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CETV > SEC Filings for CETV > Form 8-K on 5-Apr-2013All Recent SEC Filings

Show all filings for CENTRAL EUROPEAN MEDIA ENTERPRISES LTD | Request a Trial to NEW EDGAR Online Pro



Change in Directors or Principal Officers

Item 5.02 Departure of Directors or Certain Officers; Election of Directors;
Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 4, 2013, CME Media Services Limited, a wholly owned subsidiary of Central European Media Enterprises Ltd. (the "Company"), and Mr. Adrian Sarbu, the Company's President and Chief Executive Officer entered into an amended and restated contract of employment (the "Amended and Restated Contract"). The Amended and Restated Contract replaces the employment agreement with Mr. Sarbu dated July 27, 2009, which expires on December 31, 2013. Under the terms of the Amended and Restated Contract, Mr. Sarbu's annual salary remains at $1,800,000. He is also entitled to earn an annual bonus pursuant to guidelines set forth in the Company's management compensation policy with the target amount he is entitled to earn equal to 100% of his annual salary. Pursuant to these guidelines, the Compensation Committee of the Board of Directors approves on an annual basis specific targets to be achieved in order for a bonus to be earned. The Amended and Restated Contract expires on December 31, 2016. In the event the Company elects to voluntarily terminate the Amended and Restated Contract or does not renew it at the end of its term, Mr. Sarbu is entitled to a severance payment in a minimum amount of $3,600,000 and a maximum amount of $5,400,000, depending on when such termination may occur. The Company may also, in lieu of a severance payment, offer to appoint Mr. Sarbu as the head of its Romanian operations. In the event the Company makes such appointment, it would enter into a new contract with Mr. Sarbu providing for a salary of $900,000 per annum and a term ending on December 31, 2020.

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