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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">&#160;UNITED STATES</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">SECURITIES AND EXCHANGE COMMISSION</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Washington, D.C. 20549</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 12pt; FONT-WEIGHT: bold">Form&#160;&#160;8-K</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">CURRENT REPORT</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Pursuant to Section 13 or 15(d)</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">Of the Securities Exchange Act of 1934</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Date of Report (Date of earliest event reported):&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;February
5, 2010</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt; FONT-WEIGHT: bold">FLINT TELECOM GROUP, INC.</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -</font></div>
<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Exact Name of Registrant as Specified in its Charter)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(State or other jurisdiction of incorporation or organization)</font></div></td>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">(I.R.S. Employer Identification No.)</font></div></td></tr></table></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">375 N. Stephanie St., Suite 1411, Henderson, NV 89014</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Address of Principal Executive Offices)&#160;&#160;&#160;(Zip Code)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">(Former Address: 327 Plaza Real, Suite 319, Boca Raton, FL 33432)</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline" face="Wingdings">&#168;</font><font style="BORDER-BOTTOM: 1pt double; DISPLAY: inline; TEXT-DECORATION: underline"> Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline"><font style="DISPLAY: inline">Effective February 5, 2010, Flint Telecom Group, Inc. (&#8220;Flint&#8221;) entered into a settlement agreement with Michael Butler, a member of Flint&#8217;s board of directors and an investor in Flint, in which all of Mr. Butler&#8217;s loans to Flint have been cancelled in exchange
for 302,000 shares of Series E preferred stock of Flint, valued at </font></font></font><font style="DISPLAY: inline; FONT-FAMILY: times new roman; FONT-SIZE: 10pt">&#8364;<font style="DISPLAY: inline">10.00 per share, having the following material terms:</font></font></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">1.&#160;&#160;</font></div></td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Yielding a 14% annual dividend payment, payable monthly in Euros, from February 28, 2010;</font></div></td></tr></table></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">2.&#160;&#160;</font></div></td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Convertible at any time into that number of shares of Common Stock as is determined by the quotient of (i) &#8364;10.00 over (ii) the Conversion Price in effect at the time of conversion.</font></div></td></tr></table></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">a.&#160;&#160;</font></div></td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Conversion Price has a 20% discount to the Market Price at time of conversion and subject to a minimum conversion price of $0.275 per Common Share</font></div></td></tr></table></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">b.&#160;&#160;</font></div></td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">Market Price means the average closing price of Flint&#8217;s common stock over the twenty trading days preceding the conversion request date</font></div></td></tr></table></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">c.&#160;&#160;</font></div></td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The common stock issued at the time of conversion will be restricted stock and subject to SEC 144 Rule</font></div></td></tr></table></div>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The Preference Shares will be transferable at Mr. Butler&#8217;s discretion, after giving Flint a right of first refusal;</font></div></td></tr></table></div>
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<div><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">4.&#160;&#160;</font></div></td>
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<div style="TEXT-INDENT: 0pt; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">A penalty rate of 0.5% per month on the total amount outstanding will apply for dividend payments that are more than 10 days late, and will continue to apply until default payments are caught up.</font></div></td></tr></table></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The foregoing description of the Settlement Agreement and Certification of Designation of Series E Preferred Stock are qualified in their entirety by reference to the full text of those agreements, which are attached hereto as Exhibits 10.1 and 3.1, respectively, and are incorporated herein by reference<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ITEM 2.03&#160;&#160;CREATION OF A DIRECT FINANCIAL OBLIGATION</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline"><font style="DISPLAY: inline"><font style="DISPLAY: inline">The information set forth in</font></font></font> Item 1.01 above <font style="DISPLAY: inline">is incorporated herein by reference </font>as it relates to Flint&#8217;s obligation to pay an annual dividend of 14% to Mr. Butler pursuant
to the Certificate of Designation of Series E Preferred Stock. The terms and conditions of the Series E preferred stock is qualified in its entirety by reference to the full text of the Certificate of Designation of Series E Preferred Stock, which is attached hereto as Exhibit 3.1, and is incorporated herein by reference</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES</font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt">The information set forth in Item 1.01 above is incorporated herein by reference as it relates to the issuance of&#160;&#160;302,000 shares of Series E preferred stock, convertible into common stock at a 20% discount to the Market Price at time of conversion and subject to a minimum conversion price of $0.275 per common share.&#160;&#160;Based
on the minimum conversion price, Mr. Butler would receive 10,981,818 shares of common stock if all preferred shares were converted into common stock.&#160;&#160;The terms and conditions of the Series E preferred stock is qualified in its entirety by reference to the full text of the Certificate of Designation of Series E Preferred Stock, which is attached hereto as Exhibit 3.1, and is incorporated herein by reference<font style="DISPLAY: inline; FONT-FAMILY: Times New Roman">.</font></font></div>
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<div style="TEXT-INDENT: 0pt; DISPLAY: block; MARGIN-LEFT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-FAMILY: Times New Roman; FONT-SIZE: 10pt"><font style="DISPLAY: inline">We believe our offering and sale of the securities in the above transaction, made only to an accredited investor, was exempt from registration under<font style="DISPLAY: inline">&#160;Section 4(2) of the Securities Act </font><font style="DISPLAY: inline">and Regulation D.&#160;&#160;The certificate
representing the securities issued contain a legend to the effect that such securities were not</font><font style="DISPLAY: inline">&#160;registered under the Securities Act </font><font style="DISPLAY: inline">and may not be transferred except pursuant to an effective registration statement or pursuant to an exemption from such</font><font style="DISPLAY: inline">&#160;registration requirements</font><font style="DISPLAY: inline; FONT-FAMILY: times new roman">.</font></font></font></div>
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form8_k.htm
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________
Form  8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
Of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):                                                                                     February
5, 2010
FLINT TELECOM GROUP, INC.
- - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - - -
(Exact Name of Registrant as Specified in its Charter)
Nevada
0-21069
36-3574355
(State or other jurisdiction of incorporation or organization)
(Commission File Number)
(I.R.S. Employer Identification No.)
375 N. Stephanie St., Suite 1411, Henderson, NV 89014
----------------------------------------------------------------------------------------------------------------------
(Address of Principal Executive Offices)   (Zip Code)
(Former Address: 327 Plaza Real, Suite 319, Boca Raton, FL 33432)
(561) 394-2748
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(Registrant's Telephone Number, including area code)
---------------------------------------------------------------------------
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligations of the registrant under any of the following provisions:
¨
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
¨
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
¨
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
¨
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT
Effective February 5, 2010, Flint Telecom Group, Inc. ("Flint") entered into a settlement agreement with Michael Butler, a member of Flint's board of directors and an investor in Flint, in which all of Mr. Butler's loans to Flint have been cancelled in exchange
for 302,000 shares of Series E preferred stock of Flint, valued at
€
10.00 per share, having the following material terms:
1.
Yielding a 14% annual dividend payment, payable monthly in Euros, from February 28, 2010;
2.
Convertible at any time into that number of shares of Common Stock as is determined by the quotient of (i) €10.00 over (ii) the Conversion Price in effect at the time of conversion.
a.
The Conversion Price has a 20% discount to the Market Price at time of conversion and subject to a minimum conversion price of $0.275 per Common Share
b.
Market Price means the average closing price of Flint's common stock over the twenty trading days preceding the conversion request date
c.
The common stock issued at the time of conversion will be restricted stock and subject to SEC 144 Rule
3.
The Preference Shares will be transferable at Mr. Butler's discretion, after giving Flint a right of first refusal;
4.
A penalty rate of 0.5% per month on the total amount outstanding will apply for dividend payments that are more than 10 days late, and will continue to apply until default payments are caught up.
The foregoing description of the Settlement Agreement and Certification of Designation of Series E Preferred Stock are qualified in their entirety by reference to the full text of those agreements, which are attached hereto as Exhibits 10.1 and 3.1, respectively, and are incorporated herein by reference
.
ITEM 2.03  CREATION OF A DIRECT FINANCIAL OBLIGATION
The information set forth in
Item 1.01 above
is incorporated herein by reference
as it relates to Flint's obligation to pay an annual dividend of 14% to Mr. Butler pursuant
to the Certificate of Designation of Series E Preferred Stock. The terms and conditions of the Series E preferred stock is qualified in its entirety by reference to the full text of the Certificate of Designation of Series E Preferred Stock, which is attached hereto as Exhibit 3.1, and is incorporated herein by reference
ITEM 3.02 UNREGISTERED SALES OF EQUITY SECURITIES
The information set forth in Item 1.01 above is incorporated herein by reference as it relates to the issuance of  302,000 shares of Series E preferred stock, convertible into common stock at a 20% discount to the Market Price at time of conversion and subject to a minimum conversion price of $0.275 per common share.  Based
on the minimum conversion price, Mr. Butler would receive 10,981,818 shares of common stock if all preferred shares were converted into common stock.  The terms and conditions of the Series E preferred stock is qualified in its entirety by reference to the full text of the Certificate of Designation of Series E Preferred Stock, which is attached hereto as Exhibit 3.1, and is incorporated herein by reference
.
We believe our offering and sale of the securities in the above transaction, made only to an accredited investor, was exempt from registration under
Section 4(2) of the Securities Act
and Regulation D.  The certificate
representing the securities issued contain a legend to the effect that such securities were not
registered under the Securities Act
and may not be transferred except pursuant to an effective registration statement or pursuant to an exemption from such
registration requirements
.
ITEM 9.  FINANCIAL STATEMENTS AND EXHIBITS.
(a)
Not applicable.
(b) Not applicable.
(c)
Exhibits.
The following exhibits are filed with this report:
Exhibit Number
--------------------
Description
---------------
3.1
Certificate of Designation of Series E Preferred Stock
10.1
Settlement Agreement by and among Flint Telecom Group, Inc. and Michael Butler.
SIGNATURES
Pursuant to the requirements of the Securities Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned, hereunto duly authorized.
FLINT TELECOM GROUP, INC.
By: /s/  Vincent Browne
Date:  February 11, 2010
Vincent Browne,
Chief Executive Officer