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Exhibit 10.1  

 
 

NMS COMMUNICATIONS CORPORATION
  2003 EMPLOYEE STOCK PURCHASE PLAN    
    

        l.    PURPOSE.    The purpose of this Employee Stock Purchase Plan (the "Plan") is to
provide
employees of NNM Communications Corporation, a Delaware corporation (the "Company"), and its subsidiaries, an opportunity to purchase Common Stock, $.01 par value, of the Company (the "Shares"). The
Plan is intended to qualify as an "employee stock purchase plan" within the meaning of Section 423 of the Internal Revenue Code of 1986, as amended (the "Code"). 

        2.    ADMINISTRATION OF THE PLAN.    The Board of Directors or any committee or
persons to
whom it delegates its authority (the "Administrator") shall administer, interpret and apply all provisions of the Plan. The Administrator may waive such provisions of the Plan as it deems necessary to
meet special circumstances not anticipated or covered expressly by the Plan. Nothing contained in this Section shall be deemed to authorize the Administrator to alter or administer the provisions of
the Plan in a manner inconsistent with the provisions of Section 423 of the Code. No member of the Administrator shall be liable for any action or determination made in good faith with respect
to the Plan or any right granted under it. 

        3.    ELIGIBLE EMPLOYEES.    Subject to the provisions of Sections 8, 9 and 10 below,
any
individual who is in the full-time employment (as defined below) of the Company, or any of its subsidiaries (as defined in Section 424(f) of the Code) the employees of which are
designated by the Board of Directors as eligible to participate in the Plan, is eligible to participate in any Offering of Shares (as defined in Section 4 below) made by the Company hereunder.
Full-time employment shall include all employees whose customary employment is: (a) in excess of 20 hours per week; and (b) more than five months in the relevant
calendar year. 

        4.    OFFERING DATES.    From time to time the Company, by action of the Board of
Directors,
will grant rights to purchase Shares to employees eligible to participate in the Plan pursuant to one or more
offerings (each of which is an "Offering") on a date or series of dates (each of which is an "Offering Date") designated for this purpose by the Board of Directors. 

        5.    PRICES.    The price per share for each grant of rights hereunder shall be the
lesser
of: (a) eighty-five percent (85%) of the fair market value of a Share on the Offering Date on which such right was granted; or (b) eighty-five percent (85%) of
the fair market value of a Share on the date such right is exercised. At its discretion, the Board of Directors may determine a higher price for a grant of rights. For purposes of this Plan, the term
"fair market value" on any date means shall mean (i) the average (on that date) of the high and low prices for shares of the Common Stock on the principal national securities exchange on which
the Common Stock are traded, if the Common Stock is then listed on a national securities exchange; or (ii) the last reported sale price (on that date) of shares of the Common Stock on NASDAQ if
the Common Stock is not then listed on a national securities exchange; or, if not so reported or listed, (iii) the closing bid price (or average of bid prices) last quoted (on that date) of
shares of the Common Stock on the over-the-counter market. If the Company's Common Stock is not publicly traded at the time a right is granted under this Plan, "fair market
value" shall mean the fair market value of shares of the Common Stock as determined by the Administrator after taking into consideration all factors which it deems appropriate, including, without
limitation, recent sale and offer prices of shares of the Common Stock in private transactions negotiated at arm's length. 

        6.    EXERCISE OF RIGHTS AND METHOD OF PAYMENT.    

        (a)   Rights
granted under the Plan will be exercisable periodically on specified dates as determined by the Board of Directors. 

        (b)   The
method of payment for Shares purchased upon exercise of rights granted hereunder shall be through regular payroll deductions or by lump sum cash payment, or both, as
determined 

 

by
the Board of Directors. No interest shall be paid upon payroll deductions unless specifically provided for by the Board of Directors. 

        (c)   Any
payments received by the Company from a participating employee and not utilized for the purchase of Shares upon exercise of a right granted hereunder shall be
promptly returned to such employee by the Company after termination of the right to which the payment relates. 

        7.    TERM OF RIGHTS.    Rights granted on any Offering Date shall be exercisable
upon the
expiration of such period ("Offering Period") as shall be determined by the Board of Directors when it authorizes the Offering, provided that such Offering Period shall in no event be longer than
twenty-seven (27) months. 

        8.    SHARES COVERED BY THE PLAN.    No more than 750,000 Shares may be sold pursuant
to
rights granted under the Plan; provided, however, that appropriate adjustment shall be made in such number, in the number of Shares covered by outstanding rights granted hereunder, in the exercise
price of the rights and in the maximum number of Shares which an employee may purchase (pursuant to Section 9 below) to give effect to any mergers, consolidations, reorganizations,
recapitalizations, stock splits, stock dividends or other relevant changes in the capitalization of the Company occurring after the effective date of the Plan, provided that no fractional Shares shall
be subject to a right and each right shall be adjusted downward to the nearest full Share. Any agreement of merger or consolidation will include provisions for protection of the then existing rights
of participating employees under the Plan. Either authorized and unissued Shares or issued Shares heretofore or hereafter reacquired by the Company may be made subject to rights under the Plan. If for
any reason any right under the Plan terminates in whole or in part, Shares subject to such terminated right may again be subjected to a right under the Plan. 

        9.    LIMITATIONS ON GRANTS.    

        (a)   No
employee shall be granted a right hereunder if such employee, immediately after the right is granted, would own stock or rights to purchase stock possessing five
percent (5%) or more of the total combined voting power or value of all classes of stock of the Company, or of any subsidiary, computed in accordance with Sections 423(b)(3) and 424(d) of the Code. 

        (b)   No
employee shall be granted a right which permits his right to purchase shares under all employee stock purchase plans of the Company and its subsidiaries to accrue at
a rate which exceeds twenty-five thousand dollars ($25,000) (or such other maximum as may be prescribed from time to time by the Code) of the fair market value of such Shares (determined
at the time such right is granted) for each calendar year in which such right is outstanding at any time in accordance with the provisions of Section 423(b)(8) of the Code. 

        (c)   No
right granted to any participating employee under a single Offering shall cover more shares than may be purchased at an exercise price equal to 10% of the
compensation payable to the employee during the Offering not taking into consideration any changes in the employee's rate of compensation after the date the employee elects to participate in the
Offering, or such other percentage as determined by the Board of Directors from time to time. 

        10.    LIMIT ON PARTICIPATION.    Participation in an Offering shall be limited to
eligible
employees who elect to participate in such Offering in the manner, and within the time limitation, established by the Board of Directors when it authorizes the offering. 

        11.    CANCELLATION OF ELECTION TO PARTICIPATE.    An employee who has elected to
participate
in an Offering may, unless the employee has waived this cancellation right at the time of such election in a manner established by the Board of Directors, cancel such election as to all (but not part)
of the rights granted under such Offering by giving written notice of such cancellation to the Company before the expiration of the Offering Period. Any amounts paid by the employee for the 

2

 

Shares
or withheld for the purchase of Shares from the employee's compensation through payroll deductions shall be paid to the employee, without interest, upon such cancellation. 

        12.    TERMINATION OF EMPLOYMENT.    Upon termination of employment for any reason,
including
the death of the employee, before the date on which any rights granted under the Plan are exercisable, all such rights shall immediately terminate and amounts paid by the employee for the Shares or
withheld for the purchase of Shares from the employee's compensation through payroll deductions shall be paid to the employee or to the employee's estate, without interest. 

        13.    EMPLOYEE'S RIGHTS AS STOCKHOLDER.    No participating employee shall have any
rights as
a stockholder in the Shares covered by a right granted hereunder until such right has been exercised, full payment has been made for the corresponding Shares and the Share certificate is actually
issued. 

        14.    RIGHTS NOT TRANSFERABLE.    Rights under the Plan are not assignable or
transferable by
a participating employee and are exercisable only by the employee. 

        15.    LIMITS ON SALE OF STOCK PURCHASED UNDER THE PLAN.    The Plan is intended to
provide
shares of Common Stock for investment and not for resale. The Company does not, however, intend to restrict or influence any employee in the conduct of his/her own affairs. An employee may, therefore,
sell stock purchased under the Plan at any time the employee chooses, subject to compliance with any applicable Federal or state securities laws; provided, however, that because of certain Federal tax
requirements, each employee agrees by entering the Plan, promptly to give the Company notice of any such stock disposed of within two years after the date of grant of the applicable right showing the
number of such shares disposed of. THE EMPLOYEE ASSUMES THE RISK OF ANY MARKET FLUCTUATIONS IN THE PRICE OF THE STOCK. 

        16.    AMENDMENTS TO OR DISCONTINUANCE OF THE PLAN.    The Board of Directors may at
any time
terminate or amend this Plan without notice and without further action on the part of stockholders of
the Company, provided that no such termination or amendment shall adversely affect the then existing rights of any participating employee. 

        17.    EFFECTIVE DATE AND APPROVALS.    The Plan is being adopted by the Board of
Directors on
March 3, 2003 to become effective as of said date. The Plan was approved by the stockholders on April 24, 2003. The Company's obligation to offer, sell and deliver its Shares under the
Plan is subject to the approval of any governmental authority required in connection with the authorized issuance or sale of such Shares and is further subject to the Company receiving the opinion of
its counsel that all applicable securities laws have been complied with. 

        18.    TERM OF PLAN.    No rights shall be granted under the Plan after March 3,
2013. 

3

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Exhibit 4.2    
    

	 	 	Industriförvaltnings AB

Kinnevik	 	 
	Skeppsbron 18

Box 2094, S-103 13 Stockholm

—

Phone +46-8-562 000 00	 	 	 	(Publ) Registration No. 556001-9035

Registered office Fagersta

—

Fax +46-8-20 37 74

MASTER LOAN AGREEMENT  

between

Metro International S.A., Luxembourg, as Borrower

and

Industriförvaltnings AB Kinnevik, Stockholm, Sweden, as Lender  

Whereas:  

        The Lender and the Borrower anticipate entering into one or more loan transactions (each a "Loan"). The parties agree that each Loan will be governed by the terms
and conditions set forth in this Master Agreement and in the documents (each a "Drawdown") exchanged between the parties confirming such Loan. Each Drawdown constitutes a supplement to and forms a
part of this Master Agreement, so that this Master Agreement and all Drawdowns constitute a single agreement with the parties (collectively referred to as the "Agreement"). 

        A
form of Drawdown notice is included in this Master Agreement in Schedule 1. The parties acknowledge that all Loans are made in reliance on the fact that this Master Agreement
and all Drawdowns will form a single agreement between the parties. Accordingly, the parties agree as follows: 

1.     Drawdowns  

	a)
	Drawdowns
are subject to the Lender's sole discretion on a case by case basis;

	b)
	A
Loan is available for drawings of periods of up to three months;

	c)
	Borrowings
are to be made by giving the Lender a notice of Drawdown two weeks before the proposed date of such borrowing. Such notice shall indicate the currency and amount of the
proposed advances, the date of Drawdown and the bank account to which payment is to be made by the Lender.

	d)
	If
the parties mutually agree, any outstanding Loan may be converted into another currency. 

2.     Interest  

	a)
	The
rate of interest on each loan for each term shall be the equivalent of Stibor or Libor increased with the applicable margin. The applicable margin shall be:

	i)
	3.00
per cent per annum

	ii)
	1.50
per cent per annum, provided that the ratio of "Net Debt to EBITDA is 2.0 or less according to the latest Consolidated Accounts".

	b)
	The
interest will be calculated on the exact number of days elapsed and a year of 360 days, or, in the case of GBP and other relevant currencies where the basis is
365 days, 365 days.

	c)
	The
interest will be capitalised quarterly. 

3.     Repayment  

        The principal and accrued interest shall be payable on 30 days notice from the Lender. This loan may also be converted into a convertible loan subject to
the Lenders acceptance. 

4.     Late Payment  

        Overdue principal and, to the extent permitted by law, overdue interest and any overdue amount payable, by the Borrower under the Agreement, will bear interest at
a rate per annum equal to 5% per annum above the rate offered by the Lender in the currency of and in the amount comparable to the overdue amount. Such interest for late payment will accrue on a daily
basis and will be payable on demand. 

5.     Net Payments  

        All payments made by the Borrower hereunder will be made without set-off or any other defence. All such payments will be made free and clear of,
without deduction or withholding for, any present or future taxes, levies, duties or other charges or whatever nature now or hereafter imposed by any jurisdiction or by any taxing authority together
with all interests, penalties or similar liabilities with respect thereto. 

6.     Security  

	a)
	As
security for the payment of any and all moneys together with all interest and costs owing to the Lender by the Borrower, in relation to the Agreement, the Borrower hereby grants a
first ranking pledge to the Lender, and the Lender hereby accepts such right, in 100% of the shares in MTG Metro Gratis Kft (Hungary), Metro Ceska Republica (CZ) and Modern Times Group MTG Ltda
(Chile) (the "Security")

	b)
	The
Security is duly owned by the Borrower, and the security shall be free and clear of any lien, mortgage, charge or any other encumbrance.

	c)
	The
security encompasses the Borrower's rights to all proceeds thereof or distributions thereon, including stock bonuses, pre-emptive rights and rights to the remaining
balance upon winding-up. 

7.     Lender Status  

        In the event of the Borrower's bankruptcy, dissolution, winding up or liquidation, Kinnevik's right to repayment with regard to the portion not being covered by
provided security according to paragraph 6, shall be subordinated in right of payment to all of the Borrower's current and future unsubordinated indebtness, but rank pari passu with the
Borrower's other subordinated creditors' right to repayment. 

8.     New Circumstances  

        If as a result of the introduction or of a change in any applicable law, rule, regulation (concerning issues such as taxes) or the official interpretation
thereof, the conditions of the Lender's participation in the Agreement are significantly altered—as determined by the Lender in its sole discretion—, the Lender shall promptly
inform the Borrower of such an incident. The parties would then negotiate in good faith with a view to finding a solution for continuing the Agreement. 

        The
Borrower irrevocably undertakes to pay to the Lender such additional amount as determined by the Lender to be necessary to compensate the Lender for the additional cost or the
reduced income undergone by the Lender as a result thereof. However, in such a case the Borrower will have the right to terminate the Agreement by promptly giving notice thereof. 

9.     Events of Default  

        The obligation of the Lender under the Agreement shall terminate forthwith and any Loan outstanding, together with interest and other costs accrued thereon, shall
become immediately due and payable without any notice or legal proceeding being required, if any of the following events occur: 

	a)
	The
Borrower does not pay on the due date any amount payable by it under this Agreement and the non-payment continues unremedied for two business days from the date the
Lender notifies the Borrower of the non-payment.

	b)
	If
the Borrower does not promptly comply with a material condition specified in this Agreement (other than specified in a above), and (if the failure to comply is in the reasonable
opinion of the Lender, capable of remedy within such period), the failure to comply continues unremedied for 21 days from the date of notice by the Lender to the Borrower requiring the same to
be remedied.

	c)
	In
the event of stoppage of activities, voluntary liquidation, dissolution, suspension of payments, liquidation of assets or appointment of a (provisional) receiver, and (save where
such events occurs at the instigation of or with the consent of the Borrower or its directors, or save where the actions giving rise to such events is not being contested in good faith and by all
appropriate means, in either of which cases no such grace period shall apply) such event continues to subsist for more than 30 days. 

        In
all cases the Borrower shall indemnify the Lender for all relevant losses and/or expenses related to the event of default incurred by the Lender as a consequence of the Borrower's
default. 

10.   Information  

        The Borrower shall provide the Lender with a copy of its audited annual accounts for the relevant financial year within six months after the end of each financial
year and, if published, a copy of each quarterly report. 

        The
Borrower undertakes promptly to inform the Lender of any occurrence of which it becomes aware which might adversely affect its ability to perform its obligations under this
Agreement. 

11.   Evidential Force of Lender's Records  

        As against the Borrower, an extract from the Lender's records, signed by the Lender, shall serve as prima facie evidence, subject to the contrary produced by the
Borrower. 

12.   Costs and Expenses  

        All costs and expenses linked with the execution and enforcement of this Agreement will be entirely borne by the Borrower. 

13.   Law and Jurisdiction  

        This Agreement, as well as all rights and duties arising therefrom, shall be governed by the law of the Kingdom of Sweden. Place and jurisdiction for both parties
of this Agreement is Stockholm. The
Borrower, however, may also be sued before any other competent court in any country where any of the Borrower's assets are situated. 

        To
the extent that the Borrower may in any jurisdiction claim for itself or its assets immunity from suit, execution, attachment (whether in aid of execution, before judgement or
otherwise) or other legal process and to the extent that in any such jurisdiction there may be attributed to itself or its assets such immunity (whether or not claimed) the Borrower hereby irrevocably
agrees not to claim and hereby irrevocably waives such immunity to the full extent permitted by the laws of such jurisdiction. 

14.   Assignment  

        The Borrower may not assign or transfer any of its rights or obligations under this Agreement. The Lender can freely transfer the obligations under this Agreement
to any other party who agrees to assume the obligations to the Borrower. 

15.   Agreement Period  

        The Agreement period starts on the signing date below and ends after 60 months, or any earlier date on which all monies owed by the Borrower to the Lender
under this Agreement has been paid in full. 

16.   Counterparts  

        This Agreement shall be executed in two originals, one for the Borrower and one for the Lender. 

This Master Loan Agreement is signed 1 July 2002 and replaces agreement dated 2 February 2000.

	Borrower:	 	Lender:
	

Metro International S.A.	
 	

Industriförvaltnings AB Kinnevik
	

/s/  PELLE TÖRNBERG      
 Pelle Törnberg	
 	

/s/ VIGO CARLUND    /s/ THOMAS JÖNSSON
 Vigo Carlund    Thomas Jönsson

 
 

AMENDMENT AGREEMENT    
    

THIS
AMENDMENT AGREEMENT is dated 29 October, 2002 and made between 

Metro International S.A., Luxembourg (the "Borrower")
  and

Industriförvaltnings AB Kinnevik, Stockholm, Sweden (the "Lender")  

Whereas:  

        The Borrower and the Lender on 1 July 2002 entered into a Master Loan Agreement (the "Master Loan Agreement") and have agreed that certain terms of such
agreement shall be amended, they have
agreed to enter into this Amendment Agreement in order to amend the Master Loan Agreement on the terms hereinafter set out. 

IT
IS HEREBY AGREED as follows: 

1.     Amendment  

        With effect from the date hereof, the Master Loan Agreement shall be amended as follows. 

Section 6, Security  

        The text in Section 6 shall be deleted in full and be replaced with the following. 

"As
security for the payment of any and all moneys together with all interest and costs owing to the Lender by the Borrower, in relation to the Agreement, the Borrower shall provide security in a form
and with a value reasonably acceptable to the Lender." 

IN
WITNESS WHEREOF, the parties hereto have executed this Amendment Agreement in two originals on 29 October, 2002. 

	METRO INTERNATIONAL S.A.	 	INDUSTRIFÖRVALTNINGS AB KINNEVIK
	

/s/ Pelle Törnberg	
 	

/s/ Vigo Carlund
	

/s/ H. L. Ejemyr	
 	

/s/ Thomas Jönsson

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Exhibit 4.2

AMENDMENT AGREEMENT

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