Document:

Exhibit 10.57

    
      

    

    CME
      DEVELOPMENT CORPORATION

    Aldwych
      House

    81
      Aldwych

    London
      WC2B 4HN

    United
      Kingdom

    

    July
      28,
      2006

    

    Michael
      N. Garin

    49
      Moore
      Road

    Bronxville,
      NY 10708

    

    Re:
      Amendment
      of Employment Agreement

     

    Dear
      Michael:

    

    This
      letter, when countersigned by you, will amend certain terms of your employment
      agreement dated March 30, 2004 (the "Agreement") with CME Development
      Corporation (the "Company"). Capitalized terms used in this letter shall have
      the meanings set forth in the Agreement. 

    

    The
      Agreement is hereby amended as follows:

    

    A.    Paragraph
      1 of the Agreement is hereby deleted, and the following is substituted in its
      place:

    

    Your
      employment with the Company will be for a term commencing February 2, 2004
      and
      ending January 31, 2010 (subject to earlier termination in accordance with
      paragraph 8 hereof), unless extended by a written agreement signed by you and
      the Company.

    

    B.    The
      second sentence of paragraph 2 of the Agreement is hereby deleted, and the
      following is substituted in its place:

    

    Your
      annual base salary for your duties performed in the United States will be
      $485,000 and your annual base salary for your duties performed in the United
      Kingdom will be $140,000 through the period ending January 31, 2008; and
      commencing February 1, 2008 through January 31, 2010, your annual base
      salary for your duties performed in the United States will be $582,000 and
      your
      annual base salary for your duties performed in the United Kingdom will be
      $168,000, all of the foregoing payable in accordance with the Company's payroll
      practices.

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

    

    C.    The
      penultimate sentence of paragraph 4 of the Agreement is hereby deleted, and
      the
      following is substituted in its place:

    

    The
      Company recognizes that you currently serve as a director of American Media
      and
      MortgageIT and that, subject to the next following sentence, you may serve
      as a
      director of up to three companies.

    

    D.    The
      paragraph reference in the last sentence of paragraph 4 of the Agreement is
      hereby modified to reference paragraph 7.

    

    E.    Paragraph
      5 of the Agreement is hereby deleted, and the following is substituted in its
      place:

    

    While
      you
      are employed by the Company, you will be eligible to receive an annual incentive
      bonus with a targeted amount equal to your combined annual base salary for
      your
      duties performed in the United States of America and in the United Kingdom,
      as
      described in this paragraph 5. One-half of any such annual incentive bonus
      shall
      be based upon achievement of reasonable quantitative performance criteria
      established by the Board and one-half of any such bonus shall be based upon
      subjective criteria established by the Board.

    

    F.    A
      further
      proviso is added to the last sentence of paragraph 6 of the Agreement as
      follows:

    

    ;
      and
provided
      further, however, that
      such
      travel expenses also may include reasonable and appropriate travel expenses
      incurred for your companion (or spouse, if you are married) accompanying you
      on
      business travel on behalf of the Company.

    

    G.    The
      reference to paragraph 9 contained in paragraph 7 of the Agreement is hereby
      modified to reference paragraph 10.

    

    H.    Paragraph
      8 of the Agreement is deleted, and the following is substituted in its
      place:

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    

    You
      may
      terminate your employment hereunder upon at least ninety days’ prior written
      notice to the Company, and you will not be entitled to any additional
      compensation, severance, termination pay, salary continuation or similar
      compensation or benefits upon or after such termination of employment. In
      addition, if your employment is terminated due to your death or disability
      (as
      determined in the good faith judgment of the Board), due to the expiration
      of
      the employment term set forth in paragraph 1 hereof, or as a result of a
      Termination for Cause (as hereinafter defined), you will not be entitled to
      any
      additional compensation, severance, termination pay, salary continuation or
      similar compensation, or benefits upon or after any such termination of
      employment (other than those benefits specified in paragraph 9 below in the
      case of a termination due to expiration of the term of employment). If the
      Company terminates your employment, other than due to Termination for Cause,
      and
      not because of your death or disability (as determined in the good faith
      judgment of the Board) and not due to expiration of the employment term set
      forth in paragraph 1 hereof (or if you terminate your employment other than
      pursuant to the first sentence of this paragraph because of a material breach
      by
      the Company of this Agreement), you will have those rights to which you are
      entitled as a matter of law in respect of your loss of compensation, stock
      options and other contractual entitlements hereunder, and (a) you will not
      otherwise be entitled to any additional compensation, severance, termination
      pay, salary continuation or similar compensation or benefits upon or after
      termination of your employment with the Company, and (b) in connection with
      such termination of employment, the Company will not assert that you have any
      duty to mitigate damages, provided,
      however,
      that if
      you are engaged to render full-time services following such termination of
      employment with the Company, amounts you earn from such full-time employment
      during the period you otherwise would have been on the Company’s payroll
      hereunder shall offset any financial obligation of the Company to you, and
      you
      agree to notify the Company in writing of your acceptance of any such other
      employment within five (5) days after accepting such other employment. It is
      acknowledged and agreed that the “contractual entitlements” referred to in the
      immediately preceding sentence include, without limitation, the compensation
      and
      other benefits due you in respect of the consulting period described in
      paragraph 9. For purposes of this Agreement, “Termination for Cause” means
      a determination by a majority of the Board to terminate your employment due
      to
      your (i) conviction of a felony or entering of a plea of nolo contendere
      with respect to a charged felony, (ii) gross negligence, recklessness,
      dishonesty, fraud, willful malfeasance or willful misconduct in the performance
      of the services contemplated by this Agreement, (iii) willful
      misrepresentation to shareholders or directors of the Company which is injurious
      to the Company, (iv) willful failure without reasonable justification to
      comply with a reasonable written order of the Board, or (v) willful and
      material breach of your duties or obligations under this Agreement.
      Notwithstanding the foregoing, a termination shall not be treated as a
      Termination for Cause unless (A) the Company shall have delivered a written
      notice to you, stating that it intends to terminate your employment due to
      Termination of Cause not less than seven days following the giving of such
      notice, and specifying the factual basis for such termination, and (B) the
      event or events that form the basis for such notice, if capable of being cured,
      shall not have been cured within 30 days of receipt of such
      notice.

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    

    I.     
      Paragraph
      9 of the Agreement is hereby deleted, and the following is substituted in its
      place:

    

    For
      one
      year following termination of your employment by the Company due to the
      expiration of the employment term as set forth in paragraph 1, the Company
      will
      engage you as a consultant, and you agree to consult and cooperate with, and
      assist the Company in any legal or business matter relating to the Company
      or
      the Affiliates, as requested by the Company, upon reasonable advance notice
      by
      the Company; provided
      that
      you
      shall not be required to devote more than thirty (30) hours per month to
      providing such services and such services need not be provided to the Company
      on
      an exclusive basis, as long as you comply with the restrictive covenants
      described in paragraph 7 hereof. In consideration for your provision of
      such services during such one-year period, the Company will pay you an aggregate
      fee of $300,000, payable in equal monthly installments in arrears. During the
      one-year consulting period, you will receive continued coverage under the
      Company's group health insurance plan on the same terms and conditions that
      such
      benefits are provided to senior executives of the Company who are employed
      by
      the Company during such one-year period, and the Company will continue to lease
      an office and employ your New York-based assistant at no less than the
      compensation level in effect immediately prior to the commencement of such
      consulting period to assist you in performing your consulting
      services.

    

    J.    
A
      second
      paragraph is added to Annex A, attached to and made a part of the Agreement,
      as
      follows:

    

    On
      July
      28, 2006, you will be granted a non-qualified stock option to purchase 80,000
      Class A Common Shares of the Company under the Company's 1995 Amended and
      Restated 2005 Stock Incentive Plan (“Stock Incentive Plan”). Such option will
      become exercisable as to 40% of the total number of shares subject to the option
      on each of January 31, 2009 and January 31, 2010, and as to 20% of the total
      number of shares subject to the option on January 31, 2011, as long as you
      have
      been continuously employed by the Company through each such respective date,
      except as may be otherwise provided in the Stock Incentive Plan with respect
      to
      accelerated vesting or applicable exercise periods; provided,
      however, that
      if
      the Company terminates your employment, other than due to Termination for Cause,
      such option shall become exercisable in full and may be exercised in accordance
      with the Stock Incentive Plan. The terms and conditions of such option shall
      be
      governed by the Stock Incentive Plan and the applicable option agreement (which
      shall be consistent with the Stock Incentive Plan and the terms hereof). For
      purposes of this option grant, you will be treated as being continuously
      employed by the Company during the one-year consulting term described in
      paragraph 9 of the Agreement, provided
      that you
      are in compliance with the restrictive covenants described in paragraph 7
      of the Agreement.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    

    Except
      as
      expressly set forth in this letter, the terms of the Agreement are unchanged,
      remain in full force and effect and hereby are ratified and affirmed by the
      parties hereto.

    

    
      	 	 	
              Very
                truly yours,

            	 
	 	 	 	 	 
	 	 	
              CME
                DEVELOPMENT CORPORATION

            	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	
              By:

            	
              /s/
                Robert E. Burke

            	 
	 	 	 	
              Name:
                Robert E. Burke

            	 
	 	 	 	
              Title:
                Director

            	 

    

    

    

    Accepted
      and Agreed to as of 

    this
      28th
      day of
      July, 2006:

    

     

    
      	
              /s/
                Michael N. Garin

            	 
	
              MICHAEL
                N. GARIN

            	 

    

     

    5Exhibit 10.58

    
      

    

    CET
      21 spol. s r.o. 

    

    -
      and -

    

    Adrian
      Sarbu

    

    

    
      	 	 	 
	 	
               

              CONTRACT
                FOR THE PERFORMANCE OF THE OFFICE

               

            	 

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    CONTRACT
      FOR THE PERFORMANCE OF THE OFFICE 

     

    

    
      	
              Name
                and Address of the Company:

            	
              CET
                21 spol. s r.o., with
                its registered office at Kříženeckého
                nám. 322/5,
                152 00 Praha
                5 - Hlubočepy,
                ID.
                No. 45800456
                (the “Company”)

            
	 	 
	
              Name
                and Address of the Director:

            	
              Adrian
                Sarbu, born April 18, 1955, residing at 230 Calae Dorobantilor, sector
                1,
                Bucharest, Romania (“Mr.
                Sarbu”)
                

            

    

     

    (The
      Company and Mr. Sarbu shall hereinafter also be referred to collectively as
      the
"Parties"
      and
      individually as the "Party", and
      this
      contract shall hereinafter be referred to as the
      "Contract")

     

    WHEREAS:

     

    
      	
              (A)

            	
              Based
                on the decision of the General Meeting of the Company dated March
                2, 2006,
                Mr. Sarbu was appointed to the office of the Executive Director of
                the
                Company (the “Director”)
                effective as of March 3, 2006;

            

    

     

    
      	
              (B)

            	
              The
                Company is a member of the CME Group consisting of Central European
                Media
                Enterprises Ltd. (“CME”)
                and any and all companies under its control (as such term is defined
                by
                Section 66a of Act No. 513/1991 Coll., the Commercial Code, as amended
                (the “Commercial
                Code”))
                (the “CME
                Group”);
                and

            

    

     

    
      	
              (C)

            	
              The
                Company and Mr. Sarbu hereby wish to agree upon and set forth the
                terms
                and conditions of their mutual co-operation, which shall be carried
                out in
                connection with an exercise by Mr. Sarbu of his position of the
                Director.

            

    

     

    THE
      PARTIES AGREE AS FOLLOWS

     

    
      	
              1

            	
              SUBJECT-MATTER
                OF CONTRACT

            

    

     

    
      	
              1.1

            	
              The
                subject matter hereof shall be the stipulation of the terms and conditions
                related to the performance by Mr. Sarbu of the office of the Director.
                The
                Parties hereto agree and acknowledge to each other that the terms
                and
                conditions agreed hereunder shall apply mutatis
                mutandis
                with respect to the performance by Mr. Sarbu of the office of the
                Director
                prior to the effective date hereof and starting on the day of the
                appointment of Mr. Sarbu to such office as stipulated in Preamble
                (A)
                above. 

            

    

     

    
      	
              2

            	
              OFFICE
                AND DUTIES 

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	
              2.1

            	
              Mr.
                Sarbu shall occupy the position of the Director (in Czech “jednatel”)
                of the Company. In such capacity Mr. Sarbu shall perform the duties
                referred to in Section 2.2 hereof, which shall also include, without
                limitation, such duties as would be assigned to the position of the
                President of the Company (the “President”)
                as specified in the organizational rules of the Company whereas the
                Parties shall not enter into a separate agreement in respect of the
                performance by Mr. Sarbu of the position of the President. For avoidance
                of any doubts, both Parties hereto acknowledge and agree that no
                employment relationship shall be established between Mr. Sarbu and
                the
                Company hereunder or in connection with any activities carried out
                by Mr.
                Sarbu hereunder.

            

    

     

    
      	
              2.2

            	
              Mr.
                Sarbu shall perform the duties of the Director as they arise from
                the
                applicable generally binding legal regulations, the valid Memorandum
                of
                Association of the Company, its internal regulations, the policies
                of CME
                or from the directives and instructions provided (if any) and decisions
                adopted by the Company's General Meeting or decisions adopted by
                the
                shareholders of the Company outside the General Meeting, including
                the
                annual budget (any reference to a decision adopted by the Company’s
                General Meeting shall hereinafter also include a reference to a decision
                adopted by the shareholders of the Company outside the General Meeting),
                unless the performance of such duties, obligations, directives and/or
                instructions contravenes generally binding legal
                regulations.

            

    

     

    
      	
              2.3

            	
              Mr.
                Sarbu shall perform his office of the Director and any and all of
                his
                obligations arising hereunder with due care. He shall be obliged
                to do so
                in person and in a thorough and diligent manner.
                

            

    

     

    
      	
              2.4

            	
              Mr.
                Sarbu shall use his best endeavors to promote and protect the interests
                of
                the Company and shall not do anything which would be harmful with
                respect
                thereto.

            

    

     

    
      	
              3

            	
              PLACE
                OF WORK

            

    

     

    
      	
              3.1

            	
              In
                general, Mr. Sarbu shall perform his office of the Director in Prague.
                For
                that purpose, the Company shall, at its cost and expense, provide
                Mr.
                Sarbu with an office in the place in which the Company has its seat,
                including an adequate technical and material equipment and personnel
                support, as is reasonably necessary for the performance of Mr. Sarbu ́s
                duties hereunder. 

            

    

     

    
      	
              4

            	
              REMUNERATION

            

    

     

    
      	
              4.1

            	
              Mr.
                Sarbu’s base annual remuneration for the performance of the office of the
                Director shall be USD 500,000 (in words: five hundred thousand American
                Dollars) per year ("Annual
                Remuneration").
                Mr. Sarbu shall be entitled to receive the full amount of the Annual
                Remuneration only in the event that he will exercise the office of
                the
                Director during the period of full calendar year, otherwise the Annual
                Remuneration shall be decreased on pro rata basis in relation to
                the time
                period during which Mr. Sarbu shall exercise the office of the Director
                hereunder in the respective calendar year.

            

    

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    
      	
              4.2

            	
              Subject
                to the provision of Section 4.1 hereof, the Annual Remuneration for
                the
                respective calendar year during which the office of the Director
                is
                performed by Mr. Sarbu shall be payable in arrears no later than
                on the
                date of salary payment for December as fixed for the Company’s employees.
                The Company shall pay the Annual Remuneration, net of any mandatory
                payments as required to be made by the Company in accordance with
                the
                applicable laws of the Czech Republic, including, without limitation,
                any
                withholding or other taxes and payments of social security and health
                insurance, by wire transfer to the credit of Mr. Sarbu’s bank
                account or to any other account of which Mr. Sarbu notifies the
                Company in writing no later than 10 days prior to the due date of
                the
                payment (the “Bank
                Account”).
                

            

    

     

    
      	
              4.3

            	
              Mr.
                Sarbu shall be entitled to receive a bonus based on the financial
                results
                and a combined reported EBITDA of the Company for the financial years
                2006
                and 2007. The terms of the payment and the amount of any bonus hereunder,
                if any, shall be in a sole discretion of the General Meeting of the
                Company and shall require a prior approval thereof.
                

            

    

     

    
      	
              5

            	
              OTHER
                BENEFITS

            

    

     

    
      	
              5.1

            	
              The
                Company shall be obliged to ensure that Mr. Sarbu be insured by a
                travel
                health insurance of the type “Executive
                plus policy”
                based on a reasonable selection of Mr. Sarbu providing him with highest
                standard of insurance protection for the whole period of the execution
                of
                the office hereunder. The Company shall be also obliged to pay the
                insurance premiums for the travel health insurance.
                

            

    

     

    
      	
              5.2

            	
              The
                Company shall provide Mr. Sarbu with the above-standard health care
                by
                providing Mr. Sarbu with an above-standard health insurance based
                on his
                reasonable selection and at the expenses of the Company.
                

            

    

     

    
      	
              5.3

            	
              Mr.
                Sarbu shall be entitled to a compensation of his Annual Remuneration,
                or
                any part thereof, in case of his illness resulting in work disability
                during which he will not receive any remuneration in accordance with
                Section 4 hereof (the “Sick
                Leave Compensation”)
                provided that the work disability is proved to the Company by the
                doctor’s
                certificate. The Sick Leave Compensation shall be in each case equal
                to
                the respective portion of the Annual Remuneration in the respective
                year
                for a period of time during which Mr. Sarbu’s disability to work lasts,
                provided that the illness (disability of work) lasts three (3) months
                or
                less. In case his illness (disability of work) would exceed three
                (3)
                months, the Sick Leave Compensation shall be further paid to Mr.
                Sarbu in
                an amount equal to 50% of such Annual
                Remuneration.

            

    

     

    The
      Company shall have the right to verify whether the health conditions of Mr.
      Sarbu justify his illness and/or work disability by a reputable physician
      appointed by the Company in connection with any payment of the Sick Leave
      Compensation hereunder. 

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

    
      	
              5.4

            	
              Any
                insurance scheme to be provided to Mr. Sarbu in connection herewith
                shall
                be subject to the Company’s right to reasonably alter the cover provided
                thereunder or any term of the scheme or to cease to provide (without
                replacement) the scheme at any time in case that in the opinion of
                the
                Company the state of health of Mr. Sarbu 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 his age. The provision of any
                insurance
                scheme shall not in any way prevent the Company from lawfully terminating
                this Contract in accordance with the provisions of Section 9 hereof
                even
                if such termination would deprive Mr. Sarbu of membership in or cover
                under any such scheme.

            

    

     

    
      	
              5.5

            	
              Mr.
                Sarbu shall be entitled to use a company car of an execuitve class
                reasonably selected by Mr. Sarbu with a driver on a 24/7 basis during
                his
                stay in the Czech Republic. He shall be entitled to use such car
                for both
                business and private purposes. All costs incurred with respect to
                an
                operation and use of such car (including all consumed fuel) shall
                be
                covered by the Company.

            

    

     

    
      	
              6

            	
              EXPENSES

            

    

     

    
      	
              6.1

            	
              Neither
                the travel nor any other costs incurred by Mr. Sarbu in the course
                of the
                exercise of the office of the Director are included in the Annual
                Remuneration, bonus or in any other remuneration or benefits hereunder.
                The Company shall reimburse any and all duly documented necessary
                costs
                and expenses, which shall be reasonably incurred by the Director
                in
                connection with the exercise of his office hereunder whether in Prague
                or
                on business trips as evidenced by receipts in accordance with the
                Company
                expense policy.

            

    

     

    
      	
              7

            	
              TIME
                INVOLVEMENT IN THE COMPANY

            

    

     

    
      	
              7.1

            	
              Mr.
                Sarbu shall devote sufficient time to proper performance of his duties
                hereunder. Save as set forth herein, no additional pay or time off
                shall
                be permitted to Mr. Sarbu in connection with his performance of the
                office
                hereunder based on the fact that the remuneration set forth herein
                has
                been agreed upon taking into consideration the contingent overtime
                performance by Mr. Sarbu of his duties hereunder.
                

            

    

     

    
      	
              8

            	
              HOLIDAYS

            

    

     

    
      	
              8.1

            	
              Mr.
                Sarbu shall be entitled to a vacation of up to 25 days per annum
                during
                which Mr. Sarbu shall not be obliged to perform any duties or obligations
                related to the office of the Director to the extent permitted by
                applicable laws; provided, however, that during such time, his right
                to
                receive remuneration in accordance with Section 4 hereof and other
                benefits set forth hereunder shall not be affected.
                

            

    

     

    
      	
              8.2

            	
              Mr.
                Sarbu shall take the vacation under Section 8.1 hereof simultaneously
                with
                the vacation taken by him under Section 8 of the Contract for the
                Performance of the Office concluded between Mr. Sarbu and CME Media
                Services s.r.o. on or about the date
                hereof.

            

    

     

    
      	
              9

            	
              TERMINATION

            

    

     

    
      	
              9.1

            	
              This
                Contract shall be entered into for a definite period of time, expiring
                on
                December 31, 2007 or, as the case may be, on the date on which the
                term of
                Mr. Sarbu’s office of the Director shall be terminated in accordance with
                the terms hereof, the Commercial Code and the Memorandum of Association
                of
                the Company, unless stipulated otherwise herein; provided, however,
                that
                the obligations of Mr. Sarbu under Sections 10 and 11 hereof shall
                survive
                the termination of this Contract. 

            

    

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

    
      	
              9.2

            	
              The
                exercise of Mr. Sarbu’s office of the Director and this Contract shall be
                terminated upon:

            

    

     

    
      	 	
              (a)

            	
              the
                removal of Mr. Sarbu from the office of the Director on the grounds
                of a
                decision adopted by the General Meeting of the Company in a manner
                complying with the respective legal regulations and the Memorandum
                of
                Association of the Company other than for reason set forth under
                Section
                9.2(b) hereof;

            

    

    

    
      	 	
              (b)

            	
              the
                removal of Mr. Sarbu from the office of the Director on the grounds
                of a
                decision adopted by the General Meeting of the Company in a manner
                complying with the respective legal regulations and the valid Memorandum
                of Association of the Company when such grounds are based on
                Cause;

            

    

    

    
      	 	
              (c)

            	
              the
                resignation of Mr. Sarbu from his office of the Director in accordance
                with the respective legal regulations and the valid Memorandum of
                Association of the Company; 

            

    

    

    
      	 	
              (d)

            	
              mutual
                agreement between the Parties; or

            

    

    

    
      	 	
              (e)

            	
              other
                causes of termination of the office of the Director provided under
                the
                Commercial Code or the Memorandum of Association of the
                Company.

            

    

    

    For
      purposes of this Contract, “Cause”
shall
      include any action by Mr. Sarbu constituting gross misconduct in the performance
      of his duties hereunder, including (i) breach of this Contract, (ii)
      embezzlement or any theft or misappropriation of the Company’s assets, (iii)
      gross negligence or wilful misconduct by Mr. Sarbu in the performance of his
      duties hereunder, (iv) the provision of information to the Supervisory Board
      (if
      established) of the Company or the General Meeting of the Company containing
      any
      material misstatement or material omission, or (v) the failure to observe any
      instruction or resolution of the Supervisory Board of the Company (if
      established), the General Meeting of the Company or CME.

    

    
      	
              9.3

            	
              Termination
                pursuant to Section 9.2(a) and (c) hereof shall be on three months’ prior
                written notice. Termination pursuant to Section 9.2(b) hereof shall
                not
                require any prior written notice and shall be effective from the
                moment of
                recall of Mr. Sarbu from the office of the Director. As of the day
                of the
                termination of the office of Mr. Sarbu hereunder, he shall cease
                to
                exercise duties related to the office of the Director.
                

            

    

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
      	
              9.4

            	
              Upon
                the termination, by whatever means, of this Contract, Mr. Sarbu shall
                immediately, however no later than within three (3) business days
                from the
                date of such termination, return to the Company all documents, computer
                media and all other property or assets belonging to or relating to
                the
                business of the Company and the performance of his duties hereunder
                which
                is in his possession or under his power or control or otherwise available
                to Mr. Sarbu, and Mr. Sarbu must not retain copies of any of the
                above,
                save for cases in which it is necessarily required by mandatory applicable
                legal regulations to keep such copies in order to be able to produce
                evidence in a proceeding that might be initiated against Mr. Sarbu
                in
                relation to the performance of his duties
                hereunder.

            

    

     

    
      	
              9.5

            	
              Notwithstanding
                the provision of Section 4.1 hereof, in the circumstance that Mr.
                Sarbu is
                recalled from his office pursuant to Section 9.2(a) hereof, he shall
                be
                entitled to a compensation in an amount equal to the Annual Remuneration
                for the entire period of the existence hereof until December 31,
                2007.
                

            

    

     

    
      	
              10

            	
              CONFIDENTIAL
                INFORMATION

            

    

     

    
      	
              10.1

            	
              Mr.
                Sarbu agrees, during the term hereof and after the termination of
                the
                office of the Director, not to use or disclose to any person (and
                shall
                use his best endeavours to prevent the use, publication or disclosure
                of)
                any confidential information:

            

    

     

    
      	 	
              10.1.1

            	
              concerning
                the business of the Company and/or CME Group which comes to the knowledge
                of Mr. Sarbu during the course of or in connection with the holding
                of his
                office of the Director; or

            

    

     

    
      	 	
              10.1.2

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

            

    

     

    
      	
              10.2

            	
              For
                the purposes of Section 10.1 above, information of a confidential
                or
                secret nature includes, but shall not be not limited to, information
                disclosed to Mr. Sarbu or known, learned, created or observed by
                him as a
                consequence of the holding of the office of the Director, not generally
                known in the relevant trade or industry about the Company’s and/or CME
                Group’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 license applications or investments in license
                holders or applicants), client or supplier lists and records, potential
                client or supplier lists, and client or supplier
                billings.

            

    

     

    
      	
              10.3

            	
              This
                Section shall not apply to information which
                is:

            

    

     

    
      	 	
              10.3.1

            	
              disclosed
                in the proper performance by Mr. Sarbu of duties of the Director
                or with
                the consent of the Company;

            

    

     

    
      	 	
              10.3.2

            	
              ordered
                to be disclosed by a court of competent jurisdiction or otherwise
                necessarily required to be disclosed by law or pursuant to the rules
                of
                any applicable stock exchange; or

            

    

     

    
      	 	
              10.3.3

            	
              comes
                into the public domain otherwise than due to an omission or a breach
                by
                Mr. Sarbu hereof.

            

    

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    
      	
              11

            	
              NON-COMPETITION 

            

    

     

    
      	
              11.1

            	
              Within
                the duration of the office of Mr. Sarbu as the Director and for a
                period
                of twelve (12) months after the termination hereof for any cause,
                Mr.
                Sarbu shall not:

            

    

     

    
      	 	
              (a)

            	
              either
                on his 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 securing television
                licenses, operating television stations, programming services and
                broadcasting in which the Company and/or CME Group are engaged and
                with
                which Mr. Sarbu was actively involved in the twelve months preceding
                the
                termination hereof within the territories of operation of the CME
                Group;
                

            

    

     

    
      	 	
              (b)

            	
              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 hereof
                was a
                customer of the Company and/or CME Group and/or with whom during
                that
                period Mr. Sarbu or another employee or officer of the Company and/or
                CME
                Group had material dealings; and

            

    

     

    
      	 	
              (c)

            	
              solicit
                or employ or cause to be employed, whether directly or indirectly,
                any
                employee of the Company and/or CME Group who has substantial knowledge
                of
                confidential aspects of the business of the Company and/or CME Group,
                and
                with whom, at any time during the period of twelve months prior to
                such
                termination, Mr. Sarbu had material
                dealings.

            

    

     

    
      	
              11.2

            	
              Each
                of the restrictions in this Section shall be enforceable independently
                of
                each other and their validity shall not be affected if any of the
                other
                restrictions are invalid. In the event that any of the restrictions
                are
                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.

            

    

     

    
      	
              11.3

            	
              The
                restrictions stipulated in Section 11.1 herein shall not apply with
                respect to Mr. Sarbu’s activities within CME Group or related to any
                member of the CME Group and shall be applicable solely with respect
                to the
                territory of the Czech Republic and/or the Slovak Republic or to
                the
                matters concerning such territory.

            

    

     

    
      	
              12

            	
              INTELLECTUAL
                PROPERTY

            

    

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
      	
              12.1

            	
              Mr.
                Sarbu shall, on the basis of a written agreement and, as the case
                may be,
                any other acts whether vis-à-vis the Company or a relevant authority, as
                may be required under relevant legal regulations, transfer and assign
                to
                the Company any and all Intellectual Property Rights (as defined
                below) or
                the right of exercise thereof to the full possible extent permitted
                under
                (i) Act No. 121/2000 Coll., the Copyright Act (the “Copyright
                Act”);
                and/or (ii) any other laws of any jurisdiction applicable to the
                respective Intellectual Property Right, immediately after the respective
                Intellectual Property Right has arisen on the side of Mr. Sarbu,
                however
                no later than within 30 days thereafter. Within such period of time,
                Mr.
                Sarbu shall prepare and execute the license agreement and/or any
                other
                relevant agreement on the assignment of the Intellectual Property
                Right or
                any other relevant agreements (the “License”)
                and any other 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) (i) to obtain the respective
                Intellectual Property Right in such parts of the world as may be
                specified
                by the Company (or its nominee); and (ii) to enable the Company to
                exploit
                such Intellectual Property Right vested in it to the best advantage.
                The
                License shall specify the respective Intellectual Property Right
                and the
                assignment thereof to the Company to the full extent as set forth
                under
                this Section 12.1, effective as of the date of the execution of the
                License. No compensation shall be provided by the Company to Mr.
                Sarbu for
                the assignment of any Intellectual Property Right and shall be considered
                as part of Annual Remuneration for the year in which the Parties
                executed
                the respective License.

            

    

     

    
      	
              12.2

            	
              Mr.
                Sarbu shall inform the Company of all and full particulars of any
                Intellectual Property Right in any work or performance or thing created
                by
                Mr. Sarbu, immediately after the respective Intellectual Property
                Right
                has arisen on the side of Mr. Sarbu, however no later than within
                3 days
                thereafter. Mr. Sarbu 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. 

            

    

     

    
      	
              12.3

            	
              “Intellectual
                Property Right”
                shall mean any copyright or any other intellectual property right
                with
                respect to any performance, work or another product or any part thereof
                or
                any patent right, trademark right, industrial design right or any
                other
                intangible industrial right or 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:

            

    

     

    
      	 	
              12.3.1

            	
              relates
                to the business or any product or service of the Company; and

            

    

     

    
      	 	
              12.3.2

            	
              is
                invented, developed, created or acquired by Mr. Sarbu (whether alone
                or
                jointly with any other person) during the term of his office of the
                Director hereunder within the performance by him of his obligations
                arising under the office of the Director hereunder or in connection
                herewith.

            

    

     

    
      	
              13

            	
              DATA
                PROTECTION

            

    

     

    
      	
              13.1

            	
              Mr.
                Sarbu acknowledges and explicitly agrees that the Company will hold
                and
                process personal and sensitive data relating to Mr. Sarbu within
                the
                meaning of Act No. 101/2000 Coll., as amended, on Protection of Personal
                Data (the “Data”)
                for personnel administration and management purposes within the period
                of
                (i) the duration of this Contract; and (ii) to the extent required
                by law,
                also after the termination hereof. The Data shall include, in particular,
                Mr. Sarbu’s full name, address, date of birth, birth number,
                identification card and passport numbers, references, bank details,
                performance appraisals, work, holiday and sickness records, next
                of kin,
                remuneration reviews, remuneration details and other records (which
                may,
                where necessary, include sensitive data relating to health and data
                held
                for equal opportunities purposes). 

            

    

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
      	
              13.2

            	
              By
                signing this Contract, Mr. Sarbu agrees that the Company may process
                any
                Data for the above purposes and may, when necessary for those purposes,
                make such Data or any part thereof available to its advisers, to
                third
                parties providing products and/or services to the Company and as
                required
                by law.

            

    

     

    
      	
              14

            	
              GENERAL

            

    

     

    
      	
              14.1

            	
              The
                Parties hereto acknowledge and confirm to each other that this Contract
                constitutes the whole and only agreement between the Company and
                Mr. Sarbu
                relating to the subject matter hereof, including any performance
                of any
                work or duties of Mr. Sarbu for the Company, and they hereby agree
                that
                this Contract shall supersede all previous contracts, agreements,
                proposals, both oral and written, negotiations, presentations,
                commitments, writings and all other communications between the Company
                and
                Mr. Sarbu, including all agreements on individual and remuneration
                conditions, and they represent and warrant to each other that there
                are no
                unsettled claims and/or obligations arising in connection with the
                foregoing as of the date hereof.

            

    

     

    
      	
              14.2

            	
              Should
                any of the provisions of this Contract be or become invalid or
                unenforceable, such invalidity or unenforceability shall not impair
                the
                validity or enforceability of other provisions of this Contract to
                the
                extent permitted by relevant laws. Should this be the case, the Parties
                undertake to replace such invalid or unenforceable provision by a
                new one,
                which shall be valid, enforceable and shall, in accordance with relevant
                laws, comply best with the significance and effect of the original
                provision.

            

    

     

    
      	
              14.3

            	
              The
                Contract may be changed or modified only by written amendments duly
                executed by both Parties hereto.

            

    

     

    
      	
              14.5

            	
              The
                Contract can be terminated only as stipulated in Section 9 above.
                

            

    

     

    
      	
              14.6

            	
              The
                Contract has been executed in two counterparts in English language.
                Each
                of the Parties shall obtain one counterpart of the Contract and both
                counterparts shall be valid as
                originals.

            

    

     

    
      	
              14.7

            	
              The
                Contract shall come into force and effect as of the date on which
                it is
                signed by both Parties and approved by the General Meeting of the
                Company.
                The Company shall use its best efforts to ensure that the approval
                of the
                General Meeting of the Company is granted without undue delay, however,
                no
                later than within 3 weeks from the execution
                hereof.

            

    

     

    
      	
              14.8

            	
              This
                Contract shall be governed by and construed in accordance with Czech
                law.

            

    

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    THE
      COMPANY AND MR. SARBU AGREE TO THE TERMS SET OUT ABOVE IN WITNESS WHEREOF THEY
      SIGNED THE CONTRACT AS FOLLOWS:

     

     

    In
      Prague, on August 1, 2006 

     

     

    
      
        	
                For
                  CET 21 spol. s r.o.:

              	 	
                Adrian
                  Sarbu

              
	 	 	 	 
	 	 	 	 
	
                By:

              	 	
                 /s/
                  Petr Dvořák

              	 	
                /s/Adrian
                  Sarbu

              
	
                Name: 
                  

              	
                Petr
                  Dvořák

              	 	 
	
                Title:
                  

              	
                Executive
                  Director

              	 	 
	 	 	 	 
	 	 	 	 
	
                By:
                  

              	 	
                /s/
                  Milan Cimirot

              	 	 
	
                Name:  
                  

              	
                Milan
                  Cimirot

              	 	 
	
                Title:
                  

              	
                Executive
                  Director

              	 	 

      

    

     

     

    11

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