Exhibit 10.1 EMPLOYMENT CONTRACT

Exhibit 10.1

EMPLOYMENT CONTRACT

THIS CONTRACT IS MADE BETWEEN

Invitel Távközlési Szolgáltató Zrt.

Registered address: 2040 Budaörs, Puskás Tivadar utca 8-10.

Tax no.:

hereinafter referred to as the “Employer”

AND

Name: Tamás Vágány

Place and date of birth:

Mother’s name:

Address:

Healthcare Identification No. (TAJ):

Tax No.:

hereinafter referred to as the “Employee”

1

NOW THE EMPLOYER AND THE EMPLOYEE ACKNOWLEDGE AND AGREE AS FOLLOWS:

As to the continuity of the employment of the Employee, the provisions of Section 9.4 shall be applicable.

HUF 2,250,000, that is, two million, two hundred and fifty thousand Forints.

2

(With respect to the period between May 1, 2007 and the date of the execution of this Employment Contract, the difference between the above salary and the salary paid by the previous employer of the Employee shall be transferred to the Employee during the month in which the Employee starts working at the Company.)

The basic salary includes the fee for the Employee to perform work related to the scope of work of the Employee, including the performance of such work in overtime. In respect of the performance of work outside of regular working (standby, overtime, and work performed on a resting day or on a bank holiday), the Employee is not entitled to extra remuneration.

The basic salary of the Employee shall be reviewed by the Employer each time raises are regularly given by the company, or independently from such raise, on an annual basis, and the Employer shall make a decision as to a salary raise for the Employee based upon the circumstances then existing (especially the efficiency of the work of the Employee and the inflation rate).

(Given year: refers to the calendar year or business year in which the mutually agreed goals to be completed for the payment of the premium are to be completed.)

3

The Parties agree that that the maximum duration that the Employer may request the Employee to perform his duties at a site other than the registered seat, sites and branch offices of the Employer is two months out of each calendar year. Should such period be exceeded, the Employee can be required to perform his work duties at a place other than the place defined in Section 6.1, based upon a separate agreement.

4

5

Therefore, during the term of the employment, and during the three year period after the termination of the employment, the Employee shall not inform any third party of, and shall not provide any third party with, any information – regardless of the format – that is related to the business relations, transactions, clients, clientele, suppliers, invoices, business issues, investments or negotiations of the Employer, the company group managed by the Employer, or the company group of which the Employer is a member.

The Employee shall also not provide any third party with any information that is classified as confidential, directly or indirectly, or any information that the Employee should have recognized as confidential due to the scope of the work of the Employee.

Further to the above, at the time of the termination of the employment, the Employee shall also be obliged to hand over any data recording medium holding information that the Employee received during the time of the employment, or which resulted from the employment.

6

The Employee and the Employer hereby agree and acknowledge that until the termination of the employment, the Employer shall unilaterally declare if this confidentiality obligation is or is not binding upon the Employee. Should the Employer declare that this confidentiality obligation is binding, then, without any further negotiations and declarations, this agreement with the present contents shall be considered as concluded. As consideration for this confidentiality obligation, the Parties agree that an amount equal to three times the monthly basic salary shall be paid, in one lump sum, to the Employee by the Employer.

Should the Employer declare that the confidentiality obligation is not binding, or fail to make a declaration as to whether the confidentiality obligation is or is not binding, following the termination of the employment, the confidentiality obligation – and the aforementioned lump sum payment obligation of the Employer – shall cease to exist.

Should the Employee breach the confidentiality obligation set in this Section, the Employer is entitled to the reimbursement of the aforementioned lump sum payment made by the Employer, and, in addition to the amount of the lump sum, may request the payment of an amount equal to the lump sum as a general indemnity.

With respect to the above, the following are considered as violating the lawful business interests of the Employer, though this list is not exclusive:

a.) The establishment of an employment or other legal relationship for the purpose of work in a business entity or other organization that operates or provides services in the same field as the field which represents the principal activity of the Employer (a competitor).

b.) The establishment of a membership in a competing company that requires a non-monetary personal contribution.

c.) Operations or the provision of services as a private entrepreneur, where such is the same as the principal activity of the Employer.

7

d.) The provision of services to a competing company as a member or an employee of a consulting organization.

The Employee and the Employer hereby agree and acknowledge that until the termination of the employment, the Employer shall unilaterally declare if this non-competition obligation is or is not binding upon the Employee. Should the Employer declare that this non-competition obligation is binding, then, without any further negotiations and declarations, this agreement with the present contents shall be considered as concluded. As consideration for this non-competition obligation, the Employer, on the last working day of the Employee, shall pay the Employee the amount set out below.

The then average monthly salary:

Should the Employer declare that this non-competition obligation is not binding, or fail to make a declaration as to whether this non-competition obligation is or is not binding, following the termination of the employment, this non-competition obligation – and the aforementioned payment obligation of the Employer – shall cease to exist.

Should the Employee breach this non-competition obligation set in this Section, the Employer is entitled to the reimbursement of the aforementioned payment made by the Employer, and, in addition to the amount of the aforementioned payment, may request the payment of an amount equal to the amount of the aforementioned payment as a general indemnity.

8

This succession, per the applicable labor law, shall primarily, though not exclusively, be taken into consideration in respect of the length of the notice period and the calculation of the severance payment by the Parties.

Based upon the above, the commencement date of the present employment is acknowledged as legally starting on August 9, 1999.

IN WITNESS whereof this Employment Contract has been executed by the Employer and the Employee, and is intended to be and is hereby delivered on the date written below.

Budaörs, June 15, 2007

9

AMENDMENT AGREEMENT TO THE EMPLOYMENT AGREEMENT

CONCLUDED BY AND BETWEEN

INVITEL Távközlési Szolgáltató Zártköruen Muködo Részvénytársaság

(registered seat: H-2040 Budaörs, Puskás Tivadar utca 8-10)

hereinafter referred to as the Employer

AND

Vágány Tamás

hereinafter referred to as the Employee

10

The Employer and the Employee hereby declare to make the following amendments to the employment agreement dated June 15, 2007 (the “Employment Agreement”).

Section IV “Remuneration” of the Employment Agreement is hereby supplemented with the following additional sub-Sections 4.4 and 4.5:

For the purpose of this Section 4.4, “Trigger Event” shall mean the first to occur of (i) any transaction or series of transactions, including a consolidation or merger of the Employer, where the direct or indirect shareholders of the Employer, immediately prior to such transaction or series of transactions, would not, immediately after such transaction or series of transactions, beneficially own (as such term is defined in Rule 13d-3 under the U.S. Securities and Exchange Act of 1934), 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 the Employer of all or substantially all of its assets (other than to an Affiliate of the Employer). As used in this Section 4.4, “Affiliate” shall mean any individual, partnership, joint venture, corporation, trust, unincorporated organization, government or other entity (each, a “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 Employer; for the purpose 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.

In the event of any change in the outstanding common stock of HTCC 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 Agreed HTCC Share Price shall be adjusted appropriately to take account of such change.

11

A termination of the Employment Agreement by the Employer shall be for “Cause” for the purpose of this Section 4.5 if terminated by the Employer as a result of: (a) a material breach of the Employment Agreement by the Employee, where the Employer has provided notice to the Employee of such breach and the Employee shall have failed to cure such material breach within 15 days after receipt of said notice; (b) an act of gross misconduct by the Employee or repeated or continued (after written warning) other serious breach of the Employee’s instructions of the CEO and/or CFO of Invitel/HTCC; (c) the Employee being convicted of any criminal offence punishable with imprisonment which directly or indirectly harms the Employer or any Affiliate of the Employer, or prevents the Employee from performing its employment obligations; (d) the Employee having committed any material act of dishonesty relating to the Employer or an Affiliate of the Employer or any of its employees or otherwise; or (e) the repeated or continued (after written warning) underperformance of the Employee of his/her tasks and duties in his/her capacity as employee of the Employer, such underperformance to be determined in the sole discretion of the CEO and/or CFO of Invitel/HTCC.

A termination of the Employment Agreement by the Employee shall be for “Good Reason” for the purpose of this Section 4.5 if terminated by the Employee as a result of a breach by the Employer and/or any of its Affiliates of any material provision of the Employment Agreement or any other agreement between the Employer or any of its Affiliates and the Employee.

Sections not affected by this Amendment Agreement shall remain unchanged.

12

13

Exhibit A

Upon the completion of a Trigger Event, as described in Section 4.4 above, the Transaction Bonus shall be calculated as follows:

“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 27 April 2007, in the case of the Agreed HTCC Share Price.

The table below sets forth for illustrative purposes the amount of the Transaction Bonus owing to the Employee presuming the occurrence of a Trigger Event on 27 April 2008 at the different Per Share Consideration levels set forth below:

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 similar event, the HTCC Agreed Share Price shall be adjusted appropriately to take account of such change.

14