exhibit 10. 40 termination agreement this agreement ( this “ agreement ” ) is made this 31st day of january 2008 by and between : ( 1 ) aleksandr rodnyansky, a resident of the russian federation, registered at 221, “ nikolino ” complex, tagankovo 7, 2 - e uspenskoe shosse, odintsovsky district, moscow region, russian federation, passport ch 316475, issued by pechersk ru gu mvs of ukraine in the city of kyiv on november 19, 1996 ( “ rodnyansky ” ) ; ( 2 ) boris fuchsmann, a citizen of germany, residing at peter - roos - strasse 10, 40547 dusseldorf, germany, passport pd 500449454, issued on 18 july 2005 ( “ fuchsmann ” ) ; ( 3 ) international teleservices ltd., a company organized under the laws of belize with its registered address at morgan & morgan trust corporation ( belize ) limited, 35a region street, city of belize, belize ( together with any subsidiary or affiliate thereof, “ its ”, and together with rodnyansky and fuchsmann, the “ rf participants ” ) ; ( 4 ) central european media enterprises ltd., a company organized under the laws of bermuda with its registered address at clarendon house, 2 church street, hm 11, hamilton, bermuda ( “ cme ltd. ” ) ; ( 5 ) cme media enterprises b. v., a company organized under the laws of the netherlands, located at : dam 5b, 1012 js amsterdam, the netherlands ( “ cme bv ” ) ; ( 6 ) cme ukraine holding gmbh, an indirect wholly - owned subsidiary of cme bv organized and existing under the laws of austria, located at wagramer str. 19, 19. stock, 1220 wien, austria ( “ cme ukraine holding ” ) ; ( 7 ) cet 21 s. r. o., a company incorporated under the laws of the czech republic, located at : krizeneckeho nam. 1078 / 5, psc 152 00 prague, czech republic, registered in the commercial register of the commercial court of prague, part c, register - no. 10581 ( “ cet 21 ” ) ; ( 8 ) ukrainian media services llc, a limited liability company organized and existing under the laws of ukraine, identification code no. 3360007