Document:

ex4_5.htm

    

    AMENDMENT
TO THE

    $500,000
PROMISSORY NOTE

    ISSUED
FROM

    FLINT
TELECOM GROUP, INC.

    TO
MICHAEL BUTLER

    DATED
MAY 13, 2009

    

    This
AMENDMENT is to amend certain terms of the $500,000 Promissory Note issued from
Flint Telecom Group, Inc. to Michael
Butler (the “Holder”) dated May 13, 2009 (the “Note”).

    

    The
parties hereto agree to amend the Note as hereinafter provided effective as of
the Closing Date of the Offering, as further described in the Subscription
Agreement, attached hereto as Exhibit A (the “Effective Date”):

    

    Out of
the total outstanding principal and cash fee due under the Note of seven hundred
and fifty thousand dollars ($750,000), Six hundred thousand dollars ($600,000)
shall be cancelled and converted into a right to purchase under the same terms
and conditions of the Offering, but without an original issue discount of 15%,
and as further described in the Subscription Agreement, secured convertible note
and warrant dated as of the Effective Date.

    

    The
remaining outstanding cash fee due under the Note (which as of the Effective
Date is $150,000) shall continue to be due and payable on August 11, 2009 (the
“Maturity
Date”).

    

    Except as
herein modified, all the terms and conditions of the above referenced Note shall
remain in full force and effect.  In the event of any conflict between
this Amendment and the Note, the provisions of this Amendment shall
prevail.

    

    The
parties hereby agree that signatures transmitted and received via facsimile or
other electronic means shall be treated for all purposes of this Amendment as
original signatures and shall be deemed valid, binding and enforceable by and
against both parties.

    

    BOTH
PARTIES HERETO REPRESENT THAT THEY HAVE READ THIS AMENDMENT, UNDERSTAND IT,
AGREE TO BE BOUND BY ALL TERMS AND CONDITIONS STATED HEREIN, AND ACKNOWLEDGE
RECEIPT OF A SIGNED, TRUE AND EXACT COPY OF THIS AMENDMENT.

    

    IN WITNESS WHEREOF, the
parties hereto have agreed to amend the terms and conditions of the Note as of
the Effective Date.

    

    NOTE
HOLDER:                                                                      FLINT
TELECOM GROUP, INC.

    MICHAEL
BUTLER

    

    By/s/ Michael
Butler                                                                By /s/ Tali
Durant                                                                   

    

    Name
Michael
Butler                                                                 Name
Tali Durant
_______________________

    

    Title Corporate
Secretary                                                                   

    Date
June 30,
2009                                                                Date June 30,
2009ex10_1.htm

    LOCKUP
AGREEMENT

    

    

    This AGREEMENT (the “Agreement”) is made
as of the ____ day of June, 2009, by ___________ (the “Holder”), maintaining
an address at c/o Flint Telecom Group, Inc., 327 Plaza Real – Suite 319, Boca
Raton, Florida 33432, facsimile (561) 394-2906, in connection with ownership of
shares of Flint Telecom Group, Inc., a Nevada corporation (the “Company”).

    

    Capitalized terms not otherwise defined
herein shall have the meaning ascribed to them in the Subscription Agreement
dated of even date herewith.

    

    NOW, THEREFORE, for good and valuable
consideration, the sufficiency and receipt of which consideration are hereby
acknowledged, Holder agrees as follows:

    

    1.           Background.

    

    a.           Holder
is the beneficial owner of the amount of shares of the Common Stock, $0.01 par
value, of the Company (the “Common Stock”)
designated on the signature page hereto.

    

    b.           Holder
acknowledges that the Company has entered into or will enter into at or about
the date hereof agreements with subscribers (the “Subscribers”) for the
issuance of convertible notes and warrants (the “Offering”).  Holder
understands that, as a condition to proceeding with the Offering, the Subscriber
has required, and the Company has agreed to obtain on behalf of the Subscriber
an agreement from the Holder to refrain from selling any securities of the
Company from the date of the Subscription Agreement until the date that is
twelve months after the Closing Date, or, if the Holder is an officer of the
Company and not a 5% or greater beneficial owner of the Company, then until such
Holder is no longer employed and has not been employed by the Company or any of
the Company’s Subsidiaries for the preceding three months.

    

    2.           Sale
Restriction.

    

     

    a.           Holder
hereby agrees that during the Restriction Period, he or she shall be prevented
from selling any shares until the date that is twelve (12) months after the
Closing Date, or, if the Holder is an officer of the Company and not a 5% or
greater beneficial owner of the Company, then until such Holder is no longer
employed and has not been employed by the Company or any of the Company’s
Subsidiaries for the preceding three months.  The Holder will not
sell, transfer or otherwise dispose of any shares of Common Stock or any
options, warrants or other rights to purchase shares of Common Stock or any
other security of the Company which Holder owns or has a right to acquire as of
the date hereof, other than in connection with an offer made to all shareholders
of the Company in connection with a merger, consolidation or similar transaction
involving the Company.  Holder further agrees that the Company is
authorized to and the Company agrees to place “stop orders” on its books to
prevent any transfer of shares of Common Stock or other securities of the
Company held by Holder in violation of this Agreement.  The Company
agrees not to allow to occur any transaction inconsistent with this
Agreement.  The foregoing is in accordance with the form annexed to
the Subscription Agreement as Exhibit E, with the persons
identified on Schedule
9(q).

    

    b.           Any
subsequent issuance to and/or acquisition by Holder of Common Stock or options
or instruments convertible into Common Stock will be subject to the provisions
of this Agreement.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    c.           Notwithstanding
the foregoing restrictions on transfer, the Holder may, at any time and from
time to time during the Restriction Period, transfer the Common Stock (i) as
bona fide gifts or transfers by will or intestacy, (ii) to any trust for the
direct or indirect benefit of the undersigned or the immediate family of the
Holder, provided that any such transfer shall not involve a disposition for
value, (iii) to a partnership which is the general partner of a partnership of
which the Holder is a general partner, provided, that, in the case of any gift
or transfer described in clauses (i), (ii) or (iii), each donee or transferee
agrees in writing to be bound by the terms and conditions contained herein in
the same manner as such terms and conditions apply to the undersigned. For
purposes hereof, “immediate family” means any relationship by blood, marriage or
adoption, not more remote than first cousin.

    

    3.           Miscellaneous.

    

    a.           At
any time, and from time to time, after the signing of this Agreement Holder will
execute such additional instruments and take such action as may be reasonably
requested by the Subscribers to carry out the intent and purposes of this
Agreement.

    

    b.           This
Agreement shall be governed by and construed in accordance with the laws of the
State of New York without regard to principles of conflicts of
laws.  Any action brought by either party against the other concerning
the transactions contemplated by this Agreement shall be brought only in the
state courts of New York or in the federal courts located in the state of New
York.  The parties to this Agreement hereby irrevocably waive any
objection to jurisdiction and venue of any action instituted hereunder and shall
not assert any defense based on lack of jurisdiction or venue or based upon
forum non
conveniens.  The parties executing this Agreement
and other agreements referred to herein or delivered in connection herewith
agree to submit to the in personam jurisdiction of such courts and hereby
irrevocably waive trial by jury.  The prevailing party shall be
entitled to recover from the other party its reasonable attorney's fees and
costs.  In the event that any provision of this Agreement or any other
agreement delivered in connection herewith is invalid or unenforceable under any
applicable statute or rule of law, then such provision shall be deemed
inoperative to the extent that it may conflict therewith and shall be deemed
modified to conform with such statute or rule of law.  Any such
provision which may prove invalid or unenforceable under any law shall not
affect the validity or enforceability of any other provision of any
agreement.  Notices hereunder shall be given in the same manner as set
forth in the Subscription Agreement.  Each party hereby irrevocably
waives personal service of process and consents to process being served in any
suit, action or proceeding in connection with this Agreement or any other
Transaction Document by mailing a copy thereof via registered or certified mail
or overnight delivery (with evidence of delivery) to such party at the address
in effect for notices to it under the Subscription Agreement and agrees that
such service shall constitute good and sufficient service of process and notice
thereof.  Nothing contained herein shall be deemed to limit in any way
any right to serve process in any other manner permitted by law.

    

    c.           The
restrictions on transfer described in this Agreement are in addition to and
cumulative with any other restrictions on transfer otherwise agreed to by the
Holder or to which the Holder is subject to by applicable law.

    

    d.           This
Agreement shall be binding upon Holder, its legal representatives, successors
and assigns.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    

    e.           This
Agreement may be signed in counterparts and delivered by facsimile signature and
delivered electronically.

    

    f. The
Company agrees not to take any action or allow any act to be taken which would
be inconsistent with this Agreement.

    

    g. The
Holder acknowledges that this Lockup Agreement is being entered into for the
benefit of the Subscriber identified in the Subscription Agreement dated June
___, 2009 among the Company and the Subscribers, may be enforced by the
Subscribers and may not be amended without the consent of a majority of the
Subscribers, which may be withheld for any reason.

    

    IN WITNESS WHEREOF, and intending to be
legally bound hereby, Holder has executed this Agreement as of the day and year
first above written.

    

    HOLDER:

    

    

    ________________________________

      (Signature of
Holder)

    

    ________________________________

      (Print Name of
Holder)

    

                                                          ________________________________

    Number of Shares of Common
Stock

    Beneficially Owned

    

    COMPANY:

    

    FLINT TELECOM GROUP, INC.

    

    

    By:______________________________

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