Exhibit 10.1
AMENDMENT NO. 1 TO SEPARATION
AGREEMENT
This Amendment No. 1 (
this “Amendment”) to that certain Separation Agreement
dated as of September 30, 2008 (the “Separation
Agreement”) between CTC Media, Inc., a Delaware
corporation (the “Company”), and Vladimir Khanumyan
(the “Former Executive”) is made as of
January 15, 2009 and is entered into by the Company and the
Former Executive.
Preliminary Statement :
A.
Subject to the terms and conditions set forth herein, the Former
Executive and the Company wish to amend the Separation Agreement to
modify Section 3(c) thereof.
B.
Capitalized terms used herein and not otherwise defined herein
shall have the meanings ascribed to such terms in the Separation
Agreement.
In consideration of the mutual
covenants contained herein, and for other valuable consideration,
receipt of which is hereby acknowledged, the parties hereto agree
as follows:
Agreements
:
1.
Amendment to the Separation Agreement .
Section 3(c) of the Separation Agreement is hereby
amended by deleting such section in its entirety and replacing it
with the following:
“(c)
Notwithstanding anything to the contrary in the Option Agreements,
(i) to the extent that an option is not fully vested as of
the
