# EDGAR Filing Document

**Accession Number:** 0001352010
**File Stem:** 0001352010-26-000029
**Filing Date:** 2026-5
**Character Count:** 302539
**Document Hash:** dc1b9822c4e1c06239d905d3bd78e1bd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001352010-26-000029.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001352010-26-000029

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 90

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** EPAM Systems, Inc.
- **CENTRAL INDEX KEY:** 0001352010
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROGRAMMING SERVICES [7371]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 223536104
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-35418
- **FILM NUMBER:** 26952988

**BUSINESS ADDRESS:**
- **STREET 1:** 41 UNIVERSITY DRIVE
- **STREET 2:** SUITE 202
- **CITY:** NEWTOWN
- **STATE:** PA
- **ZIP:** 18940
- **BUSINESS PHONE:** (267) 759-9000

**MAIL ADDRESS:**
- **STREET 1:** 41 UNIVERSITY DRIVE
- **STREET 2:** SUITE 202
- **CITY:** NEWTOWN
- **STATE:** PA
- **ZIP:** 18940

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EPAM SYSTEMS INC
- **DATE OF NAME CHANGE:** 20060202

?xml version='1.0' encoding='ASCII'? epam-20260331

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM 10-Q** 

☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the quarterly period ended March 31, 2026**

**OR**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from ________to________**

**Commission file number: 001-35418**![Logo_New.gif](epam-20260331_g1.gif)

**EPAM SYSTEMS, INC.** 

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Delaware** | **Delaware** | **22-3536104** |
| (State or other jurisdiction of<br>incorporation or organization) | (State or other jurisdiction of<br>incorporation or organization) | (I.R.S. Employer<br>Identification No.) |
| **41 University Drive** | **Suite 202** | **18940** |
| **Newtown** | **Pennsylvania** | **18940** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Address of principal executive offices) | (Zip code) |

---

**267-759-9000** 

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **<u>Title of Each Class</u>** | **<u>Trading Symbol</u>** | **<u>Name of Each Exchange on which Registered</u>** |
| **Common Stock, par value $0.001 per share** | **EPAM** | **New York Stock Exchange** |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | | |
|:---|:---|:---|:---|
| Large accelerated filer | ☒ | Accelerated filer | ☐ |
| Non-accelerated filer | ☐ | Smaller reporting company | ☐ |
| Emerging growth company | ☐ | | |

---

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.

---

| | |
|:---|:---|
| **<u>Title of Each Class</u>** | **<u>Outstanding as of April 30, 2026</u>** |
| **Common Stock, par value $0.001 per share** | **52,244,451 shares** |

---

------

**EPAM SYSTEMS, INC.**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| | **Page** |
| **<u>[PART I. FINANCIAL INFORMATION](#i563eef9ce88a447b80d6fc426e894e00_10)</u>** | <u>[3](#i563eef9ce88a447b80d6fc426e894e00_10)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1. Financial Statements (Unaudited)](#i563eef9ce88a447b80d6fc426e894e00_13)</u> | <u>[3](#i563eef9ce88a447b80d6fc426e894e00_13)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<u>[Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025](#i563eef9ce88a447b80d6fc426e894e00_16)</u>* | <u>[3](#i563eef9ce88a447b80d6fc426e894e00_16)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<u>[Condensed Consolidated Statements of Income for the Three Months Ended March 31, 2026 and 2025](#i563eef9ce88a447b80d6fc426e894e00_19)</u>* | <u>[4](#i563eef9ce88a447b80d6fc426e894e00_19)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<u>[Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and 2025](#i563eef9ce88a447b80d6fc426e894e00_22)</u>* | <u>[5](#i563eef9ce88a447b80d6fc426e894e00_22)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<u>[Condensed Consolidated Statements of Changes in Equity for the Three Months Ended March 31, 2026 and 2025](#i563eef9ce88a447b80d6fc426e894e00_25)</u>* | <u>[6](#i563eef9ce88a447b80d6fc426e894e00_25)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<u>[Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025](#i563eef9ce88a447b80d6fc426e894e00_28)</u>* | <u>[7](#i563eef9ce88a447b80d6fc426e894e00_28)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*<u>[Notes to Condensed Consolidated Financial Statements](#i563eef9ce88a447b80d6fc426e894e00_31)</u>* | <u>[9](#i563eef9ce88a447b80d6fc426e894e00_31)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#i563eef9ce88a447b80d6fc426e894e00_91)</u> | <u>[26](#i563eef9ce88a447b80d6fc426e894e00_91)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#i563eef9ce88a447b80d6fc426e894e00_160)</u> | <u>[36](#i563eef9ce88a447b80d6fc426e894e00_160)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 4. Controls and Procedures](#i563eef9ce88a447b80d6fc426e894e00_172)</u> | <u>[37](#i563eef9ce88a447b80d6fc426e894e00_172)</u> |
| **<u>[PART II. OTHER INFORMATION](#i563eef9ce88a447b80d6fc426e894e00_175)</u>** | <u>[38](#i563eef9ce88a447b80d6fc426e894e00_175)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1. Legal Proceedings](#i563eef9ce88a447b80d6fc426e894e00_178)</u> | <u>[38](#i563eef9ce88a447b80d6fc426e894e00_178)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 1A. Risk Factors](#i563eef9ce88a447b80d6fc426e894e00_181)</u> | <u>[38](#i563eef9ce88a447b80d6fc426e894e00_181)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#i563eef9ce88a447b80d6fc426e894e00_184)</u> | <u>[38](#i563eef9ce88a447b80d6fc426e894e00_184)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 3. Defaults Upon Senior Securities](#i563eef9ce88a447b80d6fc426e894e00_187)</u> | <u>[38](#i563eef9ce88a447b80d6fc426e894e00_187)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 4. Mine Safety Disclosures](#i563eef9ce88a447b80d6fc426e894e00_190)</u> | <u>[38](#i563eef9ce88a447b80d6fc426e894e00_190)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 5. Other Information](#i563eef9ce88a447b80d6fc426e894e00_193)</u> | <u>[39](#i563eef9ce88a447b80d6fc426e894e00_193)</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;<u>[Item 6. Exhibits](#i563eef9ce88a447b80d6fc426e894e00_199)</u> | <u>[39](#i563eef9ce88a447b80d6fc426e894e00_199)</u> |
| **<u>[SIGNATURES](#i563eef9ce88a447b80d6fc426e894e00_202)</u>** | <u>[40](#i563eef9ce88a447b80d6fc426e894e00_202)</u> |

---

------

**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

**PART I. FINANCIAL INFORMATION**

***Item 1. Financial Statements (Unaudited)***

**EPAM SYSTEMS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(Unaudited)**

**(In thousands, except par value)**

---

| | | |
|:---|:---|:---|
| | **As of <br>March 31,<br>2026** | **As of <br>December 31,<br>2025** |
| **Assets** | | |
| Current assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1036959 | $1296077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables and contract assets, net of allowance of $5,060 and $6,350, respectively | 1174660 | 1108201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other current assets | 145806 | 129610 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2357425 | 2533888 |
| Property and equipment, net | 202826 | 202387 |
| Operating lease right-of-use assets, net | 118431 | 114875 |
| Intangible assets, net | 385728 | 406586 |
| Goodwill | 1204577 | 1210564 |
| Deferred tax assets | 283027 | 295115 |
| Other noncurrent assets | 151437 | 138721 |
| **Total assets** | $**4703451** | $**4902136** |
| **Liabilities** |  |  |
| Current liabilities |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $40113 | $55329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and benefits expenses | 567656 | 608232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 224171 | 250688 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable, current | 15639 | 25520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 36750 | 37173 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 884329 | 976942 |
| Long-term debt | 165000 | 25034 |
| Operating lease liabilities, noncurrent | 86193 | 81497 |
| Deferred tax liabilities, noncurrent | 73795 | 76969 |
| Other noncurrent liabilities | 62422 | 63886 |
| **Total liabilities** | **1271739** | **1224328** |
| **Commitments and contingencies (Note 13)** |  |  |
| **Equity** |  |  |
| Stockholders' equity |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Common stock, $0.001 par value; 160,000 shares authorized; 52,757 shares issued and outstanding at March 31, 2026, and 54,274 shares issued and outstanding at December 31, 2025 | 53 | 54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 1360302 | 1390423 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 2084540 | 2268204 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | (13765) | 18545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total EPAM Systems, Inc. stockholders' equity | 3431130 | 3677226 |
| Noncontrolling interest in consolidated subsidiaries | 582 | 582 |
| **Total equity** | **3431712** | **3677808** |
| **Total liabilities and equity** | $**4703451** | $**4902136** |

---

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

------

**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

**EPAM SYSTEMS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF INCOME**

**(Unaudited)**

**(In thousands, except per share data)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| **Revenues** | $**1400061** | $**1301692** |
| **Operating expenses:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues (exclusive of depreciation and amortization) | 1012052 | 952008 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 239702 | 218917 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 31539 | 31437 |
| **Income from operations** | **116768** | **99330** |
| Interest and other income, net | 1582 | 5814 |
| Foreign exchange gain (loss) | 2298 | (10727) |
| **Income before provision for income taxes** | **120648** | **94417** |
| Provision for income taxes | 38127 | 20935 |
| **Net income** | $**82521** | $**73482** |
| **Net income per share:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.53 | $1.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.52 | $1.28 |
| **Shares used in calculation of net income per share:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 53793 | 56780 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 54183 | 57262 |

---

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

------

**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

**EPAM SYSTEMS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME**

**(Unaudited)**

**(In thousands)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| **Net income** | $**82521** | $**73482** |
| Other comprehensive income (loss), net of tax: |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (25542) | 40870 |
| &nbsp;&nbsp;&nbsp;Unrealized gain (loss) on hedging instruments | (7170) | 13956 |
| &nbsp;&nbsp;&nbsp;Defined benefit plans | 402 | 185 |
| Other comprehensive income (loss) | (32310) | 55011 |
| **Comprehensive income** | $**50211** | $**128493** |

---

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

------

**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

**EPAM SYSTEMS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY**

**(Unaudited)**

**(In thousands)** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional Paid-in Capital** | **Retained Earnings** | **Accumulated Other Comprehensive Income (Loss)** | **Non-Controlling Interest in Consolidated Subsidiaries** | **Total Equity** |
| | **Shares** | **Amount** | | | | | |
| **Balance, January 1, 2026** | **54274** | $**54** | $**1390423** | $**2268204** | $**18545** | $**582** | $**3677808** |
| Restricted stock units vested | 436 |  |  |  |  |  |  |
| Equity withheld for employee taxes | (149) |  | (20438) |  |  |  | (20438) |
| Stock-based compensation expense |  |  | 49613 |  |  |  | 49613 |
| Exercise of stock options | 31 |  | 704 |  |  |  | 704 |
| Repurchase of common stock, including excise tax | (1835) | (1) | (60000) | (266185) |  |  | (326186) |
| Other comprehensive loss |  |  |  |  | (32310) |  | (32310) |
| Net income |  |  |  | 82521 |  |  | 82521 |
| **Balance, March 31, 2026** | **52757** | $**53** | $**1360302** | $**2084540** | $**(13765)** | $**582** | $**3431712** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Common Stock** | **Common Stock** | **Additional Paid-in Capital** | **Retained Earnings** | **Accumulated Other Comprehensive Income (Loss)** | **Non-Controlling Interest in Consolidated Subsidiaries** | **Total Equity** |
| | **Shares** | **Amount** | | | | | |
| **Balance, January 1, 2025** | **56869** | $**57** | $**1190222** | $**2555796** | $**(116864)** | $**1940** | $**3631151** |
| Restricted stock units vested | 315 |  |  |  |  |  |  |
| Equity withheld for employee taxes | (117) |  | (21455) |  |  |  | (21455) |
| Stock issued in connection with 2021 acquisition | 2 |  | 375 |  |  |  | 375 |
| Stock-based compensation expense |  |  | 46885 |  |  |  | 46885 |
| Exercise of stock options | 353 |  | 19448 |  |  |  | 19448 |
| Repurchase of common stock, including excise tax | (796) |  |  | (160323) |  |  | (160323) |
| Purchase of subsidiary shares from noncontrolling interest |  |  |  |  |  | (1358) | (1358) |
| Other comprehensive income |  |  |  |  | 55011 |  | 55011 |
| Net income  |  |  |  | 73482 |  |  | 73482 |
| **Balance, March 31, 2025** | **56626** | $**57** | $**1235475** | $**2468955** | $**(61853)** | $**582** | $**3643216** |

---

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

------

**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

**EPAM SYSTEMS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

 **(In thousands)**

---

| | | |
|:---|:---|:---|
| | **Three Months Ended March 31,** | **Three Months Ended March 31,** |
| | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| Net income | $82521 | $73482 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 31539 | 31437 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease right-of-use assets amortization expense | 10435 | 9929 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bad debt recovery | (593) | (218) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred taxes | 19070 | 2386 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense | 49919 | 48456 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other | 394 | 3729 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Trade receivables and contract assets | (78801) | (76680) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid and other assets | (16057) | (9163) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (12806) | 502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | (85881) | (27248) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities | (9642) | (10975) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income taxes payable | (26458) | (21475) |
| **Net cash provided by (used in) operating activities** | **(36360)** | **24162** |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (17857) | (9329) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of short-term investments | (835) | (1991) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from short-term investments | 2213 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition of business, net of cash acquired | (307) | 3325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchases of non-marketable securities |  | (360) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from non-marketable securities |  | 2913 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other investing activities, net | 1140 | 134 |
| **Net cash used in investing activities** | **(15646)** | **(5308)** |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of stock under the employee incentive programs | 704 | 19480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payments of withholding taxes related to net share settlements of restricted stock units | (3152) | (1293) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Proceeds from debt | 140000 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment of debt | (155) | (684) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repurchase of common stock | (323980) | (159998) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of contingent consideration for previously acquired businesses | (5708) | (4746) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase of subsidiary shares from noncontrolling interest |  | (1358) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other financing activities, net | 92 | (915) |
| **Net cash used in financing activities** | **(192199)** | **(149514)** |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (14555) | 18770 |
| Net decrease in cash, cash equivalents and restricted cash | (258760) | (111890) |
| Cash, cash equivalents and restricted cash, beginning of period | 1301377 | 1290392 |
| **Cash, cash equivalents and restricted cash, end of period** | $**1042617** | $**1178502** |

---

------

**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

**EPAM SYSTEMS, INC. AND SUBSIDIARIES**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Unaudited)**

 **(In thousands)**

**(Continued)**

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets:

---

| | | |
|:---|:---|:---|
| | **As of <br>March 31,<br>2026** | **As of <br>December 31,<br>2025** |
| **Balance sheet classification** | | |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents | $1036959 | $1296077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash in Prepaid and other current assets | 1542 | 1337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash in Other noncurrent assets | 4116 | 3963 |
| &nbsp;&nbsp;&nbsp;Total restricted cash | 5658 | 5300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total cash, cash equivalents and restricted cash** | $**1042617** | $**1301377** |

---

The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

**(Unaudited)**

**(In thousands, except per share data and as otherwise disclosed)** 

**1. ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**&nbsp;&nbsp;&nbsp;&nbsp;

EPAM Systems, Inc. (the "Company" or "EPAM") is a global provider of digital engineering, cloud and AI-enabled transformation services, as well as a leading business and experience consulting partner for global enterprises and ambitious startups. EPAM leverages AI to deliver transformative solutions that accelerate its clients' digital innovation and enhance their competitive edge. In a business landscape that is constantly challenged by the pressures of digitization, EPAM focuses on building long-term partnerships with clients in various industries through innovative and scalable software solutions, integrated strategy, experience and technology consulting, and a continually evolving mix of advanced capabilities. The Company is incorporated in Delaware with headquarters in Newtown, Pennsylvania.

**Basis of Presentation** — The accompanying unaudited condensed consolidated financial statements of EPAM have been prepared in accordance with generally accepted accounting principles in the United States ("GAAP" or "U.S. GAAP") and Article 10 of Regulation S-X under the Securities Exchange Act of 1934, as amended. The unaudited condensed consolidated financial statements include the financial statements of EPAM Systems, Inc. and its subsidiaries with all intercompany balances and transactions eliminated.

These unaudited condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company's audited consolidated financial statements and the notes thereto for the year ended December 31, 2025 included in its Annual Report on Form 10-K. The preparation of these condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ from those estimates, and such differences may be material to the unaudited condensed consolidated financial statements. Operating results for the interim periods are not necessarily indicative of results that may be expected to occur for the entire year. In management's opinion, the accompanying unaudited condensed consolidated financial statements include all normal and recurring adjustments necessary for a fair presentation of the Company's financial position as of March 31, 2026 and the results of its operations and its cash flows for the periods presented.

**Risks and Uncertainties** — As a result of its global operations, the Company may be subject to certain inherent risks.

*Concentration of Credit* — Financial instruments that potentially subject the Company to concentration of credit risk consist primarily of cash, cash equivalents, short-term investments and trade receivables. The Company maintains cash, cash equivalents and short-term investments with financial institutions. The Company believes its credit policies reflect normal industry terms and business risk and there is no expectation of non-performance by the counterparties.

The Company has cash in several countries, including Ukraine and Belarus, where the banking sector remains subject to periodic instability; banking and other financial systems generally do not meet the banking standards of more developed markets; and bank deposits made by corporate entities are not insured. The Company regularly monitors cash held in these countries and, to the extent the cash held exceeds the amounts required to support its operations in these countries, the Company distributes the excess funds into markets with more developed banking sectors to the extent it is possible to do so. As of March 31, 2026, the Company had $63.5 million of cash and cash equivalents in banks in Ukraine and $50.0 million of cash and cash equivalents in banks in Belarus. In April 2024, Belarus instituted restrictions on distributing dividends from Belarus to shareholders in certain countries, including the U.S. The restrictions are scheduled to remain in place until the end of 2026 and may prevent EPAM from distributing excess funds, if any, out of Belarus. The Company does not expect these restrictions to have a material impact on its ability to meet its worldwide cash obligations during this period. The Company places its cash and cash equivalents with financial institutions considered stable in the region, limits the amount of credit exposure with any one financial institution and conducts ongoing evaluations of the credit worthiness of the financial institutions with which it does business. However, a banking crisis, bankruptcy or insolvency of banks that process or hold the Company's funds, or sanctions may result in the loss of deposits or adversely affect the Company's ability to complete banking transactions, which could adversely affect the Company's business and financial condition.

Trade receivables are generally dispersed across many clients operating in different industries and geographies; therefore, concentration of credit risk is limited. Historically, credit losses and write-offs of trade receivables have not been material to the consolidated financial statements. If the Company's clients enter bankruptcy protection or otherwise take steps to alleviate their financial distress, the Company's credit losses and write-offs of trade receivables could increase, which would negatively impact its results of operations.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

*Foreign currency risk* — The Company's global operations are conducted predominantly in U.S. dollars. Other than U.S. dollars, the Company generates revenues in various currencies, principally in euros, British pounds, and Swiss francs and incurs expenditures principally in euros, Polish zlotys, Indian rupees, British pounds, and Mexican pesos. The Company's international operations expose it to risk of adverse fluctuations in foreign currency exchange rates through the remeasurement of foreign currency denominated assets and liabilities (both third-party and intercompany) and translation of earnings and cash flows into U.S. dollars. The Company has a hedging program whereby it enters into a series of foreign exchange forward contracts with durations of twelve months or less that are designated as cash flow hedges of forecasted Polish zloty, Indian rupee, Hungarian forint, Colombian peso, and Mexican peso transactions. See Note 5 "Derivative Financial Instruments*"* for further information on the Company's hedging program.

*Interest rate risk* — The Company is exposed to market risk from changes in interest rates. Exposure to interest rate risk results primarily from variable rates related to cash and cash equivalent deposits, short-term investments and the Company's borrowings, mainly under the 2025 Credit Agreement, which is subject to a variety of rates depending on the type and timing of funds borrowed (See Note 6 "Debt"). The Company does not believe it is exposed to material direct risks associated with changes in interest rates related to these deposits, investments and borrowings.

**Adoption of New Accounting Standards**

There were no recently adopted accounting standards which had a material impact on the Company's consolidated financial statements.

**Pending Accounting Standards**

From time to time, new accounting pronouncements are issued by the FASB or other standards-setting bodies that the Company will adopt according to the various timetables the FASB specifies. Unless otherwise discussed below, the Company believes the impact of recently issued standards that are not yet effective will not have a material impact on its consolidated financial statements upon adoption.

During the three months ended March 31, 2026, there have been no material updates regarding pending accounting standards as reported in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.

**2.&nbsp;&nbsp;&nbsp;&nbsp;IMPACT OF THE INVASION OF UKRAINE**

On February 24, 2022, Russian forces attacked Ukraine and its people, and through the issuance date of these interim financial statements, there has been no resolution to this attack. As of March 31, 2026, the Company had $60.4 million of Property and equipment, net in Ukraine consisting of a building classified as construction-in-progress located in Kyiv with a net book value of $52.4 million, laptops with a net book value of $6.4 million, most of which are in the possession of employees, and various office furniture, equipment and supplies with a net book value of $1.6 million. Additionally, as of March 31, 2026, the Company had Operating lease right-of-use assets located throughout Ukraine with a net book value of $2.3 million. Through the issuance date of these interim financial statements, the Company is not aware of any significant damage to its long-lived assets in Ukraine and the Company expects to continue to use these assets as part of its global delivery model.

On March 4, 2022, the Company announced a $100.0 million humanitarian commitment to support its employees and their families in and displaced from Ukraine. This humanitarian commitment is in addition to donations from EPAM's clients and employees and the work of EPAM volunteers on the ground. The Company's spending under this commitment included special cash payments to support impacted employees, financial and medical support for impacted families, and donations to third-party humanitarian organizations. During the three months ended March 31, 2026, the Company expensed $3.0 million related to this commitment. Of the expensed amounts for the three months ended March 31, 2026, $0.6 million is classified in Cost of revenues (exclusive of depreciation and amortization), and $2.4 million is classified in Selling, general and administrative expenses in the condensed consolidated financial statements. During the three months ended March 31, 2025, the Company expensed $4.4 million related to this commitment. Of the expensed amounts for the three months ended March 31, 2025, $0.6 million is classified in Cost of revenues (exclusive of depreciation and amortization), and $3.8 million is classified in Selling, general and administrative expenses in the condensed consolidated financial statements. As of March 31, 2026, the Company has approximately $7.1 million remaining to be expensed under this humanitarian commitment.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

**3. GOODWILL**

Goodwill by reportable segment was as follows:

---

| | | | |
|:---|:---|:---|:---|
| | **Americas** | **Europe** | **Total** |
| **Balance as of January 1, 2026** | $**652575** | $**557989** | $**1210564** |
| &nbsp;&nbsp;&nbsp;&nbsp;Effect of net foreign currency exchange rate changes | (237) | (5750) | (5987) |
| **Balance as of March 31, 2026** | $**652338** | $**552239** | $**1204577** |

---

There were no accumulated goodwill impairment losses in the Americas or Europe reportable segments as of March 31, 2026 or December 31, 2025.

**4. FAIR VALUE MEASUREMENTS** 

The Company carries certain assets and liabilities at fair value on a recurring basis on its condensed consolidated balance sheets. The following table presents the fair values of the Company's financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** | **As of March 31, 2026** |
| | **Balance** | **Level 1** | **Level 2** | **Level 3** |
| Foreign exchange derivative assets | $1184 | $— | $1184 | $— |
| &nbsp;&nbsp;&nbsp;**Total assets measured at fair value on a recurring basis** | $**1184** | $**—** | $**1184** | $**—** |
| Foreign exchange derivative liabilities | $13129 | $— | $13129 | $— |
| Contingent consideration liabilities | 13381 |  |  | 13381 |
| &nbsp;&nbsp;**Total liabilities measured at fair value on a recurring basis** | $**26510** | $**—** | $**13129** | $**13381** |

---

The following table presents the fair values of the Company's financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** | **As of December 31, 2025** |
| | **Balance** | **Level 1** | **Level 2** | **Level 3** |
| Foreign exchange derivative assets | $1981 | $— | $1981 | $— |
| &nbsp;&nbsp;&nbsp;**Total assets measured at fair value on a recurring basis** | $**1981** | $**—** | $**1981** | $**—** |
| Foreign exchange derivative liabilities | $4602 | $— | $4602 | $— |
| Contingent consideration liabilities | 22835 | **—** |  | 22835 |
| &nbsp;&nbsp;**Total liabilities measured at fair value on a recurring basis** | $**27437** | $**—** | $**4602** | $**22835** |

---

The foreign exchange derivatives are valued using pricing models and discounted cash flow methodologies based on observable foreign exchange data at the measurement date. See Note 5 "Derivative Financial Instruments" for additional information regarding derivative financial instruments.

The fair value of the contingent consideration liabilities was determined using a probability-weighted expected return method and is based on the expected future payments to be made to the sellers of the acquired businesses in accordance with the provisions outlined in the respective purchase agreements. Although there is significant judgment involved, the Company believes its estimates and assumptions are reasonable. In determining fair value, the Company considered a variety of factors, including future performance of the acquired businesses using financial projections developed by the Company and market risk assumptions that were derived for revenue growth and earnings before interest and taxes. The Company estimated future payments using the earnout formula and performance targets specified in the purchase agreements and adjusted those estimates to reflect the probability of their achievement. Those weighted average estimated future payments were then discounted to present value using a rate based on the weighted average cost of capital of guideline companies. The discount rates used to determine the fair value of contingent consideration for the Company's acquisitions were between 12% and 20%.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

Changes in financial projections, market risk assumptions, discount rates or probability assumptions related to achieving the various earnout criteria would result in a change in the fair value of the recorded contingent liabilities. Such changes, if any, are recorded within Interest and other income, net in the Company's condensed consolidated statements of income.

A reconciliation of the beginning and ending balances of Level 3 contingent consideration liabilities using significant unobservable inputs for the three months ended March 31, 2026 is as follows:

---

| | |
|:---|:---|
| | **Amount** |
| **Contingent consideration liabilities as of January 1, 2026** | $**22835** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in fair value of contingent consideration included in Interest and other income, net | 985 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of contingent consideration for previously acquired businesses | (10424) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effect of foreign currency exchange rate changes, net | (15) |
| **Contingent consideration liabilities as of March 31, 2026** | $**13381** |

---

**Financial Assets and Liabilities Not Measured at Fair Value on a Recurring Basis**

The following tables present the estimated fair values of the Company's financial assets and liabilities not measured at fair value on a recurring basis as of the dates indicated:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** |
| |<br>**Balance** |<br>**Estimated Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| **<u>March 31, 2026</u>** | | | | | |
| **Financial Assets:** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits | $14233 | $14233 | $— | $14233 | $— |
| **Financial Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under the 2025 Credit Agreement | $165000 | $165000 | $— | $165000 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred consideration for asset acquisitions | $18066 | $18066 | $— | $18066 | $— |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | | **Fair Value Hierarchy** | **Fair Value Hierarchy** | **Fair Value Hierarchy** |
| |<br>**Balance** |<br>**Estimated Fair Value** | **Level 1** | **Level 2** | **Level 3** |
| **<u>December 31, 2025</u>** | | | | | |
| **Financial Assets:** | | | | | |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash equivalents: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Money market funds | $5402 | $5402 | $5402 | $— | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Time deposits | 37441 | 37441 |  | 37441 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total cash equivalents | $42843 | $42843 | $5402 | $37441 | $— |
| **Financial Liabilities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under the 2025 Credit Agreement | $25000 | $25000 | $— | $25000 | $— |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred consideration for asset acquisitions | $29532 | $29532 | $— | $29532 | $— |

---

**Non-Marketable Securities Without Readily Determinable Fair Values**

The Company holds investments in equity securities that do not have readily determinable fair values. These investments are recorded at cost and are remeasured to fair value based on certain observable price changes or impairment events as they occur. The carrying amount of these investments was $36.7 million as of March 31, 2026 and December 31, 2025 and is classified as Other noncurrent assets in the Company's condensed consolidated balance sheets.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

**5. DERIVATIVE FINANCIAL INSTRUMENTS**

In the normal course of business, the Company uses derivative financial instruments to manage the risk of fluctuations in foreign currency exchange rates. The Company has a hedging program whereby it enters into a series of foreign exchange forward contracts with durations of twelve months or less that are designated as cash flow hedges of forecasted Polish zloty, Indian rupee, Hungarian forint, Colombian peso, and Mexican peso transactions.

As of March 31, 2026, all of the Company's foreign exchange forward contracts were designated as hedges and there is no financial collateral (including cash collateral) required to be posted by the Company related to the foreign exchange forward contracts.

The fair value of derivative instruments on the Company's condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | | **As of March 31, 2026** | **As of March 31, 2026** | **As of December 31, 2025** | **As of December 31, 2025** |
| |<br>**Balance Sheet Classification** | **Asset Derivatives** | **Liability Derivatives** | **Asset Derivatives** | **Liability Derivatives** |
| Foreign exchange forward contracts designated as hedging instruments | Prepaid expenses and other current assets | $1184 |  | $1981 |  |
|  | Accrued expenses and other current liabilities |  | $13129 |  | $4602 |

---

**6. DEBT**

**Revolving Credit Facility** — On October 3, 2025, the Company replaced its 2021 Credit Agreement with an amended and restated credit agreement (the "2025 Credit Agreement") with a syndicate of lenders. The 2025 Credit Agreement provides for a revolving credit facility (the "2025 Revolving Facility") with a borrowing capacity of $700.0 million, with the potential to increase the borrowing capacity up to $1,200.0 million if lenders agree to increase their commitments and the Company satisfies certain conditions. The 2025 Credit Agreement matures on October 3, 2030.

Borrowings under the 2025 Revolving Facility may be denominated in U.S. dollars or up to a maximum of $250.0 million equivalent in British pounds sterling, Canadian dollars, euros or Swiss francs and other currencies as may be approved by the lenders. Borrowings under the 2025 Revolving Facility bear interest at either a base rate or an alternative benchmark index for borrowings in currencies other than U.S. dollars. The base rate is equal to the highest of (a) the Overnight Bank Funding Rate, plus 0.5%, (b) the Prime Rate, or (c) the Daily Simple SOFR Rate, plus 1.0%, so long as the Daily Simple SOFR Rate is offered, ascertainable and not unlawful. The 2025 Credit Agreement includes customary business and financial covenants that may restrict the Company's ability to make or pay dividends (other than certain intercompany dividends) if a potential or actual event of default has occurred or would be triggered. As of March 31, 2026, the Company was in compliance with all covenants contained in the 2025 Credit Agreement.

The following table presents the outstanding debt and borrowing capacity of the Company under the 2025 Credit Agreement:

---

| | | |
|:---|:---|:---|
| | **As of <br>March 31,<br>2026** | **As of <br>December 31,<br>2025** |
| Outstanding debt | $165000 | $25000 |
| Interest rate | 4.5% | 4.6% |
| Available borrowing capacity | $535000 | $675000 |
| Maximum borrowing capacity | $700000 | $700000 |

---

**7. COST OPTIMIZATION PROGRAMS**

During the quarter ended June 30, 2025, the Company initiated the 2025 Cost Optimization Program to improve utilization and profitability. This program has and is expected to continue to include workforce reductions. The Company expects to complete all restructuring actions commenced under the 2025 Cost Optimization Program by the end of the second quarter of 2026 and to incur additional charges of approximately $13 million. The actual amount and timing of severance and other costs are dependent in part upon local country processes and regulations and may differ from our current expectations and estimates.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

During the quarter ended June 30, 2024, the Company initiated the 2024 Cost Optimization Program to streamline operations and optimize corporate functions. This program included workforce reductions and contract terminations. As of June 30, 2025, the Company had completed all restructuring actions commenced under the 2024 Cost Optimization Program.

The total costs related to the Cost Optimization Programs are classified in Selling, general and administrative expenses in the condensed consolidated statements of income. The Company did not allocate these charges to individual segments as they are not considered by the chief operating decision maker during the review of segment results. Accordingly, such expenses are presented in our segment reporting as part of "Other unallocated expenses" (See Note 14 "Segment Information").

Activity in the Company's restructuring reserves was as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Balance at December 31, 2025** | **Charges** | **Payments Made** | **Balance at March 31, 2026** |
| *2025 Cost Optimization Program* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Employee separation costs | $5143 | $13396 | $(12637) | $5902 |
| *2024 Cost Optimization Program* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Employee separation costs | 554 |  |  | 554 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**5697** | $**13396** | $**(12637)** | $**6456** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Balance at December 31, 2024** | **Charges** | **Payments Made** | **Balance at March 31, 2025** |
| *2024 Cost Optimization Program* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Employee separation costs | $1763 | $5311 | $(5060) | $2014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**1763** | $**5311** | $**(5060)** | $**2014** |

---

**8. REVENUES**

**Disaggregation of Revenues**

The following tables present the disaggregation of the Company's revenues by client location, including a reconciliation of the disaggregated revenues with the reportable segments (Note 14 "Segment Information") for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Reportable Segments** | **Reportable Segments** | |
| | **Americas** | **Europe** |<br>**Consolidated Revenues** |
| **<u>Client Locations</u>** | | | |
| &nbsp;&nbsp;&nbsp;Americas | $748501 | $50968 | $799469 |
| &nbsp;&nbsp;&nbsp;EMEA | 46426 | 529586 | 576012 |
| &nbsp;&nbsp;&nbsp;APAC | 469 | 24111 | 24580 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Revenues** | $**795396** | $**604665** | $**1400061** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Reportable Segments** | **Reportable Segments** | |
| | **Americas** | **Europe** |<br>**Consolidated Revenues** |
| **<u>Client Locations</u>** | | | |
| &nbsp;&nbsp;&nbsp;Americas | $742052 | $38233 | $780285 |
| &nbsp;&nbsp;&nbsp;EMEA | 34916 | 462199 | 497115 |
| &nbsp;&nbsp;&nbsp;APAC | 200 | 24092 | 24292 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Revenues** | $**777168** | $**524524** | $**1301692** |

---

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

The following tables present the disaggregation of the Company's revenues by industry vertical, including a reconciliation of the disaggregated revenues with the reportable segments (Note 14 "Segment Information") for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Reportable Segments** | **Reportable Segments** | |
| | **Americas** | **Europe** |<br>**Consolidated Revenues** |
| **<u>Industry Verticals</u>** | | | |
| &nbsp;&nbsp;&nbsp;Financial Services | $165446 | $184754 | $350200 |
| &nbsp;&nbsp;&nbsp;Consumer Goods, Retail & Travel | 122190 | 151687 | 273877 |
| &nbsp;&nbsp;&nbsp;Software & Hi-Tech | 132822 | 77898 | 210720 |
| &nbsp;&nbsp;&nbsp;Business Information & Media | 115897 | 49482 | 165379 |
| &nbsp;&nbsp;&nbsp;Life Sciences & Healthcare | 125033 | 39101 | 164134 |
| &nbsp;&nbsp;&nbsp;Emerging Verticals | 134008 | 101743 | 235751 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Revenues** | $**795396** | $**604665** | $**1400061** |

---

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| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Reportable Segments** | **Reportable Segments** | |
| | **Americas** | **Europe** |<br>**Consolidated Revenues** |
| **<u>Industry Verticals</u>** | | | |
| &nbsp;&nbsp;&nbsp;Financial Services | $149350 | $164615 | $313965 |
| &nbsp;&nbsp;&nbsp;Consumer Goods, Retail & Travel | 114675 | 140837 | 255512 |
| &nbsp;&nbsp;&nbsp;Software & Hi-Tech | 135662 | 54411 | 190073 |
| &nbsp;&nbsp;&nbsp;Business Information & Media | 113220 | 53327 | 166547 |
| &nbsp;&nbsp;&nbsp;Life Sciences & Healthcare | 125979 | 28975 | 154954 |
| &nbsp;&nbsp;&nbsp;Emerging Verticals | 138282 | 82359 | 220641 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Revenues** | $**777168** | $**524524** | $**1301692** |

---

The following tables present the disaggregation of the Company's revenues by contract type including a reconciliation of the disaggregated revenues with the Company's reportable segments (Note 14 "Segment Information") for the periods indicated:

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** | **Three Months Ended March 31, 2026** |
| | **Reportable Segments** | **Reportable Segments** | |
| | **Americas** | **Europe** |<br>**Consolidated Revenues** |
| **<u>Contract Types</u>** | | | |
| &nbsp;&nbsp;&nbsp;Time-and-materials | $630569 | $458459 | $1089028 |
| &nbsp;&nbsp;&nbsp;Fixed-price | 158094 | 145614 | 303708 |
| &nbsp;&nbsp;&nbsp;Licensing and other revenues | 6733 | 592 | 7325 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Revenues** | $**795396** | $**604665** | $**1400061** |

---

---

| | | | |
|:---|:---|:---|:---|
| | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** | **Three Months Ended March 31, 2025** |
| | **Reportable Segments** | **Reportable Segments** | |
| | **Americas** | **Europe** |<br>**Consolidated Revenues** |
| **<u>Contract Types</u>** | | | |
| &nbsp;&nbsp;&nbsp;Time-and-materials | $641173 | $400539 | $1041712 |
| &nbsp;&nbsp;&nbsp;Fixed-price | 129378 | 122784 | 252162 |
| &nbsp;&nbsp;&nbsp;Licensing and other revenues | 6617 | 1201 | 7818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Revenues** | $**777168** | $**524524** | $**1301692** |

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

**Performance Obligations**

During the three months ended March 31, 2026, the Company recognized $24.0 million of revenues from performance obligations satisfied in previous periods compared to $12.6 million during the three months ended March 31, 2025.

The following table includes the estimated revenues expected to be recognized in the future related to performance obligations that are partially or fully unsatisfied as of March 31, 2026. The Company applies a practical expedient and does not disclose the value of unsatisfied performance obligations for contracts (i) that have an original expected duration of one year or less and (ii) for which it recognizes revenues at the amount to which it has the right to invoice for services provided.

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Less than 1 year** | **1 Year** | **2 Years** | **3 Years** | **Total** |
| **<u>Contract Type</u>** | | | | | |
| Fixed-price | $43432 | $1840 | $— | $— | $45272 |

---

The Company applies a practical expedient and does not disclose the amount of the transaction price allocated to the remaining performance obligations nor provide an explanation of when the Company expects to recognize that amount as revenue for certain variable consideration.

**Contract Balances**

The following table provides information on the classification of contract assets and liabilities in the condensed consolidated balance sheets:

---

| | | |
|:---|:---|:---|
| | **As of <br>March 31,<br>2026** | **As of <br>December 31,<br>2025** |
| Contract assets included in trade receivables and contract assets, net | $69859 | $58513 |
| Contract assets included in other noncurrent assets | $1909 | $246 |
| Contract liabilities included in accrued expenses and other current liabilities | $88162 | $104219 |
| Contract liabilities included in other noncurrent liabilities | $1076 | $674 |

---

Contract assets comprise amounts where the Company's right to bill is contingent on something other than the passage of time such as achievement of contractual milestones. Contract assets have increased from December 31, 2025 primarily due to contracts where the Company's right to bill is contingent upon achievement of contractual milestones. Contract liabilities comprise amounts collected from the Company's clients for revenues not yet earned and such amounts are anticipated to be recorded as revenues when services are performed in subsequent periods. Contract liabilities included $38.2 million and $51.2 million from a single customer at March 31, 2026 and December 31, 2025, respectively. Contract liabilities have decreased from December 31, 2025 primarily due to lower levels of advance collections.

During the three months ended March 31, 2026, the Company recognized $43.3 million of revenues that were included in Accrued expenses and other current liabilities at December 31, 2025. During the three months ended March 31, 2025, the Company recognized $26.3 million of revenues that were included in Accrued expenses and other current liabilities at December 31, 2024.

**9. POLAND RESEARCH AND DEVELOPMENT INCENTIVES**

The Company is eligible for research and development ("R&D") tax relief in Poland which allows the Company to reduce its tax base through bonus deductions for specific costs, such as salaries and social security contributions for employees working on R&D projects. The Company is able to utilize the tax relief by first offsetting its corporate income tax liability and then, to the extent the tax relief exceeds its corporate income tax liability, reducing future remittances of personal income tax withholding for qualified employees.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

During the three months ended March 31, 2026, the Company recognized benefits of $12.2 million related to R&D activities completed in Poland which were recorded as a reduction to cost of revenues in the condensed consolidated statement of income. During the three months ended March 31, 2025, the Company recognized benefits of $12.1 million related to R&D activities completed in Poland which were recorded as a reduction to cost of revenues in the condensed consolidated statement of income. As of March 31, 2026, $16.1 million of benefits were included in prepaid and other current assets and $84.7 million of benefits were included in other noncurrent assets on the condensed consolidated balance sheet related to the Poland R&D incentive. As of December 31, 2025, $21.6 million of benefits were included in prepaid and other current assets and $75.3 million of benefits were included in other noncurrent assets on the condensed consolidated balance sheet related to the Poland R&D incentive.

**10. STOCKHOLDERS' EQUITY**

**2025 Long-Term Incentive Plan** — On May 22, 2025, the Company's stockholders approved the EPAM Systems, Inc. 2025 Long Term Incentive Plan (the "2025 Plan") to be used to issue equity grants to Company personnel. The 2025 Plan is a new plan that replaced the EPAM Systems, Inc. 2015 Long Term Incentive Plan (the "2015 Plan"). The 2025 Plan reserves up to 1,585,970 shares of the Company's common stock for issuance, plus any shares subject to outstanding awards granted under the 2015 Plan and any predecessor plans that return to the share pool as a result of cancellation or forfeiture. The 2025 Plan will expire 10 years after the approval date and is administered by the Compensation Committee of the Company's Board of Directors.

**Stock-Based Compensation** 

The following table summarizes the components of stock-based compensation expense recognized in the Company's condensed consolidated statements of income for the periods indicated:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| Cost of revenues (exclusive of depreciation and amortization) | $22853 | $23923 |
| Selling, general and administrative expenses | 27066 | 24533 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**49919** | $**48456** |

---

**Restricted Stock Units**

*Service-Based Awards*

The table below summarizes activity related to the Company's equity-classified and liability-classified service-based awards for the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | &nbsp;&nbsp;**Equity-Classified**<br>**Equity-Settled**<br>**Restricted Stock Units** | &nbsp;&nbsp;**Equity-Classified**<br>**Equity-Settled**<br>**Restricted Stock Units** | &nbsp;&nbsp;**Liability-Classified**<br>**Cash-Settled**<br>**Restricted Stock Units** | &nbsp;&nbsp;**Liability-Classified**<br>**Cash-Settled**<br>**Restricted Stock Units** |
| | &nbsp;&nbsp;**Number of**<br>**Shares**  | **Weighted Average Grant Date<br>Fair Value Per Share** | &nbsp;&nbsp;**Number of**<br>**Shares**  | **Weighted Average Grant Date<br>Fair Value Per Share** |
| **Unvested service-based awards outstanding at January 1, 2026** | **1467** | $**230.75** | **106** | $**238.64** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards granted | 1114 | $137.30 | 83 | $137.14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards modified | (5) | $224.44 | 5 | $141.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards vested | (435) | $245.19 | (42) | $250.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards forfeited/cancelled | (21) | $223.24 | (1) | $244.80 |
| **Unvested service-based awards outstanding at March 31, 2026** | **2120** | $**178.76** | **151** | $**176.97** |

---

As of March 31, 2026, $301.7 million of total remaining unrecognized stock-based compensation cost related to service-based equity-classified restricted stock units ("RSUs"), net of estimated forfeitures, is expected to be recognized over the weighted-average remaining requisite service period of 2.9 years.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

As of March 31, 2026, $17.2 million of total remaining unrecognized stock-based compensation cost related to service-based liability-classified cash-settled RSUs, net of estimated forfeitures, is expected to be recognized over the weighted-average remaining requisite service period of 3.3 years.

The liability associated with the service-based liability-classified RSUs as of March 31, 2026 and December 31, 2025, was $0.6 million and $5.7 million, respectively, and was classified as accrued compensation and benefits expenses in the condensed consolidated balance sheets.

*Performance-Based Awards*

The table below summarizes activity related to the Company's performance-based awards for the three months ended March 31, 2026:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;**Equity-Classified** <br>**Equity-Settled**<br>**Restricted Stock Units** | &nbsp;&nbsp;**Equity-Classified** <br>**Equity-Settled**<br>**Restricted Stock Units** |
| | &nbsp;&nbsp;**Number of**<br>**Shares**  | **Weighted Average Grant Date<br>Fair Value Per Share** |
| &nbsp;&nbsp;**Unvested performance-based awards outstanding at January 1, 2026** | **138** | $**240.97** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards granted | 122 | $127.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards vested | (4) | $269.87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Awards forfeited/cancelled | (15) | $231.48 |
| &nbsp;&nbsp;**Unvested performance-based awards outstanding at March 31, 2026** | **241** | $**183.76** |

---

As of March 31, 2026, $26.2 million of total remaining unrecognized stock-based compensation cost related to performance-based equity-classified RSUs is expected to be recognized over the weighted-average remaining requisite service period of 1.9 years.

The majority of the Company's performance-based equity-classified RSU awards are granted to its named executive officers and certain other members of senior management. These awards vest after 3 years, contingent on meeting certain financial performance targets, market conditions and continued service conditions. The financial performance targets are set by the Compensation Committee of the Board of Directors at the beginning of each year. For the portion of the awards subject to market conditions, fair value was determined using a Monte Carlo valuation model. The portion of the awards associated with financial performance in future years for which the financial performance targets have not yet been determined are not considered granted for accounting purposes.

As of March 31, 2026, the Company has issued 115 thousand performance-based equity-classified RSUs which are not considered granted for accounting purposes as the future vesting conditions have not yet been determined and these awards are not reflected in the table above.

**Stock Options** 

Stock option activity under the Company's plans is set forth below:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Number of<br>Options** | **Weighted Average<br>Exercise Price** | **Aggregate<br>Intrinsic Value** | **Weighted Average<br>Remaining Contractual Term (in years)** |
| **Options outstanding at January 1, 2026** | **701** | $**212.59** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options exercised | (56) | $72.37 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Options expired | (8) | $296.62 |  |  |
| **Options outstanding at March 31, 2026** | **637** | $**223.77** | $**5872** | 4.5 |
| Options vested and exercisable as of March 31, 2026 | 580 | $216.40 | $5872 | 4.2 |
| Options expected to vest as of March 31, 2026 | 55 | $298.55 | $— | 7.5 |

---

As of March 31, 2026, $4.7 million of total remaining unrecognized stock-based compensation cost related to unvested stock options, net of estimated forfeitures, is expected to be recognized over the weighted-average remaining requisite service period of 1.6 years.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

**Employee Stock Purchase Plan** 

The 2021 Employee Stock Purchase Plan ("ESPP") enables eligible employees to purchase shares of EPAM's common stock at a discount at the end of each designated offering period, which occurs every six months ending April 30th and October 31st. The purchase price is equal to 85% of the fair market value of a share of EPAM's common stock on the first date of an offering or the date of purchase, whichever is lower. During the three months ended March 31, 2026 and 2025, no purchases of common stock have been made under the ESPP.

The Company recognizes compensation expense related to share issuances pursuant to the ESPP on a straight-line basis over the six-month offering period. For the three months ended March 31, 2026, the Company recognized $2.2 million of stock-based compensation expense related to the ESPP. For the three months ended March 31, 2025, the Company recognized $2.5 million of stock-based compensation expense related to the ESPP. As of March 31, 2026, total unrecognized stock-based compensation cost related to the ESPP was $0.7 million, which is expected to be recognized over a period of 0.1 years.

**Share Repurchases** 

On October 16, 2025, the Board of Directors authorized a share repurchase program (the "2025 Repurchase Program") for up to $1,000 million of the Company's outstanding common stock. The Company may repurchase shares of its common stock on a discretionary basis from time to time through open-market purchases, privately negotiated transactions or other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. The timing and total amount of stock repurchases will depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices, and other considerations. The share repurchase program has a term of 24 months, may be suspended or discontinued at any time, and does not obligate the Company to acquire any amount of common stock. Prior to the authorization of the 2025 Repurchase Program, the Company repurchased common stock under the 2024 Repurchase Program and exhausted the $500 million authorized under that program as of September 30, 2025.

On March 4, 2026, the Company entered into a $300 million Accelerated Share Repurchase Agreement (the "ASR") with Morgan Stanley & Co. LLC ("Morgan Stanley"). The ASR was consummated under the 2025 Repurchase Program. Under the terms of the ASR, the Company made a payment of $300 million to Morgan Stanley on March 4, 2026 and received from Morgan Stanley an initial delivery of 1,703 thousand shares of its common stock, or $240 million worth based on the closing price on March 4, 2026. During the three months ended March 31, 2026, the shares in the initial delivery were retired and recorded as a reduction of retained earnings and the remaining $60 million was recorded as a reduction of additional paid-in capital. Final settlement of the ASR occurred on April 17, 2026, when Morgan Stanley delivered 537 thousand additional shares of the Company's common stock. All shares repurchased under the ASR were immediately retired upon receipt by the Company. The final number of shares repurchased was based on the volume-weighted average price of the Company's common stock during the term of the ASR, less a discount pursuant to the terms and conditions of the ASR.

In addition to the ASR, the Company repurchased 132 thousand shares of its common stock during the three months ended March 31, 2026, resulting in a total of 1,835 thousand shares repurchased during the quarter valued at $264.0 million. During the three months ended March 31, 2025, the Company repurchased a total of 796 thousand shares of its common stock for $160.0 million in cash. All of the repurchased shares have been retired.

**11. INCOME TAXES**

In determining its interim provision for income taxes, the Company uses an estimated annual effective tax rate, which is based on expected annual profit before tax, statutory tax rates and tax planning opportunities available in the various jurisdictions in which the Company operates. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rates from quarter to quarter.

The Company's worldwide effective tax rate for the three months ended March 31, 2026 and 2025 was 31.6% and 22.2%, respectively. The Company recorded a tax shortfall upon vesting or exercise of stock awards of $9.8 million during the three months ended March 31, 2026 as compared to excess tax benefits upon vesting or exercise of stock awards of $0.5 million during the three months ended March 31, 2025.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

**12. EARNINGS PER SHARE**

Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of shares of common stock outstanding during the period increased to include the number of additional shares of common stock that would have been outstanding if the potentially dilutive securities had been issued. Potentially dilutive securities include outstanding stock options, unvested equity-settled RSUs and the stock to be issued under the Company's ESPP. The dilutive effect of potentially dilutive securities is reflected in diluted earnings per share by application of the treasury stock method.

The following table sets forth the computation of basic and diluted earnings per share of common stock as follows:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| **Numerator for basic and diluted earnings per share:** |  |  |
| Net income | $82521 | $73482 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Numerator for basic and diluted earnings per share | $82521 | $73482 |
| **Denominator:** |  |  |
| Weighted average common shares for basic earnings per share | 53793 | 56780 |
| Net effect of dilutive equity awards and stock issuable under the ESPP | 390 | 482 |
| &nbsp;&nbsp;&nbsp;&nbsp;Weighted average common shares for diluted earnings per share | 54183 | 57262 |
| **Net income per share:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $1.53 | $1.29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $1.52 | $1.28 |

---

The number of shares underlying equity-based awards that were excluded from the calculation of diluted earnings per share as their effect would be anti-dilutive was 846 thousand and 989 thousand during the three months ended March 31, 2026 and 2025, respectively. The calculation of diluted earnings per share was not affected by the 492 thousand shares that would have been received if the ASR discussed in Note 10 "Stockholders' Equity" was settled as of March 31, 2026 as their effect would have been anti-dilutive.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

**13. COMMITMENTS AND CONTINGENCIES**

**Indemnification Obligations** — In the normal course of business, the Company is a party to a variety of agreements under which it may be obligated to indemnify the other party for certain matters. These obligations typically arise in contracts where the Company customarily agrees to hold the other party harmless against losses arising from a breach of representations or covenants for certain matters, infringement of third-party intellectual property rights, data privacy violations, and certain tortious conduct in the course of providing services. The duration of these indemnifications varies, and in certain cases, is indefinite.

The Company is unable to reasonably estimate the maximum potential amount of future payments under these or similar agreements due to the unique facts and circumstances of each agreement and the fact that certain indemnifications provide for no limitation to the maximum potential future payments under the indemnification. Management is not aware of any such matters that would have a material effect on the condensed consolidated financial statements of the Company.

**Litigation** — From time to time, the Company is involved in litigation, claims or other contingencies arising in the ordinary course of business. The Company accrues a liability when a loss is considered probable and the amount can be reasonably estimated. When a material loss contingency is reasonably possible but not probable, the Company does not record a liability but instead discloses the nature and the amount of the claim, and an estimate of the loss or range of loss, if such an estimate can be made. Legal fees are expensed as incurred. In the opinion of management, the outcome of any existing claims and legal or regulatory proceedings, if decided adversely, is not expected to have a material effect on the Company's business, financial condition, results of operations or cash flows.

**Ukraine Humanitarian Commitment** — On March 4, 2022, EPAM announced that it has established a $100.0 million humanitarian commitment to support its employees in Ukraine and their families. As of March 31, 2026, the Company has $7.1 million remaining to be expensed related to this humanitarian commitment. See Note 2 "Impact of the Invasion of Ukraine" for more information regarding commitment to humanitarian aid for Ukraine.

**Deferred Consideration** — During the year ended December 31, 2022, the Company purchased software licenses for use in the regular course of business in exchange for an upfront payment and fixed, subsequent annual payments due over the next 4 years. This agreement was modified during the years ended December 31, 2023, 2024 and 2025. As of March 31, 2026, the undiscounted deferred consideration amounts owed totaled approximately $18.5 million and are expected to be paid in 2026.

**Contractual Commitment** — On March 31, 2023, the Company entered into a 5-year agreement for cloud services through which it committed to spending at least $75.0 million over the term of the agreement. As of March 31, 2026, $42.9 million remains to be spent under this contractual commitment. The Company has the ability to cancel the commitment whereby it would incur a cancellation penalty of 20% of the remaining contractual commitment.

**14. SEGMENT INFORMATION**

The Company determines its business segments and reports segment information in accordance with how the Company's chief operating decision maker ("CODM") organizes the segments to evaluate performance, allocate resources and make business decisions. The Company's CODM is the chief executive officer. The Company manages its business primarily based on the managerial responsibility for its client base and market. As managerial responsibility for a particular client relationship generally correlates with the client's geographic location, there is a high degree of similarity between client locations and the geographic boundaries of the Company's reportable segments. In some cases, managerial responsibility for a particular client is assigned to a management team in another region and is usually based on the strength of the relationship between client executives and particular members of EPAM's senior management team. In such cases, the client's activity would be reported through the management team's reportable segment.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

Segment results are based on the segment's revenues and operating profit, where segment operating profit is defined as segment income from operations before unallocated costs. Expenses included in segment operating profit consist principally of direct selling and delivery costs as well as an allocation of certain shared services expenses. Intersegment transactions are excluded from the segment's revenues and operating profit on the basis that they are neither included in the measure of a segment's profit and loss results, nor considered by the CODM during the review of segment results. Certain corporate expenses are not allocated to specific segments as these expenses are not controllable at the segment level. Such expenses include certain types of professional fees, certain taxes included in operating expenses, compensation to non-employee directors and certain other general and administrative expenses, including compensation of specific groups of non-production employees. In addition, the Company does not allocate amortization of intangible assets acquired through business combinations, goodwill and other asset impairment charges, stock-based compensation expenses, acquisition-related costs and certain other one-time charges and benefits. These unallocated amounts are combined with total segment operating profit to arrive at consolidated income from operations as reported below in the reconciliation of segment operating profit to consolidated income before provision for income taxes. Additionally, management has determined that it is not practical to allocate identifiable assets by segment since such assets are used interchangeably among the segments.

The Company's CODM considers the operating results of each segment on a quarterly basis and uses segment operating profit predominantly to assess the performance of each segment by comparing the results of each segment with one another and to historical performance. When combined with certain other financial information, this enables the CODM to make decisions about the reporting structure, allocation of operating and capital resources, and compensation of certain employees.

Segment revenues from external clients and segment operating profit, as well as a reconciliation of segment operating profit to consolidated income before provision for income taxes is presented below:

---

| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** | **For the Three Months Ended March 31, 2026** |
| | **Americas** | **Europe** | **Total** |
| **Segment revenues** | $**795396** | $**604665** | $**1400061** |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues (exclusive of depreciation and amortization) | 549905 | 436702 | 986607 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 104344 | 80695 | 185039 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 8901 | 4921 | 13822 |
| **Segment operating profit** | $**132246** | $**82347** | $**214593** |
| Unallocated costs: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  | (49919) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of purchased intangibles |  |  | (17718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other unallocated costs |  |  | (30188) |
| **Income from operations** |  |  | **116768** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other income, net |  |  | 1582 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain |  |  | 2298 |
| **Income before provision for income taxes** |  |  | $**120648** |

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

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| | | | |
|:---|:---|:---|:---|
| | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** |
| | **Americas** | **Europe** | **Total** |
| **Segment revenues** | $**777168** | $**524524** | $**1301692** |
| Less: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues (exclusive of depreciation and amortization) | 550849 | 375463 | 926312 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 101518 | 73516 | 175034 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 9573 | 4208 | 13781 |
| **Segment operating profit** | $**115228** | $**71337** | $**186565** |
| Unallocated costs: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation expense |  |  | (48456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of purchased intangibles |  |  | (17656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other acquisition-related expenses |  |  | (576) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other unallocated costs |  |  | (20547) |
| **Income from operations** |  |  | **99330** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other income, net |  |  | 5814 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange loss |  |  | (10727) |
| **Income before provision for income taxes** |  |  | $**94417** |

---

For each reportable segment, selling, general and administrative expenses include the costs of salaries, bonuses, fringe benefits, bad debt, travel, employee relocations, legal and accounting services, insurance, facilities and overhead including operating leases, advertising and other promotional activities.

There were no clients that accounted for more than 10% of total segment revenues during the three months ended March 31, 2026 and 2025. See Note 8 "Revenues" for additional disclosures of the Company's disaggregated revenues reconciled with the revenues from the Company's reportable segments.

***Geographic Area Information***

Long-lived assets presented in the table below include property and equipment, net of accumulated depreciation and amortization, and management has determined that it is not practical to allocate these assets by segment since such assets are used interchangeably among the segments. Physical locations and values of the Company's long-lived assets are presented below:

---

| | | |
|:---|:---|:---|
| | **As of <br>March 31,<br>2026** | **As of <br>December 31,<br>2025** |
| Ukraine | $60382 | $59381 |
| Belarus | 44509 | 44483 |
| United States | 23487 | 26085 |
| India | 18273 | 17365 |
| Poland | 11395 | 10947 |
| Hungary | 4180 | 4495 |
| Other | 40600 | 39631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**202826** | $**202387** |

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

The table below presents information about the Company's revenues by client location for the three months ended March 31, 2026 and 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| United States | $711766 | $688452 |
| United Kingdom | 158519 | 144583 |
| Switzerland | 114293 | 104850 |
| Netherlands | 63222 | 46975 |
| Germany | 62057 | 51692 |
| Other locations | 290204 | 265140 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Total** | $**1400061** | $**1301692** |

---

**15. ACCUMULATED OTHER COMPREHENSIVE LOSS**

The following table summarizes the changes in the accumulated balances for each component of accumulated other comprehensive income (loss):

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| **Foreign currency translation** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Beginning balance** | $**30191** | $**(103975)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency translation | (33619) | 49685 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense) | 8077 | (8815) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Foreign currency translation, net of tax** | **(25542)** | **40870** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Ending balance** | $**4649** | $**(63105)** |
| **Cash flow hedging instruments** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Beginning balance** | $**(2016)** | $**(11265)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain (loss) in fair value | (11191) | 16332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss reclassified into Cost of revenues (exclusive of depreciation and amortization) | 1867 | 1671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss reclassified into Foreign exchange loss |  | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax benefit (expense) | 2154 | (4192) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Cash flow hedging instruments, net of tax** | **(7170)** | **13956** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Ending balance**<sup>(1)</sup> | $**(9186)** | $**2691** |
| **Defined benefit plans** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;**Beginning balance** | $**(9630)** | $**(1624)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actuarial gains | 421 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Income tax expense | (19) | (36) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Defined benefit plans, net of tax** | **402** | **185** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Ending balance** | $**(9228)** | $**(1439)** |
| **Accumulated other comprehensive loss** | $**(13765)** | $**(61853)** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) As of March 31, 2026, the ending balance of net unrealized loss related to derivatives designated as cash flow hedges is expected to be reclassified into Cost of revenues (exclusive of depreciation and amortization) in the next twelve months.

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**16. SUBSEQUENT EVENTS**

**Accelerated Share Repurchase —** On April 17, 2026, the final settlement of the ASR occurred, as Morgan Stanley delivered to the Company 537 thousand additional shares of the Company's common stock. See Note 10 "Stockholders' Equity" for further information.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

***Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations***

*You should read the following discussion and analysis of our financial condition and results of operations together with our Annual Report on Form 10-K for the year ended December 31, 2025 and the unaudited condensed consolidated financial statements and the related notes included elsewhere in this quarterly report. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties and assumptions that could cause actual results to differ materially from management's expectations. Factors that could cause such differences are discussed in the sections entitled "Forward-Looking Statements" in this item and in "Part I. Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025. We assume no obligation to update any of these forward-looking statements.*

*In this quarterly report, "EPAM," "EPAM Systems, Inc.," the "Company," "we," "us" and "our" refer to EPAM Systems, Inc. and its consolidated subsidiaries.*

*"EPAM*<sup>®</sup>*" is a trademark of EPAM Systems, Inc. All other trademarks and service marks used herein are the property of their respective owners.*

**Executive Summary**

We have used our software engineering expertise to become a leading global provider of digital engineering, cloud and AI-enabled transformation services, as well as a leading business and experience consulting partner for global enterprises and ambitious startups. We address our clients' transformation challenges by fusing EPAM Continuum's integrated strategy, experience and technology consulting with our 30+ years of engineering execution to speed our clients' time to market and drive greater value from their digital investments.

We leverage AI to deliver transformative solutions that accelerate our clients' digital innovation and enhance their competitive edge. Through platforms like EPAM AI/RUN™ and initiatives like DIALX Lab™, we integrate advanced AI technologies into tailored business strategies, driving significant industry impact and fostering continuous innovation.

Through increased specialization in focused verticals and a continued emphasis on strategic partnerships, we are able to deliver technology transformation from start to finish, leveraging agile methodologies, proven client collaboration frameworks, engineering excellence tools, hybrid teams and our award-winning proprietary global delivery platform.

Our clients depend on us to solve their complex technical challenges and rely on our expertise in core engineering, advanced technologies, digital design and intelligent enterprise development. We combine our software engineering heritage with strategic business and innovation consulting, design thinking, and physical-digital capabilities to deliver end-to-end digital transformation services for our clients. We focus on building long-term partnerships with our clients in a market that is constantly challenged by the pressures of digitization through our innovative strategy and scalable software solutions, integrated advisory, business consulting and experience design, and a continually evolving mix of advanced capabilities.

Our global delivery model and centralized support functions, combined with the benefits of scale from the shared use of fixed-cost resources, enhance our productivity levels and enable us to better manage the efficiency of our global operations. As a result, we have created a delivery base whereby our applications, tools, methodologies and infrastructure allow us to seamlessly deliver services and solutions from our global delivery centers to our clients across the world. Our teams of consultants, designers, architects, engineers and trainers have the capabilities and skill sets to deliver business results.

**Business Update Regarding the War in Ukraine**

Russia's attack on Ukraine has had, and could continue to have, a material adverse effect on our operations. As of March 31, 2026, Ukraine continues to be a significant delivery location with a large number of delivery professionals operating from safe locations at levels of productivity consistent with those achieved prior to the attack. We have maintained our $100 million humanitarian aid commitment to our people in Ukraine, and as of March 31, 2026, we have $7.1 million remaining to be expensed under this humanitarian commitment.

Our Board of Directors and its committees continue their oversight of our strategic, geopolitical, and cybersecurity risks and the risks related to our geographic locations and expansion. Our Board has received updates from management during both regular and special meetings, while also providing oversight of the risks associated with Russia's invasion of Ukraine and other strategic areas of importance related to the war.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

We continue to monitor and respond to the difficult conditions in Ukraine while maintaining a focus on our clients and long-term growth. We execute on our business continuity plans and our global delivery centers have sufficient resources, including infrastructure and capital, to support ongoing operations while continuing to focus on the safety and security of our employees and their families in Ukraine as well as in the broader region. The implementation and execution of our business continuity plans, our humanitarian commitment to our people in Ukraine, and other costs related to the war resulted in materially increased expenses. Some of these expenses continued during this year and we expect some of these expenses will continue to occur in subsequent quarters for some time in the future. The information contained in this section is accurate as of the date hereof but may become outdated due to changing circumstances beyond our control or present awareness.

For additional information on the various risks posed by the attack against Ukraine and the impact in the region as well as other risks to our business, please read "Part I. Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025 and "Part II. Item 1A. Risk Factors" in this quarterly report.

**Year-to-Date 2026 Developments and Trends**

For the first three months of 2026, our revenues were $1.400 billion, an increase of 7.6% from $1.302 billion reported for the same period of 2025. Revenues have been positively impacted by improving demand for our services and foreign exchange fluctuations. Income from operations as a percentage of revenues increased to 8.3% for the three months ended March 31, 2026 as compared to 7.6% for the three months ended March 31, 2025, largely driven by a decrease in cost of revenues (exclusive of depreciation and amortization) as a percentage of revenues. Diluted earnings per share increased to $1.52 for the three months ended March 31, 2026 from $1.28 for the three months ended March 31, 2025, principally resulting from an increase in income from operations as well as reduced common shares outstanding resulting from share repurchases, including repurchases made under the Accelerated Share Repurchase Agreement ("ASR") in connection with the 2025 Repurchase Program. See Note 10 "Stockholders' Equity" of our condensed consolidated financial statements in "Part I. Item 1. Financial Statements (Unaudited)" for information regarding the ASR.

**Critical Accounting Policies**

The discussion and analysis of our financial position and results of operations is based on our unaudited condensed consolidated financial statements which have been prepared in accordance with U.S. GAAP. The preparation of these condensed consolidated financial statements in accordance with U.S. GAAP requires us to make estimates and judgments that may affect the reported amounts of assets, liabilities, revenues and expenses, and related disclosure of contingent assets and liabilities. On a recurring basis, we evaluate our estimates and judgments, including those related to revenue recognition and related allowances, impairments of long-lived assets including intangible assets, goodwill and right-of-use assets, income taxes including the valuation allowance for deferred tax assets, and stock-based compensation. Actual results may differ materially from these estimates under different assumptions and conditions. In addition, our reported financial condition and results of operations could vary due to a change in the application of a particular accounting standard.

During the three months ended March 31, 2026, there have been no material changes to our critical accounting policies as reported in our Annual Report on Form 10-K for the year ended December 31, 2025.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

**Results of Operations**

The following table presents a summary of our consolidated results of operations for the periods indicated. This information should be read together with our unaudited condensed consolidated financial statements and related notes included elsewhere in this quarterly report. The operating results in any period are not necessarily indicative of the results that may be expected for any future period.

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2026** | **2025** | **2025** |
| | **(in thousands, except percentages and per share data)** | **(in thousands, except percentages and per share data)** | **(in thousands, except percentages and per share data)** | **(in thousands, except percentages and per share data)** |
| **Revenues** | $**1400061** | **100.0%** | $**1301692** | **100.0%** |
| &nbsp;&nbsp;&nbsp;Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues (exclusive of depreciation and amortization)<sup>(1)</sup> | 1012052 | 72.3% | 952008 | 73.1% |
| &nbsp;&nbsp;&nbsp;&nbsp; Selling, general and administrative expenses<sup>(2)</sup> | 239702 | 17.1% | 218917 | 16.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 31539 | 2.3% | 31437 | 2.5% |
| **Income from operations** | **116768** | **8.3%** | **99330** | **7.6%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest and other income, net | 1582 | 0.1% | 5814 | 0.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange gain (loss) | 2298 | 0.2% | (10727) | (0.8)% |
| &nbsp;&nbsp;**Income before provision for income taxes** | **120648** | **8.6%** | **94417** | **7.3%** |
| &nbsp;&nbsp;&nbsp;&nbsp;Provision for income taxes | 38127 | 2.7% | 20935 | 1.7% |
| **Net income** | $**82521** | **5.9%** | $**73482** | **5.6%** |
| Effective tax rate | 31.6% |  | 22.2% |  |
| Diluted earnings per share | $1.52 |  | $1.28 |  |

---

(1)Includes $22,853 and $23,923 of stock-based compensation expense for the three months ended March 31, 2026 and 2025, respectively.

(2)Includes $27,066 and $24,533 of stock-based compensation expense for the three months ended March 31, 2026 and 2025, respectively.

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***Consolidated Results Review***

*Revenues*

During the three months ended March 31, 2026, our total revenues increased by 7.6% to $1.400 billion compared to the corresponding period in 2025. During the three months ended March 31, 2026 as compared to the same period last year, revenues have been positively impacted by improving demand for our services and fluctuations in foreign currency exchange rates which contributed 3.9% to revenue growth.

Revenues by client location for the three months ended March 31, 2026 and 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
|  | **2026** | **2026** | **2025** | **2025** |
|  | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
| Americas<sup>(1)</sup> | $799469 | 57.1% | $780285 | 59.9% |
| EMEA<sup>(2)</sup> | 576012 | 41.1% | 497115 | 38.2% |
| APAC<sup>(3)</sup> | 24580 | 1.8% | 24292 | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;**Revenues** | $**1400061** | **100.0%** | $**1301692** | **100.0%** |

---

(1)Americas includes revenues from clients in North, Central and South America.

(2)EMEA includes revenues from clients in Europe and the Middle East.

(3)APAC includes revenues from clients in East Asia, Southeast Asia and Australia.

During the three months ended March 31, 2026, the United States continued to be our largest client location. During the three months ended March 31, 2026, revenues in the United States increased 3.4% to $711.8 million from $688.5 million in the first quarter of 2025, largely due to increased spending at certain large accounts in the region.

During the three months ended March 31, 2026, the top three revenue contributing countries by client location in EMEA were the United Kingdom, Switzerland, and the Netherlands, generating $158.5 million, $114.3 million and $63.2 million in revenues, respectively compared to $144.6 million, $104.9 million, and $47.0 million, respectively, in the corresponding period last year. Revenues in the EMEA region were positively impacted by increased spending at certain large accounts and changes in foreign currency exchange rates during the three months ended March 31, 2026 as compared to the same period in the previous year.

During the three months ended March 31, 2026, revenues from clients in the APAC region increased by $0.3 million or 1.2% compared to the corresponding period of 2025.

*Cost of Revenues (Exclusive of Depreciation and Amortization)*

The principal components of our cost of revenues (exclusive of depreciation and amortization) are salaries, bonuses, fringe benefits, stock-based compensation, project-related travel costs and fees for subcontractors who are assigned to client projects. Salaries and other compensation expenses of our delivery professionals are reported as cost of revenues regardless of whether the employees are actually performing services for clients during a given period. Additionally, government incentives and assistance related to services performed by delivery professionals assigned to client projects are reported in cost of revenues. Our employees are a critical asset, necessary for our continued success and therefore we expect to continue hiring talented employees and providing them with competitive compensation programs.

During the three months ended March 31, 2026, cost of revenues (exclusive of depreciation and amortization) was $1,012.1 million representing an increase of 6.3% from $952.0 million in the corresponding period of 2025. The increase primarily resulted from increased compensation expense due to salary increases and promotions implemented during the prior year annual compensation cycle, a 2.2% increase in the average number of production professionals in the first quarter of 2026 compared to the first quarter of 2025, and foreign exchange fluctuations. Expressed as a percentage of revenues, cost of revenues (exclusive of depreciation and amortization) was 72.3% and 73.1% in the first quarter of 2026 and 2025, respectively. This year-over-year decrease is primarily due to a decrease in compensation expense, including stock-based compensation expense, as a percentage of revenues, partially offset by the negative impact from foreign currency fluctuations.

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*Selling, General and Administrative Expenses*

Selling, general and administrative expenses represent expenditures associated with promoting and selling our services and general and administrative functions of our business. These expenses include the costs of salaries, bonuses, fringe benefits, stock-based compensation, severance, bad debt, travel, legal and accounting services, insurance, facilities including operating leases, advertising, and other promotional activities. Additionally, selling, general and administrative expenses include costs of relocating our employees and various one-time and unusual expenses such as impairment charges.

During the three months ended March 31, 2026, selling, general and administrative expenses were $239.7 million representing a 9.5% increase as compared to $218.9 million in the corresponding period of 2025. The increase was mainly driven by increased personnel-related costs, which included impacts from salary increases and promotions implemented during the prior year annual compensation cycle, increases in stock-based compensation expense, and severance, which reflects the impact from cost optimization programs, and foreign exchange fluctuations. See Note 7 "Cost Optimization Programs" for more information regarding the Company's restructuring programs. Expressed as a percentage of revenues, selling, general and administrative expenses increased by 0.3% to 17.1% for the three months ended March 31, 2026 as compared to the same period from the prior year, primarily driven by an increase in personnel-related costs as a percentage of revenues.

*Depreciation and Amortization Expense*

During the three months ended March 31, 2026, depreciation and amortization expense was $31.5 million as compared to $31.4 million in the corresponding period last year. The composition of depreciable and amortizable assets has not changed significantly since the first quarter of 2025.

*Interest and Other Income, Net*

Interest and other income, net includes interest earned on cash and cash equivalents and short-term investments, gains and losses from certain financial instruments, interest expense related to our borrowings, and changes in the fair value of contingent consideration. Interest and other income, net was $1.6 million during the three months ended March 31, 2026, compared to $5.8 million during the three months ended March 31, 2025. The decrease in Interest and other income, net during the three months ended March 31, 2026 as compared to the three months ended March 31, 2025 was largely driven by a $2.7 million difference in the change in fair value of contingent consideration and a $0.8 million decrease in interest income from our cash, cash equivalents and short-term investments.

*Foreign Exchange Gain (Loss)*

During the three months ended March 31, 2026, foreign exchange gain was $2.3 million compared to a loss of $10.7 million reported in the corresponding period last year. Exchange rate movements impact the reported value of our assets and liabilities denominated in currencies other than the U.S. dollar or where the currency of such items is different than the functional currency of the entity where these items were recorded.

*Provision for Income Taxes* 

In determining our interim provision for income taxes, we use an estimated annual effective tax rate, which is based on expected annual profit before tax, statutory tax rates and tax planning opportunities available in the various jurisdictions in which we operate. Certain significant or unusual items are separately recognized in the quarter in which they occur and can be a source of variability in the effective tax rates from quarter to quarter.

Determining the consolidated provision for income tax expense, deferred income tax assets and liabilities and any potential related valuation allowances involves judgment. We consider factors that may contribute, favorably or unfavorably, to the overall effective tax rate in the current year as well as the future. These factors include statutory tax rates and tax law changes in the countries where we operate and excess tax benefits or shortfalls upon vesting or exercise of stock awards as well as consideration of any significant or unusual items.

Our effective tax rate was 31.6% for the three months ended March 31, 2026, and 22.2% for the three months ended March 31, 2025. The increase in the effective tax rate is largely attributable to a tax shortfall upon vesting or exercise of stock awards of $9.8 million during the three months ended March 31, 2026 as compared to excess tax benefits of $0.5 million during the corresponding period of the prior year.

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**Results by Business Segment**

We determine our business segments and report segment information in accordance with how the Company's chief operating decision maker ("CODM") organizes the segments to evaluate performance, allocate resources and make business decisions. Our CODM is the chief executive officer. We manage our business primarily based on the managerial responsibility for our client base and market. As managerial responsibility for a particular client relationship generally correlates with the client's geographic location, there is a high degree of similarity between client locations and the geographic boundaries of our reportable segments. In some cases, managerial responsibility for a particular client is assigned to a management team in another region and is usually based on the strength of the relationship between client executives and particular members of EPAM's senior management team. In such cases, the client's activity would be reported through the management team's reportable segment.

Segment results are based on the segment's revenues and operating profit, where segment operating profit is defined as segment income from operations before unallocated costs. Expenses included in segment operating profit consist principally of direct selling and delivery costs as well as an allocation of certain shared services expenses. Intersegment transactions are excluded from the segment's revenues and operating profit on the basis that they are neither included in the measure of a segment's profit and loss results, nor considered by the CODM during the review of segment results. Certain corporate expenses are not allocated to specific segments as these expenses are not controllable at the segment level. Such expenses include certain types of professional fees, certain taxes included in operating expenses, compensation to non-employee directors and certain other general and administrative expenses, including compensation of specific groups of non-production employees. In addition, we do not allocate amortization of intangible assets acquired through business combinations, goodwill and other asset impairment charges, stock-based compensation expenses, acquisition-related costs and certain other one-time charges and benefits. These unallocated amounts are combined with total segment operating profit to arrive at consolidated income from operations.

Our CODM considers the operating results of each segment on a quarterly basis and uses segment operating profit predominantly to assess the performance of each segment by comparing the results of each segment with one another and to historical performance. When combined with certain other financial information, this enables the CODM to make decisions about the reporting structure, allocation of operating and capital resources, and compensation of certain employees.

See Note 14 "Segment Information" in the notes to our condensed consolidated interim financial statements in this Form 10-Q for more information related to our reportable segments.

*Americas Segment*

The following table summarizes revenues from external clients and operating profit, before unallocated expenses, for the Americas segment for the three months ended March 31, 2026, and 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| **Americas segment revenues** | $**795396** | $**777168** |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues (exclusive of depreciation and amortization) | 549905 | 550849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 104344 | 101518 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 8901 | 9573 |
| **Americas segment operating profit** | $**132246** | $**115228** |

---

During the three months ended March 31, 2026, revenues for the Americas segment increased $18.2 million, or 2.3%, compared to the same period last year and segment operating profit increased $17.0 million, or 14.8%, compared to the same period last year. During the three months ended March 31, 2026, revenues from our Americas segment were 56.8% of total revenues, a decrease from 59.7% reported in the corresponding period of 2025. As a percentage of Americas segment revenues, the Americas segment's operating profit increased to 16.6% during the first quarter of 2026 from 14.8% in the first quarter of 2025. This increase is primarily attributable to improved profitability as a result of our cost optimization initiatives, partially offset by the impact of changes in foreign currency exchange rates.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

The following table presents Americas segment revenues by industry vertical for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Change** | **Change** |
| | **2026** | **2025** | **Dollars** | **Percentage** |
| **<u>Industry Vertical</u>** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
| Financial Services | $165446 | $149350 | $16096 | 10.8% |
| Software & Hi-Tech | 132822 | 135662 | (2840) | (2.1)% |
| Life Sciences & Healthcare | 125033 | 125979 | (946) | (0.8)% |
| Consumer Goods, Retail & Travel | 122190 | 114675 | 7515 | 6.6% |
| Business Information & Media | 115897 | 113220 | 2677 | 2.4% |
| Emerging Verticals | 134008 | 138282 | (4274) | (3.1)% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Revenues** | $**795396** | $**777168** | $**18228** | **2.3%** |

---

During the three months ended March 31, 2026, Financial Services was the largest industry vertical in the Americas segment and grew 10.8% compared to the corresponding period of 2025, primarily due to increased spend at a large wealth management client and growth in fintech, insurance, and payment processing clients. Software & Hi-Tech declined 2.1% during the three months ended March 31, 2026, which was a result of lower spend from our technology clients. Life Sciences & Healthcare declined 0.8% during the three months ended March 31, 2026. Consumer Goods, Retail & Travel grew 6.6% during the three months ended March 31, 2026, primarily due to growth from our consumer goods clients. Business Information & Media grew 2.4% during the three months ended March 31, 2026, primarily due to improvement in demand from information services clients. Emerging Verticals declined 3.1% during the three months ended March 31, 2026, primarily due to lower revenues from clients in industrial materials, telecommunications, and real estate, which were partially offset by increased revenues from clients in the energy sector.

*Europe Segment*

The following table summarizes revenues from external clients and operating profit, before unallocated expenses, for the Europe segment for the three months ended March 31, 2026, and 2025:

---

| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| **Europe segment revenues** | $**604665** | $**524524** |
| Less: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenues (exclusive of depreciation and amortization) | 436702 | 375463 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses | 80695 | 73516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization expense | 4921 | 4208 |
| **Europe segment operating profit** | $**82347** | $**71337** |

---

During the three months ended March 31, 2026, Europe's segment revenues were $604.7 million, representing an increase of $80.1 million, or 15.3%, from the same period last year. Revenues were positively impacted by changes in foreign currency exchange rates during the first quarter of 2026 and had our Europe segment revenues been expressed in constant currency terms using the exchange rates in effect during the first quarter of 2025, we would have reported revenue growth of 7.8%. Europe's segment revenues accounted for 43.2% and 40.3% of total segment revenues during the three months ended March 31, 2026 and 2025, respectively. During the first quarter of 2026, the segment's operating profit increased 15.4% to $82.3 million compared to the first quarter of 2025. Expressed as a percentage of revenues, Europe's segment operating profit remained consistent at 13.6% compared to the same period of the prior year.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

The following table presents Europe segment revenues by industry vertical for the periods indicated:

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** | **Change** | **Change** |
| | **2026** | **2025** | **Dollars** | **Percentage** |
| **<u>Industry Vertical</u>** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** | **(in thousands, except percentages)** |
| Financial Services | $184754 | $164615 | $20139 | 12.2% |
| Consumer Goods, Retail & Travel | 151687 | 140837 | 10850 | 7.7% |
| Software & Hi-Tech | 77898 | 54411 | 23487 | 43.2% |
| Business Information & Media | 49482 | 53327 | (3845) | (7.2)% |
| Life Sciences & Healthcare | 39101 | 28975 | 10126 | 34.9% |
| Emerging Verticals | 101743 | 82359 | 19384 | 23.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Revenues** | $**604665** | $**524524** | $**80141** | **15.3%** |

---

During the three months ended March 31, 2026, Financial Services was the largest industry vertical in the Europe segment and grew 12.2% compared to the corresponding period of 2025, primarily due to improved demand from clients in asset management and insurance. During the three months ended March 31, 2026, revenues in Consumer Goods, Retail & Travel grew 7.7% primarily due to improved demand from clients in the retail and consumer goods industries. During the three months ended March 31, 2026, revenues in Software & Hi-Tech grew 43.2% primarily due to increased demand at a large hardware client and several technology services clients. During the three months ended March 31, 2026, revenues in Business Information & Media declined 7.2% primarily due to decreased demand from information services clients. Revenues in Life Sciences & Healthcare grew 34.9% during the three months ended March 31, 2026, primarily due to the growth experienced from clients in the pharmaceutical sector. Revenues in Emerging Verticals grew 23.5% during the three months ended March 31, 2026, due to the growth from various clients in the energy and government sectors.

**Effects of Inflation**

Economies in many countries where we operate have periodically experienced high rates of inflation. Periods of higher inflation may affect various economic sectors in those countries and increase our cost of doing business there. We do not believe that inflation has had a material impact on our business, results of operations or financial condition to date. We continue to track the impact of inflation, particularly on wages, while attempting to minimize its effects through pricing and cost management strategies. A higher-than-normal rate of inflation in the future could adversely affect our operations and financial condition. For a discussion of our potential risks and uncertainties, including those related to inflation, see "Part I. Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025.

**Liquidity and Capital Resources**

***Capital Resources***

Our cash generated from operations has been our primary source of liquidity to fund operations, to repurchase shares and make investments to support the growth of our business. As of March 31, 2026, our principal sources of liquidity were cash and cash equivalents totaling $1.037 billion, short-term investments totaling $4.3 million, and $535.0 million of available borrowings under our revolving credit facility. During the quarter ended March 31, 2026, we drew an additional $140 million on this facility to partially fund our $300 million ASR. As of March 31, 2026, $165.0 million was outstanding under this facility and we were in compliance with all covenants contained in the facility. See Note 6 "Debt" of our condensed consolidated financial statements in "Part I. Item 1. Financial Statements (Unaudited)" for information regarding drawdowns on our revolving credit facility.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

***Cash Flows***

The following table summarizes our cash flows for the periods indicated:

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| | | |
|:---|:---|:---|
| | **Three Months Ended<br>March 31,** | **Three Months Ended<br>March 31,** |
| | **2026** | **2025** |
| | **(in thousands)** | **(in thousands)** |
| **Condensed Consolidated Statements of Cash Flow Data:** |  |  |
| Net cash provided by (used in) operating activities | $(36360) | $24162 |
| Net cash used in investing activities | (15646) | (5308) |
| Net cash used in financing activities | (192199) | (149514) |
| Effect of exchange rate changes on cash, cash equivalents and restricted cash | (14555) | 18770 |
| Net decrease in cash, cash equivalents and restricted cash | (258760) | (111890) |
| Cash, cash equivalents and restricted cash, beginning of period | 1301377 | 1290392 |
| Cash, cash equivalents and restricted cash, end of period | $1042617 | $1178502 |

---

*Operating Activities*

Our largest source of cash provided by operating activities is cash generated from our professional services that we provide to our clients. Our primary uses of cash from operating activities include compensation to our employees and related costs, payments for leased facilities, various general corporate expenditures and income tax payments. The first three months of 2026 were negatively impacted by higher payments for variable compensation as compared to the first three months of 2025, attributable to a higher level of financial performance for the year ended December 31, 2025.

*Investing Activities*

Our primary uses of cash in investing activities consist of purchases of computer hardware, software and office equipment, as well as investments into office buildings and new businesses. We also use cash for short-term investments and time deposits and receive cash upon maturity of these deposits. Most of our investments are typically short-term and cash equivalent in nature but we may invest in longer term deposits if the terms are favorable. The cash used in investing activities during the three months ended March 31, 2026 was primarily attributable to $17.9 million used for capital expenditures compared to $9.3 million used for capital expenditures in the corresponding period of 2025.

*Financing Activities*

Cash used in financing activities mainly consists of repurchases of shares of EPAM common stock under our share repurchase programs, payments of withholding taxes related to net share settlements of restricted stock units, repayments of debt, and settlements of the acquisition-date fair value of contingent consideration related to acquisitions of businesses. Cash provided by financing activities mainly consists of the proceeds from the purchases of shares under our ESPP and exercises of stock options issued under our long-term incentive plans as well as proceeds from debt. We typically do not rely on debt to supplement our cash flows. During the first three months of 2026, our main use of cash in financing activities consisted of $324.0 million of payments to repurchase our common stock, including $300 million related to the accelerated share repurchase, compared to $160.0 million in the corresponding period of 2025. The cash outflows during the first three months of 2026 were partially offset by $140.0 million of proceeds from a drawdown on our revolving credit facility.

**Future Capital Requirements**

We believe that our existing cash, cash equivalents and short-term investments, combined with our expected cash flow from operations will be sufficient to meet our projected operating and capital expenditure requirements for at least the next twelve months and that we possess the financial flexibility to execute our strategic objectives, including the ability to make acquisitions and strategic investments in the foreseeable future. However, the invasion of Ukraine, other various geopolitical events, and the related measures implemented to contain their impact, have caused and may continue to cause material disruptions in financial markets and economies. These disruptions may increase our costs of capital, decrease returns on investment, and otherwise adversely affect our business, results of operations, financial condition and liquidity.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

Our ability to generate cash is subject to our performance, general economic conditions, industry trends and other factors including the impact of the invasion of Ukraine, as described elsewhere in this Management's Discussion and Analysis of Financial Condition and Results of Operations. We may require additional cash resources due to changed business conditions or other future developments, including any investments, acquisitions, or share repurchases we may decide to pursue. To the extent that existing cash, cash equivalents, short-term investments, and operating cash flows are insufficient to fund our future activities and requirements, we may need to raise additional funds through public or private equity or debt financing. If we issue equity securities in order to raise additional funds, substantial dilution to existing stockholders may occur. If we raise cash through the issuance of additional indebtedness, we may be subject to additional contractual restrictions on our business and there is no assurance that we would be able to raise additional funds on favorable terms or at all. Our ability to expand and grow our business in accordance with current plans and to meet our long-term capital requirements will depend on many factors, including the rate at which our cash flows increase or decrease and the availability of public and private debt and equity financing.

See Note 13 "Commitments and Contingencies" of our condensed consolidated financial statements in "Part I. Item 1. Financial Statements (Unaudited)" of this Quarterly Report and "Part II. Item 7. Future Capital Requirements" of our Annual Report on Form 10-K for the year ended December 31, 2025 for information regarding contractual obligations.

**Off-Balance Sheet Commitments and Arrangements**

We do not have any material obligations under guarantee contracts or other contractual arrangements other than as disclosed in Note 13 "Commitments and Contingencies" of our condensed consolidated financial statements in "Part I. Item 1. Financial Statements (Unaudited)." We have not entered into any transactions with unconsolidated entities where we have financial guarantees, subordinated retained interests, derivative instruments, or other contingent arrangements that expose us to material continuing risks, contingent liabilities, or any other obligation under a variable interest in an unconsolidated entity that provides financing, liquidity, market risk, or credit risk support to us, or engages in leasing, hedging, or research and development services with us.

**Recent Accounting Pronouncements**

See Note 1 "Organization and Summary of Significant Accounting Policies" to our unaudited condensed consolidated financial statements in "Part I. Item 1. Financial Statements (Unaudited)" for additional information.

**Forward-Looking Statements**

This quarterly report on Form 10-Q contains estimates and forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, principally in "Part I. Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Part II. Item 1A. Risk Factors." Our Annual Report on Form 10-K for the year ended December 31, 2025 also contains estimates and forward-looking statements, principally in "Part I. Item 1A. Risk Factors" and "Part II. Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations." Our estimates and forward-looking statements are based on our current expectations and estimates of future events and trends, which affect or may affect our businesses and operations. Those future events and trends may relate to, among other things, developments relating to the war in Ukraine and escalation of the war in the surrounding region, political and civil unrest or military action in the geographies where we conduct business and operate, difficult conditions in global capital markets, foreign exchange markets, global trade and the broader economy, the adoption and implementation of artificial intelligence technologies by EPAM and its clients and prospective clients, and the effect that these events may have on client demand, our revenues, operations, access to capital and profitability. Although we believe that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks, uncertainties and assumptions as to future events that may not prove to be accurate and are made in light of information currently available to us. Important factors, in addition to the factors described in this quarterly report and in our Annual Report, may materially and adversely affect our results. You should read this quarterly report, our Annual Report and the documents that we have filed as exhibits hereto completely and with the understanding that our actual future results may be materially different from what we expect.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

The words "may," "will," "should," "could," "expect," "plan," "anticipate," "believe," "estimate," "predict," "intend," "potential," "might," "would," "continue" or the negative of these terms or other comparable terminology and similar words are intended to identify estimates and forward-looking statements. Estimates and forward-looking statements speak only as of the date they were made and, except to the extent required by law, we undertake no obligation to update, to correct, to revise or to review any estimate and/or forward-looking statement because of new information, future events or other factors. Estimates and forward-looking statements involve risks and uncertainties and are not guarantees of future performance. As a result of the risks and uncertainties described above, the estimates and forward-looking statements discussed in this quarterly report and our Annual Report on Form 10-K for the year ended December 31, 2025 might not occur and our future results, level of activity, performance or achievements may differ materially from those expressed in these forward-looking statements due to, including, but not limited to, the factors mentioned above, and the differences may be material and adverse. Because of these uncertainties, you should not place undue reliance on these forward-looking statements.

***Item 3. Quantitative and Qualitative Disclosures About Market Risk***

We are exposed to certain market risks in the ordinary course of our business. These risks primarily result from changes in concentration of credit risks, foreign currency exchange rates and interest rates. In addition, our global operations are subject to risks related to differing economic conditions, global trade, civil unrest, political instability or uncertainty, military activities, broad-based sanctions, differing tax structures, and other changing regulations and restrictions.

**Concentration of Credit and Other Credit Risks**

Financial instruments that potentially subject us to significant concentrations of credit risk consist primarily of cash, cash equivalents, restricted cash, short-term investments and trade receivables.

We maintain our cash, cash equivalents and short-term investments with financial institutions. We believe that our credit policies reflect normal industry terms and business risk. We do not anticipate non-performance by the counterparties.

We have cash in several countries, including Ukraine and Belarus, where the banking sector remains subject to periodic instability; banking and other financial systems in these countries generally do not meet the banking standards of more developed markets, and bank deposits made by corporate entities are not insured. As of March 31, 2026, we had $63.5 million of cash and cash equivalents in banks in Ukraine and $50.0 million of cash and cash equivalents in banks in Belarus. We regularly monitor cash held in these countries and, to the extent the cash held exceeds amounts required to support our operations in these countries, we distribute the excess funds into markets with more developed banking sectors to the extent it is possible to do so. In April 2024, Belarus instituted restrictions on distributing dividends from Belarus to shareholders in certain countries, including the U.S. The restrictions are scheduled to remain in place until the end of 2026 and may prevent EPAM from distributing excess funds, if any, out of Belarus. We do not expect these restrictions to have a material impact on our ability to meet our worldwide cash obligations during this period. We place our cash and cash equivalents with financial institutions considered stable, limit the amount of credit exposure with any one financial institution and conduct ongoing evaluations of the credit worthiness of the financial institutions with which we do business. However, a banking crisis, bankruptcy or insolvency of banks that process or hold our funds, or sanctions may result in the loss of our deposits or adversely affect our ability to complete banking transactions, which could adversely affect our business and financial condition.

Trade receivables are generally dispersed across many clients operating in different industries and geographies; therefore, concentration of credit risk is limited and we do not believe significant credit risk existed as of March 31, 2026. Though our results of operations depend on our ability to successfully collect payment from our clients for work performed, historically, credit losses and write-offs of trade receivables have not been material to our condensed consolidated financial statements. If our clients enter bankruptcy protection or otherwise take steps to alleviate their financial distress, our credit losses and write-offs of trade receivables could increase, which would negatively impact our results of operations.

**Interest Rate Risk**

We are exposed to market risk from changes in interest rates. Exposure to interest rate risk results primarily from variable rates related to cash and cash equivalent deposits, short-term investments, and our borrowings, mainly under our 2025 Credit Agreement, which is subject to a variety of rates depending on the currency and timing of funds borrowed. We do not believe we are exposed to material direct risks associated with changes in interest rates related to these deposits, investments and borrowings.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

**Foreign Exchange Risk** 

Our global operations are conducted predominantly in U.S. dollars. Other than U.S. dollars, we generate revenues principally in euros, British pounds, and Swiss francs. During the three months ended March 31, 2026, approximately 40.0% of consolidated revenues were denominated in currencies other than the U.S. dollar. Other than U.S. dollars, we incur expenditures principally in euros, Polish zlotys, Indian rupees, British pounds, and Mexican pesos. The majority of our expenditures are in currencies other than the U.S. dollar. As a result, exchange rate fluctuations in any of these currencies relative to the U.S. dollar could negatively impact our results of operations.

To manage the risk of fluctuations in foreign currency exchange rates and hedge a portion of our forecasted foreign currency denominated operating expenses incurred in the normal course of business, we implemented a hedging program through which we enter into a series of foreign exchange forward contracts with durations of twelve months or less that are designated as cash flow hedges of forecasted Polish zloty, Indian rupee, Hungarian forint, Colombian peso, and Mexican peso transactions. As of March 31, 2026, all of EPAM's foreign exchange forward contracts were designated as hedges and there is no financial collateral (including cash collateral) required to be posted related to the foreign exchange forward contracts.

Management supplements results reported in accordance with United States generally accepted accounting principles, referred to as GAAP, with non-GAAP financial measures. Management believes these measures help illustrate underlying trends in our business and uses the measures to establish budgets and operational goals, communicated internally and externally, for managing our business and evaluating our performance. When important to management's analysis, operating results are compared on the basis of "constant currency," which is a non-GAAP financial measure. This measure excludes the effect of foreign currency exchange rate fluctuations by translating the current period revenues and expenses into U.S. dollars at the weighted average exchange rates of the prior period of comparison.

During the first quarter of 2026, we reported revenue growth of 7.6% compared to the first quarter of 2025. Had our consolidated revenues been expressed in constant currency terms using the exchange rates in effect during the first quarter of 2025, we would have reported revenue growth of 3.7%. Our revenues denominated in euros, British pounds, and Swiss francs experienced the most impact from the movements in foreign currencies. During the first quarter of 2026, we reported an increase in income from operations of 17.6% compared to the first quarter of 2025. Had our consolidated results been expressed in constant currency terms using the exchange rates in effect during the first quarter of 2025, we would have reported an increase in income from operations of 29.7%. Income from operations was most significantly impacted by the movements of Polish zloty, euro, Hungarian forint, Indian rupee, and Mexican peso exchange rates during the first quarter of 2026 compared to the same period in the prior year.

***Item 4. Controls and Procedures***

**Conclusion Regarding the Effectiveness of Disclosure Controls and Procedures**

Based on management's evaluation, with the participation of our Chief Executive Officer and Chief Financial Officer, as of the end of the period covered by this report, these officers have concluded that our disclosure controls and procedures, as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), are effective to provide reasonable assurance that information required to be disclosed by us in reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in SEC rules and forms, and is accumulated and communicated to management, including our principal executive officer and principal financial officer, as appropriate, to allow timely decisions regarding required disclosure.

**Changes in Internal Control Over Financial Reporting**

There has been no change in our internal control over financial reporting during the quarter ended March 31, 2026 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

**PART II. OTHER INFORMATION**

***Item 1. Legal Proceedings***

From time to time, we are involved in litigation and claims arising out of our business and operations in the normal course of business. We are not currently a party to any material legal proceeding, nor are we aware of any material legal or governmental proceedings pending or contemplated to be brought against us.

***Item 1A. Risk Factors***

For a discussion of our potential risks and uncertainties, including the role of AI technologies in our business and workforce and as competition to the services that we sell, and our significant operations in Belarus and Ukraine and the material adverse effect the invasion of Ukraine by Russia has had and may have on our operations, business, and financial results, see the risk factors disclosed under the heading "Part I. Item 1A. Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2025.

The risks and uncertainties that we face are not limited to those set forth in our Annual Report on Form 10-K. Additional risks and uncertainties not presently known to us or that we currently believe to be immaterial may also adversely affect our business and the trading price of our common stock.

***Item 2. Unregistered Sales of Equity Securities and Use of Proceeds***

**Issuer Purchases of Equity Securities**

On October 16, 2025, the Board of Directors authorized a share repurchase program (the "2025 Repurchase Program") for up to $1,000 million of the Company's outstanding common stock. The Company may repurchase shares of its common stock on a discretionary basis from time to time through open-market purchases, privately negotiated transactions or other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Securities Exchange Act of 1934, as amended. See Note 10 "Stockholders' Equity" in the notes to our condensed consolidated interim financial statements in this Form 10-Q for more information related to the program.

The following table provides information about the purchases of shares of our common stock during the three months ended March 31, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **Total Number of<br>Shares Purchased** | **Average Price Paid**<br>**per Share** <sup>(1)</sup> | **Total Number of<br>Shares Purchased as<br>Part of Publicly<br>Announced Plans or<br>Programs** | **Approximate Dollar<br>Value of Shares that<br>May Yet Be Purchased<br>Under the Plans or<br>Programs** |
| | **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** | **(in thousands, except per share amounts)** |
| January 1 to January 31, 2026 |  | $— |  | $776453 |
| February 1 to February 28, 2026 | 132 | $181.81 | 132 | $752491 |
| March 1 to March 31, 2026 | 1703 | $140.90 | 1703 | $512491 |
| &nbsp;&nbsp;&nbsp;&nbsp;**Total** | **1835** | $**143.84** | **1835** |  |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<sup>(1)</sup> Average price paid per share in the period includes commission and excludes excise tax. Our share repurchases in excess of issuances during the taxable year are subject to a 1% excise tax. Any excise tax incurred is recognized as part of the cost basis of the shares acquired in the condensed consolidated statements of changes in equity.

***Item 3. Defaults Upon Senior Securities***

None.

***Item 4. Mine Safety Disclosures***

Not Applicable.

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

***Item 5. Other Information***

**Insider Adoption or Termination of Trading Arrangements:**

On March 13, 2026, Arkadiy Dobkin, Executive Chair, through a revocable trust that he controls, entered into a trading arrangement for the sale of securities of the Company's common stock that is intended to satisfy the affirmative defense conditions of Securities Exchange Act Rule 10b5-1(c) (a "Rule 10b5-1 Trading Plan"). Mr. Dobkin's Rule 10b5-1 Trading Plan provides for the sale of up to 150,000 shares of common stock before its expiration on March 15, 2028.

***Item 6. Exhibits***

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| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 10.1\* | <u>[Form of Global Executive Officer Performance Restricted Stock Unit Award Agreement](exhibit101-epamxglobalpsua.htm)</u> |
| 10.2\* | <u>[EPAM Systems, Inc. Amended Non-Employee Director Compensation Policy](exhibit102-nonxemployeedir.htm)</u> |
| 10.3 | <u>[Fixed Dollar Accelerated Share Repurchase Transaction agreement dated March 4, 2026 between EPAM Systems, Inc. and Morgan Stanley & Co. LLC](https://www.sec.gov/Archives/edgar/data/1352010/000135201026000019/ex101-epamasconfirmation03.htm)</u> |
| 31.1\* | <u>[Certification of the Chief Executive Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934](exhibit311q12026.htm)</u> |
| 31.2\* | <u>[Certification of the Chief Financial Officer pursuant to Rule 13a-14(a)/15d-14(a) of the Securities Exchange Act of 1934](exhibit312q12026.htm)</u> |
| 32.1\* | <u>[Certification of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit321q12026.htm)</u> |
| 32.2\* | <u>[Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit322q12026.htm)</u> |
| 101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File - (formatted as Inline XBRL and contained in Exhibit 101) |
| \* | Exhibits filed herewith |

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**<u>[Table of contents](#i563eef9ce88a447b80d6fc426e894e00_7)</u>**

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Date: May 7, 2026

---

| | |
|:---|:---|
| EPAM SYSTEMS, INC. | EPAM SYSTEMS, INC. |
| By: | /s/ Balazs Fejes |
|  | Name: Balazs Fejes |
|  | Title: Chief Executive Officer, President and Director<br>(principal executive officer) |
| By: | /s/ Jason Peterson |
|  | Name: Jason Peterson |
|  | Title: Senior Vice President, Chief Financial Officer and Treasurer <br>(principal financial officer) |

---

## Exhibit 10.1

FORM FOR USE WITH SECTION 16 OFFICERS ONLY

**EPAM SYSTEMS, INC.**

**2025 LONG TERM INCENTIVE PLAN** 

**<u>GLOBAL EXECUTIVE OFFICER PERFORMANCE RESTRICTED STOCK UNIT AWARD AGREEMENT</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **<u>Grant of PSUs</u>.** EPAM Systems, Inc., a Delaware corporation (the "<u>Compan</u>y"), hereby grants to «Grantee» (the "<u>Participant</u>"), on «Date» (the "<u>Grant Date</u>"), a target number of performance restricted stock units (the "<u>PSUs</u>") of «Number of Shares underlying award» PSUs (the "<u>Target Number</u>"), subject to the terms, definitions and provisions of the EPAM Systems, Inc. 2025 Long Term Incentive Plan (the "<u>Plan</u>") adopted by the Company, which is incorporated in this Award Agreement (this "<u>Agreement</u>") by reference, and the terms and conditions of this Agreement, including the Addendum. Each PSU shall represent the right to receive one Share, or the right to receive a cash payment equal to the Fair Market Value of one Share, upon the vesting of such PSU in accordance with this Agreement. Unless otherwise defined in this Agreement, the terms used in this Agreement shall have the meanings defined in the Plan. For the avoidance of doubt, Awards of PSUs are Performance Awards under the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **<u>Performance Conditions</u>.** The number of PSUs that are actually earned and eligible to vest under this Agreement will be determined as a percentage of the Target Number, based on the Company's level of achievement of the performance criteria as set forth in Exhibit A hereto (the "<u>Performance Objectives</u>"). Following the end of each Annual Performance Year (as defined in Exhibit A), and following the end of the Three-Year Performance Period, the Committee shall review and determine whether the Performance Objectives have been met after reviewing all data necessary to determine whether the Performance Objectives have been achieved, and the Committee shall certify such finding. Any PSUs that have been earned based on achievement of the Performance Objectives shall be referred to as "<u>Earned PSUs</u>."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Vesting Schedule and Distribution</u>.** Subject to Section 6 of this Agreement, any Earned PSUs shall vest in the first quarter of fiscal year 2029 (but no later than March 15, 2029), on the date on which the Committee certifies the level of achievement of the Performance Objectives after the end of the full Three-Year Performance Period (the "<u>Scheduled Vesting Date</u>"). Unless otherwise provided under Section 6 below, any vested Earned PSUs will be settled in the form of Shares as soon as practicable after the applicable vesting date, but in no event later than the earlier of (i) 30 days after the vesting date or (ii) March 15, 2029, subject to any delay required to (x) complete any required regulatory filings, including, without limitation, any filings that may be required pursuant to the Hart Scott Rodino Act in connection with the vesting and settlement of the PSUs and/or (y) satisfy any required waiting period under the Hart Scott Rodino Act, provided that the PSUs shall be settled in any event within 60 days following

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the vesting date or event. Notwithstanding the foregoing, the Company may, in its sole discretion, settle a vested Earned PSU in cash equal to the Fair Market Value of one Share for each such PSU and make such cash payment to the Participant on the next administratively practicable payroll pay date after the date of such vesting date or event. The cash payment will be made to the Participant through the Participant's local country payroll in accordance with the normal payroll practices of the Participant's employer (the "<u>Employer</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. &nbsp;&nbsp;&nbsp;&nbsp;**<u>Voting Rights</u>.** The Participant shall have no voting rights with respect to the PSUs unless and until the Participant becomes the record owner of the Shares underlying the PSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.&nbsp;&nbsp;&nbsp;&nbsp;**<u>Dividend Equivalents</u>.** The Participant shall not be eligible to receive dividend equivalents with respect to the PSUs unless and until the Participant becomes the record owner of the Shares underlying the PSUs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **<u>Termination of Service</u>.** Following the Participant's Termination of Service, the PSUs shall vest and settle or be forfeited as set forth in this Section 6.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) &nbsp;&nbsp;&nbsp;&nbsp;**<u>Death or Disability</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) In the event of the Participant's Termination of Service due to the Participant's death or Disability before the Participant has completed at least two (2) years of service with the Company or any Affiliate, a number of whole PSUs equal to (A) 50% of the Earned PSUs with Performance Objectives that are measured over an Annual Performance Year (or the Three-Year Performance Period) that ended on or prior to the date of the Participant's Termination of Service and (B) 50% of the portion of the Target PSUs with Performance Objectives that are measured over an Annual Performance Year (or the Three-Year Performance Period) that has not ended as of the date of the Participant's Termination of Service, shall be deemed earned at target and shall be immediately vested (with any fractional PSUs that would otherwise vest as a result of such vesting acceleration event rounded up to the nearest whole Share), and the remaining PSUs that are unvested PSUs as of such time shall be forfeited without any payment to the Participant. Any such vested PSUs shall be settled within 30 days after they become vested, and in no event after March 15 of the year following the Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) In the event of the Participant's Termination of Service due to the Participant's death or Disability on or after the date on which the Participant has completed at least two (2) years of service with the Company or any Affiliate, a number of whole PSUs equal to (A) 100% of the Earned PSUs with Performance Objectives that are measured over an Annual Performance Year (or the Three-Year Performance Period) that ended on or prior to the date of the Participant's Termination of Service and (B) 100% of the portion of the Target PSUs with Performance Objectives that are measured

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over an Annual Performance Year (or the Three-Year Performance Period) that has not ended as of the date of the Participant's Termination of Service, shall be deemed earned at target and shall become immediately vested. To the extent that a Participant's Termination of Service due to the Participant's death or Disability occurs after the end of an Annual Performance Year (or the Three-Year Performance Period) but before the Committee has certified achievement of the Performance Objectives in respect of such year or period, vesting shall occur at the time of the Committee's certification of the level of achievement of such Performance Objectives. Any such vested PSUs shall be settled within 30 days after they become vested, and in no event after March 15 of the year following the Termination of Service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) **<u>Retirement</u>**. In the event of the Participant's Termination of Service due to Retirement (as defined below) after the first anniversary of the Grant Date, the PSUs shall remain eligible to be earned according to Exhibit A based on actual performance at the end of the Three-Year Performance Period and any Earned PSUs will vest on the Scheduled Vesting Date and will settle in accordance with Section 3, subject to the Participant's (x) execution and non-revocation of a general release of claims against the Company and its Affiliates and their successors and (y) continued compliance with any restrictive covenants applicable to the Participant.

"<u>Retirement</u>" means the Participant's voluntary Termination of Service other than for Cause after all the following criteria are met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Participant has attained at least age 60 and has completed at least five (5) years of service with the Company or an Affiliate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;the sum of the Participant's age and years of service with the Company or any Affiliate as of the date of the Termination of Service equals or exceeds seventy (70).

For the avoidance of doubt, in the event of the Participant's Termination of Service due to Retirement on or before the first anniversary of the Grant Date, all PSUs shall be forfeited as of the date of such Termination of Service without any payment to the Participant.&nbsp;&nbsp;&nbsp;&nbsp;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) &nbsp;&nbsp;&nbsp;&nbsp;**<u>Change of Control</u>**. In the event of a Change of Control:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;the Earned PSUs with Performance Objectives that are measured over an Annual Performance Year (or the Three-Year Performance Period) that ended on or prior to the date of the consummation of the Change of Control shall be deemed Earned PSUs based on actual achievement of the Performance Objectives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) &nbsp;&nbsp;&nbsp;&nbsp;consistent with Section 11(b) of the Plan, the portion of the Target PSUs with Performance Objectives that are measured over an Annual Performance Year (or the Three-Year Performance Period) that has not ended as of the

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date of the consummation of the Change of Control shall be deemed Earned PSUs based on the greater of actual performance through the Change of Control or the target level, in each case, as determined by the Committee prior to the Change of Control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) &nbsp;&nbsp;&nbsp;&nbsp;to the extent that the PSUs are assumed, replaced, substituted or continued by the Company, the acquiring company, an affiliate thereof or any successor of any such entity on no less favorable terms and conditions as were in place before the Change of Control (a "<u>Qualifying Assumption</u>"), then all of the Earned PSUs determined pursuant to this clause (ii) shall continue to be eligible to vest on the Scheduled Vesting Date; *provided* that in the event of a Participant's Termination of Service without Cause or for Good Reason within three months prior to or one year following the effective date of a Change of Control, all such Earned PSUs, to the extent unvested, shall become immediately vested and settled, subject to the Participant's execution and non-revocation of a general release of claims against the Company and its Affiliates and their successors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;to the extent there is not a Qualifying Assumption of the PSUs, any unvested portion of the PSUs shall become immediately vested at the time of such Change of Control.

&nbsp;&nbsp;&nbsp;&nbsp;For purposes of this Section 6(c), "<u>Good Reason</u>" means "<u>Good Reason</u>" as defined in the Participant's Employment Agreement, if any, or if not so defined, the occurrence of any of the following events, in each case without the Participant's consent: 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)a reduction in the Participant's base compensation and cash incentive opportunity, other than any such reduction that applies generally to similarly situated employees or executives of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)relocation of the geographic location of the Participant's principal place of employment or service by more than 50 miles from the Participant's principal place of employment or service; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)a material reduction in the Participant's title, duties, responsibilities or authority;

*provided* that, in each case, (A) the Participant shall provide the Company with written notice specifying the circumstances alleged to constitute Good Reason within 90 days following the first occurrence of such circumstances, (B) if possible, the Company shall have 30 days following receipt of such notice to cure such circumstances, and (C) if the Company has not cured such circumstances within such 30-day period, the Participant shall terminate his or her employment or service not later than 60 days after the end of such 30-day period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)&nbsp;&nbsp;&nbsp;&nbsp;**<u>Termination For Any Other Reason.</u>** In the event of the Participant's Termination of Service at any time under circumstances not described above, any

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unvested PSUs shall be forfeited as of the date of such Termination of Service without any payment to the Participant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **<u>Non-Transferability Until Distribution</u>.** The PSUs shall not be assigned, sold, transferred or otherwise be subject to alienation by the Participant. Upon the distribution of Shares underlying PSUs in accordance with Section 3, such Shares shall be fully assignable, saleable and transferable by the Participant. Any assignment, sale, transfer or other alienation with respect to the Shares issuable upon the vesting of the PSUs shall be in accordance with applicable securities laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **<u>Responsibility for Taxes</u>.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)The Participant acknowledges that, regardless of any action taken by the Company or, if different, the Employer, the ultimate liability for all income tax, social insurance, payroll tax, fringe benefits tax, payment on account or other tax-related items related to Participant's participation in the Plan and legally applicable to the Participant ("<u>Tax-Related Items</u>") is and remains the Participant's responsibility and may exceed the amount, if any, actually withheld by the Company or the Employer. The Participant further acknowledges that the Company and/or the Employer (i) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with any aspect of the PSUs, including, but not limited to, the grant, vesting or settlement of the PSUs, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends; and (ii) do not commit to and are under no obligation to structure the terms of the grant or any aspect of the PSUs to reduce or eliminate the Participant's liability for Tax-Related Items or achieve any particular tax result. Further, if the Participant is subject to Tax-Related Items in more than one jurisdiction, the Participant acknowledges that the Company and/or the Employer (or former employer, as applicable) may be required to withhold or account for Tax-Related Items in more than one jurisdiction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)In connection with any relevant taxable or tax withholding event, as applicable, the Participant agrees to make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all Tax-Related Items. In this regard, by the Participant's acceptance of the PSUs, the Participant authorizes the Company or its agent to satisfy any applicable withholding obligations or rights with regards to all Tax-Related Items by withholding in Shares to be issued upon settlement of the PSUs, or if settled in cash, by withholding a portion of the cash payment amount otherwise payable upon settlement of the PSUs; *provided* that any U.S. Federal Insurance Contribution Act taxes or other Tax-Related Items that become payable in a year prior to the year in which Shares are issued upon settlement of the PSUs may be withheld at the Company's election at any earlier time when such tax amounts are due. In the event withholding in Shares is prohibited by a legal, contractual or regulatory restriction, is problematic under applicable tax or securities law or will result in materially adverse accounting

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consequences, the Participant authorizes the Company and/or the Employer, or their respective agents, to satisfy the obligations with regard to all Tax-Related Items by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)requiring the Participant to pay to the Company or the Employer any amount of the Tax-Related Items; and/or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)withholding any amount of the Tax-Related Items from the Participant's wages or other compensation paid to the Participant;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)withholding from proceeds of the sale of Shares acquired upon settlement of the PSU either through a voluntary sale or through a mandatory sale arranged by the Company (on the Participant's behalf pursuant to this authorization without further consent); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)any other method of withholding determined by the Company and, to the extent required by applicable laws or the Plan, approved by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)The Company or the Employer may withhold or account for Tax-Related Items by considering applicable withholding rates, including minimum or maximum applicable rates, in the jurisdictions relevant to the Participant. In the event that any excess amounts are withheld to satisfy the obligation for Tax-Related Items, the Participant may be entitled to receive a refund of any over-withheld amount (with no entitlement to the Share equivalent), or if not refunded by the Company or the Employer, the Participant must seek a refund from the local tax authorities to the extent the Participant wishes to recover the over-withheld amount in the form of a refund. In the event of under-withholding, the Participant may be required to pay any additional Tax-Related Items directly to the applicable tax authority or to the Company and/or the Employer. If the obligation for Tax-Related Items is satisfied by withholding in Shares, for tax purposes, the Participant is deemed to have been issued the full number of Shares subject to the vested PSUs, notwithstanding that a number of the Shares are held back solely for the purpose of paying the Tax-Related Items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Finally, the Participant agrees to pay to the Company or the Employer, including through withholding from the Participant's wages or other cash compensation paid to the Participant by the Company and/or the Employer, any amount of Tax-Related Items that the Company or the Employer may be required to withhold or account for as a result of the Participant's participation in the Plan that cannot be satisfied by the means previously described. The Company may refuse to issue or deliver the Shares, the cash equivalent or the proceeds of the sale of Shares if the Participant fails to comply with the Participant's obligations in connection with the Tax-Related Items.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **<u>Nature of Grant</u>.** In accepting the grant, the Participant acknowledges, understands and agrees that:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, to the extent permitted by the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)the grant of the PSUs is exceptional, voluntary and occasional and does not create any contractual or other right to receive future grants of PSUs, or benefits in lieu of PSUs, even if PSUs have been granted in the past;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)all decisions with respect to future PSU or other grants, if any, will be at the sole discretion of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)the PSU grant and the Participant's participation in the Plan shall not create a right to employment or be interpreted as forming or amending an employment or service contract with the Company, the Employer or any Affiliate of the Company and shall not interfere with the ability of the Company, the Employer or any Affiliate of the Company, as applicable, to terminate the Participant's employment or service relationship (if any);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)the Participant is voluntarily participating in the Plan;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)the PSUs, the cash payment or Shares subject to the PSUs, and the income from and value of same, are not intended to replace any pension rights or compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)the PSUs, the cash payment or Shares subject to the PSUs, and the income from and value of same, are not part of normal or expected compensation for any purpose, including, without limitation, calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, holiday pay, leave pay, long-service awards, pension or retirement or welfare benefits or similar mandatory payments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the future value of the underlying Shares is unknown, indeterminable and cannot be predicted with certainty;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)no claim or entitlement to compensation or damages shall arise from forfeiture of the PSUs resulting from the Participant's Termination of Service (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where the Participant is employed or the terms of the Participant's employment agreement, if any) or the application of any clawback or compensation recovery policy as described in Section 13(j) of this Agreement;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)unless otherwise agreed with the Company, the PSUs and any cash payment or Shares acquired under the Plan and the income from and value of same, are not granted as consideration for, or in connection with, the service the Participant may provide as a director of an Affiliate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)unless otherwise provided in the Plan or by the Company in its discretion, the PSUs and the benefits evidenced by this Agreement do not create any entitlement to have the PSUs or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares of the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)neither the Company, the Employer nor any Affiliate of the Company shall be liable for any foreign exchange rate fluctuation between the Participant's local currency and the United States Dollar that may affect the value of the PSUs or of any amounts due to the Participant pursuant to the settlement of the PSUs or the subsequent sale of any Shares acquired upon settlement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. **<u>No Advice Regarding Grant</u>.** The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding the Participant's participation in the Plan, or the Participant's acquisition or sale of the underlying Shares. The Participant understands and agrees that he or she should consult with his or her own personal tax, legal and financial advisors regarding his or her participation in the Plan before taking any action related to the Plan.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. **<u>Insider Trading/Market Abuse Laws</u>.** The Participant may be subject to insider trading restrictions and/or market abuse laws based on the exchange on which the Shares are listed and in applicable jurisdictions, including the United States, the Participant's country and the designated broker's country, which may affect the Participant's ability to accept, acquire, sell or otherwise dispose of Shares, rights to Shares (e.g., PSUs) or rights linked to the value of Shares (e.g., dividend equivalents) under the Plan during such times as the Participant is considered to have "inside information" regarding the Company (as defined by the laws in applicable jurisdictions). Local insider trading laws may prohibit the cancellation or amendment of orders placed by the Participant before he or she possessed inside information. Furthermore, the Participant could be prohibited from (i) disclosing the inside information to any third party, which may include fellow employees and (ii) "tipping" third parties or causing them otherwise to buy or sell securities. Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable Company insider trading policy. The Participant acknowledges that it is his or her responsibility to comply with any applicable restrictions, and the Participant should speak to his or her personal advisor on this matter.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. **<u>Data Privacy</u>.** Section 20 of the Plan shall apply with respect to Data Privacy and Data Protection. The Participant can obtain further information by contacting ***<u>AskDataPrivacy@epam.com</u>.***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. **<u>Miscellaneous Provisions</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)**<u>Notices</u>.** All notices, requests and other communications under this Agreement shall be in writing and shall be delivered in person (by courier or otherwise), mailed by certified or registered mail, return receipt requested, or sent by facsimile transmission to the contact details below. The parties may use e-mail delivery, so long as the message is clearly marked, sent to the e-mail address(es) set forth below, and a delivery receipt and a read receipt are made part of the message. E-mail delivery will be deemed to occur when the sender receives confirmation that such message has been received and read by the recipient:

if to the Company, to:

EPAM Systems, Inc.

41 University Drive

Newtown, Pennsylvania 18940

Attention: General Counsel

Facsimile: 267-759-8989

if to the Participant, to:

the address, facsimile number or e-mail address that the Participant most recently provided to the Company, or to such other address, facsimile number or e-mail address as such party may hereafter specify for the purpose by notice to the other parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)**<u>Effect of Agreement</u>.** The Participant acknowledges receipt of a copy of the Plan and represents that he or she is familiar with the terms and provisions thereof (and has had an opportunity to consult counsel regarding the terms of the PSUs), and hereby accepts the PSUs and agrees to be bound by its contractual terms as set forth herein and in the Plan. The Participant acknowledges and agrees that the grant of the PSUs constitutes additional consideration to the Participant for the Participant's continued and future compliance with any restrictive covenants in favor of the Company by which the Participant is otherwise bound. The Participant hereby agrees to accept as binding, conclusive and final all decisions and interpretations of the Committee regarding any questions relating to the PSUs. In the event of a conflict between the terms and

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provisions of the Plan and the terms and provisions of this Agreement, the Plan terms and provisions shall prevail. The Agreement, including the Plan, constitutes the entire agreement between the Participant and the Company on the subject matter hereof and supersedes all proposals, written or oral, and all other communications between the parties relating to such subject matter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)**<u>Amendment; Waiver</u>.** No amendment or modification of any provision of this Agreement shall be effective unless signed in writing by or on behalf of the Company and the Participant, except that the Company may amend or modify this Agreement without the Participant's consent in accordance with the provisions of the Plan or as otherwise set forth in this Agreement. No waiver of any breach or condition of this Agreement shall be deemed to be a waiver of any other or subsequent breach or condition whether of like or different nature. Any amendment or modification of or to any provision of this Agreement, or any waiver of any provision of this Agreement, shall be effective only in the specific instance and for the specific purpose for which made or given.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)**<u>Successors and Assigns; No Third Party Beneficiaries</u>.** This Agreement shall inure to the benefit of and be binding upon the Company and the Participant and their respective heirs, successors, legal representatives and permitted assigns. Nothing in this Agreement, expressed or implied, is intended to confer on any Person other than the Company and the Participant, and their respective heirs, successors, legal representatives and permitted assigns, any rights, remedies, obligations or liabilities under or by reason of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e)**<u>Severability</u>.** If any provision of this Agreement shall be declared by any court or arbitrator of competent jurisdiction to be invalid, illegal or incapable of being enforced in whole or in part, the remaining conditions and provisions or portions thereof shall nevertheless remain in full force and effect and enforceable to the extent they are valid, legal and enforceable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f)**<u>Governing Law; Dispute Resolution</u>.** This Agreement is governed by the laws of the state of Delaware without application of the conflict of law provisions thereof. If any dispute arising out of or relating to this Agreement or the Plan, or the breach thereof, cannot be settled through negotiation, the parties agree first to try in good faith to settle such dispute by mediation. If the parties fail to settle such dispute within 30 days after the commencement of such mediation, such dispute shall be settled by arbitration conducted in the state of Pennsylvania and judgment on the arbitral award rendered may be entered in any court having jurisdiction thereof. Such dispute shall be resolved by final and binding arbitration before a single arbitrator under the rules of the American Arbitration Association ("**AAA**") pertaining to employment matters ("**AAA Rules**"). The AAA Rules may be found as of the Grant Date at https://www.adr.org/Rules. AAA contact information for other questions about the process can be found as of

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the Grant Date at https://www.adr.org/Rules. The arbitrator shall be a retired judge or attorney with experience in the general area of the dispute. Interpretation and enforcement of this arbitration provision shall be governed by the substantive provisions of the Federal Arbitration Act (FAA). If for any reason the substantive provisions of the FAA do not apply, interpretation and enforcement of this arbitration provision shall be governed by the law of the Commonwealth of Pennsylvania. The decision of the arbitrator will be in writing and contain findings of fact and conclusions of law. Any arbitral award determination shall be final and binding. **It is understood and agreed that by agreeing to arbitration, the right to a jury trial, as well as normal-course appeal rights in court, are waived.** Such arbitration provided for in this Section 13(f) shall be conducted in such manner, and with rules consistent with, the arbitration provisions set forth in the applicable restrictive covenants agreement or other similar agreement by and between the Company and the Participant shall apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g)**<u>Language</u>.** By accepting the PSUs, the Participant acknowledges and represents that the Participant is proficient in the English language or has consulted with an advisor who is sufficiently proficient in English, as to allow the Participant to understand the terms of the Agreement and any other documents related to the Plan. If the Participant has received the Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control, unless otherwise required by applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h)**<u>Electronic Delivery and Acceptance</u>.** The Company may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means. The Participant hereby consents to receive such documents by electronic delivery and agrees to participate in the Plan through an on-line or electronic system established and maintained by the Company or a third party designated by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)**<u>Foreign Asset / Account Reporting Requirements, Exchange Controls and Tax Requirements</u>.** The Participant's country may have certain foreign asset and/or account reporting requirements and exchange controls which may affect the Participant's ability to acquire or hold Shares under the Plan or cash received from participating in the Plan (including from any dividends received or sale proceeds arising from the sale of Shares) in a brokerage or bank account outside his or her country. The Participant may be required to report such accounts, assets or transactions to the tax or other authorities in his or her country. The Participant also may be required to repatriate sale proceeds or other funds received as a result of his or her participation in the Plan to his or her country through a designated bank or broker and/or within a certain time after receipt. In addition, the Participant may be subject to tax payment and/or reporting obligations in connection with any income realized under the Plan and/or from the sale of Shares. The Participant acknowledges that it is his or her responsibility to be compliant

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with all such requirements, and that he or she should consult his or her personal legal and tax advisors, as applicable, to ensure his or her compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j)**<u>Clawback</u>.** The PSUs and/or the Shares acquired under the Plan shall be subject to clawback, recoupment, forfeiture or similar requirements (and such requirements shall be deemed incorporated by reference into this Agreement) to the extent required by any applicable laws (including, without limitation, Section 304 of the U.S. Sarbanes-Oxley Act and Section 954 of the U.S. Dodd-Frank Wall Street Reform and Consumer Protection Act) and any clawback policy adopted by the Company, including the EPAM Systems, Inc. Compensation Recoupment Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k)**<u>Addendum</u>.** Notwithstanding any provisions in this Agreement, the PSU grant shall be subject to any special terms and conditions set forth in any Addendum to this Agreement for the Participant's country. Moreover, if the Participant relocates to one of the countries included in the Addendum, the special terms and conditions for such country will apply to the Participant to the extent the Company determines that the application of such terms and conditions is necessary or advisable for legal or administrative reasons. The Addendum constitutes part of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l)**<u>Imposition of Other Requirements</u>.** The Company reserves the right to impose other requirements on the Participant's participation in the Plan, on the PSUs and on any Shares acquired under the Plan, to the extent the Company determines it is necessary or advisable for legal or administrative reasons, and to require the Participant to sign any additional agreements or undertakings that may be necessary to accomplish the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m)**<u>Section 409A.</u>** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The terms of this award of PSUs are intended to be in compliance with Section 409A of the Code, and this Agreement will be interpreted, operated and administered in a manner that is consistent with this intent. In furtherance of this intent, the Committee may (but is under no obligation to), at any time and without the Participant's consent, modify the terms of this award as it determines appropriate to comply with the requirements of Section 409A of the Code and the related U.S. Department of Treasury guidance or to mitigate any additional tax, interest and/or penalties that may apply under Section 409A of the Code if compliance is not practicable. The Company makes no representation or covenant to ensure that this award of PSUs is compliant with Section 409A of the Code and will have no liability to the Participant or any other party if this award of PSUs is not compliant or for any action taken by the Committee with respect thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)Notwithstanding anything in this Agreement to the contrary, any PSUs that are an item of non-qualified deferred compensation subject to Section 409A of the Code and become payable under this Agreement as of the date of or at a time that is

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by reference to the Participant's Termination of Service shall not be settled unless the Participant experiences a "separation from service" within the meaning of Section 409A of the Code (a "<u>Separation from Service</u>"); *provided* that if the Participant is a "specified employee" within the meaning of Section 409A of the Code as of the date of the Separation from Service (as determined according to the methodology established by the Company as in effect on the date of the Participant's Separation from Service), the PSUs shall instead be settled on the first business day that is after the earlier of (i) the date that is six months following the date of the Separation from Service or (ii) the date of the Participant's death, to the extent such delayed payment is otherwise required in order to avoid a prohibited distribution under Section 409A(a)(2) of the Code, or any successor provision thereto.

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IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first written above.

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| | |
|:---|:---|
| **EPAM SYSTEMS, INC.** | **EPAM SYSTEMS, INC.** |
| By: | |
| | Name: |
| | Title: |
| <br>The Participant's signature on this line both (1) acknowledges the Participant's receipt of the Agreement and agreement to its terms, and (2) indicates the Participant's consent to the processing of Personal Data as described in Section 12. | <br>The Participant's signature on this line both (1) acknowledges the Participant's receipt of the Agreement and agreement to its terms, and (2) indicates the Participant's consent to the processing of Personal Data as described in Section 12. |
| Participant | Participant |

---

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**Exhibit A**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.<u>Performance Objectives</u>.

The Target PSUs will be earned based upon the Company's achievement of the Performance Objectives during the period starting on January 1, 2026 and ending on December 31, 2028 (the "<u>Three-Year Performance Period</u>") as set forth below. Each of the fiscal years occurring during the Three-Year Performance Period, i.e., the fiscal years ending December 31, 2026, December 31, 2027 and December 31, 2028 are referred to as the "<u>Annual Performance Year</u>."

The Target PSUs will be divided into three segments as follows:

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| | | | |
|:---|:---|:---|:---|
| **Segment** | **Percentage of Target PSUs** | **Relevant Performance Objectives** | **Applicable Measurement Period** |
| Revenue Growth PSUs | 37.5% | Earned based upon achievement of Revenue Growth goals (as defined below) | Measured annually after the end of each Annual Performance Year |
| EPS PSUs | 37.5% | Earned based upon achievement of Adjusted EPS goals (as defined below) | Measured annually after the end of each Annual Performance Year |
| Relative TSR PSUs | 25% | Earned based upon achievement of Relative TSR (as defined below) | Measured over the entire Three-Year Performance Period |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.<u>Revenue Growth PSUs</u>.

"<u>Revenue</u>" means, for any Annual Performance Year, the Company's reported revenue, as determined in accordance with GAAP, as adjusted to exclude revenues from acquisitions and dispositions not included in the annual operating plan approved by the Company's Board of Directors and applying foreign currency exchange rates utilized in the development of the approved annual operating plan.

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"<u>Revenue Growth</u>" means, for any Annual Performance Year, the percentage increase from the Revenue for the immediately preceding fiscal year.

The Revenue Growth PSUs will be earned based upon the Company's achievement of Revenue Growth goals for the applicable Annual Performance Year, against the Revenue Growth targets applicable to such Annual Performance Year. As soon as practicable after the start of each Annual Performance Year, the Committee shall establish and communicate to Participants a schedule setting forth the threshold, target and maximum performance levels for such Annual Measurement Period.

1/3 of the Revenue Growth PSUs will be eligible to be earned each Annual Performance Year, based on actual Revenue Growth goal achievement against the applicable target, as follows:

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| | |
|:---|:---|
| **Performance Level** | **Percentage of Revenue Growth PSUs Earned** |
| Below Threshold | 0% |
| Threshold | 50% |
| Target | 100% |
| Maximum or Higher | 200% |

---

In the event that the amount of Revenue Growth falls between Threshold, Target or Maximum amounts, (i) amounts between Threshold and the lower range of Target will be determined based on linear interpolation and (ii) amounts between the upper range of Target and Maximum will be determined based on linear interpolation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.<u>EPS PSUs</u>.

"<u>Adjusted EPS</u>" means, for any Annual Performance Year, the Company's reported earnings per share, as determined in accordance with GAAP, adjusted to exclude such items as detailed in the Company's full year earnings release for the applicable Annual Performance Year.

The EPS PSUs will be earned based upon the Company's achievement of Adjusted EPS during the applicable Annual Performance Year, against the Adjusted EPS targets applicable to such Annual Performance Year. As soon as practicable after the start of

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each Annual Performance Year, the Committee shall establish a schedule setting forth the threshold, target and maximum performance levels for such Annual Measurement Period.

1/3 of the EPS PSUs will be eligible to be earned each Annual Performance Year, based on actual Adjusted EPS achievement against the applicable target, as follows:

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| | |
|:---|:---|
| **Performance Level** | **Percentage of EPS PSUs Earned** |
| Below Threshold | 0% |
| Threshold | 50% |
| Target | 100% |
| Maximum or Higher | 200% |

---

In the event that the amount of Adjusted EPS falls between Threshold, Target or Maximum amounts, (i) amounts between Threshold and Target will be determined based on linear interpolation and (ii) amounts between Target and Maximum will be determined based on linear interpolation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.<u>Relative TSR PSUs</u>.

The Relative TSR PSUs will be earned based upon the Company's Relative TSR over the Three-Year Performance Period against the goals set forth in the table below.

"<u>Relative TSR</u>" means the TSR of the Company as compared to the TSR of the companies included in the S&P 500 Information Technology index, as determined on the date of grant and as set forth below (the "<u>Index Companies</u>"), stated as a percentile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.Apple Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.Accenture plc

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.Adobe Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.Analog Devices, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.Autodesk, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.Akamai Technologies, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.Applied Materials, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.Advanced Micro Devices, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.Arista Networks, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.Amphenol Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.Applovin Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.Broadcom Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.Cadence Design Systems, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14.CDW Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15.Salesforce, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16.Crowdstrike Holdings Inc.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17.Cisco Systems, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18.Cognizant Technology Solutions Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19.Datadog, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20.Dell Technologies Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21.EPAM Systems, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22.F5, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23.Fair Isaac Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24.First Solar, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25.Fortinet, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;26.GoDaddy Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;27.Gen Digital Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;28.Corning Incorporated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;29.Hewlett Packard Enterprise Company

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;30.HP Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;31.International Business Machines Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.Intel Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.Intuit Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;34.Gartner, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;35.Jabil Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.Keysight Technologies Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;37.KLA Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.Lam Research Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;39.Microchip Technology Incorporated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;40.Monolithic Power Systems, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;41.Microsoft Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;42.Motorola Solutions, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;43.Micron Technology, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;44.ServiceNow, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;45.NetApp, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.NVIDIA Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;47.NXP Semiconductors N.V.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;48.ON Semiconductor Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;49.Oracle Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50.Palo Alto Networks, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;51.Palantir Technologies Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;52.Ptc Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;53.Qnity Electronics Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;54.QUALCOMM Inc

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;55.Roper Technologies, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;56.Super Micro Computer

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;57.Sandisk Corp

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;58.Synopsis, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;59.Seagate Technology Holdings PLC

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;60.Skyworks Solutions, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;61.Teledyne Technologies Incorporated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;62.TE Connectivity plc

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;63.Teredyne, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;64.Trimble Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;65.Texas Instruments Incorporated

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;66.Tyler Technologies, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;67.VeriSign, Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;68.Workday Inc.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;69.Western Digital Corporation

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;70.Zebra Technologies Corporation

"<u>Total Shareholder Return</u>" or "<u>TSR</u>" means the cumulative rate of return reflecting price appreciation plus reinvestment of dividends and the compounding effect of dividends paid on reinvested dividends. The share price appreciation will be measured by the difference between the share price at the beginning of the Three-Year Performance Period, which is calculated as the 20-trading day average closing price ending on the last trading day of calendar year 2025, and the share price at the end of the Three-Year

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Performance Period, which is calculated as the 20-trading day average closing price ending on the last trading day of the Three-Year Performance Period.

If, at the end of the Three-Year Performance Period, any Index Company is no longer publicly traded, such Index Company shall be deemed to have performed at the bottom of the Index Company ranking.

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| | | |
|:---|:---|:---|
| **Performance Level** | **Relative TSR Achieved** | **Percentage of Relative TSR PSUs Earned** |
| **Below Threshold** | Below the 30<sup>th</sup> percentile | 0% |
| **Threshold** | 30<sup>th</sup> Percentile | 50% |
| **Target** | 55<sup>th</sup> Percentile | 100% |
| **Maximum** | At or above the 85<sup>th</sup> Percentile | 200% |

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**ADDENDUM**

**EPAM SYSTEMS, INC.** 

**2025 LONG TERM INCENTIVE PLAN** 

**<u>GLOBAL EXECUTIVE OFFICER PERFORMANCE RESTRICTED STOCK UNIT AWARD AGREEMENT</u>**

***Terms and Conditions***

This Addendum includes additional terms and conditions that govern the PSUs granted to the Participant under the Plan if the Participant resides in one of the countries listed below. These terms and conditions are in addition to, or if so indicated, in place of the terms and conditions in the Agreement. If the Participant is a citizen or resident (or is considered as such for local law purposes) of a country other than the country in which Participant is currently residing and/or working, or if Participant relocates to another country after the Grant Date, the Company shall, in its discretion, determine to what extent these country-specific terms and conditions contained herein shall be applicable to the Participant. Certain capitalized terms used but not defined in this Addendum have the meanings set forth in the Plan and/or the Agreement.

***Notifications***

This Addendum also includes information regarding exchange controls and certain other issues of which the Participant should be aware with respect to his or her participation in the Plan. The information is based on the securities, exchange control and other laws in effect in the respective countries as of March 2026. Such laws are often complex and change frequently. As a result, the Company strongly recommends that the Participant not rely on the information in this Addendum as the only source of information relating to the consequences of the Participant's participation in the Plan because the information may be out of date at the time that the Participant vests in the PSUs or sells Shares acquired under the Plan.

In addition, the information contained herein is general in nature and may not apply to the Participant's particular situation, and the Company is not in a position to assure the Participant of a particular result. Accordingly, the Participant should seek appropriate professional advice as to how the relevant laws in the Participant's country may apply to his or her situation.

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Finally, if the Participant is a citizen or resident of a country other than the one in which he or she is currently working or residing (or is considered as such for local law purposes), or transferred employment and/or residency after the Grant Date, the notifications contained herein may not be applicable to the Participant.

**<u>ARGENTINA</u>**

***Terms and Conditions***

**Compliance with the Law**. By accepting the RSUs, the Participant acknowledges his or her agreement to comply with applicable Argentine laws and, regardless of any action taken by the Company or the Employer, to pay any and all applicable Tax-Related Items.

***Notifications***

**Securities Law Notification**. Neither the RSUs nor the underlying Shares are publicly offered or listed on any stock exchange in Argentina and, as a result, have not been and will not be registered with the Argentine Securities Commission (*Comisión Nacional de Valores*). Neither this nor any other offering material related to the RSUs nor the underlying Shares may be utilized in connection with any general offering to the public in Argentina. Argentine residents who acquire RSUs under the Plan do so according to the terms of a private offering made from outside Argentina.

**Exchange Control Information**. It is the Participant's responsibility to comply with any and all Argentine currency exchange restrictions, approvals, and reporting requirements in connection with the RSUs. The Participant should consult with his or her personal legal advisor to ensure compliance with the applicable requirements.

**Foreign Asset / Account Reporting Information**. If the Participant is an Argentine tax resident, the Participant must report any Shares acquired under the Plan and held by the Participant on December 31st of each year on his or her annual tax return for that year.

**<u>ARMENIA</u>**

There are no country specific provisions.

**<u>AUSTRALIA</u>**

***Notifications***

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**Securities Law Notification.** This offer is being made under Division 1A, Part 7.12 of the Corporations Act 2001 (Cth).

**Tax Information.** The Plan is a plan to which Subdivision 83A-C of the Income Tax Assessment Act 1997 (Cth) (the "Act") applies (subject to conditions in such Act).

**<u>AUSTRIA</u>**

***Notifications***

**Exchange Control Information.** If the Participant holds securities (including Shares acquired under the Plan) or cash (including proceeds from the sale of Shares) outside Austria, the Participant may be subject to reporting obligations to the Austrian National Bank. If the value of the Shares meets or exceeds a certain threshold, the Participant must report the securities held (as of the last day of the quarter) on a quarterly basis to the Austrian National Bank, on or before the 15th day of the month following the end of the calendar quarter. Where the cash amounts held outside Austria meet or exceed a certain threshold, monthly reporting obligations apply as explained in the next paragraph.

If the Participant sells his or her Shares, he or she may have exchange control obligations if Participant holds the cash proceeds outside Austria. If the transaction volume of all the Participant's accounts abroad exceed a certain threshold, the Participant must report the movements and balances of all accounts on a monthly basis, as of the last day of the month, on or before the 15th day of the following month, on the prescribed forms.

**<u>AZERBAIJAN</u>**

***Notifications***

**Securities Law Notification.** The Participant understands that the Agreement, the Plan and all other materials the Participant may receive regarding the Participant's participation in the Plan do not constitute advertising or offering of securities in Azerbaijan. The offering of RSUs pursuant to the Plan has not been and will not be registered in Azerbaijan.

**<u>BELARUS</u>**

***Terms and Conditions***

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**RSUs Payable Only in Cash.** Notwithstanding any discretion contained in the Plan or the Agreement to the contrary, if the Participant resides in Belarus at the time of vesting of any of the RSUs, the RSUs shall be settled in cash only.

***Notifications***

**Exchange Control Information**. Belarusian citizens or permanent residents may be required to repatriate any funds received in connection with the RSUs to Belarus. The Participant is responsible for ensuring compliance with all exchange control laws in Belarus in connection with his or her participation in the Plan.

**<u>BELGIUM</u>**

***Notifications***

**Foreign Asset/Account Reporting Information.** Belgian residents are required to report any securities (*e.g.*, Shares acquired under the Plan) held and bank accounts (including brokerage accounts) opened and maintained outside of Belgium on their annual tax return. In a separate report, the resident is required to provide the National Bank of Belgium with the account details of any such foreign accounts (including the account number, bank name and country in which such account was opened). This report, as well as information on how to complete it, can be found on the website of the National Bank of Belgium, www.nbb.be, under the *Kredietcentrales / Centrales des crédits* caption.

**Annual Securities Accounts Tax**. An annual securities tax may be payable if the total value of securities held in a Belgian or foreign securities account (e.g., Shares acquired under the Plan) exceeds a certain threshold (currently €1,000,000) on four reference dates within the relevant reporting period (i.e., March 31, June 30, September 30 and December 31). In such case, the tax will be due on the value of the qualifying securities held in such account. The Participant should consult with his or her personal tax advisor regarding the new tax.

**<u>BRAZIL</u>**

***Terms and Conditions***

**Compliance with Law**. By accepting the RSUs, the Participant agrees to comply with applicable Brazilian laws and to report and pay any and all applicable Tax-Related Items associated with the Participant's receipt and sale of Shares under the Plan.

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**Nature of Grant**. The following provision supplements Section 8 of the Agreement:

By accepting the RSUs, the Participant acknowledges, understands and agrees that, for all legal purposes, (i) he or she is making an investment decision and (ii) the value of the underlying Shares is not fixed and may increase or decrease over the vesting period without compensation to the Participant.

**Tax on Financial Transaction (IOF)**. Repatriation of funds into Brazil and the conversion between BRL and USD associated with such fund transfers may be subject to the Tax on Financial Transactions. It is the Participant's responsibility to comply with any applicable Tax on Financial Transactions arising from the Participant's participation in the Plan. The Participant should consult with his or her personal tax advisor for additional details.

***Notifications***

Exchange Control Information. A declaration of assets and rights held outside Brazil may need to be filed with the Central Bank of Brazil if assets or rights with an aggregate value exceeding a certain threshold (currently USD 1,000,000) are held on December 31 of year. Shares acquired under the Plan that are held outside Brazil (e.g., in a non-Brazilian brokerage account) are among the assets and rights that must be reported. If the aggregate value exceeds a certain threshold (currently USD 100,000,000) at the end of the quarter, the declaration has to be filed in the month following the end of each quarter.

**<u>BULGARIA</u>**

***Notifications***

**Foreign Asset/Account Reporting Information.** The Participant will be required to file statistical forms with the Bulgarian National Bank annually regarding his or her receivables in bank accounts abroad as well as securities held abroad (*e.g.,* Shares acquired under the Plan) if the total sum of all such receivables and securities equals or exceeds a certain threshold (currently BGN50,000) as of the previous calendar year-end. The reports are due by March 31. The Participant should contact his or her bank in Bulgaria for additional information regarding these requirements.

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**<u>CANADA</u>**

***Terms and Conditions***

**RSUs Payable Only in Shares**. Notwithstanding any discretion set forth in Section 2 of the Agreement, at the time of vesting of any of the RSUs, the RSUs shall be settled in Shares only.

**Termination of Service.** This provision supplements Section 5 of the Agreement:

For purposes of the RSUs, and except as explicitly and minimally required under applicable legislation, the Participant's Termination of Service (for any reason whatsoever, whether or not later found to be invalid, unlawful or in breach of employment laws in the jurisdiction where the Participant is employed or providing services or the terms of the Participant's employment or service agreement, if any), will be measured by the date that is the earliest of (i) the date on which the Participant's employment with the Employer is terminated, or (ii) the date the Participant receives written notice of termination from the Employer, regardless of any period during which notice, pay in lieu of notice or related payments or damages are provided or required to be provided under local law. For greater certainty, the Participant will not earn or be entitled to any pro-rated vesting, or other participation in the RSUs or the Plan, for that portion of time before the date on which the Participant's right to vest terminates, nor will the Participant be entitled to any compensation for lost vesting or other participation. Notwithstanding the foregoing, if applicable employment standards legislation explicitly requires continued vesting during a statutory notice period, the Participant's right to vest in or otherwise benefit from the RSUs, if any, will terminate effective upon the expiry of the minimum statutory notice period, but the Participant will not earn or be entitled to pro-rated vesting, or other participation in the Plan, if the vesting date falls after the end of the statutory notice period, nor will the Participant be entitled to any compensation for lost vesting, explicitly and minimally required under applicable legislation, or other participation.

Subject to applicable legislation, if the date the Participant is no longer actually providing services cannot be reasonably determined under the terms of this Agreement or the Plan, the Committee shall have the exclusive discretion to determine when the Participant is no longer providing services for purposes of the RSUs.

**Nature of Grant**. Sections 8(g) and 8(i) of the Agreement shall apply, except to the extent explicitly and minimally required under applicable legislation.

**If Participant resides in Québec, the following provisions apply:**

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**Authorization to Release Necessary Personal Information.** This provision supplements Section 11 of the Agreement:

The Participant hereby authorizes the Company and the Company's representatives to discuss with and obtain all relevant information from all personnel, professional or not, involved in the administration and operation of the Plan. The Participant further authorizes the Company and any Affiliate and the administrator of the Plan to disclose and discuss the Plan with their advisors. The Participant further authorizes the Employer to record such information and to keep such information in the Participant's employee file. The Participant acknowledges that the Participant's personal information, including any sensitive personal information, may be transferred or disclosed outside the province of Quebec, including to the U.S. If applicable, the Participant also acknowledges that the Company, the Employer, any Affiliate and UBS Financial Services Inc. may use technology for profiling purposes and to make automated decisions that may have an impact on the Participant or the administration of the Plan.

**French Language Documents.** A French translation of this Agreement and certain other documents related to the RSUs will be made available to the Participant as soon as reasonably practicable. Notwithstanding anything to the contrary in the Agreement, and unless the Participant indicates otherwise, the French translation of this Agreement and the Plan will govern the Participant's participation in the Plan.

***Notifications***

**Securities Law Notification.** The Participant is permitted to sell Shares acquired under the Plan through the designated broker appointed under the Plan, if any, provided the resale of Shares acquired under the Plan takes place outside of Canada through the facilities of a stock exchange on which the Shares are listed. The Shares are currently listed on the New York Stock Exchange in the United States of America.

**Foreign Asset/Account Reporting Information.** Specified foreign property, including Shares and rights to receive Shares (*e.g.,* RSUs), must be reported annually on a Form T1135 (Foreign Income Verification Statement) if the total cost of the specified foreign property exceeds a certain threshold (currently C$100,000) at any time during the year. Thus, the RSUs must be reported - generally at a nil cost - if the cost threshold is exceeded because of other specified foreign property. When Shares are acquired, their cost generally is the adjusted cost base ("<u>ACB</u>") of the Shares. The ACB would ordinarily equal the fair market value of the Shares at the time of acquisition, but if other Shares are also owned, this ACB may have to be averaged with the ACB of the other Shares. Participants should consult a personal legal advisor to ensure compliance with applicable reporting obligations.

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**<u>CHILE</u>**

***Notifications***

Securities Law Notification. The grant of the RSUs constitutes a private offering of securities in Chile effective as of the Grant Date. The RSUs refer to securities not registered at the securities registry or at the foreign securities registry of the Chilean Commission for the Financial Market ("<u>CMF</u>"), and, therefore, such securities are not subject to oversight of the CMF. Given that the Shares underlying the RSUs are not registered in Chile, the Company is not required to provide public information about the RSUs or the Shares in Chile. Unless the RSUs and/or the Shares are registered with the CMF, a public offering of such securities cannot be made in Chile.

**<u>CHINA</u>**

***Terms and Conditions***

**Vesting Schedule and Distribution**. The following provision supplements Section 2 of the Agreement:

In addition to any other vesting and settlement conditions set forth in the Agreement, the RSUs will not vest and no Shares (or cash equivalent) will be delivered to the Participant unless and until the Company determines, in its sole discretion, that all necessary exchange control or other approvals from the PRC State Administration of Foreign Exchange ("<u>SAFE</u>") or its relevant branch have been received and remain effective ("<u>SAFE Approval</u>"). In the event that SAFE Approval has not been obtained prior to any scheduled vesting date set forth in Section 2 of the Agreement, the RSUs will not vest until the seventh day of the month following the month in which SAFE Approval is obtained (the "<u>Actual Vesting Date</u>"). If the Participant experiences a Termination of Service prior to the Actual Vesting Date, the Participant shall not be entitled to vest in any portion of the RSUs and the RSUs shall be forfeited without any liability to the Company, the Employer or any Affiliate of the Company.

**Exchange Control Restrictions and Sale of Shares.** The Participant agrees that the Company is authorized to sell the Shares acquired pursuant to the RSUs after the Participant's Termination of Service (as described below) or immediately upon settlement of the RSUs, within any other timeframe that the Company determines is necessary or advisable to comply with the exchange control requirements. The Participant expressly authorizes the broker or any other third party designated by the Company to complete the sale of such Shares (on the Participant's behalf pursuant to this

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authorization without further consent). The Participant agrees to sign any agreements, forms and/or consents that may be reasonably requested by the Company (or the broker or any other third party designated by the Company) to effectuate the sale of the Shares and shall otherwise cooperate with the Company with respect to such matters, provided that the Participant shall not be permitted to exercise any influence over how, when or whether the sales occur. The Participant acknowledges that the broker or any other third party designated by the Company is under no obligation to arrange for the sale of the Shares at any particular price and there may be a delay between the date the Shares are sold and the date the cash proceeds are distributed to the Participant.

Upon the sale of the Shares, the Company agrees to pay the cash proceeds from the sale of the Shares (less any applicable Tax-Related Items, brokerage fees or commissions) to the Participant in accordance with applicable exchange control laws including, but not limited to, the restrictions set forth below under "Exchange Control Requirements."

The Participant further agrees that any Shares to be issued to the Participant shall be deposited directly into an account with the Company's designated broker. The deposited Shares shall not be transferable (either electronically or in certificate form) from the brokerage account. This limitation shall apply both to transfers to different accounts with the same broker and to transfers to other brokerage firms. The limitation shall apply to all Shares issued to the Participant under the Plan, whether or not the Participant remains employed by the Employer.

Finally, the Participant agrees to sign any agreement, form and/or consent that may reasonably be requested by the Company (or the Company's designated broker) to effectuate the mandatory sale of the Shares.

**Treatment of RSUs and Shares Upon Termination of Service.** Due to exchange control regulations in the People's Republic of China ("<u>China</u>"), the Participant understands and agrees that the Company may require the sale of Shares held by the Participant immediately following the Participant's Termination of Service, or within such other period as determined by the Company or required by SAFE or its local counterpart (the "<u>Mandatory Sale Date</u>"). This includes any portion of RSUs that vest and are settled in Shares upon the Participant's Termination of Service. The Participant understands that should the Company impose this requirement, any Shares held by the Participant under the Plan that have not been sold by the Mandatory Sale Date will automatically be sold by the broker or any other third party designated by the Company at the Company's direction (on the Participant's behalf pursuant to this authorization without further consent).

**Exchange Control Requirements.** The Participant understands and agrees that, to facilitate compliance with exchange control requirements, the Participant is required to

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immediately repatriate to China the cash proceeds from the sale of the Shares and any distributions paid on such Shares. The Participant further understands that such repatriation of the cash proceeds will be effectuated through a special exchange control account established by the Company or its Affiliates, and the Participant hereby consents and agrees that the proceeds may be transferred to such special account prior to being delivered to the Participant. The Company may deliver the proceeds to the Participant in United States dollars or local currency at the Company's discretion. If the proceeds are paid in United States dollars, the Participant understands that he or she will be required to set up a United States dollar bank account in China so that the proceeds may be deposited into this account. If the proceeds are converted to local currency, there may be delays in delivering the proceeds to the Participant and due to fluctuations in the Share trading price and/or the United States dollar/PRC exchange rate between the sale/payment date and (if later) when the proceeds can be converted into local currency, the proceeds that the Participant receives may be more or less than the market value of the Shares on the sale/payment date (which is the amount relevant to determining the Participant's tax liability). The Participant agrees to bear the risk of any currency fluctuation between the sale/payment date and the date of conversion of the proceeds into local currency. The Company is under no obligation to secure any particular exchange conversion rate.

The Participant further agrees to comply with any other requirements that may be imposed by the Company in the future to facilitate compliance with exchange control requirements in China.

**<u>COLOMBIA</u>**

***Terms and Conditions***

**Labor Law Acknowledgement**. The following provision supplements Section 8 of the Agreement:

In accepting the RSUs, the Participant acknowledges, understands and agrees that pursuant to Article 15 of Law 50/1990 (Article 128 of the Colombian Labor Code), the RSUs and any payments the Participant receives pursuant to the RSUs do not constitute a component of "salary" for any legal purpose. Therefore, the RSUs and related benefits will not be included or considered for purposes of calculating any and all labor benefits, such as fringe benefits, vacation pay, termination or other indemnities, payroll taxes, social insurance contributions, or any other outstanding labor-related amounts that may be payable.

***Notifications***

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**Securities Law Notification**. The Shares are not and will not be registered in the Colombian registry of publicly traded securities (Registro Vacional de Valores y Emisores) and, therefore, the Shares may not be offered to the public in Colombia. Nothing in this document should be construed as the making of a public offer of securities in Colombia.

**Exchange Control Information**. The Participant is responsible for complying with any and all Colombian foreign exchange restrictions, approvals and reporting requirements in connection with the RSUs and any Shares acquired or funds received under the Plan. This may include reporting obligations to the Central Bank (Banco de la República). If applicable, the Participant will be required to register his or her investment in Shares with the Central Bank, regardless of the value of the investment. The Participant should consult with his or her personal legal advisor to ensure compliance with the applicable requirements.

**Foreign Asset/Account Reporting Information**. The Participant may be required to file an annual informative return with the Colombian Tax Office detailing any assets held abroad. If the individual value of any of these assets exceeds a certain threshold, the Participant must describe each asset and indicate the jurisdiction in which it is located, its nature and its value.

**<u>CROATIA</u>**

***Terms and Conditions***

**Vesting Schedule and Distribution**. The following provision supplements Section 2 of the Agreement:

If Shares are delivered to the Participant pursuant to Section 2 of the Agreement, the Company reserves the right to require that the Participant sell all Shares delivered to the Participant, either immediately upon receipt of such Shares or upon Termination of Service.

In this regard, the Participant agrees that the Company is authorized to instruct its designated broker to assist with any such mandatory sale of Shares (on the Participant's behalf pursuant to this authorization), and the Participant expressly authorizes the designated broker to complete the sale of such Shares. The Participant also agrees to sign any agreements, forms and/or consents that may be reasonably requested by the Company (or the designated broker) to effectuate the sale of the Shares and shall otherwise cooperate with the Company with respect to such matters, provided that the Participant shall not be permitted to exercise any influence over how, when or whether the sales occur. The Participant acknowledges that the designated broker is under no

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obligation to arrange for the sale of the Shares at any particular price. Due to fluctuations in the Share price and/or applicable exchange rates between the date the Shares are delivered to the Participant and (if later) the date on which the Shares are sold, the amount of proceeds ultimately distributed to the Participant may be more or less than the market value of the Shares on the Vesting Date or the date the shares are delivered to the Participant.

Upon the sale of the Shares, the cash proceeds from the sale of shares (less any applicable Tax-Related Items, brokerage fees or commissions) will be delivered to the Participant in accordance with applicable laws and regulations, as determined by the Company in its sole discretion.

***Notifications***

Exchange Control Information. The Participant may be required to report foreign investments (including Shares acquired under the Plan) and foreign accounts to the Croatian National Bank for statistical purposes. The Participant should consult his or her personal legal advisor to ensure compliance with the applicable requirements.

**<u>CYPRUS</u>**

There are no country specific provisions.

**<u>CZECH REPUBLIC</u>**

***Notifications***

**Exchange Control Information.** The Czech National Bank ("<u>CNB</u>") may require the Participant to fulfill certain notification duties in relation to the RSUs and the opening and maintenance of a foreign account. In addition, the Participant may need to report the following even in the absence of a request from the CNB: foreign direct investments with a value of a certain threshold (currently CZK 2,500,000) or more in the aggregate or other foreign financial assets with a value of a certain threshold (currently CZK 2,000,000,000) or more. Because exchange control regulations may change without notice, the Participant should consult his or her personal legal advisor prior to the vesting of the RSUs and sale of Shares to ensure compliance with current regulations. It is the Participant's responsibility to comply with applicable Czech exchange control laws.

**<u>DENMARK</u>**

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***Terms and Conditions***

**Danish Stock Option Act**. By accepting the RSUs, the Participant acknowledges having received an Employer Statement in Danish that sets forth information regarding the terms of the RSUs, which is being provided to comply with the Danish Stock Option Act as amended January 1, 2019.

***Notifications***

**Exchange Control Information.** If the Participant establishes accounts holding Shares or cash outside Denmark, the Participant must report the accounts to the Danish Tax Administration. The form which should be used to report these accounts can be obtained from a local bank.

**<u>DOMINICAN REPUBLIC</u>**

There are no country specific provisions.

**<u>ECUADOR</u>**

***Notifications***

**Foreign Asset/Account Reporting Information.** The Participant will be responsible for including any Shares acquired under Plan during the previous fiscal year in the Participant's annual Net Worth Declaration if the Participant's net worth exceeds the thresholds set forth in the law. The Net Worth Declaration must be filed in May of the following year using the electronic form on the tax authorities' website (www.sri.gob.ec). Penalties will apply to a late filing and it is not possible to seek an extension. The Participant should consult with Participant's personal advisor(s) regarding any personal foreign asset/foreign account tax obligations the Participant may have in connection with the Participant's participation in the Plan.

**<u>ESTONIA</u>**

***Terms and Conditions***

**Language Consent.** By accepting the grant of the RSUs, the Participant confirms having read and understood the documents related to the grant (the Agreement and the Plan), which were provided in the English language, and that he or she does not need the

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translation thereof into the Estonian language. The Participant accepts the terms of those documents accordingly.

Võttes vastu piiratud aktsiaühikute (RSUs) pakkumise, kinnitab Osaleja, et ta on ingliskeelsena esitatud pakkumisega seotud dokumendid (Optsioonilepingu ja Plaani) läbi lugenud ja nendest aru saanud ning et ta ei vaja nende tõlkimist eesti keelde. Sellest tulenevalt Osaleja nõustub viidatud dokumentide tingimustega.

**<u>FINLAND</u>**

There are no country specific provisions.

**<u>FRANCE</u>**

***Terms and Conditions***

**Type of Award.** The RSUs are not granted as "French-qualified" awards and are not intended to qualify for the specific tax and social security treatment applicable to shares granted for no consideration under Sections L. 225-197-1 to L. 225-197-5 and Sections L. 22-10-59 to L. 22-10-60 of the French Commercial Code, as amended.

**Consent to Receive Information in English.** By accepting the RSUs, the Participant confirms having read and understood the documents related to the RSUs (the Plan and the Agreement) which were provided in the English language. The Participant accepts the terms of these documents accordingly.

***Consentement Relatif à l'Utilisation de la Langue Anglaise.*** *En acceptant l'Attribution, le Participant confirme avoir lu et compris les documents relatifs à cette Attribution (le Plan et le Contrat d'Attribution) qui ont été remis en langue anglaise. Le Participant accepte les termes de ces documents en conséquence.*

***Notifications***

**Exchange Control Information.** If the Participant transfers more than a certain threshold (currently €10,000) in Shares or cash into or out of France without the use of a financial intermediary, the Participant must declare the transfer to the French tax and customs authorities.

**<u>GEORGIA</u>**

***Terms and Conditions***

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**Language Consent**. By accepting the grant of RSUs, the Participant acknowledges that he or she is proficient in reading and understanding English and fully understands the terms of the documents related to the grant (the Agreement and the Plan), which were provided in the English language. The Participant accepts the terms of those documents accordingly.

**თანხმობა ენასთან დაკავშირებით**. შეზღუდული აქციების ერთეულების (RSUs) მინიჭებაზე თანხმობის განცხადებით, *მონაწილე* ადასტურებს რომ მას თავისუფლად ესმის ინგლისური ენა და რომ მისთვის სრულად არის გასაგები ამგვარ მინიჭებასთან დაკავშირებული დოკუმენტაციის (*ხელშეკრულებისა* და *გეგმის*) პირობები, რომელიც მისთვის მიწოდებული იქნა ინგლისურ ენაზე. შესაბამისად, *მონაწილე* თანხმობას აცხადებს ამ დოკუმენტებით გათვალისწინებულ პირობებზე.

**<u>GERMANY</u>**

***Notifications***

**Exchange Control Information.** Cross-border payments (including related to proceeds realized upon the sale of Shares or from the receipt of any dividends paid on such Shares) and certain other transactions with a value in excess of a certain amount (€50,000 as of January 1, 2025) must be reported to the German Federal Bank (Bundesbank). If the Participant receives a payment (including if the Participant sells Shares via a foreign broker, bank or service provider and receives proceeds in excess of this amount) and/or if the Company withholds Shares to recover Tax-Related Items with a value in excess of this amount, the Participant must report the payment and/or the value of the Shares, either electronically using the "General Statistics Reporting Portal" ("*<u>Allgemeines Meldeportal Statistik</u>*"), which can be accessed via Bundesbank's website at www.bundesbank.de or via such other method (e.g., by email or telephone) as is permitted by Bundesbank. The report must be submitted monthly or within other such timing as is permitted or required by Bundesbank. The Participant is responsible for making this report, if applicable, and should consult a personal legal advisor to ensure compliance with applicable reporting obligations.

**Foreign Asset/Account Reporting Information**. If the Participant's acquisition of Shares under the Plan leads to a qualified participation at any point during the calendar year, the Participant will need to report the acquisition when the Participant files his or her tax return for the relevant year. A qualified participation is attained if (i) the Participant holds at least 1% of the Company and the value of the Shares acquired

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exceeds a certain threshold (currently €150,000) or (ii) the Participant holds Company Shares exceeding 10% of the Company's total common stock.

**<u>GREECE</u>**

There are no country-specific provisions.

**<u>HONG KONG</u>**

***Terms and Conditions***

**Vesting Schedule and Distribution**. If, for any reason, Shares are issued to the Participant within six (6) months of the Grant Date, the Participant agrees that he or she will not sell or otherwise dispose of any such Shares prior to the six-month anniversary of the Grant Date.

***Notifications***

**Securities Law Notification.** *WARNING*: The contents of this document have not been reviewed by any regulatory authority in Hong Kong. The Participant is advised to exercise caution in relation to the offer. If the Participant is in any doubt about any of the contents of this document, the Participant should obtain independent professional advice. Neither the grant of the RSUs nor the issuance of Shares upon vesting constitutes a public offering of securities under Hong Kong law and is available only to employees of the Company and its Affiliates. The Plan, the Agreement and other incidental communication materials distributed in connection with the RSUs (i) have not been prepared in accordance with and are not intended to constitute a "prospectus" for a public offering of securities under the applicable securities legislation in Hong Kong and (ii) are intended only for the personal use of each eligible employee of the Company or its Affiliates and may not be distributed to any other person.

**<u>HUNGARY</u>**

There are no country specific provisions.

**<u>INDIA</u>**

***Terms and Conditions***

**Vesting Schedule and Distribution**. The following provision supplements Section 2 of the Agreement:

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Due to regulatory requirements in India, if Shares are delivered to the Participant pursuant to Section 2 of the Agreement, the Company reserves the right to require that the Participant sell all Shares delivered to the Participant, either immediately upon receipt of such Shares or upon Termination of Service.

In this regard, the Participant agrees that the Company is authorized to instruct its designated broker to assist with any such mandatory sale of Shares (on the Participant's behalf pursuant to this authorization), and the Participant expressly authorizes the designated broker to complete the sale of such Shares. The Participant also agrees to sign any agreements, forms and/or consents that may be reasonably requested by the Company (or the designated broker) to effectuate the sale of the Shares and shall otherwise cooperate with the Company with respect to such matters, provided that the Participant shall not be permitted to exercise any influence over how, when or whether the sales occur. The Participant acknowledges that the designated broker is under no obligation to arrange for the sale of the Shares at any particular price. Due to fluctuations in the Share price and/or applicable exchange rates between the date the Shares are delivered to the Participant and (if later) the date on which the Shares are sold, the amount of proceeds ultimately distributed to the Participant may be more or less than the market value of the Shares on the Vesting Date or the date the shares are delivered to the Participant.

Upon the sale of the Shares, the cash proceeds from the sale of shares (less any applicable Tax-Related Items, brokerage fees or commissions) will be delivered to the Participant in accordance with applicable laws and regulations, as determined by the Company in its sole discretion.

***Notifications***

**Exchange Control Information**. The Participant understands that he or she must repatriate any proceeds from the sale of Shares acquired under the Plan or the receipt of dividends paid on such Shares to India within the time frame prescribed under applicable Indian exchange control laws as may be amended from time to time, unless an exemption from the repatriation requirement applies (such as reinvesting the proceeds into non-Indian securities). If the Participant decides to repatriate cash proceeds to India, the Participant will receive a foreign inward remittance certificate ("<u>FIRC</u>") from the bank where he or she deposits the foreign currency. The Participant should maintain the FIRC as evidence of the repatriation of the proceeds in the event the Reserve Bank of India or the Employer requests proof of repatriation. The Participant is also responsible for

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complying with any other exchange control laws in India that may apply to the RSUs or the Shares acquired under the Plan.

**Foreign Asset/Account Reporting Information**. The Participant is required to declare any foreign bank accounts and any foreign financial assets (including Shares acquired under the Plan) in Participant's annual tax return. Increased penalties for failing to report these assets/accounts have been implemented. The Participant should consult with his or her personal tax advisor to determine the Participant's reporting requirements.

**<u>IRELAND</u>**

There are no country specific provisions.

**<u>ISRAEL</u>**

***Terms and Conditions***

**Settlement and Sale of Shares**. To facilitate compliance with local tax requirements, the Participant agrees that the Company is authorized to settle the RSUs in cash or immediately sell the Shares acquired pursuant to the RSUs (i) upon vesting; (ii) after the Participant's Termination of Service; (iii) or within any other time frame as the Company determines to be necessary to comply with local tax requirements. The Participant further agrees that the Company is authorized to instruct its designated broker to assist with the mandatory sale of such Shares (on the Participant's behalf pursuant to this authorization) and the Participant expressly authorizes the Company's designated broker to complete the sale of such Shares. The Participant acknowledges that the Company's designated broker is under no obligation to arrange for the sale of the Shares at any particular price. Upon the sale of the Shares, the Company agrees to pay the Participant the cash proceeds from the sale, less any brokerage fees or commissions and subject to any obligation to satisfy Tax-Related Items.

**<u>ITALY</u>**

***Terms and Conditions***

**Plan Document Acknowledgement.** The Participant acknowledges that the Participant has read and specifically and expressly approves the following Sections of the Agreement: Section 7 (<u>Responsibility for Taxes</u>); Section 8 (<u>Nature of Grant</u>); Section 11 (<u>Data Privacy</u>); Section 12(g) (<u>Language</u>); Section 12(h) (<u>Electronic Delivery and Acceptance</u>); Section 12(k) (<u>Addendum</u>); and Section 12(l) (<u>Imposition of Other Requirements</u>).

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***Notifications***

**Foreign Asset/Account Reporting Information.** Italian residents who, at any time during the fiscal year, hold foreign financial assets (including cash and Shares) which may generate income taxable in Italy are required to report these assets on their annual tax returns (UNICO Form, RW Schedule) for the year during which the assets are held, or on a special form if no tax return is due. These reporting obligations also will apply to Italian residents who are the beneficial owners of foreign financial assets under Italian money laundering provisions.

**<u>JAPAN</u>**

***Notifications***

**Exchange Control Information**. If the Participant acquires Shares valued at more than a certain threshold (currently ¥100,000,000) in a single transaction, he or she must file a Securities Acquisition Report with the Ministry of Finance through the Bank of Japan within 20 days after the acquisition of the Shares.

**Foreign Asset/Account Reporting Information**. If the Participant is a resident of Japan, the Participant will be required to report details of any assets (including any Shares acquired under the Plan) held outside of Japan as of December 31st of each year, to the extent such assets have a total net fair market value exceeding a certain threshold (currently ¥50,000,000). Such report will be due by June 30th of the following year. The Participant should consult with his or her personal tax advisor as to whether the reporting obligation applies to the Participant and whether he or she will be required to report details of any outstanding RSUs or Shares held by Participant in the report.

**<u>KAZAKHSTAN</u>**

***Notifications***

**Securities Law Notification.** This offer is addressed only to certain eligible employees in the form of the Shares to be issued by the Company, which as of the date hereof are listed on the New York Stock Exchange. Neither the Plan nor this Agreement has been approved, nor do they need to be approved, by the National Bank of Kazakhstan. This offer is intended only for the original recipient and is not for general circulation in the Republic of Kazakhstan.

**Exchange Control Information**. The Participant acknowledges that if the Participant is a resident of Kazakhstan, the Participant will be required to notify and file standard-form

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reports with the National Bank of Kazakhstan if the value of the Shares that the Participant acquires under the Plan exceeds a certain threshold.

Please note that exchange control regulations in Kazakhstan are subject to change. The Participant should consult with his or her personal legal advisor regarding any exchange control obligations that Participant may have prior to acquiring Shares or receiving proceeds from the sale of Shares acquired under the Plan. The Participant is responsible for ensuring compliance with all exchange control laws in Kazakhstan.

**<u>KYRGYZSTAN</u>**

***Notifications***

**Tax and Regulatory Reporting Notification**. The Participant may be subject to certain tax, exchange control or foreign asset/account reporting requirements under the applicable laws in the Participant's country as a result of the acquisition, holding or transfer of Shares or cash resulting from participation in the Plan. The Participant is responsible for being aware of and satisfying any such requirements that may be necessary in connection with the RSUs. The Participant should consult with his or her own personal legal advisers to ensure compliance with local laws.

**<u>LATVIA</u>**

There are no country specific provisions.

**<u>LEBANON</u>**

***Notifications***

**Securities Law Notification**. The grant of RSUs under the Plan does not constitute the marketing or offering of securities to the public in Lebanon pursuant to Law No. 161 (2011), the Capital Markets Law. Offers under the Plan are being made only to eligible employees of the Employer or the Company or any other Affiliate.

**<u>LITHUANIA</u>**

There are no country specific provisions.

**<u>LUXEMBOURG</u>**

***Terms and Conditions***

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**Nature of the Grant**. The following provision supplements Section 8 of the Agreement:

By accepting the RSUs, the Participant consents to participation in the Plan and that the Participant has received a copy of the Plan.

The Participant further understands that the Company has unilaterally, gratuitously and in its sole discretion decided to grant the RSUs under the Plan to individuals who may be employees of the Company or its Affiliates throughout the world. The decision to grant the RSUs is a limited decision and is entered into upon the express assumption and condition that any RSUs granted under the Plan will not economically or otherwise bind the Company or its Affiliates on an ongoing basis other than as set forth in the Agreement. Consequently, the Participant understands that any grant is given on the assumption and condition that it shall not become a part of any employment or service contract (either with the Company or any Affiliate) and shall not be considered a mandatory benefit, salary for any purpose (including severance compensation) or any other right whatsoever. Further, the Participant understands and freely accepts that there is no guarantee that any benefit shall arise from any gratuitous and discretionary grant since the future value of the RSUs and Shares is unknown and unpredictable.

***Notifications***

**Exchange Control Information*.***

The Participant acknowledges and agrees that the Participant must report any inward remittance of funds associated with the Plan to the Banque Central de Luxembourg and/or the *Service Central de La Statistique et des Études Économiques* within 15 working days following the month during which the transaction occurred. If a Luxembourg financial institution is involved in the transaction, such financial institution typically will fulfill the reporting obligation on behalf of the Participant. However, if the Luxembourg financial institution does not report the transaction, the Participant personally is responsible for satisfying the reporting obligation. The Participant should consult with Participant's personal advisor(s) regarding any personal legal, regulatory or foreign exchange obligations the Participant may have in connection with the Participant's participation in the Plan.

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**<u>MALAYSIA</u>**

***Notifications***

**Director Notification Obligation**. If the Participant is a director of a Malaysian Affiliate, he or she is subject to certain notification requirements under the Malaysian Companies Act 1965. Among these requirements is an obligation to notify the Malaysian Affiliate in writing when the Participant receives or disposes of an interest (*e.g.,* RSUs or Shares) in the Company or any related company. This notification must be made within 14 days of receiving or disposing of any interest in the Company or any related company.

**<u>MALTA</u>**

***Notifications***

**Securities Law Notification**. The Plan, the Agreement, including this Addendum, and all other materials the Participant may receive regarding participation in the Plan do not constitute advertising of securities in Malta and are deemed accepted by the Participant upon receipt of the Participant's electronic or written acceptance in the United States. The issuance of the Shares under the plan has not and will not be registered in Malta and, therefore, the Shares described in any plan documents may not be offered or placed in public circulation in Malta.

**<u>MEXICO</u>**

***Terms and Conditions***

**Labor Law Acknowledgement**. The following provision applies if the Participant resides in Mexico and receives the RSUs from the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)&nbsp;&nbsp;&nbsp;&nbsp;The Participant's participation in the Plan does not constitute an acquired right;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)&nbsp;&nbsp;&nbsp;&nbsp;The Plan and the Participant's participation in it are offered by the Company on a wholly discretionary basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii)&nbsp;&nbsp;&nbsp;&nbsp;The Participant's participation in the Plan is voluntary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv)&nbsp;&nbsp;&nbsp;&nbsp;The Company and its Affiliates are not responsible for any decrease in the value of any Shares acquired under the Plan;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v)&nbsp;&nbsp;&nbsp;&nbsp;By accepting the RSUs, the Participant acknowledges that the Company, with registered offices in the U.S.A., is solely responsible for the administration of the Plan. The Participant further acknowledges that his or her participation in the Plan, the grant of the RSUs and any acquisition of Shares under the Plan do not constitute an employment relationship between the Participant and the Company because the Participant is participating in the Plan on a wholly commercial basis. Based on the foregoing, the Participant expressly acknowledges that the Plan and the benefits that he or she may derive from participation in the Plan do not establish any rights between the Participant and the Employer and do not form part of the employment conditions and/or benefits provided by the Employer, and any modification of the Plan or its termination shall not constitute a change or impairment of the terms and conditions of the Participant's employment;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi)&nbsp;&nbsp;&nbsp;&nbsp;The Participant further understands that his or her participation in the Plan is the result of a unilateral and discretionary decision of the Company and, therefore, the Company reserves the absolute right to amend and/or discontinue the Participant's participation in the Plan at any time, without any liability to the Participant; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii)&nbsp;&nbsp;&nbsp;&nbsp;Finally, the Participant hereby declares that he or she does not reserve to him- or herself any action or right to bring any claim against the Company for any compensation or damages regarding any provision of the Plan or the benefits derived under the Plan, and that he or she therefore grants a full and broad release to the Company, its subsidiaries, parents, Affiliates, branches, representation offices, shareholders, officers, agents or legal representatives, with respect to any claim that may arise.

***Términos y Condiciones.***

***Reconocimiento del Derecho Laboral.*** *Las siguientes disposiciones aplican en caso de que el Participante sea residente en México y reciba las Unidades de Acción Restringida ("<u>RSUs</u>") de la Compañía:*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(i)&nbsp;&nbsp;&nbsp;&nbsp;La participación del Participante en el Plan no constituye un derecho adquirido;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(ii)&nbsp;&nbsp;&nbsp;&nbsp;El Plan y la participación del Participante en él es ofrecido por la Compañía de manera completamente discrecional;* 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iii)&nbsp;&nbsp;&nbsp;&nbsp;La participación del Participante en el Plan es voluntaria;*

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(iv)&nbsp;&nbsp;&nbsp;&nbsp;La Compañía y sus Afiliadas no son responsables por ninguna disminución en el valor de las acciones de adquiridas en términos del Plan;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(v)&nbsp;&nbsp;&nbsp;&nbsp;Al aceptar el otorgamiento, el Participante reconoce que la Compañía, con oficinas registradas en E.U.A., es la única responsable de la administración del Plan. Además, el Participante reconoce que su participación en el Plan, la concesión de RSUs y cualquier adquisición de Acciones bajo el Plan no constituyen una relación laboral entre el Participante y la Compañía, en virtud de que el Participante está participando en el Plan en una base exclusivamente comercial. Por lo anterior, el Participante expresamente reconoce que el Plan y los beneficios que puedan derivarse de su participación no establecen ningún derecho entre el Participante y su empleador y que no forman parte de las condiciones de trabajo y/o beneficios otorgados por su empleador, y cualquier modificación del Plan o la terminación no constituirá un cambio o modificación en los términos y condiciones del empleo del Participante;*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(vi)&nbsp;&nbsp;&nbsp;&nbsp;Además, el Participante comprende que su participación en el Plan es el resultado de una decisión discrecional y unilateral de la Compañía, por lo que la Compañía se reserva el derecho absoluto de modificar y/o suspender la participación del Participante en el Plan en cualquier momento, sin responsabilidad alguna frente al Participante; y*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(vii)&nbsp;&nbsp;&nbsp;&nbsp;Finalmente, el Participante manifiesta que no se reserva acción o derecho alguno que origine una demanda en contra de la Compañía, por cualquier indemnización o daño relacionado con las disposiciones del Plan o de los beneficios otorgados en el mismo, y en consecuencia el Participante libera de la manera más amplia y total de responsabilidad a la Compañía, sus subsidiarias, empresas matriz, Afiliadas, sucursales, oficinas de representación, sus accionistas, directores, agentes y representantes legales de cualquier demanda que pudiera surgir.*

***Notifications***

**Securities Law Notification.** The RSUs and the Shares offered under the Plan have not been registered with the National Register of Securities maintained by the Mexican National Banking and Securities Commission and cannot be offered or sold publicly in Mexico. In addition, the Plan, the Agreement and any other document relating to the RSUs may not be publicly distributed in Mexico. These materials are addressed to the Participant only because of the Participant's existing relationship with the Company and these materials should not be reproduced or copied in any form. The offer contained in these materials does not constitute a public offering of securities but rather constitutes a private placement of securities addressed specifically to individuals who are present

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employees of an Affiliate of the Company in Mexico made in accordance with the provisions of the Mexican Securities Market Law, and any rights under such offering shall not be assigned or transferred*.*

**<u>MONTENEGRO</u>**

***Notifications***

**Securities Law Notification.** The grant of the RSUs and the issuance of any Shares are not subject to the regulations concerning public offers and private placements under the Law on Capital Markets.

**<u>NETHERLANDS</u>**

There are no country specific provisions.

**<u>NORWAY</u>**

***Notifications***

**Exchange Control Information.** In general, Norwegian residents should not be subject to any foreign exchange requirements in connection with their acquisition or sale of Shares under the Plan, except normal reporting requirements to the Norwegian Currency Registry. If any transfer of funds into or out of Norway is made through a Norwegian bank, the bank will make the registration. The Participant should consult with the Participant's personal advisor(s) regarding any personal legal, regulatory or foreign exchange obligations the Participant may have in connection with the Participant's participation in the Plan.

**Foreign Asset/Account Reporting Information.** Norwegian residents may be subject to foreign asset reporting as part of their ordinary tax return. Norwegian banks, financial institutions, limited companies etc. must report certain information to the Tax Administration. Such information may then be pre-completed in a Norwegian resident's tax return. However, if the resident has traded, or is the owner of, financial instruments (*e.g.*, Shares) not pre-completed in the tax return, the Norwegian resident must enter this information in Form RF-1159, which is an appendix to the tax return. The Participant should consult with the Participant's personal advisor(s) regarding any personal foreign asset/foreign account tax obligations the Participant may have in connection with the Participant's participation in the Plan.

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**<u>PERU</u>**

***Terms and Conditions***

**Nature of the Grant.** The following provision supplements Section 8 of the Agreement:

This Award is being granted *ex gratia* to the Participant by the Company as an incentive to reward the Participant for the Participant's contributions to the Company.

***Notifications***

**Securities Law Notification.** The grant of the RSUs under the Plan is considered a private offering in Peru and accordingly, is not subject to registration in Peru. For more information concerning the grant of the RSUs, please refer to the Plan, the Agreement, and any other grant documents made available to the Participant by the Company. For more information regarding the Company, please refer to the Company's most recent annual report on Form 10-K and quarterly report on Form 10-Q available at www.sec.gov, as well as on the Company's website at http://investors.epam.com.

**<u>POLAND</u>**

***Notifications***

**Exchange Control Information.** The Participant acknowledges that any transfer of funds in excess of a certain threshold (currently €15,000 (or PLN15,000, if such transfer of funds is connected with business activity of an entrepreneur)) into or out of Poland must be effected through a bank account in Poland. The Participant understands that the Participant is required to store all documents connected with any foreign exchange transactions that the Participant engages in for a period of five years as measured from the end of the year in which such transaction occurred.

**Foreign Asset/Account Reporting Information**. If the Participant maintains bank or brokerage accounts holding cash and foreign securities (including Shares) outside of Poland, the Participant will be required to report information to the National bank of Poland on transactions and balances in such accounts if the value of such cash and securities exceeds a certain threshold (currently PLN 7 million). If required, such reports must be filed on a quarterly basis on special forms available on the website of the National Bank of Poland. The Participant should consult with his or her personal legal advisor to determine whether he or she will be required to submit reports to the National Bank of Poland.

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**<u>PORTUGAL</u>**

***Terms and Conditions***

**Language Consent**. The Participant hereby expressly declares that he or she has full knowledge of the English language and has read, understood and freely accepted and agreed with the terms and conditions established in the Plan and the Agreement.

***Conhecimento da Língua.*** *Pela presente, o Participante declara expressamente que tem pleno conhecimento da língua inglesa e que leu, compreendeu e livremente aceitou e concordou com os termos e condições estabelecidas no Plano e no Acordo.*

**<u>QATAR</u>**

There are no country-specific provisions.

**<u>ROMANIA</u>**

***Terms and Conditions***

**Language Consent**. By accepting the grant of RSUs, the Participant acknowledges that he or she is proficient in reading and understanding English and fully understands the terms of the documents related to the grant (the Agreement and the Plan), which were provided in the English language. The Participant accepts the terms of those documents accordingly.

***Consimtamant cu Privire la Limba****. Prin acceptarea acordarii de RSU-uri, Participantul confirma ca acesta sau aceasta are un nivel adecvat de cunoastere in ce priveste cititirea si intelegerea limbii engleze, a citit si confirma ca a inteles pe deplin termenii documentelor referitoare la acordare (Acordul si Planul), care au fost furnizate in limba engleza. Participantul accepta termenii acestor documente in consecinta.*

***<u>Notifications</u>***

**Exchange Control Information.** If the Participant deposits the proceeds from the sale of Shares acquired under this Plan in a bank account in Romania, the Participant may be required to provide the Romanian bank with appropriate documentation explaining the source of the funds. The Participant should consult his or her personal legal advisor to ensure compliance with applicable requirements.

**<u>SAUDI ARABIA</u>**

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***Notifications***

**Securities Law Notification**. The Agreement and related Plan documents may not be distributed in Saudi Arabia except to such persons as are permitted under the Offers of Securities and Continuing Obligations issued by the Capital Market Authority. The Participant should conduct the Participant's own due diligence on the accuracy of the information relating to the Shares. If the Participant does not understand the Agreement, the Participant should consult an authorized financial adviser.

**<u>SERBIA</u>**

***Notifications***

**Securities Law Notification.** The grant of RSUs and the issuance of any Shares are not subject to the regulations concerning public offers and private placements under the Law on Capital Markets.

**Exchange Control Information.** Pursuant to the Law on Foreign Exchange Transactions, the Participant is permitted to acquire Shares under the Plan, but a report may need to be made of the acquisition of such Shares, the value of the Shares at vesting and, on a quarterly basis, any changes in the value of the Shares. An exemption from this reporting obligation may apply on the basis that the Shares are acquired for no consideration. As the exchange control regulations in Serbia may change without notice, the Participant should consult with a personal legal advisor with respect to all applicable reporting obligations.

**<u>SINGAPORE</u>**

***Terms and Conditions***

**Restrictions on Sale and Transferability**. The Participant hereby agrees that any Shares acquired pursuant to the RSUs will not be offered for sale in Singapore prior to the six-month anniversary of the Grant Date, unless such sale or offer is made pursuant to the exemptions under Part XIII Division 1 Subdivision (4) (other than section 280) of the Securities and Futures Act (Chap. 289, 2006 Ed.) ("<u>SFA</u>") or pursuant to, and in accordance with the conditions of, any other applicable provision(s) of the SFA.

***Notifications***

**Securities Law Notification.** The RSUs are being granted pursuant to the "Qualifying Person" exemption" under section 273(1)(f) of the SFA and is not made with a view to the underlying Shares being subsequently offered for sale to any other party. The Plan

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has not been lodged or registered as a prospectus with the Monetary Authority of Singapore.

**Director Notification.** If the Participant is a director, associate director or shadow director of a Singapore Affiliate, the Singapore Companies Act requires the Participant (regardless of whether the Participant is a Singapore resident or employed in Singapore) to notify such Singapore Affiliate in writing of any interest (*e.g.,* RSUs, Shares, etc.) that the Participant holds in the Company (or any related company) within two business days of (i) acquiring or disposing of such interest, (ii) any change in a previously-disclosed interest (*e.g.,* upon vesting of the RSUs or sale of Shares), or (iii) becoming a director, associate director or shadow director, if the Participant holds such an interest at that time.

**<u>SLOVAKIA</u>**

There are no country specific provisions.

**<u>SOUTH AFRICA</u>**

***Terms and Conditions***

**Responsibility for Taxes.** The following provision supplements Section 7 of the Agreement:

By accepting the grant of the RSUs, the Participant agrees to notify the Company or the Employer of the amount of any gain realized upon the receipt of Shares. The Participant understands that if he or she fails to advise the Company or the Employer of the gain realized at vesting, the Participant may be liable for a fine. The Participant will be responsible for paying the difference between the actual tax liability and the amount withheld.

**Securities Law Compliance**. Neither the RSUs nor the underlying Shares shall be publicly offered or listed on any stock exchange in South Africa. The offer is intended to be private pursuant to Section 96 of the Companies Act and is not subject to the supervision of any South African governmental authority. Pursuant to Section 96 of the Companies Act, the RSU offer must be finalized within a set period of time following the Grant Date. If the Participant does not want to accept the RSUs, the Participant is required to decline the RSUs no later than the 90th day following the Grant Date. If the Participant does not reject the RSUs on or before the 90th day following the Grant Date, the Participant will be deemed to accept the RSUs.

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**<u>SPAIN</u>**

***Terms and Conditions***

**Labor Law Acknowledgment**. This provision supplements Section 8 of the Agreement:

In accepting the RSUs, the Participant acknowledges that he or she consents to participation in the Plan and has received a copy of the Plan.

The Participant understands and agrees that, as a condition of the grant of the RSUs, the Participant's Termination of Service for any reason (including for the reasons listed below) will automatically result in the forfeiture of any unvested RSUs as of the date of such termination without any payment to the Participant.

In particular, the Participant understands and agrees that the RSUs will be cancelled without entitlement to the Shares or to any amount as indemnification in the event of the Participant's Termination of Service by reason of, including, but not limited to: resignation, death, disability, disciplinary dismissal adjudged to be with cause, disciplinary dismissal adjudged or recognized to be without cause (*i.e.*, subject to a "*despido improcedente*"), individual or collective layoff on objective grounds, whether adjudged to be with cause or adjudged or recognized to be without cause, material modification of the terms of employment under Article 41 of the Workers' Statute, relocation under Article 40 of the Workers' Statute, Article 50 of the Workers' Statute, unilateral withdrawal by the Employer, and under Article 10.3 of Royal Decree 1382/1985.

Furthermore, the Participant understands that the Company has unilaterally, gratuitously and in its sole discretion decided to grant RSUs under the Plan to individuals who may be employees of the Company or its Affiliates throughout the world. The decision is a limited decision that is entered into upon the express assumption and condition that any grant will not economically or otherwise bind the Company or its Affiliate on an ongoing basis. Consequently, the Participant understands that the RSUs are granted on the assumption and condition that the RSUs and the Shares issued upon vesting/settlement of the RSUs shall not become a part of any employment contract (either with the Company or any Affiliate) and shall not be considered a mandatory benefit, salary for any purposes (including severance compensation) or any other right whatsoever. In addition, the Participant understands that the grant of the RSUs would not be made to the Participant but for the assumptions and conditions referred to above; thus, the Participant acknowledges and freely accepts that should any or all of the assumptions be mistaken or should any of the conditions not be met for any reason, then any grant of RSUs shall be null and void.

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***Notifications***

**Securities Law Notification**. No "offer of securities to the public," as defined under Spanish law, has taken place or will take place in the Spanish territory in connection with the grant of the RSUs. The Agreement has not been, nor will it be, registered with the *Comisión Nacional del Mercado de Valores*, and does not constitute a public offering prospectus.

**Exchange Control Information**. The Participant may be required to electronically declare to the Bank of Spain any foreign accounts (including brokerage accounts held abroad), any foreign instruments (including Shares acquired under the Plan), and any transactions with non-Spanish residents (including any payments of Shares made pursuant to the Plan), depending on the balances in such accounts together with the value of such instruments as of December 31 of the relevant year, or the volume of transactions with non-Spanish residents during the relevant year.

The Participant should consult with his or her personal tax and legal advisors to ensure that the Participant is properly complying with his or her exchange control obligations.

**Foreign Asset/Account Reporting Information**. To the extent that the Participant holds assets (e.g., cash or Shares held in a bank or brokerage account) outside of Spain with a value in excess of a certain threshold (currently €50,000) per type of asset (e.g., Shares, cash, etc.) as of December 31 each year, the Participant is required to report information on such assets on the Participant's tax return for such year. After such assets are initially reported, the reporting obligation will only apply for subsequent years if the value of any previously-reported assets increases by more than a certain threshold (currently €20,000) or if the Participant transfers or disposes of any previously-reported assets. The reporting must be completed by March 31. Failure to comply with this reporting requirement may result in penalties. Accordingly, the Participant should consult with his or her personal tax and legal advisors to ensure that the Participant is properly complying with his or her reporting obligations.

**<u>SWEDEN</u>**

***Terms and Conditions***

**Responsibility for Taxes**. The following provision supplements Section 7 of the Agreement:

Without limiting the Company's or the Employer's authority to satisfy their withholding obligations for Tax-Related Items as set forth in the Agreement, by accepting the RSUs, the Participant authorizes the Company to withhold Shares or to sell Shares otherwise

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deliverable to the Participant upon vesting/settlement to satisfy Tax-Related Items, regardless of whether the Company and/or the Employer have an obligation to withhold such Tax-Related Items.

**<u>SWITZERLAND</u>**

***Notifications***

**Securities Law Notification.** Neither this document nor any other materials relating to the offer of RSUs (i) constitutes a prospectus according to articles 35 et seq. of the Swiss Federal Act on Financial Services ("<u>FinSA</u>"), (ii) may be publicly distributed or otherwise made publicly available in Switzerland to any person other than an employee of the Company or one of its Affiliates, or (iii) has been or will be filed with, approved or supervised by any Swiss reviewing body according to article 51 of FinSA or any Swiss regulatory authority, including the Swiss Financial Market Supervisory Authority ("<u>FINMA</u>").

**<u>THAILAND</u>**

***Notifications***

**Exchange Control Information**. If the Participant receives funds in connection with the Plan (e.g., sale proceeds) with a value equal to or greater than a certain threshold (currently USD 1,000,000), the Participant is required to immediately repatriate such funds to Thailand, unless the Participant can rely on any applicable exemptions (e.g., where the funds will be used offshore for any permissible purposes under exchange control regulations) and the relevant form and supporting documents have been submitted to a commercial bank in Thailand. Any foreign currency repatriated to Thailand must be converted to Thai Baht or deposited into a foreign currency deposit account opened with any commercial bank in Thailand acting as the authorized agent within 360 days from the date the funds are repatriated to Thailand. The Participant also is required to inform the authorized agent of the details of the foreign currency transaction, including identification information and the purpose of the transaction.

**<u>TURKEY</u>**

***Notifications***

**Securities Law Notification**. The Participant is not permitted to sell Shares acquired under the Plan in Turkey. Shares are currently traded on the New York Stock Exchange in the United States under the ticker symbol "EPAM" and Shares may be sold on this exchange, which is located outside Turkey.

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**Exchange Control Information**. Pursuant to Decree No. 32 on the Protection of the Value of the Turkish Currency and Communiqué No. 2008-32/34 on Decree No. 32, any activity related to investments in foreign securities (e.g., the sale of Shares) must be conducted through a bank or financial intermediary institution licensed by the Turkish Capital Markets Board and should be reported to the Turkish Capital Markets Board. It is solely the Participant's responsibility to comply with this requirement. The Participant should contact a personal legal advisor for further information regarding these obligations.

**<u>UKRAINE</u>**

***Terms and Conditions***

**RSUs Payable Only in Cash**. Notwithstanding any discretion contained in the Plan or the Agreement to the contrary, if the Participant resides in the Ukraine at the time of vesting of any of the RSUs, the RSUs shall be settled in cash only.

***Notifications***

**Exchange Control Information**. The Participant is responsible for complying with all applicable exchange control regulations in Ukraine. The Participant should consult with his or her personal legal advisor to ensure compliance with the applicable requirements.

**<u>UNITED ARAB EMIRATES</u>**

***Notifications***

**Securities Law Notification.** The RSUs granted under the Plan are being offered only to eligible employees of the Company and are in the nature of providing equity incentives to eligible employees of the Company. Any documents related to the RSUs, including the Plan, the Agreement and any other grant documents ("<u>Award Documents</u>"), are intended for distribution only to such eligible employees and must not be delivered to, or relied on by, any other person.

The Emirates Securities and Commodities Authority has no responsibility for reviewing or verifying any Award Documents or any other incidental communication materials distributed in connection with the RSUs. Further, neither the Ministry of Economy nor the Dubai Department of Economic Development has approved the Award Documents or taken steps to verify the information set out in them, and thus, is not responsible for their content.

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Participants should, as prospective stockholders, conduct their own due diligence on the securities. If the Participant does not understand the contents of the Award Documents, he or she should consult an authorized financial advisor.

**<u>UNITED KINGDOM</u>**

***Terms and Conditions***

**Responsibility for Taxes.** The following provisions supplement Section 7 of the Agreement:

Without limitation to Section 7 of the Agreement, the Participant agrees that the Participant is liable for all Tax-Related Items and hereby covenants to pay all such Tax-Related Items as and when requested by the Company or the Employer or by HM Revenue and Customs ("<u>HMRC</u>") (or any other tax authority or any other relevant authority). The Participant also agrees to indemnify and keep indemnified the Company and the Employer against any taxes that they are required to pay or withhold or have paid or will pay to HMRC (or any other tax authority or any other relevant authority) on the Participant's behalf.

Notwithstanding the foregoing, if the Participant is a director or executive officer of the Company (within the meaning of Section 13(k) of the Exchange Act), the terms of the immediately foregoing provision will not apply. In such case, the amount of any uncollected income tax may constitute a benefit to the Participant on which additional income tax and National Insurance contributions ("<u>NICs</u>") may be payable. The Participant understands that he or she will be responsible for paying and reporting any income tax due on this additional benefit directly to HMRC under the self-assessment regime and for reimbursing the Company or the Employer, as applicable, for the value of any employee NICs due on this additional benefit, which the Company or the Employer, as applicable, may recover from the Participant at any time thereafter by any of the means set forth in Section 7 of the Agreement.

**<u>URUGUAY</u>**

There are no country-specific provisions.

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**<u>UZBEKISTAN</u>**

There are no country specific provisions.

**<u>VIETNAM</u>**

***Terms and Conditions***

**RSUs Payable Only in Cash**. Notwithstanding any discretion contained in the Plan or the Agreement to the contrary, if the Participant resides in Vietnam at the time of vesting of any of the RSUs, the RSUs shall be settled in cash only.

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## Exhibit 10.2

**EPAM SYSTEMS, INC.**

**Amended Non-Employee Director Compensation Policy**

**[Adopted January 22, 2012; Amended December 16, 2013; February 24, 2015 (effective January 1, 2015); April 16, 2015; September 14, 2016; December 14, 2016 (effective January 1, 2017); April 11, 2017; December 11, 2018 (effective January 1, 2019); February 11, 2021 (effective January 1, 2021); December 7, 2021 (effective January 1, 2022); January 18, 2023 (effective January 1, 2023); December 6, 2023 (effective January 1, 2024); November 17, 2025 (effective Jan 1, 2026)]**

Unless and until the Board resolves otherwise or as otherwise agreed between the Company and the Board, each member of the Board of Directors (the "**Board**") of EPAM Systems, Inc. (the "**Company**") that is not an employee of the Company or any of its subsidiaries (each, a "**Non-Employee Director**") shall be entitled to receive the compensation set forth below during the term of his or her service on the Board. Capitalized terms used but not defined in this policy shall have the meanings set forth in the Company's 2022 Amended and Restated Non-Employee Directors Compensation Plan (as amended from time to time, the "**Plan**") or in the Company's 2017 Non-Employee Directors Deferral Plan (the "**Deferral Plan**"), as the case may be.

*<u>Annual Cash Retainers</u>*

<u>Frequency and Pro-Ration of Payments:</u> Each of the retainer payments described below shall be payable in cash in arrears in equal quarterly installments within 10 days following each March 31, June 30, September 30 and December 31 (each such payment date, a "**Quarterly Payment Date**") in respect of the calendar quarter that includes such Quarterly Payment Date, or, at the Non-Employee Director's election given by written notice to the Company no later than March 15 of any calendar year, in one cash payment in arrears on December 31 (or if such date is not a business day, the business day immediately preceding such date) (such payment date, an "**Annual Payment Date**") in respect of the calendar year that includes such Annual Payment Date. Any Non-Employee Director who becomes eligible for any of the following retainer payments on a date that is not the first day of a calendar quarter (or year) shall receive a pro-rated Retainer for his or her service in the applicable role on the Board for such quarter (or year) based on the number of days of such service during such quarter (or year).

<u>Service as Non-Employee Director</u>: Each Non-Employee Director shall receive an annual retainer (a "**Retainer**") in the amount of $75,000 payable in cash in arrears.

<u>Service as Lead Independent Director</u>: The Non-Employee Director who serves as Lead Independent Director of the Board shall receive an additional annual retainer in the amount of $40,000 payable in cash in arrears.

<u>Service as a Committee Member</u>: Each Non-Employee Director who serves as a member (but not as a Chairperson) of one or more of the Audit, Compensation or Nominating and Corporate Governance Committees (each, a "**Committee**") of the Board shall receive an

&nbsp;&nbsp;&nbsp;&nbsp;

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additional annual retainer in the amount of $13,000, $10,000 and/or $8,000 for his or her service on each such Committee, respectively, payable in cash in arrears.

<u>Service as Chairperson of a Committee of the Board</u>: Any Non-Employee Director who serves as a Chairperson of one or more of the Committees shall receive an additional annual retainer in the amount of $25,000, $20,000 and/or $15,000 for his or her service as the Chairperson of one or more of the Audit, Compensation or Nominating and Corporate Governance Committees, respectively, payable in cash in arrears.

*<u>Additional Non-Employee Director Compensation</u>*

Any Non-Employee Director who attends more than ten (10) meetings of the Board, or more than ten (10) meetings of the same Committee on which such Non-Employee Director serves, in any calendar year shall receive an additional cash payment of $2,000 for each such additional meeting thereof that such Non-Employee Director attends in person and $1,000 for each such additional meeting that such Non-Employee Director attends telephonically.

*<u>Election to Receive Stock</u>*

A Non-Employee Director may elect to receive all or a portion of his or her Retainer in shares of Common Stock by executing and submitting to the Company's Corporate Secretary (the "**Secretary**") an election form, pursuant to a form provided by the Company, which indicates the percentage of such Retainer that such director elects to receive in shares. A Non-Employee Director who wishes to revoke or amend a previously submitted election form may do so by executing and submitting to the Secretary a subsequent election form, pursuant to a form provided by the Company. An election form, whether initial or subsequent, shall be effective only with respect to Quarterly Payment Dates (or if applicable, the Annual Payment Date) that occur after the date on which the Secretary receives such form.

&nbsp;&nbsp;&nbsp;&nbsp;As of each Quarterly Payment Date (or if so elected, the Annual Payment Date), a Non-Employee Director who has validly elected to receive all or a portion of his or her Retainer in shares of Common Stock will receive a number of shares of Common Stock determined by dividing the amount of the Retainer that otherwise would have been payable to such director in cash on such date by the closing price of a share of Common Stock on the day prior to such Quarterly Payment Date (or if so elected, the Annual Payment Date); *provided* that any fractional share shall be paid in cash.

*<u>Equity Grants</u>*

<u>Initial Restricted Stock Unit Grants to Directors</u>: On the date that a Non-Employee Director commences service on the Board, such director shall receive under the Plan an initial grant (the "**Initial Grant**") of Restricted Stock Units. The number of Restricted Stock Units awarded in the Initial Grant shall be determined by dividing $100,000 by the 20-trading day average closing price ending on the last trading day before the grant date. Unless a Non-

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Employee Director elects otherwise pursuant to the Deferral Plan, the Initial Grant will vest 25% on each of the first four anniversaries of the grant date.

<u>Annual Restricted Stock Unit Grants to Directors</u>: On the date of the Company's annual public stockholder meeting, each Non-Employee Director who at such meeting is elected to serve on the Board or whose term is scheduled to continue at least through the date of the next such meeting shall receive under the Plan an annual grant (each, an "**Annual Grant**") of Restricted Stock Units. The number of Restricted Stock Units awarded in the Annual Grant shall be determined by dividing $225,000 by the 20-trading day average closing price ending on the last trading day before the grant date. Any Non-Employee Director who commences service on the Board on a date other than the date of the Company's annual public stockholder meeting shall receive on such start date a pro-rated Annual Grant, with the number of Restricted Stock Units awarded in such grant determined by dividing (i) the product of the full value of the Annual Grant and a fraction, the numerator of which is 365 minus the number of days that have elapsed between the date of such meeting and such start date, and the denominator of which is 365, by (ii) the 20-trading day average closing price ending on the last trading day prior to such start date. Unless a Non-Employee Director elects otherwise pursuant to the Deferral Plan, each Annual Grant will vest 100% on the first anniversary of the grant date.

## Exhibit 31.1

**EXHIBIT 31.1**

**Certification by Chief Executive Officer**

**Pursuant to Securities Exchange Act Rule 13a-14(a)**

I, Balazs Fejes, certify that:

1. I have reviewed this quarterly report on Form 10-Q of EPAM Systems, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a.All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b.Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 7, 2026

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| |
|:---|
| /s/ Balazs Fejes |
| Balazs Fejes |
| Chief Executive Officer, President and Director<br>(principal executive officer) |
| Chief Executive Officer, President and Director<br>(principal executive officer) |

---

## Exhibit 31.2

**EXHIBIT 31.2**

**Certification by Chief Financial Officer**

**Pursuant to Securities Exchange Act Rule 13a-14(a)**

I, Jason Peterson, certify that:

1. I have reviewed this quarterly report on Form 10-Q of EPAM Systems, Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c)Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: May 7, 2026

---

| |
|:---|
| /s/ Jason Peterson |
| Jason Peterson |
| Senior Vice President, Chief Financial Officer and Treasurer<br>(principal financial officer) |

---

## Exhibit 32.1

**EXHIBIT 32.1**

**CERTIFICATION OF CHIEF EXECUTIVE OFFICER PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of EPAM Systems, Inc. (the "Company") for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Balazs Fejes, as Chief Executive Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 7, 2026

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| |
|:---|
| /s/ Balazs Fejes |
| Balazs Fejes |
| Chief Executive Officer, President and Director<br>(principal executive officer) |
| Chief Executive Officer, President and Director<br>(principal executive officer) |

---

## Exhibit 32.2

**EXHIBIT 32.2**

**CERTIFICATION OF CHIEF FINANCIAL OFFICER PURSUANT TO**

**18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO**

**SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of EPAM Systems, Inc. (the "Company") for the quarter ended March 31, 2026 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Jason Peterson, as Chief Financial Officer of the Company, hereby certifies, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that, to his knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i)The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: May 7, 2026

---

| |
|:---|
| /s/ Jason Peterson |
| Jason Peterson |
| Senior Vice President, Chief Financial Officer and Treasurer<br>(principal financial officer) |

---

<br>