Document:

<PAGE>   1
                                                                   Exhibit 10.20

         THIS AGREEMENT is entered into as of the DATE by and between Mellon
Financial Corporation (the "Company"), a Pennsylvania corporation, and NAME
("Executive").

                               W I T N E S S E T H

         WHEREAS, the Company considers the establishment and maintenance of a
sound and vital management to be essential to protecting and enhancing the best
interests of the Company and its shareholders; and

         WHEREAS, the Company recognizes that, as is the case with many publicly
held corporations, the possibility of a change in control may arise and that
such possibility may result in the departure or distraction of management
personnel to the detriment of the Company and its shareholders; and

         WHEREAS, the Human Resources Committee (the "Committee") of the Board
of Directors of the Company (the "Board") has determined that it is in the best
interests of the Company and its shareholders to secure Executive's continued
services and to ensure Executive's continued and undivided dedication to his
duties in the event of any threat or occurrence of a Change in Control (as
defined in Section 1) of the Company; and

         WHEREAS, the Committee has authorized the Company to enter into this
Agreement.

         NOW, THEREFORE, for and in consideration of the premises and the mutual
covenants and agreements herein contained, and intending to be legally bound
hereby, the Company and Executive hereby agree as follows:

         1.       Definitions. As used in this Agreement, the following terms
shall have the respective meanings set forth below:

                  (a) "Bonus Amount" means the highest annual incentive bonus
earned by Executive from the Company (or its affiliates) during the last three
(3) completed fiscal years of the Company immediately preceding Executive's Date
of Termination (annualized in the event Executive was not employed by the
Company (or its affiliates) for the whole of any such fiscal year).

                  (b) "Cause" means (i) the willful and continued failure of
Executive to perform substantially his duties with the Company (other than any
such failure resulting from Executive's incapacity due to physical or mental
illness or any such failure subsequent to Executive being delivered a Notice of
Termination without Cause by the Company or delivering a Notice of Termination
for Good Reason to the Company) after a written demand for substantial
performance is delivered to Executive by the Board which specifically identifies
the manner in which the Board believes that Executive has not substantially
performed Executive's duties, (ii)

<PAGE>   2

the willful engaging by Executive in illegal conduct or gross misconduct which
is demonstrably and materially injurious to the Company or its affiliates, or
(iii) the conviction of Executive of, or a plea by Executive of nolo contendere
to, a felony. For purpose of this paragraph (b), no act or failure to act by
Executive shall be considered "willful" unless done or omitted to be done by
Executive in bad faith and without reasonable belief that Executive's action or
omission was in the best interests of the Company or its affiliates. Any act, or
failure to act, based upon authority given pursuant to a resolution duly adopted
by the Board, based upon the advice of counsel for the Company or upon the
instructions of the Company's chief executive officer or another senior officer
of the Company shall be conclusively presumed to be done, or omitted to be done,
by Executive in good faith and in the best interests of the Company. Cause shall
not exist unless and until the Company has delivered to Executive a copy of a
resolution duly adopted by three-fourths (3/4) of the entire Board (excluding
Executive if Executive is a Board member) at a meeting of the Board called and
held for such purpose (after reasonable notice to Executive and an opportunity
for Executive, together with counsel, to be heard before the Board), finding
that in the good faith opinion of the Board an event set forth in clauses (i) or
(ii) has occurred and specifying the particulars thereof in detail. The Company
must notify Executive of any event constituting Cause within ninety (90) days
following the Company's knowledge of its existence or such event shall not
constitute Cause under this Agreement.

                  (c)      "Change in Control" means the occurrence of any one
of the following events:

                           (i) individuals who, on January 17, 1997, constitute
                  the Board (the "Incumbent Directors") cease for any reason to
                  constitute at least a majority of the Board, provided that any
                  person becoming a director subsequent to January 17, 1997,
                  whose election or nomination for election was approved by a
                  vote of at least two-thirds of the Incumbent Directors then on
                  the Board (either by a specific vote or by approval of the
                  proxy statement of the Company in which such person is named
                  as a nominee for director, without written objection by such
                  Incumbent Directors to such nomination) shall be deemed to be
                  an Incumbent Director; provided, however, that no individual
                  elected or nominated as a director of the Company initially as
                  a result of an actual or threatened election contest with
                  respect to directors or any other actual or threatened
                  solicitation of proxies by or on behalf of any person other
                  than the Board shall be deemed to be an Incumbent Director;

                           (ii) any "person" (as such term is defined in Section
                  3(a)(9) of the Securities Exchange Act of 1934, as amended
                  (the "Exchange Act") and as used in Sections 13(d)(3) and
                  14(d)(2) of the Exchange Act) is or becomes a "beneficial
                  owner" (as defined in Rule 13d-3 under the Exchange Act),
                  directly or indirectly, of securities of the Company
                  representing 15% or more of the combined voting power of the
                  Company's then outstanding securities eligible to vote for the
                  election of the Board (the "Company Voting Securities");
                  provided,

                                       2
<PAGE>   3

                  however, that the event described in this paragraph (ii) shall
                  not be deemed to be a Change in Control by virtue of any of
                  the following acquisitions: (A) by the Company or any
                  Subsidiary, (B) by any employee benefit plan sponsored or
                  maintained by the Company or any Subsidiary, or by any
                  employee stock benefit trust created by the Company or any
                  Subsidiary, (C) by any underwriter temporarily holding
                  securities pursuant to an offering of such securities, (D)
                  pursuant to a Non-Qualifying Transaction (as defined in
                  paragraph (iii)), (E) pursuant to any acquisition by Executive
                  or any group of persons including Executive (or any entity
                  controlled by Executive or any group of persons including
                  Executive); or (F) a transaction (other than one described in
                  (iii) below) in which Company Voting Securities are acquired
                  from the Company, if a majority of the Incumbent Directors
                  approves a resolution providing expressly that the acquisition
                  pursuant to this clause (F) does not constitute a Change in
                  Control under this paragraph (ii);

                           (iii) the consummation of a merger, consolidation,
                  share exchange or similar form of corporate transaction
                  involving the Company or any of its Subsidiaries that requires
                  the approval of the Company's shareholders, whether for such
                  transaction or the issuance of securities in the transaction
                  (a "Business Combination"), unless immediately following such
                  Business Combination: (A) more than 50% of the total voting
                  power of (x) the corporation resulting from the consummation
                  of such Business Combination (the "Surviving Corporation"), or
                  (y) if applicable, the ultimate parent corporation that
                  directly or indirectly has beneficial ownership of 100% of the
                  voting securities eligible to elect directors of the Surviving
                  Corporation (the "Parent Corporation"), is represented by
                  Company Voting Securities that were outstanding immediately
                  prior to such Business Combination (or, if applicable,
                  represented by shares into which such Company Voting
                  Securities were converted pursuant to such Business
                  Combination), and such voting power among the holders thereof
                  is in substantially the same proportion as the voting power of
                  such Company Voting Securities among the holders thereof
                  immediately prior to the Business Combination, (B) no person
                  (other than any employee benefit plan sponsored or maintained
                  by the Surviving Corporation or the Parent Corporation or any
                  employee stock benefit trust created by the Surviving
                  Corporation or the Parent Corporation), is or becomes the
                  beneficial owner, directly or indirectly, of 15% or more of
                  the total voting power of the outstanding voting securities
                  eligible to elect directors of the Parent Corporation (or, if
                  there is no Parent Corporation, the Surviving Corporation) and
                  (C) at least half of the members of the board of directors of
                  the Parent Corporation (or, if there is no Parent Corporation,
                  the Surviving Corporation) were Incumbent Directors at the
                  time of the Board's approval of the execution of the initial
                  agreement providing for such Business Combination (any
                  Business Combination which satisfies all of the criteria
                  specified in (A), (B) and (C) above shall be deemed to be a
                  "Non-Qualifying Transaction"); or

                                       3
<PAGE>   4

                           (iv) the shareholders of the Company approve a plan
                  of complete liquidation or dissolution of the Company or a
                  sale of all or substantially all of the Company's assets.

         Notwithstanding the foregoing, a Change in Control of the Company shall
not be deemed to occur solely because any person acquires beneficial ownership
of more than 15% of the Company Voting Securities as a result of the acquisition
of Company Voting Securities by the Company which reduces the number of Company
Voting Securities outstanding; provided, that if after such acquisition by the
Company such person becomes the beneficial owner of additional Company Voting
Securities that increases the percentage of outstanding Company Voting
Securities beneficially owned by such person, a Change in Control of the Company
shall then occur.

                  (d)      "Date of Termination" means (1) the effective date on
which Executive's employment by the Company terminates as specified in a prior
written notice by the Company or Executive, as the case may be, to the other,
delivered pursuant to Section 10 or (2) if Executive's employment by the Company
terminates by reason of death, the date of death of Executive.

                  (e)      "Disability" means termination of Executive's
employment by the Company due to Executive's absence from Executive's duties
with the Company on a full-time basis for at least one hundred eighty (180)
consecutive days as a result of Executive's incapacity due to physical or mental
illness.

                  (f)      "Good Reason" means, without Executive's express
written consent, the occurrence of any of the following events after a Change in
Control:

                           (i) (A) any change in the duties or responsibilities
                  (including reporting responsibilities) of Executive that is
                  inconsistent in any material and adverse respect with
                  Executive's position(s), duties, responsibilities or status
                  with the Company immediately prior to such Change in Control
                  (including any material and adverse diminution of such duties
                  or responsibilities) or (B) a material and adverse change in
                  Executive's titles or offices (including, if applicable,
                  membership on the Board) with the Company as in effect
                  immediately prior to such Change in Control;

                           (ii) (A) a reduction by the Company in Executive's
                  rate of annual base salary as in effect immediately prior to
                  such Change in Control or as the same may be increased from
                  time to time thereafter, or (B) the failure by the Company to
                  pay Executive an annual bonus in respect of the year in which
                  such Change in Control occurs or any subsequent year in an
                  amount greater than or equal to the annual bonus earned for
                  the year prior to the year in which such Change in Control
                  occurs;

                                       4
<PAGE>   5

                           (iii) any requirement of the Company that Executive
                  (A) be based anywhere more than fifty (50) miles from the
                  office where Executive is located at the time of the Change in
                  Control or (B) travel on Company business to an extent
                  substantially greater than the travel obligations of Executive
                  immediately prior to such Change in Control;

                           (iv) the failure of the Company to (A) continue in
                  effect any employee benefit plan, compensation plan, welfare
                  benefit plan or material fringe benefit plan in which
                  Executive is participating immediately prior to such Change in
                  Control or the taking of any action by the Company which would
                  adversely affect Executive's participation in or reduce
                  Executive's benefits under any such plan, unless Executive is
                  permitted to participate in other plans providing Executive
                  with substantially equivalent benefits in the aggregate (at
                  substantially equivalent cost with respect to welfare benefit
                  plans), or (B) provide Executive with paid vacation in
                  accordance with the most favorable vacation policies of the
                  Company and its affiliated companies as in effect for
                  Executive immediately prior to such Change in Control,
                  including the crediting of all service for which Executive had
                  been credited under such vacation policies prior to the Change
                  in Control; or

                           (v) the failure of the Company to obtain the
                  assumption (and, if applicable, guarantee) agreement from any
                  successor (and Parent Corporation) as contemplated in Section
                  9(b).

         Notwithstanding anything herein to the contrary, termination of
employment by Executive for any reason during the 30-day period commencing one
(1) year after the date of a Change in Control shall constitute Good Reason.

         An isolated, insubstantial and inadvertent action taken in good faith
and which is remedied by the Company within ten (10) days after receipt of
notice thereof given by Executive shall not constitute Good Reason. Executive's
right to terminate employment for Good Reason shall not be affected by
Executive's incapacities due to mental or physical illness and Executive's
continued employment shall not constitute consent to, or a waiver of rights with
respect to, any event or condition constituting Good Reason; provided, however,
that Executive must provide notice of termination of employment within
one-hundred eighty (180) days following Executive's knowledge of an event
constituting Good Reason or such event shall not constitute Good Reason under
this Agreement.

                  (g)      "Qualifying Termination" means a termination of
Executive's employment (i) by the Company other than for Cause or (ii) by
Executive for Good Reason. Termination of Executive's employment on account of
death, Disability or Retirement shall not be treated as a Qualifying
Termination.

                                       5
<PAGE>   6

                  (h)       "Retirement" means the termination of Executive's
employment on or after the first of the month coincident with or following
Executive's attainment of age 65, or such later date as may be provided in a
written agreement between the Company and the Executive.

                  (i)       "Subsidiary" means any corporation or other entity
in which the Company has a direct or indirect ownership interest of 50% or more
of the total combined voting power of the then outstanding securities or
interests of such corporation or other entity entitled to vote generally in the
election of directors or in which the Company has the right to receive 50% or
more of the distribution of profits or 50% of the assets upon liquidation or
dissolution.

                  (j)       "Termination Period" means the period of time
beginning with a Change in Control and ending three (3) years following such
Change in Control. Notwithstanding anything in this Agreement to the contrary,
if (i) Executive's employment is terminated prior to a Change in Control for
reasons that would have constituted a Qualifying Termination if they had
occurred following a Change in Control; (ii) Executive reasonably demonstrates
that such termination (or Good Reason event) was at the request of a third party
who had indicated an intention or taken steps reasonably calculated to effect a
Change in Control; and (iii) a Change in Control involving such third party (or
a party competing with such third party to effectuate a Change in Control) does
occur, then for purposes of this Agreement, the date immediately prior to the
date of such termination of employment or event constituting Good Reason shall
be treated as a Change in Control. For purposes of determining the timing of
payments and benefits to Executive under Section 4, the date of the actual
Change in Control shall be treated as Executive's Date of Termination under
Section 1(d).

         2.       Obligation of Executive. In the event of a tender or exchange
offer, proxy contest, or the execution of any agreement which, if consummated,
would constitute a Change in Control, Executive agrees not to voluntarily leave
the employ of the Company, other than as a result of Disability, Retirement or
an event which would constitute Good Reason if a Change in Control had occurred,
until the Change in Control occurs or, if earlier, such tender or exchange
offer, proxy contest, or agreement is terminated or abandoned.

         3.       Term of Agreement. This Agreement shall be effective on the
date hereof and shall continue in effect until the Company shall have given
three (3) years' written notice of cancellation; provided, that, notwithstanding
the delivery of any such notice, this Agreement shall continue in effect for a
period of three (3) years after a Change in Control, if such Change in Control
shall have occurred during the term of this Agreement. Notwithstanding anything
in this Section to the contrary, this Agreement shall terminate if Executive or
the Company terminates Executive's employment prior to a Change in Control
except as provided in Section 1(j).

                                       6
<PAGE>   7

         4.       Payments Upon Termination of Employment.

                  (a)      Qualifying Termination -- Cash Payment. If during the
Termination Period the employment of Executive shall terminate pursuant to a
Qualifying Termination, then the Company shall provide to Executive, subject to
the provisions of Section 11 hereunder:

                           (i) within twenty (20) days following the Date of
                  Termination a lump-sum cash amount equal to the sum of (A)
                  Executive's base salary through the Date of Termination and
                  any bonus amounts which have become payable, to the extent not
                  theretofore paid or deferred, (B) a pro rata portion of
                  Executive's annual bonus for the fiscal year in which
                  Executive's Date of Termination occurs in an amount at least
                  equal to (1) Executive's Bonus Amount, multiplied by (2) a
                  fraction, the numerator of which is the number of days in the
                  fiscal year in which the Date of Termination occurs through
                  the Date of Termination and the denominator of which is three
                  hundred sixty-five (365), and reduced by (3) any amounts paid
                  from the Company's annual incentive plan for the fiscal year
                  in which Executive's Date of Termination occurs and (C) any
                  accrued vacation pay, to the extent not theretofore paid; plus

                           (ii) within twenty (20) days following the Date of
                  Termination, a lump-sum cash amount equal to the sum of (i)
                  two (2) times Executive's highest annual rate of base salary
                  during the 12-month period immediately prior to Executive's
                  Date of Termination, plus (ii) two (2) times Executive's Bonus
                  Amount.

                  (b)      Qualifying Termination -- Continued Coverage. If
during the Termination Period the employment of Executive shall terminate
pursuant to a Qualifying Termination, the Company shall continue to provide, for
a period of two (2) years following Executive's Date of Termination, Executive
(and Executive's dependents, if applicable) with the same level of medical,
dental, accident, disability and life insurance benefits upon substantially the
same terms and conditions (including contributions required by Executive for
such benefits) as existed immediately prior to Executive's Date of Termination
(or, if more favorable to Executive, as such benefits and terms and conditions
existed immediately prior to the Change in Control); provided, however, if
Executive cannot continue to participate in the Company plans providing such
benefits, the Company shall otherwise provide such benefits on the same
after-tax basis as if continued

                                       7
<PAGE>   8

participation had been permitted. Notwithstanding the foregoing, in the event
Executive becomes reemployed with another employer and becomes eligible to
receive welfare benefits from such employer, the welfare benefits described
herein shall be secondary to such benefits during the period of Executive's
eligibility, but only to the extent that the Company reimburses Executive for
any increased cost and provides any additional benefits necessary to give
Executive the benefits provided hereunder. The Executive's accrued benefits as
of the Date of Termination under the Company's employee benefit plans shall be
paid to Executive in accordance with the terms of such plans.

                  (c)      Qualifying Termination -- SERP Accrual. If during the
Termination Period the employment of Executive shall terminate pursuant to a
Qualifying Termination, the Company shall provide Executive with two (2)
additional years of service credit under all non-qualified retirement plans and
excess benefit plans in which the Executive participated as of his Date of
Termination.

                  (d)      Qualifying Termination -- Voluntary Reduction of
Payments. If during the Termination Period the employment of Executive shall
terminate pursuant to a Qualifying Termination, Executive shall have the right
to direct that the Company reduce the amounts which it is otherwise required to
pay to Executive under Section 4 of this Agreement to the Safe Harbor Cap (as
defined in Section 5(a) of this Agreement).

                  (e)      Other than Qualifying Termination. If during the
Termination Period the employment of Executive shall terminate other than by
reason of a Qualifying Termination, then the Company shall pay to Executive
within thirty (30) days following the Date of Termination, a lump-sum cash
amount equal to the sum of (1) Executive's base salary through the Date of
Termination and any bonus amounts which have become payable, to the extent not
theretofore paid or deferred, and (2) any accrued vacation pay, to the extent
not theretofore paid. The Company may make such additional payments, and provide
such additional benefits, to Executive as the Company and Executive may agree in
writing. The Executive's accrued benefits as of the Date of Termination under
the Company's employee benefit plans shall be paid to Executive in accordance
with the terms of such plans.

         5.       Certain Additional Payments by the Company.

                  (a)      Anything in this Agreement to the contrary
notwithstanding, in the event it shall be determined that any payment, award,
benefit or distribution (or any acceleration of any payment, award, benefit or
distribution) by the Company (or any of its affiliated entities) or any entity
which effectuates a Change in Control (or any of its affiliated entities) to or
for the benefit of Executive (whether pursuant to the terms of this Agreement or
otherwise, but determined without regard to any additional payments required
under this Section 5) (the "Payments") would

                                       8
<PAGE>   9

be subject to the excise tax imposed by Section 4999 of the Internal Revenue
Code of 1986, as amended (the "Code"), or any interest or penalties are incurred
by Executive with respect to such excise tax (such excise tax, together with any
such interest and penalties, are hereinafter collectively referred to as the
"Excise Tax"), then the Company shall pay to Executive an additional payment (a
"Gross-Up Payment") in an amount such that after payment by Executive of all
taxes (including any Excise Tax) imposed upon the Gross-Up Payment, Executive
retains an amount of the Gross-Up Payment equal to the sum of (x) the Excise Tax
imposed upon the Payments and (y) the product of any deductions disallowed
because of the inclusion of the Gross-up Payment in Executive's adjusted gross
income and the highest applicable marginal rate of federal income taxation for
the calendar year in which the Gross-up Payment is to be made. For purposes of
determining the amount of the Gross-up Payment, the Executive shall be deemed to
(i) pay federal income taxes at the highest marginal rates of federal income
taxation for the calendar year in which the Gross-up Payment is to be made, (ii)
pay applicable state and local income taxes at the highest marginal rate of
taxation for the calendar year in which the Gross-up Payment is to be made, net
of the maximum reduction in federal income taxes which could be obtained from
deduction of such state and local taxes and (iii) have otherwise allowable
deductions for federal income tax purposes at least equal to the Gross-up
Payment. Notwithstanding the foregoing provisions of this Section 5(a), if it
shall be determined that Executive is entitled to a Gross-Up Payment, but that
the Payments would not be subject to the Excise Tax if the Payments were reduced
by an amount that is less than 5% of the portion of the Payments that would be
treated as "parachute payments" under Section 280G of the Code, then the amounts
payable to Executive under this Agreement shall be reduced (but not below zero)
to the maximum amount that could be paid to Executive without giving rise to the
Excise Tax (the "Safe Harbor Cap"), and no Gross-Up Payment shall be made to
Executive. The reduction of the amounts payable hereunder, if applicable, shall
be made by reducing first the payments under Section 4(a)(ii), unless an
alternative method of reduction is elected by Executive. For purposes of
reducing the Payments to the Safe Harbor Cap, only amounts payable under this
Agreement (and no other Payments) shall be reduced. If the reduction of the
amounts payable hereunder would not result in a reduction of the Payments to the
Safe Harbor Cap, no amounts payable under this Agreement shall be reduced
pursuant to this provision.

                  (b)      Subject to the provisions of Section 5(a), all
determinations required to be made under this Section 5, including whether and
when a Gross-Up Payment is required, the amount of such Gross-Up Payment, the
reduction of the Payments to the Safe Harbor Cap and the assumptions to be
utilized in arriving at such determinations, shall be made by the public

                                       9
<PAGE>   10

accounting firm that is retained by the Company as of the date immediately prior
to the Change in Control (the "Accounting Firm") which shall provide detailed
supporting calculations both to the Company and Executive within fifteen (15)
business days of the receipt of notice from the Company or the Executive that
there has been a Payment, or such earlier time as is requested by the Company
(collectively, the "Determination"). In the event that the Accounting Firm is
serving as accountant or auditor for the individual, entity or group effecting
the Change in Control, Executive may appoint another nationally recognized
public accounting firm to make the determinations required hereunder (which
accounting firm shall then be referred to as the Accounting Firm hereunder). All
fees and expenses of the Accounting Firm shall be borne solely by the Company
and the Company shall enter into any agreement requested by the Accounting Firm
in connection with the performance of the services hereunder. The Gross-up
Payment under this Section 5 with respect to any Payments shall be made no later
than thirty (30) days following such Payment. If the Accounting Firm determines
that no Excise Tax is payable by Executive, it shall furnish Executive with a
written opinion to such effect, and to the effect that failure to report the
Excise Tax, if any, on Executive's applicable federal income tax return will not
result in the imposition of a negligence or similar penalty. In the event the
Accounting Firm determines that the Payments shall be reduced to the Safe Harbor
Cap, it shall furnish Executive with a written opinion to such effect. The
Determination by the Accounting Firm shall be binding upon the Company and
Executive. As a result of the uncertainty in the application of Section 4999 of
the Code at the time of the Determination, it is possible that Gross-Up Payments
which will not have been made by the Company should have been made
("Underpayment") or Gross-up Payments are made by the Company which should not
have been made ("Overpayment"), consistent with the calculations required to be
made hereunder. In the event that the Executive thereafter is required to make
payment of any Excise Tax or additional Excise Tax, the Accounting Firm shall
determine the amount of the Underpayment that has occurred and any such
Underpayment (together with interest at the rate provided in Section
1274(b)(2)(B) of the Code) shall be promptly paid by the Company to or for the
benefit of Executive. In the event the amount of the Gross-up Payment exceeds
the amount necessary to reimburse the Executive for his Excise Tax, the
Accounting Firm shall determine the amount of the Overpayment that has been made
and any such Overpayment (together with interest at the rate provided in Section
1274(b)(2) of the Code) shall be promptly paid by Executive (to the extent he
has received a refund if the applicable Excise Tax has been paid to the Internal
Revenue Service) to or for the benefit of the Company. Executive shall
cooperate, to the extent his expenses are reimbursed by the Company, with any
reasonable requests by the Company in connection with any contests or disputes
with the Internal Revenue Service in connection with the Excise Tax.

         6.       Withholding Taxes. The Company may withhold from all payments
due to Executive (or his beneficiary or estate) hereunder all taxes which, by
applicable federal, state, local or other law, the Company is required to
withhold therefrom.

         7.       Reimbursement of Expenses. If any contest or dispute shall
arise under this Agreement involving termination of Executive's employment with
the Company or involving the failure or refusal of the Company to perform fully
in accordance with the terms hereof, the

                                       10
<PAGE>   11

Company shall reimburse Executive, on a current basis, for all reasonable legal
fees and expenses, if any, incurred by Executive in connection with such contest
or dispute (regardless of the result thereof), together with interest in an
amount equal to the prime rate of Mellon Bank, N.A. (or, if such prime rate is
not available from Mellon Bank, N.A., the prime rate of Citibank, N.A.) from
time to time in effect, but in no event higher than the maximum legal rate
permissible under applicable law, such interest to accrue from the date the
Company receives Executive's statement for such fees and expenses through the
date of payment thereof, regardless of whether or not Executive's claim is
upheld by an arbitration panel.

         8.       Scope of Agreement. Nothing in this Agreement shall be deemed
to entitle Executive to continued employment with the Company or its
Subsidiaries, and if Executive's employment with the Company shall terminate
prior to a Change in Control, Executive shall have no further rights under this
Agreement (except as otherwise provided hereunder); provided, however, that any
termination of Executive's employment during the Termination Period shall be
subject to all of the provisions of this Agreement.

         9.       Successors; Binding Agreement.

                  (a)      This Agreement shall not be terminated by any
Business Combination. In the event of any Business Combination, the provisions
of this Agreement shall be binding upon the Surviving Corporation, and such
Surviving Corporation shall be treated as the Company hereunder.

                  (b)      The Company agrees that in connection with any
Business Combination, it will cause any successor entity to the Company
unconditionally to assume (and for any Parent Corporation in such Business
Combination to guarantee), by written instrument delivered to Executive (or his
beneficiary or estate), all of the obligations of the Company hereunder. Failure
of the Company to obtain such assumption and guarantee prior to the
effectiveness of any such Business Combination that constitutes a Change in
Control shall be a breach of this Agreement and shall constitute Good Reason
hereunder and shall entitle Executive to compensation and other benefits from
the Company in the same amount and on the same terms as Executive would be
entitled hereunder if Executive's employment were terminated following a Change
in Control by reason of a Qualifying Termination. For purposes of implementing
the foregoing, the date on which any such Business Combination becomes effective
shall be deemed the date Good Reason occurs, and shall be the Date of
Termination if requested by Executive.

                  (c)      This Agreement shall inure to the benefit of and be
enforceable by Executive's personal or legal representatives, executors,
administrators, successors, heirs, distributees, devisees and legatees. If
Executive shall die while any amounts would be payable to Executive hereunder
had Executive continued to live, all such amounts, unless otherwise provided
herein, shall be paid in accordance with the terms of this Agreement to such
person or persons appointed in writing by Executive to receive such amounts or,
if no person is so appointed, to Executive's estate.

                                       11
<PAGE>   12

         10.      Notice.

                  (a)      For purposes of this Agreement, all notices and other
communications required or permitted hereunder shall be in writing and shall be
deemed to have been duly given when delivered or five (5) days after deposit in
the United States mail, certified and return receipt requested, postage prepaid,
addressed as follows:

                  If to the Executive:

                           At the address set forth below the signatory.

                  If to the Company:

                           Mellon Financial Corporation
                           One Mellon Center
                           Pittsburgh, PA  15258
                           Attn:  Corporate Secretary

or to such other address as either party may have furnished to the other in
writing in accordance herewith, except that notices of change of address shall
be effective only upon receipt.

                  (b)      A written notice of Executive's Date of Termination
by the Company or Executive, as the case may be, to the other, shall (i)
indicate the specific termination provision in this Agreement relied upon, (ii)
to the extent applicable, set forth in reasonable detail the facts and
circumstances claimed to provide a basis for termination of Executive's
employment under the provision so indicated and (iii) specify the Date of
Termination (which date shall be not less than fifteen (15) (thirty (30), if
termination is by the Company for Disability) nor more than sixty (60) days
after the giving of such notice). The failure by Executive or the Company to set
forth in such notice any fact or circumstance which contributes to a showing of
Good Reason or Cause shall not waive any right of Executive or the Company
hereunder or preclude Executive or the Company from asserting such fact or
circumstance in enforcing Executive's or the Company's rights hereunder.

         11.      Full Settlement; Resolution of Disputes. The Company's
obligation to make any payments provided for in this Agreement and otherwise to
perform its obligations hereunder shall be in lieu and in full settlement of all
other severance payments to Executive under any other severance or employment
agreement between Executive and the Company, and any severance plan of the
Company. The Company's obligations hereunder shall not be affected by any
set-off, counterclaim, recoupment, defense or other claim, right or action which
the Company may have against Executive or others. In no event shall Executive be
obligated to seek other employment or take other action by way of mitigation of
the amounts payable to Executive under any of the provisions of this Agreement
and, except as provided in Section 4(b), such

                                       12
<PAGE>   13

amounts shall not be reduced whether or not Executive obtains other employment.
Any dispute or controversy arising under or in connection with this Agreement
shall be settled exclusively by arbitration in Pittsburgh, Pennsylvania, by
three arbitrators in accordance with the rules of the American Arbitration
Association then in effect. Judgment may be entered on the arbitrators' award in
any court having jurisdiction. The Company shall bear all costs and expenses
arising in connection with any arbitration proceeding pursuant to this Section.

         12.      Employment with Subsidiaries. Employment with the Company for
purposes of this Agreement shall include employment with any Subsidiary.

         13.      Survival. The respective obligations and benefits afforded to
the Company and Executive as provided in Sections 4 (to the extent that payments
or benefits are owed as a result of a termination of employment that occurs
during the term of this Agreement), 5 (to the extent that Payments are made to
Executive as a result of a Change in Control that occurs during the term of this
Agreement), 6, 7, 9(c) and 11 shall survive the termination of this Agreement.

         14.      GOVERNING LAW; VALIDITY. THE INTERPRETATION, CONSTRUCTION AND
PERFORMANCE OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH THE INTERNAL LAWS OF THE COMMONWEALTH OF PENNSYLVANIA WITHOUT
REGARD TO THE PRINCIPLE OF CONFLICTS OF LAWS. THE INVALIDITY OR UNENFORCEABILITY
OF ANY PROVISION OF THIS AGREEMENT SHALL NOT AFFECT THE VALIDITY OR
ENFORCEABILITY OF ANY OTHER PROVISION OF THIS AGREEMENT, WHICH OTHER PROVISIONS
SHALL REMAIN IN FULL FORCE AND EFFECT.

         15.      Counterparts. This Agreement may be executed in counterparts,
each of which shall be deemed to be an original and all of which together shall
constitute one and the same instrument.

                                       13
<PAGE>   14

         16.      Miscellaneous. No provision of this Agreement may be modified
or waived unless such modification or waiver is agreed to in writing and signed
by Executive and by a duly authorized officer of the Company. No waiver by
either party hereto at any time of any breach by the other party hereto of, or
compliance with, any condition or provision of this Agreement to be performed by
such other party shall be deemed a waiver of similar or dissimilar provisions or
conditions at the same or at any prior or subsequent time. Except as set forth
in Sections 1(b) and 1(f), the failure by Executive or the Company to insist
upon strict compliance with any provision of this Agreement or to assert any
right Executive or the Company may have hereunder shall not be deemed to be a
waiver of such provision or right or any other provision or right of this
Agreement. Except as otherwise specifically provided herein, the rights of, and
benefits payable to, Executive, his estate or his beneficiaries pursuant to this
Agreement are in addition to any rights of, or benefits payable to, Executive,
his estate or his beneficiaries under any other employee benefit plan or
compensation program of the Company.

         IN WITNESS WHEREOF, the Company has caused this Agreement to be
executed by a duly authorized officer of the Company and Executive has executed
this Agreement as of the day and year first above written.

                                         MELLON FINANCIAL CORPORATION

                                         By _____________________________

                                         Title __________________________

                                         EXECUTIVE

                                         ________________________________

                                       14<PAGE>   1

                                                                   EXHIBIT 10.12

                            GOLDEN TELECOM GROUP INC.
                              EMPLOYMENT AGREEMENT

         THIS AGREEMENT is made and entered into as of the twelfth day of
January, 2000 by and between Golden Telecom Group, Inc., a Delaware corporation
(the "Corporation"), and __________, an adult citizen of _______________________
(the "Employee").

         WHEREAS, the Corporation is a wholly-owned subsidiary of Golden
Telecom, Inc. ("GTI") and a subsidiary of Global TeleSystems Inc.;

         WHEREAS, the Employee has substantial experience in the practice of
international corporate law;

         WHEREAS, the Corporation desires to employ the Employee and the
Employee desires to be employed by the Corporation, subject to the terms and
provisions of this employment agreement (the "Agreement");

         WHEREAS, the Employee agrees to the termination as at 11 January, 2000
of his Employment Agreement with GTS Group Inc. ("GTS"), dated 1 August 1998,
and has signed the Amendment to Non-Statutory Stock Option Agreement, which is
incorporated by reference herein as Attachment A;

         NOW THEREFORE, the Corporation and Employee mutually agree as follows:

1.       EMPLOYMENT.

         (a) The Corporation hereby employs the Employee, and the Employee
hereby accepts employment, on the terms and conditions set forth herein and in
the foreign assignment letter, which is incorporated by reference herein as
Attachment B.

         (b) The Employee shall initially be given the position of
__________________ and seconded to Golden TeleServices Inc. in the capacity of
__________________, based in Moscow, but may from time to time be given such
title or be requested to perform such duties and exercise such power and
authority commensurate with the Employee's position as may be delegated to the
Employee by the Chief Executive Officer or the Board of Directors of the
Corporation.

         (c) The Employee shall devote all necessary business time and
attention, and employ Employee's best efforts, toward the fulfillment and
execution of all assigned duties, and the satisfaction of defined annual,
quarterly and/or longer-term performance criteria.

2.       TERM.

         (a) The terms of this Agreement are effective as of the twelfth day of
January, 2000 and shall continue unless terminated in accordance with Section 10
herein.

         (b) The Corporation reserves the right to pay the Employee in lieu of
any period of notice in accordance with the terms of this Agreement and as set
out in Section 11.

         (c) Further, the Corporation reserves the right to require the Employee
not to attend the Corporation's premises or the premises of the Employees
business unit or to provide the Employee with alternative work of a broadly
similar nature to the work the Employee normally performs, during any period of
suspension or whilst the Employee is under notice of termination (served either
by the Corporation or the Employee) provided that the Employee continues to be
paid the salary and benefits to

<PAGE>   2

which the Employee is entitled under this Agreement and further provided that
the period of any such requirement does not exceed six months.

3.       CONTINUITY OF SERVICE.

         The Corporation confirms that the Employee's service under his previous
Employment Agreements with GTS, dated __________ 1997 and _________ 1998, shall
continue under this Agreement.

4.       COMPENSATION.

         (a) Commencing on the date hereof and continuing thereafter unless
adjusted as set forth herein, the Employee shall be paid the base salary per
annum of ____________ ($_____), payable in accordance with the Corporation's
customary payroll practices.

         (b) On an annual basis the Corporation shall review the salary of the
Employee and shall consider, based upon the Employee's performance and the
Corporation's financial position, potential salary increase adjustments to the
Employee's base salary as the Corporation shall, in its sole and absolute
discretion, deem appropriate.

         (c) For the purposes of this Agreement, "Salary" shall mean all
payments by the Corporation to the Employee pursuant to this Section "4".

5.       BONUS. In addition to Salary, the Corporation may pay to the Employee
performance-based, incentive compensation ("Bonus") with a target of __% of the
Employee's base salary, to be paid quarterly, and subject to the sole and
absolute discretion of the Corporation. The actual amount of the quarterly
payment will be linked to the overall performance of GTI, the performance of the
Employee's business unit and to the achievement of personal objectives.

6.       EQUITY PARTICIPATION PLAN. GTI has adopted the 1999 Equity
Participation Plan of Golden Telecom Inc. (the "Plan") for its eligible
employees and the employees of its affiliates, including the Corporation.
Subject to (i) the provisions of the Plan, a copy of which is attached hereto as
Attachment C, (ii) the execution and delivery by GTI and the Employee of a
non-qualified stock option agreement (the "Non-Qualified Stock Option
Agreement") - Attachment D, (iii) the execution and delivery by GTI and the
Employee of a restricted stock agreement (the "Restricted Stock Agreement") -
Attachment E and (iv) the signing by the Employee of the Amendment to
Non-Statutory Stock Option Agreement - Attachment A, GTI will grant to the
Employee options to purchase common stock of GTI as set forth in the
Non-Qualified Stock Option Agreement and will issue to the Employee shares of
its common stock as set forth in the Restricted Stock Agreement.

7.       BENEFITS.

         (a) During the Term of this Agreement, Employee shall be entitled to
receive such benefits and to participate in such employee group benefit plans,
as are generally provided by the Corporation to its employees of comparable
level and responsibility in accordance with the plans, practices and programs of
the Corporation.

         (b) For purposes of this Agreement, the term "Benefits" shall not
include the Plan or any other stock oriented or long-term compensation plans,
the Option Agreements or any other stock option agreements, Salary, Bonuses or
expatriate specific benefits in which the Employee may participate or for which
Employee may be eligible during the term hereof.

                                       2
<PAGE>   3

8.       EXPENSE REIMBURSEMENT. During the term of employment, the Corporation
shall reimburse the Employee for all reasonable and necessary expenses incurred
by the Employee in connection with the performance of Employee's duties as an
employee of the Corporation. Such reimbursement is subject to the submission to
the Corporation by the Employee of appropriate documentation and/or vouchers in
accordance with the customary procedures of the Corporation for expense
reimbursement, as such procedures may be revised by the Corporation from time to
time hereafter.

9.       VACATION. During each of the Corporation's fiscal years during the term
of employment, Employee shall be entitled to vacation in accordance with the
Corporation's practice, which currently totals four (4) weeks maximum,
calculated on the basis of one week for each three months of service. Vacation
days will be administered in accordance with company policy and will not
carry-over or accumulate from year to year without the prior written consent of
the Director, Human Resources.

10.      TERMINATION.

         (a)      The Corporation shall have "Cause" to terminate Employee's
employment hereunder upon Employee's

                  (i) failure to follow a legal order of the Board or the Chief
Executive Officer of the Corporation, other than any such failure resulting from
Employee's disability, after notice and reasonable opportunity for cure,

                  (ii) fraud, embezzlement, or any other similar illegal act
committed by the Employee in connection with the Employee's duties as an
employee of the Corporation or any subsidiary or affiliate or parent, direct or
indirect, of the Corporation,

                  (iii) conviction of any felony or crime involving moral
turpitude which causes or may reasonably be expected to cause substantial
economic injury to or substantial injury to the reputation of the Corporation or
any subsidiary or affiliate or parent, direct or indirect, of the Corporation,

                  (iv) willful or grossly negligent commission of any other act
which causes or may reasonably be expected (as of the time of such occurrence)
to cause substantial economic injury to or substantial injury to the reputation
of the Corporation or any subsidiary or affiliate or parent, direct or indirect,
including GTS, of the Corporation, including, without limitation, any violation
of the Foreign Corrupt Practices Act, as described herein below.

         (b) Termination by Reason of Total Disability. Notwithstanding anything
to the contrary in this Agreement, the Corporation shall at all times have the
right to terminate this Agreement and the employment of the Employee immediately
by delivering written notice to the Employee if the Employee experiences a Total
Disability. For the purpose of this Agreement, the term "Total Disability" means
any mental or physical illness, condition, disability or incapacity that:

                  (i ) prevents the Executive from discharging essential job
responsibilities and employment duties;

                  (ii) shall be attested to in writing by a physician or a group
of physicians acceptable to the Corporation; and

                                       3
<PAGE>   4

                  (iii) continues for period of 90 consecutive days in any
twelve (12) month period.

A Total Disability shall be deemed to have occurred on the last day of such
applicable 90-day period, and shall be determined in accordance with applicable
law relating to disability.

         (c) Termination by Reason of Death. This Agreement shall terminate
immediately upon the death of the Employee.

         (d) Voluntary Resignation. The Employee may terminate the Agreement at
any time by giving ninety (90) days' prior written notice to the Corporation
(the "Employee's Notice Period"). Upon receipt of such notice to the
Corporation, the Corporation, in its sole and absolute discretion, may either
continue to employ the Employee during all or part of the Employee's Notice
Period, or may continue to pay the Employee's Salary and continue Benefits
during the Employee's Notice Period in lieu of continued employment. Failure of
the Employee to provide the notice set forth herein shall be deemed a breach of
this Agreement by the Employee and permit the Corporation to terminate
Employee's employment immediately for Cause.

         (e) Termination Without Cause. The Corporation may terminate the
Employee's employment at any time, for any reason, by providing Employee with
ninety (90) days prior written notice (the "Corporation's Notice Period"). Upon
providing such notice to the Employee, the Corporation, in its sole and absolute
discretion, may either continue to employ the Employee during all or part of the
Corporation's Notice Period, or may continue to pay the Employee's Salary and
continue Benefits during the Corporation's Notice Period in lieu of continued
employment.

         (f) On the termination of the Employee's employment for whatever
reason, the Employee shall upon the request of the Company immediately resign
from all or any offices the Employee holds in the Corporation and all
trusteeships held by the Employee of any pension scheme or other trust
established by the Corporation without prejudice to any other rights accruing to
either party hereto and without claim for compensation. The Employee hereby
irrevocably and by way of security appoints the Company and each affiliate,
subsidiary and Parent Corporation now or in the future existing to be the
Employee's attorney in the Employee's name and on the Employee's behalf and as
the Employee's act and deed to sign, execute and do all acts, things and
documents which are necessary to effect such resignation and to satisfy such
acts, things and documents signed, executed or done in pursuant of this power.

11.      PAYMENTS UPON TERMINATION.

         (a) Payment. Except as specifically set forth herein, all payments to
be made under the terms of this Section may be made, in the Corporation's sole
and absolute discretion, either in one lump-sum payment at the beginning of the
termination period or in installments over the term of the period covered by the
payment paid in accordance with the Corporation's customary payroll practices.

         (b) Termination For Cause. In the event that the Employee's employment
under this Agreement is terminated for Cause, the Corporation shall have no
obligation to pay the Salary or provide any other compensation or Benefits
provided under this Agreement to, or for the benefit of, Employee for any period
after the date of such termination, or to pay any Bonus for the fiscal year in
which such termination occurs; provided, however, that the Corporation shall
promptly pay (i) all Salary earned by the Employee prior to the date of such
termination, (ii) any Benefits under any plans of the Corporation in which the
Employee is a participant to the full extent of the Employee's rights under such
plans prior to termination, and (iii) reimbursement of any appropriate business
and/or entertainment expenses

                                       4
<PAGE>   5

incurred by the Employee prior to termination and properly submitted to the
Corporation.

         (c) Termination by Reason of Total Disability. In the event that the
Employee's employment under this Agreement is terminated by reason of Total
Disability, the Corporation shall have no obligation to pay the Salary provided
under this Agreement to or for the benefit of the Employee for any period after
the date of such termination; provided, however, that the Corporation shall
promptly pay to the Employee (i) all Salary earned by the Employee prior to the
date of such termination, (ii) the pro rata share of any Bonus for the fiscal
year in which the total disability occurred, (iii) any Benefits under any plans
of the Corporation in which the Employee is a participant to the full extent of
the Employee's rights under such plans, and (iv) reimbursement of appropriate
business and/or entertainment expenses incurred by the Employee prior to such
termination and properly submitted to the Corporation, each such item to be paid
to the date of such termination with the exception of disability benefits, which
shall continue to be paid from the Corporation's insured or self-insured
long-term disability plan, as the case may be, for the period specified in such
plan. In the event there is a period of time during which the Employee is not
being paid Salary and not receiving long-term disability payments for any
reason, and conditioned upon the Employee or Employee's representative
immediately notifying the Corporation in writing, the Compensation Committee of
the Board of Directors ("Compensation Committee") shall make all necessary
inquiries and shall decide in its sole and absolute discretion whether the
Corporation shall make interim payments to the Employee until the commencement
of payments under the long-term disability plan.

         (d) Termination by Reason of Death. If Employee dies during Employee's
employment pursuant to this Agreement, the Corporation shall have no obligation
to pay the Salary provided under this Agreement to or for the benefit of the
Employee for any period after the date of the Employee's death; provided,
however, that the Corporation shall promptly pay to the Employee's designated
beneficiary, to the degree earned but not paid prior to the date of the
Employee's death: (i) all Salary; (ii) the pro rata share of any Bonus for the
fiscal year in which the death occurred; (iii) any Benefits under any plans of
the Corporation in which the Employee is a participant to the full extent of the
Employee's rights under such plans and (iv) reimbursement of any appropriate
business and/or entertainment expenses incurred by the Employee and properly
submitted.

         (e) Voluntary Resignation. In the event that the Employee resigns
voluntarily from Employee's employment with the Corporation, the Corporation
shall have no obligation to pay the Salary provided under this Agreement to or
for the benefit of the Employee for any period after the end of the expiration
of Employee's Notice Period, or after the termination date if the Corporation
elects to terminate the employee and actually makes payments in lieu of
employment during the Employee's Notice Period; provided, however, that the
Corporation shall promptly pay upon termination: (i) all Salary earned by the
Employee prior to the expiration of the Employee's Notice Period; (ii) any
Benefits under any plans of the Corporation in which the Employee is a
participant to the full extent of the Employee's rights under such plans prior
to the expiration of the Employee's Notice Period, provided, however, that such
Benefits shall cease upon Employee's receipt of comparable benefits under, or
coverage under, any plans provided by a new employer and (iii) reimbursement of
any appropriate business and/or entertainment expenses incurred by the Employee
through the end of said notice period and properly submitted.

         (f) Termination Without Cause. In the event the Corporation terminates
this Agreement and the Employee's employment without Cause:

                  (i) the Corporation shall promptly pay or provide to the
Employee, to the extent earned prior to the date of such termination: (A) all
Salary; (B) the pro rata share of any Bonuses for the fiscal year in which the
termination occurred; (C) any Benefits under any plans of the Corporation in

                                       5
<PAGE>   6

which the Employee is a participant to the full extent of the Employee's rights
under such plans prior to termination, except as noted in Section 11(f)(ii)(B)
below and (D) reimbursement of any appropriate business and/or entertainment
expenses incurred by the Employee prior to such termination and properly
submitted to the Corporation;

                  (ii) subject to the Corporation's receipt from the employee of
a general release in its customary form, the Corporation shall also pay to the
Employee in accordance with the normal payroll schedule:

                       (A) an amount equal to the Employee's Salary at its
then-current rate for a period equal to six (6) months, plus any amount to be
paid to Employee as a cash payout of Salary due to Employee for that portion of
the Corporation's Notice Period that the Corporation shall elect to pay out
pursuant to Section 10(e) hereof;

                       (B) the cost of continuing all medical, dental, 401(k)
plans or retirement Benefits during the period determined in accordance with
Section 11(f)(ii)(A) above; provided, however, that such Benefits shall cease
upon Employee's receipt of comparable benefits under, or coverage under, any
plans provided by a new employer.

12.      COVENANTS OF THE EMPLOYEE. In order to induce the Corporation to enter
into this Agreement and employ the Employee, the Employee hereby covenants and
agrees as follows:

         (a) During the term of this Agreement, and for a period equal to six
(6) months thereafter, the Employee shall not, without the prior written consent
of the Corporation, directly or indirectly through any other person or entity,
own, acquire in any manner any ownership interest in (except purely passive
investments amounting to no more than five percent (5%) of the voting equity),
or serve as a director, officer, employee, counsel or consultant of any person,
firm, partnership, corporation, consortium, association or other entity that
competes with the Corporation or any of its direct or indirect affiliates,
parents, including GTS, or subsidiaries, in any geographic market in which the
Corporation or its direct or indirect affiliates, including GTS, or
subsidiaries, either (A) offers or provides telecommunications services to
customers; (B) operates or manages a provider of telecommunications services;
(C) has investments in a provider of telecommunications services or (D), to the
Employee's knowledge, has plans to either operate a telecommunications carrier,
offer a telecommunications service, or invest in a telecommunications carrier
within such six (6) months period;

         (b) During the term of this Agreement, and for a period of twelve (12)
months thereafter, the Employee shall not, without the prior written consent of
the Corporation, directly or indirectly through any other person or entity:

                  (i) solicit, entice, persuade or induce any individual who is
at any time during the term of this Agreement, an officer, director or employee
of the Corporation, or any of its subsidiaries or affiliates or parents, direct
or indirect, including GTS, to terminate or refrain from renewing or extending
such person's employment with the Corporation or such subsidiary or affiliate or
parent, direct or indirect, including GTS, or to become employed by, enter into
contractual relations with, or become consultant to any other individual or
entity, and the Employee shall not approach any such employee for any such
purpose or authorize or knowingly cooperate with the taking of any such actions
by any other individual or entity; or

                  (ii) except in accordance with the Employee's duties on behalf
of the Corporation, solicit, entice, persuade, or induce any individual or
entity which currently is, or at any time during the term of this Agreement
shall be, a customer, consultant, vendor, supplier, lessor or lessee of the

                                       6
<PAGE>   7

Corporation, or any of its subsidiaries or affiliates or parents, direct or
indirect, including GTS, to terminate or refrain from renewing or extending its
contractual or other relationship with the Corporation or such subsidiary or
affiliate or parent, direct or indirect, including GTS, and the Employee shall
not approach any such customer, vendor, supplier, consultant, lessor or lessee
for such purpose or authorize or knowingly cooperate with the taking of any such
actions by any other individual or entity.

         (c) The Employee shall not at any time during or after the term of this
Agreement:

                  (i) other than when required in the ordinary course of
business of the Corporation, disclose, directly or indirectly, to any person,
firm, corporation, partnership, association or other entity, any trade secret,
or confidential information concerning the financial condition, suppliers,
vendors, customers, lessors, or lessees, sources or leads for, and methods of
obtaining, new business, or the methods generally of doing and operating the
respective businesses of the Corporation or its affiliates and subsidiaries and
parents, direct or indirect, including GTS, to the degree such secret or
information incorporates information that is proprietary to, or was developed
specifically by or for, the Corporation, except such information that is a
matter of public knowledge, was provided to the Employee (without breach of any
obligation of confidence owed to the Corporation) by a third party that is not a
subsidiary or affiliate or parent, direct or indirect, including GTS, of the
Corporation, or is required to be disclosed by law or judicial or administrative
process; or

                  (ii) make any oral or written statement about the Corporation
and/or its financial status, business, compliance with laws, personnel,
directors, officers, consultants, services, business methods or otherwise, which
are intended or reasonably likely to disparage the Corporation or otherwise
degrade its reputation in the business or legal community in which it operates
or in the telecommunications industry.

         (d) Employee hereby represents that: (i) Employee is not restricted in
any material way from performing Employee's duties hereunder as the result of
any contract, agreement or law and (ii) Employee's due performance of Employee's
duties hereunder does not and will not violate the terms of any agreement to
which Employee is bound.

13.      FOREIGN CORRUPT PRACTICES ACT. The Employee agrees to comply in all
material respects with the applicable provisions of the U.S. Foreign Corrupt
Practices Act of 1977 ("FCPA"), as amended, which provides generally that under
no circumstances will foreign officials, representatives, political parties or
holders of public offices be offered, promised or paid any money, remuneration,
things of value, or provided any other benefit, direct or indirect, in
connection with obtaining or maintaining contracts or orders hereunder. When any
representative, employee, agent, or other individual or organization associated
with Employee is required to perform any obligation related to or in connection
with this Agreement, the substance of this section shall be imposed upon such
person and included in any agreement between Employee and any such person.
Failure by the Employee to comply in all respects with the provisions of the
FCPA shall constitute a material breach of this Agreement and shall entitle the
Corporation to terminate this Agreement immediately upon such failure to comply.
Additionally, Employee hereby acknowledges that Employee has read "An
Explanation of the Foreign Corrupt Practices Act" and "Golden Telecom, Inc.
Policy on Foreign Transactions," copies of which have been provided to Employee.
Employee also acknowledges that a condition precedent to the effectiveness of
this Agreement shall be the execution by Employee of the "Addendum to the Golden
Telecom, Inc. Policy on Foreign Transaction," a copy of which has been provided
to Employee. Additionally, and as a condition for the Corporation to continue
this Agreement, Employee may be required from time to time at the request of the
Corporation to execute a certificate of Employee's compliance with the
aforementioned laws and regulations.

                                       7
<PAGE>   8

14.      PURCHASES AND SALES OF THE CORPORATION'S SECURITIES. Employee has read,
and agrees to comply in all respects, with the Policy and Procedures for
Directors, Officers and Employees of Golden Telecom Inc. and its Affiliates on
Insider Trading and Tipping, as such Policy may be amended from time to time.
Specifically, and without limitation, Employee agrees that Employee shall not
purchase or sell stock in GTI or any of its subsidiaries, affiliates or parents,
direct or indirect, including GTS, at any time (i) that Employee possesses
material non-public information about GTI, the Corporation, and GTS or any of
their businesses; (ii) during any "Trading Blackout Period" as may be determined
by the Corporation and GTS, as set forth in the Policy from time to time and
(iii) except in compliance with the above GTI policy.

 15.     INDEMNIFICATION. The Employee shall be entitled to indemnification set
forth in the Corporation's Certificate of Incorporation to the maximum extent
allowed under the laws of the Commonwealth of Virginia and the State of Delaware
Corporations Act.

16.      DIRECTORS' AND OFFICERS' INSURANCE.The Company shall identify, acquire
and maintain at all times during the term of this Agreement Directors, Officers
and Corporate Liability Insurance policy.

17.      NO DELEGATION. The Employee shall not delegate Employee's employment
obligations under this Agreement to any other person.

18.      NOTICES. Any written notice required by this Agreement will be deemed
provided and delivered to the intended recipient when (i) delivered in person by
hand; or (ii) three days after being sent via U.S. certified mail, return
receipt requested; or (iii) the day after being sent via by overnight courier,
in each case when such notice is properly addressed to the following address and
with all postage and similar fees having been paid in advance:

If to the Corporation:           Golden Telecom Group, Inc.
                                 c/o Golden Telecom, Inc.
                                 Attn: Director Human Resources
                                 4121 Wilson Boulevard, 8th Floor
                                 Arlington, VA  22203  USA

and if to the Employee:          ________
                                 c/o Golden TeleServices Inc.
                                 12 Krasnokazarmennaya St., 6th Floor
                                 111250 Moscow
                                 Russian Federation

Either party may change the address to which notices, requests, demands and
other communications to such party shall be delivered personally or mailed by
giving written notice to the other party in the manner described above.

19.      BINDING EFFECT. This Agreement shall be for the benefit of and binding
upon the parties hereto and their respective heirs, personal representatives,
legal representatives, successors and, where applicable, assigns.

20.      ENTIRE AGREEMENT. This Agreement constitutes the entire agreement
between the listed parties with respect to the subject matter described in this
Agreement and supersedes all prior

                                       8
<PAGE>   9

agreements, understandings and arrangements, both oral and written, with the
Corporation or any of its direct or indirect affiliates and parents, including
the GTS Group Inc. Employment Agreement dated 1 August 1998, between the parties
with respect to such subject matter, This Agreement may not be modified,
amended, altered or rescinded in any manner, except by written instrument signed
by both of the parties hereto; provided, however, that the waiver by either
party of a breach or compliance with any provision of this Agreement shall not
operate nor be construed as a waiver of any subsequent breach or compliance.

21.      SEVERABILITY. In case any one or more of the provisions of this
Agreement shall be held by any court of competent jurisdiction or any arbitrator
selected in accordance with the terms hereof to be illegal, invalid or
unenforceable in any respect, such provision shall have no force and effect, but
such holding shall not affect the legality, validity or enforceability of any
other provision of this Agreement, provided that the provisions held illegal,
invalid or unenforceable do not reflect or manifest a fundamental benefit
bargained for by a party hereto.

22.      DISPUTE RESOLUTION AND ARBITRATION.In the event that any dispute arises
between the Corporation and the Employee regarding or relating to this Agreement
and/or any aspect of Employee's employment relationship with the Corporation,
AND IN LIEU OF LITIGATION AND A TRIAL BY JURY, the parties consent to resolve
such dispute through mandatory arbitration under the Commercial Rules of the
American Arbitration Association ("AAA"), before a single arbitrator in
Arlington, Virginia or other location mutually acceptable to the Executive and
the Corporation. The parties hereby consent to the entry of judgment upon award
rendered by the arbitrator in any court of competent jurisdiction.
Notwithstanding the foregoing, however, should adequate grounds exist for
seeking immediate injunctive or immediate equitable relief, any party may seek
and obtain such relief; provided that, upon obtaining such relief, such
injunctive or equitable action shall be stayed pending the resolution of the
arbitration proceedings called for herein. The parties hereby consent to the
exclusive jurisdiction in the state and Federal courts of or in the Commonwealth
of Virginia for purposes of seeking such injunctive or equitable relief as set
forth above.

23.      CHOICE OF LAW. The Employee and the Corporation intend and hereby
acknowledge that jurisdiction over disputes with regard to this Agreement, and
over all aspects of the relationship between the parties hereto, shall be
governed by the laws of the Commonwealth of Virginia without giving effect to
its rules for resolving conflicts of laws.

24.      SECTION HEADINGS. The section headings contained in this Agreement are
for reference purposes only and shall not affect in any manner the meaning or
interpretation of this Agreement.

25.      COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which shall be deemed an original, but all of which taken
together shall constitute one and the same instrument.

26.      FORCE MAJEURE. Neither Corporation nor Employee shall be liable for any
delay or failure in performance of any part of this Agreement to the extent that
such delay or failure is caused by an event beyond its reasonable control
including, but not be limited to, fire, flood, explosion, war, strike, embargo,
government requirement, acts of civil or military authority, and acts of God not
resulting from the negligence of the claiming party.

         IN WITNESS WHEREOF, the parties to this Agreement have executed and
delivered this Agreement as of the day and year written above.

                                       9
<PAGE>   10

GOLDEN TELECOM GROUP, INC.

By:
   -----------------------------
Name:
Title:   Chief Executive Officer

EMPLOYEE

--------------------------------
[name]

                                       10

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00021-of-00352.parquet"}]]