Preview | Employment Agreement |

Exhibit 10.14

EMPLOYMENT AGREEMENT

THIS AGREEMENT is made and entered into as of the December 23, 2005, by and between Golden Telecom, Inc. (“GTI”), a Delaware corporation, and Derek Anthony Bloom, an adult citizen of the United States of America (the “Employee”).

WHEREAS, the Employee has been employed as Senior Vice President, General Counsel and Corporate Secretary of GTI since the 10th day of January 2005; and

WHEREAS, GTI desires to amend the Employee’s employment agreement, and the Employee agrees to be employed by GTI subject to the terms and provisions of this employment agreement (the “Agreement”);

NOW THEREFORE, GTI and the Employee mutually agree as follows:

Employment.

	(a)		GTI hereby employs the Employee, and the Employee agrees to be employed on the terms and conditions set forth herein.

	(b)		The Employee is employed in the position of Senior Vice President, General Counsel and Corporate Secretary of GTI, and shall be seconded to one or more of GTI’s affiliates, based in Moscow, Russia, but may from time to time be given such additional titles or be requested to perform such duties and exercise such power and authority commensurate with the Employee’s position as may be delegated to the Employee by the Chief Executive Officer or the Board of Directors of GTI.

	(c)		The Employee shall devote all necessary business time and attention, and employ the Employee’s best efforts, toward the fulfillment and execution of all assigned duties, and the satisfaction of defined annual and/or longer-term performance criteria.

Term.

	(a)		This Agreement is effective as of December 23, 2005, the date of execution of this Agreement, and shall continue unless terminated in accordance with Section 10 herein.

	(b)		GTI reserves the right to pay the Employee in lieu of any period of notice.

	(c)		Further, GTI reserve the right to require the Employee not to attend GTI’s premises or the premises of the Employee’s business unit or to provide the Employee with alternative work of a broadly similar nature to the work the Employee normally performs, during any period of suspension or whilst the Employee is under notice of termination (served either by GTI or the Employee) provided that the Employee continues to be paid the salary and benefits to which

the Employee is entitled under this Agreement and further provided that the period of any such requirement does not exceed six (6) months.

Compensation.

	(a)		For the purposes of this Agreement, “Salary” shall mean all payments by GTI to the Employee pursuant to this Section 3.

	(b)		Commencing on the date hereof and continuing thereafter unless adjusted as set forth herein, the Employee shall be paid an annual Salary of three hundred thousand dollars (USD 300,000) payable in accordance with GTI’s customary payroll practices for Employees, but no less frequently than bi-monthly and prorated for any partial year of employment.

	(c)		As soon as practicable following the last day of each fiscal year of GTI, GTI shall review the Salary of the Employee and shall consider, based upon the Employee’s performance and GTI’s financial position, potential increases, but not decreases, to the Employee’s Salary as GTI shall, in its sole and absolute discretion, deem appropriate. Any such increased Salary shall be the “Salary” for all purposes under this Agreement.

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