Document:

Exhibit 10.59

CME Development Corporation 

- and - 

Wallace Macmillan 

 

CONTRACT OF EMPLOYMENT 

 

 

 

CONTRACT OF EMPLOYMENT AND STATEMENT OF PARTICULARS PURSUANT TO SECTION 1 OF THE EMPLOYMENT RIGHTS ACT 1996 

	 
	 	
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Name and Address of Employer: 
		
CME Development Corporation c/o 8 th Floor, Aldwych House 71-91 Aldwych, London, WC2B,4HN (the “Company” ) 

	 	 	 
	
Name and address of Employee: 
		
Wallace Macmillan of: 34 Copperfields, West Wycombe Road, High Wycombe, Bucks, HP12 4AN 

	 	 	 
	
Date this contract takes effect 
		
March 17, 2003 

 

1          JOB TITBLE AND DUTIES 

1.1       Your job title is Vice-President and Chief Financial Officer, reporting to and subject to the direction and authorization of the Chief Operating Officer or such other executive as determined by the CEO of CME Ltd, you will perform such functions and undertake such responsibilities as are customarily associated with such a position. 

1.2       In addition to your main duties you will be required to carry out such other duties consistent with your position as the Company may from time to time require. You shall diligently and faithfully perform such duties and exercise such powers as may from time to time be assigned or vested in you in relation to the management or conduct of the Company by the board of directors of the Company. 

1.3       You shall use your best endeavours to promote and protect the interests of the Company and shall not do anything which is harmful to those interests. 

1.4       You shall devote the whole of your time (unless prevented by ill-health or accident or otherwise directed by the Company) to the duties of this contract and you shall not be directly or indirectly interested or concerned in any manner in any other business except with the Company’s prior written consent. If such consent is given, you must provide the Company with the number of hours worked for any other employer each month. 

2          PLACE OF WORK 

2.1  You will be based in the Company’s London office. 

2.2       The duties of this appointment shall relate primarily to the UK but it is agreed that your position will require that you spend extensive time travelling outside the UK when required by the Company for the proper performance of your duties. 

3          REMUNERATION 

3.1       Your basic salary is 160,000 pounds (£) per annum, payable by equal monthly instalments in arrears by credit transfer into your bank account. 

3.2       The Company will review your salary annually on or before March 17,each year. Any increase of your salary is entirely at the Company’s discretion and the Company will have no contractual obligation to increase your salary. 

	 
	 	
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3.3       You shall be entitled to participate in an annual discretionary “Pay For Performance” scheme which will be awarded pro rate for time served in 2003 should any award be payable. 

3.4       The amount, if any, of such a Pay For Performance shall be determined by the Chief Executive of the Company, and is subject to the approval of the Compensation Committee of CME Media Enterprises LTD. The Company shall provide you with the opportunity to earn annual Pay For Performance. The amount of any such Pay For Performance will be assessed by the CEO on the basis of achievement of yearly personal deliverables, and the performance of the Company on a combined EBITDA basis in relation to the Budget. The personal deliverables shall be established annually together with the CEO as part of the budget process. 

3.5       The target performance pay shall be 33 and 1/3% of the yearly compensation. If 85% of the budget is achieved, you will be eligible for 50% of the target performance pay. If EBITDA is 150% of Budget, you will be eligible for a performance payment equal to 200% of the target performance pay. Amounts of performance pay between 50% and 200% of the target based upon EBITDA achieved shall be calculated according to a non-linear scale. The Compensation Committee may, at its sole discretion, modify the method or basis of calculation of the target performance pay for any given year. 

3.6       Pay For Performance payment shall be made in two instalments. The first instalment shall be made in the first pay period following the Board’s approval of the audited financial statements and the second instalment shall be made in the July pay period. In order to be eligible for these instalments you must be a full time employee of the Company at the time the payment is due. 

3.7       In the event of any dispute in the calculation of the performance pay, the decision of the Compensation Committee in accordance with the above criteria shall be final. 

3.8       The Company may, in the future, decide to grant you options to purchase stocks of the Company. Any future grant shall be entirely in the Company’s discretion and its terms shall be determined by the Compensation Committee and shall be approved by the Board of Directors of CME Ltd. Any such grant shall be subject and governed by the Company’s Stock Option Plan in effect at the time of the grant. This section may not, under any circumstances, be interpreted as an entitlement on your part to demand option grants. 

4          OTHER BENEFITS 

 

4.1       During the term of this contract you are entitled to membership of the following schemes (each referred to below as an “insurance scheme” ): 

            4.1.1    a medical expenses insurance scheme providing such cover for you and your spouse/partner and any children under the age of eighteen (18) as the Company may from time to time notify to you;

            4.1.2     a salary continuance on long-term disability insurance scheme providing such cover for you as the Company may from time to time notify to you;

	 
	 	
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           4.1.3    a life insurance scheme under which a lump sum benefit shall be payable on your death while this contract continues, the benefit of which shall be paid to your dependants or such other beneficiary as the trustees of the scheme select at their discretion, after considering any beneficiaries identified by you in any expression of your wishes delivered to the trustees before your death. The benefit is equal to 2 times your basic annual salary at your death but basic annual salary for this purpose shall not exceed Inland Revenue limits;

           4.1.4    a personal accident insurance scheme providing such cover for you as the Company may from time to time notify to you.

4.2       Benefits under any insurance scheme shall be subject to the rules of the scheme(s) and the terms of any applicable insurance policy and are conditional upon your complying with and satisfying any applicable requirements of the insurers. Copies of these rules and policies and particulars of the requirements shall be provided to you on request. The Company shall not have any liability to pay any benefit to you under any insurance scheme unless it receives payment of the benefit from the insurer under the scheme. 

4.3       Any insurance scheme which is provided for you is also subject to the Company’s right to alter the cover provided or any term of the scheme or to cease to provide (without replacement) the scheme at any time if in the opinion of the Company your state of health is or becomes such that the Company is unable to insure the benefits under the scheme at the normal premiums applicable to a person of your age. 

4.4       The provision of any insurance scheme does not in any way prevent the Company from lawfully terminating this contract in accordance with the provisions in clause  10 even if to do so would deprive you of membership of or cover under any such scheme. 

4.5       In addition to the above, and except as provided in Section 3.8, you will be entitled to all Company Benefits on such terms that are no less favourable than other senior non-expatriate executives. 

5         EXPENSES 

 

The Company shall reimburse you for all reasonable expenses incurred by you in the proper performance of your duties under this contract, on production of appropriate receipts. 

6         HOURS OF WORK 

6.1       Your normal working hours are 40 hours per week/from 0900 to 1800 Monday to Friday together with such additional hours as may be necessary for the proper performance of your duties. This may include working in the evenings outside normal office hours at weekends or on public holidays. No additional pay or time off will be permitted. 

6.2       In accordance with the Working Time Regulations 1998, your average working time should not exceed 48 hours for each seven day period in any reference period unless you have agreed, in a separate agreement, to opt-out of this limit. 

	 
	 	
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7         HOLIDAYS 

7.1       You are entitled to 20 days’ holiday with pay every calendar year in addition to bank and other public holidays. The Company’s holiday year runs from 1 st January to 31 st December. 

7.2       Your holiday entitlement is inclusive of your statutory entitlement which is twenty (20) days per annum. When calculating your statutory entitlement bank and public holidays are taken into account. The statutory entitlement cannot be carried over from one holiday year to the next and no pay in lieu can be made to you. 

7.3       Your entitlement to holiday accrues pro rata throughout each holiday year (disregarding fractions of days). You will be deemed to have taken statutory holiday first. 

7.4       Any entitlement to holiday remaining at the end of any holiday year over and above your statutory entitlement shall lapse and no payment in lieu will be made for accrued untaken holiday. 

 

            7.4.1    If you have taken holiday in excess of your entitlement on termination of employment you will be required to give account for it and the Company will make a deduction from your final salary payment accordingly. If you have accrued holiday owing to you, the Company may at its discretion, require you to take the outstanding holiday during any notice period or make a payment in lieu thereof. 

 

            7.4.2    For the purposes of clause 7.4.1 above, a day’s pay will be calculated on the basis of 1/260th of your annual salary less deductions.

 

7.5       If your employment is terminated without notice, you will not be entitled to holiday pay for holiday which would have accrued during the notice period, had you continued to be employed throughout that time. 

8         SICKNESS 

8.1       The Company may from time to time require you to be examined by a medical adviser nominated by the Company and you agree to provide such formal consents as may be necessary for the results of such examinations to be disclosed to the Company. 

8.2       You will cease to accrue holiday, subject to any entitlement under Working Time Regulations 1998 If you have been absent from work due to sickness for four (4) consecutive weeks or more. If you are absent for a period of 180 consecutive days or 180 days in aggregate in any 12 month period, the Company may terminate your employment on giving you one 12 months’ notice or may terminate with immediate effect and make a payment in lieu of notice. 

8.3       During any period of absence from work due to sickness or injury you will be entitled to sick pay subject to satisfactory evidence from a medical practitioner and inclusive of Statutory Sick Pay ( “SSP” ). The Company may also deduct from these payments the amount of any social security benefits you may be entitled to receive. 

	 
	 	
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8.4       SSP regulations apply and the following should be noted: 

 

            8.4.1    No SSP is payable for the first three (3) qualifying days of a period of incapacity for work, unless these are linked to a previous period of incapacity as set out at 8.4.3 below. These first three qualifying days are referred as to “waiting days”.

 

            8.4.2    Provided the certification set out in clause 8.4.3 below is supplied by you, SSP will be payable from the fourth qualifying day in a period of incapacity for work up to a maximum of twenty eight (28) weeks. Qualifying days are days of the week on which you are required to be available for work within the terms of your contract.

 

            8.4.3    If two (2) periods of incapacity for work are linked by fifty six (56) days or less and provided you have completed three waiting days in the first period of incapacity, these will count as waiting days for the purpose of the second period and the first day of absence in the second period will qualify for payment of SSP.

NOTIFICATION OF ABSENCE

 

8.5       Payment of SSP (or any other payment during sickness) is conditional upon your notifying the Company of your incapacity for work on the first day of your absence and upon certifying your absence as follows: 

            8.5.1    for absences of up to seven (7) successive calendar days inclusive you must on your return to work complete and sign the Sickness Declaration form, copies of which you may obtain from your immediate supervisor;

 

            8.5.2    for absences of eight (8) successive calendar days or more you must supply a medical certificate signed by a Doctor and keep the Company regularly informed about your expected date of return to work. 

 

9          PENSION 

9.1       There is currently no pension scheme applicable to your employment and you will be contracted into the State Scheme. However, access to a Stakeholder Pension is available to eligible employees. 

9.2       Normal retiring age is sixty five (65). 

10       TERMINATION 

10.1     The Company may terminate this contract on giving you 12 months notice in writing (the “Notice Term”) to expire at any time. 

10.2     The Company may at any time and in its absolute discretion (whether or not any notice of termination has been given under clause 10.1 above) terminate this contract with immediate effect and make a payment in lieu of notice. This payment will comprise solely your basic salary (at the rate payable when this option is exercised) and shall not include any Pay For Performance, pension contributions or any other benefits and shall be subject to deductions for income tax and national insurance 

	 
	 	
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contributions as appropriate. You will not, under any circumstances, have any right to payment in lieu unless the Company has exercised its option to pay in lieu of notice. 

10.3     Your employment may be terminated by the Company without notice or payment in lieu of notice only by reason of your gross misconduct. Examples of gross misconduct are set out in the Company’s employee handbook, and the disciplinary and appeal procedures set forth therein shall govern any such circumstance. 

10.4     Upon the termination by whatever means of this contract you shall immediately return to the Company all documents, computer media, credit cards, keys and all other property belonging to or relating to the business of the Company which is in your possession or under your power or control and you must not retain copies of any of the above. 

10.5     In case you fail for a period of 180 consecutive days, or for shorter periods aggregating more than 180 days during any twelve-month period, to render the services contemplated hereunder for reasons other then sickness as described in Section 8.2 above , then the Company, at its option, may terminate your employment by notice from the Company to you, effective on the giving of 12 months such notice (“Disability”). or terminate with immediate effect and make a payment in lieu of notice. In case of termination for Disability or Retirement or Death, you will be entitled to your earned salary, your accrued vacation and your basic salary (at the rate payable when this option is exercised) and to all benefits vested at the effective date of termination. All payments shall be subject to deductions for income tax and national insurance contributions as appropriate . 

10.6     You may also terminate your employment with the Company immediately upon giving notice to the Company for Good Reason. For purposes of this contract, Good Reason shall include a material breach by the Company of this contract, a reduction in your compensation, title, position or duties. Within five (5) business days of such termination by you, the Company shall pay to you in a lump sum any earned salary, accrued vacation, one year of your basic salary (at the rate payable when this option is exercised), and all benefits vested at the time of termination, subject to appropriate deductions for income tax and national insurance contributions 

10.7     You may terminate your employment for any reason giving 90 days notice to the Company. You shall be paid your basic salary through the end of such 90-day notice period, together with all benefits vested at the time of termination. All payments shall be subject to deductions for income tax and national insurance contributions as appropriate. 

11        SUSPENSION 

11.1     The Company may suspend you from your duties on full pay to allow the Company to investigate any complaint made against you in relation to your employment with the Company. 

11.2     Provided you continue to enjoy your full contractual benefits and receive your pay in accordance with this contract, the Company may in its absolute discretion do all or 

	 
	 	
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any of the following during the notice period or any part of the notice period, after you or the Company have given notice of termination to the other, without breaching this contract or incurring any liability or giving rise to any claim against it: 

           11.2.1   Exclude you from the premises of the Company

 

           11.2.2   Require you to carry out only specified duties (consistent with your status, role and experience) or to carry out no duties

 

           11.2.3   Announce to any of its employees, suppliers, customers and business partners that you have been given notice of termination or have resigned (as the case may be)

 

           11.2.4   Prohibit you from communicating in any way with any or all of the suppliers, customers, business partners, employees, agents or representatives of the Company until your employment has terminated except to the extent that you are authorised by the Chief Operating Officer in writing

 

           11.2.5   Require you to comply with any other reasonable conditions imposed by the Company.

 

11.3     You will continue to be bound by all obligations owed to the Company under this contract. 

12        CONFIDENTIAL INFORMATION 

12.1     You agree during and after the termination of your employment not to use or disclose to any person (and shall use your best endeavours to prevent the use, publication or disclosure of ) any confidential information: 

 

           12.1.1   concerning the business of the Company and which comes to your knowledge during the course of or in connection with your employment or your holding office; or

 

           12.1.2   concerning the business of any client or person having dealings with the Company and which is obtained directly or indirectly in circumstances where the Company is subject to a duty of confidentiality.

 

12.2     For the purposes of paragraph 12.1.1 above information of a confidential or secret nature includes but is not limited to information disclosed to you or known, learned, created or observed by you as a consequence of or through your employment, not generally known in the relevant trade or industry, about the Company’s business activities, services and processes, including but not limited to information concerning advertising, sales promotion, publicity, sales data, research, programming and plans for programming, finances, accounting, methods, processes, business plans (including prospective or pending licence applications or investments in licence holders or applicants), client or supplier lists and records, potential client or supplier lists, and client or supplier billing. 

	 
	 	
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12.3     This clause shall not apply to information which is: 

            12.3.1  used or disclosed in the proper performance of your duties or with the consent of the Company;

 

            12.3.2  ordered to be disclosed by a court of competent jurisdiction or otherwise required to be disclosed by law;

 

            12.3.3  comes into the public domain (otherwise than due to a default by you).

13        INTELLECTUAL PROPERTY 

13.1     You shall assign with full title your entire interest in any Intellectual Property Right (defined below) to the Company to hold as absolute owner. 

13.2     You shall communicate to the Company full particulars of any Intellectual Property Right in any work or thing created by you and you shall not use, assign, purport to assign or disclose to any person or exploit any Intellectual Property Right without the prior written consent of the Company. 

13.3     In addition to and without derogation of the covenants imposed by the Law of Property (Miscellaneous Provisions) Act 1994 you shall prepare and execute such instruments and do such other acts and things as may be necessary or desirable (at the request and expense of the Company) to enable the Company (or its nominee) to obtain protection of any Intellectual Property Right vested in the Company in such parts of the world as may be specified by the Company (or its nominee) and to enable the Company to exploit any Intellectual Property Right vested in it to best advantage. 

13.4     You hereby irrevocably appoint the Company to be your attorney in your name and on your behalf to sign, execute or do any instrument or thing and generally to use your name for the purpose of giving to the Company (or its nominees) the full benefit of the provisions of this clause and in favour of any third party a certificate in writing signed by any director or the secretary of the Company that any instrument or act falls within the authority conferred by this clause and shall be conclusive evidence that such is the case. 

13.5     You hereby waive all of your moral rights (as defined in the Copyright, Designs and Patents Act 1988) in respect of any act by the Company and any act of a third party done with the Company’s authority in relation to any Intellectual Property Right which is or becomes the property of the Company. 

13.6     “Intellectual Property Right” means a copyright, know-how, trade secret and any other intellectual property right of any nature whatsoever throughout the world (whether registered or unregistered and including all applications and rights to apply for the same) which: 

 

            13.6.1  relates to or is useful in connection with the business or any product or service of the Company; and

            13.6.2  is invented, developed, created or acquired by you (whether alone or jointly with any other person) during the period of your employment with the Company;

 

	
	 	
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and for these purposes and for the purposes of the other provisions of this clause 13, references to the Company shall be deemed to include references to any Associated Company, as defined in Section 14.7 below. 

14       POST-EMPLOYMENT RESTRICTIONS 

14.1     You agree for a period of 12 months after the termination of your employment that you shall not either on your own account or on behalf of any other person, firm or company directly or indirectly, carry on or be engaged, concerned or interested in any business which is competitive with the business of the Company and with which you were actively involved in the twelve months preceding the termination of your employment (the “Restricted Business” ) within the territories of operation of the CME Group; 

14.2     You agree, in connection with the carrying on of the Restricted Business, that for a period of 12 months after the termination of your employment, you shall not, either on your own account or on behalf of any other person, firm or company directly or indirectly solicit or canvass for business from any person, firm or company who at any time during the twelve months preceding the termination of your employment was a customer of the Company or any Associated Company and with whom during that period you had material dealings; 

14.3     You agree, in connection with the carrying on of the Restricted Business that for a period of 12 months after the termination of your employment, you shall not, either on your own account or on behalf of any other person, firm or company directly or indirectly seek to do business and/or do business with any person, firm or company who at any time during the twelve months preceding the termination of your employment was a customer of the Company or any Associated Company and with whom during that period you had material dealings. 

14.4     You agree for a period of 12 months following the termination of your employment, that you shall not solicit or employ or cause to be employed, whether directly or indirectly, any employee of the Company who has substantial knowledge of confidential aspects of the business of the Company and with whom at any time during the period of twelve months prior to such termination you had material dealings. 

14.5     Each of the restrictions in this clause shall be enforceable independently of each other and its validity shall not be affected if any of the others is invalid. If any of the restrictions is void but would be valid if some part of the restriction were deleted, the restriction in question shall apply with such modification as may be necessary to make it valid. 

14.6     For the avoidance of doubt these restrictions shall not apply if the Company terminates this contract in breach. 

14.7     For the purposes of this clause and clause 13 , “Associated Company” shall mean a subsidiary (as defined by the Companies Act 1985 as amended) and any other company which is for the time being a holding company (as defined by the Companies Act 1985 as amended) of the Company or another subsidiary of any holding company. 

	 
	 	
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15        DISCIPLINARY AND GRIEVANCE PROCEDURES 

 

The Company’s disciplinary and grievance procedure is set out in the Company’s employees handbook. It does not form part of your contract of employment and may be applied at the Company’s sole discretion. 

16        COLLECTIVE AGREEMENTS/WORKFORCE AGREEMENTS 

 

There are no collective agreements or workforce agreements applicable to you or which affect your terms of employment. 

17        DATA PROTECTION 

17.1     You acknowledge that the Company will hold personal data relating to you. Such data will include your employment application, address, references, bank details, performance appraisals, work, holiday and sickness records, next of kin, salary reviews, remuneration details and other records (which may, where necessary, include sensitive data relating to your health and data held for equal opportunities purposes). The Company will hold such personal data for personnel administration and management purposes and to comply with its obligations regarding the retention of your records. Your right of access to such data is as prescribed by law. 

17.2     By signing this contract, you agree that the Company may process personal data relating to you for personnel administration and management purposes and may, when necessary for those purposes, make such data available to its advisers, to third parties providing products and/or services to the Company and as required by law. 

18       CONTRACTS (RIGHTS OF THIRD PARTIES) ACT 1999 

 

Unless the right of enforcement is expressly granted, it is not intended that a third party should have the right to enforce the provisions of this contract pursuant to the Contracts (Rights of Third Parties) Act 1999. 

19       MONITORING OF COMPUTER SYSTEMS 

19.1     The Company will monitor messages sent and received via the email and voicemail system to ensure that employees are complying with the Company’s Information Technology policy. 

19.2     The Company reserves the right to retrieve the contents of messages for the purpose of monitoring whether the use of the email system is in accordance with the Company’s best practice, for the purpose of performance management, for the purpose of monitoring whether use of the computer system is legitimate, to find lost messages or to retrieve messages lost due to computer failure, to assist in the investigations of wrongful acts or to comply with any legal obligation. 

19.3     You should be aware that no email or voice mail sent or received through the Company’s system is private. The Company reserves and intends to exercise its right to review, audit, intercept, access and disclose on a random basis all messages created from it or sent over its computer system for any purpose. The contents of email or voice mail so obtained by the Company in the proper exercise of these powers may be disclosed without the permission of the employee. Employees should be aware that 

	 
	 	
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the emails or voice mails or any document created on the Company’s computer system, however confidential or damaging, may have to be disclosed in court or other proceedings. An email which has been trashed or deleted can still be retrieved. 

19.4     The Company further reserves and intends to exercise its right to monitor all use of the internet through its information technology systems, to the extent authorised by law. By your signature to this contract you consent to any such monitoring. 

20       INDEMNITY 

20.1     The Company will indemnify you and pay on your behalf all Expenses (as defined below) incurred by you in any Proceeding (as defined below), whether the Proceeding which gave rise to the right of indemnification pursuant to this Agreement occurred prior to or after the date of this Agreement provided that you shall promptly notify the Company of such Proceedings and the Company shall be entitled to participate in such Proceedings and, to the extent that it wishes, jointly with you, assume the defence thereof with counsel of its choice. This indemnification shall not apply if it is determined by a court of competent jurisdiction in a Proceeding that any losses, claims, damages or liabilities arose primarily out of your gross negligence, wilful misconduct or bad faith. 

20.2     The term "Proceeding" shall include any threatened, pending or completed action, suit or proceeding, or any inquiry or investigation, whether brought in the name of the Company or otherwise and whether of a civil, criminal, administrative or investigative nature, including, but not limited to, actions, suits or proceedings brought under or predicated upon any securities laws, in which you may be or may have been involved as a party or otherwise, and any threatened, pending or completed action, suit or proceeding or any inquiry or investigation that you in good faith believe might lead to the institution of any such action, suit or proceeding or any such inquiry or investigation, by reason of the fact that you are or were a director, officer, employee, agent or fiduciary of the Company, by reason of any action taken by you or of any inaction on your part while acting as such director, officer, employee, agent or fiduciary or by reason of the fact that you are or were serving at the request of the Company as a director, officer, employee, trustee, fiduciary or agent of another corporation, partnership, joint venture, employee benefit plan, trust or other enterprise, whether or not you are serving in such capacity at the time any liability or expense is incurred for which indemnification or reimbursement can be provided under this Agreement. 

20.3     The term "Expenses" shall include, without limitation thereto, expenses (including, without limitation, attorneys' fees and expenses) of investigations, judicial or administrative proceedings or appeals, damages, judgements, fines, penalties or amounts paid in settlement by or on behalf of you and any Expenses of establishing a right to indemnification under this Agreement. 

20.4  The Expenses incurred by you in any Proceeding shall be paid by the Company as incurred and in advance of the final disposition of the Proceeding at your written request. You hereby agree and undertake to repay such amounts if it shall ultimately be decided in a Proceeding that you are not entitled to be indemnified by the Company pursuant to this Agreement or otherwise. 

	 
	 	
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20.5     The indemnification and advancement of Expenses provided by this Agreement shall not be deemed exclusive of any other rights to which you may be entitled under the Company’s Articles of Incorporation or Bye-Laws, any agreement, any vote of stockholders or disinterested directors, the laws under which the Company was formed, or otherwise, and may be exercised in any order you elect and prior to, concurrently with or following the exercise of any other such rights to which you may be entitled, including pursuant to directors and officers insurance maintained by the Company, both as to action in official capacity and as to action in another capacity while holding such office, and the exercise of such rights shall not be deemed a waiver of any of the provisions of this Agreement. To the extent that a change in law (whether by statute or judicial decision) permits greater indemnification by agreement than would be afforded currently under the Company's Articles of Incorporation, Bye-Laws and this Agreement, it is the intent of the parties hereto that you shall enjoy by this Agreement the greater benefit so afforded by such change. The provisions of this Section 20 shall survive the expiration or termination, for any reason, of this Agreement and shall be separately enforceable. 

21       GENERAL 

21.1  These terms must be read in conjunction with the Company’s employees’ handbook a copy of which you acknowledge you have received. If the terms of this contract conflict with the terms set forth in the employee handbook, the terms of this contract will prevail. 

21.2  You hereby authorise the Company to deduct from any salary payable to you any sums owing by you to the Company. 

21.3  As from the effective date of this contract all other agreements or arrangements between you and the Company shall cease to have effect. 

21.4  This shall be governed by and construed in accordance with English law. 

 

The Company and Wallace Macmillan agree to the terms set out above. 

/s/ Robert E Burke 

Robert E Burke 

...............................................

Signed for the Company 

/s/ Wallace Macmillan 

Wallace Macmillan 

..............................................   
Signed by the Employee 

March 17, 2003 

	
	 	
13Exhibit 10.60

 

AGREEMENT 

CME Czech Republic B.V. (“CME”) and the Czech Republic (the “parties”) agree as follows: 

RECITALS: 

1.   CME has brought an arbitration claim (the “Claim”) against the Czech Republic under the Bilateral Investment Treaty between the Kingdom of the Netherlands and the Czech Republic Arbitration of the Claim has resulted in the issuance of a Partial Award dated September 13, 2001 (the “Partial Award”) and a Final Award dated March 14, 2003 (the “Final Award”). The total amount of principal, interest and costs awarded to CME under the Partial Award and Final Award amounted to U.S. $353,395,390 as of March 14, 2003. Interest obligations have accrued and will accrue at the rate of 10% per annum (the “Award Interest Rate”) on U.S. $270,821,750, or $74,197.74 per day, from March 15, 2003 until the date of payment. 

2.   The Czech Republic has brought a proceeding in the Svea Court of Appeal in Stockholm seeking to set aside or annul the Partial Award (the “Svea Court Challenge”). 

3.   The parties have agreed, without prejudice to their respective rights and expectations in respect of the Svea Court Challenge, that CME, in return for the assurance of immediate payment of the amount owed upon the issuance of a Svea Court Decision in its favor, will limit certain interest costs to the Czech Republic and not pursue enforcement of the Final Award and the obligation to pay interest in respect thereof 

	

 

	 	 	 
	

	 

pending the outcome of the Svea Court Challenge, pursuant to the terms fully elaborated in this Agreement. 

AGREEMENT: 

1.   On or before April 28, 2003 (the “Funding Date”), the Czech Republic will cause to be deposited by the Ministry of Finance of the Czech Republic into an interest-bearing escrow account in United States dollars the sum of $353,395,390, plus a sum equal to U.S. $74,197.74 multiplied by the number of days between March 15, 2003 (inclusive of Match 15, 2003) and the Funding Date (the “Deposited Amount”). This escrow account shall be in Deutsche Bank, Stockholm Branch (the “Escrow Bank”). The parties will enter into an escrow agreement respecting the Deposited Amount that is substantially in the form set forth in Exhibit A to this Agreement to be agreed by the Escrow Bank. The parties agree that the Escrow Bank will hold the Deposited Amount and all interest earned thereon during the period that these funds continue to be he1d in escrow. 

2.   Upon execution of this Agreement, CME will forbear from pursuing any processes to enforce the Final Award or from taking any measure creating a security or other interest for the satisfaction of the Final Award, anywhere in the world, which forbearance will continue without limitation unless the Final Payment (as defined below) is not paid after the due date referred to under paragraph 4(a) below. CME shall indicate its non-opposition to the Czech Republic’s pending request to the Svea Court of Appeal for an order enjoining CME from seeking to enforce the Final Award pending the issuance of the Decision by the Svea Court of Appeal in the Svea Court Challenge (the 

	

 

	 	
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“Svea Court Decision”), provided , however , that any such order or injunction shall expire by its terms and have no further force or effect immediately upon the issuance of the Svea Court Decision. From the Funding Date until the date of the Svea Court Decision (the “Decision Date”), the Czech Republic shall be relieved of the accrual of interest obligations under the Final Award at the Award Interest Rate. Instead, interest shall accrue on the Deposited Amount at the rate or the rates (the “Escrow Rate”) from time to time applied by the Escrow Bank. 

3.   The Czech Republic shall retain all rights that it currently possesses to initiate or pursue a challenge proceeding in the Swedish courts seeking to set aside or annul the Final Award, and CME shall retain all rights it currently possesses to oppose any such proceeding, provided , however , that the Czech Republic’s challenge to the Final Award shall be limited to a challenge to the effect that the Final Award must be set aside or annulled if the Partial Award is set aside or annulled, and provided further that if the Svea Court Decision is in CME’s favor and is not appealed by the Czech Republic or any such appeal is denied by the Swedish Supreme Court, the Czech Republic will withdraw any challenge proceeding against the Final Award that it has instituted, and will thereafter be deemed to have surrendered and waived absolutely and without qualification any right to initiate, restore or prosecute any such proceeding or other challenge of any kind to the Final Award. If a Svea Court Decision in CME’s favor is appealed, the parties shall jointly apply to the Court to hold the Czech Republic’s challenge to the Final Award in abeyance, pending resolution of that appeal. 

	

21515103v1

	 	
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4.   In the event of issuance of a Svea Court Decision in CME’s favor, in the form of a denial of the Czech Republic’s application to annul or set aside the Partial Award: 

a.   Swedish counsel for CME shall promptly deliver to Swedish counsel for the Czech Republic an executed notice to the Escrow Bank to release the funds on deposit, which Swedish counsel for the Czech Republic shall execute and deliver back to Swedish counsel for CME within one business day. The Escrow Bank shall, within two banking days of the Escrow Bank’s receipt of such notice jointly signed on behalf of their respective clients by the Swedish counsel for CME and the Czech Republic (“Escrow Release Notice”) of such a Svea Court Decision in CME’s favor, pay the Deposited Amount plus all interest that has accrued at the Escrow Rate on the Deposited Amount (the “Final Payment”) to CME, by wire transfer or similarly immediately available funds, at CME’s election. If for any reason Swedish counsel for the Czech Republic does not sign and return the Escrow Release Notice within one business day of its delivery by CME’s Swedish counsel, CME shall be entitled to treat that non-execution or non-return as establishing a Dispute within the meaning of Paragraph 7. 

b.   If the Svea Court Decision denies leave to appeal to the Supreme Court of Sweden, the conveyance of the Final Payment as provided in paragraph 4(a) will constitute the full and final settlement of all disputes between the parties to this Agreement in relation to the Claim. The Czech Republic will cease to hold or claim any rights whatsoever to the funds conveyed in the Final Payment or any rights respecting 

	

 

	 	
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payment or distribution of those funds, and upon CME’s receipt of this payment the Claim and any cause of action by either CME or the Czech Republic with respect to the Claim will terminate and be considered fully resolved. 

c.   If the Svea Court Decision grants leave to appeal by the Czech Republic to the Supreme Court of Sweden, the Final Payment will be made as provided in paragraph 4(a), but in the event that the Supreme Court of Sweden later orders annulment or setting aside of the Partial Award, CME will return all funds paid to CME in the Final Payment or such other amount as the Swedish Supreme Court or other court of competent jurisdiction may order, and the Czech Republic will be free to take whatever steps it chooses to recover the amount due. This contingent and unsecured right of recovery shall not operate as a lien on CME or provide the Czech Republic with any rights to constrain any of CME’s activities during the pendency of any such appeal to the Swedish Supreme Court. An ultimate Supreme Court Decision in CME’s favor in any such appeal by the Czech Republic shall operate as a permanent and complete termination of all claims of either CME or the Czech Republic with respect to the Claim and a resolution of the Claim in CME’s favor. 

d.   Any obligation for one party to pay attorneys fees or other costs or expenses imposed by any ruling of the Svea Court or the Supreme Court shall be separate from and in addition to the payment obligations set forth in this paragraph, and shall not be affected by any provision of this paragraph. 

5.   In the event of issuance of a Svea Court Decision in favor of the Czech Republic, in the form of an annulment or setting aside of the Partial Award: 

	

 

	 	
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a.   The Escrow Bank shall, forthwith on receipt of an Escrow Release Notice of such a Svea Court Decision in the Czech Republic’s favor, bold the Deposited Amount and all interest earned thereon to the exclusive instructions of the Czech Republic. If Swedish counsel for CME does not sign and return the Escrow Release Notice within one business day of its delivery by the Czech Republic’s Swedish counsel, the Czech Republic shall be entitled to treat this non-execution as establishing a Dispute within the meaning of paragraph 7. 

b.   If there are further proceedings after such a ruling, in the form of further arbitral proceedings, a CME appeal of the Svea Court Decision to the Supreme Court of Sweden or otherwise, CME’s agreement to accrual of interest at the Escrow Rate rather than the Award Interest Rate shall not extend beyond the period between the Funding Date and the Decision Date. If CME ultimately prevails in such further proceedings, CME shall receive interest at the Award Interest Rate (or such other rate as may be determined by such further proceedings) for all periods between the Decision Date and CME’s receipt of the funds determined to be owed to it. 

c.   Any obligations for one party to pay attorneys fees or other costs or expenses imposed by any ruling of the Svea Court, the Supreme Court or any other court or tribunal shall not be affected by, and shall continue to apply notwithstanding any other provision of, this paragraph 

6.   Between the date of this Agreement and the date of the Final Payment, the Czech Republic may present CME with proposals to substitute forms of non-cash consideration for all or part of the amount to be paid to CME in the event that the Svea 

	

 

	 	
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Court Decision is in CME’s favor, and CME will consider any such proposals, provided , however , that CME shall be under no obligation to accept any such proposal and shall retain unlimited discretion as to whether to do so. 

7.   If a dispute arises because of non-execution by either party’s Swedish counsel of an Escrow Release Notice presented to it by the other party’s Swedish counsel as provided in paragraphs 4(a) and 5(a), or because of any other asserted breach of this Agreement or disagreement between the parties respecting interpretation or application of this Agreement (a “Dispute”), the parties agree to resolve the Dispute as follows: 

a.   The parties mutually designate Professor Jan Ramberg as the sole arbitrator to resolve any Dispute. If Professor Ramberg is unwilling to serve, the parties shall attempt for three business days to agree on a leading Swedish lawyer to serve as arbitrator, and if they are unable to agree within this time frame, either party may ask the Stockholm Chamber of Commerce to select a single arbitrator. 

b.   Either party may refer a Dispute to the arbitrator for resolution by sending notice of the dispute to the arbitrator with a copy to the other party’s Swedish counsel. It is the parties’ mutual intention that any Dispute be decided as expeditiously as practicable, preferably within one week. The arbitrator shall decide the Dispute based on a single written submission from each party (not including the notice of the Dispute), and shall conduct a hearing (which may be telephonic) only if the arbitrator considers such a hearing necessary in the arbitrator’s sole discretion. 

	

 

	 	
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c.   All reasonable fees of the arbitrator, other costs or expenses and attorneys’ fees associated with the arbitration and resolution of any Dispute will be paid by the losing party 

d.   If the arbitrator determines in resolving a Dispute that the Czech Republic owes the Final Payment, the Czech Republic shall pay the final payment within one business day. If the deposited amount has been previously conveyed to the Escrow Bank, the Czech Republic shall execute the Escrow Release Notice. 

e.   The arbitrator’s decision respecting a Dispute will be final and binding. If the non-prevailing party fails to execute an Escrow Release Notice to effectuate the arbitration’s decision, the arbitrator shall be empowered to execute and at the request of the prevailing party shall execute such notice in the name of the non-prevailing party. The Escrow Bank shall be instructed to accept the arbitrator’s signature as the signature of a party, and the arbitrator shall be held harmless from any claim based on the arbitrator’s execution of an Escrow Release Notice to effectuate the arbitrator’s decision. 

8.   If for any reason a Svea Court Decision is issued before funds corresponding with the Deposited Amount have been conveyed to the Escrow Bank, all other provisions of this Agreement shall remain in full force, except that (a) if the Decision is in CME’s favor, within 24 hours of the issuance of such Decision (or on April 28 if such Decision is rendered before April 27), the Czech Republic shall be required to convey to CME funds corresponding in amount to the Deposited Amount plus interest accrued at the Award Interest Rate to the date of payment, or (b) if the Decision 

	

 

	 	
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is in the Czech Republic’s favor, the Czech Republic shall have no obligation to pay the disputed amount or otherwise under this Agreement, except as may be provided by paragraph 5(b). If the Czech Republic fails to pay funds owed pursuant to this paragraph within this time frame, the parties agree that the amount owed to CME by the Czech Republic will be increased by U.S. $20 million to compensate CME for the Czech Republic’s non-performance of this Agreement, unless delay in payment shall be caused by CME. 

9.   If for any reason the Final Payment has not been paid before 1 January 2004, the Escrow Bank shall hold the Deposited Amount and all interest earned thereon to the exclusive instructions of the Czech Republic, unless there is an unresolved Dispute respecting treatment of these funds 

10.   CME enters into this Agreement for itself and for Central European Media Enterprises Ltd (Bermuda) and all its corporate affiliates (including CNTS) and for Mr. Ronald Lauder and has been duly authorized by them to bind them to the terms of this Agreement. 

11.   This Agreement and any arbitration of a Dispute under this Agreement shall be governed by the laws of Sweden. 

12.   This Agreement may be executed in English and Czech versions. In case of a Dispute, the English-language version shall govern. 

	

 

	 	
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13.   Each of the signatories to the Agreement represents that he has the authority to bind the entity on behalf of which he is signing. 

 

	 	Dated: March 31, 2003
	 	 
	 	 
	 	 
	 	 
	
/s/ Frederic T. Klinkhammer 
	
/s/Bohuslav Sobotka 

	

	

	
Frederic T. Klinkhammer 
	
Bohuslav Sobotka 

	
Managing Director 
	
Minister of Finance 

	
CME Czech Republic B.V. 
	
The Czech Republic 

	
	 	
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ANNEX A 

ESCROW AGREEMENT 

This Escrow Agreement (the “Escrow Agreement”) is made on [            ] 2003 

BETWEEN: 

1.         The Czech Republic (“CR”); 

2.         CME Czech Republic B.V. , a company duly incorporated and organized under the laws of the Netherlands, having its principal office at Birkstraat 89, 3768HD Soest, 3800 BL Amersfoort, the Netherlands (“CME”); and 

3.         Deutsche Bank GmbH , a bank duly incorporated and organized under the laws of Germany, acting through its Branch in Sweden having its office at [            ] [            ] Stockholm, Sweden (the “Escrow Bank”). 

WHEREAS: 

(A)       Pursuant to an Agreement dated March 31, 2003 (the “Standstill Agreement”), CR shall pay funds into an escrow account with the Escrow Bank and the Escrow Bank shall hold such funds on the terms and conditions set out in this Escrow Agreement. 

IT IS AGREED as follows: 

1.         Definitions 

1.1       In this Escrow Agreement the following definitions are used: 

“ Business Day ” means a day when banks are open for general banking business in Sweden; 

“ Escrow Account ” means an interest bearing USD bank account with the Escrow Agent in the name of the Ministry of Finance of the Czech Republic; 

“ Escrow Agreement ” means this Escrow Agreement, including all the appendices attached to it; 

“ Escrow Amount ” means the monies paid by the CR into the Escrow Account, together with any interest accrued on them; 

“ Funding Date ” means the date on or before April 28, 2003 on which CR will cause to be deposited a sum calculated according to the Standstill Agreement; 

	
	 	
 
	 
	

	

“ USD ” means the lawful currency of the United States of America. 

2.         The Escrow Account 

2.1       The Escrow Bank shall prior to the Funding Date establish the Escrow Account in the name of the Ministry of Finance of the Czech Republic and shall inform the other Parties of the account number and any terms and conditions applicable to such account. 

2.2       The Escrow Bank shall invest the Escrow Amount in fixed deposits and/or call deposits. [ to be expanded ] 

3.        Release of the Escrow Amount 

3.1       The Escrow Amount shall be paid under the following conditions: 

·          On receipt of a written notice substantially in the form set out in Appendix 1 (“Escrow Release Notice,”) , duly signed in accordance with the Standstill Agreement, the Escrow Bank shall promptly (and no later than two Business Days after receipt) tranfer the Escrow Amount as specified in the Escrow Release Notice; 

·          In the event that the Escrow Bank is notified by one of the Parties that there is a Dispute under the Standstill Agreement, the Escrow Bank is authorised to accept, in place of an Escrow Release Notice, an authentic copy of a final award by the arbitrator and to comply with the payment instructions notified therein; 

·          If no Escrow Release Notice has been received by the Escrow Bank before January 1, 2004 and the Escrow Bank has not been given notice that a Dispute under the Standstill Agreement is still unresolved at that time, the Escrow Bank shall hold the Escrow Amount to the exclusive instructions of the CR and the terms of the Escrow Agreement shall cease to apply to the Escrow Bank. 

3.2       The Escrow Bank’s duties and responsibilities shall be limited to those expressly set out in this Escrow Agreement and save for what is provided for in this Escrow Agreement, the Escrow Bank shall neither be subject to nor obliged to recognize any other agreement between, or direction or instruction of any of the parties to this Escrow Agreement. 

	
	 	
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4.         Indemnity 

CR and CME jointly and severally undertake to indemnify the Escrow Bank against all losses and damages suffered or incurred by the Escrow Agent in fulfillment of its obligations under this Escrow Agreement, unless such losses or damages are suffered or occurred by reason of fraud, wilful wrong-doing or .negligence on the part of the Escrow Bank. 

5.        Fees and Expenses 

5.1       The Escrow Bank shall be entitled to fees as set out in Appendix 2. 

5.2       The Escrow Bank shall be entitled to compensation for reasonable costs and expenses incurred in fulfilling its obligations under this Escrow Agreement. 

5.3       The fees and expenses shall be paid out of funds on deposit in the Escrow Account. 

6.         Limitations of the Escrow Bank’s Liability 

6.1       The Escrow Bank shall not be liable for any loss or damage resulting from a legal enactment, Swedish or foreign, the intervention of a public authority, Swedish or foreign, an act of war, a strike, a blockade, a boycott, a lockout or any other similar circumstance. The reservation in respect of strikes, blockades, boycotts and lockouts shall apply even if the Escrow Bank itself is subjected to such measures or takes such measures itself. 

6.2       The Escrow Bank shall not be liable for any loss or damage that may occur as a result of any act or circumstance not referred to in this Section 7.1 except arising out of the Escrow Agent’s fraud, wilful wrong-doing or negligence. 

6.3       Where a circumstance referred to in this Section 7.1 shall prevent the Escrow Bank from making a payment in accordance with the terms of this Escrow Agreement, such payment may be postponed until such circumstance no longer exists. In the event of a postponement of payment, the Escrow Bank shall continue to apply interest on the Escrow Amount up to and including the date of payment of the postponed payment. 

 

 

	
	 	
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7.         Notices 

7.1       All notices, requests, demands, approvals, waivers and other communications required or permitted under this Escrow Agreement must be in writing in the English language and shall be deemed to have been received by a Party when: 

(a)        delivered by post, unless actually received earlier, on the third Business Day after posting, if posted within Sweden, or the fifth Business Day if posted to or from a place outside Sweden; 

(b)       delivered by hand, on the day of delivery; 

(c)        delivered by fax, on the day of dispatch if supported by a written confirmation from the sender’s fax machine that the message has been properly transmitted. 

7.2       All such notices and communications shall be addressed as set out below or to such other addresses as may be given by written notice in accordance with this Section. 

 

	

	
If to CR: 
	
The Czech Republic 

Czech Ministry of Finance 

Attention:       Hon. Bohuslav Sobotka 

                     Minister of Finance 

Letenska 15, PO Box 77, Prague 1 118 10, 

Czech Republic 

Tel.: 420-2-5704 

Fax No.: 420-2-5704-3114 

	
 
	
 

	
With a copy to: 
	
Mannheimer Swartling Advokatbyrå 

Attention:   Tore Wiwen-Nilsson 

Sodergarten 22 

Malmö 211 34, Box 4291 

Sweden 

Tel: 46-8-40-698-58-00 

Fax No.: 46-8-40-698-58-01 

	

 

	 	
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Clifford Chance LLP 

Attention:       Jeremy Carver 

                     Audley Sheppard 

200 Aldersgate Street 

London EC IA 4JJ, England 

Tel.: 44-20-7600-1000 

Fax No.: 44-20-7600-5555 

	
 
	
 

	
If to CME: 
	
CME 

Attention:      Frederic T. Klinkhammer 

                     President 

Aldwych House, 8th Floor 

71-91 Aldwych 

London WC2B 4HN, England 

Tel: 44-20-7430-5430 

Fax No.: 44-20-7430-5431 

	
 
	
 

	
With a copy to: 
	
Debevoise & Plimpton 

Attention:   John S. Kiernan, Esq. 

919 Third Avenue 

New York, New York 10022 

Tel.: 212-909-6000 

Fax No.: 212-909-6836 

 

VINGE 

Attention:    Hans Bagner 

Box 1703 

SE-111 87 Stockholm 

Tel.: 46-8-614-30-00 

Fax No.: 46-8-614-31-90 

	
 
	
 

	
If to the Escrow Bank: 
	
Deutsche Bank GmbH 

 

Attention: [   ] 

 

[Title] 

 

[   ] [   ] 

 

[   ] 

 

Fax No. [   ] 

	

 

	 	
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8.         Assignments 

This Escrow Agreement shall be binding upon and inure to the benefit of the successors of the parties but shall not be assignable by any of the parties without the prior written consent of the other Parties. 

9.         Amendments and Waivers 

This Escrow Agreement may only be amended by an instrument in writing duly executed by the Parties. No change, termination, modification or waiver of any provision, term or condition of this Escrow Agreement shall be binding on the Parties, unless it is made in writing. 

10.        Entire Agreement 

Without prejudice to the provisions of the Standstill Agreement between CR and CME, each of the Parties to this Escrow Agreement confirms that this Escrow Agreement represents the entire understanding and constitutes the whole agreement between the Parties in relation to its subject matter (namely, the arrangements with the Escrow Bank) and supersedes all prior agreements, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, agent, employee or representative of any of the Parties. 

11.       Governing Law 

11.1     This Escrow Agreement shall be governed by and construed in accordance with the laws of Sweden. 

This Escrow Agreement has been duly executed in three original copies, of which each of the Parties has taken one copy. 

 

	
The Czech Republic 
	
CME Czech Republic B.V.  

	 	 
	 	 
	

	

	
Bohuslav Sobotka 
	
Mr. Frederic T. Klinkhammer 

	
Minister of Finance 
	
President 

	
 
	
 

	
Deutsche Bank
	
 

	
 

 

   

 

[     ] 
	
 

	
	 	
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APPENDIX I - Escrow Release Notice 

To:        Deutsche Bank GmbH 

[Address] 

For the Attention of [person designated in 8.2] 

Gentlemen 

Escrow Agreement dated [    ] 2003 

Pursuant to Clause 3 of the Escrow Agreement made between the Czech Republic and CME Czech Republic B.V. dated April 2003, we hereby give notice that the Escrow Amount should promptly (and no later than two Business Days from your receipt of this notice) be transferred to [ CR or CME ] as follows: 

Payee 

Bank 

[SWIFT number] 

Account number 

Account name 

With advice to ourselves jointly when executed. 

Yours truly 

	
Partner[*] 
	
 
	
Partner[**] 

	
Mannheimer Swartling Advokatbyrå 
	
 
	
Advokatfirman Vinge KB 

	
Counsel for the Czech Republic 
	
 
	
Counsel for CME 

	
[.............................] 
	
[Date, place] 
	
[.............................] 

 

	
	 	
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* Any one of the 3 persons whose signatures appear below ** 

 

	
[Name & signature. . . .] 
	
 
	
[Name & signature. . . .] 

	
[Name & signature. . . .] 
	
 
	
[Name & signature. . . .] 

	
[Name & signature. . . .] 
	
 
	
[Name & signature. . . .] 

	

	

 

 

	
	 	
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