Document:

ex10_36a.htm

    
      
Exhibit
10.36A

    
      

      

      November
15, 2007

      

      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, as
amended on July, 28, 2006 (the "Agreement") with CME Development Corporation
(the "Company").  Capitalized terms used in this letter and not
otherwise defined herein shall have the meanings set forth in the
Agreement.

      

      The Agreement is hereby amended as
follows:

      

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

      

      With
effect from October 17, 2007 through January 31, 2010, your annual base salary
for your duties performed in the United States and elsewhere outside the United
Kingdom will be $975,000 and your annual base salary for your duties performed
in the United Kingdom will be $225,000, all of the foregoing payable in
accordance with the Company's payroll practices.

      

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

      

      For the
year ending December 31, 2007, you will be eligible to receive an incentive
bonus with a targeted amount equal to your aggregate annual base salary paid to
you in 2007 for your duties performed in the United States and in the United
Kingdom.  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.

      

      C.           A
further section is added to the end of paragraph 5 of the Agreement as
follows:

      

      From
January 1, 2008, you shall be entitled to earn an annual incentive bonus equal
to Euro 846,000  (“Bonus”) and additional bonus equal to Euro 423,000
(the “Additional Bonus”), as provided below.  The Bonus shall be
payable in the event that Actual EBITDA in respect of any financial year of CME
Ltd. is equal to Target EBITDA. The Additional Bonus shall be payable in the
event that Actual EBITDA is at least 105% of Target EBITDA in respect of such
financial year.  For purposes hereof, “Target EBITDA” and “Actual
EBITDA” shall be calculated as follows:

      

      
        
          
          

        

        
          
          

          
            
- 2
-

        

        
          
          

        

      

       

      Target
EBITDA = Eb
– Cb,
where

      

      Eb  =
Segment EBITDA for broadcast operations set forth in the annual budget of CME
Ltd. approved by the Board for the financial year to which such Bonus or
Additional Bonus relates (the “Applicable Budget”), and

      

      Cb  =
corporate operating costs (excluding stock-based compensation) set forth in the
Applicable Budget;

      

      Actual
EBITDA = Er – Cr – S,
where

      

      Er  =
aggregate EBITDA for broadcast operations for each Segment (as defined in the
Applicable Budget) in respect of the financial year to which the Bonus or
Additional Bonus relates, calculated on the basis of exchange rates used in
determining such Applicable Budget,

      

      Cr =
corporate operating costs (excluding stock-based compensation) set forth in the
Annual Report on Form 10-K of CME Ltd. for such financial year, and

      

      S = the amount equal to Segment EBITDA
for non-broadcast operations set forth in the Applicable Budget minus aggregate
EBITDA for non-broadcast operations for each Segment (as defined in the
Applicable Budget) in respect of the financial year to which such Bonus or
Additional Bonus relates, calculated on the basis of exchange rates used in
determining such Applicable Budget, provided such amount is a positive
number.

      

      No Bonus
or Additional Bonus shall be payable prior to the date on which CME Ltd.
publishes its Annual Report on Form 10-K for the financial year to which such
Bonus or Additional Bonus relates.

      

      D.           
The final proviso of paragraph 6 of the Agreement is deleted, and the following
is substituted in its place:

      

      ; and
provided further, however,
that such travel expenses also may include (i) 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 and (ii) expenses
of up to $100,000 incurred by you (but not your spouse) in any financial year on
an executive jet service used for business travel to the television stations
of CME Ltd. (or a pro rated amount in respect of the 2007 financial
year).

      

      
        
          
          

        

        
          
          

          
            
- 3
-

        

        
          
          

        

         

      

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

      

      
        	 
      	
                Very
      truly yours,

              	 
      
	 
      	 
      	 
      	 
      
	 
      	
                CME
      DEVELOPMENT CORPORATION

              	 
      
	 
      	 
      	 
      	 
      
	 
      	 
      	 
      	 
      
	 
      	
                By:

              	
                /s/ Wallace Macmillan

              	 
      
	 
      	 
      	
                Name:  Wallace
      Macmillan

              	 
      
	 
      	 
      	
                Title:    Director

              	 
      

      

       

      

      Accepted
and Agreed to as of

      this 15
day of November, 2007:

      

      

      
        	
                /s/ Michael Garin

              	 
      
	
                MICHAEL
      N. GARINex10_37.htm

    
      

    

    Exhibit
10.37

     

    
      	
              DATED

            	
              December
      27, 2007

            

    

    

    CME
Development Corporation

    

    -
and -

    

    

    Adrian
Sarbu

    

    

    
      	 
      	
              CONTRACT
      OF EMPLOYMENT

            	 
      

    

    

      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    CONTRACT
OF EMPLOYMENT AND STATEMENT OF PARTICULARS PURSUANT TO SECTION 1 OF THE
EMPLOYMENT RIGHTS ACT 1996 (the “Contract”)

     

    

    
      	
              Name
      and Address of Employer:

            	
              CME
      Development Corporation c/o Aldwych House, 81 Aldwych, London, WC2B 4HN
      (the “Company”)

            
	 	 
	
              Name
      and Address of Employee:

            	
              Adrian
      Sarbu, residing at 230 Calea Dorobontilar, Sector 1, Bucharest,
      Romania

            
	 	 
	
              Date
      this Contract takes effect:

            	
              October
      17, 2007

            

    

    

     

    
      	
              1

            	
              COMMENCEMENT
      OF EMPLOYMENT

            

    

     

    
      	
              1.1

            	
              Your
      employment with the Company shall commence on October 17, 2007 and
      shall expire on December 31, 2009, subject to the provisions of clause 7
      of this Contract providing for earlier termination of this engagement in
      certain circumstances.  

            

    

     

    
      	
              1.2

            	
              You represent and warrant that you are not bound
      by or subject to any contract, court order, agreement, arrangement or
      undertaking which in any way restricts or prohibits you from entering into
      this Contract or performing your duties under
  it.

            

    

     

     

    
      	
              2

            	
              JOB TITLE
      AND
DUTIES

            

    

     

    
      	
              2.1

            	
              Your job title is Chief Operating Officer
      reporting to the Chief Executive Officer of the
      Company.

            

    

     

    
      	
              2.2

            	
              Your
      main duties are: 

            

    

     

    
      	
               
      

            	
              2.2.1

            	
              working
      with the Chief Executive Officer of the Company to establish an annual
      business plan for Central European Media Enterprises Ltd. (“CME Ltd.”) and/or any
      Associated Company (as defined below) (together, the “CME
    Group”);

            

    

     

    
      	
               
      

            	
              2.2.2

            	
              management
      of all broadcasting and non-broadcasting operations of the CME
      Group;

            

    

     

    
      	
               
      

            	
              2.2.3

            	
              being
      responsible for all operating executives of the CME Group, all of whom
      shall report to you; and

            

    

     

    
      	
               
      

            	
              2.2.4

            	
              undertaking
      such additional tasks in respect of the business of the Company as the
      Chief Executive Officer of the Company directs from time to
      time.

            

    

     

    
      	
              2.3

            	
              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
      reasonably require.  

            

    

     

    
      	
              2.4

            	
              You
      shall use your best endeavours to promote and protect the interests of the
      CME Group and shall not do anything that is harmful to those interests.
      

            

      
        
           

        

        
          1

          
            

          

        

        
           

        

      

    

     

    
      	
              3

            	
              PLACE
      OF WORK

            

    

     

    
      	
              3.1

            	
              You
      will be based in the offices of the CME Group in Prague or
      Bucharest or at such other place as the Company may from time to time
      reasonably require. 

            

    

     

    
      	
              3.2

            	
              The duties of this appointment
      shall relate primarily to the countries in which the CME Group has operations or holds interests in television
      stations.  You may also be required to travel to other
      destinations from time to time as reasonably required by the Company for
      the proper performance of your
duties.

            

    

     

     

    
      	
              4

            	
              REMUNERATION

            

    

     

    
      	
              4.1

            	
              For
      the period from October 17, 2007 to December 31, 2007, you shall be
      entitled to Euro 10,976, payable on or about the 20th
      day of January 2008 by credit transfer into your bank account after
      all necessary deductions for relevant taxes and national
      insurance.

            

    

     

    
      	
              4.2

            	
              From
      January 1, 2008, your basic salary is Euro 423,000 per year, payable in
      equal monthly instalments in arrears or on or about the 20th
      day of each month by credit transfer into your bank account after all
      necessary deductions for relevant taxes and national
      insurance.

            

    

     

    
      	
              4.3

            	
              From
      January 1, 2008, you shall be entitled to earn an annual incentive bonus
      equal to Euro 846,000 (the “Bonus”) and additional
      bonus equal to Euro 423,000 (the “Additional Bonus”), as
      provided below.  The Bonus shall be payable in the event that
      Actual EBITDA in respect of any financial year of CME Ltd. is equal to
      Target EBITDA. The Additional Bonus shall be payable in the event that
      Actual EBITDA is at least 105% of Target EBITDA in respect of such
      financial year.  For purposes hereof, “Target EBITDA” and
      “Actual EBITDA”
      shall be calculated as follows:

            

    

     

    Target
EBITDA = Eb
– Cb,
where

     

    Eb  =
Segment EBITDA for broadcast operations set forth in the annual budget of CME
Ltd. approved by the Board for the financial year to which such Bonus or
Additional Bonus relates (the “Applicable Budget”),
and

     

    Cb  =
corporate operating costs (excluding stock-based compensation) set forth in the
Applicable Budget;

     

    Actual
EBITDA = Er – Cr – S,
where

     

     

    Er  =
aggregate EBITDA for broadcast operations for each Segment (as defined in the
Applicable Budget) in respect of the financial year to which the Bonus or
Additional Bonus relates, calculated on the basis of exchange rates used in
determining such Applicable Budget,

    

    Cr =
corporate operating costs (excluding stock-based compensation) set forth in the
Annual Report on Form 10-K of CME Ltd. for such financial year, and

    

    S = the
amount equal to Segment EBITDA for non-broadcast operations set forth in the
Applicable Budget minus aggregate EBITDA for non-broadcast operations for each
Segment (as defined in the Applicable Budget) in respect of the financial year
to which the Bonus or Additional Bonus relates, calculated on the basis of
exchange rates used in determining such Applicable Budget, provided such amount
is a positive number.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    No Bonus
or Additional Bonus shall be payable prior to the date on which CME Ltd.
publishes its Annual Report on Form 10-K for the financial year to which such
Bonus or Additional Bonus relates.

    

    
      	
              4.4

            	
              In
      connection with your retention as President of the Board of Directors
      pursuant to a Contract for Performance of Office between PRO TV S.A.
      (“Pro TV”) and you
      dated December 27, 2007 (the “Pro TV Agreement”), it
      has been agreed that one-half of any Bonus or Additional Bonus earned by
      you shall be paid by Pro TV and one-half shall be paid by the
      Company.

            

    

     

    
      	
              4.5

            	
              You shall devote sufficient time to
      proper performance of your duties hereunder. Save as set forth herein, no
      additional pay or time off shall be permitted to you in connection with
      your performance of the duties
hereunder.

            

    

     

     

    
      	
              5

            	
              OTHER
      BENEFITS

            

    

     

    
      	
              5.1

            	
              You
      acknowledge that you will participate in certain insurance schemes
      pursuant to the Pro TV Agreement and that you shall not be entitled to the
      benefit of any insurance or other employee benefit scheme offered
      generally by the Company to its employees, notwithstanding the provisions
      of the Company’s Employee Handbook, as amended from time to time (the
      “Company’s Employee
      Handbook”).

            

    

     

     

    
      	
              6

            	
              EXPENSES

            

    

     

    
      	
              6.1

            	
              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 in
      accordance with the Company’s Employee
  Handbook.

            

    

     

    
      	
              6.2

            	
              Notwithstanding
      clause 6.1, you shall be entitled to incur expenses of up to US$ 100,000
      in any financial year on any executive jet service for business travel to
      the CME Ltd. television stations (or a pro-rated amount in respect of the
      2007 financial year).

            

    

     

     

    
      	
              7

            	
              TERMINATION

            

    

     

    
      	
              7.1

            	
              You
      may terminate this Contract at any time on giving the Company twelve
      months’ notice in writing. The Company is required to give you the same
      period of notice. In the event you give notice of termination pursuant to
      this clause, the Company may opt to provide you with payment in lieu of
      notice. This payment will be  comprised solely of your basic
      salary (at the rate payable when this option is exercised) in respect of
      the portion of the notice period remaining at the time the Company
      exercises this option and any earned but unpaid Bonus or Additional Bonus
      awarded in accordance with clause 4.3 hereof. All payments shall be
      subject to deductions for income tax and national insurance 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.

            

    

     

    
      	
              7.2

            	
              The
      Company may at any time and in its absolute discretion (whether or not any
      notice of termination has been given under clause 7.1
      above) terminate this Contract with immediate effect and make a payment in
      lieu of notice.  This payment will be  comprised
      solely of your basic salary (at the rate payable when this option is
      exercised) in respect of the portion of the notice period remaining at the
      time the Company exercises this option and any earned but unpaid bonus
      awarded in accordance with clause 4.3 hereof. All payments shall be
      subject to deductions for income tax and national insurance 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.

            

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

    

     

    
      	
              7.3

            	
              At
      the election of the Company, the payment in lieu of notice will be made at
      the times the Company would have made payments to you had notice not been
      given or on expiry of the remainder of the period of
    notice.

            

    

     

    
      	
              7.4

            	
              Your
      employment may be terminated by the Company without notice or payment in
      lieu of notice by reason of your gross misconduct. Examples of gross
      misconduct are set out in the Company’s Employee
  Handbook.

            

    

     

    
      	
              7.5

            	
              Upon
      the termination by whatever means of this Contract you shall immediately
      return to the Company all documents, computer media and hardware, credit cards, mobile phones and communication devices,
      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.

            

    

     

     

    
      	
              8

            	
              SUSPENSION

            

    

     

    
      	
              8.1

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

            

    

     

    
      	
              8.2

            	
              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 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:

            

    

     

    
      	
               
      

            	
              8.2.1

            	
              exclude
      you from the premises of the
Company;

            

    

     

    
      	
               
      

            	
              8.2.2

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

            

    

     

    
      	
               
      

            	
              8.2.3

            	
              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);

            

    

     

    
      	
               
      

            	
              8.2.4

            	
              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 General Counsel of Central European Media
      Enterprises Ltd. in writing; and

            

    

     

    
      	
               
      

            	
              8.2.5

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

            

    

     

    
      	
              8.3

            	
              You
      will continue to be bound by all obligations owed to the Company under
      this Contract until termination of this Contract in accordance with clause
      7 or such later date as provided
herein.

            

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

    

     

    
      	
              9

            	
              CONFIDENTIAL
      INFORMATION

            

    

     

    
      	
              9.1

            	
              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:

            

    

     

    
      	
               
      

            	
              9.1.1

            	
              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
      with the Company; or

            

    

     

    
      	
               
      

            	
              9.1.2

            	
              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.

            

    

     

    
      	
              9.2

            	
              For
      the purposes of clause 9.1.1 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 with the Company, 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.

            

    

     

    
      	
              9.3

            	
              This
      clause shall not apply to information
which:

            

    

     

    
      	
               
      

            	
              9.3.1

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

            

    

     

    
      	
               
      

            	
              9.3.2

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

            

    

     

    
      	
               
      

            	
              9.3.3

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

            

    

     

     

    
      	
            	
              10

            	
              INTELLECTUAL
      PROPERTY

            

    

     

    
      	
              10.1

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

            

    

     

    
      	
              10.2

            	
              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,
      license, assign, purport to license or assign or disclose to any person or
      exploit any Intellectual Property Right without the prior written consent
      of the Company.

            

    

     

    
      	
              10.3

            	
              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 its
      best advantage.

            

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

    

     

    
      	
              10.4

            	
              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 nominee) the full benefit of the provisions of this clause and a
      certificate in writing signed by any director or the secretary of the
      Company that any instrument or act relating to such Intellectual Property
      Right falls within the authority conferred by this clause shall be
      conclusive evidence that such is the case in favour of any third
      party.

            

    

     

    
      	
              10.5

            	
              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.

            

    

     

    
      	
              10.6

            	
              “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:

            

    

     

    
      	
            	
              10.6.1

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

            

    

     

    
      	
            	
              10.6.2

            	
              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;

            

    

     

    and for
these purposes and for the purposes of the other provisions of this clause 10, references to the Company shall be deemed to
include references to any Associated Company (as defined in clause 16.5
below).

     

     

    
      	
            	
              11

            	
              COLLECTIVE
      AGREEMENTS/WORKFORCE AGREEMENTS

            

    

     

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

     

     

    
      	
            	
              12

            	
              DATA
      PROTECTION

            

    

     

    
      	
              12.1

            	
              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.

            

    

     

    
      	
              12.2

            	
              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 advisors, to third parties providing products and/or services to the
      Company and as required by law.

            

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

    

     

    
      	
            	
              13

            	
              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.

     

     

    
      	
            	
              14

            	
              MONITORING
      OF COMPUTER SYSTEMS

            

    

     

    
      	
              14.1

            	
              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 (as detailed in the Company’s Employee
      Handbook).

            

    

     

    
      	
              14.2

            	
              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, 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.

            

    

     

    
      	
              14.3

            	
              You
      should be aware that no email or voicemail 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 voicemail so
      obtained by the Company in the proper exercise of these powers may be
      disclosed without your permission.  You should be aware that the
      emails or voicemails 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.

            

    

     

    
      	
              14.4

            	
              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.

            

    

     

     

    
      	
            	
              15

            	
              INDEMNITY

            

    

     

    
      	
              15.1

            	
              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 Contract occurred prior to or after the date of this Contract
      provided that you shall promptly notify the Company of such Proceeding and
      the Company shall be entitled to participate in such Proceeding 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.

            

    

     

    
      	
              15.2

            	
              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 serving at the
      request of the Company as a director, officer or manager of any other
      Associated Company, 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
  Contract.

            

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

    

     

    
      	
              15.3

            	
              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, judgments, fines,
      penalties or amounts paid in settlement by or on behalf of you and any
      expenses of establishing a right to indemnification under this
      Contract.

            

    

     

    
      	
              15.4

            	
              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 Contract or
      otherwise.

            

    

     

    
      	
              15.5

            	
              The
      indemnification and advancement of Expenses provided by this Contract
      shall not be deemed exclusive of any other rights to which you may be
      entitled under the Company’s Certificate of Incorporation or the
      constituent documents of any other Associated Company for which you are
      serving as a director, officer or manager at the request of the Company,
      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 Contract.  To the extent that a change in law (whether by
      statute or judicial decision) permits greater indemnification by agreement
      than would be afforded under this Contract, it is the intent of the
      parties hereto that you shall enjoy by this Contract the greater benefit
      so afforded by such change.  The provisions of this clause shall
      survive the expiration or termination, for any reason, of this Contract
      and shall be separately
enforceable.

            

    

     

     

    
      	
            	
              16

            	
              POST-EMPLOYMENT
      RESTRICTIONS AND CORPORATE
OPPORTUNITIES

            

    

     

    
      	
              16.1

            	
              For
      the duration of your employment with the Company and for a period of
      twelve (12) months after the termination thereof for any cause, you shall
      not:

            

    

     

    
      	
              16.1.1

            	
              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 securing television
      licenses, operating television stations, programming services and
      broadcasting in which the CME Group is engaged and with which you were
      actively involved at any time in the twelve months preceding the
      termination of your employment within the territories of operation of the
      CME Group in which you were actively involved at any time in the twelve
      months preceding the termination of your
  employment;

            

    

     

    
      	
              16.1.2

            	
              seek
      to do business and/or do business, in competition with any company of the
      CME Group with any person, firm or company who at any time during the
      twelve months preceding the termination of your employment was a customer
      or supplier of any company of the CME Group and with whom during that
      period you or another person on your behalf had material dealings in the
      ordinary course of business;

            

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

    

     

    
      	
              16.1.3

            	
              interfere or seek to interfere or
      take such steps as may interfere with the continuance of supplies (whether
      services or goods) to any company of the CME Group, or the terms on which
      they are so supplied, from any suppliers supplying any company of the CME
      Group at any time during the period of twelve months prior to such
      termination; and/or

            

    

     

    
      	
              16.1.4

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

            

    

     

    
      	
              16.2

            	
              For
      the duration of your employment with the Company, you shall not accept or
      invest in, whether directly or indirectly, any opportunity (a “Corporate Opportunity”)
      (i) which is in the line of business of any company of the CME Group, (ii)
      which arises or becomes known to you as a result of your employment by the
      Company, or (iii) in which the CME Group has an interest or expectancy
      unless (a) you have presented the Corporate Opportunity to the Board of
      Directors of CME Ltd. in reasonable detail and (b) the Board of Directors
      has decide not to pursue such Corporate Opportunity after such
      presentation by you.

            

    

     

    
      	
              16.3

            	
              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.

            

    

     

    
      	
              16.4

            	
              The
      restrictions set forth in this clause 16 shall not apply if the Company is
      in breach of this Contract.

            

    

     

    
      	
              16.5

            	
              For
      the purposes of this Contract, “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 such holding company.

            

    

     

     

    
      	
            	
              17

            	
              GENERAL

            

    

     

    
      	
              17.1

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

            

    

     

    
      	
              17.2

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

            

    

     

    
      	
              17.3

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

            

    

     

    
      	
              17.4

            	
              The terms set out in this Contract should be
      read in conjunction with the various rules and
      procedures set out in the Company’s Employee Handbook.  The
      Company’s Employee Handbook does not form part of
      this Contract. For the avoidance of doubt, in the event
      that there is any conflict between the terms of this Contract and the
      Company’s Employee Handbook, this Contract shall
      prevail.

            

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

    

     

    The
Company and Adrian Sarbu agree to the terms set out above.

     

     

    
      	
              Signed as a Deed by CME
      Development Corporation acting
      by:

            	 
      
	 	 
	 	 
	
              Mark Wyllie, Director

            	
              /s/ Mark Wyllie

            
	 	 
	
              Wallace Macmillan, Director

            	
              /s/ Wallace Macmillan

            
	 	 
	
              Signed as a Deed by Adrian
      Sarbu

            	
              /s/ Adrian Sarbu

            
	 	 
	 	 
	
              in the presence of:

            	 
      
	 	 
	
              Witness signature:

            	
              /s/ Joanne Cochrane

            
	 	 
	
              Name:

            	
              Joanne
      Cochrane

            
	 	 
	
              Address:

            	
              c/o
      CME Development Corporation

            
	 	 
	 
      	
              Aldwych
      House, 81 Aldwych

            
	 	 
	 
      	
              London
      WC2B 4HN

            
	 	 
	
              Occupation:

            	
              Legal
      Advisor

            

    

     

     

     10

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