Document:

Table of Contents
Exhibit
10.46

CTC MEDIA, INC.
    

STOCK OPTION
AGREEMENT

THIS STOCK OPTION AGREEMENT (this
‘‘Agreement’’) made as of this
12th day of July  2006, is entered into between CTC
Media, Inc., a Delaware corporation (the
‘‘Company’’), and Nilesh Lakhani
(‘‘Optionee’’).

Preliminary
Statements:

A.    Optionee is an employee of the
Company and as such renders valuable services to the
Company.

B.    The Company desires to continue to retain the
services of Optionee by providing him with a further incentive to
contribute to the financial success of the Company and its
subsidiaries.

C.    All capitalized terms in this Agreement
shall have the meaning assigned to them in the attached
Appendix.

NOW, THEREFORE, it is hereby agreed as
follows:

1.    Grant of Option.    The
Company hereby grants to Optionee, as of the Grant Date, an option to
purchase up to 751,426 shares of Common Stock (the
‘‘Option Shares’’). The first 375,713
Option Shares shall be hereinafter referred to as the ‘‘A
Option Shares’’ and the remaining 375,713 Option Shares
shall be hereinafter referred to as the ‘‘B Option
Shares’’. The Option Shares shall be purchasable from
time to time during the option term specified in Paragraph 2 at the
Exercise Price.

2.    Option Term.    This
option shall have a term of ten (10) years measured from the Grant Date
and shall accordingly expire at the close of business on the Expiration
Date, unless sooner terminated in accordance with Paragraph 5 or
6.

3.    Limited Transferability.    During
Optionee’s lifetime, this option shall be exercisable only by
Optionee and shall not be assignable or transferable other than by will
or by the laws of descent and distribution following Optionee’s
death.

4.    Dates of Exercise.    This
option shall become exercisable for the A Option Shares and B Option
Shares in accordance with the following schedules:

A Option
Shares

							
	Date:			Aggregate
number of A Option Shares for
which the option is then
exercisable:
	On or after June 30,
2006					10,437	

	On or after September 30,
2006					41,747	

	On or after December 31,
2006					73,057	

	On or after March 31,
2007					104,367	

	On or after June 30,
2007					135,677	

	On or after September 30,
2007					166,987	

	On or after December 31,
2007					198,297	

	On or after March 31,
2008					229,607	

	On or after June 30,
2008					260,917	

	On or after September 30,
2008					292,227	

	On or after December 31,
2008					323,537	

	On or after March 31,
2009					354,847	

	On or after May 31,
2009					375,713	

	

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B Option
Shares

							
	Date:			Aggregate
number of B Option Shares for
which the option is then
exercisable:
	On or after June 30,
2006					7,828	

	On or after September 30,
2006					31,311	

	On or after December 31,
2006					54,793	

	On or after March 31,
2007					78,275	

	On or after June 30,
2007					101,757	

	On or after September 30,
2007					125,239	

	On or after December 31,
2007					148,721	

	On or after March 31,
2008					172,203	

	On or after June 30,
2008					195,685	

	On or after September 30,
2008					219,167	

	On or after December 31,
2008					242,649	

	On or after March 31,
2009					266,131	

	On or after June 30,
2009					289,613	

	On or after September 30,
2009					313,095	

	On or after December 31,
2009					336,577	

	On or after March 31,
2010					360,059	

	On or after May 31,
2010					375,713	

	

As the option becomes
exercisable for such installments, those installments shall accumulate
and the option shall remain exercisable for the accumulated
installments until the Expiration Date or sooner termination of the
option term under Paragraph 5 or 6.

5.    Cessation of
Service.    The option term specified in Paragraph 2 shall
terminate (and this option shall cease to be outstanding) prior to the
Expiration Date should any of the following provisions become
applicable:

(a)    Should Optionee cease to remain in
Service for any reason (other than death or Disability) while this
option is outstanding, then Optionee shall have a period of ninety (90)
days (commencing with the date of such cessation of Service) during
which to exercise this option, but in no event shall this option be
exercisable at any time after the Expiration Date.

(b)    Should Optionee die while this option is
outstanding, then the personal representative of Optionee’s
estate or the person or persons to whom the option is transferred
pursuant to Optionee’s will or in accordance with the laws of
inheritance shall have the right to exercise this option. Such right
shall lapse, and this option shall cease to be outstanding, upon the
earlier of (i) the expiration of the twelve (12) month period measured
from the date of Optionee’s death or (ii) the Expiration
Date.

(c)    Should Optionee cease Service by reason
of Disability while this option is outstanding, then Optionee shall
have a period of twelve (12) months (commencing with the date of such
cessation of Service) during which to exercise this option. In no event
shall this option be exercisable at any time after the Expiration
Date.

(d)    During the limited period of
post-Service exercisability, this option may not be exercised in the
aggregate for more than the number of Option Shares for which this
Option is, at the time of Optionee’s cessation of Service,
exercisable pursuant to the exercise schedule specified in Paragraph 4
or the special acceleration provisions of Paragraph 6. Upon the
expiration of such limited exercise period or (if earlier) upon the
Expiration Date, this option shall terminate and cease to be
outstanding for any vested Option Shares for which the option has not
been exercised. To the extent Optionee is not vested in the Option
Shares at the time of Optionee’s cessation of Service, this
option shall immediately terminate and cease to be outstanding with
respect to those shares.

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6.    Acceleration of
Option.

(a)    In the event of (i) any
Corporate Transaction where neither MTG or Alfa is party to the merger
or the asset sale, (ii) any Corporate Transaction where MTG or Alfa is
a party to the merger or the asset sale but the successor corporation
in such transaction (or the parent thereof) does not assume this option
or replace this option with a cash incentive program which provides
Optionee with an economic benefit substantially similar to this option
or (iii) a Change in Control where a party other than MTG or Alfa
achieves control of a majority of the voting power of the
Company’s then outstanding capital stock through direct and/or
indirect beneficial ownership, the exercisability of this option, to
the extent this option is not otherwise fully exercisable, shall
automatically accelerate in full so that this option shall, immediately
prior to the effective date of such Corporate Transaction or upon the
Change in Control, become fully exercisable for all the Option Shares
and may be exercised for any or all of those Option Shares as
fully-vested shares of Common Stock.

(b)    In the
event of any Corporate Transaction or any Change of Control (in each
case, including a Corporate Transaction where a party to the merger or
the asset sale is MTG or Alfa or a Change in Control where either MTG
or Alfa achieves control, of a majority of the voting power of the
Company’s then outstanding capital stock through direct and/or
indirect beneficial ownership) where, in the 12-month period
immediately following such event (i) the Employment Agreement is, at
the election of the Company, terminated without Cause or (ii) the
Employment Agreement is terminated, at the election of the Optionee, as
a result of (A) a material reduction in Optionee’s total
compensation (not including a reduction in the value of any options
granted to Optionee resulting from a decrease in the fair market value
of the Company’s stock), (B) a change in Optionee’s
reporting line such that he no longer reports directly to the
Company’s Chief Executive Officer, (C) a material reduction in
Optionee’s responsibilities and authority such that the
Optionee’s responsibilities and/or authority as Chief Financial
Officer of the Company are materially different from the
responsibilities and/or authority commonly associated with a chief
financial officer of a similarly situated company or (D) Optionee in
his role as an executive of the Company being directed by the
Company’s Chief Executive Officer or any member of the Board to
take any action that violates any law, rule or regulation applicable to
him or to the Company or that would cause the consolidated financial
statements of the Company to fail to be in compliance with United
States generally accepted accounting principles, in either case, in any
material respect; provided that Optionee has previously reported the
matter to the full Board in writing but nonetheless Optionee continues
to be directed to take such action, then the exercisability of this
option, to the extent this option is not otherwise fully exercisable,
shall automatically accelerate in full so that this option shall,
immediately following such termination, become fully exercisable for
all the Option Shares and may be exercised for any or all of those
shares as fully-vested shares of Common
Stock.

(c)    In connection with any Corporate
Transaction where the exercisability of this option automatically
accelerates in full, this option shall be exercised prior to or in
connection with the closing of such Corporate Transaction and, to the
extent that this option is not so exercised, it shall terminate and
cease to be outstanding immediately following the closing of such
Corporate Transaction. Without limiting the generality of Section 5, a
Change in Control that is not also a Corporate Transaction shall not
effect the term of the option.

(d)    This Agreement
shall not in any way affect the right of the Company to adjust,
reclassify, reorganize or otherwise change its capital or business
structure or to merge, consolidate, dissolve, liquidate or sell or
transfer all or any part of its business or
assets.

7.    Adjustment in Option
Shares.    Should any change be made to the Common Stock by
reason of any stock split, stock dividend, recapitalization,
combination of shares, exchange of shares or other change affecting the
outstanding Common Stock as a class without the Company’s
receipt of consideration, appropriate adjustments shall be made to (i)
the total number and/or class of securities subject to this option and
(ii) the Exercise Price in order to reflect such change and thereby
preclude a dilution or enlargement of benefits
hereunder.

8.    Shareholder Rights.    The
holder of this option shall not have any shareholder rights with
respect to the Option Shares until such person shall have exercised the
option, paid the Exercise Price and become a holder of record of the
purchased shares.

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9.    Manner of Exercising
Option.

(a)    In order to exercise this
option with respect to all or any part of the Option Shares for which
this option is at the time exercisable, Optionee (or any other person
or persons exercising the option) shall provide written notice of
Optionee’s election to exercise all or a portion of the option
and shall take the following additional
actions:

(i)    Pay the aggregate Exercise Price for
the purchased shares in one or more of the following
forms:

(A)    cash or check made payable to
the Company; or

(B)    a promissory note
payable to the Company, but only to the extent authorized by the Board
in accordance with Paragraph 13.

Should the
Common Stock be registered under Section 12(g) of the 1934 Act at the
time the option is exercised, then the Exercise Price may also be paid
as follows:

(C)    in shares of Common Stock
held by Optionee (or any other person or persons exercising the option)
for the requisite period necessary to avoid a charge to the
Company’s earnings for financial reporting purposes and valued
at Fair Market Value on the Exercise Date;
or

(D)    through a special sale and
remittance procedure pursuant to which Optionee (or any other person or
persons exercising the option) shall concurrently provide irrevocable
written instructions (a) to a Company-designated brokerage firm to
effect the immediate sale of the purchased shares and remit to the
Company, out of the sale proceeds available on the settlement date,
sufficient funds to cover the aggregate Exercise Price payable for the
purchased shares plus all applicable Federal, state and local income
and employment taxes required to be withheld by the Company by reason
of such exercise and (b) to the Company to deliver the certificates for
the purchased shares directly to such brokerage firm in order to
complete the sale.

Except to the extent the sale
and remittance procedure is utilized in connection with the option
exercise, payment of the Exercise Price must accompany the notice
delivered to the Company in connection with the option exercise.

(ii)    Furnish to the Company appropriate
documentation that the person or persons exercising the option (if
other than Optionee) have the right to exercise this
option.

(iii)    Execute and deliver to the
Company such written representations as may be requested by the Company
in order for it to comply with the applicable requirements of U.S.
Federal and state securities
laws.

(iv)    Make appropriate arrangements
with the Company (or Parent or Subsidiary employing or retaining
Optionee) for the satisfaction of all applicable federal, state and
local income and employment tax withholding requirements applicable to
the option exercise.

(b)    As soon as
practical after the Exercise Date, the Company shall issue to or on
behalf of Optionee (or any other person or persons exercising this
option) a certificate for the purchased Option Shares, with the
appropriate legends (if any) affixed
thereto.

(c)    In no event may this option be
exercised for any fractional shares.

10.    Compliance
with Laws and Regulations.

(a)    The
exercise of this option and the issuance of the Option Shares upon such
exercise shall be subject to compliance by the Company and Optionee
with all applicable requirements of law relating thereto and with all
applicable regulations of any stock exchange (or The NASDAQ National
Market, if applicable) on which the Common Stock may be listed for
trading at the time of such exercise and
issuance.

(b)    The inability of the Company to
obtain approval from any regulatory body having authority deemed by the
Company to be necessary to the lawful issuance and sale of any Common
Stock pursuant to this option shall relieve the Company of any
liability with respect to the non-issuance or sale 

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of the Common Stock as to which such approval
shall not have been obtained. The Company, however, shall use its best
efforts to obtain all such approvals.

11.    Successors
and Assigns.    Except to the extent otherwise provided in
Paragraphs 3 and 6, the provisions of this Agreement shall inure to the
benefit of, and be binding upon, the Company and its successors and
assigns and Optionee, Optionee’s assigns and the legal
representatives, heirs and legatees of Optionee’s
estate.

12.    Notices.    Any notice
required to be given or delivered to the Company under the terms of
this Agreement shall be in writing and addressed to the Company at its
principal corporate offices. Any notice required to be given or
delivered to Optionee shall be in writing and addressed to Optionee at
the address indicated below Optionee’s signature line. All
notices shall be deemed effective (i) upon personal delivery, (ii) five
business days after being sent by registered or certified mail, return
receipt requested, postage prepaid or (iii) two business days after
being sent via reputable international overnight courier.

13.    Financing.    The Board may, in its
absolute discretion and without any obligation to do so, permit
Optionee to pay the Exercise Price for the purchased Option Shares by
delivering a full-recourse, interest-bearing promissory note secured by
those Option Shares. The payment schedule in effect for any such
promissory note shall be established by the Board in its sole
discretion.

14.    Market
Stand-off.    Optionee acknowledges that the Option Shares
shall be subject to the restrictions on disposition set forth in
Section 3 of the Underwriting Agreement dated as of May
31,  2006 among the Company, Morgan Stanley & Co.
Incorporated and Deutsche Bank Securities Inc., as representatives of
the several underwriters and shareholders of the Company named
therein.

15.    Non-Statutory
Option.    Optionee acknowledges that this option is
not intended to satisfy the requirements of Section 422 of the
U.S. Internal Revenue Code of 1986, as
amended.

16.    Governing Law.    The
interpretation, performance and enforcement of this Agreement shall be
governed by the laws of the State of Delaware without resort to that
State’s conflict-of-laws rules.

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IN WITNESS WHEREOF, the parties hereto have
caused this option to be executed as of the date set forth in the
preamble.

		CTC MEDIA,
INC.

		By:    /s/ Alexander
Rodnyansky                

		    Alexander
Rodnyansky
    President and
CEO

		Optionee:

		/s/
Nilesh
Lakhani                                           

		Nilesh
Lakhani

		Address:    Veskovskiy
Pereulok
                    Bldg 2, Apt.
8
                    Moscow
127030
                    Russia

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APPENDIX

The following
definitions shall be in effect under the
Agreement:

A.    Agreement shall mean this
Stock Option Agreement.

B.    Alfa shall mean
ABH Holdings Corporation together with its affiliates (as such term is
defined in the 1934 Act).

C.    Board shall
mean the Company’s Board of
Directors.

D.    Cause shall have the meaning
ascribed to such term in the Employment Agreement.

E.    Change in Control shall mean any party
either alone or with its affiliates (as such term is defined in the
1934 Act) achieving control of a majority of the voting power of the
Company’s then outstanding capital stock through direct and/or
indirect beneficial ownership.

F.    Common
Stock shall mean the Company’s common
stock.

G.    Corporate Transaction shall mean
either of the following shareholder-approved transactions to which the
Company is a party:

(i)    a merger or consolidation
in which securities possessing more than fifty percent (50%) of
the total combined voting power of the Company’s outstanding
securities are transferred to a person or persons different from the
persons holding those securities immediately prior to such transaction,
or

(ii)    the sale, transfer or other disposition
of all or substantially all of the Company’s assets in complete
liquidation or dissolution of the Company.

H.    Company shall mean CTC Media, Inc., a
Delaware corporation.

I.    Disability shall
mean the inability of Optionee to engage in any substantial gainful
activity by reason of any medically determinable physical or mental
impairment and shall be determined by the Board on the basis of such
medical evidence as the Board deems warranted under the circumstances.
Disability shall be deemed to constitute Permanent Disability in
the event that such Disability is expected to result in death or has
lasted or can be expected to last for a continuous period of twelve
(12) months or more.

J.    Employee shall
mean an individual who is in the employ of the Company (or any Parent
or Subsidiary), subject to the control and direction of the employer
entity as to both the work to be performed and the manner and method of
performance.

K.    Employment Agreement shall
mean the amended and restated employment agreement dated as of
May  20,  2005 between the Company and Optionee, as such
agreement is amended from time to time.

L.    Exercise Date shall mean the date on which
the option shall have been exercised in accordance with Paragraph 9 of
the Agreement.

M.    Exercise Price shall
mean the average closing sales price per share of Common Stock for the
first twenty trading days after pricing of the Common Stock in
connection with the initial public offering of the Common Stock, as
reported on The NASDAQ National Market, or $16.95 per
share.

N.    Expiration Date shall mean
June  1,  2016.

O.    Fair Market
Value per share of Common Stock on any relevant date shall be
determined in accordance with the following
provisions:

(i)    If the Common Stock is at the
time traded on the Nasdaq National Market, then the Fair Market Value
shall be the closing selling price per share of Common Stock on the
date in question, as the price is reported by the National Association
of Securities Dealers on the Nasdaq National Market or any successor
system. If there is no closing selling price for the Common Stock on
the date in question, then the Fair Market Value shall be the closing
selling price on the last preceding date for which such quotation
exists.

(ii)    If the Common Stock is at the time
listed on any Stock Exchange, then the Fair Market Value shall be the
closing selling price per share of Common Stock on the date in question
on the Stock 

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Exchange determined by the Board to be the
primary market for the Common Stock, as such price is officially quoted
in the composite tape of transactions on such exchange. If there is no
closing selling price for the Common Stock on the date in question,
then the Fair Market Value shall be the closing selling price on the
last preceding date for which such quotation
exists.

(iii)    If the Common Stock is at the time
neither listed on any Stock Exchange nor traded on the Nasdaq National
Market, then the Fair Market Value shall be determined by the Board
after taking into account such factors as the Board shall deem
appropriate.

P.    Grant Date shall mean
June  1,  2006.

Q.    1934 Act
shall mean the U.S. Securities Exchange Act of 1934, as
amended.

R.    MTG shall mean Modern Times
Group MTG AB together with its affiliates (as such term is defined in
the 1934 Act).

S.    Option Shares shall
mean the number of shares of Common Stock subject to the
option.

T.    Optionee shall mean Nilesh
Lakhani.

U.    Parent shall mean any
corporation (other than the Company) in an unbroken chain of
corporations ending with the Company, provided each corporation in the
unbroken chain (other than the Company) owns, at the time of the
determination, stock possessing fifty percent (50%) or more of
the total combined voting power of all classes of stock in one of the
other corporations in such
chain.

V.    Service shall mean the
Optionee’s performance of services for the Company (or any
Parent or Subsidiary) in the capacity of an Employee, a non-employee
member of the board of directors or an independent
consultant.

W.    Stock Exchange shall mean
the American Stock Exchange, the New York Stock Exchange or the London
Stock Exchange.

X.    Subsidiary shall mean
any corporation (other than the Company) in an unbroken chain of
corporations beginning with the Company, provided each corporation
(other than the last corporation) in the unbroken chain owns, at the
time of the determination, stock possessing fifty percent (50%)
or more of the total combined voting power of all classes of stock in
one of the other corporations in such
chain.

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Exhibit
10.47

CTC MEDIA, INC.
    

NOTICE OF GRANT OF
STOCK OPTION

Notice is hereby given of the following option
grant (the ‘‘Option’’) to purchase shares of
the Common Stock of CTC Media, Inc. (the
‘‘Corporation’’):

Optionee:
Leigh Sprague

Grant Date: June  1,
2006

Exercise Price: $16.95 per share

Number
of Option Shares: 5,899 shares

Expiration Date:
June  1,  2016

Type of
Option:        Incentive Stock
Option

    Non-Statutory Stock Option

Date Exercisable: The Option shall become
exercisable with respect to the Option Shares as
follows:

							
	Date			Aggregate
Number of Option Shares for
 which the Option is then
Exercisable
	On and after June  30,
2006					123	

	On and after September
30,  2006					492	

	On and after
December  31,  2006					861	

	On and
after March  31,  2007					1,230	

	On
and after June  30,
2007					1,599	

	On and after September
30,  2007					1,968	

	On and after
December  31,  2007					2,337	

	On and
after March  31,  2008					2,706	

	On
and after June  30,
2008					3,075	

	On and after September
30,  2008					3,444	

	On and after
December  31,  2008					3,813	

	On and
after March  31,  2009					4,182	

	On
and after June  30,
2009					4,551	

	On and after September
30,  2009					4,920	

	On and after
December  31,  2009					5,289	

	On and
after March  31,  2010					5,658	

	On
and after May  31,
2010					5,899	

	

Optionee understands and agrees
that the Option is granted subject to and in accordance with the terms
of the CTC Media, Inc. (f/k/a StoryFirst Communications, Inc.) 1997
Stock Option/Stock Issuance Plan (the
‘‘Plan’’). Optionee further agrees to be bound
by the terms of the Plan and the terms of the Option as set forth in
the Stock Option Agreement attached hereto as Exhibit A and
incorporated herein by reference.

Optionee understands that any
Option Shares purchased under the Option will be subject to the terms
set forth in the Stock Purchase Agreement attached hereto as Exhibit B.
Optionee hereby acknowledges receipt of a copy of the Plan in the form
attached hereto as Exhibit C.

No Employment or Service
Contract.    Nothing in this Notice or in the attached Stock
Option Agreement or Plan shall confer upon Optionee any right to
continue in Service for any period of specific duration or interfere
with or otherwise restrict in any way the rights of the Corporation (or
any Parent or Subsidiary employing or retaining Optionee) or of
Optionee, which rights are hereby expressly reserved by each, to
terminate Optionee's Service at any time for any reason, with or
without cause.

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Definitions.    All capitalized
terms in this Notice shall have the meaning assigned to them in this
Notice or in the attached Stock Option
Agreement.

July  19,  2006

							
	 			CTC
MEDIA,
INC.
	 			By:			/s/
Alexander
Rodnyansky
	 			Title:			CEO
	

    

							
	 			 			/s/
Leigh Sprague
	    			    			Leigh
Sprague
	    			    			Address:
	 			 			 
	

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EXHIBIT A

    
CTC
MEDIA, INC.

STOCK OPTION
AGREEMENT

RECITALS

1)    The Board has
adopted the Plan for the purpose of retaining the services of selected
Employees, non-employee members of the Board or the board of directors
of any Parent or Subsidiary and consultants and other independent
advisors in the service of the Corporation (or any Parent or
Subsidiary).

2)    Optionee is to render valuable services to
the Corporation (or a Parent or Subsidiary), and this Agreement is
executed pursuant to, and is intended to carry out the purposes of, the
Plan in connection with the Corporation's grant of an option to
Optionee.

3)    All capitalized terms in this Agreement shall
have the meaning assigned to them in the attached
Appendix.

NOW, THEREFORE, it is hereby
agreed as follows:

a)    Grant of Option.    The
Corporation hereby grants to Optionee, as of the Grant Date, an option
to purchase up to the number of Option Shares specified in the Grant
Notice. The Option Shares shall be purchasable from time to time during
the option term specified in Paragraph 2 at the Exercise
Price.

b)    Option Term.    This option shall have
a term of ten (10) years measured from the Grant Date and shall
accordingly expire at the close of business on the Expiration Date,
unless sooner terminated in accordance with Paragraph 5 or
6.

c)    Limited Transferability.    During
Optionee's lifetime, this option shall be exercisable only by
Optionee and shall not be assignable or transferable other than by will
or by the laws of descent and distribution following Optionee's
death.

d)    Dates of Exercise.    This option
shall become exercisable for the Option Shares in one or more
installments as specified in the Grant Notice. As the option becomes
exercisable for such installments, those installments shall accumulate
and the option shall remain exercisable for the accumulated
installments until the Expiration Date or sooner termination of the
option term under Paragraph 5 or 6.

e)    Cessation
of Service.     The option term specified in Paragraph 2 shall
terminate (and this option shall cease to be outstanding) prior to the
Expiration Date should any of the following provisions become
applicable:

i)    Should Optionee cease to remain in
Service for any reason (other than death or Disability) while this
option is outstanding, then Optionee shall have a period of thirty (30)
days (commencing with the date of such cessation of Service) during
which to exercise this option, but in no event shall this option be
exercisable at any time after the Expiration Date.

ii)    Should Optionee die while this option is
outstanding, then the personal representative of Optionee's
estate or the person or persons to whom the option is transferred
pursuant to Optionee's will or in accordance with the laws of
inheritance shall have the right to exercise this option. Such right
shall lapse, and this option shall cease to be outstanding, upon the
earlier of (i) the expiration of the twelve (12) month period measured
from the date of Optionee's death or (ii) the Expiration
Date.

iii)    Should Optionee cease Service by reason
of Disability while this option is outstanding, then Optionee shall
have a period of twelve (12) months (commencing with the date of such
cessation of Service) during which to exercise this option. In no event
shall this option be exercisable at any time after the Expiration
Date.

Note:    Exercise of this option on a
date later than three (3) months following cessation of Service due to
Disability will result in loss of favorable Incentive Option treatment,
unless such Disability 

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constitutes Permanent Disability. In the event
that Incentive Option treatment is not available, this option will be
taxed as a Non-Statutory Option upon
exercise.

iv)    During the limited period of
post-Service exercisability, this option may not be exercised in the
aggregate for more than the number of Option Shares for which this
Option is, at the time of Optionee's cessation of Service,
exercisable pursuant to the exercise schedule specified in the Grant
Notice or the special acceleration provisions of Paragraph 6. Upon the
expiration of such limited exercise period or (if earlier) upon the
Expiration Date, this option shall terminate and cease to be
outstanding for any vested Option Shares for which the option has not
been exercised. To the extent Optionee is not vested in the Option
Shares at the time of Optionee's cessation of Service, this
option shall immediately terminate and cease to be outstanding with
respect to those shares.

f)    Acceleration of
Option.

i)    In the event of any Corporate
Transaction, the exercisability of this option, to the extent this
option is not otherwise fully exercisable, shall automatically
accelerate in full so that this option shall, immediately prior to the
effective date of the Corporate Transaction, become fully exercisable
for all the Option Shares and may be exercised for any or all of those
Option Shares as fully-vested shares of Common Stock. However, the
exercisability of the Option Shares shall not so accelerate if
and to the extent: (i) this option is assumed by the successor
corporation (or parent thereof) in the Corporate Transaction of this
option to the extent this option is not otherwise fully exercisable or
(ii) this option is to be replaced with a cash incentive program of the
successor corporation which preserves the spread existing on the
unvested Option Shares at the time of the Corporate Transaction (the
excess of the Fair Market Value of those Option Shares over the
Exercise Price payable for such shares) and provides for subsequent
payout in accordance with the same exercise schedule applicable to
those unvested Option Shares as set forth in the Grant Notice unless,
in either case, the Plan Administrator has determined that the
exercisability of the Option Shares shall accelerate automatically upon
the occurrence of a Corporate Transaction regardless of whether those
options are to be assumed or replaced in the Corporate
Transaction.

ii)    Immediately following the Corporate
Transaction, this option shall terminate and cease to be outstanding,
except to the extent assumed by the successor corporation (or parent
thereof) in connection with the Corporate
Transaction.

iii)    If this option is assumed in
connection with a Corporate Transaction, then this option shall be
appropriately adjusted, immediately after such Corporate Transaction,
to apply to the number and class of securities which would have been
issuable to Optionee in consummation of such Corporate Transaction had
the option been exercised immediately prior to such Corporate
Transaction, and appropriate adjustments shall also be made to the
Exercise Price, provided the aggregate Exercise Price shall remain the
same.

iv)    This Agreement shall not in any way affect
the right of the Corporation to adjust, reclassify, reorganize or
otherwise change its capital or business structure or to merge,
consolidate, dissolve, liquidate or sell or transfer all or any part of
its business or assets.

g)    Adjustment in Option
Shares.    Should any change be made to the Common Stock by reason of
any stock split, stock dividend, recapitalization, combination of
shares, exchange of shares or other change affecting the outstanding
Common Stock as a class without the Corporation's receipt of
consideration, appropriate adjustments shall be made to (i) the total
number and/or class of securities subject to this option and (ii) the
Exercise Price in order to reflect such change and thereby preclude a
dilution or enlargement of benefits
hereunder.

h)    Shareholder Rights.    The holder
of this option shall not have any shareholder rights with respect to
the Option Shares until such person shall have exercised the option,
paid the Exercise Price and become a holder of record of the purchased
shares.

i)    Manner of Exercising
Option.

i)    In order to exercise this option with
respect to all or any part of the Option Shares for which this option
is at the time exercisable, Optionee (or any other person or persons
exercising the option) must take the following
actions:

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(1)    Execute and deliver to the
Corporation a Purchase Agreement for the Option Shares for which the
option is exercised.

(2)    Pay the aggregate Exercise Price
for the purchased shares in one or more of the following
forms:

(a)    cash or check made payable to the
Corporation; or

(b)    a promissory note
payable to the Corporation, but only to the extent authorized by the
Plan Administrator in accordance with Paragraph
13.

Should the Common Stock be registered under
Section 12(g) of the 1934 Act at the time the option is exercised, then
the Exercise Price may also be paid as follows:

(c)    in shares of Common Stock held by Optionee
(or any other person or persons exercising the option) for the
requisite period necessary to avoid a charge to the Corporation's
earnings for financial reporting purposes and valued at Fair Market
Value on the Exercise Date; or

(d)    through
a special sale and remittance procedure pursuant to which Optionee (or
any other person or persons exercising the option) shall concurrently
provide irrevocable written instructions (a) to a
Corporation-designated brokerage firm to effect the immediate sale of
the purchased shares and remit to the Corporation, out of the sale
proceeds available on the settlement date, sufficient funds to cover
the aggregate Exercise Price payable for the purchased shares plus all
applicable Federal, state and local income and employment taxes
required to be withheld by the Corporation by reason of such exercise
and (b) to the Corporation to deliver the certificates for the
purchased shares directly to such brokerage firm in order to complete
the sale.

Except to the extent the sale and remittance
procedure is utilized in connection with the option exercise, payment
of the Exercise Price must accompany the Purchase Agreement delivered
to the Corporation in connection with the option exercise.

(3)    Furnish to the Corporation appropriate documentation that
the person or persons exercising the option (if other than Optionee)
have the right to exercise this option.

(4)    Execute and
deliver to the Corporation such written representations as may be
requested by the Corporation in order for it to comply with the
applicable requirements of Federal and state securities
laws.

(5)    Make appropriate arrangements with the Corporation
(or Parent or Subsidiary employing or retaining Optionee) for the
satisfaction of all Federal, state and local income and employment tax
withholding requirements applicable to the option
exercise.

ii)    As soon as practical after the
Exercise Date, the Corporation shall issue to or on behalf of Optionee
(or any other person or persons exercising this option) a certificate
for the purchased Option Shares, with the appropriate legends affixed
thereto.

iii)    In no event may this option be
exercised for any fractional shares.

j)    Compliance
with Laws and Regulations.

i)    The exercise of
this option and the issuance of the Option Shares upon such exercise
shall be subject to compliance by the Corporation and Optionee with all
applicable requirements of law relating thereto and with all applicable
regulations of any stock exchange (or the Nasdaq National Market, if
applicable) on which the Common Stock may be listed for trading at the
time of such exercise and issuance.

ii)    The
inability of the Corporation to obtain approval from any regulatory
body having authority deemed by the Corporation to be necessary to the
lawful issuance and sale of any Common Stock pursuant to this option
shall relieve the Corporation of any liability with respect to the
non-issuance or sale of the Common Stock as to which such approval
shall not have been obtained. The Corporation, however, shall use its
best efforts to obtain all such
approvals.

k)    Successors and Assigns.     Except
to the extent otherwise provided in Paragraphs 3 and 6, the provisions
of this Agreement shall inure to the benefit of, and be binding upon,
the Corporation and its successors and assigns and Optionee,
Optionee's assigns and the legal representatives, heirs and
legatees of Optionee's estate.

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l)    Notices.    Any notice
required to be given or delivered to the Corporation under the terms of
this Agreement shall be in writing and addressed to the Corporation at
its principal corporate offices. Any notice required to be given or
delivered to Optionee shall be in writing and addressed to Optionee at
the address indicated below Optionee's signature line on the
Grant Notice. All notices shall be deemed effective upon personal
delivery or upon deposit in the mail, postage prepaid and properly
addressed to the party to be notified.

m)    Financing.    The Plan Administrator may, in its
absolute discretion and without any obligation to do so, permit
Optionee to pay the Exercise Price for the purchased Option Shares by
delivering a full-recourse, interest-bearing promissory note secured by
those Option Shares. The payment schedule in effect for any such
promissory note shall be established by the Plan Administrator in its
sole discretion.

n)    Construction.    This
Agreement and the option evidenced hereby are made and granted pursuant
to the Plan and are in all respects limited by and subject to the terms
of the Plan. All decisions of the Plan Administrator with respect to
any question or issue arising under the Plan or this Agreement shall be
conclusive and binding on all persons having an interest in this
option.

o)    Governing Law.    The interpretation,
performance and enforcement of this Agreement shall be governed by the
laws of the State of California without resort to that State's
conflict-of-laws rules.

p)    Shareholder
Approval.    If the Option Shares covered by this Agreement exceed,
as of the Grant Date, the number of shares of Common Stock which may be
issued under the Plan as last approved by the shareholders, then this
option shall be void with respect to such excess shares, unless
shareholder approval of an amendment sufficiently increasing the number
of shares of Common Stock issuable under the Plan is obtained in
accordance with the provisions of the
Plan.

q)    Additional Terms Applicable to an
Incentive Option.    In the event this option is designated an
Incentive Option in the Grant Notice, the following terms and
conditions shall also apply to the
grant:

(1)    This option shall cease to
qualify for favorable tax treatment as an Incentive Option if (and to
the extent) this option is exercised for one or more Option Shares: (A)
more than three (3) months after the date Optionee ceases to be an
Employee for any reason other than death or Permanent Disability or (B)
more than twelve (12) months after the date Optionee ceases to be an
Employee by reason of Permanent
Disability.

(2)    No installment under this
option shall qualify for favorable tax treatment as an Incentive Option
if (and to the extent) the aggregate Fair Market Value (determined at
the Grant Date) of the Common Stock for which such installment first
becomes exercisable hereunder would, when added to the aggregate value
(determined as of the respective date or dates of grant) of any earlier
installments of the Common Stock and any other securities for which
this option or any other Incentive Options granted to Optionee prior to
the Grant Date (whether under the Plan or any other option plan of the
Corporation or any Parent or Subsidiary) first become exercisable
during the same calendar year, exceed One Hundred Thousand Dollars
($100,000) in the aggregate. Should such One Hundred Thousand Dollar
($100,000) limitation be exceeded in any calendar year, this option
shall nevertheless become exercisable for the excess shares in such
calendar year as a Non-Statutory
Option.

(3)    Should the exercisability of
this option be accelerated upon a Corporate Transaction, then this
option shall qualify for favorable tax treatment as an Incentive Option
only to the extent the aggregate Fair Market Value (determined at the
Grant Date) of the Common Stock for which this option first becomes
exercisable in the calendar year in which the Corporate Transaction
occurs does not, when added to the aggregate value (determined as of
the respective date or dates of grant) of the Common Stock or other
securities for which this option or one or more other Incentive Options
granted to Optionee prior to the Grant Date (whether under the Plan or
any other option plan of the Corporation or any Parent or Subsidiary)
first become exercisable during the same calendar year, exceed One
Hundred Thousand Dollars ($100,000) in the aggregate. Should the
applicable One Hundred Thousand Dollar ($100,000) limitation be
exceeded in the calendar year of such Corporate Transaction, the option
may nevertheless be exercised for the excess shares in such calendar
year as a Non-Statutory Option.

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(4)    Should Optionee
hold, in addition to this option, one or more other options to purchase
Common Stock which become exercisable for the first time in the same
calendar year as this option, then the foregoing limitations on the
exercisability of such options as Incentive Options shall be applied on
the basis of the order in which such options are
granted.

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APPENDIX

The following
definitions shall be in effect under the
Agreement:

			
		(i) 	Agreement shall mean
this Stock Option
Agreement.

			
		(ii) 	Board shall mean the
Corporation's Board of
Directors.

			
		(iii) 	Code shall mean the
Internal Revenue Code of 1986, as amended.

			
		(iv)
 	Common Stock shall mean the Corporation's
common stock.

		
	(v) 	Corporate Transaction shall
mean either of the following shareholder-approved transactions to which
the Corporation is a party:

1.    a merger
or consolidation in which securities possessing more than fifty percent
(50%) of the total combined voting power of the
Corporation's outstanding securities are transferred to a person
or persons different from the persons holding those securities
immediately prior to such transaction,
or

2.    the sale, transfer or other
disposition of all or substantially all of the Corporation's
assets in complete liquidation or dissolution of the Corporation.

		
	(vi) 	Corporation shall mean CTC Media, Inc., a
Delaware corporation.

(vii)    Disability shall mean the
inability of Optionee to engage in any substantial gainful activity by
reason of any medically determinable physical or mental impairment and
shall be determined by the Plan Administrator on the basis of such
medical evidence as the Plan Administrator deems warranted under the
circumstances. Disability shall be deemed to constitute Permanent
Disability in the event that such Disability is expected to result
in death or has lasted or can be expected to last for a continuous
period of twelve (12) months or
more.

		
	(viii) 	Employee shall mean an individual
who is in the employ of the Corporation (or any Parent or Subsidiary),
subject to the control and direction of the employer entity as to both
the work to be performed and the manner and method of
performance.

(ix)    Exercise Date shall mean the date on which
the option shall have been exercised in accordance with Paragraph 9 of
the Agreement.

(x)    Exercise Price shall mean the exercise
price payable per Option Share as specified in the Grant
Notice.

(xi)    Expiration Date shall mean the date on which
the option expires as specified in the Grant
Notice.

		
	(xii) 	OOFair Market Value per share of
Common Stock on any relevant date shall be determined in accordance
with the following provisions:

1.    If the
Common Stock is at the time traded on the Nasdaq National Market, then
the Fair Market Value shall be the closing selling price per share of
Common Stock on the date in question, as the price is reported by the
National Association of Securities Dealers on the Nasdaq National
Market or any successor system. If there is no closing selling price
for the Common Stock on the date in question, then the Fair Market
Value shall be the closing selling price on the last preceding date for
which such quotation exists.

2.    If the
Common Stock is at the time listed on any Stock Exchange, then the Fair
Market Value shall be the closing selling price per share of Common
Stock on the date in question on the Stock Exchange determined by the
Plan Administrator to be the primary market for the Common Stock, as
such price is officially quoted in the composite tape of transactions
on such exchange. If there is no closing selling price for the Common
Stock on the date in question, then the Fair Market Value shall be the
closing selling price on the last preceding date for which such
quotation exists.

3.    If the Common Stock
is at the time neither listed on any Stock Exchange nor traded on the
Nasdaq National Market, then the Fair Market Value shall be determined
by the Plan Administrator after taking into account such factors as the
Plan Administrator shall deem appropriate.

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	(xiii) 	Grant Date shall
mean the date of grant of the option as specified in the Grant
Notice.

		
	(xiv) 	Grant Notice shall mean the
Notice of Grant of Stock Option accompanying the Agreement, pursuant to
which Optionee has been informed of the basic terms of the option
evidenced hereby.

		
	(xv) 	Incentive Option shall
mean an option which satisfies the requirements of Code Section
422.

		
	(xvi) 	1934 Actshall mean the Securities
Exchange Act of 1934, as
amended.

		
	(xvii) 	Non-Statutory Option shall
mean an option not intended to satisfy the requirements of Code Section
422.

		
	(xviii) 	Option Shares shall mean the
number of shares of Common Stock subject to the
option.

		
	(xix) 	Optionee shall mean the person
to whom the option is granted as specified in the Grant
Notice.

		
	(xx) 	Parent shall mean any corporation
(other than the Corporation) in an unbroken chain of corporations
ending with the Corporation, provided each corporation in the unbroken
chain (other than the Corporation) owns, at the time of the
determination, stock possessing fifty percent (50%) or more of
the total combined voting power of all classes of stock in one of the
other corporations in such chain.

		
	(xxi) 	Plan
shall mean the Corporation's 1996 Stock Option/Stock Issuance
Plan.

		
	(xxii) 	Plan Administrator shall mean
either the Board or a committee of the Board acting in its capacity as
administrator of the Plan.

		
	(xxiii) 	Purchase
Agreement shall mean the stock purchase agreement in substantially the
form of Exhibit B to the Grant
Notice.

		
	(xxiv) 	Service shall mean the
Optionee's performance of services for the Corporation (or any
Parent or Subsidiary) in the capacity of an Employee, a non-employee
member of the board of directors or an independent
consultant.

		
	(xxv) 	Stock Exchange shall mean
the American Stock Exchange or the New York Stock
Exchange.

		
	(xxvi) 	Subsidiary shall mean any
corporation (other than the Corporation) in an unbroken chain of
corporations beginning with the Corporation, provided each corporation
(other than the last corporation) in the unbroken chain owns, at the
time of the determination, stock possessing fifty percent (50%)
or more of the total combined voting power of all classes of stock in
one of the other corporations in such
chain.

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