AGREEMENT RELATED TO
CERTAIN
PROMISSORY NOTES
BETWEEN
FLINT TELECOM GROUP, INC.
AND
MICHAEL BUTLER
This Agreement,
dated May 13 2009 (the “Effective Date”), is to cancel
those certain Promissory Notes by and between Flint Telecom Group,
Inc., a Nevada Corporation (“Flint”) and Michael Butler
(“Butler”) as set forth below (the
“Notes”), and to issue one new Promissory Note and
shares of restricted common stock to Butler in replacement of the
Notes.
|
Date
Issued
|
Principal
Amount of Note
|
Maturity
Date
|
|
March
2008
|
EURO
1,175,000
|
July 31,
2009
|
|
March
2008
|
EURO
300,000
|
July 31,
2009
|
|
June 11,
2008
|
$141,000
|
December 31,
2008
|
|
June 30,
2008
|
$173,000
|
December 31,
2008
|
|
September
2008
|
$300,000
|
March 30,
2009
|
Unless
otherwise indicated, terms used herein that are defined in the
Notes shall have the same meanings herein as in the
Notes.
Effective as of
the Effective Date:
1. Butler
hereby agrees to cancel the Notes without repayment, including the
repayment of any and all principal amounts underneath the Notes, as
well as to waive and cancel all past, present and future accrued
interest amounts that may have been due under the Notes. All the
terms and conditions of the Notes shall be immediately cancelled
and of no further effect. In the event of any conflict
between this Agreement and the Notes, the provisions of this
Agreement shall prevail.
2. Flint hereby
agrees to issue a new convertible Promissory Note to Butler in an
amount
