Document:

ex10_4.htm

Exhibit 10.4

 

CME MEDIA ENTERPRISES B.V.

 

 

and

 

 

CME DEVELOPMENT FINANCING B.V.

 

 

and

 

 

TOP TONE MEDIA HOLDINGS LIMITED

 

and

 

 

KRASSIMIR GUERGOV

 

 

_________________________________________________

 

 

AMENDED AND RESTATED

 

SALE AND PURCHASE AGREEMENT

 

_________________________________________________

 

 

19 April 2010

   

  

  

  

CONTENTS

 

	  	  	
Page

	  	  	  
	
1

	
Definitions and Interpretation

	
4

	  	  	  
	
2

	
Transaction and Consideration

	
8

	  	  	  
	
3

	
Conditions to Obligations at Closing

	
9

	  	  	  
	
4

	
Closing

	
10

	  	  	  
	
5

	
Obligations Prior to Closing

	
12

	  	  	  
	
6

	
Representations and Warranties

	
12

	  	  	  
	
7

	
Further Undertakings

	
14

	  	  	  
	
8

	
Anti-Money Laundering and Anti-Corruption

	
15

	  	  	  
	
9

	
Status of Agreement and Effect

	
15

	  	  	  
	
10

	
Confidentiality

	
16

	  	  	  
	
11

	
Trade Restrictions

	
16

	  	  	  
	
12

	
Notices

	
17

	  	  	  
	
13

	
Set-Off

	
19

	  	  	  
	
14

	
Entire Agreement

	
19

	  	  	  
	
15

	
Third Party Rights

	
19

	  	  	  
	
16

	
Amendments

	
20

	  	  	  
	
17

	
Waiver

	
20

	  	  	  
	
18

	
Costs and Expenses

	
20

	  	  	  
	
19

	
Joint and Several Liability

	
20

	  	  	  
	
20

	
Assignment

	
20

	  	  	  
	
21

	
No Partnership

	
20

	  	  	  
	
22

	
Severability

	
20

	  	  	  
	
23

	
Further Assurance

	
21

	  	  	  
	
24

	
Counterparts

	
21

	  	  	  
	
25

	
Governing Law and Jurisdiction

	
21

	  	  	  
	
26

	
Dispute Resolution

	
21

	  	  	  
	
Schedule 1 Deed of Termination

	
Sch 1-1

	  	  
	
Schedule 2 Investment Agreement

	
Sch 2-1

  

  

  

THIS AMENDED AND RESTATED SALE AND PURCHASE AGREEMENT (this "Agreement") is made as of 19 April 2010

 

BETWEEN:

 

	
(1)

	
CME MEDIA ENTERPRISES B.V., a company organized under the laws of the Netherlands, and having its seat at Dam 5b, JS 1012 Amsterdam, the Netherlands ("CME ME");

 

	
(2)

	
CME DEVELOPMENT FINANCING B.V., a company organized under the laws of the Netherlands, and having its seat at Dam 5b, JS 1012 Amsterdam, the Netherlands ("CME DF");

 

	
(3)

	
TOP TONE MEDIA HOLDINGS LIMITED, a BVI Business company organized under the laws of the British Virgin Islands with registered number 1381053 and having its registered office at 3rd Floor, Omar Hodge Building, Wickhams Cay I, P.O. Box 362, Road Town, Tortola, British Virgin Islands ("Top Tone Holdings"); and

 

	
(4)

	
KRASSIMIR GUERGOV, a citizen of the Republic of Bulgaria, residing at 19, Oborishte Str., 1504 Sofia, Bulgaria, holder of identity card no. 184961630 issued by the Republic of Bulgaria (the "Consultant");

 

the "Parties" and each a "Party".

 

WHEREAS:

 

	
(A)

	
CME ME owns 80% of the issued share capital of Top Tone Media (as defined below) and 80% of the issued share capital of Zopal (as defined below), Top Tone Holdings own 20% of the issued share capital of Top Tone Media and 20% of the issued share capital of Zopal;

 

	
(B)

	
CME ME has entered into a Shareholders Agreement with Top Tone Holdings and Equip (as defined below) (the "Top Tone Parties") dated 1 August 2008 (the "Pro.BG Shareholders Agreement") to regulate the business and affairs of the Pro.BG Group (as defined below);

 

	
(C)

	
CME ME has entered into a Master Share Purchase Agreement dated 28 July 2008 with Top Tone Holdings (the "MSPA");

 

	
(D)

	
CME ME has entered into a Consultancy Deed with the Consultant dated 1 August 2008 (the "Consultancy Deed");

 

	
(E)

	
CME ME has entered into a Letter Agreement with the Top Tone Parties and the Consultant dated 1 August 2008 (the "Letter Agreement" and together with the Pro.BG Shareholders Agreement, the MSPA and the Consultancy Deed, the "Pro.BG Agreements");

 

	
(F)

	
CME ME intends that its wholly-owned subsidiary CME Bulgaria B.V., a company organized in the Netherlands ("CME BG"), acquire 100% of the issued share capital of Balkan News Corporation and 100% of the issued share capital of TV Europe (the "bTV Transaction") pursuant to a Deed relating to the Sale and Purchase of Certain Media Interests in Bulgaria among CME ME, Central European Media Enterprises Ltd., News Netherlands B.V. and News Corporation dated 18 February 2010 ("bTV SPA"), as adhered to by CME BG pursuant to a deed of adherence dated 14 April 2010 by and among CME BG, CME ME, News Netherlands B.V. and News Corporation;

  

3

  

 

	
(G)

	
CME DF is a wholly-owned subsidiary of CME ME;

 

	
(H)

	
In connection with and subject to the completion of the bTV Transaction:

 

	
  

	
(i)

	
Top Tone Holdings wishes to sell and CME DF wishes to purchase the Shares (as defined below) on the terms and subject to the conditions set out in this Agreement;

 

	
  

	
(ii)

	
CME ME, Top Tone Holdings and the Consultant wish to amend certain agreements reached between themselves by terminating certain provisions of the Pro.BG Agreements; and

 

	
  

	
(iii)

	
CME ME wishes to sell and Top Tone Holdings wishes to purchase the CME BG Shares (as defined below) on the terms and subject to the conditions set out in this Agreement,

 

(the "Transaction");

 

	
(I)

	
CME ME, Top Tone Holdings and the Consultant entered into a Sale and Purchase Agreement on 18 February 2010 (the "SPA"); and

 

	
(J)

	
The Parties wish to amend and restate the SPA on the terms set out in this Agreement.

 

IT IS AGREED as follows:

 

	
1

	
Definitions and Interpretation

 

	
1.1

	
In this Agreement:

 

	
"Affiliate"

	
of a person means, in relation to any corporate entity, any person that directly or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such person and in relation to any individual, any family member of such individual;

 

	
"Agreed Form"

	
means, in relation to a document, the form of that document which has been initialed for the purposes of identification only by either CME ME or CME DF, on the one hand, and Top Tone Holdings on the other with such alterations as may be agreed from time to time between the Parties for any reason;

 

	
"Anti-Money

Laundering Laws"

	
has the meaning set forth in Clause 6.3.1;

 

	
"Applicable Law"

	
means all laws, ordinances, regulations, judgments, decrees, decisions, writs, awards, orders or, directives of any governmental authority, and international treaties or any other agreements to which a governmental authority is a party, to the extent applicable to the Parties, this Agreement, the Investment Agreement or the business of the Parties;

 

	
"Balkan Media 

Group"

	
means Balkan Media Group AD, a company incorporated under the laws of Bulgaria;

  

4

  

	
"Balkan News

Corporation"

	
means Balkan News Corporation EAD, a company organized under the laws of Bulgaria, which is to be renamed bTV Media Group EAD;

 

	
"BCPC"

	
means the Bulgarian Commission for the Protection of Competition;

 

	
"bTV SPA"

	
has the meaning set forth in the Recitals;

 

	
"bTV Transaction"

	
has the meaning set forth in the Recitals;

 

	
"Business Day"

	
means a day (other than a Saturday or a Sunday) on which commercial banks are open for general business in, Sofia, New York and London (other than solely for services via the internet);

 

	
"Call"

	
has the meaning set forth in the Investment Agreement;

 

	
"Closing"

	
means the completion of the sale and purchase of the Shares as described in Clause 4;

 

	
"Closing Date"

	
has the meaning set forth in Clause 4.2.1;

 

	
"CME BG"

	
has the meaning set forth in the Recitals;

 

	
"CME BG Shares "

	
has the meaning set forth in Clause 2.3(i);

 

	
"CME Group"

	
means Central European Media Enterprises Ltd. and its subsidiaries;

 

	
"Consultancy Deed"

	
has the meaning set forth in the Recitals;

 

	
"Control"

	
means the power to direct or cause the direction of the management or policy of any Person, directly or indirectly, through family relationship (if a natural person), the holding of securities or other participation interests, by virtue of an agreement, arrangement or understanding or on other grounds, and "Controlling" and "Controlled" shall have the correlative meanings proceeding from this term;

 

	
"Deed of Termination"

	
means the deed of termination to be entered into between CME ME, Top Tone Holdings and KG in substantially the form set out in Schedule 1;

 

	
"Drag Along Right"

	
has the meaning set forth in the Investment Agreement;

 

	
"Encumbrances"

	
means any claim, charge, mortgage, security, lien, option, equity, power of sale, hypothecation or other third party right, retention of title, right of pre-emption, right of first refusal or security interest of any kind;

 

	
"Equip "

	
means Equip Limited a BVI Business company incorporated under the laws of the British Virgin Islands;

 

	
"Execution Date"

	
means the date hereof;

 

	
"Existing Dispute"

	
has the meaning set forth in Clause 26.3;

 

	
"Investment Agreement"

	
means the investment agreement to be entered into between the Parties in respect of their Ownership Interests and in accordance with Clause 2.4;

  

5

  

 

	
"Letter Agreement"

	
has the meaning set forth in the Recitals;

 

	
"Long Stop Date"

	
has the meaning set forth in the bTV SPA;

 

	
"MSPA"

	
has the meaning set forth in the Recitals;

 

	
"Ownership Interests"

	
has the meaning set forth in the Investment Agreement;

 

	
"Put"

	
has the meaning set forth in the Investment Agreement;

 

	
"Pro.BG Agreements"

	
has the meaning set forth in the Recitals;

 

	
"Pro.BG Business"

	
means the broadcasting operations of the Pro.BG Group;

 

	
"Pro.BG Group"

	
means Top Tone Media and Zopal and their respective subsidiaries;

 

	
"Pro.BG Shareholders 

Agreement"

	
has the meaning set forth in the Recitals;

 

	
"Radiocompany C.J."

	
means Radiocompany C.J OOD, a company incorporated under the laws of Bulgaria;

 

	
"Related Dispute"

	
has the meaning set forth in Clause 26.3;

 

	
"Share Option"

	
has the meaning set forth in the Investment Agreement;

 

	
"Shares"

	
means the Top Tone Media Shares and the Zopal Shares;

 

	
"Tag-Along Right"

	
has the meaning set forth in the Investment Agreement;

 

	
"Top Tone Media"

	
means Top Tone Media S.A., a public limited liability company (société anonyme) organized under the laws of Luxembourg with registered number B 124257 and having its registered office at 13-15 Avenue de la Liberté, L-1931 Luxembourg;

 

	
"Top Tone Media Shares"

	
means the 620 ordinary shares in Top Tone Media with a par value of EUR10 per share in the share capital of Top Tone Media held by Top Tone Holdings;

 

	
"Top Tone Parties"

	
has the meaning set forth in the Recitals;

 

	
"Transaction "

	
has the meaning set forth in the Recitals;

 

	
"Transaction Documents"

	
means this Agreement, the Deed of Termination, the Investment Agreement and any other document or agreement which the Parties designate as such;

 

	
"Triada"

	
means Triada Communications EOOD, a company incorporated under the laws of Bulgaria;

  

6

  

 

	
"TV Europe"

	
means TV Europe B.V., a company incorporated under the laws of the Netherlands;

 

	
"US Dollars" or "US$"

	
means the official currency for the time being of the United States of America;

 

	
"Warranties"

	
means the representations and warranties contained in Clause 6 and each statement identified as a representation and warranty in any other Transaction Document;

 

	
"Working Hours"

	
means the hours of 9:00 a.m. to 5:00 p.m. on a Business Day;

 

	
"Zopal"

	
means Zopal S.A., a public limited liability company (société anonyme) organized under the laws of Luxembourg with registered number B 139431 and having its registered office at 13-15 Avenue de la Liberté, L-1931 Luxembourg; and

 

	
"Zopal Shares"

	
means the 20 ordinary shares in Zopal with a par value of EUR310 per share in the share capital of Zopal held by Top Tone Holdings.

 

	
1.2

	
In construing this Agreement, unless otherwise specified:

 

	
  

	
(a)

	
references to Clauses and Schedules are to clauses of, and schedules to, this Agreement;

 

	
  

	
(b)

	
references to a "person" shall be construed so as to include any physical or legal person, firm, company or other body corporate, government, state or agency of a state, local or municipal authority or government body or any joint venture, association or partnership (whether or not having separate legal personality);

 

	
  

	
(c)

	
a reference to any law, regulation, statute or statutory provision shall be construed as a reference to the same as it may have been, or may from time to time be, amended, modified or re-enacted;

 

	
  

	
(d)

	
any reference to a "day" (including within the phrase "Business Day") shall mean a period of 24 hours running from midnight to midnight (except for the days of time change lasting 25 or 23 hours which days shall be 25 or 23 hours respectively);

 

	
  

	
(e)

	
references to time are to Central European Time;

 

	
  

	
(f)

	
a reference to any other document referred to in this Agreement is a reference to that other document as amended, varied, novated or supplemented (other than in breach of the provisions of this Agreement) at any time;

 

	
  

	
(g)

	
headings, recitals and titles are for convenience only and do not affect the interpretation of this Agreement;

 

	
  

	
(h)

	
general words shall not be given a restrictive meaning by reason of the fact that they are followed by particular examples intended to be embraced by the general words; and

 

	
  

	
(i)

	
references to a "Party" or the "Parties" shall be construed as to include and each of its or their permitted successors and permitted assignees.

  

7

  

 

	
2

	
Transaction and Consideration

 

	
2.1

	
Purchase of the Shares

 

	
  

	
(i)

	
Subject to the terms and conditions herein, including the satisfaction of the conditions set out in Clause 3, Top Tone Holdings agrees to sell the Shares and CME DF, relying on the Warranties and undertakings contained in this Agreement, agrees to purchase the Shares.

 

	
  

	
(ii)

	
The Shares shall be sold with full title guarantee free from all Encumbrances and together with all rights attaching to them as at the date of this Agreement.

 

	
  

	
(iii)

	
Top Tone Holdings shall procure that on or prior to Closing any and all rights of pre-emption over the Shares (other than any pre-emption rights held by CME ME) are waived irrevocably by the persons entitled thereto.

 

	
  

	
(iv)

	
CME DF shall not be obliged to complete the purchase of any of the Shares unless the purchase of all of the Shares is completed simultaneously.

 

	
  

	
(v)

	
The consideration payable to Top Tone Holdings for the sale of the Shares shall be €1.

 

	
2.2

	
Deed of Termination

 

Subject to the terms and conditions herein (including the sale and purchase of the Shares by CME DF set out in Clause 2.1) and in consideration of the payment by CME ME to Top Tone Holdings of US$17,980,000, CME ME, Top Tone Holdings and the Consultant shall enter in the Deed of Termination on the Closing Date.

 

	
2.3

	
Purchase of CME BG Shares

 

	
  

	
(i)

	
Subject to the terms and conditions herein, CME ME shall sell to Top Tone Holdings 1,200 ordinary shares in CME BG representing 6% of the issued share capital in CME BG on the Closing Date (the "CME BG Shares").

 

	
  

	
(ii)

	
The consideration payable to CME ME for the sale of the CME BG Shares shall be US$17,700,000.

 

	
2.4

	
CME ME and Top Tone Holdings undertake to enter into the Investment Agreement at Closing. The Investment Agreement shall be in the Agreed Form as attached in Schedule 2 of this Agreement.

 

	
3

	
Conditions to Obligations at Closing

 

	
3.1

	
The Closing is conditional on the satisfaction or waiver by CME ME pursuant to Clause 3.2 of all of the following conditions on or prior to the Long Stop Date:

 

	
  

	
3.1.1

	
Completion (as defined in the bTV SPA) of the bTV Transaction having occurred;

 

	
  

	
3.1.2

	
Top Tone Holdings shall have performed and complied in all material respects with all covenants and agreements required by this Agreement or any of the other Transaction Documents to be performed or complied with by Top Tone Holdings;

  

8

  

 

	
  

	
3.1.3

	
the Warranties given by Top Tone Holdings and the Consultant shall be true and accurate in all material respects as of the Closing Date, or, if not true, shall have been remedied to the reasonable satisfaction of  CME ME;

 

	
  

	
3.1.4

	
CME ME, Top Tone Holdings and the Consultant hereto shall have entered into the Deed of Termination with respect to the termination of rights and obligations in the Pro.BG Shareholders Agreement and the Consultancy Deed as set forth therein;

 

	
  

	
3.1.5

	
there shall not be any injunction, decision, order or decree of any nature of any court or governmental entity, or any proceeding pending or threatened that could result in such an injunction, decision, order or decree, restraining, prohibiting or preventing any aspect of the Transaction;

 

	
  

	
3.1.6

	
there shall not have been any action, or any statute, law or regulation enacted, by any governmental authority which would cause any Party to be unable to consummate the transactions contemplated herein or make the transactions contemplated herein illegal or prohibit, restrict or delay the consummation of any aspect of the Transaction; and

 

	
  

	
3.1.7

	
the receipt by CME ME of a waiver in the Agreed Form from the Consultant in respect of all past, present or future charges, complaints, causes of action, demands or other claims of any nature whatsoever it or any of its Affiliates may have with respect to or against Balkan News Corporation, TV Europe, Triada, Balkan Media Group, Radiocompany C.J. relating to or arising under the provision of any consultancy, advisory or similar services by the Consultant or any of its Affiliates to such entities or the legal and beneficial ownership in or any Encumbrance over any share capital in any such entity prior to the Closing.

 

	
3.2

	
CME ME may at any time waive, in whole or in part, conditionally or unconditionally, any condition set out in Clause 3.1 above by notice in writing to Top Tone Holdings.

 

	
3.3

	
If any condition specified in Clause 3.1 is not satisfied (or has not been waived by CME ME pursuant to Clause 3.2) on or before the Long Stop Date, except for this Clause 3.3 and Clauses 1, 10, 12 to 26, all of the provisions of this Agreement shall, unless otherwise agreed by the Parties in writing, lapse and cease to have effect and neither the lapsing of these provisions nor their ceasing to have effect shall affect any accrued rights or liabilities of the Parties in respect of damages for non-performance of any obligation under this Agreement falling due for performance prior to such lapse or cessation.

 

	
4

	
Closing

 

	
4.1

	
The Closing shall take place in London at the offices of Dewey & LeBoeuf LLP at 1 Minister Court, Mincing Lane, London EC3R 7YL, or at such other location as agreed by the Parties following the satisfaction or waiver of the conditions set out in Clause 3.1.

 

	
4.2

	
The Parties shall cause:

 

	
  

	
4.2.1

	
the Closing to occur promptly after the date on which the conditions in Clause 3.1 have been satisfied or waived (the "Closing Date"); and

  

9

  

 

	
4.3

	
On the Closing Date,

 

	
  

	
4.3.1

	
CME DF shall pay to Top Tone Holdings €1.

 

	
  

	
4.3.2

	
CME ME shall:

 

	
  

	
(i)

	
pay to Top Tone Holdings US$17,980,000 as set out in the Deed of Termination;

 

	
  

	
(ii)

	
cause the CME BG Shares to be transferred to Top Tone Holdings;

 

	
  

	
(iii)

	
deliver to the Consultant on behalf of Top Tone Holdings and the Consultant the Deed of Termination duly executed by CME ME;

 

	
  

	
(iv)

	
deliver to Top Tone Holdings the Investment Agreement duly executed by CME ME; and

 

	
  

	
(v)

	
deliver to Top Tone Holdings a closing certificate in a form to be agreed by the Parties.

 

	
  

	
4.3.3

	
Top Tone Holdings shall:

 

	
  

	
(i)

	
deliver to CME DF instruments of transfer in respect of the Shares, duly executed and completed in favour of CME DF;

 

	
  

	
(ii)

	
deliver to CME DF any and all duly executed powers of attorney or other authorities under which any of the transfers have been executed;

 

	
  

	
(iii)

	
deliver to CME DF certified copies of the minutes recording the resolution of the board of directors of Top Tone Holdings authorizing the sale of the Shares and the execution of the transfers in respect of them;

 

	
  

	
(iv)

	
deliver to CME DF a closing certificate a form to be agreed by the Parties and, if reasonably requested by CME DF, other confirmations of the satisfaction of the conditions set out in Clause 3.1;

 

	
  

	
(v)

	
deliver to CME DF any share certificates representing the Shares duly endorsed in the Agreed Form;

 

	
  

	
(vi)

	
pay to CME ME US$17,700,000 as set out in Clause 2.3(ii);

 

	
  

	
(vii)

	
deliver to CME ME the Deed of Termination duly executed by Top Tone Holdings;

 

	
  

	
(viii)

	
deliver to CME ME the Investment Agreement duly executed by Top Tone Holdings; and

 

	
  

	
(ix)

	
deliver to CME ME any other Transaction Documents required to be executed by Top Tone Holdings.

 

	
  

	
4.3.4

	
The Consultant shall deliver to CME ME:

 

	
  

	
(i)

	
the Deed of Termination duly executed by the Consultant; and

  

10

  

 

	
  

	
(ii)

	
any other Transaction Documents required to be executed by the Consultant so executed, as applicable.

 

	
4.4

	
All deliveries of documents and actions contemplated by this Clause 4 to take place at Closing shall be deemed to have taken place simultaneously as part of a single transaction, none of which shall be considered to have taken place unless and until all such actions shall have taken place.

 

	
5

	
Obligations Prior to Closing

 

	
5.1

	
From and including the Execution Date and up to and including the earlier of the Closing Date and the Long Stop Date, each of the Parties shall (on its own behalf and on behalf of any Affiliate):

 

	
  

	
5.1.1

	
take all reasonable steps or provide reasonable support, and not fail to take any actions, in respect of any proposed change in Applicable Law that is reasonably likely to have a detrimental effect on the Pro.BG Business;

 

	
  

	
5.1.2

	
not cause or do any act or thing, the commission of which would constitute a breach of any Warranty given by that Party or any of its Affiliates contained herein or which would make any such Warranty inaccurate at the Closing Date; and

 

	
  

	
5.1.3

	
to take such other actions as are required in order for such Party to consummate the transactions contemplated hereby and to give full effect to this Agreement.

 

	
6

	
Representations and Warranties

 

	
6.1

	
Top Tone Holdings hereby represents and warrants to CME ME and CME DF as of the Execution Date and as of the Closing Date that:

 

	
  

	
6.1.1

	
it is a corporation validly existing under the laws of the British Virgin Islands and  it has the full power, authority and right to enter into and carry out its obligations hereunder;

 

	
  

	
6.1.2

	
the Transaction Documents to which it is a party constitute its valid and legally binding obligations;

 

	
  

	
6.1.3

	
the entry into and performance by it of each Transaction Document to which it is a party and the transactions contemplated by such Transaction Document do not and will not conflict with:

 

	
  

	
(i)

	
any law or regulation or judicial or other order;

 

	
  

	
(ii)

	
its constitutional documents; or

 

	
  

	
(iii)

	
any document which is binding on it or on any of its assets;

 

	
  

	
6.1.4

	
the Shares constitute the whole of the issued, allotted and paid up share capital in Top Tone Media and Zopal owned by Top Tone Holdings;

  

11

  

 

	
  

	
6.1.5

	
Top Tone Holdings is entitled to sell and transfer to CME ME the full legal and beneficial ownership of the Shares on the terms of this Agreement and has the right to exercise all voting rights in respect of the Holding Shares;

 

	
  

	
6.1.6

	
the Shares are free from all Encumbrances;

 

	
  

	
6.1.7

	
Top Tone Holdings is not aware of any notice of any request to correct or rectify the shareholders registers of Top Tone Media or Zopal;

 

	
  

	
6.1.8

	
no person is entitled to receive from Top Tone Media, Zopal or any of their respective subsidiaries any finders fee brokerage or commission in connection with the sale of Shares under this Agreement;

 

	
  

	
6.1.9

	
there are no outstanding agreements, arrangements or other understandings (whether by contract or otherwise) with any third parties granting them the right to acquire any of the Shares; and

 

	
  

	
6.1.10

	
all consents for the transfer of the Shares have been obtained.

 

	
6.2

	
The Consultant hereby represents and warrants to CME ME and CME DF as of the Execution Date and as of the Closing Date that:

 

	
  

	
6.2.1

	
it has the full power, authority and right to enter into and carry out its obligations hereunder;

 

	
  

	
6.2.2

	
the Transaction Documents to which it is a party constitute its valid and legally binding obligations;

 

	
  

	
6.2.3

	
the entry into and performance by it of each Transaction Document to which it is a party and the transactions contemplated by such Transaction Document do not and will not conflict with:

 

	
  

	
(i)

	
any law or regulation or judicial or other order; or

 

	
  

	
(ii)

	
any document which is binding on it or on any of its assets.

 

	
6.3

	
Each of Top Tone Holdings and the Consultant hereby represents and warrants to CME ME and CME DF as of the Execution Date and as of the Closing Date that:

 

	
  

	
6.3.1

	
the Shares did not derive from, are not related to, and were not purchased with funds deriving from any activity that is deemed criminal under U.K. Law, U.S. Law, Bermuda Law, Dutch Law, Bulgarian Law or the Applicable Law of the jurisdiction in which such activity takes place. Transfer to CME ME of the Shares shall not cause CME to be in violation of any applicable laws against money laundering (Anti-Money Laundering Laws); and

 

	
  

	
6.3.2

	
Top Tone Holdings and the Consultant have since January 1, 2005 been in compliance with the requirements of U.S. Foreign Corrupt Practices Act of 1977, as amended, and the requirements of all applicable anti-corruption law.  Since January 1, 2005, Top Tone Holdings and the Consultant have not, directly or indirectly, offered, promised, authorized or made any unlawful contribution, gift, entertainment or other unlawful payment to any foreign or domestic government official or employee, or any political party, party official, political candidate or official of any public international organization.  The Consultant is not and has not since January 1, 2005 been an official, officer, director or employee of and does not act and has not since January 1, 2005 acted in an official capacity for or on behalf of any foreign or domestic government or government-owned or controlled entity.

  

12

  

 

	
6.4

	
Each of CME ME and CME DF hereby represents and warrants to Top Tone Holdings and the Consultant as of the Execution Date and as of the Closing Date that:

 

	
  

	
6.4.1

	
it is a corporation validly existing under the laws of the Netherlands and  it has the full power, authority and right to enter into and carry out its obligations hereunder;

 

	
  

	
6.4.2

	
the Transaction Documents to which it is a party constitute its valid and legally binding obligations;

 

	
  

	
6.4.3

	
the entry into and performance by it of each Transaction Document to which it is a party and the transactions contemplated by such Transaction Document do not and will not conflict with:

 

	
  

	
(i)

	
any law or regulation or judicial or other order;

 

	
  

	
(ii)

	
its constitutional documents; or

 

	
  

	
(iii)

	
any document which is binding on it or on any of its assets; and

 

	
6.5

	
At Closing the CME BG Shares (if not newly issued) shall be transferred with full title guarantee free from all Encumbrances.

 

	
6.6

	
Each of the warranties set out in Clauses 6.1.1, 6.1.2, 6.1.3 and 6.2.1, 6.2.2 and 6.2.3 above are deemed to be repeated by Top Tone Holdings and the Consultant, as applicable, upon the exercise and upon the completion of the Share Option, the Drag Along Right the Tag Along Right, the Put or the Call.

 

	
7

	
Further Undertakings

 

	
7.1

	
In connection with the implementation of the bTV Transaction, Top Tone Holdings hereby irrevocably and unconditionally waives any rights, remedies or claims which it may have against CME ME or any other member of the CME Group in respect of the Pro.BG Shareholders Agreement including but not limited to clauses 9.1, 9.2 and 10 of the Pro.BG Shareholders Agreement.

 

	
7.2

	
Without prejudice to Clause 7.1 above, in connection with the implementation of the bTV Transaction Top Tone Holdings and the Consultant hereby agrees to (i) fully cooperate with and promptly provide CME ME with such information regarding the businesses and affairs of Top Tone Holdings as CME ME or the BCPC may require in connection with the bTV Transaction and (ii) accept all such undertakings, conditions or obligations adopted or imposed by the BCPC in order to address any serious competition concern which is notified to CME ME by the BCPC in relation to the bTV Transaction.

 

	
7.3

	
The Parties agree that if CME ME reasonably determines that an alternative acquisition structure to that set out in Clause 2 provides preferable tax and accounting treatment, the Parties shall cooperate in good faith to agree on and implement an alternative structure or make any appropriate changes to the existing structure and accordingly this Agreement and any of the relevant Transaction Documents.  All such changes shall in all material respects result in maintaining the same balance of commercial and economic interests of the Parties as existed before making any such changes.

  

13

  

 

	
8

	
Anti-Money Laundering and Anti-Corruption

 

	
8.1

	
Top Tone Holdings and the Consultant acknowledge that Central European Media Enterprises Ltd. and each member of the CME Group have since 1 August 2008 complied and will continue to comply with the Anti-Money Laundering Laws, including taking any action necessary to do so.

 

	
8.2

	
Top Tone Holdings and the Consultant agree not to offer, promise, authorize or make, directly or indirectly, any unlawful contribution, gift, entertainment or other unlawful payment to any foreign or domestic government official or employee, or any political party, party official, political candidate or official of any public international organization.

 

	
8.3

	
Top Tone Holdings agrees to provide CME ME with such information as CME determines to be necessary or appropriate to comply with the Anti-Money Laundering Laws or to respond to requests for information concerning the identity of CME's shareholders from any governmental authority, self-regulatory organization or financial institution in connection with its anti-money laundering compliance procedures, or to update such information. In addition, each of Top Tone Holdings and the Consultant and their respective Affiliates is not and has not since 1 August 2008 been a Person identified as a terrorist organization or otherwise as a sanctioned Person on any relevant lists maintained by a governmental authority, including the U.S. Department of the Treasury's List of Specially Designated Nationals and Blocked Persons.

 

	
9

	
Status of Agreement and Effect

 

	
  

	
Each Party shall, to the extent that it is able to do so, exercise all its voting rights and other powers in relation to Top Tone Media and Zopal to procure that the provisions of this Agreement are properly and promptly observed and given full force and effect.

 

	
10

	
Confidentiality

 

	
10.1

	
No Party shall divulge or communicate to any person (other than those of its shareholders, directors, employees and professional advisers whose province it is to know the same) or use or exploit for any reason whatsoever this Agreement or the matters contemplated hereby or the information disclosed by either Party to the other Party, and shall use its reasonable endeavours to prevent its employees from so acting.

 

	
10.2

	
Notwithstanding the provisions of Clause 10.1, any Party may make an announcement or disclosure concerning this Agreement:

 

	
  

	
(a)

	
if required by law or any requirement of any securities exchange or regulatory or governmental body to which that Party is subject, wherever situated, whether or not the requirement has the force of law, or

 

	
  

	
(b)

	
to a Party's or its Affiliates' directors, officers, employees, professional advisers, counsel, rating agencies, and lenders or other providers of funds (a) who are directly concerned with this Agreement or any related arrangements or transactions, (b) whose knowledge of such information is reasonably necessary; and (c) who by its position or otherwise is under a duty to observe confidentiality in dealing with this Agreement and such related arrangements or otherwise must comply with the provisions of this Agreement in respect of confidentiality.

  

14

  

 

	
10.3

	
The restrictions contained in this Clause 10 shall continue to apply for a period of three (3) years following the expiration or termination of this Agreement.

 

	
11

	
Trade Restrictions

 

	
11.1

	
Each of Top Tone Holdings and the Consultant hereby jointly and severally undertakes and covenants with CME ME that it shall not, and shall procure that its Affiliates shall not, for a period of two years after the termination of the Investment Agreement, either on its own behalf or in any other capacity whatsoever directly or indirectly carry on or be concerned or engaged or interested directly or indirectly (whether as principal, shareholder, partner, employee, officer, agent or otherwise) in any part of any trade or business competing with any part of any the trade or business of the Pro.BG Group (save for any interest in the shares or other securities of a company traded on a securities market so long as such interest does not extend to more than 3% of the issued share capital of the company or the class of securities concerned or as disclosed in writing to CME ME on the Execution Date).

 

	
11.2

	
Each of Top Tone Holdings and the Consultant hereby jointly and severally undertakes and covenants with CME ME that it shall not, and shall procure that its Affiliates shall not, for a period of two years after the termination of the Investment Agreement, either on its own behalf or in any other capacity whatsoever directly or indirectly:

 

	
  

	
11.2.1

	
deal with, solicit, approach or offer goods or services to, for purposes of enticing away from CME ME and/or the Pro.BG Group, any person, firm or company who is or was a client, customer, supplier, agent or distributor of CME ME, its Affiliates and/or the Pro.BG Group during the term of this Agreement or in the twelve (12) months prior to the termination of the Investment Agreement; or

 

	
  

	
11.2.2

	
approach, solicit, entice away or endeavour to entice away, employ, offer employment to or procure the employment of any person who is or was an employee of CME ME, its Affiliates or Pro.BG Group whether or not such person would commit any breach of his contract of employment by reason of so leaving the service of CME ME or the Pro.BG Group or otherwise; or

 

	
  

	
11.2.3

	
interfere or seek to interfere with the continuance, or any of the terms, of the supply of goods or services to CME ME, its Affiliates or the Pro.BG Group; or

 

	
  

	
11.2.4

	
represent itself as being in any way connected with or interested in the business of CME ME, its Affiliates and/or the Pro.BG Group (other than as a consultant if such be the case) or use any name which is identical or similar to or likely to be confused with the name of CME ME, its Affiliates and/or the Pro.BG Group or any product or service produced or provided by CME ME, its Affiliates and/or the Pro.BG Group or which might suggest a connection with CME ME, its Affiliates and/or the Pro.BG Group.

  

15

  

 

	
11.3

	
Each of the restrictions contained in Clauses 11.1, 11.2.1, 11.2.2, 11.2.3 and 11.2.4 is separate and distinct and is to be construed separately from the other such restrictions.  Each of Top Tone Holdings and the Consultant hereby jointly and severally acknowledges (having received professional advice) that it considers such restrictions to be reasonable both individually and in the aggregate and that the duration, extent and application of each of such restrictions is no greater than is necessary for the protection of the goodwill of the businesses of the Pro.BG Group and the CME Group.

 

	
12

	
Notices

 

	
12.1

	
Any notice or other communication to be given under this Agreement shall be in writing, in the English language, and shall be deemed to have been duly given to a Party:

 

	
  

	
(a)

	
on receipt, when delivered personally;

 

	
  

	
(b)

	
on the next following Business Day following being transmitted by facsimile with suitable proof of transmission; or

 

	
  

	
(c)

	
three Business Days following being sent by an international courier service.

 

	
12.2

	
For purposes of this Clause, the authorized address and facsimile details of the Parties shall be as follows:

 

if to CME ME or CME DF:

Dam 5B

Royal Dam Center

2nd Floor

JS 1012 Amsterdam

The Netherlands

Attn: Managing Director

Tel.: + 31 20 626 8867

Fax: + 31 20 423 1404

with a copy to:

CME Development Corporation

52 Charles Street

London W1J 5EU

United Kingdom

Attn: General Counsel

Tel.: + 44 207 127 5834

Fax: + 44 207 127 5801

if to Top Tone Holdings:

OCRA (Isle of Man) Limited

Grosvenor Court

Tower Street

  

16

  

Ramsey

Isle of Man IM8 1JA

British Isles

Attn: Mr. Richard Dixon

Tel.: +44 1624 811000

Fax: +44 1624 811001

with a copy to:

Mrs. Rossitsa Filipova

20, Fr. Joliot Curie Str.

1113 Sofia

Bulgaria

Tel.: + 359 2 963 0077

Fax: + 359 2 963 0077

if to the Consultant:

Krassimir Guergov

19, Oborishte Str.,

1504 Sofia,

Bulgaria

Tel.: +359 2 943 0610

Fax: +359 2 946 3740

 

or such other address as such Party may notify to the other in writing from time to time in accordance with the requirements of this Section, such notice to be effective five Business Days after the date of such notice or following such longer period as may be set out in such notice.

 

	
12.3

	
Any notice given under this Agreement outside Working Hours of the place to which it is addressed shall be deemed not to have been given until the start of the next period of Working Hours in such place.

 

	
13

	
Set-Off

 

	
  

	
The Parties agree that CME ME shall be entitled to set-off any and all amounts due to Top Tone Holdings under or in connection with this Agreement from any and all amounts due from Top Tone Holdings to CME ME in connection with this Agreement.

 

	
14

	
Entire Agreement

 

	
14.1

	
This Agreement together with the other Transaction Documents constitute the whole agreement between the Parties and supersedes any arrangements, understanding or previous agreement between them relating to the subject matter to which they relate.

 

	
14.2

	
Each Party acknowledges that in entering into this Agreement, it does not rely on, and shall have no remedy in respect of, any statement, representation, assurance or warranty of any person other than as expressly set out in this Agreement.

  

17

  

 

	
14.3

	
Nothing in this Clause 14 operates to limit or exclude any liability for fraud.

 

	
15

	
Third Party Rights

 

No person who is not a Party to this Agreement shall have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce a term of this Agreement.

 

	
16

	
Amendments

 

This Agreement may be amended or modified only if in writing (including a written document evidenced by a facsimile transmission) and signed by each of the Parties.

 

	
17

	
Waiver

 

	
17.1

	
The single or partial exercise of any right, power or remedy provided by law or under this Agreement shall not preclude any other or further exercise of it or the exercise of any other right, power or remedy.

 

	
17.2

	
None of the terms of this Agreement may be waived except by an instrument in writing duly executed by the waiving Party.

 

	
18

	
Costs and Expenses

 

Except as specified herein, each Party shall be liable for its own costs and expenses in relation to the negotiation, preparation, execution and carrying into effect of this Agreement.

 

	
19

	
Joint and Several Liability

 

	
19.1

	
Unless expressly provided otherwise in this agreement, Top Tone Holdings and the Consultant shall be jointly and severally liable for their respective obligations and liabilities arising under this Agreement.

 

	
19.2

	
CME ME or CME DF may take action against, or release or compromise the liability of, any of Top Tone Holdings or the Consultant, or grant time or other indulgence, without affecting the liability of Top Tone Holdings or the Consultant, as applicable.

 

	
20

	
Assignment

 

The provisions of this Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns.  No Party may assign its rights (or, for the avoidance of doubt, its obligations) under this Agreement without the express written consent of the other Party, which shall not be unreasonably withheld or delayed.

 

	
21

	
No Partnership

 

This Agreement does not create or imply any partnership between the Parties and there is no relationship of principal and agent between them.

 

	
22

	
Severability

 

If any provision of this Agreement (or of any document referred to herein) is held to be illegal, invalid or unenforceable in whole or in part, the legality, validity and enforceability of the remaining provisions of this Agreement (or such other document) shall not in any way be affected or impaired thereby.  If any provision or part of this Agreement (or any document referred to herein) is held to be illegal, invalid or unenforceable, then the Parties shall use reasonable endeavours to the fullest extent permitted by law to amend the terms of this Agreement (or such other document) to give effect to the transactions contemplated hereby, and if any invalid, unenforceable or illegal provision would be valid, enforceable or legal if some part of it were deleted or modified, the provision shall apply with whatever modification is necessary to give effect to the commercial intention of the Parties.

  

18

  

	
23

	
Further Assurance

 

Each of the Parties shall, at the request of any other Party, do or, so far as each is able procure, the doing of all such acts and/or execute or procure the execution of all such documents in a form satisfactory to such other Party concerned as they may reasonably consider necessary for giving full effect to this Agreement and securing to such other Party the full benefit of the rights, powers and remedies conferred upon them in this Agreement.

 

	
24

	
Counterparts

 

This Agreement may be executed in any number of counterparts, each of which is an original and which together have the same effect as if each Party had signed the same document, provided that each Party executes at least one counterpart.

 

	
25

	
Governing Law and Jurisdiction

 

This Agreement shall be governed by and construed in accordance with the laws of England.

 

	
26

	
Dispute Resolution

 

	
26.1

	
Any disputes, claims or controversy arising out of or related to this Agreement, including any question as to its formation, validity, interpretation or termination, which cannot be resolved by negotiations between the Parties shall be settled by arbitration on an ad hoc basis in accordance with the Rules of the London Court of International Arbitration, which are deemed to be incorporated by reference into this Clause 26, except to the extent modified by this Clause 26.  The tribunal shall consist of three arbitrators. CME ME and CME DF shall nominate one arbitrator, Top Tone Holdings and the Consultant shall jointly nominate one arbitrator and the third arbitrator shall be appointed by the two arbitrators nominated by the Parties.  Any Party shall have the right to initiate the proceedings.

 

	
26.2

	
The seat of the arbitration shall be London, England.  The language of the arbitration shall be English, except that any party to the arbitration may submit testimony or documentary evidence in Bulgarian, whereupon it shall also furnish a certified translation or interpretation of any such evidence into English.

 

	
26.3

	
If any dispute arising out of or relating to this Agreement (hereinafter referred to as a "Related Dispute") raises issues which are substantially the same as or connected with issues raised in another dispute which has already been referred to arbitration under this Agreement or another Transaction Document (an "Existing Dispute"), the tribunal appointed or to be appointed in respect of any such Existing Dispute shall also be appointed as the tribunal in respect of any such Related Dispute.  Where, pursuant to the foregoing provisions, the same tribunal has been appointed in relation to two or more disputes, the tribunal may, with the agreement of all the parties concerned or upon the application of one of the Parties, being a Party to each of the disputes, order that the whole or part of the matters at issue shall be heard together upon such terms or conditions as the tribunal thinks fit.  The tribunal shall have power to make such directions and any interim or partial award as it considers just and desirable.

  

19

  

	
26.4

	
The Parties agree that money damages would not be a sufficient remedy for any breach of this Agreement by Top Tone Holdings or the Consultant and that in addition to all other remedies, CME ME and CME DF shall be entitled to specific performance and to injunctive or other equitable relief as remedies for any such breach or threatened breach of this Agreement by Top Tone Holdings or the Consultant without proof of actual damages.  The Parties agree not to oppose the granting of such relief, and to waive, and to use their best efforts to cause any Affiliate to waive, any requirement for the securing or posting of any bond in connection with such remedy

  

20

  

IN WITNESS WHEREOF, the Parties have duly executed and delivered this Amended and Restated Sale and Purchase Agreement as a deed on the date first written above.

 

	
EXECUTED and DELIVERED as a DEED

	
)

	  
	
by

	
)

	  
	
CME MEDIA ENTERPRISES B.V.

	
)

	  
	
acting by Pan Invest B.V, represented by

	
)

	  
	
G. v. d. Berg

	
)

	
/s/ Gerben van den Berg

	
in the presence of:

	
)

	  
	  	  	  
	  	  	
/s/ M.C. Peters – v. Spaendonck

	  	  	
Signature of Witness

	
Name of Witness: M.C. Peters-v. Spaendonck

	  	  
	
Occupation of Witness: Acc. Manager

	  	  
	
Address of Witness:

	  	  
	  	  	  
	
and Alphons van Spaendonck

	
)

	
/s/ Alphons van Spaendonck

	
in the presence of:

	
)

	  
	  	  	  
	  	  	
/s/ M.C. Peters – v. Spaendonck

	  	  	
Signature of Witness

	  	  	  
	
Name of Witness: M.C. Peters-v. Spaendonck

	  	  
	
Occupation of Witness: Acc. Manager

	  	  
	
Address of Witness:

	  	  
	  	  	  
	  	  	  
	
EXECUTED and DELIVERED as a DEED

	
)

	  
	
by

	
)

	  
	
CME DEVELOPMENT FINANCING B.V.

	
)

	  
	
acting by Pan Invest B.V, represented by

	
)

	  
	
G. v. d. Berg

	
)

	
/s/ Gerben van den Berg

	
in the presence of:

	
)

	  
	  	  	  
	  	  	
/s/ M.C. Peters – v. Spaendonck

	  	  	
Signature of Witness

	
Name of Witness: M.C. Peters-v. Spaendonck

	  	  
	
Occupation of Witness: Acc. Manager

	  	  
	
Address of Witness:

	  	  
	  	  	  
	
and Alphons van Spaendonck

	
)

	
/s/ Alphons van Spaendonck

	
in the presence of:

	
)

	  
	  	  	  
	  	  	
/s/ M.C. Peters – v. Spaendonck

	  	  	
Signature of Witness

	  	  	  
	
Name of Witness: M.C. Peters-v. Spaendonck

	  	  
	
Occupation of Witness: Acc. Manager

	  	  
	
Address of Witness:

	  	  

  

  

  

 

	
EXECUTED and DELIVERED as a DEED by

	
)

	  
	
VLADIMIR KRASTEV BROUSSARSKI

	
)

	  
	
acting as attorney for

	
)

	  
	
TOP TONE MEDIA HOLDINGS LIMITED

	
)

	

/s/ Vladimir Krastev Broussarski

	
under a power of attorney dated 16 February 2010

	
)

	
 

	
in the presence of:

	  	  
	  	  	  
	  	  	
/s/ Ivanka Gogova

	
Name of Witness: Ivanka Gogova

	  	
Signature of Witness

	
Occupation of Witness: Head of Office

	  	  
	
Address of Witness:

	  	  
	  	  	  
	  	  	  
	
EXECUTED and DELIVERED as a DEED by

	
)

	  
	
ROSSITSA PENCHEVA FILIPOVA

	
)

	  
	
acting as attorney for

	
)

	  
	
TOP TONE MEDIA HOLDINGS LIMITED

	
)

	

/s/ Rossitsa Pencheva Filipova

	
under a power of attorney dated 16 February 2010

	
)

	
 

	
in the presence of:

	  	  
	  	  	  
	  	  	
/s/ Ivanka Gogova

	
Name of Witness: Ivanka Gogova

	  	
Signature of Witness

	
Occupation of Witness: Head of Office

	  	  
	
Address of Witness:

	  	  
	  	  	  
	  	  	  
	
EXECUTED and DELIVERED as a DEED by

	
)

	  
	
KRASSIMIR GUERGOV

	
)

	  
	
in the presence of:

	
)

	
/s/ Krassimir Guergov

	  	  	  
	  	  	  
	  	  	
/s/ Elitsa Menkova

	
Name of Witness: Elitsa Menkova

	  	
Signature of Witness

	
Occupation of Witness: Personal Assistant

	  	  
	
Address of Witness:ex10_5.htm

Exhibit 10.5

CME MEDIA ENTERPRISES B.V.

and

TOP TONE MEDIA HOLDINGS LIMITED

_________________________________________________

INVESTMENT AGREEMENT

_________________________________________________

22 April 2010

  

 

  

 

CONTENTS

Page

	
1.

	  	
Definitions

	
3

	
2.

	  	
Transfer of Ownership Interests

	
6

	
3.

	  	
Share Option

	
8

	
4.

	  	
Tag Along Right

	
9

	
5.

	  	
Drag Along Right

	
9

	
6.

	  	
Put Option

	
10

	
7.

	  	
Call Option

	
11

	
8.

	  	
Provision Relating to Transfers

	
12

	
9.

	  	
Events of Default

	
12

	
10.

	  	
Provisions Relating to Valuation

	
13

	
11.

	  	
Additional Undertakings

	
14

	
12.

	  	
Trade Restrictions

	
15

	
13.

	  	
Confidentiality

	
16

	
14.

	  	
Termination and Consequences of Termination

	
17

	
15.

	  	
Notices

	
17

	
16.

	  	
Entire Agreement

	
18

	
17.

	  	
Third Party Rights

	
18

	
18.

	  	
Amendments

	
19

	
19.

	  	
Waiver

	
19

	
20.

	  	
Costs and Expenses

	
19

	
21.

	  	
Assignment

	
19

	
22.

	  	
No Partnership

	
19

	
23.

	  	
Severability

	
19

	
24.

	  	
Further Assurance

	
19

	
25.

	  	
Counterparts

	
20

	
26.

	  	
Governing Law and Jurisdiction

	
20

	
27.

	  	
Dispute Resolution

	
20

	  	  	  	  
	
Schedule 1 Deed of Adherence

	
22

  

2

  

 

THIS INVESTMENT AGREEMENT (the "Agreement") is made on 22 April 2010

BETWEEN:

  

	
(1)

	
CME MEDIA ENTERPRISES B.V., a company organized under the laws of the Netherlands, and having its seat at Dam 5b, JS 1012 Amsterdam, the Netherlands ("CME ME"); and

	
(2)

	
TOP TONE MEDIA HOLDINGS LIMITED, a BVI Business company organized under the laws of the British Virgin Islands with registered number 1381053 and having its registered office at 3rd Floor, Omar Hodge Building, Wickhams Cay I, P.O. Box 362, Road Town, Tortola, British Virgin Islands ("Top Tone Holdings"),

the "Parties" and each a "Party".

WHEREAS:

	
(A)

	
CME ME entered into an Amended and Restated Sale and Purchase Agreement as of 19 April 2010 (the "SPA") with CME Development Financing B.V., Top Tone Holdings and Guergov (as such term is defined below);

	
(B)

	
Pursuant to the SPA, Top Tone Holdings will purchase a six per cent. (6%) interest in CME Bulgaria;

	
(C)

	
As of the date hereof, CME Bulgaria has a capital structure comprised of US$295,000,000 in equity and the CME Bulgaria Loan; and

	
(D)

	
In connection with the SPA the Parties thereto have agreed to enter into this Agreement for the purpose of defining their respective rights and obligations with regards to their Ownership Interests.

IT IS AGREED as follows:

  

	
1.

	
Definitions

	
1.1  

	
In this Agreement:

 

	
"Affiliate"

	 	
of a person means, in relation to any corporate entity, any person that directly or indirectly through one or more intermediaries, Controls, is Controlled by, or is under common Control with, such person and in relation to any individual, any family member of such individual;

	  	 	  
	
"Applicable Law"

	 	
means all laws, ordinances, regulations, judgments, decrees, decisions, writs, awards, orders or, directives of any governmental authority, and international treaties or any other agreements to which any governmental authority is a party, to the extent applicable to the Parties, this Investment Agreement, the SPA or the business of the Parties;

	  	 	  
	
"Balkan News Corporation"

	 	
means Balkan News Corporation EAD, a company organized under the laws of Bulgaria, which is to be renamed bTV Media Group EAD;

  

3

  

 

	
"bTV Group"

	 	
means Balkan News Corporation, TV Europe, Triada and Radiocompany C.J.;

	  	 	  
	
"bTV SPA"

	 	
means the deed relating to the sale and purchase of certain media interests in Bulgaria dated 18 February 2010 between (amongst others) CME ME and News Netherlands B.V.;

	  	 	  
	
"Business Day"

	 	
means a day (other than a Saturday or a Sunday) on which commercial banks are open for general business in Sofia, New York and London (other than solely for services via the internet);

	  	 	  
	
"Call"

	 	
has the meaning given thereto in Clause 7.1;

	  	 	  
	
"Call Closing Date"

	 	
has the meaning given thereto in Clause 7.3(c);

	  	 	  
	
"Call Notice"

	 	
has the meaning given thereto in Clause 7.3;

	  	 	  
	
"Call Price"

	 	
means an amount equal to the Relevant Percentage of the Valuation;

	  	 	  
	
"Closing"

	 	
has the meaning given thereto in the SPA;

	  	 	  
	
"Combined Business"

	 	
has the meaning given thereto in Clause 2.5;

	  	 	  
	
"Control"

	 	
means the power to direct or cause the direction of the management or policy of any Person, directly or indirectly, through family relationship (if a natural person), the holding of securities or other participation interests, by virtue of an agreement, arrangement or understanding or on other grounds, and "Controlling" and "Controlled" shall have the correlative meanings proceeding from this term;

	  	 	  
	
"CME Bulgaria"

	 	
CME Bulgaria B.V., a company organized under the laws of the Netherlands, and having its seat at Dam 5B 1012JS Amsterdam;

	  	 	  
	
"CME Bulgaria Loan"

	 	
means the loan to CME Bulgaria in the aggregate principal amount of Euro 87,000,000 (equivalent to approximately US$118,000,000) on the date hereof and interest thereon;

	  	 	  
	
"CME Group"

	 	
means Central European Media Enterprises Ltd. and its subsidiaries;

	  	 	  
	
"CME Investment Bank"

	 	
means an Investment Bank appointed by CME ME for the purposes of determining a Valuation;

	  	 	  
	
"CME ME"

	 	
has the meaning given thereto in the Recitals;

	  	 	  
	
"CME Valuation"

	 	
has the meaning given thereto in Clause 10.1(a);

  

4

  

 

	
"Disposal Notice"

	 	
has the meaning given thereto in Clause 4.1;

	  	 	  
	
"Distributable Reserves"

	 	
means the sum of (i) "accumulated profit/(loss) brought forward" and (ii) "profit/(loss) for the year" as reported in the statutory accounts of CME Bulgaria as of any relevant reference date;

	  	 	  
	
"Drag Along Notice"

	 	
has the meaning given thereto in Clause 5.1;

	  	 	  
	
"Drag Along Right"

	 	
has the meaning given thereto in Clause 5.1;

	  	 	  
	
"Encumbrance"

	 	
has the meaning given thereto in the SPA;

	  	 	  
	
"Event of Default"

	 	
has the meaning given thereto in Clause 9.1;

	  	 	  
	
"Execution Date"

	 	
means the date hereof;

	  	 	  
	
"Existing Dispute"

	 	
has the meaning given thereto in Clause 27.3;

	  	 	  
	
"Guergov"

	 	
means Krassimir Guergov, a citizen of the Republic of Bulgaria, residing at 19, Oborishte Str., 1504 Sofia, Bulgaria, holder of identity card no. 184961630 issued by the Republic of Bulgaria;

	  	 	  
	
"Independent Investment Bank"

	 	
has the meaning given thereto in Clause 10.5;

	  	 	  
	
"Investment Bank"

	 	
means an international investment bank of recognised international standing with experience conducting valuations of broadcasting assets;

	  	 	  
	
"Ownership Interests"

	 	
means the shares, participation rights or other equity ownership interest of CME ME, any of its Affiliates or Top Tone Holdings in CME Bulgaria;

	  	 	  
	
"Person"

	 	
has the meaning given thereto in the SPA;

	  	 	  
	
"Pro.BG Business"

	 	
has the meaning given thereto in the SPA;

	  	 	  
	
"Pro.BG Group"

	 	
has the meaning given thereto in the SPA;

	  	 	  
	
"Pro.BG Loans"

	 	
means the loans outstanding to the Pro.BG Group from time to time;

	  	 	  
	
"Purchaser"

	 	
has the meaning given thereto in Clause 4.1;

	  	 	  
	
"Put"

	 	
has the meaning given thereto in Clause 6.1;

	  	 	  
	
"Put Closing Date"

	 	
has the meaning given thereto in Clause 6.4(c);

	  	 	  
	
"Put Notice"

	 	
has the meaning given thereto in Clause 6.4;

	  	 	  
	
"Put Objection Notice"

	 	
has the meaning given thereto in Clause 6.6;

	  	 	  
	
"Put Price"

	 	
means an amount equal to Relevant Percentage of the Valuation;

  

5

  

 

	
"Radiocompany C.J."

	 	
means Radiocompany C.J OOD, a company organized under the laws of Bulgaria;

	  	 	  
	
"Related Dispute"

	 	
has the meaning given thereto in Clause 27.3;

	  	 	  
	
"Relevant Percentage"

	 	
means the percentage of the issued share capital of CME Bulgaria over which the Share Option is exercised pursuant to Clause 3, the Put is exercised pursuant to Clause 6 or the Call is exercised pursuant to Clause 7;

	  	 	  
	
"Share Option"

	 	
has the meaning given thereto in Clause 3.1;

	  	 	  
	
"Share Option Notice"

	 	
has the meaning given thereto in Clause 3.5;

	  	 	  
	
"Share Option Objection Notice"

	 	
has the meaning given thereto in Clause 3.6;

	  	 	  
	
"Share Option Price"

	 	
has the meaning given thereto in Clause 3.3;

	  	 	  
	
"SPA"

	 	
has the meaning given thereto in the Recitals;

	  	 	  
	
"Tag Along Notice"

	 	
has the meaning given thereto in Clause 4.3;

	  	 	  
	
"Tag Along Right"

	 	
has the meaning given thereto in Clause 4.2;

	  	 	  
	
"Top Tone Holdings"

	 	
has the meaning given thereto in the Recitals;

	  	 	  
	
"Top Tone Holdings Investment Bank"

	 	
means an Investment Bank appointed by Top Tone Holdings for the purposes of determining a Valuation;

	  	 	  
	
"Top Tone Holdings Valuation"

	 	
has the meaning given thereto in Clause 10.1(b);

	  	 	  
	
"Top Tone Transferee"

	 	
has the meaning given thereto in Clause 2.3;

	  	 	  
	
"Transaction Documents"

	 	
means this Agreement, the SPA, the Deed of Termination and  any other document or agreement which the Parties execute to implement the transactions contemplated hereby and thereby and designate as such;

	  	 	  
	
"Triada"

	 	
means Triada Communications EOOD, a company organized under the laws of Bulgaria;

	  	 	  
	
"TV Europe"

	 	
means TV Europe B.V., a company organized under the laws of the Netherlands;

	  	 	  
	
"US Dollars" or "US$"

	 	
means the official currency for the time being of the United States of America;

	  	 	  
	
"Valuation"

	 	
has the meaning set forth in Clause 10; and

	  	 	  
	
"Working Hours"

	 	
means the hours of 9.00 a.m. to 5.00 p.m. on a Business Day.

  

	
2.

	
Transfer of Ownership Interests

  

6

  

 

	
2.1

	
CME ME or any Affiliate(s) to whom its Ownership Interests have been directly or indirectly transferred may sell, transfer, grant any security interest over or otherwise dispose of all or any part of its Ownership Interest in CME Bulgaria at any time and on any terms.

	
2.2

	
Save under and pursuant to Clause 2.3, the Tag Along Right, the Drag Along Right, the Put, or the Call, Top Tone Holdings may not sell, transfer or otherwise dispose of, grant any option over or create or permit any Encumbrance on or over all or any part of its Ownership Interest in respect of CME Bulgaria or any other rights or privileges it may have in connection with its Ownership Interest in respect of CME Bulgaria without the prior written consent of CME ME.

	
2.3

	
Top Tone Holdings shall be permitted to sell, transfer or otherwise dispose of such Ownership Interests to an Affiliate of Top Tone Holdings which is Controlled and 100% beneficially owned by Guergov ("Top Tone Transferee") without the need to obtain prior written consent from CME ME, provided that Top Tone Holdings shall procure that such Top Tone Transferee:

	
  

	
(a)

	
enters into a deed of adherence in the agreed form set out in Schedule 1 hereto at the time of sale, transfer or disposition of such Ownership Interests agreeing to be bound by the terms of this Agreement in place of Top Tone Holdings;

	
  

	
(b)

	
shall not sell, transfer or otherwise dispose of such Ownership Interests to a person that is not an Affiliate of Top Tone Holdings which is Controlled and 100% beneficially owned by Guergov; and

	
  

	
(c)

	
immediately transfers back to Top Tone Holdings (or, if Top Tone Holdings is no longer Controlled and 100% beneficially owned by Guergov, an entity Controlled and 100% beneficially owned by Guergov) its Ownership Interests in the event that the Top Tone Transferee ceases to Controlled and 100% beneficially owned by Guergov.

	
2.4

	
CME ME (or any of its Affiliates to whom its Ownership Interests have been directly or indirectly transferred) may create or permit any Encumbrance on or over all or any part of its Ownership Interest or its voting rights or any other rights or privileges they may have in connection with its Ownership Interest. CME ME or its Affiliates, as applicable shall provide notice to Top Tone Holdings of any such Encumbrance.

	
2.5

	
Following the Closing, to the extent permitted under Applicable Law and any agreement or instrument to which CME ME or any member of the CME Group is a party, CME ME intends to:

	
  

	
(a)

	
operate the Pro.BG Business and the bTV Group on a combined basis (the "Combined Business"); and

	
  

	
(b)

	
use its reasonable endeavours to cause the Pro.BG Business to be transferred to CME Bulgaria by 31 December 2010.

	
2.6

	
CME ME undertakes to procure that CME Bulgaria causes a supervisory board to be created at Balkan News Corporation consisting of up to five (5) members. Top Tone Holdings shall be entitled to nominate one (1) member to such supervisory board. The Parties agree to consult with one another on the nominees to the supervisory board to ensure that members with appropriate qualifications are appointed. Any of the members of the supervisory board can nominate a candidate to be a news director.

  

7

  

 

	
3.

	
Share Option

  

	
3.1

	
For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Top Tone Holdings shall, subject to the provisions of this Clause 3, have the irrevocable and unconditional right to acquire up to 4% of the issued share capital of CME Bulgaria (the "Share Option").

	
3.2

	
The Share Option shall be exercisable at any time from the Execution Date to the third anniversary of the Closing.

	
3.3

	
The price to be paid for the CME Bulgaria shares subject to the Share Option shall be (i) US$2,950,000 for each 1% interest acquired, up to an aggregate of US$11,800,000, if the Share Option is exercised on or before the first anniversary of the Closing or (ii) the Relevant Percentage of the Valuation if the Share Option is exercised at any time immediately following the first anniversary of the Closing to the third anniversary of the Closing (the "Share Option Price").

  

	
3.4

	
The right of Top Tone Holdings to exercise the Share Option is conditional upon the following:

	
  

	
(a)

	
neither Top Tone Holdings nor any of its Affiliates being in material breach of any of the Transaction Documents;

	
  

	
(b)

	
Top Tone Holdings having full unencumbered right and title to its entire Ownership Interest in CME Bulgaria at the date of consummation of the Share Option pursuant to Clause 3.7; and

	
  

	
(c)

	
no Event of Default having occurred and be continuing.

  

	
3.5

	
Top Tone Holdings may only exercise the Share Option once and by giving a written exercise notice (a "Share Option Notice") to CME ME and CME Bulgaria.  Once given, a Share Option Notice shall be irrevocable.

	
3.6

	
If CME ME receives a Share Option Notice, CME ME may give written notice (a "Share Option Objection Notice") to Top Tone Holdings within ten (10) Business Days of the receipt of such Share Option Notice of any objections to the exercise of the Share Option. If such Share Option Objection Notice contains valid grounds for objection, the Share Option shall not be exercisable.  If the grounds for objection specified in the Share Option Objection Notice are capable of remedy, Top Tone Holdings may remedy any such grounds for objection. If, following such a remedy, Top Tone Holdings wishes to exercise the Share Option, it shall recommence the process outlined in this Clause 3.

  

	
3.7

	
The consummation of the Share Option shall take place at such time and place as may be specified in the Share Option Notice in accordance with the foregoing but not less than ten (10) Business Days after the receipt of the Share Option Notice by CME ME or otherwise agreed among the Parties. CME ME shall have no obligation to transfer the shares in CME Bulgaria under the Share Option unless all conditions to the exercise of the Share Option are satisfied and remain satisfied on the date of transfer of the shares in CME Bulgaria.  Top Tone Holdings shall pay the full amount of the Share Option Price to such bank account as is nominated in writing for such purpose by CME ME.

	
3.8

	
The Parties agree that if they determine that the transfer and payment arrangements described in this Clause 3 are not structured properly to optimize the tax and accounting treatment to the level intended by the Parties, they shall cooperate in good faith to agree on and implement an alternative structure or make any appropriate changes to the existing structure and accordingly this Agreement.  All such changes shall in all material respects result in maintaining the same balance of commercial and economic interests of the Parties as existed before making any such changes.

  

8

  

 

	
4.

	
Tag Along Right

  

	
4.1

	
If CME ME proposes to effect a sale, transfer or other disposal of all or a majority of its Ownership Interest in CME Bulgaria other than to an Affiliate, it shall serve a notice of such proposed sale, transfer or other disposal (a "Disposal Notice") on  Top Tone Holdings which shall state:

	
  

	
(a)

	
what percentage of its relevant Ownership Interest is to be sold, transferred or otherwise disposed of;

	
  

	
(b)

	
the identity of the third party purchaser (the "Purchaser"); and

	
  

	
(c)

	
the price per share and any other material terms and conditions of such proposed sale, transfer or other disposal.

 

	
4.2

	
If CME ME serves a Disposal Notice pursuant to Clause 4.1 above, Top Tone Holdings shall have the right (subject to Clause 4.5 below) to sell its entire Ownership Interests in CME Bulgaria to the Purchaser at the price per share and otherwise on the terms and conditions specified in the Disposal Notice (the "Tag Along Right").

  

	
4.3

	
Top Tone Holdings may exercise the Tag Along Right within ten (10) Business Days of receipt of the Disposal Notice by delivering a written notice stating the exercise of such right to CME ME (the "Tag Along Notice").

	
4.4

	
By delivery of the Tag Along Notice, Top Tone Holdings agrees to sell the relevant portion of its Ownership Interest at the price per share and otherwise on the terms and conditions specified in, and concurrently with the proposed transaction described in, the Disposal Notice.  Once delivered, such Tag Along Notice shall be irrevocable and Top Tone Holdings shall be obligated to deliver and sell the relevant portion of its Ownership Interest pursuant thereto and on the terms thereof.

  

	
4.5

	
In the event that Top Tone Holdings so exercises the Tag Along Right and that the Purchaser wishes to purchase some but not all of the Ownership Interests offered by CME ME and Top Tone Holdings, each of CME ME and Top Tone Holdings shall be entitled to sell to the Purchaser such portion of their respective Ownership Interests pro rata to the entire Ownership Interests in CME Bulgaria that are offered by CME ME and Top Tone Holdings in connection herewith.

	
4.6

	
Upon the delivery of a Put Notice, Top Tone Holdings shall be deemed to have irrevocably waived its Tag Along Right in respect of such Ownership Interest in CME Bulgaria.

  

	
5.

	
Drag Along Right

  

	
5.1

	
In addition to serving a Disposal Notice pursuant to Clause 4.1 above, CME ME shall have the right (subject to Clause 5.4 below) to require Top Tone Holdings to sell its Ownership Interest in CME Bulgaria to the Purchaser at the price per share and otherwise on the terms and conditions specified in the Disposal Notice (the "Drag Along Right"). CME ME may exercise the Drag Along Right by delivering a written notice stating the exercise of such right to Top Tone Holdings concurrently with or within the Disposal Notice (the "Drag Along Notice").

  

9

  

 

	
5.2

	
Once delivered, such Drag Along Notice shall be irrevocable. However, a Drag Along Notice shall lapse if, for any reason, CME ME has not sold its Ownership Interest by the transaction date set out in the Disposal Notice. CME ME may serve further Drag Along Notices following the lapse of any particular Drag Along Notice and Top Tone Holdings shall be obligated to deliver and sell its Ownership Interest pursuant thereto and on the terms thereof.

	
5.3

	
The Ownership Interest of Top Tone Holdings sold under this Clause 5 shall be sold at the price per share and otherwise on the terms and conditions specified in, and concurrently with the proposed transaction described in, the Disposal Notice.

  

	
5.4

	
In the event that CME ME so exercises the Drag Along Right and that the Purchaser wishes to purchase some but not all of the Ownership Interests offered by CME ME and Top Tone Holdings, each of CME ME and Top Tone Holdings shall be entitled to sell to the Purchaser such portion of their respective Ownership Interests pro rata to the entire Ownership Interest in CME Bulgaria that are offered by CME ME and Top Tone Holdings in connection herewith.

	
5.5

	
In the event that the Drag Along Notice is delivered prior to the first anniversary of Closing, Top Tone Holdings may exercise the Share Option at the applicable Share Option Price and the Ownership Interests acquired as a result thereof shall be included in the Ownership Interests referred to in this Clause 5.

  

	
6.

	
Put Option

  

	
6.1

	
For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Top Tone Holdings shall, subject to the provisions of this Clause 6, have the irrevocable and unconditional right to require CME ME to purchase its entire Ownership Interest in CME Bulgaria at the Put Price (the "Put").

  

	
6.2

	
Subject to Clause 9.3, the Put shall be exercisable at any time following the third anniversary of the date of this Agreement.

	
6.3

	
The right of Top Tone Holdings to exercise the Put is conditional upon the following:

	
  

	
(a)

	
neither Top Tone Holdings nor any of its respective Affiliates being in material breach of any of the Transaction Documents;

	
  

	
(b)

	
Top Tone Holdings having full unencumbered right and title to its entire Ownership Interest in CME Bulgaria at the Put Closing Date; and

	
  

	
(c)

	
no Event of Default having occurred and be continuing.

  

	
6.4

	
Top Tone Holdings may only exercise the Put by giving a written exercise notice (a "Put Notice") to CME ME.  The Put Notice shall:

	
  

	
(a)

	
state that Top Tone Holdings is exercising the Put;

	
  

	
(b)

	
request CME ME nominate the CME Investment Bank for purposes of the Valuation; and

  

10

  

 

	
  

	
(c)

	
state the anticipated time and place on which CME ME shall be obliged, subject to the completion of the Valuation, to acquire the entire Ownership Interest of Top Tone Holdings in exchange of payment by CME ME of the Put Price, which (subject to such terms and conditions) shall occur on a date falling not more than twenty (20) Business Days after the date on which such Valuation is completed (or, in each case, such later date as is necessary to obtain all required governmental and regulatory approvals and consents) (the "Put Closing Date").

	
6.5

	
Once given, a Put Notice shall be irrevocable.

  

	
6.6

	
If CME ME receives a Put Notice, CME ME may give written notice (a "Put Objection Notice") to Top Tone Holdings within ten (10) Business Days of the receipt of such Put Notice of any objections to the exercise of the Put. If such Put Objection Notice contains valid grounds for objection, the Put shall not be exercisable.  If the grounds for objection specified in the Put Objection Notice are capable of remedy, Top Tone Holdings may remedy any such grounds for objection. If, following such a remedy, Top Tone Holdings wish to exercise the Put, they shall recommence the process outlined in this Clause 6.

	
6.7

	
Within twenty (20) Business Days of receipt of a Put Notice (provided that no Put Objection Notice containing valid grounds for objection has been served), each of CME ME and Top Tone Holdings shall appoint the CME Investment Bank and Top Tone Holdings Investment Bank for the purposes of determining the Valuation.

	
6.8

	
The consummation of the Put shall take place at such time and place as may be specified in the Put Notice in accordance with the foregoing or otherwise agreed among the Parties. CME ME shall have no obligation to pay any portion of the Put Price unless all conditions to the exercise of the Put are satisfied and remain satisfied on the Put Closing Date.  CME ME shall pay the full amount of the Put Price to such bank account as is nominated in writing for such purpose by Top Tone Holdings.

	
6.9

	
The Parties agree that if they determine that the transfer and payment arrangements described in this Clause 6 are not structured properly to optimize the tax and accounting treatment to the level intended by the Parties, they shall cooperate in good faith to agree on and implement an alternative structure or make any appropriate changes to the existing structure and accordingly this Agreement.  All such changes shall in all material respects result in maintaining the same balance of commercial and economic interests of the Parties as existed before making any such changes.

  

	
7.

	
Call Option

  

	
7.1

	
For good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, CME ME shall, subject to the provisions of this Clause 7, have the irrevocable and unconditional right to require Top Tone Holdings to sell to CME ME at the Call Price (the "Call") its entire Ownership Interest in CME Bulgaria.

  

	
7.2

	
Subject to Clause 9.3, the CME Call shall be exercisable at any time following the third anniversary of the date of this Agreement.

  

	
7.3

	
CME ME may only exercise the Call by giving a written exercise notice (a "Call Notice") to Top Tone Holdings.  The Call Notice shall:

	
  

	
(a)

	
state that CME ME is exercising the Call;

  

11

  

 

	
  

	
(b)

	
request that Top Tone Holdings nominate Top Tone Holdings Investment Bank for purposes of the Valuation; and

  

	
  

	
(c)

	
state the anticipated time and place on which Top Tone Holdings shall be obliged, subject to the completion of the Valuation, to sell its entire Ownership Interests in exchange of payment by CME ME of the Call Price, which (subject to such terms and conditions) shall occur on a date falling not more than twenty (20) Business Days after the date on which such Valuation is completed (or, in each case, such later date as is necessary to obtain all required governmental and regulatory approvals and consents) (the "Call Closing Date").

	
7.4

	
Once given, a Call Notice shall be irrevocable.

	
7.5

	
Within twenty (20) Business Days of receipt of a Call Notice, each of CME ME and Top Tone Holdings shall appoint the CME Investment Bank and Top Tone Holdings Investment Bank for the purposes of determining the Valuation.

	
7.6

	
The consummation of the Call shall take place at such time and place as may be specified in the Call Notice in accordance with the foregoing or otherwise agreed among the Parties.  Top Tone Holdings shall have no obligation to sell its Ownership Interest unless all conditions to the exercise of the Call are satisfied and remain satisfied on the Call Closing Date.  CME ME shall pay the full amount of the Call Price to such bank account as is nominated in writing for such purpose by Top Tone Holdings.

	
7.7

	
The Parties agree that if they determine that the transfer and payment arrangements described in this Clause 7 are not structured properly to optimize the tax and accounting treatment to the level intended by the Parties, they shall cooperate in good faith to agree on and implement an alternative structure or make any appropriate changes to the existing structure.  All such changes shall in all material respects result in maintaining the same balance of commercial and economic interests of the Parties as existed before making any such changes.

  

	
8.

	
Provision Relating to Transfers

Transfers of Ownership Interests where required under the provisions of this Agreement shall be effected with full title guarantee and be made free of all Encumbrances.

  

	
9.

	
Events of Default

  

	
9.1

	
The occurrence of any of the following shall constitute an event of default with respect to a Party (an "Event of Default"):

	
  

	
(a)

	
the liquidation, administration or entry into receivership of such Party;

	
  

	
(b)

	
a material breach of any Transaction Documents by such Party, which remains unremedied thirty (30) Business Days after a notice by the non-defaulting Party to remedy the same; and

	
  

	
(c)

	
if, at any time while Top Tone Holdings holds Ownership Interests in CME Bulgaria, Guergov ceases to Control and beneficially own 100% of Top Tone Holdings.

  

12

  

 

	
9.2

	
Each Party shall notify the others of any material breach of this Agreement that it has committed, together with short details of the same.

  

	
9.3

	
Notwithstanding Clause 6.2 and Clause 7.2:

	
  

	
(a)

	
if there occurs at any time an Event of Default by CME ME, Top Tone Holdings may exercise the Put as if the Event of Default occurred after the third anniversary of the date of this Agreement;

	
  

	
(b)

	
if there occurs at any time an Event of Default by Top Tone Holdings, CME ME may exercise the Call as if the Event of Default occurred after the third anniversary of the date of this Agreement;

	
  

	
(c)

	
if there occurs at any time an Event of Default (or any material breach of this Agreement which would constitute an Event of Default with the passing of time and/or the giving of notice) by Top Tone Holdings, the Put shall not be exercisable until such time as the Event of Default has been remedied to the reasonable satisfaction of CME ME (acting reasonably); and

	
  

	
(d)

	
if there occurs at any time an Event of Default (or any material breach of this Agreement which would constitute an Event of Default with the passing of time and/or the giving of notice) by CME ME, the Call shall not be exercisable until such time as the Event of Default has been remedied to the reasonable satisfaction of Top Tone Holdings (acting reasonably).

  

	
10.

	
Provisions Relating to Valuation

	
10.1

	
For the purposes of this Agreement, Valuation of CME Bulgaria (including the bTV Group and the Pro.BG Business) shall mean the amount expressed in U.S. Dollars or, in the event CME Bulgaria reports in Euros, Euros equal to the average of:

	
  

	
(a)

	
the valuation of the Ownership Interest in CME Bulgaria, calculated with reference to 100% of the equity value of CME Bulgaria provided by the CME Investment Bank (the "CME Valuation"); and

	
  

	
(b)

	
the valuation of the Ownership Interest in CME Bulgaria, calculated with reference to 100% of the equity value of CME Bulgaria provided by Top Tone Holdings Investment Bank (the "Top Tone Holdings Valuation"),

	
  

	
(c)

	
provided that the difference between the CME Valuation and Top Tone Holdings Valuation is not more than 5%.

	
10.2

	
For purposes of the Valuation, the Pro.BG Loans shall be excluded from the total equity value of CME Bulgaria. For the avoidance of doubt, any amount of the Pro.BG Loans that is included in determining the value of the equity shall be added back for purposes of establishing the Valuation of CME Bulgaria.

	
10.3

	
For the purposes of the Valuation, the value of the Pro.BG Group shall never be less than zero and any such Valuation less than zero shall be deemed to be zero.

	
10.4

	
The Parties shall use their commercially reasonable efforts to procure that the CME Investment Bank and Top Tone Holdings Investment Bank shall:

	
  

	
(a)

	
agree on common valuation parameters within fifteen (15) Business Days of their respective appointments (which shall be limited to considerations of equity value only, on a "debt-free, cash-free" basis viewed as a passive investment without regard for any governance rights or any share transfer restrictions);

  

13

  

 

	
  

	
(b)

	
provide their valuations of the Ownership Interest within thirty (30) Business Days of their appointment,

	
  

	
(c)

	
conduct their respective valuations on the basis of (i) there being a willing buyer and a willing seller, (ii) a sale as a going concern (without premium or penalty on account of the relative size of the Ownership Interest to be transferred) and (iii) the conditions set out in Clauses 10.2 and 10.3,

	
  

	
(d)

	
act as experts and not as arbitrators, and

	
  

	
(e)

	
each Party shall afford to each Investment Bank all information reasonably requested by any of them for the purpose of determining their valuation as required hereunder.

	
10.5

	
In the event that the difference between the CME Valuation and Top Tone Holdings Valuation determined pursuant to Clause 10.1 is more than 5%, a third valuation from an Investment Bank jointly appointed by the CME Investment Bank and Top Tone Holdings Investment Bank (the "Independent Investment Bank"), shall be conducted, and the Valuation shall be the average of the middle valuation and the valuation that is nearest to it (with the third valuation being disregarded).

	
10.6

	
The Independent Investment Bank shall not have a material relationship with either CME ME or Top Tone Holdings (or any of their respective Affiliates) nor be the CME Investment Bank or Top Tone Holdings Investment Bank.

	
10.7

	
The cost of the Independent Investment Bank shall be shared equally by Top Tone Holdings on the one hand and CME ME on the other hand.

	
10.8

	
The Parties shall procure that in the event that an Independent Investment Bank is jointly appointed, CME ME and Top Tone Holdings shall each use its commercially reasonable efforts to procure that the Independent Investment Bank provide its valuation of the Ownership Interest within twenty (20) Business Days of its appointment based on the same valuation principles as referred to in Clause 10.4.

  

	
11.

	
Additional Undertakings

	
11.1

	
In the event CME ME invests or intends to invest in broadcasting assets in Bulgaria outside of the Combined Business and does not intend to hold such investments through CME Bulgaria or its subsidiaries, it shall notify Top Tone Holdings of such investment or intended investment. Top Tone Holdings may offer to participate in such investment either directly or through an Affiliate on such terms as may be agreed by the Parties. Any such participation shall be subject to the terms of this Agreement. CME ME may in its sole discretion decline such offer (or accept it subject to such terms and conditions as it may deem appropriate) but it shall consider such offers as are made acting reasonably.

	
11.2

	
In the event Top Tone Holdings invests or intends to invest in broadcasting assets in Bulgaria outside of the Combined Business, it shall notify CME ME of such investment or intended investment. CME ME shall have the right of first refusal with respect to any such investment and may offer to participate in such investment either directly or through an Affiliate on such terms as may be agreed by the Parties.

  

14

  

 

	
11.3

	
CME ME undertakes to procure, so far as it is able, that CME Bulgaria shall declare annually a dividend of fifty (50) per cent. of the Distributable Reserves of CME Bulgaria; provided that any dividends payable to Top Tone Holdings pursuant to this Clause 11.3 shall be subject to:

	
  

	
(a)

	
there being available cash (as determined by the board of directors of CME Bulgaria) in CME Bulgaria in the amount of the proposed dividend;

	
  

	
(b)

	
repayment of the CME Bulgaria Loan; and

	
  

	
(c)

	
no Event of Default of Top Tone Holdings being outstanding.

	
11.4

	
CME ME undertakes to procure, so far as it is able, that Balkan News Corporation shall declare annual dividends to CME Bulgaria of Distributable Reserves of Balkan News Corporation; provided that any dividends payable to CME Bulgaria pursuant to this Clause 11.4 shall be subject to:

	
  

	
(a)

	
there being available cash (as determined by the directors of Balkan News Corporation) in Balkan News Corporation in the amount of the proposed dividend; and

	
  

	
(b)

	
compliance with any restrictions contained in any financing agreement or other material contract to which Balkan News Corporation is a party.

	
11.5

	
Pursuant to Clause 6.6 of the SPA, Top Tone Holdings shall repeat the warranties contained in Clauses 6.1.1, 6.1.2 and 6.1.3 of the SPA and procure that Guergov repeats the warranties contained in 6.2.1 and 6.2.3 of the SPA upon the exercise and upon the completion of the Share Option, the Drag Along Right the Tag Along Right, the Put or the Call.

  

	
12.

	
Trade Restrictions

	
12.1

	
Top Tone Holdings undertakes and covenants with CME ME that it shall not, and shall procure that its Affiliates shall not, for the duration of this Agreement and for a period of two years after the termination of this Agreement, either on its own behalf or in any other capacity whatsoever directly or indirectly carry on or be concerned or engaged or interested directly or indirectly (whether as principal, shareholder, partner, employee, officer, agent or otherwise) in any part of any trade or business competing with any part of any the trade or business of the Pro.BG Group or the bTV Group (save for any interest in the shares or other securities of a company traded on a securities market so long as such interest does not extend to more than 3% of the issued share capital of the company or the class of securities concerned or as disclosed in writing to CME ME on Execution Date).

	
12.2

	
Top Tone Holdings hereby undertakes and covenants with CME ME that it shall not, and shall procure that its Affiliates shall not, for the duration of this Agreement and for a period of two years after the termination of this Agreement, either on its own behalf or in any other capacity whatsoever directly or indirectly:

	
  

	
(a)

	
deal with, solicit, approach or offer goods or services to, for purposes of enticing away from CME ME and/or the Pro.BG Group and/or the bTV Group, any person, firm or company who is or was a client, customer, supplier, agent or distributor of CME ME, its Affiliates and/or the Pro.BG Group and/or the bTV Group; or

  

15

  

 

	
  

	
(b)

	
approach, solicit, entice away or endeavour to entice away, employ, offer employment to or procure the employment of any person who is or was an employee of CME ME, its Affiliates, the Pro.BG Group or the bTV Group whether or not such person would commit any breach of his contract of employment by reason of so leaving the service of CME ME, the Pro.BG Group, the bTV Group or otherwise; or

	
  

	
(c)

	
interfere or seek to interfere with the continuance, or any of the terms, of the supply of goods or services to CME ME, its Affiliates, the Pro.BG Group or the bTV Group; or

	
  

	
(d)

	
represent itself as being in any way connected with or interested in  the business of CME ME, its Affiliates and/or the Pro.BG Group and/or the bTV Group (other than as a shareholder) or use any name which is identical or similar to or likely to be confused with the name of CME ME, its Affiliates and/or the Pro.BG Group and/or the bTV Group or any product or service produced or provided by CME ME, its Affiliates and/or the Pro.BG Group and/or the bTV Group or which might suggest a connection with CME ME, its Affiliates and/or the Pro.BG Group and/or the bTV Group.

	
12.3

	
Each of the restrictions contained in Clauses 12.1, 12.2(a), 12.2(b), 12.2(c) and 12.2(d) is separate and distinct and is to be construed separately from the other such restrictions.  Top Tone Holdings acknowledges (having received professional advice) that it considers such restrictions to be reasonable both individually and in the aggregate and that the duration, extent and application of each of such restrictions is no greater than is necessary for the protection of the goodwill of the businesses of the Pro.BG Group and the bTV Group.

  

	
13.

	
Confidentiality

  

	
13.1

	
No Party shall divulge or communicate to any person (other than those of its shareholders, directors, employees and professional advisers whose province it is to know the same) or use or exploit for any reason whatsoever this Agreement or the matters contemplated hereby or the information disclosed by either Party to the other Party, and shall use its reasonable endeavours to prevent its employees from so acting.

	
13.2

	
Notwithstanding the provisions of Clause 13.1, any Party may make an announcement or disclosure concerning this Agreement:

	
  

	
(a)

	
if required by law or any requirement of any securities exchange or regulatory or governmental body to which that Party is subject, wherever situated, whether or not the requirement has the force of law, or

	
  

	
(b)

	
to a Party's or its Affiliates' directors, officers, employees, professional advisers, counsel, rating agencies, and lenders or other providers of funds (a) who are directly concerned with this Agreement or any related arrangements or transactions, (b) whose knowledge of such information is reasonably necessary; and (c) who by its position or otherwise is under a duty to observe confidentiality in dealing with this Agreement and such related arrangements or otherwise must comply with the provisions of this Agreement in respect of confidentiality.

	
13.3

	
The restrictions contained in this Clause 13 shall continue to apply for a period of three (3) years following the expiration or termination of this Agreement.

  

16

  

 

	
14.

	
Termination and Consequences of Termination

	
14.1

	
Except for the provisions which this Clause 14.1 states shall continue in full force after termination, this Agreement shall terminate:

	
  

	
(a)

	
in respect of any Party, when such Party ceases to hold any Ownership Interest; or

	
  

	
(b)

	
when a resolution is passed by shareholders or creditors or an order made by a court or other competent body or person instituting a process that shall lead to CME Bulgaria being wound up and its assets being distributed among the creditors, shareholders or other contributors of CME Bulgaria.

	
14.2

	
This Clause 14 and the rights of the Parties in respect of antecedent breaches, shall survive termination of this Agreement.

  

	
15.

	
Notices

	
15.1

	
Any notice or other communication to be given under this Agreement shall be in writing, in the English language, and shall be deemed to have been duly given to a Party:

	
  

	
(a)

	
on receipt, when delivered personally;

	
  

	
(b)

	
on the next following Business Day following being transmitted by facsimile with suitable proof of transmission; or

	
  

	
(c)

	
three Business Days following being sent by an international courier service.

	
15.2

	
For purposes of this Clause, the authorized address and facsimile details of the Parties shall be as follows:

if to CME ME:

Dam 5B

Royal Dam Center

2nd Floor

JS 1012 Amsterdam

The Netherlands

Attn: Managing Director

Tel.: + 31 20 626 8867

Fax: + 31 20 423 1404

with a copy to:

CME Development Corporation

52 Charles Street

London W1J 5EU

United Kingdom

Attn: General Counsel

  

17

  

 

Tel.: + 44 207 127 5834

Fax: + 44 207 127 5801

if to Top Tone Holdings:

OCRA (Isle of Man) Limited

Grosvenor Court

Tower Street

Ramsey

Isle of Man IM8 1JA

British Isles

Attn: Mr. Richard Dixon

Tel.: +44 1624 811000

Fax: +44 1624 811001

with a copy to:

Mrs. Rossitsa Filipova

20, Fr. Joliot Curie Str.

1113 Sofia

Bulgaria

Tel.: + 359 2 963 0077

Fax: + 359 2 963 0077

or such other address as such Party may notify to the other in writing from time to time in accordance with the requirements of this Clause, such notice to be effective five Business Days after the date of such notice or following such longer period as may be set out in such notice.

	
15.3

	
Any notice given under this Agreement outside Working Hours of the place to which it is addressed shall be deemed not to have been given until the start of the next period of Working Hours in such place.

  

	
16.

	
Entire Agreement

	
16.1

	
This Agreement together with the other Transaction Documents constitute the whole agreement between the Parties and supersedes any arrangements, understanding or previous agreement between them relating to the subject matter to which they relate.

	
16.2

	
Each Party acknowledges that in entering into this Agreement, it does not rely on, and shall have no remedy in respect of, any statement, representation, assurance or warranty of any person other than as expressly set out in this Agreement.

	
16.3

	
Nothing in this Clause 16 operates to limit or exclude any liability for fraud.

  

	
17.

	
Third Party Rights

No person who is not a Party to this Agreement shall have any rights under the Contracts (Rights of Third Parties) Act 1999 to enforce a term of this Agreement.

  

18

  

	
18.

	
Amendments

This Agreement may be amended or modified only if in writing (including a written document evidenced by a facsimile transmission) and signed by each of the Parties.

  

	
19.

	
Waiver

	
19.1

	
The single or partial exercise of any right, power or remedy provided by law or under this Agreement shall not preclude any other or further exercise of it or the exercise of any other right, power or remedy.

	
19.2

	
None of the terms of this Agreement may be waived except by an instrument in writing duly executed by the waiving Party.

  

	
20.

	
Costs and Expenses

Except as specified herein, each Party shall be liable for its own costs and expenses in relation to the negotiation, preparation, execution and carrying into effect of this Agreement.

  

	
21.

	
Assignment

The provisions of this Agreement shall be binding upon and shall inure to the benefit of the Parties and their respective successors and permitted assigns. Top Tone Holdings may not assign its rights (or, for the avoidance of doubt, its obligations) under this Agreement without the express written consent of CME ME.

  

	
22.

	
No Partnership

This Agreement does not create or imply any partnership between the Parties and there is no relationship of principal and agent between them.

  

	
23.

	
Severability

If any provision of this Agreement (or of any document referred to herein) is held to be illegal, invalid or unenforceable in whole or in part, the legality, validity and enforceability of the remaining provisions of this Agreement (or such other document) shall not in any way be affected or impaired thereby.  If any provision or part of this Agreement (or any document referred to herein) is held to be illegal, invalid or unenforceable, then the Parties shall use reasonable endeavours to the fullest extent permitted by law to amend the terms of this Agreement (or such other document) to give effect to the transactions contemplated hereby, and if any invalid, unenforceable or illegal provision would be valid, enforceable or legal if some part of it were deleted or modified, the provision shall apply with whatever modification is necessary to give effect to the commercial intention of the Parties.

  

	
24.

	
Further Assurance

Each of the Parties shall, at the request of any other Party, do or, so far as each is able procure, the doing of all such acts and/or execute or procure the execution of all such documents in a form satisfactory to such other Party concerned as they may reasonably consider necessary for giving full effect to this Agreement and securing to such other Party the full benefit of the rights, powers and remedies conferred upon them in this Agreement.

  

19

  

 

	
25.

	
Counterparts

This Agreement may be executed in any number of counterparts, each of which is an original and which together have the same effect as if each Party had signed the same document, provided that each Party executes at least one counterpart.

  

	
26.

	
Governing Law and Jurisdiction

This Agreement shall be governed by and construed in accordance with the laws of England.

  

	
27.

	
Dispute Resolution

  

	
27.1

	
Any disputes, claims or controversy arising out of or related to this Agreement, including any question as to its formation, validity, interpretation or termination, which cannot be resolved by negotiations between the Parties shall be settled by arbitration on an ad hoc basis in accordance with the Rules of the London Court of International Arbitration, which are deemed to be incorporated by reference into this Clause 27, except to the extent modified by this Clause 26.  The tribunal shall consist of three arbitrators. CME ME shall nominate one arbitrator, Top Tone Holdings shall nominate one arbitrator and the third arbitrator shall be appointed by the two arbitrators nominated by the Parties.  Any Party shall have the right to initiate the proceedings.

	
27.2

	
The seat of the arbitration shall be London, England.  The language of the arbitration shall be English, except that any party to the arbitration may submit testimony or documentary evidence in Bulgarian, whereupon it shall also furnish a certified translation or interpretation of any such evidence into English.

  

	
27.3

	
If any dispute arising out of or relating to this Agreement (hereinafter referred to as a "Related Dispute") raises issues which are substantially the same as or connected with issues raised in another dispute which has already been referred to arbitration under this Agreement or another Transaction Document (an "Existing Dispute"), the tribunal appointed or to be appointed in respect of any such Existing Dispute shall also be appointed as the tribunal in respect of any such Related Dispute.  Where, pursuant to the foregoing provisions, the same tribunal has been appointed in relation to two or more disputes, the tribunal may, with the agreement of all the parties concerned or upon the application of one of the Parties, being a Party to each of the disputes, order that the whole or part of the matters at issue shall be heard together upon such terms or conditions as the tribunal thinks fit.  The tribunal shall have power to make such directions and any interim or partial award as it considers just and desirable.

	
27.4

	
The Parties agree that money damages would not be a sufficient remedy for any breach of this Agreement by Top Tone Holdings and that in addition to all other remedies, CME ME shall be entitled to specific performance and to injunctive or other equitable relief as remedies for any such breach or threatened breach of this Agreement by Top Tone Holdings without proof of actual damages.  The Parties agree not to oppose the granting of such relief, and to waive, and to use their best efforts to cause any Affiliate to waive, any requirement for the securing or posting of any bond in connection with such remedy.

  

20

  

IN WITNESS WHEREOF, the Parties have duly executed and delivered this Investment Agreement as a deed on the date first written above.

	
EXECUTED and DELIVERED as a DEED

	 	)	 	
 

	  
	
by

	 	)  	 	
 

	  
	
CME MEDIA ENTERPRISES B.V.

	 	)  	 	
 

	  
	
acting by Pan Invest B.V, represented by

	 	)  	 	
 

	  
	
G. v. d. Berg

	 	)  	 	/s/ Gerben van den Berg
	
in the presence of:

	 	)  	 	
 

	  
	  	 	  	 	  	  
	  	 	  	 	/s/ M.C. Peters – v. Spaendonck
	
 

	 	  	 	

Signature of Witness

	
Name of Witness: M.C. Peters-v. Spaendonck

	 	  	 	  	  
	
Occupation of Witness: Account Manager

	 	  	 	  	  
	
Address of Witness:

	 	  	 	  	  
	  	 	  	 	  	  
	
and Alphons van Spaendonck

	 	)  	 	/s/ Alphons van Spaendonck
	
in the presence of:

	 	)	 	
 

	  
	  	 	  	 	  	  
	  	 	  	 	/s/ M.C. Peters – v. Spaendonck
	
 

	 	  	 	

Signature of Witness

	  	 	  	 	  	  
	
Name of Witness: M.C. Peters-v. Spaendonck

	 	  	 	  	  
	
Occupation of Witness: Account Manager

	 	  	 	  	  
	
Address of Witness:

	 	  	 	  	  
	  	 	  	 	  	  
	
EXECUTED and DELIVERED as a DEED by

	 	
)

	 	  	  
	
VLADIMIR KRASTEV BROUSSARSKI

	 	
)

	 	  	  
	
acting as attorney for

	 	
)

	 	  	  
	
TOP TONE MEDIA HOLDINGS LIMITED

	 	
)

	 	  	  
	
under a power of attorney dated 16 February 2010

	 	
)

	 	/s/ Vladimir Krastev Broussarski
	
in the presence of:

	 	
)

	 	  	  
	  	 	  	 	  	  
	  	 	  	 	
/s/ Elitsa Menkova

	
Name of Witness: Elitsa Menkova

	 	  	 	
Signature of Witness

	
Occupation of Witness: Personal Assistant

	 	  	 	 
	
Address of Witness:

	 	  	 	  	  
	  	 	  	 	  	  
	  	 	  	 	  	  
	  	 	  	 	  	  
	
EXECUTED and DELIVERED as a DEED by

	 	
)

	 	  	  
	
ROSSITSA PENCHEVA FILIPOVA

	 	
)

	 	  	  
	
acting as attorney for

	 	
)

	 	  	  
	
TOP TONE MEDIA HOLDINGS LIMITED

	 	
)

	 	  	  
	
under a power of attorney dated 16 February 2010

	 	
)

	 	/s/ Rossitsa Pencheva Filipova
	
in the presence of:

	 	
)

	 	  	  
	  	 	  	 	  	  
	  	 	  	 	
/s/ Elitsa Menkova

	
Name of Witness: Elitsa Menkova

	 	  	 	
Signature of Witness

	
Occupation of Witness: Personal Assistant

	 	  	 	 
	
Address of Witness:

	 	  	 	  	  

 

  

 

  

 

SCHEDULE 1

DEED OF ADHERENCE

THIS DEED OF ADHERENCE is made on [●] 2010 and is supplemental to the Investment Agreement made between CME Media Enterprises B.V. and Top Tone Media Holdings Limited ("Top Tone Holdings") dated [●] April 2010 (the "Investment Agreement"), as amended from time to time.

WHEREAS:

	
(A)

	
The parties entered into the Investment Agreement for the purpose of defining their respective rights and obligations with regards to their shares, participation rights or other equity ownership interest CME Bulgaria B.V., a company organized under the laws of the Netherlands, and having its seat at Dam 5b, JS 1012 Amsterdam, the Netherlands ("CME Bulgaria").

	
(B)

	
Pursuant to the provisions of Clause 2 of the Investment Agreement, on [●] Top Tone Holdings transferred its shareholding in CME Bulgaria to [●], an Affiliate (as such term is defined in the Investment Agreement) of Top Tone Holdings.

	
(C)

	
This Deed is entered into in compliance with the terms of Clause 2.3 of the Investment Agreement.

NOW THIS DEED WITNESSES AS FOLLOWS:

	
1.

	
[●], a company organized under the laws of [●] with registered number [●] and having its registered office at [●] ("Top Tone Affiliate") hereby confirms that it is an Affiliate that is Controlled by and 100% beneficially owned by Guergov and has been supplied with a copy of the Investment Agreement and covenants to observe, perform and be bound by all the terms of the Investment Agreement applicable to Top Tone Holdings to the intent and effect that Top Tone Affiliate shall be deemed with effect from the date of this Deed to be a party to the Investment Agreement in place and to the exclusion of Top Tone Holdings.

	
2.

	
For the avoidance of doubt, pursuant to Clause 2.3 of the Investment Agreement, the Top Tone Affiliate agrees that it shall not sell, transfer or otherwise dispose of, grant any option over or create or permit any Encumbrance on or over all or any part of its Ownership Interest in respect of CME Bulgaria to any Affiliate that is not an Affiliate of Top Tone Holdings which is Controlled and 100% beneficially owned by Guergov.

	
3.

	
Top Tone Affiliate hereby agrees that it shall immediately transfer its Ownership Interest in CME Bulgaria to Top Tone Holdings (or, if no longer Controlled and 100% beneficially owned by Guergov, to an entity Controlled and 100% beneficially owned by Guergov) upon the Top Tone Affiliate ceasing to be Controlled and 100% beneficially owned by Guergov.

	
4.

	
This Deed is made for the benefit of the parties to the Investment Agreement and any other person or persons who after the date of the Investment Agreement (and whether or not prior to or after the date of this Deed) adhere to the Investment Agreement.

	
5.

	
Save where the context otherwise requires, words and expressions defined in the Investment Agreement have the same meanings when used herein.

  

22

  

 

	
6.

	
The provisions of Clauses 13 and 16 to 27 (inclusive) shall apply mutatis mutandis to this Deed as if set out herein.

	
7.

	
For the purposes of Clause 15 of the Investment Agreement, the name and address of Top Tone Affiliate are as set out in this Deed.

	
8.

	
This Deed may be executed in counterparts, each of which will be an original, but all of which will constitute but one and the same instrument.

 

23

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