Table of
Contents
Exhibit 10.55
SEPARATION AGREEMENT AND
RELEASE
This SEPARATION AGREEMENT AND
RELEASE (this ‘‘Agreement’’), is entered
into between CTC Media, Inc., a Delaware corporation (the
‘‘Company’’), and Leigh Sprague (the
‘‘Employee’’).
WHEREAS, the parties wish to
resolve amicably the Employee’s separation from the
Company;
NOW, THEREFORE, in consideration of
the promises and conditions set forth herein, the sufficiency of
which is hereby acknowledged, the Company and the Employee agree as
follows:
1.
Resignation . The Employee hereby resigns as an active
employee from the Company and as Secretary of the Company effective
as of March 19, 2007 (the ‘‘Separation
Date’’).
2.
Waiver of Notice; Etc . The Company and the Employee
acknowledge and agree that the Employee is resigning pursuant to
Section 5(c) of the Amended and Restated Employment Agreement
entered into between the Company and the Employee on
November 28, 2005 (the ‘‘Employment
Agreement’’). The Company hereby waives the six-month
prior written notice provision provided for under Section 5(c) of
the Employment Agreement.
3.
Consideration . Provided that the Employee (a) timely
executes and returns to the Company this Agreement and (b) does not
revoke his acceptance of this Agreement within the seven (7) day
revocation period, and provided , further , that the
Employee complies with all of his obligations under this Agreement,
the Company agrees to provide the Employee with the following
separation benefits (‘‘Separation
Benefits’’):
(A) The
Company shall pay the Employee One Hundred Forty Two Thousand Seven
Hundred Sixty Nine Dollars ($142,769), less all applicable taxes
and withholdings, to be paid as follows (provided that neither of
the following payments shall be paid earlier than the eighth (8
th ) day after the Employee executes and delivers this
Agreement) to an account specified by the Employee on the signature
page hereto:
