UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (date of earliest event reported): February 26, 2010
CENTRAL
EUROPEAN MEDIA ENTERPRISES LTD.
(Exact
name of registrant as specified in its charter)
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BERMUDA
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0-24796
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98-0438382
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(State
or other jurisdiction of incorporation and organisation)
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(Commission
File Number)
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(IRS
Employer Identification No.)
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Mintflower
Place, 4th floor
Par-La-Ville
Rd, Hamilton, Bermuda
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HM
08 Bermuda
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant's
telephone number, including area code: (441) 296-1431
Not
applicable
(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2. below):
o Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material
pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
5.02. Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers
Central
European Media Enterprises Ltd. (the “Company”) appointed Mr. David Sach as
Chief Financial Officer of the Company effective March 1, 2010 and designated
him as its principal financial officer, effective upon his service as Chief
Financial Officer. From February 2009 to September 2009, Mr. Sach, 48, was Chief
Financial Officer of Clearwire Corp., a provider of high speed internet services
to consumers and businesses. From 2005 to 2008, Mr. Sach was the
Chief Financial Officer of Millicom International Cellular SA., an emerging
markets mobile telephony group.
Mr.
Sach’s appointment as Chief Financial Officer is being made in
connection with an employment agreement with CME Media Services Limited (“CME
MS”), a wholly owned subsidiary of the Company, dated February 26, 2010 (the
“Employment Agreement”). Pursuant to the Employment Agreement, Mr. Sach shall be
entitled to receive a salary of EUR 450,000 (approximately US$ 607,000 per
year). Mr. Sach shall be eligible to earn a bonus in the amount of 100% of his
annual base salary during the term of his appointment pursuant to a Company
incentive plan for senior management and shall also be entitled to receive
certain health insurance benefits. In addition, Mr. Sach will receive options to
acquire 125,000 shares of the Company’s Class A common stock on the commencement
of his employment with an exercise price equal to the closing price of the
shares on the date of grant. Such options shall vest in four equal
instalments over a period of four years.
In
connection with Mr. Sach’s appointment, on March 1, 2010, Mr. Charles Frank, Jr.
resigned from his position as interim Chief Financial Officer of the
Company.
Signatures
Pursuant
to the requirements of the Securities Exchange Act of 1934, we have duly caused
this report to be signed on our behalf by the undersigned thereunto duly
authorized.
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CENTRAL
EUROPEAN MEDIA ENTERPRISES LTD.
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Date:
February 26, 2010
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/s/ David Sturgeon | |
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David
Sturgeon
Deputy
Chief Financial Officer
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