Daniel Penn Form 4 CENTRAL EUROPEAN MEDIA ENTERPRISES / Daniel Penn ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Penn Daniel

(Last) (First) (Middle)

C/O CME MEDIA SERVICES LIMITED

KRIZENECKEHO NAM. 1078/5A

(Street)

PRAGUE 5 2N 15200

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
CENTRAL EUROPEAN MEDIA ENTERPRISES LTD [ CETV ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

	Director	10% Owner
X	Officer (give title below)	Other (specify below)
EVP, General Counsel

3. Date of Earliest Transaction (Month/Day/Year)
07/31/2018

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	07/31/2018		M		146,969(1)	A	$0(2)	376,793	D
Class A Common Stock	07/31/2018		F(3)		62,264	D	$3.875	314,529	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Performance-based Restricted Stock Units	(2)	07/31/2018		M			146,969	(4)	(4)	Class A Common Stock	146,969	$0	0	D

Explanation of Responses:

1. Shares of Class A Common Stock acquired upon the final vesting and settlement of the grant of performance-based restricted stock units made on March 13, 2015 as described in footnote (4) of this Form 4.

2. Each restricted stock unit represents a contingent right to receive one share of Class A Common Stock. The Reporting Person is entitled to receive one share of Class A Common Stock for each restricted stock unit that vested.

3. Payment of tax liability by withholding shares of Class A Common Stock incident to the vesting and settlement of restricted stock units referred to in footnote (1) of this Form 4.

4. As confirmed by the Compensation Committee, an amount of performance-based restricted stock units equal to 148.1% of the target award of performance-based restricted stock units granted on March 13, 2015 (less 25% of the target amount of such performance-based restricted stock units that vested on each of March 13, 2017 and on March 13, 2018) vested on July 31, 2018 in accordance with the terms of the corresponding award agreement in connection with the completion of sale of the Company's Croatian operations on such date.

Remarks:

	/s/ Lucia Laurincova on behalf of Daniel Penn	08/01/2018
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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