December 14, 2008Central European Media Enterprises LTD • December 16th, 2008 • Television broadcasting stations
This letter represents the agreement between CME Development Corporation (“CME” or the “Company”) and Michael N. Garin (“you”) with respect to the termination of your employment (the “Agreement”), effective as of January 1, 2009 (the “Effective Date”). Effective as of the Effective Date, you hereby retire as the Chief Executive Officer of the Company and its parent company, Central European Media Enterprises, Ltd. (“CME Ltd.”), and resign from all positions with the Company, CME Ltd., and any subsidiaries of the Company or CME Ltd., any associated company of any of them and any joint venture in which any of the foregoing are a partner, member or shareholder (each of the foregoing, an “Affiliate”), except that you are not resigning as a director on the Board of Directors of CME Ltd. While you continue to serve as a CME Ltd. director, you shall have the title of non-executive Vice Chairman. For the period starting on the Effective Date through January 31, 2011 (the “Consulting Period”),
