isle of Man, IM1 1JA (the “Service
Company”), 

 dated as of the 7th day of July 2004, is amended and restated as of the 27th day of April, as set forth below. 
 RECITALS 
 1. The Company, after completion of the Sale (referenced in Recital 4 below), will be the holding company for a group of companies involved in the
telecommunications sector in Hungary and Romania (the “CEE Subsidiaries”), including, without limitation, (a) Invitel Távközlési Szolgáltató Rt., a Hungarian joint-stock company with its
registered seat at H-2040 Budaörs, Puskás Tivadar 8—10 (“Invitel”), (b) Hungarotel Távközlési Zrt, with its registered seat at H-1113 Budapest, Bocskai út 134-146, Dorottya Udvar
(c) Pantel Távközlési Kft., with its registered seat at H-1113 Budapest, Bocskai út 134-146. The Company and the Service Company are parties to a Management Service Agreement, dated July 7, 2004 (as amended on
______________, the “Original Service Agreement”). 
 2. The Service Company specializes in the provision of consultants
that can serve as “contract” directors and/or management of companies in the telecommunications sector on a medium to long-term basis. 
 3. Invitel Holdings N.V., a company incorporated in the Netherlands Antilles and whose registered office is at Pareraweg 45, Curacao, Netherlands Antilles (“Invitel Holdings”) owns 100% of the issued share capital of Matel
Holdings N.V., a limited liability company (naamloze vennootschap) incorporated in the Netherlands Antilles and whose registered office (zetel) is at Kaya W.F.G. (Jombi) Mensing 14, Curaçao, Netherlands Antilles (the “Parent”),
which in turn owns or controls, either directly or through its subsidiaries, the Company and V-holding Tanácsadó Zrt., or through treasury shares, approximately 99.98% of the outstanding share capital of Invitel. 
 4. Pursuant to a sale and purchase agreement (the “Purchase Agreement”) made and entered into as of the eighth day of January 2007,
Invitel Holdings agreed to sell (the “Sale”) 100% of the issued share capital of the Parent to Hungarian Telephone and Cable Corp. (“HTCC”), a company incorporated in Delaware, United States of America and whose
principal place of business is at 1201 3rd Avenue, Suite 3400, Seattle, WA 98101-3034, United States of America. 
 5. The parties to the
Purchase Agreement have expressly agreed therein, that the Original Service Agreement shall be amended to reflect certain changes, and the Company and the Service Company desire to amend and restate the Original Service Agreement (such amendment and
restatement to be effective upon completion of the Sale) to provide for the continued delegation of a consultant from the Service Company to provide long-term strategic and financial advice to the Company, HTCC and the CEE Subsidiaries and to serve
as Chief Executive Officer of HTCC (the “Services”). 
 6. The Service Company is prepared to continue its delegation of a
consultant to the Company to provide the Services in accordance with the terms and subject to the conditions set forth herein. 

 ARTICLE I 
 DEFINITIONS 
 Section 1.1 Definitions. The following capitalized terms shall have the
following definitions and such definitions shall be equally applicable to both the singular and the plural forms of the terms defined: 
 “Affiliate” shall mean, with respect to any Person, any other Person which, directly or indirectly, owns more than 50% of the voting securities or partnership or other membership or ownership interests of, or controls, or
is owned or controlled by, or is under common control with, the specified Person. For purposes of this definition, the term “control” as applied to any Person, means the possession, directly or indirectly, of the power to direct or cause
the direction of the management of that Person, whether through ownership of voting securities or otherwise. For avoidance of doubt, “Affiliates” of the Company hereunder shall include Invitel and HTCC. 
 “Agreement” shall mean this Management Services Agreement, as hereafter amended, modified or supplemented from time to time in
accordance with the terms hereof. 
 “Board” shall mean the Board of Directors of HTCC. 
 “CEO” shall mean the Chief Executive Officer of HTCC. 
 “Chairman” shall mean the Chairman of the Board of Directors of HTCC. 
 “Company” shall have the meaning set forth in the first paragraph of this Agreement. 
 “Confidential
Information” shall have the meaning set forth in Section 6.1. 
 “Delegee” shall have the meaning set forth in
Section 3.1. 
 “Disputes” shall have the meaning set forth in Section 8.1(a). 
 “Euro” or “EUR” shall mean the currency introduced on January 1, 1999 at the start of the third stage of European
economic and monetary union pursuant to the Treaty. 
 “Exchange Act” shall mean the US Securities and Exchange Act of 1934.

 “Fee” shall have the meaning set forth in Section 4.1. 
 “Financial Statements” shall have the meaning set forth in Section 4.3. 
 “Gratuities” shall have the meaning set forth in Section 3.4(e). 
 “ICC” shall mean the International Chamber of Commerce. 
 “Included Amounts” shall have the meaning set forth in Section 4.4. 
 “Intellectual Property” shall mean, collectively, letters, patents, trade marks, service marks, designs, copyrights, utility models, design rights, applications for registration of any of the foregoing and the right to
apply for them in any part of the world, inventions, drawings, computer programs, confidential information, know-how and rights of like nature arising or subsisting anywhere in the world in relation to all of the foregoing, whether registered or
unregistered. 
  

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 “Lump Sum” shall have the meaning set forth in Section 4.1. 
 “Management Service Fee” shall have the meaning set forth in Section 4.1. 
 “Mandatory Perfunctory Agreement” shall have the meaning set forth in Section 4.2. 
 “Parties” shall mean, collectively, the Company and the Service Company. 
 “Person” shall mean any individual, partnership, joint venture, corporation, trust, unincorporated organization, government or other
entity. 
 “Repatriation Costs” shall mean, upon the termination of this Agreement, the reasonable and documented costs
incurred by the Service Company or the Delegee in moving the Delegee and his or her family and their personal effects back to the country in which they lived prior to the delegation hereunder. 
 “Secretary General” shall mean the Secretary General of the International Court of Arbitration of the ICC. 
 “Services” shall have the meaning set forth in the Fifth Recital. 
 “Service Company” shall have the meaning set forth in the first paragraph of this Agreement. 
 “Taxes” shall mean all taxes, assessments, charges, duties, fees, levies or other governmental charges, including, without limitation,
all national, state, local, foreign and other income, franchise, profits, capital gains, capital stock, transfer, sales, use, occupation, property, excise, severance, windfall profits, stamp, license, payroll, social security, withholding and other
taxes, assessments, charges, duties, fees, levies or other governmental charges of any kind whatsoever (whether payable directly or by withholding and whether or not requiring the filing of a tax return), all estimated taxes, deficiency assessments,
additions to tax, penalties and interest and shall include any liability for such amounts as a result either of being a member of a combined, consolidated, unitary or affiliated group or of a contractual obligation to indemnify any Person or other
entity in or outside of Hungary. 
 “Treaty” shall mean the treaty establishing the European Community being the Treaty of
Rome of March 25, 1957, as amended by the Single European Act 1986, the Maastricht Treaty (which was signed at Maastricht on February 7, 1992) and the Treaty of Amsterdam (which was signed in Amsterdam on October 2, 1997). 

“Trigger Event” shall have the meaning set forth in Section 4.5. 
 “Trigger Event Bonus” shall have the meaning set forth in Section 4.5. 
 ARTICLE II 
 EFFECTIVENESS 
 This Agreement shall come into full force and effect on, and the effectiveness of this Agreement is contingent upon, the completion of the Sale. Pending
completion of the Sale, the Original Service Agreement shall remain in full force and effect without amendment. In the event that the Purchase Agreement is terminated for any reason whatsoever, this Agreement shall be null and void and of no force
and effect. 
  

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 ARTICLE III 
 DELEGATION SERVICES 
 Section 3.1 Delegation of Delegee. The Company hereby engages the
Service Company to delegate to the Company, at all times during the term of this Agreement, at least one consultant, representative, member of management or employee of the Service Company with at least three years’ experience in senior
management in the telecommunications sector whom, if he or she meet with the approval of the Board, will provide the Services to the Company and its Affiliates (any such person from time to time delegated by the Service Company hereunder,
“Delegee”). The Parties hereby acknowledge and agree that, in order for the Delegee to have access to the requisite information and be in a position to provide the Services to the Company and its Affiliates most efficiently, during
the term of this Agreement, subject to the terms hereof, the Delegee will be appointed by the Board to serve as Chief Financial Officer of the Company and/or any of its Affiliates; provided that, during the service by any Delegee hereunder as
an officer and/or director of the Company and/or any of its Affiliates, the Delegee shall be covered by a Directors and Officers Insurance Policy in accordance with the general policy of the Company from time to time. The termination by the Service
Company of the delegation of the first or any subsequent person serving as the Delegee hereunder, and any resulting delegation of any replacement person by the Service Company to the Company or any of its Affiliates to serve as the Delegee hereunder
shall require the prior written approval of the Board. 
 Section 3.2 Status of Delegee. The Delegee shall at all times remain a
representative, a member of management, a consultant or an employee of the Service Company, and at no time shall become an employee of or otherwise have or be deemed to have any contractual relationship with the Company or its Affiliates, other than
such employment, mandate or similar agreement as may be required (a) by applicable law or (b) to obtain a work or residence permit for the Delegee in the Netherlands, Hungary or any other country from which the Delegee shall perform the
Services hereunder (any such agreement, a “Mandatory Perfunctory Agreement”); provided that the fees or salary under any such Mandatory Perfunctory Agreement shall be de minimus (or, in the case of an employment
contract, the minimum required by the law in the country from which the Delegee shall perform the Services hereunder). Furthermore, the Service Company and/or the Delegee shall be responsible for paying any and all Taxes payable by the Service
Company and/or the Delegee in the country(ies) from which the Delegee shall perform the Services hereunder, and the Company and its Affiliates shall in no way be responsible for the same. 
 Section 3.3 Duties of the Delegee. The Service Company shall ensure that each and every Delegee shall at all times during the period of his or her
delegation: 
 (a) notwithstanding his or her status as an employee of the Service Company, faithfully and diligently perform such duties and
exercise such powers consistent with them as the Board or, if the Company shall have seconded the Delegee to Invitel or HTCC, the CEO may from time to time properly assign to or confer upon him or her in his or her capacity as the Delegee (and, if
the Delegee shall have been appointed as Chief Financial Officer of the Company or any of its Affiliates, as the Chief Financial Officer of such Person); 
 (b) if and so long as the Board or, if the Company shall have seconded the Delegee to Invitel or HTCC, the CEO so directs, perform and exercise said duties and powers on behalf of the Company and/or any of its
Affiliates as an officer or director of such Person; 
 (c) do all in his or her power to protect, promote, develop and extend the business
interests and reputation of the Company and its Affiliates; 
  

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 (d) at all times and in all respects conform to and comply with the lawful and reasonable directions of
the Board or, if the Company shall have seconded the Delegee to Invitel or HTCC, the CEO; 
 (e) promptly give to the Board or, if the
Company shall have seconded the Delegee to Invitel or HTCC, the CEO (in writing if so requested) all such information, explanations and assistance as they may require in connection with the business and affairs of the Company, Invitel, HTCC and any
other Affiliate of the Company for which he or she is required to perform duties; 
 (f) unless prevented by sickness, injury or other
incapacity or as otherwise agreed by the Board or, if the Company shall have seconded the Delegee to Invitel or HTCC, the CEO, devote the whole of his or her time, attention and abilities during his or her hours of work (which shall be normal
business hours and such additional hours as may be reasonably necessary for the proper performance of his or her duties, it being understood that with respect to the latter the Service Company shall be responsible for any payment to the Delegee for
any such overtime) to the business and affairs of the Company, Invitel, HTCC and any other Affiliate of the Company for which he or she is required to perform duties; and 
 (g) work at any such place of business of the Company, Invitel, HTCC or any other Affiliate of the Company which the Board or, if the Company shall have seconded the Delegee to Invitel or HTCC, the CEO may reasonably
require for the proper performance and exercise of his or her duties and powers, and each and every Delegee may be required to travel on the business of the Company, Invitel, HTCC and any other Affiliate of the Company for which he or she is
required to perform duties; provided that any change in the residence of the Delegee shall be subject to the mutual agreement of the parties. 
 Section 3.4 Further Stipulations as to Delegee. The Service Company shall ensure that, during the term of this Agreement, unless otherwise agreed in writing by the Board, any Delegee shall: 
 (a) refrain from entering into any other employment or occupation; 
 (b) refrain from directly or indirectly carrying on or being engaged, concerned or interested in any other business which is similar to or has dealings with the Company or any of its Affiliates; 
 (c) refrain from entering into any transaction on his or her own account which falls within the business activity of the Company or any of its
Affiliates; 
 (d) present any business opportunities identified by him or her which are within the scope of activities of the Company and
its Affiliates solely to the Company; 
 (e) refrain from directly or indirectly procuring, accepting or obtaining for his or her own benefit
(or for the benefit of any other person) any payment, rebate, discount, commission, vouchers, gift, entertainment or other benefit (all such benefits, “Gratuities”) from any third party in respect of any business transacted or
proposed to be transacted (whether or not by him or her) by or on behalf of the Company or any Affiliate of the Company; 
 (f) observe the
terms of any policy issued by the Company or any of its Affiliates in relation to Gratuities; 
 (g) immediately disclose and account to the
Company for any Gratuities received by him or her (or by any other person on his or her behalf or at his or her instruction); and 
 (h)
prior to commencing to perform the services of a Delegee hereunder, sign and deliver to the Company an undertaking in favor of the Company substantially in the form of Schedule 2.4(h). 
  

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 Section 3.5 Absence of Delegee. The Parties acknowledge that, under the terms of the employment or
other relationship between the Service Company and each Delegee, such Delegee will be entitled to 25 vacation days annually. The Service Company agrees to procure that each Delegee coordinates with the Company (or, if the Delegee shall have been
seconded to Invitel, HTCC or another Affiliate of the Company, with such Affiliate) in the taking of such vacation days so as to minimize the impact of such vacation days on the Services rendered hereunder. 
 ARTICLE IV 
 FEES, EXPENSES, AND
OTHER BENEFITS 
 Section 4.1 Fee. As consideration for the Services provided hereunder, the Company shall pay the Service Company
an annual fee (the “Management Service Fee”) equal to EUR 275,000 plus an amount (the “Lump Sum” and together with the Management Service Fee, the “Fee”) equal to a set amount per annum to
cover any costs, expenses and disbursements incurred by the Service Company in connection with the performance of this Agreement (excluding those costs and expenses referred to in Section 3.7), payable in equal monthly installments in arrears
on or about the 28th of each calendar month or as otherwise agreed with the Chairman (provided that said payment shall occur no sooner than five days after the Company shall receive the relevant invoice from the Service Company). The Parties
acknowledge that the foregoing Fee has been set based on the assumption that the Delegee shall be initially required to perform his or her work hereunder from Budapest, Hungary, and takes into account the salary and other amounts that shall be paid
to him or her by the Service Company in view of the cost of living there. If the Delegee shall be assigned by the Company to another city in accordance with Section 3.3(g), then the Parties will reasonably re-negotiate the Fee to account for
any cost of living increase to which the Delegee may be subject. 
 Section 4.2 Increases in Fee. The Fee payable to the Service
Company under Section 4.1 shall be reviewed annually on each anniversary of this Agreement and increased by such amount as agreed by the Parties from time to time. 
 Section 4.3 Annual Performance Premium. The Company shall award the Service Company an annual performance premium (the “Annual Performance Premium”) to be evaluated, calculated and paid by the
Company within seven days of the finalisation of the annual financial statements of the Company by its auditors (the “Financial Statements”). Unless otherwise agreed by the Board or, if the Delegee shall have been seconded to
Invitel or HTCC, the CEO and the Service Company, the Annual Performance Premium shall be up to a maximum of 50% of the Management Service Fee for the financial year of the relevant Financial Statements. 
 Section 4.4 Inclusiveness of Fee and Annual Performance Premium. The Fee and the Annual Performance Premium are deemed to include any and all
payments due under any Mandatory Perfunctory Agreement, directors fees, car allowance or similar payments that are paid on occasion to actual employees of the Company or its Affiliates (“Included Amounts”); provided that, the
Company shall procure that, during any secondment of any Delegee to a CEE Subsidiary, such CEE Subsidiary shall provide such Delegee with a fully expensed (in accordance with Company policy) company car and company mobile phone, to be used by the
Delegee in accordance with the relevant policies of the Company in effect from time to time, and “Included Amounts” hereunder shall not include the costs of such company car and company mobile phone. If, in order to comply with mandatory
provisions of law or otherwise, any Included Amounts are paid from time to time by the Company or its Affiliates to any Delegee, then the Company shall have the right to deduct an amount equal to the same from the Fee or the Annual Performance
Premium payable to the Service Company hereunder. 
  

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 Section 4.5 Transaction Bonus. In the event of a “Trigger Event” in which the per share
consideration, determined on a fully diluted basis, to be received by holders of shares of HTCC common stock (the “Per Share Consideration”) shall equal at least the Agreed HTCC Share Price (as defined in the Purchase Agreement and
subject to Section 4.5(b)), the Service Company shall be entitled to a bonus (the “Trigger Event Bonus”) in an amount and subject to the terms set forth on Exhibit A attached hereto. Such Trigger Event Bonus shall be paid at or
immediately prior to the date of such Trigger Event. In the event this Agreement is terminated prior to a Trigger Event, other than by the Service Company for “Good Reason” (as defined in Section 7.2(a)(iii)) or by the Company without
“Cause” (as defined in Section 7.2(b)(iv)), the Service Company shall not be entitled to any Trigger Event Bonus. In the event the Agreement is terminated by the Company without Cause or by the Service Company for Good Reason prior to
a Trigger Event, the Service Company shall be entitled to a pro rata portion of the Trigger Event Bonus as provided in Section 7.2(b)(vi). For the avoidance of doubt, the Trigger Event Bonus shall only be payable with respect to the first
Trigger Event to be completed and shall not be payable for any future Trigger Events. “Trigger Event” shall mean the first to occur of (i) any transaction or series of transactions, including a consolidation or merger of HTCC where
the shareholders of HTCC, immediately prior to such transaction or series of related transactions, would not, immediately after such transaction or series of related transactions, beneficially own (as such term is defined in Rule 13d-3 under the
Exchange Act), directly or indirectly, shares representing in the aggregate 50% or more of the combined voting power of the securities of the surviving entity (or its ultimate parent) of such transaction or series of related transactions or
(ii) a sale by HTCC of all or substantially all of its assets (other than to an Affiliate). 
 (b) In the event of any change in the
outstanding HTCC common stock as a result of any stock split, spin-off, stock dividend, reverse stock split, stock combination or reclassification, recapitalization or merger, or similar event, the HTCC Agreed Share Price shall be adjusted
appropriately to take account of such change. 
 Section 4.6 Note Agreement Bonus. Promptly (and in any event within 10 days after)
the successful closing of a floating-rate debt offering by HTCC or any of its Affiliates as part of the refinancing of debt incurred for the Sale, the Company shall pay, or cause one of its Affiliates to pay, the Service Company a bonus in an amount
equal to EUR 250,000, provided that this Agreement has not been previously terminated for any reason as of the closing date of such offering. Except as set forth in this Agreement, this Section 4.6 shall not entitle, or create any rights
of the Service Company to receive, any additional or future bonus in connection with future rounds of financing or re-financing of existing financial arrangements of the Company of its Subsidiaries. 
 Section 4.7 Delegee’s Expenses. During the term of this Agreement, the Company shall or shall procure that one or more CEE Subsidiaries
reimburse the Delegee directly in respect of all reasonable traveling (when related to business, at business class rates), accommodation, entertainment and other similar out-of-pocket expenses wholly, exclusively and necessarily incurred by the
Delegee in or about the performance of his or her work for and on behalf of the Company or any CEE Subsidiary; provided that the Delegee shall provide appropriate evidence (including original receipts, invoices, tickets and/or vouchers as may
be appropriate) of all expenses in respect of which he or she claims reimbursement under Clause 3.7 and otherwise abide by the general policy in effect with respect to the Company and the CEE Subsidiaries from time to time. 
  

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 ARTICLE V 
 INTELLECTUAL PROPERTY 
 If at any time during the term of this Agreement, any Delegee makes or
discovers or participates in the making or discovery of any Intellectual Property relating to or capable of being used in the business of the Company or any Affiliate of the Company, the Service Company shall procure that the Delegee immediately
disclose full details of such Intellectual Property to the Company and at the request and expense of the Company do all things which may be necessary or desirable for obtaining appropriate forms of protection for the Intellectual Property in such
parts of the world as may be specified by the Company and for vesting all rights in the same in the Company or its nominee. 
 ARTICLE VI

 CONFIDENTIALITY; NON-COMPETE 
 Section 6.1 Confidential Information. The Service Company recognizes and acknowledges that all information pertaining to the affairs, business, suppliers, customers or other relationships of the Company or any
of its Affiliates, as such information may exist from time to time, is confidential information (to be referred to hereinafter as “Confidential Information”) and is a unique and valuable asset of the Company, access to and knowledge
of which are essential to the performance by the Delegee of the Service Company’s services under this Agreement. The Service Company further acknowledges that such Confidential Information, shall include, without limitation, the following:

 (a) any business secrets of the Company or any Affiliates of the Company; 
 (b) any information in respect of which the Company or any Affiliate of the Company is bound by an obligation of confidence to any third party;

 (c) strategies and plans of the Company or any Affiliate of the Company; 
 (d) information and details of and concerning the engagement, employment and termination of employment of any mandatee or employee of the Company or any
Affiliate of the Company; 
 (e) information and details of and concerning the engagement, service and termination of engagement and services
of the Service Company hereunder; 
 (f) pricing and other strategies of the Company and its Affiliates; 
 (g) sales figures of the Company and its Affiliates; 
 (h) lists of suppliers of the Company and its Affiliates and their terms of supply; 
 (i) information
concerning any litigation of the Company and its Affiliates proposed, in progress or settled; and 
 (j) any other information made available
to the Delegee which is identified to the Delegee as being of a confidential nature. 
 The Service Company shall use all reasonable
endeavours to procure that each and every Delegee hereunder does not (other than in the proper performance of this Agreement, without the prior written 

  

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consent of the Board (or, if the Delegee shall have been seconded to Invitel or HTCC, the CEO), or unless ordered by a court of competent jurisdiction, at
any time either during the term of this Agreement or after its termination, disclose or communicate to any person or use for his or her own benefit or the benefit of any Person, other than the Company or any of its Affiliates, any Confidential
Information which may come to the knowledge of such Delegee in the performance of this Agreement and the Service Company shall during the term of this Agreement use all reasonable endeavours to prevent the unauthorized publication or misuse of any
Confidential Information by the Delegee; provided that such restrictions shall cease to apply to any Confidential Information which may enter the public domain other than through the default of the Delegee. 
 Section 6.2 Proprietary Information. All Confidential Information concerning the business of the Company and its Affiliates or any of its or their
suppliers, agents, distributors, customers or others which shall have been acquired, received or made by any Delegee during the term of this Agreement, shall be the property of the Company and the Service Company shall use all reasonable endeavours
to procure that the same shall be surrendered by the each Delegee to someone duly authorized by the Board at the termination of this Agreement or at the request of the Board at any time during the term of this Agreement and no copies of Confidential
Information shall be made in any form which are not retained by the Company. 
 Section 6.3 Publication of Information. The Service
Company shall use all reasonable endeavours to procure that the Delegee refrains from, without the prior written consent of the Board (or, if the Delegee shall have been seconded to Invitel or HTCC, the CEO, either directly or indirectly, publishing
any opinion, fact or material or delivering any lecture or, except for unforeseeable events, addressing or participating in the making of any film, radio broadcast or television transmission or communicating with any representative of the media or
unauthorized third party relating to the business or affairs of the Company or any Affiliate of the Company or to any of its or their officers, employees, customers/clients, suppliers, distributors, agents or shareholders or to the development or
exploitation of Intellectual Property. For the purpose of this Article V, “media” shall include television (terrestrial, satellite and cable), radio, newspapers and other journalistic publications. 
 Section 6.4 Non-Compete. 
 (a) The
Service Company acknowledges that during the term of this Agreement each and every Delegee will receive and have access to confidential information of the Company and the Affiliates of the Company (including, without limitation, those matters
specified in Sections 6.1 through 6.3) and he or she will also receive and have access to detailed client lists and information relating to the operations and business requirements of those clients and accordingly it is willing to enter into the
covenants set forth in this Section 6.4 in order to provide the Company and its Affiliates with what the Parties consider to be reasonable protection for those interests. 
 (b) The Service Company shall use all reasonable endeavours to ensure that each Delegee does not during the term of this Agreement and for the period of
24 months after the termination of the delegation of such Delegee to the Company hereunder, without the prior written consent of the Company, either alone or jointly with or on behalf of any Person directly or indirectly carry on or set up or advise
or be engaged by or otherwise assist in or be interested in any capacity (including without limitation as a shareholder) in a business anywhere within Hungary which is similar to or in competition with the business of the Company and any of its
Affiliates as such business is carried on as of the date hereof and at the date of such termination. 
 (c) Without limiting the generality
of Section 6.4(b), the Service Company shall use all reasonable endeavours to ensure that the Delegee will not for the period of 24 months after the 

  

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termination of the delegation of such Delegee to the Company hereunder, without the prior written consent of the Company, either alone or jointly with or on
behalf of any Person directly or indirectly: 
 (i) in connection with the carrying on of any business in competition with the
business of the Company and any of its Affiliates do business with any Person who does or has at any time during the period of 24 months immediately preceding the date of such termination done business with the Company or any Affiliate of the
Company in Hungary as a customer or client and with whom the Delegee shall have had dealings in the performance of this Agreement; 
 (ii) in connection with the carrying on of any business in competition with the business of the Company or any of its Affiliates, canvass, solicit or approach or cause to be canvassed or solicited or approached for orders in respect of any
services provided and/or any goods of the type sold by the Company or any of its Affiliates, any Person who or which at the date of termination of the delegation of such Delegee to the Company hereunder or at any time during the period of 24 months
prior to that date is or was a customer or client of the Company or any Affiliate of the Company in Hungary and with whom or which the Delegee shall have had dealings during the course of performance of this Agreement; or 
 (iii) solicit or entice away or endeavour to solicit or entice away from the Company or any Affiliate of the Company any Person who at the
date of termination of the delegation of such Delegee to the Company hereunder or at any time during the period of 24 months prior to that date is or was employed or engaged by the Company or any Affiliate of the Company, who is a member of the
management team of the Company or any Affiliate of the Company and with whom the Delegee shall have had contact during the course of providing Services hereunder (whether or not such Person would commit a breach of his or her contract of employment
by so doing). 
 Section 6.5 Effect of Termination. Upon the termination of this Agreement (for whatever reason and howsoever
arising), the Service Company shall use all reasonable endeavours to procure that the Delegee: 
 (a) shall not take away, conceal or destroy
but shall immediately deliver up to the Company all documents (which expression shall include, without limitation, notes, memoranda, correspondence, drawings, sketches, plans, designs and any other material upon which data or information is recorded
or stored) relating to the business or affairs of the Company or any Affiliate of the Company or any of their clients/customers, shareholders, employees, officers, suppliers, distributors and agents (and the Delegee shall not be entitled to retain
any copies or reproductions of any such documents), together with any other property belonging to the Company or any Affiliate of the Company which may then be in its possession or under its control; 
 (b) shall not at any time thereafter make any untrue or misleading oral or written statement concerning the business and affairs of the Company or any
Affiliate of the Company nor represent itself or permit itself to be held out as being in any way connected with or interested in the business of the Company or any Affiliate of the Company (except for complying with any applicable statutory
requirements); or 
 (c) shall not at any time thereafter use the names “HTCC,” “Hungarian Telephone & Cable
Corp.,” “Pantel,” “Hungarotel,”“Matel B.V.” or “Invitel” or any name capable of confusion with such name (whether by using such name as part of a corporate name, a trademark, in marketing materials or
otherwise). 
  

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 Section 6.6 Enforceability. While the restrictions on the Service Company in this Article V
are considered by the Parties to be reasonable in all the circumstances, it is agreed that if any restriction shall be adjudged to be void or ineffective for whatever reason but would be adjudged to be valid and effective if part of the wording
thereof were deleted or the periods thereof reduced or the area thereof reduced in scope, the said restrictions shall apply with such modifications as may be necessary to make them valid and effective. 
 ARTICLE VII 
 TERM AND TERMINATION

 Section 7.1 Duration and Renewal. The term of this Agreement shall commence on the date hereof and, unless terminated pursuant
to Section 7.2, shall remain in full force and effect for any indefinite period of time until terminated by either Party hereto. 
 Section 7.2 Termination. 
 (a) The Service Company may terminate this Agreement: 
 (i) at any time upon written notice to the Company, without Good Reason, in which case all Fees, Annual Performance Premium and other
amounts due and payable prior to such date shall be immediately paid by the Company to the Service Company, and no further amounts shall be payable by the Company to the Service Company; or 
 (ii) upon the failure of the Company to obtain or renew within a reasonable period after the expiration thereof an appropriate visa, work
permit or similar document required for the Delegee to perform the Services hereunder as contemplated by the Parties, in which case, in addition to all Fees and other amounts due and payable prior to such date, the Service Company shall be entitled
to (i) a lump sum payment equal to six months’ Management Service Fee at the then prevailing level; (ii) the Annual Performance Premium pro rata to the time actually worked by the Delegee in the year of said termination;
(iii) the payments and benefits set forth in Section 7.2(b)(vi)(ii); and (iv) a monthly payment equal to the then prevailing monthly amount of Lump Sum and the use by the Delegee of a company car and mobile telephone which shall
continue for a period of six months after said termination; provided that the Delegee remains in Hungary without being employed either by the Service Company or any other Person, plus all Repatriation Costs. 
 (iii) at any time if the Company and/or any of its Affiliates engage in any action which results in any of the following without the
consent of the Service Company (any such result shall constitute Good Reason for the purposes of this Agreement): 
 (A) a
reduction in the Fee, target Annual Performance Premium or other fees and benefits provided hereunder; 
 (B) a diminution in
the Delegee’s duties or responsibilities; 
 (C) the relocation of the Delegee’s office location outside of a 50
kilometers radius of the greater Budapest area; or 
 (D) a breach of any material provision of this Agreement or any other
agreement between the Company or any of its Affiliates and the Service Company or the Delegee. 
  

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 provided, however, that (A) good reason (x) shall not be deemed to exist unless notice of
termination on account thereof (specifying a termination date no later than 60 days from the date of such notice) is given no later than 30 days after the time at which the event or condition purportedly giving rise to good reason first occurs or
arises and (y) shall not be deemed to exist at any time at which there exists an event or condition which could serve as the basis of a termination by the Company of this Agreement for cause; and (B) if there exists (without regard to this
clause (B)) an event or condition that constitutes good reason, the Company shall have 15 days from the date notice of such a termination is given to cure such event or condition and, if the Company does so, such event or condition shall not
constitute good reason hereunder; and provided, further, that if the Service Company terminates this Agreement for any reason set forth in this Section 7.2(a)(iii), the Service Company shall be entitled to the payments and benefits set forth in
Section 7.2(b)(vi). 
 (b) The Company may terminate this Agreement: 
 (i) at any time during the term of this Agreement, if the Service Company shall have terminated the delegation to the Company of any
Delegee and shall have failed to agree with the Company on the identity of a replacement Delegee to be seconded to the Company hereunder within 15 days after said termination; 
 (ii) at any time, upon the material breach of this Agreement by the Service Company, if the Company shall have provided written notice of
such material breach to the Service Company and the Service Company shall have failed to cure such material breach within 15 days after receipt of said notice; 
 (iii) at any time, upon breach by the Delegee of his or her undertaking provided pursuant to Section 3.4(h) or of any Mandatory
Perfunctory Agreement to which the Delegee and the Company (or any Affiliate of the Company) are parties from time to time; 
 (iv) at any time, if any Delegee shall have committed any of the following: 
 (A) any act of gross misconduct or
repeated or continued (after written warning) other serious breach of his or her instructions from the Board (or, if seconded to Invitel or HTCC, the CEO); 
 (B) is convicted of any criminal offence punishable with imprisonment which directly or indirectly harms the Company, any Affiliate of the Company or prevents the Delegee from performing the Services; 
 (C) commits any material act of dishonesty relating to the Company or an Affiliate of the Company or any of its or their employees or
otherwise (the acts or omissions referred to in this Section 7.2(b)(iv), together with any acts or omissions referred to in Section 7.2(b)(ii) shall constitute Cause for purposes of this Agreement); 
 (v) at any time, if any of the following shall have occurred with respect to any Delegee, and the Service Company shall failed to agree
with the Company on the identity of a replacement Delegee to be seconded to the Company hereunder within 15 days after the written request of the Company: 
 (A) the Delegee becomes bankrupt or makes any arrangement or composition with his creditors generally, in which case, in addition to all Fees and other amounts due 

  

 - 12 - 

 
and payable prior to such date, the Service Company shall be entitled to a monthly payment equal to the then prevailing monthly amount of Lump Sum and the
use of a company car and mobile telephone which shall continue for a period of three months after said termination; provided that the Delegee remains in Hungary without being employed either by the Service Company or any other Person, plus all
Repatriation Costs; 
 (B) the Delegee is in the reasonable opinion of the Board substantially unable to provide the Services
hereunder due to illness or incapacity for any consecutive or non-consecutive 45 days in a calendar year, in which case, in addition to all Fees and other amounts due and payable prior to such date, the Service Company shall be entitled to a monthly
payment equal to the then prevailing monthly amount of Lump Sum and the use of a company car and mobile telephone which shall continue for a period of three months after said termination; provided that the Delegee remains in Hungary without being
employed either by the Service Company or any other Person, plus all Repatriation Costs; or 
 (C) the Delegee shall become of
unsound mind or become a patient under the Mental Health Act 1983 or its equivalent, in which case, in addition to all Fees and other amounts due and payable prior to such date, the Service Company shall be entitled to a monthly payment equal to the
then prevailing monthly amount of Lump Sum and the use of a company car and a mobile telephone which shall continue for a period of three months after said termination; provided that the Delegee remains in Hungary without being employed either by
the Service Company or any other Person, plus all Repatriation Costs; or 
 (vi) at any time, without “Cause”, upon
payment to the Service Company of all of the following amounts: (A) all Fees and other amounts due and payable prior to such date; and (B) a lump sum payment equal to six months’ Management Service Fee at the then prevailing level,
plus (i) the Annual Performance Premium pro rata to the time actually worked by the Delegee in the year of said termination; (ii) the Trigger Event Bonus, multiplied by the fraction in which the numerator is the number of actual days
between the completion date of the Sale and the date of termination and the denominator is the number of days between the completion date of the Sale and the date of the Trigger Event, payable at such time as such Trigger Event Bonus would be
payable pursuant to, and in accordance with the provisions of, Section 4.5 hereof; and (iii) a monthly payment equal to the then prevailing monthly amount of Lump Sum and the use by the Delegee of a company car and a mobile telephone which
shall continue for a period of six months after said termination; provided that the Delegee remains in Hungary without being employed either by the Service Company or any other Person, plus all Repatriation Costs. 
 (c) If the Company terminates this Agreement for any reason set forth in Section 7.2(b)(i)-(iv) above, the Company’s sole obligation to
the Service Company shall be to pay all Fees, Annual Performance Premium and other amounts due and payable prior to such date. 
 (d) If the
Company terminates this Agreement for any reason set forth in Section 7.2(b)(v)-(vi) above (or the Service Company terminates this Agreement for any reason set forth in Section 7.2(a)(iii) above), at the request of the Service
Company, the Company shall assume the obligations of the Delegee under his or her residential housing lease if and to the extent the term of such lease extends more than three months after said termination; provided that such term shall not extend
more than 12 months after said termination. 
  

 - 13 - 

 (e) Upon termination of this Agreement for any reason set forth in Section 7.2(a)(i) to
(iii) or Section 7.2(b)(vi), in exchange for the benefits received under this Agreement, the Service Company shall be required to execute and deliver to the Company a general release of claims in form and substance mutually and reasonably
satisfactory to the Parties, it being understood that such release shall not apply to Service Company’s rights to any payments or benefits due under this Agreement, any rights the Delegee may have to indemnification and to coverage under
directors’ and officers’ liability and similar insurance maintained by the Company or any of its Affiliates, or any rights the Delegee may have under the Purchase Agreement or any related agreements or as a stockholder of HTCC. 

Section 7.3 Consequences of Termination. Article VI and Section 8.1 shall survive the termination of this Agreement. 
 ARTICLE VIII 
 GENERAL TERMS AND
CONDITIONS 
 Section 8.1 Governing Law; Dispute Resolution. 
 (a) The interpretation and construction of this Agreement, and the rights and obligations of the parties hereto and any disputes, controversies or claims
(“Disputes”) relating to this Agreement, shall be governed by the laws of England and Wales without reference to the conflict of laws rules thereof. 
 (b) (i) Any Dispute arising out of, relating to or in connection with this Agreement, including any question regarding its existence, validity or termination, or regarding a breach thereof, shall be referred to, and
finally settled by, international arbitration under and in accordance with the Rules of Arbitration of the ICC in effect on the date of this Agreement, which Rules are deemed to be incorporated by reference into this clause (b). 
 (ii) The place of the arbitration shall be Geneva, Switzerland, and the award shall be deemed to have been made there. The arbitral
tribunal may, however, hold hearings, meetings or sessions anywhere convenient upon the agreement of the parties. The language of the arbitration shall be English (all documents in another language than English being submitted with official
translations). 
 (iii) The Company shall nominate one arbitrator, the Service Company shall nominate one arbitrator, and a
third arbitrator, who shall serve as chairman, shall be appointed by the Secretary General if the first two arbitrators cannot agree upon a chairman within 30 days of the confirmation of the second of the first two arbitrators. 
 (iv) In the event the Company or the Service Company shall fail to nominate an arbitrator, such arbitrator shall be appointed by the
Secretary General, who shall also appoint and designate a Chairman. 
 (v) The award shall be in writing and shall state the
reasons upon which it is based. The award shall be final and binding upon the parties, who undertake to carry it out without delay and without recourse to judicial proceedings in any jurisdiction whatsoever seeking annulment, setting aside,
modification or any diminution or impairment of its terms of effect. 
 Section 8.2 Entire Agreement. Except as otherwise specified
herein, this Agreement contains the entire agreement between the Parties hereto relating to the subject matter hereof and supersedes all prior agreements and undertakings between the parties hereto relating to the subject matter hereof. 

 

 - 14 - 

 Section 8.3 Waivers and Amendments. All waivers, amendments and other modifications hereof shall
be in writing and signed by each of the Parties. 
 Section 8.4 Severability. Whenever possible, each provision of this Agreement
shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement shall be unenforceable or invalid under applicable law, such provision shall be ineffective only to the extent of such
unenforceability or invalidity, and the remaining provisions of this Agreement shall continue to be binding and in full force and effect. In the event that all or any part of a provision of this Agreement shall be unenforceable or invalid under
applicable law, the Parties agree to negotiate in good faith another provision which is as similar as possible in terms and effect to the first mentioned provision but which is enforceable and valid. 
 Section 8.5 Notices. All notices, requests, demands, waivers and other communications provided for herein shall be in writing and shall be deemed
to have been duly given (i) when delivered by hand, on the date of delivery, (ii) on the date of receipt specified in any return receipt when mailed by certified or registered mail, return receipt requested, with postage prepaid, or sent
by DHL or other recognized international courier service or (iii) when sent by telex, telegram or telecopy (with receipt confirmed), on the date of transmission, and in each case (as appropriate) in accordance with the following addresses and
telecopy numbers: 
 (a) if to the Company, to: 
 c/o Hungarotel Távközlési Zrt. 
 Dorottya Udvar 
 Bocskai ut 134-146 
 H-1113 Budapest 
 Hungary Attention: Henrik Scheinemann 
 (b) if to the Service Company, to: 
 ROB INVESTMENTS LIMITED Top Floor, 
 14 Athol Street, 
 Douglas, Isle of Man, 
 IM1 1JA 
 Attention: Jill Manning 
 Facsimile number: +44 1624 619 989 
 Section 8.6 Assignment; Successors. This Agreement may not be assigned by either party hereto without the prior agreement of the other party. This Agreement shall be binding on and inure to the benefit of the parties hereto and their
successors. 
 Section 8.7 Independent Contractors. Nothing in this Agreement shall be construed to provide either Party with any
rights or obligations as the agent, legal representative, joint venturer, partner, employee or servant of the other Party in any form or manner whatsoever. Each Party is an independent contractor and is in no way authorized to offer or conclude any
contract, agreement, warranty or representation or to create any obligation, express or implied, on behalf of the other Party. Neither Party shall be in any way liable for any act, omission, debt or other obligation of the other Party. 

 

 - 15 - 

 Section 8.8 Section Headings. The section and clause headings in this Agreement are for
reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 
  

 - 16 - 

 IN WITNESS WHEREOF, this Agreement has been executed by the Parties and is intended to be and is
hereby delivered on the date first above written. 
  

			
	MAGYAR TELECOM
		
	By:	 	  
		 	Name:
		 	Title: Director
		
	By:	 	  
		 	Name:
		 	Title: Director
	
	ROB INVESTMENTS LIMITED
		
	By:	 	  
		 	Name:
		 	Title: Director
		
	By:	 	  
		 	Name:
		 	Title:

 Amended and Restated Management Service Agreement 

 Schedule 2.4(h) 
 To Management Services Agreement 
 Undertaking of Delegee 
 [Date] 
 Robert Bowker 
 Dear Sir/Madam: 
 Reference is made to the Management Services Agreement, dated 7th July 2004, as amended and restated
on [Date] (the “Agreement”), between MAGYAR TELECOM B.V. and ROB INVESTMENTS LIMITED. 
 Unless the context requires otherwise, capitalized
terms used herein without definition have the meanings assigned to them in the Agreement. 
 By your countersignature in the appropriate space below, you
acknowledge and agree as follows: 
 1. You have received and reviewed a copy of the Agreement, and are familiar with and understand the terms thereof.

 2. You have been selected by the Service Company to serve as the Chief Finance Officer in accordance with the terms and subject to the conditions of the
Agreement and re-affirm your willingness to serve in such capacity. 
 3. In consideration of the benefits you will receive from the Service Company (in
salary, bonuses, commissions or otherwise) in relation to your service as the Chief Finance Officer under the Agreement, you shall be bound vis-á-vis the Company, HTCC and the subsidiaries of HTCC by the terms of Section 3.4, Articles V,
VI and VII and Section 8.1 (which are incorporated herein by reference) as if you were the Service Company thereunder. 
  

	
	Yours sincerely,
	
	MAGYAR TELECOM B.V.

 Acknowledged and agreed as of the date first set forth above. 
  

	
	
	   
	Robert Bowker

  

 Sch. 2.4(h)-1 

 Exhibit A 
 Upon the completion of a Trigger Event, as described in Section 3.5 above, the Trigger Event Bonus shall be calculated as follows: 
  

	1.	24.27% of USD $4 million, plus 

  

	2	24.27% of the net present value (using a discount rate of 10% per annum) of 10% of the increase in the equity value of HTCC implied by the increase in the Per Share
Consideration (as defined in the Purchase Agreement) over the Agreed HTCC Share Price (as defined in the Purchase Agreement), but not less than zero. 

 “Per Share Consideration” shall mean the per share fair market value of any consideration to be paid to shareholders of HTCC common stock in connection with any Trigger Event. 
 For purposes hereof, equity value shall be determined by multiplying the Per Share Consideration or the Agreed HTCC Share Price, as the case may be, by the total number
of shares of HTCC common stock outstanding, on a fully-diluted basis, on the date of the Trigger Event, in the case of the Per Share Consideration and on the date of the completion of the transactions contemplated by the Purchase Agreement, in the
case of the Agreed HTCC Share Price. 
 In the event of any change in the outstanding HTCC common stock as a result of any stock split, spin-off, stock
dividend, reverse stock split, stock combination, or reclassification, recapitalization or mer, or similar event, the HTCC Agreed Share Price shall be adjusted appropriately to take account of such change. 
  

 Exh. A-1Registration Rights Agreement dated April 27, 2007

 EXHIBIT 10.3 
 REGISTRATION RIGHTS AGREEMENT 
 THIS REGISTRATION RIGHTS AGREEMENT (the “Agreement”) is made and entered into as of April 27, 2007, by and among Hungarian Telephone and Cable Corp.
(“HTCC”), and Vision 10 Ltd., Rob Investments Ltd., and each Participating Management Shareholder (as defined in the Sale and Purchase Agreement, dated as of January 8, 2007 (the “SPA”), by and between Invitel Holdings
N.V. an HTCC), that become signatories hereto (collectively, the “Shareholders” and each individually, a “Shareholder”). 
 In order to induce Invitel Holdings N.V. to enter into the SPA, HTCC has agreed to provide the registration rights set forth in this Agreement. The terms “herein,” “hereunder,” “hereto,”
and “hereinafter,” and similar terms, as used in this Agreement, shall in each case refer to this Agreement as a whole and not to any particular section, paragraph, sentence, or other subdivision of this Agreement. 
 Now, therefore, in consideration of the premises and the mutual covenants of the parties hereto, and for other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereby agree as follows: 
 1. Certain Definitions. For purposes of this
Agreement, the following terms shall have the following meanings: 
 (a) “Business Day” shall mean any day, other than a
Saturday, a Sunday, or a day on which the Securities Exchange Commission and/or banks located in New York, New York are authorized or required by applicable law to close. 
 (b) “Common Stock” shall mean common stock of HTCC, par value $0.001 per share. 
 (c)
“Equity Securities” shall mean (i) any Common Stock or other security of HTCC, (ii) any security convertible, with or without consideration, into any Common Stock or other security (including the option to purchase such a
convertible security) of HTCC, (iii) any security carrying a warrant or right to subscribe to or purchase any Common Stock or other security of HTCC, or (iv) any such warrant or right. 
 (d) “Person” shall mean any individual, corporation, limited partnership, general partnership, limited liability company, joint stock
company, joint venture, association, company, trust, or any governmental or political subdivision or any agency, department or instrumentality thereof. 
 (e) “Public Offering” shall mean a widely distributed sale of Common Stock in an underwritten public offering pursuant to an effective registration statement filed with the SEC. 

 (f) “Registrable Securities” shall mean, at any time: 
 (i) any shares of Common Stock and any shares of Common Stock issued or issuable upon exercise, exchange or conversion of any Equity
Securities; and 
 (ii) any securities issued or issuable in respect of shares of Common Stock (including, without limitation,
by way of stock dividend, stock split, distribution, exchange, combination, merger, recapitalization, reorganization, or otherwise). 
 As to
any particular Registrable Securities once issued, such Registrable Securities shall cease to be Registrable Securities: 
 (i) when a registration statement with respect to the sale of such securities shall have become effective under the Securities Act and such securities shall have been disposed of in accordance with such registration statement; 

(ii) when such securities shall have been distributed by the holder thereof to the public pursuant to Rule 144(k) under the Securities
Act (or any successor provision); or 
 (iii) when such securities shall have ceased to be outstanding. 
 (g) “Registration Expenses” shall mean all expenses incident to HTCC’s performance of or compliance with this Agreement including,
without limitation, all registration and filing fees, fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel in connection with blue sky qualifications of any Registrable Securities),
expenses of printing certificates for any Registrable Securities in a form eligible for deposit with the Depository Trust Company, messenger and delivery expenses, internal expenses (including, without limitation, all salaries and expenses of its
officers and employees performing legal or accounting duties), and fees and disbursements of counsel for HTCC and its independent certified public accountants (including the expenses of any management review, cold comfort letters or any special
audits required by or incident to such performance and compliance), securities acts liability insurance (if HTCC elects to obtain such insurance), the reasonable fees and expenses of any special experts retained by HTCC in connection with such
registration, fees and expenses of other Persons retained by HTCC, the fees and expenses of one (1) counsel (the “Managements’ Counsel”) and applicable local counsel for the Shareholders holding Registrable Securities to be
included in the relevant registration, selected by a majority of the Shareholders holding Registrable Securities to be included in such registration; but not including any underwriting fees, discounts, or commissions attributable to the sale of
securities or fees and expenses of counsel representing the holders of Registrable Securities included in such registration (other than the Managements’ Counsel and applicable local counsel) incurred in connection with the sale of Registrable
Securities. 
 (h) “Requisite Holders” shall mean, at any time, and with respect to any registration and related public
offering, the holders of at least a majority of the Registrable Securities proposed to be included in such Public Offering before giving effect to any cut-back provisions contained herein. 
  

 2 

 (i) “SEC” shall mean, at any time, the Securities and Exchange Commission or any other
federal agency at such time administering the Securities Act. 
 (j) “Securities Act” shall mean the Securities Act of 1933,
as amended, and the rules and regulations of the SEC promulgated thereunder. 
 2. Registration Rights: 
 (a) Piggyback Rights. 
 (i) Request for Piggyback Rights. Upon receipt by HTCC of a request by any holder of Registrable Securities that has demand registration rights (“Demand Request”), HTCC shall deliver a written notice (a “Demand
Notice”) to each Shareholder stating that HTCC intends to comply with a Demand Request and informing each Shareholder of its right to include Registrable Securities in such registration. Within ten (10) Business Days after receipt of a
Demand Notice, each Shareholder shall have the right (“Piggyback Rights”) to request in writing that HTCC include all or a specific portion of the Registrable Securities held by it in such registration. 
 (ii) Priority on Piggyback Rights. In the event that, in the case of any registration pursuant to a Demand Request, the managing
underwriter for the Public Offering contemplated by Paragraph 2(a)(i) shall advise HTCC in writing (with a copy to each holder of Registrable Securities requesting sale) that, in such underwriter’s opinion, the amount of securities requested to
be included in such registration would adversely affect the Public Offering and sale (including pricing) of such Registrable Securities (such writing to state the basis of such opinion and the approximate number of Registrable Securities that may be
included in such Public Offering without such effect), HTCC will include in such registration the number of Registrable Securities that HTCC is so advised can be sold in such Public Offering on a pro rata basis, determined based on the number
of Registrable Securities requested to be registered by each such Person, among (i) the stockholder or group of stockholders of Registrable Securities who initiated such Demand Request, (ii) each Shareholder (to the extent such Shareholder
did not initiate such Demand Request), (iii) all other holders of Registrable Securities that have Piggyback Rights and (iv) HTCC in respect of proposed sales for its own account 
 (b) Incidental Registration 
 (i) Filing of registration Statement. If HTCC at any time proposes to register for its own account or the account of another Person who is not a party to this Agreement, any of its securities (an “Incidental Registration”)
under the Securities Act (other than a Demand Request pursuant to a registration statement on Form S-4 or Form S-8 or any successor forms thereto), for sale to the public in a Public Offering, it will at each such time give prompt written notice to
each Shareholder of its intention to do so, which notice shall be given at least fifteen (15) Business Days prior to the date that a registration statement relating to such registration is proposed to be filed with the SEC. Upon the written
request of any Shareholder to include Registrable Securities held by it under such registration statement (which request shall (i) be made within ten (10) Business Days 

  

 3 

 
after the receipt of any such notice, and (ii) specify the Registrable Securities intended to be included by Shareholders), HTCC will use its
commercially reasonable efforts to effect the registration of all Registrable Securities that HTCC has been so requested to register by Shareholders; provided, however, that if, at any time after giving written notice of its intention
to register any securities and prior to the effective date of the registration statement filed in connection with such registration, HTCC shall determine for any reason to terminate such registration statement and not to register such securities,
HTCC may, at its election, give written notice of such determination to each Shareholder and, thereupon, shall be relieved of its obligation to register any Registrable Securities of Shareholders in connection with such registration. 
 (ii) Selection of Underwriters. Notice of HTCC’s intention to register such securities shall designate the proposed
underwriters of such Public Offering (which shall be one or more underwriting firms of nationally recognized standing) and shall contain HTCC’s agreement to use its commercially reasonable efforts, if requested to do so, to arrange for such
underwriters to include in such underwriting the Registrable Securities that HTCC has been so requested to sell pursuant to this Agreement, it being understood that the holders of Registrable Securities shall have no right to select different
underwriters for the disposition of their Registrable Securities. 
 (iii) Priority on Incidental Registrations. If the
managing underwriter for the Public Offering contemplated hereby shall advise HTCC in writing that, in such underwriter’s opinion, the number of securities requested to be included in such Incidental Registration would adversely affect the
Public Offering and sale (including pricing) of such securities (such writing to state the basis of such opinion and the approximate number of securities that may be included in such Public Offering without such effect), HTCC shall include in such
Incidental Registration the number of Registrable Securities that HTCC is so advised can be sold in such Public Offering, allocated in accordance with the following: first, to HTCC in respect of proposed sales for its own account; second, to
Shareholders on a pro rata basis, determined based on the number of Registrable Securities requested to be registered by each such Shareholder; and third, to any holder of Registrable Securities (other than HTCC or a Shareholder) on a pro rata
basis, determined based on the number of Registrable Securities requested to be registered by each such Persons. 
 3. Registration Procedures. HTCC
will use its commercially reasonable efforts to effect each Incidental Registration and each registration contemplated by Paragraph 2(a) hereof, and to cooperate with the sale of such Registrable Securities in accordance with the intended method of
disposition thereof as quickly as possible, and HTCC will as expeditiously as possible. 
 (a) prepare and file with the SEC, the
registration statement and use its commercially reasonable efforts to cause the registration to become effective; provided, however, that at least five (5) Business Days prior to filing any registration statement or prospectus or
any amendments or supplements thereto, HTCC will furnish to each Shareholder and its counsel, copies of all such documents proposed to be filed and each Shareholder shall have the opportunity to comment on any information pertaining solely to such
Shareholder and its plan of distribution that is contained therein and HTCC shall make the corrections reasonably and timely requested 

  

 4 

 
by Shareholders with respect to such information prior to filing any such registration statement or amendment. 
 (b) prepare and file with the SEC such amendments and post-effective amendments to any registration statement and any prospectus used in connection
therewith as may be necessary to keep such registration statement effective and to comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities covered by such registration statement until such time
as all of such Registrable Securities have been disposed of in accordance with the intended methods of disposition by the seller or sellers thereof set forth in such registration statement and cause the prospectus to be supplemented by any required
prospectus supplement, and as so supplemented to be filed pursuant to Rule 424 under the Securities Act; 
 (c) furnish, upon request, to
each Shareholder and the underwriter or underwriters, if any, without charge, at least one signed copy of the registration statement and any post-effective amendment thereto, and such number of conformed copies thereof and such number of copies of
the prospectus (including each preliminary prospectus and each prospectus filed under Rule 424 under the Securities Act), any amendments or supplements thereto and any documents incorporated by reference therein, as any Shareholder or such
underwriter may reasonably request in order to facilitate the disposition of the Registrable Securities being sold by such Shareholder (it being understood that HTCC consents to the use of the prospectus and any amendment or supplement thereto by
any Shareholder to the extent it is the holder of Registrable Securities covered by such registration statement and the underwriter or underwriters, if any, in connection with the Public Offering and sale of the Registrable Securities covered by the
prospectus or any amendment or supplement thereto); 
 (d) notify each Shareholder, to the extent it is a holder of the Registrable
Securities to be included in such registration, and the underwriter or underwriters, if any: 
 (i) of any stop order or other
order suspending the effectiveness of any registration statement, issued or threatened by the SEC in connection therewith, and take all reasonable actions required to prevent the entry of such stop order or to remove it or obtain withdrawal of it at
the earliest possible moment if entered; 
 (ii) when such registration statement or any prospectus used in connection
therewith, or any amendment or supplement thereto, has been filed and, with respect to such registration statement or any post-effective amendment thereto, when the same has become effective; 
 (iii) of any written request by the SEC for amendments or supplements to such registration statement or prospectus; 
 (iv) of the receipt by HTCC of any notification with respect to the suspension of the qualification of any Registrable Securities for sale
under the applicable securities or blue sky laws of any jurisdiction; 
 (v) if at any time prior to the closing contemplated
by an underwriting agreement entered into in connection with such registration statement, HTCC becomes 

  

 5 

 
aware that the representations and warranties of HTCC contained in such agreement cease to be true and correct; and 
 (vi) of the happening of any event which HTCC believes may make any statement made in the registration statement, the prospectus, or any
document incorporated therein by reference untrue and which requires the making of any changes in the registration statement, the prospectus, or any document incorporated therein by reference in order to make the statements therein not misleading.

 and, in the case of clause (v) or (vi), file with the SEC and furnish to the Shareholders, a reasonable number of copies of a
supplement to or an amendment of such prospectus as may be necessary so that, as thereafter delivered to the purchasers or prospective purchasers of such securities, such prospectus shall not include an untrue statement of a material fact or omit to
state a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances under which they are made. 
 (e) if requested by the managing underwriter or underwriters or any Shareholder to the extent it is a holder of Registrable Securities to be included in
such registration in connection with any sale pursuant to a registration statement, promptly incorporate in a prospectus supplement or post-effective amendment such information relating to such underwriting as the managing underwriter or
underwriters or Shareholders reasonably requests to be included therein; and make all required filings of such prospectus supplement or post-effective amendment as soon as practicable after being notified of the matters incorporated in such
prospectus supplement or post-effective amendment; 
 (f) on or prior to the date on which a registration is declared effective, use its
commercially reasonable efforts to register or qualify, and cooperate with each Shareholder to the extent it is a holder of Registrable Securities to be included in such registration, the underwriter or underwriters, if any, and their respective
counsel, in connection with the registration or qualification of the Registrable Securities covered by such registration for offer and sale under the securities or “blue sky” laws of each state and other jurisdiction of the United States
as such Shareholder or such underwriter reasonably requests in writing; use its commercially reasonable efforts to keep each such registration or qualification effective, including through new filings, or amendments or renewals, during the period
such registration statement is required to be kept effective; and do any and all other acts or things necessary or advisable to enable the disposition of the Registrable Securities in all such jurisdictions reasonably requested to be covered by such
registration; provided, however, that HTCC shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or to take any action which would subject it to general service of process in
any such jurisdiction where it is not then so subject; 
 (g) in connection with any sale pursuant to a registration, cooperate with each
Shareholder to the extent it is a holder of Registrable Securities to be included in such registration and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates representing securities to
be sold under such registration, and enable such securities to be in such denominations and registered in such names as the managing underwriter or underwriters, if any, or Shareholders may request; 
  

 6 

 (h) use its commercially reasonable efforts to cause the Registrable Securities to be registered with or
approved by such other governmental agencies or authorities within the United States and having jurisdiction over HTCC or any of its subsidiaries as may be necessary to enable the seller or sellers thereof or the underwriter or underwriters, if any,
to consummate the disposition of such securities; 
 (i) use its commercially reasonable efforts to obtain: 
 (i) at the time of effectiveness of each registration, a “cold comfort letter” from HTCC’s independent certified public
accountants covering such matters of the type customarily covered by “cold comfort letters” as the Requisite Holders and the underwriters reasonably request; and 
 (ii) at the time of any underwritten sale pursuant to the registration statement, a “bring-down comfort letter,” dated as of the
date of such sale, from HTCC’s independent certified public accountants covering such matters of the type customarily covered by “bring-down comfort letters” as the Requisite Holders and the underwriters reasonably request;

 (j) use its commercially reasonable efforts to obtain, at the time of effectiveness of each registration and at the time of any sale
pursuant to each registration, an opinion or opinions addressed to each Shareholder to the extent it is a holder of the Registrable Securities to be included in such registration and the underwriter or underwriters, if any, in customary form and
scope from counsel for HTCC; 
 (k) otherwise comply with all applicable rules and regulations of the SEC, and make generally available to
its security holders (as contemplated by Section 11(a) under the Securities Act) an earnings statement satisfying the provisions of Rule 158 under the Securities Act no later than ninety (90) days after the end of the twelve
(12) month period beginning with the first month of HTCC’s first fiscal quarter commencing after the effective date of the registration statement, which statement shall cover said twelve (12) month period; 
 (l) provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by each registration from and after a date
not later than the effective date of such registration; 
 (m) use its commercially reasonable efforts to cause all Registrable Securities
covered by each registration to be listed subject to notice of issuance, prior to the date of first sale of such Registrable Securities pursuant to such registration, on each securities exchange on which the Common Stock are then listed, and
admitted to trading on NASDAQ, if the Common Stock or any such other securities of HTCC are then admitted to trading on NASDAQ; 
 (n) enter
into such agreements (including underwriting agreements in customary form) and take such other actions as the Requisite Holders shall reasonably request in order to expedite or facilitate the disposition of such Registrable Securities; and

 (o) cause its employees and personnel to use their commercially reasonable efforts to support the marketing of the Registrable Securities
(including, without limitation, the 

  

 7 

 
participation in “road shows,” at the request of the underwriters or the Requisite Holders) to the extent possible taking into account HTCC’s
business needs and the requirements of the marketing process. 
 HTCC may require each Shareholder to the extent it is a holder of Registrable Securities
that will be included in such registration to furnish HTCC with information in respect of such holder of its Registrable Securities that will be included in such registration as HTCC may reasonably request in writing and as is required by applicable
law. 
 4. Preparation; Reasonable Investigation. In connection with the preparation and filing of each registration statement registering Registrable
Securities under the Securities Act, HTCC shall give, upon reasonable notice and during normal business hours, each Shareholder to the extent it is a holder of Registrable Securities so registered, its underwriters, if any, and their respective
counsel and accountants access to its books and records and an opportunity to discuss the business of HTCC with its officers and the independent public accountants who have certified its financial statements as shall be necessary, in the opinion of
such Shareholder’s or such underwriters’ counsel to conduct a reasonable investigation within the meaning of Section 11(b)(3) of the Securities Act. 
 5. Rights of Requesting Holders. Each Shareholder to the extent it is a holder of Registrable Securities to be included in a registration pursuant to Paragraph 2 shall have the right to receive within thirty (30) days of receipt
by HTCC of such request copies of the information, notices and other documents described in Paragraphs 3(k) and 3(n). 
 6. Registration Expenses.
HTCC will pay all Registration Expenses in connection with each registration of Registrable Securities, including, without limitation, any such registration not effected by HTCC. 
 7. Indemnification; Contribution. 
 (a) HTCC shall indemnify, to the fullest extent permitted by
applicable law, each Shareholder and its delegee, officers, directors, employees, agents, and any Person who controls such a party within the meaning of Section 15 of the Securities Act, against all losses, claims, damages, liabilities (or
proceedings in respect thereof) and expenses (under the Securities Act or common law or otherwise), joint or several, resulting from any violation by HTCC of the provisions of the Securities Act, or any untrue statement or alleged untrue statement
of a material fact contained in (i) any registration statement or prospectus (and as amended or supplemented if amended or supplemented) or any preliminary prospectus; or (ii) any application or other documentation or communication
executed by or on behalf of HTCC or based upon written information furnished by or on behalf of HTCC filed in any jurisdiction in order to qualify any securities covered by such registration under the “blue sky” or securities laws thereof,
or caused by any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein (in the case of any prospectus, in light of the circumstances under which they were made) not
misleading, except to the extent that such losses, claims, damages, liabilities (or proceedings in respect thereof) or expenses are caused by any untrue statement, or alleged untrue statement contained in or by any omission or alleged omission from
information concerning a Shareholder furnished in writing to HTCC by such 

  

 8 

 
Shareholder expressly for use therein. If the Public Offering pursuant to any registration statement provided for under this Agreement is made through
underwriters, no action or failure to act on the part of such underwriters (whether or not such underwriter is an affiliate of any Shareholder) shall affect the obligations of HTCC to indemnify Shareholders or any other Person pursuant to the
preceding sentence. If the Public Offering pursuant to any registration statement provided for under this Agreement is made through underwriters, HTCC agrees to enter into an underwriting agreement in customary form with such underwriters and HTCC
agrees to indemnify such underwriters, their officers, directors, employees and agents, if any, and each Person, if any, who controls such underwriters within the meaning of Section 15 of the Securities Act to the same extent as herein before
provided with respect to the indemnification of the holders of Registrable Securities; provided that HTCC shall not be required to indemnify any such underwriter, or any officer, director or employee of such underwriter or any Person who
controls such underwriter within the meaning of Section 15 of the Securities Act, to the extent that the loss, claim, damage, liability (or proceedings in respect thereof) or expense for which indemnification is claimed results from such
underwriter’s failure to send or give a copy of an amended or supplemented final prospectus to the Person asserting an untrue statement or alleged untrue statement or omission or alleged omission at or prior to the written confirmation of the
sale of Registrable Securities to such Person if such statement or omission was corrected in such amended or supplemented final prospectus prior to such written confirmation and the underwriter was provided with such amended or supplemented final
prospectus. 
 (b) In connection with any registration statement in which any Shareholder, to the extent it is a holder of Registrable
Securities, is participating, each Shareholder, severally and not jointly with each other holder of Registrable Securities who is participating in such registration statement, shall indemnify, to the fullest extent permitted by applicable law, HTCC,
each underwriter and their respective officers, directors, employees and agents, if any, and each Person, if any, who controls HTCC or such underwriter within the meaning of Section 15 of the Securities Act, against any losses, claims, damages,
liabilities (or proceedings in respect thereof) and expenses resulting from any untrue statement or alleged untrue statement of a material fact, or any omission or alleged omission of a material fact required to be stated in the registration
statement or prospectus or preliminary prospectus or any amendment thereof or supplement thereto or necessary to make the statements therein (in the case of any prospectus, in light of the circumstances under which they were made) not misleading,
but only to the extent that such untrue statement is contained in or such omission is from information so concerning a Shareholder furnished in writing by such Shareholder expressly for use therein; provided that such Shareholder’s
obligations hereunder shall be limited to an amount equal to the net proceeds to Shareholder of the Registrable Securities sold pursuant to such registration statement. 
 (c) Any Person entitled to indemnification under the provisions of this Agreement shall (i) give prompt notice to the indemnifying party of any claim with respect to which it seeks indemnification and
(ii) unless in such indemnified party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist in respect of such claim, permit such indemnifying party to assume the defense of such claim,
with counsel reasonably satisfactory to the indemnified party; and if such defense is so assumed, such indemnifying party shall not enter into any settlement without the consent of the indemnified party if such settlement attributes liability to the
indemnified party and such indemnifying party shall not be subject to any liability for any settlement made without its consent (which shall not be unreasonably 

  

 9 

 
withheld); and any underwriting agreement entered into with respect to any registration statement provided for under this Agreement shall so provide. In the
event an indemnifying party shall not be entitled, or elects not, to assume the defense of a claim, such indemnifying party shall not be obligated to pay the fees and expenses of more than one counsel or firm of counsel (in addition to any required
local counsel) for all parties indemnified by such indemnifying party in respect of such claim, unless in the reasonable judgment of any such indemnified party a conflict of interest may exist between such indemnified party and any other of such
indemnified parties in respect to such claim. 
 (d) If for any reason the foregoing indemnity is unavailable, then the indemnifying party
shall contribute to the amount paid or payable by the indemnified party as a result of such losses, claims, damages, liabilities or expenses (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying
party on the one hand and the indemnified party on the other or (ii) if the allocation provided by clause (i) above is not permitted by applicable law or provides a lesser sum to the indemnified party than the amount hereinafter
calculated, in such proportion as is appropriate to reflect not only the relative benefits received by the indemnifying party on the one hand and the indemnified party on the other but also the relative fault of the indemnifying party and the
indemnified party as well as any other relevant equitable considerations. Notwithstanding the foregoing, each Shareholder shall not be required to contribute any amount in excess of the amount such holder would have been required to pay to an
indemnified party if the indemnity under Paragraph 7(b) was available. No Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not
guilty of such fraudulent misrepresentation. The obligation of any Person to contribute pursuant to this Paragraph 7(d) shall be several and not joint. 
 (e) An indemnifying party shall make payments of all amounts required to be made pursuant to the foregoing provisions of this Paragraph 7 to or for the account of the indemnified party from time to time promptly upon
receipt of bills or invoices relating thereto or when otherwise due or payable. 
 (f) The indemnity and contribution agreements contained in
this Paragraph 7 shall remain in full force and effect regardless of any investigation made by or on behalf of any Shareholder or its agents or any Person, if any, who controls such holder as aforesaid, and shall survive the transfer of the Common
Stock by Shareholders and the termination of this Agreement for any reason. 
 8. Availability of Information. 
 With a view to making available the benefits of certain rules and regulations of the Securities and Exchange Commission that may permit the sale of the
Registrable Securities to the public without registration, HTCC agrees to: 
 (a) use its commercially reasonable efforts to make and keep
public information available, as those terms are understood and defined in Rule 144(c) under the Securities Act; 
  

 10 

 (b) use its commercially reasonable efforts to file with the Securities and Exchange Commission in a
timely manner all reports and other documents required to be filed by HTCC under the Securities Act (at any time after it has become subject to such reporting requirements); 
 (c) if HTCC is not required to file reports and other documents under the Securities Act, make available other information as required by, and so long as
necessary to permit sales of Registrable Securities pursuant to, Rule 144 and Rule 144A; and 
 (d) HTCC shall cooperate with each
Shareholder in supplying such information as may be necessary for such Shareholder to complete and file any information reporting forms presently or hereafter required by the SEC as a condition to the availability of an exemption from the Securities
Act for the sale of any Registrable Securities. 
 9. Market Stand-Off Agreement. 
 Each Shareholder hereby agrees that it shall not, to the extent requested by HTCC or an underwriter of securities of HTCC, directly or indirectly, offer,
sell, contract to sell, pledge, otherwise dispose of, enter into any transaction which is designed to result in the disposition (whether actual disposition or effective economic disposition due to cash settlement or otherwise) by such Shareholder or
any Person in privity with such Shareholder, file (or participate in the filing of) a registration statement with the Commission in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position
within the meaning of Section 16 of the Securities Exchange Act of 1934 in respect of, any Common Shares or Equity Securities, or publicly announce an intention to effect any such transaction for a period of up to the shorter of (a) 180
days, (b) such period agreed by the managing underwriters, or (c) such shorter period that has been, or is hereinafter, granted to any other holder of Registrable Securities, following the date of an underwritten public offering by HTCC
pursuant a registration statement of HTCC filed under the Securities Act. 
 10. Miscellaneous. 
 (a) Notices. All Notices and other communications, provided for or permitted hereunder shall be made in writing and delivered by facsimile (with
receipt confirmed), electronic mail, overnight courier, or registered or certified mail, return receipt requested: 
 (i) if
to a Shareholder, at the most current street or email address given by the transfer agent and registrar of the Common Shares to HTCC; 
 (ii) if to HTCC, to: 
 c/o Hungarotel Távközlési Zrt. 
 Dorottya Udvar 
 Bocskai ut 134-146 
 H-1113 Budapest 
 Hungary 
 Attention: Henrik Scheinemann 
  

 11 

 with a copy to (for informational purposes only): 
 Clifford Chance US LLP 
 31 West 52nd Street 
 New York, NY 10019

 Attention: Viqar Shariff 
 Telecopy No.: 212-878-8375 
 (b) Successors and Assigns. This Agreement shall inure to the benefit of
and be binding upon the successors and assigns of each of the parties hereto and shall inure to the benefit of each holder of Registrable Securities. 
 (c) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the meaning hereof. 
 (d) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
 (e)
Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY AND ACCRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK. THE PARTIES HERETO WAIVE ANY RIGHT TO TRIAL BY
JURY IN ANY ACTION, PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT. 
 (f) Severability. If any term,
provision, covenant, or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, illegal, void, or unenforceable, the remainder of the terms, provisions, covenants, and restrictions set forth herein shall remain in
full force and effect and shall in no way be affected, impaired, or invalidated, and the parties hereto shall use their commercially reasonable efforts to find and employ an alternative means to achieve the same or substantially the same result as
that contemplated by such term, provision, covenant, or restriction. It is hereby stipulated and declared to be the intention of the parties hereto that they would have executed the remaining terms, provisions, covenants, and restrictions without
including any of such that may be hereafter declared invalid, illegal, void, or unenforceable. 
 (f) Entire Agreement. This Agreement
is intended by the parties hereto as a final expression of their agreement and is intended to be a complete and exclusive statement of the agreement and understanding of the parties hereto in respect of the subject matter contained herein and the
registration rights granted by HTCC with respect to the Registrable Securities. Except as provided in the SPA, there are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein, with respect to the
registration rights granted by HTCC with respect to the Registrable Securities. This Agreement supersedes all prior agreements and undertakings among the parties with respect to such registration rights. No party hereto shall have any rights,
duties, or obligations other than those specifically set forth in this Agreement. 
  

 12 

 [Signature pages follow.] 
  

 13 

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

			
	HUNGARIAN TELEPHONE AND CABLE CORP.
		
	By:	 	  
		 	Name:
		 	Title:

 Registration Rights Agreement 

			
	SHAREHOLDER
	
	VISION 10 LIMITED
		
	By:	 	  
		 	Name:
		 	Title:
		
	By:	 	  
		 	Name:
		 	Title:

 Registration Rights Agreement 

			
	SHAREHOLDER
	
	ROB INVESTMENTS LIMITED
		
	By:	 	  
		 	Name:
		 	Title:
		
	By:	 	  
		 	Name:
		 	Title:

 Registration Rights Agreement 

			
	SHAREHOLDER
	
	SEAHORSE INVEST LIMITED
		
	By:	 	  
		 	Name:
		 	Title:
		
	By:	 	  
		 	Name:
		 	Title:

 Registration Rights Agreement 

			
	SHAREHOLDER
	
	AUDLEN HOLDINGS LIMITED
		
	By:	 	  
		 	Name:
		 	Title:
		
	By:	 	  
		 	Name:
		 	Title:

 Registration Rights Agreement 

			
	SHAREHOLDER
	
	EVENCLOCK LIMITED
		
	By:	 	  
		 	Name:
		 	Title:
		
	By:	 	  
		 	Name:
		 	Title:

 Registration Rights Agreement 

			
	SHAREHOLDER
	
	GOLDEN CHEST LIMITED
		
	By:	 	  
		 	Name:
		 	Title:
		
	By:	 	  
		 	Name:
		 	Title:

 Registration Rights Agreement

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