Document:

Moscow CableCom Corp

Exhibit 10.1

Moscow CableCom Corp.

EMPLOYMENT AGREEMENT

This Employment Agreement (this “Agreement”), dated as of August 15, 2005, is entered into by and among Moscow CableCom Corp., a Delaware corporation (the “Company”), and Mikhail Smirnov (“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 Executive Officer of the Company, 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 443,924 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 Executive Officer of the Company.  In his capacity as Chief Executive Officer of the Company, Executive will devote substantially his full business time, energy, and ability to the businesses of the Company and ComCor-TV.  In his capacity as Chief Executive Officer of the Company, Executive will have the duties, responsibilities and authority established by the Company’s board of directors (the “Board”) and will perform his duties and responsibilities at ComCor-TV’s offices in Moscow, Russia.

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2.

Compensation; Benefits.

(a)

Salary.  For all services to be provided by Executive hereunder, and in addition to the Options, Executive will receive during the Term an annual salary of $ 1,149,425 payable monthly in arrears.

(b)

Basic Benefits.

(i)

Benefit Plans.  During the Term, the Company will provide Executive with the benefits of such insurance plans (including life, medical, dental, disability, travel and directors and officers insurance) as are at least comparable to those customarily provided to the chief executive officer of other public companies of a comparable size 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.  In addition, the Company agrees to provide medical insurance, including dental insurance, comparable to that of Executive, to the members of his immediate family (wife and children) or, at the option of the Executive, reimburse Executive for all expenses related to the acquisition of such insurance plans.

(ii)

Sick Leave and Vacation.  During the Term, Executive will be entitled to sick leave and annual paid vacation in accordance with the Company’s established policies applicable to other senior executives of the Company; provided that the annual paid vacation of the Executive shall be equal to at least 30 calendar days per year.  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.

(iii)

Automobile.  During the Term, the Company (A) will provide Executive, on a 24 hour basis, with  a chauffeur driven automobile Audi A8 Quattro, and (B) will promptly pay or (at Executive’s option) reimburse Executive for all expenses related to such automobile, including fuel, insurance and maintenance.

(c)

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.

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  annual salary will be paid through and including the date of death, and

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(ii)

within 15 days after the date of death, Executive's estate will be paid an amount equal to six months of Executive's annual salary.

(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, and

(iii)

on such date of termination Executive or his duly appointed legal representative will be paid an amount equal to six months of Executive’s annual salary.

For purposes of this Section 4(b), Executive will be considered “disabled” if he is unable, due to illness, accident, injury, physical or mental incapacity or other disability, to carry out effectively his duties and obligations to the Company or to participate effectively and actively in the management of the Company for a period of at least 180 consecutive days, as determined in the reasonable judgment of the Board.

(c)

Termination For Cause.  The Company may immediately terminate Executive’s employment for “Cause” by delivering written notice thereof to Executive, and in such event Executive’s 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 Section 2(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 willful failure to follow express instructions from the Board.

(d)

Termination Without Cause.  The Company may immediately terminate Executive’s employment without Cause by delivering written notice thereof to Executive.

(i)

If Executive’s employment is terminated without Cause,

Executive’s base annual salary will be paid through such date of termination,

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(ii)

Executive’s benefits under Section 2(c)(v) (“Automobile”) will terminate on such date of termination.

(iii)

In addition to the provisions of Section 4(d)(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 six months of Executive’s annual salary.

(e)

Resignation By Executive  Executive may resign from his employment with the Company at any time by delivering written notice to the Company 60 days prior to the effective date of such resignation.  In the event such resignation is on or after the first anniversary of the Effective Date, on the respective date of such resignation, Executive’s base annual salary will be paid through the effective date of such resignation, in addition to an amount equal to Executive's salary for 6 months, and thereafter Executive’s rights under this Agreement will cease and no further payments hereunder will be made, except for Executive’s rights under Section 2(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.

In the event such resignation is before the first anniversary of the Effective Date, on the respective date of such resignation Executive's base annual salary will be paid through the effective date of such resignation, in addition to an amount equal to Executive's salary for 2 months, and thereafter Executive's rights under this Agreement will cease and no further payments hereunder will be made, except for Executive's rights under Section 2(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.

4.

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.  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 

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(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 from time to time, and upon the termination of Executive’s employment hereunder for any reason, Executive will promptly deliver to the Company,

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 the board, will provide such requesting party with written confirmation that all such materials have been so delivered.

5.

Non-Competition.

(a)

Except as provided in subsection (b) below, from the date hereof until the date that is six months after the termination (for whatever reason) of Executive’s employment hereunder, Executive will not, without the prior written consent of the Company, participate in Russia, directly or indirectly, in any activity, as of the date hereof, of a provider of the services of paid multichannel digital television in Russia (collectively, the “Restricted Business”), or hold any equity or profit interest in any entity engaged in any Restricted Business in Russia.

(b)

Notwithstanding anything to the contrary contained herein, Executive may hold passive investments in the capital stock or other securities of any entity whose capital stock or securities are publicly owned or are regularly traded or quoted on any national securities exchange or automated quotation system; provided, however, that such passive investments may not exceed 5% of the capital stock or other securities of any entity engaged in any Restricted Business in Russia.  

(c)

Executive hereby acknowledges and agrees that the restrictions contained in this Section 5 are reasonable under the circumstances, and Executive hereby waives, and agrees that its will not hereafter raise, any objection or argument that such restrictions are unreasonable or should not be enforced.

6.

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.

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7.

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.

c/o Columbus Nova Capital

590 Madison Avenue, 38th floor

New York, NY 10022

USA

Facsimilie: +1-212-308-6623

Attn:  Chairman of the Board

(b)

If to Executive:

48 3rd Tverskaya-Yamskaya Ulitsa

Moscow 109147, Russia

Facsimilie: +7-095-250-9686

Attn: Mikhail Smirnov

8.

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.

9.

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 Delaware, 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.

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10.

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.

11.

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.

12.

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.

13.

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.

14.

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.

15.

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

16.

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.

17.

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 

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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.

18.

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.

19.

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.

20.

This Agreement may be executed in English and in Russian; provided, however, that in the event of any discrepancies or inconsistencies between the versions in English and in Russian, the English version shall prevail.

[Remainder of Page Intentionally Left Blank]

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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 Intrater

Name: 

Andrew Intrater

Title: 

Chairman

EXECUTIVE:

/s/ Mikhail Smirnov

Mikhail Smirnov

9Converted by EDGARwiz

Exhibit 10.2

MOSCOW CABLECOM CORP.

NON-QUALIFIED STOCK OPTION AGREEMENT

This agreement (the “Agreement”) made this 15th day of August, 2005 between Moscow CableCom Corp., a Delaware corporation (hereinafter called the “Corporation”), and Mikhail Smirnov (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 15, 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 15 August  2005 (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 443,924 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 equal to the Fair Market Value of the Corporation’s Common Stock as of August 15, 2005 (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.

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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

	266,621 shares 

	At the second anniversary of the Grant Date

	177,303 shares 

	At 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.

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 if, after the first anniversary of the Grant Date, such employment is terminated by the Corporation without Cause (as defined in Grantee's employment agreement with the Corporation), then the Options that would have otherwise become exercisable pursuant to Section 3 on the third anniversary shall become immediately exercisable. 

(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.  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.  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.  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 

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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 Options.  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 

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delivered in person or by registered mail to the Corporation at its office, 38th floor, 590 Madison 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.

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(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.

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[Remainder of Page Intentionally Left Blank]

NON-QUALIFIED STOCK OPTION AGREEMENT

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:  /s/ Andrew Intrater

      Andrew Intrater

Its: Chairman

GRANTEE:

/s/ Mikhial Smirnov

Mikhail Smirnov

Address:  48 3rd Tverskaya-Yamskaya

 

Ulitsa, 

Moscow  109147, Russia

Attachment:

Moscow CableCom Corp. 2003 Stock Option Plan

NON-QUALIFIED STOCK OPTION AGREEMENT

LETTER OF NON-QUALIFIED STOCK OPTION EXERCISE

Dated____________ __, _____

Moscow CableCom Corp.

38th floor, 590 Madison 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 ______ __, 2005 under the Moscow CableCom Corp. 2003 Stock Option Plan.

The purchase price for these shares is ● 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

NON-QUALIFIED STOCK OPTION AGREEMENT

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00089-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00089-of-00352.parquet"}]]