Document:

EMPLOYMENT AGREEMENT

EXHIBIT 1.07

 

EMPLOYMENT AGREEMENT

            This Employment
Agreement (this "Agreement"), dated as of January 13, 2005, is entered
into by and among Moscow CableCom Corp.,
a Delaware corporation (the "Company"), and Donald Miller-Jones ("Executive").

RECITALS

            A.        The Company is a holding company that
holds, directly or indirectly, 100% of the outstanding equity interests of
ComCor-TV ("ComCor-TV"), a company organized in the Russian Federation
("Russia").  ComCor-TV delivers
cable television, high speed data transmission and Internet services to
customers in Moscow, Russia.

            B.         The Company wishes to employ Executive,
and Executive wishes to be employed by the Company, to serve as Chief Financial
Officer of the Company and of ComCor-TV, under the terms and conditions
contained herein.

            C.        Pursuant to a separate agreement (the "Option
Agreement"), Executive is being granted options (the "Options") to
purchase 406,367 shares of the Company's common stock.

AGREEMENT

            In
consideration of the rights and obligations created hereunder, the parties
hereto hereby agree as follows:

            1.         Term; Position, Duties and Reporting.

                        (a)        Term.  Executive's employment by the Company will begin on the date of
this Agreement (the "Effective Date") and will continue for a period of
three years from the Effective Date, unless earlier terminated in accordance
with Section 4 (as applicable, the "Term").

                        (b)        Position, Duties and Reporting.  Executive will serve as Chief Financial
Officer of the Company and of ComCor-TV. 
In his capacity as Chief Financial Officer of the Company and of
ComCor-TV, Executive will devote substantially his full business time, energy,
and ability to the businesses of the Company and ComCor-TV, and will have the
duties, responsibilities and authority that the Company's board of directors
(the "Board") and the Management Board of ComCor-TV, respectively, have
established as of the date hereof, or that the Chief Executive Officer of the
Company and the Chairman of the Management Board of ComCor-TV, respectively,
may hereafter establish, which duties, responsibilities and authority are
customarily required of and given to the chief financial officer of other
companies doing business in Russia.  In
his capacity as Chief Financial Officer of the Company and of ComCor-TV,
Executive will perform his duties and responsibilities at ComCor-TV's offices
in Moscow, Russia, and will report directly to the Chief Executive Officer of
the Company and to the Chairman of the Management Board of ComCor-TV,
respectively.

            2.         Compensation; Bonus; Benefits.

                        (a)        Salary.  For all services to be provided by Executive hereunder, and in
addition to the Options, Executive will initially receive during the Term a
base annual salary of €165,000.00, payable monthly in arrears.  Executive's base annual salary will be
reviewed by the Board as of each anniversary of the Effective Date and may be
increased as determined by the Board. 
Executive's base annual salary as so increased may not be decreased.

                        (b)        Bonus.  At the end of each year during which Executive is employed by the
Company for any amount of time, for services to be provided by Executive
hereunder, Executive will be eligible to receive a bonus in cash or in shares
of the Company's stock as approved by the Board, subject to Executive having met
such performance targets as the Board has
established as of the date hereof or may hereafter establish, in an amount per
year between 10% and 35% of Executive's then-current base annual salary.  Such bonus may be increased up to an amount
equal to 50% of Executive's then-current base annual salary for outstanding
performance, as determined by the Board. 
Any bonus payable pursuant to this Section 2(b) will be paid within
15 days after approval thereof.

                        (c)        Basic Benefits.

                        (i)         Benefit Plans.  During the Term (and thereafter in
accordance with Section 4), the Company will provide Executive with the
benefits of such insurance plans (including life, medical, dental, disability,
travel and directors and officers insurance), hospitalization plans, pension contribution
plans, 401(k) plans, and other U.S.-based employee benefit plans (A) as
the Company adopts from time to time, (B) as are at least comparable to
those provided to other senior executives of the Company, and (C) as are
at least comparable to those customarily provided to the chief financial
officer of other companies doing business in Russia.  The Company may provide such benefits directly by having
Executive participate in the Company's benefits plan, or the Company may
provide any portion of such benefits by reimbursing Executive for premiums he
pays to acquire such benefits under private plans agreed upon between Executive
and the Company.

                        (ii)        Family Coverage.  During the Term (and thereafter in
accordance with Section 4), Executive's immediate family (consisting of
his spouse or partner and any dependent children) will be fully covered by the
benefits package described in Section 2(c)(i).

                        (iii)       Sick Leave and Vacation.  During the Term, Executive will be entitled
to sick leave and vacation (A) in accordance with the Company's
established policies applicable to other senior executives of the Company and
(B) at least comparable to those customarily provided to the chief
financial officer of other companies doing business in Russia.  In addition, the Company will provide
reasonable paid emergency leave to Executive in the case of serious injury to
Executive or any member of his immediate family or death of any member of his
immediate family.

                        (iv)       Airfare.  During the Term, once per quarter the Company will promptly pay
or reimburse Executive (at Executive's option) for airfare up to an amount
equal to the cost of two business-class round trips between Moscow, Russia, and
the international airport most convenient to School Farm House, Birch Grove,
Horsted Keynes, West Sussex RH17 7DQ, United Kingdom (the "Residence"),
as well as all related rental car or airport transfer expenses.

                        (v)        Automobile.  During the Term, the Company (A) will
provide Executive with an automobile, which will be of an age, make and model,
and will have characteristics and amenities, comparable to automobiles provided
to other senior executives of the Company, if applicable, and at least
comparable to automobiles customarily provided to the chief financial officer of
other companies doing business in Russia, and (B) will promptly pay or (at
Executive's option) reimburse Executive for all expenses related to such
automobile, including fuel, insurance and maintenance.

                        (vi)       Tax Return Preparation and Filing.  For such period of time as Executive's U.S.
(including any applicable state) or foreign tax returns are affected by this
Agreement or the services to be provided by Executive hereunder, the Company
will promptly pay or (at Executive's option) reimburse Executive for the cost
to prepare and file all such U.S. (including any applicable state) and foreign
tax returns.

                        (d)        Business Expenses.  The Company will promptly pay or (at
Executive's option) reimburse Executive for all reasonable business expenses
incurred by Executive in carrying out Executive's duties under this Agreement.

            3.         Other Payments.

                        (a)        Relocation.  The Company will promptly pay or (at
Executive's option) reimburse Executive for all reasonable expenses for the
relocation of Executive and his immediate family (consisting of his spouse or
partner and any dependent children) from the Residence to Moscow, Russia,
including business-class airfare, the costs of shipping household effects to
Moscow, Russia (or, at Executive's option, a one-time allowance of €10,000.00
in lieu of such costs of shipping household effects), the costs of storing
unshipped items in the city of the Residence, and living expenses (including
hotel, car rental, and meals) for Executive and his immediate family until they
have relocated to housing arranged for them in Moscow, Russia in accordance
with Section 3(b).  In addition,
the Company will promptly pay or (at Executive's option) reimburse Executive
for all expenses for visas, work permits, and all other governmental approvals
and/or permits that are necessary or appropriate in connection with such
relocation and the services to be provided by Executive hereunder, whether such
expenses are incurred before, on or after the date hereof.

                        (b)        Housing.  During the Term, the Company (A) will
provide Executive with an apartment, which will be of a size and location, and
will have characteristics and amenities, comparable to housing provided to
other senior executives of the Company, if applicable, and at least comparable
to housing customarily provided to the chief financial officer of other
companies doing business in Russia, and (B) will promptly pay or (at
Executive's option) reimburse Executive for all expenses related to such
housing, including gas, electricity, water and other utilities, sewer, garbage,
insurance, maintenance and security.

                        (c)        Document Preparation Expenses.  The Company will promptly pay or (at
Executive's option) reimburse Executive for all reasonable attorneys' and
accountants' fees and related expenses incurred by Executive in connection with
the preparation and execution of this Agreement and the Option Agreement.

            4.         Termination.  Executive's employment hereunder will
terminate on the following terms and conditions:

                        (a)        Death.  If Executive dies during the Term:

                        (i)         within 15 days after the date of death,
Executive's base annual salary will be paid through and including the date of
death,

                        (ii)        within 15 days after the date of death,
Executive's estate will be paid an amount equal to the greater of (A) six
months of Executive's base annual salary and (B) eighteen months of
Executive's base annual salary minus the aggregate amount of base annual
salary paid to Executive from the Effective Date through and including the date
of death,

                        (iii)       within 15 days after the date of death,
Executive's estate will be paid for Executive's earned but unused vacation days
under Section 2(c)(iii) ("Sick Leave and Vacation"), in accordance with
the Company's established policies applicable to other senior executives of the
Company and at least comparable to those customarily provided to the chief
financial officer of other companies doing business in Russia,

                        (iv)       the Company will promptly pay or (at
Executive's estate's option) reimburse Executive's estate for all reasonable
expenses for the relocation of Executive's immediate family (consisting of his
spouse or partner and any dependent children) from Moscow, Russia, to the
Residence, including business-class airfare, the costs of shipping household
effects to the Residence, and living expenses (including hotel, car rental, and
meals) for Executive's immediate family until they have relocated to the
Residence, and thereafter the benefits under Section 3(b) ("Housing") will
terminate,

                        (v)        the benefits under Sections 2(c)(i)
("Benefit Plans") and 2(c)(ii) ("Family Coverage") will continue with respect
to Executive's immediate family through the eighteenth month following the
Effective Date,

                        (vi)       the benefits under Section 2(c)(vi)
("Tax Return Preparation and Filing") will continue with respect to Executive's
immediate family as long as necessary in accordance with the terms of such
Section, and

                        (vii)      the benefits under Sections 2(c)(iv)
("Airfare") and 2(c)(v) ("Automobile") will terminate on the date of death.

                        (b)        Disability.  If Executive becomes disabled during the
Term:

                        (i)         the Company may terminate Executive's
employment 30 days after receipt by Executive or his duly appointed legal
representative of a notice of termination,

                        (ii)        Executive's base annual salary will be
paid through such date of termination,

                        (iii)       on such date of termination Executive or
his duly appointed legal representative will be paid an amount equal to the
greater of (A) six months of Executive's base annual salary and (B) eighteen
months of Executive's base annual salary minus the aggregate amount of
base annual salary paid to Executive from the Effective Date through and
including such date of termination,

                        (iv)       on such date of termination Executive or
his duly appointed legal representative will be paid for Executive's earned but
unused vacation days under Section 2(c)(iii) ("Sick Leave and Vacation"),
in accordance with the Company's established policies applicable to other
senior executives of the Company and at least comparable to those customarily
provided to the chief financial officer of other companies doing business in
Russia,

                        (v)        the Company will promptly pay or (at
Executive's or his duly appointed legal representative's option) reimburse
Executive or his duly appointed legal representative for all reasonable
expenses for the relocation of Executive and his immediate family (consisting
of his spouse or partner and any dependent children) from Moscow, Russia, to
the Residence, including business-class airfare, the costs of shipping
household effects to the Residence, and living expenses (including hotel, car
rental, and meals) for Executive and his immediate family until they have
relocated to the Residence, and thereafter the benefits under Section 3(b)
("Housing") will terminate,

                        (v)        the benefits under Sections 2(c)(i)
("Benefit Plans") and 2(c)(ii) ("Family Coverage") will continue through the
eighteenth month following the Effective Date,

                        (vi)       the benefits under Section 2(c)(vi)
("Tax Return Preparation and Filing") will continue as long as necessary in
accordance with the terms of such Section, and

                        (vii)      the benefits under Sections 2(c)(iv)
("Airfare") and 2(c)(v) ("Automobile") will terminate on such date of
termination.

For purposes of this Section 4(b), Executive will be considered
"disabled" if he is unable to effectively perform his duties hereunder by
reason of any medically determinable physical or mental impairment that can be
expected to result in death within 12 months or that has lasted or can be
expected to last for a continuous period of not less than six months.

                        (c)        Termination For Cause.  The Company may immediately terminate
Executive's employment for "Cause" by giving written notice thereof to
Executive, and in such event Executive's base annual salary will be paid
through such date of termination, and thereafter Executive's rights under this
Agreement will cease and no further payments hereunder will be made, except for
Executive's rights under Sections 2(d) and 3(c) with respect to
unreimbursed fees and expenses incurred by Executive prior to such date of
termination, which the Company will reimburse Executive for within 15 days
after such date of termination.  For
purposes of this Agreement, any one or more of the following events will
constitute "Cause":

                        (i)         Executive's conviction of (or pleading
nolo contendere or equivalent) to a felony or serious misdemeanor or the
equivalent under the laws of another jurisdiction;

                        (ii)        Executive's willful misconduct, gross
negligence, or perpetration of or participation in a fraud or the equivalent
under the laws of another jurisdiction, where such acts are materially
injurious to the Company or any of its subsidiaries; or 

                        (iii)       Executive's continuous nonfeasance with
regard to his duties, after notice, an opportunity for Executive to appear
before the Board, and a reasonable opportunity for Executive to perform.

                        (d)        Termination Without Cause.  The Company may terminate Executive's
employment without Cause by delivering to Executive written notice of
termination three months prior to the date of termination or, if such
termination is to occur within the first 12 months after the Effective Date,
six months prior to the date of termination.

                        (i)         If Executive's employment is terminated
without Cause:

                        (A)       Executive's base annual salary will be
paid through such date of termination,

                        (B)       on such date of termination Executive
will be paid for any earned but unused vacation days under
Section 2(c)(iii) ("Sick Leave and Vacation"), in accordance with the
Company's established policies applicable to other senior executives of the
Company and at least comparable to those customarily provided to the chief
financial officer of other companies doing business in Russia,

                        (C)       the Company will promptly pay or (at
Executive's option) reimburse Executive for all reasonable expenses for the
relocation of Executive and his immediate family (consisting of his spouse or
partner and any dependent children) from Moscow, Russia, to the Residence, including
business-class airfare, the costs of shipping household effects to the
Residence, and living expenses (including hotel, car rental, and meals) for
Executive and his immediate family until they have relocated to the Residence,
and thereafter the benefits under Section 3(b) ("Housing") will terminate,

                        (D)       Executive's benefits under
Sections 2(c)(i) ("Benefit Plans") and 2(c)(ii) ("Family Coverage") will
continue through the eighteenth month following the Effective Date,

                        (E)       Executive's benefits under
Section 2(c)(vi) ("Tax Return Preparation and Filing") will continue as
long as necessary in accordance with the terms of such Section, and

                        (F)       Executive's benefits under
Sections 2(c)(iv) ("Airfare") and 2(c)(v) ("Automobile") will terminate on
such date of termination.

                        (ii)        In addition to the provisions of
Section 4(c)(i), if Executive's employment is terminated without Cause and
the date of termination is before the first anniversary of the Effective Date,
on such date of termination Executive will be paid an amount equal to eighteen
months of Executive's base annual salary minus the aggregate amount of
base annual salary paid to Executive from the Effective Date through and
including such date of termination.

                        (iii)       In addition to the provisions of
Section 4(c)(i), if Executive's employment is terminated without Cause and
the date of termination is on or after the first anniversary of the Effective
Date, on such date of termination Executive will be paid an amount equal to the
greater of (A) six months of Executive's base annual salary and
(B) eighteen months of Executive's base annual salary minus the
aggregate amount of base annual salary paid to Executive from the Effective
Date through and including such date of termination.

                        (e)        Termination of Employment by
Executive for Good Reason. 
Executive may terminate his employment for Good Reason by delivering
written notice to the Company 30 days prior to the date of termination, and in
such event his employment termination will be treated as termination by the
Company without Cause under Section 4(d). 
For purposes of this Agreement, "Good Reason" means:

                        (i)         a material diminution of Executive's
titles, offices, positions or authority, excluding for this purpose an action
not taken in bad faith and that is remedied within thirty days after receipt of
written notice thereof given by Executive to the Company;

                        (ii)        the assignment to Executive of any
duties materially inconsistent with Executive's position as Chief Financial
Officer of the Company and of ComCor-TV, excluding for this purpose an action
not taken in bad faith and that is remedied within thirty days after receipt of
written notice thereof given by Executive to the Company;

                        (iii)       the failure by the Company to timely make
any payment due hereunder or to comply with any of the material provisions of
this Agreement, other than a failure not occurring in bad faith and that is
remedied within thirty days after receipt of written notice thereof given by
Executive to the Company; or

                        (iv)       the occurrence of a Change of
Control.  For purposes of this
Agreement, a "Change of Control" will be deemed to have occurred if
(A) an individual, entity or group, as defined by Sections 13(d)(3)
or 14(d)(2) of the Securities Exchange Act of 1934, that does not now
beneficially own shares representing more than 50% of the Company's or
ComCor-TV's outstanding share voting power (other than the Columbus Nova entity
that on the date hereof owns shares in the Company, or an affiliate of such
Columbus Nova entity) acquires beneficially shares representing more than 50%
of the outstanding share voting power of the Company or ComCor-TV,
respectively; or (B) a merger, acquisition or sale of all or substantially
all of the assets of the Company or ComCor-TV occurs, in which an individual,
entity or group, as defined by Sections 13(d)(3) or 14(d)(2) of the
Securities Exchange Act of 1934, that does not now beneficially own shares
representing more than 50% of the Company's or ComCor-TV's outstanding share voting
power (other than the Columbus Nova entity that on the date hereof owns shares
in the Company, or an affiliate of such Columbus Nova entity) receives
beneficially shares representing more than 50% of the outstanding share voting
power of the surviving, successor or acquiring company's common equity.

                        (f)         Resignation By Executive Without
Good Reason.  Even in the absence of
Good Reason, Executive may resign from his employment with the Company at any
time, and in such event Executive's base annual salary will be paid through the
effective date of such resignation, and thereafter Executive's rights under
this Agreement will cease and no further payments hereunder will be made,
except for Executive's rights under Sections 2(d) and 3(c) with respect to
unreimbursed fees and expenses incurred by Executive prior to the effective
date of such resignation, which the Company will reimburse Executive for within
15 days after the effective date of such resignation.

            5.         Russian Taxes.  Any and all amounts payable to, or benefits
of, Executive, his immediate family, his estate and/or his duly appointed legal
representative, as applicable, under this Agreement (including without
limitation pursuant to Sections 2, 3, 4 and/or 9) will be net of any
taxes, social security contributions and other payments required by
governmental authorities in Russia in respect thereof or arising from or
relating to this Agreement or the services to be provided by Executive
hereunder (collectively, "Russian Taxes"), and such benefits will be provided,
and such amounts will be paid, without any diminishment as a result of any
applicable Russian Taxes, and the Company will bear full responsibility for,
and will timely pay, all applicable Russian Taxes.

            6.         Confidentiality.

                        (a)        Nondisclosure and Nonuse of
Confidential Information.  Executive
will not disclose or use at any time, either during his employment with the
Company or thereafter, any Confidential Information (as defined below) of which
Executive is or becomes aware, whether or not such information is developed by
him, except as required by applicable law and except to the extent that such
disclosure or use is directly related to and required by Executive's
performance of duties assigned to Executive by the Board, the Management Board
of ComCor-TV, the Chief Executive Officer of the Company or the Chairman of the
Management Board of ComCor-TV, as applicable.  Executive will take all appropriate steps to
safeguard Confidential Information and to protect it against disclosure,
misuse, espionage, loss and theft.  For
purposes of this Agreement, "Confidential Information" means information
that is not generally known to the public and that is developed by the Company
or ComCor-TV in connection with their businesses, including (i) products
or services, (ii) costs and pricing structures, (iii) designs,
(iv) analysis, (v) drawings, photographs and reports,
(vi) computer software, including operating systems, applications and
program listings, (vii) flow charts, manuals and documentation,
(viii) data bases, (ix) accounting and business methods,
(x) inventions, devices, new developments, methods and processes, whether
patentable or unpatentable and whether or not reduced to practice,
(xi) customer and client information (including customer or client lists),
(xii) copyrightable works, (xiv) all technology and trade secrets,
and (xv) business plans and financial models.  Confidential Information does not include any information that
has been published in a form generally available to the public prior to the
date Executive proposes to disclose or use such information.  Information will not be deemed to have been
published merely because individual portions of the information have been
separately published, but only if all material features constituting such
information have been published in combination.

                        (b)        Delivery or Destruction of Materials
upon Termination of Employment.  As
requested by the Board, the Management Board of ComCor-TV, the Chief Executive
Officer of the Company or the Chairman of the Management Board of ComCor-TV
from time to time, and upon the termination of Executive's employment hereunder
for any reason, either:

                        (i)         Executive will promptly deliver to such
requesting party, or

                        (ii)        at Executive's request, which will not
be unreasonably denied by such requesting party, Executive will destroy,

all copies and embodiments, in whatever form, of all Confidential
Information in Executive's possession or within his control, irrespective of
the location or form of such material and, if requested by such requesting
party, will provide such requesting party with written confirmation that all
such materials have been so delivered or destroyed, as applicable.

            7.         Full Settlement.  Executive will not be obligated to seek
other employment or take any other action by way of mitigation of the amounts
payable to Executive under any of the provisions of this Agreement.  The Company agrees, to the fullest extent
permitted by law, to promptly pay or (at Executive's option) reimburse
Executive for all legal fees and expenses that Executive may reasonably incur
as a result of any contest by the Company or Executive of the validity or
enforceability of, or liability under, any provision of this Agreement or any
guarantee of performance thereof (including as a result of any contest by
Executive about the amount of any payment pursuant to this Agreement), but only
if Executive is successful on the merits of any such contest.

            8.         Notices.  All communications, requests, consents and
other notices provided for in this Agreement must be in writing and must be
delivered personally, telecopied (if receipt is confirmed by the recipient), or
sent by internationally recognized overnight delivery service to the parties at
the following addresses (or to such other person or address for a party as
specified by such party by like notice) (notice will be deemed given upon
receipt, if delivered personally, by overnight delivery service or by
telecopy):

                        

(a)        If to the Company:

 

                                    Moscow
CableCom Corp.

                                    405 Park Avenue

                                   
Suite 1203

                                   
New York, New York 10022

                                    Attn:  Oliver R. Grace, Jr.

 

                        (b)            If to
Executive:

 

                                    Moscow
CableCom Corp.

                                    405 Park Avenue

                                   
Suite 1203

                                   
New York, New York 10022

                                    Attn:  Mr. Donald Miller-Jones

            9.         Dispute Resolution.  Any dispute between the parties hereto
arising out of or related to this Agreement, the Options or the Option
Agreement will be finally settled through binding arbitration under the
National Rules for the Resolution of Employment Disputes (the "Rules")
of the American Arbitration Association. 
The arbitration will be heard by a single arbitrator, who will be
knowledgeable of the cable and telecommunications industry.  The parties will use reasonable efforts to
agree upon an arbitrator within 30 days after commencement of the
arbitration.  If the parties are unable
to agree, the arbitrator will be appointed as provided under the Rules.  The arbitration will be conducted in the
English language and will be seated in London, England.  Any court of competent jurisdiction may
enter final judgment on the arbitrator's award.

            10.       Governing Law.  This Agreement and all matters and issues
collateral thereto will be governed by and construed in accordance with the
laws of the State of New York, U.S.A., without regard to principles governing
conflicts of law.  Each party hereto, to
the fullest extent permitted by the laws of Russia, waives any and all rights
that it may have under the laws of Russia that might be inconsistent with the terms
of this Agreement and, to the extent such rights cannot be validly waived, each
party hereto will exercise such rights only to the extent consistent with this
Agreement.

            11.       Waiver.  Any party may waive compliance by another with any of the provisions
of this Agreement, but any such waiver must be in writing.  No failure or delay by any party hereto in
exercising any right, power or privilege hereunder will operate as a waiver
thereof nor will any single or partial exercise thereof or the exercise of any
other right, power or privilege.  No
waiver of any provision hereof will be construed as a waiver of any other
provision or as a subsequent waiver of the same provision.

            12.       Severability.  If any provision of this Agreement is deemed
invalid or unenforceable by the laws of the jurisdiction wherein it is to be
enforced, such provision will be considered divisible and such provision will
be deemed immediately amended and reformed to include only such portion thereof
as is enforceable by the court or other body having jurisdiction of this
Agreement; and the parties agree that such provision, as so amended and
reformed, will be valid and binding as though the invalid or unenforceable
portion had not been included herein.

            13.       Assignment.  Neither the Company nor Executive may assign
any of their respective rights or delegate any of their respective obligations
under this Agreement without the prior written consent of the other party
hereto.  This Agreement will be binding
upon and inure to the benefit of the parties and their respective legal
representatives, heirs, and permitted successors and assigns.

            14.       Entire Agreement.  This Agreement sets forth the entire
agreement and understanding of the parties with respect to the subject matter
of this Agreement, and supersedes all prior understandings, agreements or
representations by the parties, written or oral, that relate to the subject
matter of this Agreement.

            15.       No Benefit to Others.  The representations, warranties, covenants,
and agreements contained in this Agreement are for the sole benefit of the
parties hereto and their respective successors and assigns, and they will not
be construed as conferring and are not intended to confer any rights on any
other person.

            16.       Amendments.  No provision of this Agreement may be
amended except by an instrument in writing signed by all of the parties hereto.

            17.       Headings.  The section headings of this Agreement are
for reference purposes only and are not to be given effect in the construction
or interpretation of this Agreement.

            18.       Interpretation.  As used in this Agreement, except as
otherwise indicated herein or as the context may otherwise require:
(a) the words "include," "includes," and "including" are deemed to be
followed by "without limitation" whether or not they are in fact followed by
such words or words of like import; (b) the words "hereof," "herein,"
"hereunder," and comparable terms refer to the entirety of this Agreement, and
not to any particular section or other subdivision hereof; (c) any pronoun
will include the corresponding masculine, feminine, and neuter forms;
(d) the singular includes the plural and vice versa; (e) references
to any agreement or other document are to such agreement or document as amended
and supplemented from time to time; (f) references to any statute or
regulation are to it as amended and supplemented from time to time, and to any
corresponding provisions of successor statutes or regulations; and (vii)
references to "Section," or another subdivision are to a section or subdivision
hereof.

            19.       Rules of Construction.  The parties hereto agree that they have been
represented by counsel during the negotiation, preparation, and execution of
this Agreement and, therefore, waive the application of any law or rule of construction
providing that ambiguities in an agreement or other document will be construed
against the party drafting such agreement or document.

            20.       Counterparts.  This Agreement may be executed by the
parties hereto in separate counterparts, each of which when so executed and
delivered will be an original, but all such counterparts will together
constitute one and the same instrument.

[Remainder of Page Intentionally Left Blank]

            IN WITNESS WHEREOF,
the Company and Executive, intending to be legally bound, have executed this
Agreement on the day and year above first written.

                                                                        THE COMPANY:

Moscow
CableCom Corp.

                                                                        a
Delaware corporation

                                                                        By:       __/s/ Andrew M. O'Shea__________

                                                                        Name:
__Andrew M. O'Shea____________

                                                                        Title:
    ___Chief Financial Officer________

                                                                        EXECUTIVE:

                                                                        __/s/
Donald Miller-Jones_______________

                                                                        Donald
Miller-JonesEXHIBIT 10.8

 

MOSCOW
CABLECOM CORP.

 NON-QUALIFIED
STOCK OPTION AGREEMENT

            This agreement (the "Agreement")
made this ___ day of ______, 200__ between Moscow CableCom Corp., a Delaware
corporation (hereinafter called the "Corporation"), and Warren Mobley
(hereinafter called the "Grantee").

            WHEREAS,
the Moscow CableCom Corp. 2003 Stock Option Plan (as amended as described below
and as it may be amended from time to time hereafter in accordance with its
terms, the "Plan") was adopted by the Board of Directors (the "Board") of the
Corporation on September 2, 2003 and was approved by the shareholders of the
Corporation on October 27, 2003;

WHEREAS,
amendments to the Plan were adopted by the Board on August 26, 2004 and were
approved by the shareholders of the Corporation on December 8, 2004;

            WHEREAS,
the Corporation desires to provide the Grantee with an opportunity to acquire
or increase his proprietary interest in the business of the Corporation and,
through stock ownership, to possess an increased personal interest in its
continued success and progress;

            NOW,
THEREFORE, in consideration of the promises, the mutual covenants hereinafter
set forth, and other good and valuable consideration, the Corporation and the
Grantee agree as follows:

            1. 
Award of Option.  The
Corporation hereby awards to the Grantee as of December 9, 2004 (the "Grant
Date"), as a matter of separate inducement and agreement, and not in lieu of
salary or any other compensation for services, options to purchase an aggregate
of Four Hundred Six Thousand, Three Hundred Sixty Eight (406,368) shares of the
Corporation's Common Stock, par value $.01 per share (the "Common Stock"),
pursuant to the non-qualified stock option provisions contained in Article III
of the Plan, on the terms and conditions hereinafter set forth, at the purchase
price of $5.00 per share (such shares, number of shares and purchase price
being subject to adjustment as provided in Section 4.2 of the Plan).

            2. 
Terms of Plan.   The Plan,
a copy of which is attached hereto, is incorporated herein by reference and is
made part of this Agreement as if fully set forth herein.  All capitalized terms used in this Agreement
shall have the meaning assigned to them in the Plan unless provided otherwise
in this Agreement.  This Agreement is subject
to, and the Corporation and the Grantee agree to be bound by, all of the terms
and conditions of the Plan as the same exists at the time this Agreement was
entered.  The Plan shall control in the
event there is any express conflict between the Plan and the terms hereof, and
on such matters that are not expressly covered in this Agreement.  Subsequent amendments to the Plan shall not
adversely affect the Grantee's rights under this Agreement.

            3. 
Exercise of Option.  The
Non-Qualified Stock Options granted pursuant to this Agreement (the "Options")
will become are exercisable in installments in accordance with the following
schedule:

            

	
  Options to
  Purchase

  	
  Become
  Exercisable

  
	
  135,456
  shares 

  	
  At the first
  anniversary of the Grant Date

  
	
  33,864 shares
  

  	
  At
  the end of each quarter between the first anniversary of the Grant Date and
  the third anniversary of the Grant Date

  

            

            Such installments shall be
cumulative, but each exercise must encompass at least one installment or 100
shares of Common Stock, whichever is less. 
In the event the Grantee's exercise includes a fractional share, the
Corporation will not be required to issue a fractional share but will pay the
Grantee in cash the value of such fractional share.  All unexercised rights shall lapse and forever terminate as of
December 9, 2009.

Notwithstanding the foregoing, all of the Options shall
become immediately exercisable in full upon the occurrence of a "Change of
Control."  For purposes of
this Agreement, "Change of Control" shall have the same meaning as in the
Employment Agreement between the Grantee and the Corporation dated the date
hereof (the "Employment Agreement"), a copy of which is attached hereto and
made a part hereof.

            4. 
Termination of Employment. 
(a)  Upon the effective date of the
termination of the Grantee's employment with the Corporation, any Options that
have not yet become exercisable shall immediately be cancelled and forfeited, provided,
however, that (i) if, during the
first year immediately following the Grant Date, such employment is terminated
either (A) by the Corporation without "Cause" or (B) by the Grantee
for "Good Reason", then the Options that would have otherwise
become exercisable pursuant to Section 3 on the first anniversary of the
Grant Date if such termination had not occurred shall become immediately
exercisable; (ii) if, during the first year immediately following the Grant
Date, such employment is terminated by reason of Disability or
death, then a number of Options equal to (A) 33,864 multiplied by (B) the number of quarters that have elapsed between
the Grant Date and the date of such termination, shall become immediately
exercisable; and (iii) if, after the
first anniversary of the Grant Date, such employment is terminated either
(A) by the Corporation without "Cause" or (B) by the Grantee for
"Good Reason", then the Options
that would have otherwise become exercisable pursuant to Section 3 on the
next following end of quarter if such
termination had not occurred shall become immediately exercisable.
For purposes of this Agreement, "Cause" and "Good Reason" shall have the
respective meanings given to such terms in the Employment Agreement.

            (b) 
Upon the termination of the Grantee's employment with the Corporation
other than by reason of Disability or death, the term of any then outstanding
Options held by the Grantee which are exercisable on the effective date of such
termination shall extend for a period ending on the earlier of the date on
which such Options would otherwise expire or three (3) months after such
termination, and such Options shall be exercisable to the extent that they were
exercisable immediately prior to such termination, as provided in Section
4(a).  For purposes of this Agreement,
"Disability" shall have the meaning given to such term in Section 1.2(g) of the
Plan.

            (c) 
If the Grantee's employment with the Corporation is terminated by reason
of the Grantee's Disability, the term of any then outstanding Options held by
the Grantee shall extend for a period ending on the earlier of the date on
which such Options would otherwise expire or twelve (12) months after such
termination, and such Options shall be exercisable to the extent they were
exercisable immediately prior to such termination, as provided in Section 4(a).  Grantee or his duly appointed legal
representative shall have the right during such exercise period to exercise any
then exercisable Options in whole or in part.

            (d) 
If the Grantee's employment with the Corporation is terminated by reason
of the Grantee's death, the term of any then outstanding Options held by the
Grantee shall extend for a period ending on the earlier of the date on which
such Options would otherwise expire or twelve (12) months after such
termination, and such Options shall be exercisable to the extent they were
exercisable immediately prior to such termination, as provided in Section
4(a).  The representative of Grantee's
estate or beneficiaries thereof to whom the Options have been transferred shall
have the right during such exercise period to exercise any then exercisable
Options in whole or in part.

            5. 
Manner of Exercise.  Full
payment for the shares purchased shall be made at the time of any exercise of
an Option.  The purchase price shall be
payable to the Corporation in US Dollars either (i) in cash or by check, bank
draft, or postal or express money order, (ii) by surrender of shares of Common
Stock then owned by the Grantee having a Fair Market Value on the date of
exercise equal to the full purchase price, or (iii) by a combination of (i) and
(ii) above.  Surrender of shares of
Common Stock shall be evidenced by delivery of the certificate(s) representing
such shares in such manner, and endorsed in such form, or accompanied by stock
powers endorsed in such form, as the Committee may determine.  In the event the Grantee's exercise includes
a fractional share, the Corporation will not be required to issue a fractional
share but will pay the Grantee in cash the value of such fraction.  

            Subject to the terms and conditions
hereof, the Options shall be exercisable by notice to the Corporation on the
form provided by the Corporation, a copy of which is attached hereto.  In the event that the Options are being
exercised by any person or persons other than the Grantee, the notice shall be
accompanied by proof, satisfactory to the Corporation, of the right of such
person or persons to exercise any right under this Agreement.

            6. 
Rights of Grantee.  In and
of itself, the grant of any option in any year shall give such Grantee neither
any right to similar grants in future years nor any right to be retained as an
employee of the Corporation, such employment being terminable to the same
extent as if the Plan and this Agreement were not in effect.  The right and power of the Corporation to
dismiss, discharge, or terminate such employment of, the Grantee is
specifically and unqualifiedly unimpaired by this Agreement.

            Neither the Grantee nor any other
person legally entitled to exercise any rights under this Agreement shall be
entitled to any of the rights or privileges of a stockholder of the Corporation
with respect to any shares which may be issuable upon any exercise pursuant to
this Agreement, unless and until a certificate or certificates representing
such shares shall have been actually issued and delivered to the Grantee or
such person.

            7. 
Non‐Transferability of Option.  Except as otherwise provided herein, the Options and the rights
and privileges conferred by this Agreement may not be transferred, assigned,
pledged or hypothecated in any way, other than by will or the laws of descent
and distribution, and an option shall be exercisable during the Grantee's
lifetime only by the Grantee or his duly appointed legal representative or
conservator.

            8. 
Taxes and Withholding. 
All payments to Grantee or to his duly appointed legal representative or
conservator shall be subject to any applicable tax, community property, or
other statutes or regulations of the United States or of any state having
jurisdiction thereof.  The Grantee or
such representative or conservator may be required to pay to the Corporation
the amount of any withholding taxes which the Corporation is required to
withhold with respect to the Options or their exercise.  In the event that such payment is not made
when due, the Corporation shall have the right to deduct, to the extent
permitted by law, from any payment of any kind otherwise due to such person all
or part of the amount required to be withheld.

            9. 
Notices.  Each notice to
the Corporation relating to this Agreement shall be in writing and delivered in
person or by registered mail to the Corporation at its office, 405 Park Avenue,
New York, NY 10022, to the attention of the Chief Financial Officer.  All notices to the Grantee or other person
or persons then entitled to exercise any right pursuant to this Agreement shall
be delivered to the Grantee or such other person or persons at the Grantee's
address specified below or at such other address as the Grantee or such other
person may specify in writing to the Corporation by a notice delivered in
accordance with this paragraph.

            10. 
Restriction on Shares. 
The Corporation's obligation to issue or deliver any certificate or
certificates for shares of Common Stock pursuant to the exercise of all or any
portion of the Options, and the transferability of shares acquired by the
exercise of all or any portion of the Options, shall be subject to all of the
following conditions:

            (a)        Any registration or other qualification
of such shares under any state or federal law or regulation, or the
availability of an exemption from such registration or qualification, or the
maintaining in effect of any such registration or other qualification which the
Corporation shall, in its absolute discretion upon the advice of counsel, deem
necessary or advisable.  In this regard,
the Corporation will use commercially reasonable best efforts to prepare and
file with the Securities and Exchange Commission a Form S-8 registration
statement under the Securities Act of 1933, as amended, with respect to the
shares to be issued upon the exercise of the Options as promptly as reasonably
practicable following the Grant Date.

            (b)        The obtaining of any other consent,
approval or permit from any state or federal governmental agency which the
Corporation shall, in its absolute discretion, upon the advice of counsel,
determine to be necessary or advisable.

     (c)        The
furnishing by the Grantee to the Corporation of written representations and
warranties to the effect that that the Grantee has been furnished with all such information concerning the
business and affairs of the Corporation as he has requested.

            (d)        Each stock certificate issued pursuant
to the exercise of all or any portion of the Options shall bear the following
legend or any portion thereof, to the extent applicable:

"THE
TRANSFERABILITY OF THIS CERTIFICATE AND THE SHARES OF STOCK REPRESENTED HEREBY
ARE SUBJECT TO RESTRICTIONS, TERMS AND CONDITIONS CONTAINED IN THE MOSCOW
CABLECOM CORP. 2003 STOCK OPTION PLAN, AS AMENDED (THE "PLAN").  A COPY OF THE PLAN IS ON FILE IN THE OFFICE
OF THE SECRETARY OF MOSCOW CABLECOM CORP."

11.             
Miscellaneous.

            (a)        Entire
Agreement.  This Agreement, the
Plan, and the Employment Agreement (to the extent applicable) set forth the
entire agreement and understanding between the parties with respect to the
Options.

            (b)        Amendment.  No provision of this Agreement may be
amended or otherwise modified except by an instrument in writing and signed by
the Corporation and the Grantee.

            (c)        Governing
Law.  This Agreement shall be deemed
to be a Delaware contract, and all matters and issues collateral hereto will be
governed by and construed in accordance with the laws of the State of Delaware,
U.S.A., without regard to principles governing conflicts of law.

            (d)        Waiver.  Any party may waive compliance by another
with any of the provisions of this Agreement, but any such waiver must be in
writing.  No failure or delay by any
party hereto in exercising any right, power or privilege hereunder will operate
as a waiver thereof nor will any single or partial exercise thereof or the
exercise of any other right, power or privilege.  No waiver of any provision hereof will be construed as a waiver
of any other provision or as a subsequent waiver of the same provision.

            (e)        Dispute
Resolution.  Any dispute between the
parties hereto arising from or relating to the Options or this Agreement will
be settled in accordance with the terms of the dispute resolution provisions of
Section 10 of the Employment Agreement.

            (f)         Headings.  The section headings of this Agreement are
for reference purposes only and are not to be given effect in the construction
or interpretation of this Agreement.

            (g)        Severability.  If any provision of this Agreement is deemed
invalid or unenforceable by the laws of the jurisdiction wherein it is to be
enforced, such provision will be considered divisible and such provision will
be deemed immediately amended and reformed to include only such portion thereof
as is enforceable by the court or other body having jurisdiction of this Agreement;
and the parties agree that such provision, as so amended and reformed, will be
valid and binding as though the invalid or unenforceable portion had not been
included herein.

            (h)        Benefit.  This Agreement shall inure to the benefit of
and be binding upon (i) the Corporation and each of its successors, and
(ii) to the extent specifically provided herein and in the Plan, the
Grantee and the Grantee's heirs, legal representatives, and successors.

            (i)         Counterparts.  This Agreement may be executed by the
parties hereto in separate counterparts, each of which when so executed and
delivered will be an original, but all such counterparts will together
constitute one and the same instrument.

[Remainder
of Page Intentionally Left Blank]

  

            IN WITNESS WHEREOF, this Agreement
is executed by the Grantee and by the Corporation through its duly authorized
officer or officers as of the day and year first above written.

                                                                                    GRANTOR:

                                                                                    MOSCOW
CABLECOM CORP.

                                                                                    By____________________________

                                                                                    Its:
 ________________

                                                                                    GRANTEE:

                                                                                    _______________________________

                                                                                    _______________________________

                                                                                    Social
Security No.

Attachments:

Moscow CableCom
Corp. 2003 Stock Option Plan

Employment
Agreement between the Grantee and the Corporation dated the date hereof.

  

LETTER OF NON-QUALIFIED STOCK OPTION EXERCISE

                                                                                                                Dated____________
__, _____

Moscow
CableCom Corp.

405 Park Avenue

New York, NY 10022

Attention:  Chief Financial Officer

 

 

Ladies and Gentlemen:

                I wish to purchase _________ shares of Common Stock
pursuant to the option granted to me on ______ __, 200_ under the Moscow
CableCom Corp. 2003 Stock Option Plan.

                The purchase price for these shares is $5.00 per
share.  I am paying the aggregate
exercise price of $_______.__ as follows:

                ______ (a)  My
check payable to Moscow CableCom Corp. in the amount of $_____________ in
payment of the purchase price is enclosed. 

                ______ (b) 
Certificate(s) for _____ shares of the Common Stock of Moscow CableCom
Corp. properly endorsed to Moscow CableCom Corp. is/are enclosed.

                ______ (c)  A
combination of (a) and (b) above aggregating the aggregate purchase price.

                Please issue the stock certificate(s) for these
shares in my name as follows:

_________________________________________________

                                                                Name**

_________________________________________________

_________________________________________________

                                                                Address

_________________________________________________

                                                               Social
Security Number

                                                                               

 

 Sincerely yours,

  ________________________________________

   Signature

   (___) ________________(___) ____________

    Office
Telephone/Home Telephone

     **  If you wish to have the shares issued in
your name and that of another person jointly, we suggest that the following
form be used: "(Your name) and (name of other person), as joint tenants
with right of survivorship."

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