Document:

EX-10.27

 Exhibit 10.27 

 

			
	Security Agreement	  	

 THIS SECURITY AGREEMENT (this “Agreement”), dated as of this
15th day of January, 2013, is made by EPAM SYSTEMS,
INC., a Delaware corporation, EPAM SYSTEMS, LLC, a New Jersey limited liability company and VESTED DEVELOPMENT, INC., a Delaware corporation (collectively and individually, the “Grantor”), each with an address at
41 University Drive, Suite 202, Newton, PA 18940, in favor of PNC BANK, NATIONAL ASSOCIATION (the “Bank”), with an address at Two Tower Center Boulevard, East Brunswick, NJ 08816. Terms capitalized but not defined herein
shall have the meaning given to such terms in the Credit Agreement between EPAM Systems, Inc. and the Bank dated as of the date hereof (as amended, restated or otherwise modified, the “Credit Agreement”). 

Under the terms hereof, the Bank desires to obtain and the Grantor desires to grant the Bank security for all of the Secured Obligations
(as hereinafter defined). 
 NOW, THEREFORE, the Grantor and the Bank, intending to be legally bound, hereby agree as
follows: 
 1. Definitions. 
 (a) “Collateral” shall include all personal property of the Grantor, including the following, all whether now owned or hereafter acquired or arising and wherever located:
(i) accounts (including health-care-insurance receivables and credit card receivables); (ii) securities entitlements, securities accounts, commodity accounts, commodity contracts and investment property; (iii) deposit accounts;
(iv) instruments (including promissory notes); (v) documents (including warehouse receipts); (vi) chattel paper (including electronic chattel paper and tangible chattel paper); (vii) inventory, including raw materials,
work in process, or materials used or consumed in Grantor’s business, items held for sale or lease or furnished or to be furnished under contracts of service, sale or lease, goods that are returned, reclaimed or repossessed; (viii) goods
of every nature, including stock-in-trade, goods on consignment, standing timber that is to be cut and removed under a conveyance or contract for sale, the unborn young of animals, crops grown, growing, or to be grown, manufactured homes, computer
programs embedded in such goods and farm products; (ix) equipment, including machinery, vehicles and furniture; (x) fixtures; (xi) agricultural liens; (xii) as-extracted collateral; (xiii) commercial tort claims, if any,
described on Exhibit “A” hereto; (xiv) letter of credit rights; (xv) general intangibles, of every kind and description, including payment intangibles, software, computer information, source codes, object codes, records and data,
all existing and future customer lists, choses in action, claims (including claims for indemnification or breach of warranty), books, records, patents and patent applications, copyrights, trademarks, tradenames, tradestyles, trademark applications,
goodwill, blueprints, drawings, designs and plans, trade secrets, contracts, licenses, license agreements, formulae, tax and any other types of refunds, returned and unearned insurance premiums, rights and claims under insurance policies;
(xvi) all supporting obligations of all of the foregoing property; (xvii) all property of the Grantor now or hereafter in the Bank’s possession or in transit to or from, or under the custody or control of, the Bank or any affiliate
thereof; (xviii) all cash and cash equivalents thereof; and (xix) all cash and noncash proceeds (including insurance proceeds) of all of the foregoing property, all products thereof and all additions and accessions thereto, substitutions
therefor and replacements thereof. The Collateral shall also include any and all other tangible or intangible property that is described as being part of the Collateral pursuant to one or more Riders to Security Agreement that may be attached hereto
or delivered in connection herewith, including the Rider to Security Agreement - Copyrights, the Rider to Security Agreement - Patents, the Rider to Security Agreement - Trademarks and the Rider to Security Agreement - Cash Collateral Account;
provided that the Collateral shall not include, and no security interest is hereby granted, pledged or collaterally assigned in the following (collectively, the “Excluded Collateral”): (i) any asset for which the

  
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granting of a security interest is prohibited by law and such prohibition is not over-ridden by the UCC or other applicable law (provided that this clause (i) shall not apply to cash
Proceeds of dispositions thereof in accordance with applicable law, including, without limitation, rules and regulations of any governmental authority or agency), (ii) more than 65% of the issued and outstanding equity interest in any Foreign
Subsidiary or (iii) any lease, license, contract or agreement to which any Grantor is a party, and any of its rights or interest thereunder, if and to the extent that a security interest is prohibited by or in violation of (A) any law,
rule or regulation applicable to such Grantor, or (B) a term, provision or condition of any such lease, license, contract or agreement (unless such law, rule, regulation, term, provision or condition would be rendered ineffective with respect
to the creation of the security interest hereunder pursuant to Sections 9-406, 9-407, 9-408 or 9-409 of the UCC (or any successor provision or provisions)); provided however that the Collateral shall include (and such security interest
shall attach) immediately at such time as the contractual or legal prohibition shall no longer be applicable and to the extent severable, shall attach immediately to any portion of such lease, license, contract or agreement not subject to the
prohibitions specified in (A) or (B) above; provided further that the exclusions referred to in this clause (iii) shall not include any Proceeds of any such lease, license, contract or agreement. Notwithstanding that motor vehicles
and other items of Collateral as to which perfection of a Lien is not governed by the UCC, but instead by state certificate of title laws are included in the Collateral, perfection of such Liens under such state laws by the Bank is not required as
of the date of this Agreement, and the Bank reserves its right to require such perfection under such state laws if any Event of Default occurs. 
 (b) “Secured Obligations” shall include all Obligations, covenants and duties owing by the Grantor to the Bank or to any other direct or indirect subsidiary of The PNC Financial Services
Group, Inc., of any kind or nature, present or future (including any interest accruing thereon after maturity, or after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding relating to
the Grantor, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding), whether direct or indirect (including those acquired by assignment or participation), absolute or contingent, joint or several, due or to
become due, now existing or hereafter arising, whether or not (i) evidenced by any note, guaranty or other instrument, (ii) arising under any agreement, instrument or document, (iii) for the payment of money, (iv) arising by
reason of an extension of credit, opening of a letter of credit, loan, equipment lease or guarantee, (v) under any interest or currency swap, future, option or other interest rate protection or similar agreement, (vi) under or by reason of
any foreign currency transaction, forward, option or other similar transaction providing for the purchase of one currency in exchange for the sale of another currency, or in any other manner, (vii) arising out of overdrafts on deposit or other
accounts or out of electronic funds transfers (whether by wire transfer or through automated clearing houses or otherwise) or out of the return unpaid of, or other failure of the Bank to receive final payment for, any check, item, instrument,
payment order or other deposit or credit to a deposit or other account, or out of the Bank’s non-receipt of or inability to collect funds or otherwise not being made whole in connection with depository or other similar arrangements; and any
amendments, extensions, renewals and increases of or to any of the foregoing, and all costs and expenses of the Bank incurred in the documentation, negotiation, modification, enforcement, collection and otherwise in connection with any of the
foregoing, including reasonable attorneys’ fees and expenses. 
 (c) “UCC” means the Uniform Commercial
Code, as adopted and enacted and as in effect from time to time in the State whose law governs pursuant to the Section of this Agreement entitled “Governing Law and Jurisdiction.” Terms used herein which are defined in the UCC and not
otherwise defined herein shall have the respective meanings ascribed to such terms in the UCC. To the extent the definition of any category or type of collateral is modified by any amendment, modification or revision to the UCC, such modified
definition will apply automatically as of the date of such amendment, modification or revision. 
 2. Grant of Security Interest.
To secure the Secured Obligations, the Grantor, as debtor, hereby assigns and grants to the Bank, as secured party, a continuing lien on and security interest in the Collateral. 

  
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 3. Change in Name or Locations. The Grantor hereby agrees that if the location of the
Collateral changes from the locations listed on Exhibit “A” hereto (to the extent Collateral in excess of $250,000 is maintained at such location) and made part hereof, or if the Grantor changes its name, its type of organization,
its state of organization (if Grantor is a registered organization), its chief executive office (if Grantor is a general partnership or non-registered organization), the Grantor will promptly notify the Bank in writing of the additions or changes.

 4. Representations and Warranties. The Grantor represents, warrants and covenants to the Bank that: (a) all information,
including its type of organization, jurisdiction of organization, chief executive office, and (for individuals only) principal residence are as set forth on Exhibit “A” hereto and are true and correct on the date hereof; (b) the
Grantor has good, marketable and indefeasible title to the Collateral, except as otherwise contemplated or permitted under Sections 6.1.11, 8.1.4 and 8.2.7 of the Credit Agreement, or except for claims for credit, allowance or adjustment by any
account debtor or setoffs, defenses or counterclaims (collectively, “Setoffs”) in an aggregate amount at any time not to exceed $5,000,000, and has not made any prior sale, pledge, encumbrance, assignment or other disposition of any
of the Collateral, and the Collateral is free from all encumbrances and Setoffs of any kind, other than in favor of the Bank, as contemplated or permitted under Sections 6.1.11, 8.1.4, 8.2.2 and 8.2.7 of the Credit Agreement or Setoffs in an
aggregate amount at any time not to exceed $5,000,000; (c) each account and payment intangible, if included in the definition of Collateral, is genuine and enforceable in accordance with its terms, except as otherwise contemplated or permitted
under Sections 6.1.11, 8.1.4 and 8.2.7 of the Credit Agreement or except for Setoffs in an aggregate amount at any time not to exceed $5,000,000, and the Grantor will defend the same against all Setoffs at any time asserted other than those arising
from liens contemplated or permitted under Section 8.2.2 of the Credit Agreement or from Setoffs in an aggregate amount at any time not to exceed $5,000,000; and (d) except as otherwise contemplated or permitted under Sections 6.1.11,
8.1.4 and 8.2.7 of the Credit Agreement, at the time any account or payment intangible becomes subject to this Agreement, such account or payment intangible will be a good and valid account or payment intangible representing a bona fide sale of
goods or services by the Grantor and such goods will have been shipped to the respective account debtors or the services will have been performed for the respective account debtors, and no such account or general intangible will be subject to any
Setoffs in an aggregate amount at any time in excess of $5,000,000. 
 5. Grantor’s Covenants. The Grantor covenants that it
shall: 
 (a) from time to time and at all reasonable times, but in accordance with Section 8.1.5 of the Credit Agreement,
allow the Bank, by or through any of its officers, agents, attorneys, or accountants, to examine or inspect the Collateral, and obtain valuations and audits of the Collateral, at the Grantor’s expense, wherever located; provided that the
Grantor shall not be obligated to pay the cost of more than one inspection in any fiscal year so long as no Event of Default exists. The Grantor shall do, obtain, make, execute and deliver all such additional and further acts, things, deeds,
assurances and instruments as the Bank may reasonably require to vest in and assure to the Bank its rights hereunder and in or to the Collateral, and the proceeds thereof, including using its commercially reasonable efforts to obtain waivers from
landlords, warehousemen and mortgagees. Upon and during the continuance of an Event of Default, the Grantor agrees that the Bank has the right to notify (on invoices or otherwise) account debtors and other obligors or payors on any Collateral of its
assignment to the Bank, and that all payments thereon should be made directly to the Bank, and that the Bank has full power and authority to collect, compromise, endorse, sell or otherwise deal with the Collateral in its own name or that of the
Grantor at any time upon and during the continuation of an Event of Default; 
 (b) keep the Collateral in good order and repair
at all times (ordinary wear and tear excepted) and promptly notify the Bank of any event causing a material loss or decline in value of the Collateral, taken as a whole, whether or not covered by insurance, and the amount of such loss or
depreciation; 

  
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 (c) except as otherwise contemplated in Section 8.1.7 of the Credit Agreement, only use
or permit the Collateral to be used in accordance in all material respects with all applicable federal, state, county and municipal laws and regulations; 
 (d) have and maintain insurance at all times with respect to all Collateral in accordance with Section 8.1.3 of the Credit Agreement. Each such casualty insurance policy shall contain a standard
Lender’s Loss Payable Clause issued in favor of the Bank under which all losses thereunder shall be paid to the Bank as the Bank’s interests may appear. Such policies shall expressly provide that the requisite insurance cannot be altered
or canceled without at least thirty (30) days prior written notice to the Bank and shall insure the Bank notwithstanding the act or neglect of the Grantor. Upon the Bank’s demand, the Grantor shall furnish the Bank with duplicate original
policies of insurance or such other evidence of insurance as the Bank may reasonably require. In the event of failure to provide insurance as herein provided, the Bank may, at its option, obtain such insurance and the Grantor shall pay to the Bank,
on demand, the cost thereof. During the occurrence of an Event of Default, proceeds of insurance may be applied by the Bank to reduce the Secured Obligations or to repair or replace Collateral, all in the Bank’s sole discretion; 

(e) not hereafter sell, pledge, encumber, assign or otherwise dispose of any of the Collateral or permit any Setoffs or any lien or
security interest to exist thereon other than in favor of the Bank, except as otherwise contemplated or permitted under Sections 8.1.4, 8.2.2 and 8.2.7 of the Credit Agreement (other than Setoffs) or Setoffs in an aggregate amount at any time not to
exceed $5,000,000; and 
 (f) subject to the preceding clause (e), defend the Collateral against all claims and demands of all
persons at any time claiming the same or any interest therein. 
 6. Negative Pledge; No Transfer. Except as permitted under the
Credit Agreement, the Grantor will not sell or offer to sell or otherwise transfer or grant or allow the imposition of a lien or security interest upon the Collateral. 
 7. Covenants for Accounts. If accounts are included in the definition of Collateral: 
 (a) The Grantor will, on the Bank’s demand upon and during the continuation of an Event of Default, make notations on its books and records showing the Bank’s security interest and make
available to the Bank shipping and delivery receipts evidencing the shipment of the goods that gave rise to an account, completion certificates or other proof of the satisfactory performance of services that gave rise to an account, a copy of the
invoice for each account and copies of any written contract or order from which an account arose. The Grantor shall promptly notify the Bank if an account in excess of $1,000,000 becomes evidenced or secured by an instrument or chattel paper and
upon the Bank’s request, will promptly deliver any such instrument or chattel paper to the Bank, including any letter of credit delivered to the Grantor to support a shipment of inventory by the Grantor. 

(b) Upon and during the continuation of an Event of Default, the Grantor will upon request by the Bank promptly advise the Bank whenever
an account debtor refuses to retain or returns any material goods from the sale of which an account arose and will comply with any reasonable instructions that the Bank may give regarding the sale or other disposition of such returns. From time to
time as the Bank may request upon and during the continuation of an Event of Default, the Grantor will report to the Bank all credits given to account debtors on all accounts. 
 (c) The Grantor will immediately notify the Bank if any account in excess of $1,000,000 arises out of contracts with the United States or any department, agency or instrumentality thereof, and, upon
Bank’s reasonable request, will execute any instruments and take any steps required by the Bank so that all monies due 

  
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and to become due under such contract shall be assigned to the Bank and notice of the assignment given to and acknowledged by the appropriate government agency or authority under the Federal
Assignment of Claims Act. 
 (d) At any time after the occurrence and during the continuation of an Event of Default, and
without notice to the Grantor, the Bank may direct any persons who are indebted to the Grantor on any Collateral consisting of accounts or general intangibles to make payment directly to the Bank of the amounts due. The Bank is authorized to
collect, compromise, endorse and sell any such Collateral in its own name or in the Grantor’s name and to give receipts to such account debtors for any such payments and the account debtors will be protected in making such payments to the Bank.
Upon the Bank’s written request after and during the continuation of an Event of Default, the Grantor will establish with the Bank and maintain a lockbox account (“Lockbox”) with the Bank and a depository account(s)
(“Cash Collateral Account”) with the Bank subject to the provisions of this subparagraph and such other related agreements as the Bank may require, and the Grantor shall notify its account debtors to remit payments directly to the
Lockbox. Thereafter, funds collected in the Lockbox shall be transferred to the Cash Collateral Account, and funds in the Cash Collateral Account shall be applied by the Bank, daily, to reduce the outstanding Secured Obligations. 

8. Further Assurances. By its signature hereon, the Grantor hereby irrevocably authorizes the Bank to execute (on behalf of the Grantor)
and file against the Grantor one or more financing, continuation or amendment statements pursuant to the UCC in form satisfactory to the Bank, and the Grantor will pay the cost of preparing and filing the same in all jurisdictions in which such
filing is deemed by the Bank to be necessary or desirable in order to perfect, preserve and protect its security interests. If required by the Bank, the Grantor will execute all documentation necessary for the Bank to obtain and maintain perfection
of its security interests in the Collateral. At the Bank’s request, the Grantor will execute, in form satisfactory to the Bank, a Rider to Security Agreement - Copyrights (if any Collateral consists of registered or unregistered copyrights), a
Rider to Security Agreement - Patents (if any Collateral consists of patents or patent applications), a Rider to Security Agreement - Trademarks (if any Collateral consists of trademarks, tradenames, tradestyles or trademark applications). If any
Collateral consists of letter of credit rights, electronic chattel paper, deposit accounts or supporting obligations not maintained with the Bank or one of its affiliates, or any securities entitlement, securities account, commodities account,
commodities contract or other investment property in excess of $250,000, then at the Bank’s request the Grantor will execute, and will cause the depository institution or securities intermediary upon whose books and records the ownership
interest of the Grantor in such Collateral appears, to execute such Pledge Agreements, Notification and Control Agreements or other agreements as the Bank deems necessary in order to perfect, prioritize and protect its security interest in such
Collateral, in each case in a form satisfactory to the Bank. 
 9. Events of Default. The Grantor shall, at the Bank’s
option, be in default under this Agreement upon the happening of any Event of Default (or if there is no defined set of “Events of Default” therein, the occurrence of a default past any applicable grace and/or cure periods thereunder) as
defined in any of the Secured Obligations. 
 10. Remedies. Upon the occurrence of any such Event of Default and at any time
during the continuance thereof, the Bank may declare all Secured Obligations immediately due and payable and shall have, in addition to any remedies provided herein or by any applicable law or in equity, all the remedies of a secured party under the
UCC. The Bank’s remedies include, but are not limited to, the right to (a) peaceably by its own means or with judicial assistance enter the Grantor’s premises and take possession of the Collateral without prior notice to the Grantor
or the opportunity for a hearing, (b) render the Collateral unusable, (c) dispose of the Collateral on the Grantor’s premises, (d) require the Grantor to assemble the Collateral and make it available to the Bank at a place
designated by the Bank, and (e) notify the United States Postal Service to send the Grantor’s mail to the Bank. Unless the Collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized
market, the Bank will give the Grantor reasonable notice of the time and place of any public sale thereof or of the time after which any private sale or any other intended disposition thereof is to be made. The requirements of commercially
reasonable notice shall be met if such notice is sent to the Grantor at least ten (10) days before the time of the intended sale or disposition. Expenses of retaking, holding, preparing for disposition,

  
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disposing or the like shall include the Bank’s reasonable attorneys’ fees and legal expenses, incurred or expended by the Bank to enforce any payment due it under this Agreement either
as against the Grantor, or in the prosecution or defense of any action, or concerning any matter growing out of or connection with the subject matter of this Agreement and the Collateral pledged hereunder. The Grantor waives all relief from all
appraisement or exemption laws now in force or hereafter enacted. 
 11. Power of Attorney. The Grantor does hereby make,
constitute and appoint any officer or agent of the Bank as the Grantor’s true and lawful attorney-in-fact, with power presently granted and exercisable upon and during the continuation of an Event of Default to (a) endorse the name of the
Grantor or any of the Grantor’s officers or agents upon any notes, checks, drafts, money orders, or other instruments of payment or Collateral that may come into the Bank’s possession in full or part payment of any Obligations;
(b) sue for, compromise, settle and release all claims and disputes with respect to, the Collateral; and (c) sign, for the Grantor, such documentation required by the UCC, or supplemental intellectual property security agreements; granting
to the Grantor’s said attorney full power to do any and all things necessary to be done in and about the premises as fully and effectually as the Grantor might or could do. The Grantor hereby ratifies all that said attorney shall lawfully do or
cause to be done by virtue hereof. This power of attorney is coupled with an interest, and is irrevocable. 
 12. Payment of
Expenses. At its option, the Bank may discharge taxes, liens, security interests or such other encumbrances as may attach to the Collateral which are not expressly permitted under the Loan Documents, may pay for required insurance on the
Collateral if not obtained by the Grantor in accordance with the Loan Documents and, in accordance with the Loan Documents, may pay for the maintenance, appraisal or reappraisal, and preservation of the Collateral. With duplication of Grantor’s
expense reimbursement obligations set forth in the other Loan Documents, the Grantor will reimburse the Bank on demand for any payment so made or any expense incurred by the Bank pursuant to the foregoing authorization, and the Collateral also will
secure any advances or payments so made or expenses so incurred by the Bank. 
 13. Notices. All notices, demands, requests,
consents, approvals and other communications required or permitted hereunder (“Notices”) must be in writing and will be effective upon receipt. Notices may be given in any manner to which the parties may separately agree, including
electronic mail. Without limiting the foregoing, first-class mail, facsimile transmission and commercial courier service are hereby agreed to as acceptable methods for giving Notices. Regardless of the manner in which provided, Notices may be sent
to a party’s address as set forth above or to such other address as any party may give to the other for such purpose in accordance with this section. 
 14. Preservation of Rights. No delay or omission on the Bank’s part to exercise any right or power arising hereunder will impair any such right or power or be considered a waiver of any
such right or power, nor will the Bank’s action or inaction impair any such right or power. The Bank’s rights and remedies hereunder are cumulative and not exclusive of any other rights or remedies which the Bank may have under other
agreements, at law or in equity. 
 15. Illegality. If any provision contained in this Agreement should be invalid, illegal or
unenforceable in any respect, it shall not affect or impair the validity, legality and enforceability of the remaining provisions of this Agreement. 
 16. Changes in Writing. No modification, amendment or waiver of, or consent to any departure by the Grantor from, any provision of this Agreement will be effective unless made in a writing
signed by the Bank, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand on the Grantor will entitle the Grantor to any other or further notice or demand in the
same, similar or other circumstance. 

  
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 17. Entire Agreement. This Agreement (including the documents and instruments referred to
herein) constitutes the entire agreement and supersedes all other prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof. 
 18. Counterparts. This Agreement may be signed in any number of counterpart copies and by the parties hereto on separate counterparts, but all such copies shall constitute one and the same
instrument. Delivery of an executed counterpart of signature page to this Agreement by facsimile transmission shall be effective as delivery of a manually executed counterpart. Any party so executing this Agreement by facsimile transmission shall
promptly deliver a manually executed counterpart, provided that any failure to do so shall not affect the validity of the counterpart executed by facsimile transmission. 
 19. Successors and Assigns. This Agreement will be binding upon and inure to the benefit of the Grantor and the Bank and their respective heirs, executors, administrators, successors and
assigns; provided, however, that the Grantor may not assign this Agreement in whole or in part without the Bank’s prior written consent and the Bank at any time may assign this Agreement in whole or in part. 

20. Interpretation. In this Agreement, unless the Bank and the Grantor otherwise agree in writing, the singular includes the plural and the
plural the singular; words importing any gender include the other genders; references to statutes are to be construed as including all statutory provisions consolidating, amending or replacing the statute referred to; the word “or” shall
be deemed to include “and/or”, the words “including”, “includes” and “include” shall be deemed to be followed by the words “without limitation”; references to articles, sections (or subdivisions of
sections) or exhibits are to those of this Agreement; and references to agreements and other contractual instruments shall be deemed to include all subsequent amendments and other modifications to such instruments, but only to the extent such
amendments and other modifications are not prohibited by the terms of this Agreement. Section headings in this Agreement are included for convenience of reference only and shall not constitute a part of this Agreement for any other purpose. Unless
otherwise specified in this Agreement, all accounting terms shall be interpreted and all accounting determinations shall be made in accordance with GAAP. If this Agreement is executed by more than one Grantor, the obligations of such persons or
entities will be joint and several. 
 21. Indemnity. The Grantor agrees to indemnify each of the Bank, each legal entity, if any,
who controls the Bank and each of their respective directors, officers and employees (the “Indemnified Parties”) and to defend and hold each Indemnified Party harmless from and against any and all claims, damages, losses,
liabilities and expenses (including all fees and charges of internal or external counsel with whom any Indemnified Party may consult and all expenses of litigation and preparation therefor) which any Indemnified Party may incur or which may be
asserted against any Indemnified Party by any person, entity or governmental authority (including any person or entity claiming derivatively on behalf of the Grantor), in connection with or arising out of or relating to the matters referred to in
this Agreement or the Secured Obligations, whether (a) arising from or incurred in connection with any breach of a representation, warranty or covenant by the Grantor, or (b) arising out of or resulting from any suit, action, claim,
proceeding or governmental investigation, pending or threatened, whether based on statute, regulation or order, or tort, or contract or otherwise, before any court or governmental authority; provided, however, that the foregoing
indemnity agreement shall not apply to any claims, damages, losses, liabilities and expenses solely attributable to an Indemnified Party’s gross negligence or willful misconduct. The indemnity agreement contained in this Section shall survive
the termination of this Agreement, payment of the Secured Obligations and assignment of any rights hereunder. The Grantor may participate at its expense in the defense of any such claim. 
 22. Governing Law and Jurisdiction. This Agreement has been delivered to and accepted by the Bank and will be deemed to be made in the State where the Bank’s office indicated above is
located. THIS AGREEMENT WILL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF
THE PARTIES HERETO DETERMINED IN ACCORDANCE WITH THE LAWS OF THE
STATE WHERE THE BANK’S OFFICE INDICATED ABOVE IS LOCATED,

  
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EXCEPT THAT THE LAWS OF THE STATE WHERE ANY
COLLATERAL IS LOCATED (IF DIFFERENT FROM THE STATE WHERE SUCH OFFICE
OF THE BANK IS LOCATED) SHALL GOVERN THE CREATION, PERFECTION AND
FORECLOSURE OF THE LIENS CREATED HEREUNDER ON SUCH PROPERTY OR ANY
INTEREST THEREIN. The Grantor hereby irrevocably consents to the exclusive jurisdiction of any state or federal court in the county or judicial district where the Bank’s office indicated above is located;
provided that nothing contained in this Agreement will prevent the Bank from bringing any action, enforcing any award or judgment or exercising any rights against the Grantor individually, against any security or against any property of the Grantor
within any other county, state or other foreign or domestic jurisdiction. The Bank and the Grantor agree that the venue provided above is the most convenient forum for both the Bank and the Grantor. The Grantor waives any objection to venue and any
objection based on a more convenient forum in any action instituted under this Agreement. 
 REMAINDER OF PAGE INTENTIONALLY
LEFT BLANK 

  
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 23. WAIVER OF JURY TRIAL. EACH OF THE GRANTOR AND THE BANK IRREVOCABLY WAIVES ANY AND ALL RIGHT IT
MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE RELATING TO THIS AGREEMENT, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED IN ANY OF SUCH DOCUMENTS. THE GRANTOR AND THE BANK
ACKNOWLEDGE THAT THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY. 
 The Grantor acknowledges that it has read and understood all the
provisions of this Agreement, including the waiver of jury trial, and has been advised by counsel as necessary or appropriate. 

WITNESS the due execution hereof as a document under seal, as of the date first written above. 

 

			
	EPAM SYSTEMS, INC., a Delaware corporation
		
	By:	 	  

		
	Print Name:	 	  

		
	Title:	 	  

	
	EPAM SYSTEMS, LLC, a New Jersey limited liability company
		
	By:	 	  

		
	Print Name:	 	  

		
	Title:	 	  

	
	 VESTED DEVELOPMENT, INC.,
 a Delaware corporation

		
	By:	 	  

		
	Print Name:	 	  

		
	Title:	 	  

  
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	PNC BANK, NATIONAL ASSOCIATION
		
	By:	 	  

		
	Print Name:	 	Virginia Alling
		
	Title:	 	Vice President

  
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 EXHIBIT “A” 

TO SECURITY AGREEMENT 
  

	1.	Grantor’s form of organization (i.e., corporation, partnership, limited liability company): 

 

	2.	Grantor’s State of organization, if a registered organization (i.e., corporation, limited partnership or limited liability company): 

 

	3.	Grantor’s principal residence, if a natural person or general partnership: 

 

	4.	Address of Grantor’s chief executive office, including the County: 

  

	5.	Grantor’s EIN, if not a natural person: 

  

	6.	Grantor’s organizational ID# (if any exists): 

  

	7.	Address for books and records, if different: 

  

	8.	Addresses of other Collateral locations, including Counties: 

  

	9.	Name and address of landlord or owner if location is not owned by the Grantor: 

 

	10.	List of all existing Commercial Tort Claims (by case title with court and brief description of claim): 

  
 - 11 -EX-10.28

 Exhibit 10.28 

 

			
	 Pledge Agreement

(Stocks, Bonds and Commercial Paper)
	  	

 THIS PLEDGE AGREEMENT, dated as of this 15th day of January, 2013, is made by EPAM SYSTEMS, INC., a
Delaware corporation, EPAM SYSTEMS, LLC, a New Jersey limited liability company and VESTED DEVELOPMENT, INC., a Delaware corporation (each, a “Pledgor” and, collectively, the “Pledgors”), each with an
address at 41 University Drive, Suite 202, Newton, PA 18940, in favor of PNC BANK, NATIONAL ASSOCIATION (the “Secured Party”), with an address at Two Tower Center Boulevard, East Brunswick, NJ 08816. Terms capitalized
but not defined herein shall have the meaning given to such terms in the Credit Agreement between EPAM Systems, Inc. and the Secured Party dated as of the date hereof (the “Credit Agreement”). 

1. Pledge. In order to induce the Secured Party to extend the Secured Obligations (as defined below), each of the Pledgors
hereby grants a security interest in and pledge to the Secured Party, and to all other direct or indirect subsidiaries of The PNC Financial Services Group, Inc., all of the Pledgors’ right, title and interest in and to the investment property
and other assets described in Exhibit A attached hereto and made a part hereof, and all security entitlements of the Pledgors with respect thereto, whether now owned or hereafter acquired, together with all additions, substitutions,
replacements and proceeds thereof and all income, interest, dividends and other distributions thereon (collectively, the “Collateral”). If the Collateral includes certificated securities, documents or instruments, such certificates
are herewith delivered to the Secured Party accompanied by duly executed blank stock or bond powers or assignments as applicable. The Pledgors hereby authorize the transfer of possession of all certificates, instruments, documents and other evidence
of the Collateral to the Secured Party. 
 2. Secured Obligations. The Collateral secures payment of all
Obligations, covenants and duties owing from the Pledgors to the Secured Party or to any other direct or indirect subsidiary of The PNC Financial Services Group, Inc., of any kind or nature, present or future (including any interest accruing thereon
after maturity, or after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding relating to the Pledgors, whether or not a claim for post-filing or post-petition interest is allowed in such
proceeding), whether direct or indirect (including those acquired by assignment or participation), absolute or contingent, joint or several, due or to become due, now existing or hereafter arising, whether or not (i) evidenced by any note,
guaranty or other instrument, (ii) arising under any agreement, instrument or document, (iii) for the payment of money, (iv) arising by reason of an extension of credit, opening of a letter of credit, loan, equipment lease or
guarantee, (v) under any interest or currency swap, future, option or other interest rate protection or similar agreement, (vi) under or by reason of any foreign currency transaction, forward, option or other similar transaction providing
for the purchase of one currency in exchange for the sale of another currency, or in any other manner, or (vii) arising out of overdrafts on deposit or other accounts or out of electronic funds transfers (whether by wire transfer or through
automated clearing houses or otherwise) or out of the return unpaid of, or other failure of the Secured Party to receive final payment for, any check, item, instrument, payment order or other deposit or credit to a deposit or other account, or out
of the Secured Party’s non-receipt of or inability to collect funds or otherwise not being made whole in connection with depository or other similar arrangements; and any amendments, extensions, renewals and increases of or to any of the
foregoing, and all costs and expenses of the Secured Party incurred in the documentation, negotiation, modification, enforcement, collection and otherwise in connection with any of the foregoing, including reasonable attorneys’ fees and
expenses (hereinafter referred to collectively as the “Secured Obligations”). 
 3. Representations and
Warranties. The Pledgors represent and warrant to the Secured Party as follows: 

  
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 3.1 There are no restrictions on the pledge or transfer of any of the Collateral, other than
(a) restrictions referenced on the face of any certificates evidencing the Collateral, (b) in a foreign jurisdiction other than Canada and the United Kingdom, restrictions imposed on securities in a Foreign Subsidiary under local law of
such foreign jurisdiction, and (c) customary restrictions set forth in Canadian formation documents designed to ensure that a Canadian entity is a “private company” under Canadian securities law. 

3.2 The Pledgors are the legal owners of the Collateral, which is registered in the name of each applicable Pledgor. 

3.3 The Collateral is free and clear of any security interests, pledges, liens, encumbrances, charges, agreements, claims or other
arrangements or restrictions of any kind, except as referenced in Section 3.1 above and any liens expressly permitted under the Loan Documents; and the Pledgors will not incur, create, assume or permit to exist any pledge, security interest,
lien, charge or other encumbrance of any nature whatsoever on any of the Collateral or assign, pledge or otherwise encumber any right to receive income from the Collateral, other than in favor of the Secured Party or as expressly permitted under the
Loan Documents. 
 3.4 Except as expressly permitted under the Loan Documents, the Pledgors have the right to transfer the
Collateral free of any encumbrances and the Pledgors will defend the Pledgors’ title to the Collateral against the claims of all persons, and any registration with, or consent or approval of, or other action by, any federal, state or other
governmental authority or regulatory body which was or is necessary for the validity of the pledge of and grant of the security interest in the Collateral has been obtained. 
 3.5 The pledge of and grant of the security interest in the Collateral is effective to vest in the Secured Party a valid and perfected first priority security interest, superior to the rights of any other
person (other than the rights of lienholders expressly permitted under the Loan Documents), in and to the Collateral as set forth herein. 
 4. Covenants. 
 4.1 If all or part of the Collateral constitutes
“margin stock” within the meaning of Regulation U of the Federal Reserve Board, the Pledgors agree, or if the Pledgors are not the Borrower, it shall cause the Borrower, to execute and deliver Form U-1 to the Secured Party and, unless
otherwise agreed in writing between the Borrower and the Secured Party, no part of the proceeds of the Secured Obligations may be used to purchase or carry margin stock. 
 4.2 Pledgors agree not to invoke, and hereby waive their rights under, any statute under any state or federal law which permits the recharacterization of any portion of the Collateral to be interest or
income. 
 5. Default. 
 5.1 If any Event of Default (or if there is no defined set of “Events of Default” therein, the occurrence of a default past any applicable grace and/or cure periods thereunder) as defined in any
of the Secured Obligations) occurs, then the Secured Party is authorized in its discretion to declare any or all of the Secured Obligations to be immediately due and payable without demand or notice, which are expressly waived, and may exercise any
one or more of the rights and remedies granted pursuant to this Pledge Agreement or given to a secured party under the Uniform Commercial Code of the applicable state, as it may be amended from time to time, or otherwise at law or in equity,
including without limitation the right to issue a Notice of Exclusive Control (as defined in the Control Agreement) to the Custodian, and/or to sell or otherwise dispose of any or all of the Collateral at public or private sale, with or without
advertisement thereof, upon such terms and conditions as it may deem advisable and at such prices as it may deem best. 
 5.2
(a) At any bona fide public sale, and to the extent permitted by law, at any private sale, the Secured Party shall be free to purchase all or any part of the Collateral, free of any right or equity of redemption in the Pledgors or Borrower, which
right or equity is hereby waived and released. Any such sale may be on cash or credit. The Secured Party shall be authorized at any such sale (if it deems it advisable to do so) to 

  
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restrict the prospective bidders or purchasers to persons who will represent and agree that they are purchasing the Collateral for their own account in compliance with Regulation D of the
Securities Act of 1933 (the “Act”) or any other applicable exemption available under such Act. The Secured Party will not be obligated to make any sale if it determines not to do so, regardless of the fact that notice of the sale
may have been given. The Secured Party may adjourn any sale and sell at the time and place to which the sale is adjourned. If the Collateral is customarily sold on a recognized market or threatens to decline speedily in value, the Secured Party may
sell such Collateral at any time without giving prior notice to the Pledgors. Whenever notice is otherwise required by law to be sent by the Secured Party to the Pledgors of any sale or other disposition of the Collateral, ten (10) days written
notice sent to the Pledgors at their address specified above will be reasonable. 
 (b) The Pledgors recognize that the Secured
Party may be unable to effect or cause to be effected a public sale of the Collateral by reason of certain prohibitions contained in the Act, so that the Secured Party may be compelled to resort to one or more private sales to a restricted group of
purchasers who will be obligated to agree, among other things, to acquire the Collateral for their own account, for investment and without a view to the distribution or resale thereof. The Pledgors understand that private sales so made may be at
prices and on other terms less favorable to the seller than if the Collateral were sold at public sales, and agree that the Secured Party has no obligation to delay or agree to delay the sale of any of the Collateral for the period of time necessary
to permit the issuer of the securities which are part of the Collateral (even if the issuer would agree), to register such securities for sale under the Act. The Pledgors agree that private sales made under the foregoing circumstances shall be
deemed to have been made in a commercially reasonable manner. 
 5.3 The net proceeds arising from the disposition of the
Collateral after deducting expenses incurred by the Secured Party will be applied to the Secured Obligations in the order determined by the Secured Party. If any excess remains after the discharge of all of the Secured Obligations, the same will be
paid to the Pledgors. If after exhausting all of the Collateral there is a deficiency, the Pledgors or, if the Pledgors are not borrowing from the Secured Party or providing a guaranty of the Borrower’s obligations, the Borrower will be liable
therefor to the Secured Party; provided, however, that nothing contained herein will obligate the Secured Party to proceed against the Pledgors, the Borrower or any other party obligated under the Secured Obligations or against any
other collateral for the Secured Obligations prior to proceeding against the Collateral. 
 5.4 If any demand is made at any
time upon the Secured Party for the repayment or recovery of any amount received by it in payment or on account of any of the Secured Obligations and if the Secured Party repays all or any part of such amount by reason of any judgment, decree or
order of any court or administrative body or by reason of any settlement or compromise of any such demand, the Pledgors will be and remain liable for the amounts so repaid or recovered to the same extent as if such amount had never been originally
received by the Secured Party. The provisions of this section will be and remain effective notwithstanding the release of any of the Collateral by the Secured Party in reliance upon such payment (in which case the Pledgors’ liability will be
limited to an amount equal to the fair market value of the Collateral determined as of the date such Collateral was released) and any such release will be without prejudice to the Secured Party’s rights hereunder and will be deemed to have been
conditioned upon such payment having become final and irrevocable. This Section shall survive the termination of this Pledge Agreement. 
 6. Voting Rights and Transfer. So long as no Event of Default exists, the Pledgors will have the right to exercise all voting rights with respect to the Collateral. At any time after the
occurrence and during the continuation of an Event of Default, the Secured Party may transfer any or all of the Collateral into its name or that of its nominee and may exercise all voting rights with respect to the Collateral, but no such transfer
shall constitute a taking of such Collateral in satisfaction of any or all of the Secured Obligations unless the Secured Party expressly so indicates by written notice to the Pledgors. 

7. Dividends, Interest and Premiums. The Pledgors will have the right to receive all cash dividends, interest and premiums
declared and paid on the Collateral prior to the occurrence and during the continuation of any Event of Default. In the event any additional shares are issued to the Pledgors as a stock dividend or in lieu of interest on any of the Collateral, as a
result of any split of any of the Collateral, by 

  
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reclassification or otherwise, any certificates evidencing any such additional shares will be immediately delivered to the Secured Party and such shares will be subject to this Pledge Agreement
and a part of the Collateral to the same extent as the original Collateral. At any time after the occurrence and during the continuation of an Event of Default, the Secured Party shall be entitled to receive all cash or stock dividends, interest and
premiums declared or paid on the Collateral, all of which shall be subject to the Secured Party’s rights under Section 5 above. 
 8. Securities Account. If any Event of Default exists, any of the Collateral includes securities or any other financial or other asset maintained in a securities account not with the Bank,
and the Bank so requests, then the Pledgors agree to cause the securities intermediary on whose books and records the ownership interest of the Pledgors in the Collateral appears (the “Custodian”) to execute and deliver,
contemporaneously herewith, a notification and control agreement or other agreement (the “Control Agreement”) satisfactory to the Secured Party in order to perfect and protect the Secured Party’s security interest in the
Collateral. 
 9. Further Assurances. By its signature hereon, the Pledgors hereby irrevocably authorize the
Secured Party, at any time and from time to time, to execute (on behalf of the Pledgors), file and record against the Pledgors any notice, financing statement, continuation statement, amendment statement, instrument, document or agreement under the
Uniform Commercial Code that the Secured Party may consider necessary or desirable to create, preserve, continue, perfect or validate any security interest granted hereunder or to enable the Secured Party to exercise or enforce its rights hereunder
with respect to such security interest. Without limiting the generality of the foregoing, the Pledgors hereby irrevocably appoint the Secured Party as the Pledgors’ attorney-in-fact to do all acts and things in the Pledgors’ name that the
Secured Party may deem necessary or desirable. This power of attorney is coupled with an interest with full power of substitution and is irrevocable. The Pledgors hereby ratify all that said attorney shall lawfully do or cause to be done by virtue
hereof. 
 10. Notices. All notices, demands, requests, consents, approvals and other communications required
or permitted hereunder (“Notices”) must be in writing and will be effective upon receipt. Notices may be given in any manner to which the parties may separately agree, including electronic mail. Without limiting the foregoing,
first-class mail, facsimile transmission and commercial courier service are hereby agreed to as acceptable methods for giving Notices. Regardless of the manner in which provided, Notices may be sent to a party’s address as set forth above or to
such other address as either the Pledgors or the Secured Party may give to the other for such purpose in accordance with this section. 
 11. Preservation of Rights. (a) No delay or omission on the Secured Party’s part to exercise any right or power arising hereunder will impair any such right or power or be
considered a waiver of any such right or power, nor will the Secured Party’s action or inaction impair any such right or power. The Secured Party’s rights and remedies hereunder are cumulative and not exclusive of any other rights or
remedies which the Secured Party may have under other agreements, at law or in equity. 
 (b) The Secured Party may, at any time
and from time to time, without notice to or the consent of the Pledgors unless otherwise expressly required pursuant to the terms of the Secured Obligations, and without impairing or releasing, discharging or modifying the Pledgors’ liabilities
hereunder, (i) change the manner, place, time or terms of payment or performance of or interest rates on, or other terms relating to, any of the Secured Obligations; (ii) renew, substitute, modify, amend or alter, or grant consents or
waivers relating to any of the Secured Obligations, any other pledge or security agreements, or any security for any Secured Obligations; (iii) apply any and all payments by whomever paid or however realized including any proceeds of any
collateral, to any Secured Obligations of the Pledgors or the Borrower in such order, manner and amount as the Secured Party may determine in its sole discretion; (iv) deal with any other person with respect to any Secured Obligations in such
manner as the Secured Party deems appropriate in its sole discretion; (v) substitute, exchange or release any security or guaranty; or (vi) take such actions and exercise such remedies hereunder as provided herein. The Pledgors hereby
waive (a) presentment, demand, protest, notice of dishonor and notice of non-payment and all other notices to which the Pledgors might otherwise be entitled, and (b) all defenses based on suretyship or impairment of collateral. 

  
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 12. Illegality. In case any one or more of the provisions contained in this
Pledge Agreement should be invalid, illegal or unenforceable in any respect, it shall not affect or impair the validity, legality and enforceability of the remaining provisions in this Pledge Agreement. 

13. Changes in Writing. No modification, amendment or waiver of, or consent to any departure by the Pledgors from, any
provision of this Pledge Agreement will be effective unless made in a writing signed by the Secured Party, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. No notice to or demand
on the Pledgors in any case will entitle the Pledgors to any other or further notice or demand in the same, similar or other circumstance. 
 14. Entire Agreement. This Pledge Agreement (including the documents and instruments referred to herein) constitutes the entire agreement and supersedes all other prior agreements and
understandings, both written and oral, between the Pledgors and the Secured Party with respect to the subject matter hereof. 

15. Successors and Assigns. This Pledge Agreement will be binding upon and inure to the benefit of the Pledgors and the
Secured Party and their respective heirs, executors, administrators, successors and assigns; provided, however, that the Pledgors may not assign this Pledge Agreement in whole or in part without the Secured Party’s prior written
consent and the Secured Party at any time may assign this Pledge Agreement in whole or in part. 
 16.
Interpretation. In this Pledge Agreement, unless the Secured Party and the Pledgors otherwise agree in writing, the singular includes the plural and the plural the singular; references to statutes are to be construed as including all
statutory provisions consolidating, amending or replacing the statute referred to; the word “or” shall be deemed to include “and/or”, the words “including”, “includes” and “include” shall be deemed
to be followed by the words “without limitation”; and references to agreements and other contractual instruments shall be deemed to include all subsequent amendments and other modifications to such instruments, but only to the extent such
amendments and other modifications are not prohibited by the terms of this Pledge Agreement. Section headings in this Pledge Agreement are included for convenience of reference only and shall not constitute a part of this Pledge Agreement for any
other purpose. If this Pledge Agreement is executed by more than one party as Pledgors, the obligations of such persons or entities will be joint and several. 
 17. Indemnity. The Pledgors agree to indemnify each of the Secured Party, each legal entity, if any, who controls, is controlled by or is under common control with the Secured Party, and
each of their respective directors, officers and employees (the “Indemnified Parties”), and to hold each Indemnified Party harmless from and against, any and all claims, damages, losses, liabilities and expenses (including all fees
and charges of internal or external counsel with whom any Indemnified Party may consult and all expenses of litigation or preparation therefor) which any Indemnified Party may incur, or which may be asserted against any Indemnified Party by any
person, entity or governmental authority (including any person or entity claiming derivatively on behalf of the Pledgors), in connection with or arising out of or relating to the matters referred to in this Pledge Agreement or under any Control
Agreement, whether (a) arising from or incurred in connection with any breach of a representation, warranty or covenant by the Pledgors, or (b) arising out of or resulting from any suit, action, claim, proceeding or governmental
investigation, pending or threatened, whether based on statute, regulation or order, or tort, or contract or otherwise, before any court or governmental authority; provided, however, that the foregoing indemnity agreement shall not
apply to claims, damages, losses, liabilities and expenses solely attributable to an Indemnified Party’s gross negligence or willful misconduct. The indemnity agreement contained in this Section shall survive the termination of this Pledge
Agreement. The Pledgors may participate at its expense in the defense of any such action or claim. 
 18. Governing Law
and Jurisdiction. This Pledge Agreement has been delivered to and accepted by the Secured Party and will be deemed to be made in the State where the Secured Party’s office indicated above is located. THIS
PLEDGE AGREEMENT WILL BE INTERPRETED AND THE RIGHTS AND LIABILITIES OF
THE PLEDGORS AND THE SECURED PARTY DETERMINED IN ACCORDANCE WITH THE
LAWS OF THE STATE WHERE THE SECURED PARTY’S OFFICE INDICATED
ABOVE IS LOCATED, EXCLUDING ITS CONFLICT OF LAWS RULES.

  
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The Pledgors hereby irrevocably consent to the exclusive jurisdiction of any state or federal court in the county or judicial district where the Secured Party’s office indicated above is
located; provided that nothing contained in this Pledge Agreement will prevent the Secured Party from bringing any action, enforcing any award or judgment or exercising any rights against the Pledgors individually, against any security or against
any property of the Pledgors within any other county, state or other foreign or domestic jurisdiction. The Pledgors acknowledge and agree that the venue provided above is the most convenient forum for both the Secured Party and the Pledgors. The
Pledgors waive any objection to venue and any objection based on a more convenient forum in any action instituted under this Pledge Agreement. 

  
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 19. WAIVER OF JURY TRIAL. THE PLEDGORS IRREVOCABLY WAIVE ANY AND ALL RIGHT
THE PLEDGORS MAY HAVE TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR CLAIM OF ANY NATURE RELATING TO THIS PLEDGE AGREEMENT, ANY DOCUMENTS EXECUTED IN CONNECTION WITH THIS PLEDGE AGREEMENT OR ANY TRANSACTION CONTEMPLATED IN ANY OF SUCH DOCUMENTS.
THE PLEDGORS ACKNOWLEDGE THAT THE FOREGOING WAIVER IS KNOWING AND VOLUNTARY. 
 The Pledgors acknowledge that they have read and
understood all the provisions of this Pledge Agreement, including the waiver of jury trial, and have been advised by counsel as necessary or appropriate. 
 WITNESS the due execution hereof as a document under seal, as of the date first written above, with the intent to be legally bound hereby. 

 

			
	EPAM SYSTEMS, INC., a Delaware corporation
		
	By:	 	  

		
	Print Name:	 	  

		
	Title:	 	  

	
	EPAM SYSTEMS, LLC, a New Jersey limited liability company
		
	By:	 	  

		
	Print Name:	 	  

		
	Title:	 	  

	
	VESTED DEVELOPMENT, INC., a Delaware corporation
		
	By:	 	  

		
	Print Name:	 	  

		
	Title:	 	  

  
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 EXHIBIT A TO PLEDGE AGREEMENT 

(UNCERTIFICATED SECURITIES) 
 The specific assets listed below are pledged as collateral and, to the extent set forth herein, are restricted from trading and withdrawals. Except as otherwise set forth herein, the Secured Party’s
written approval is required prior to any trading or withdrawals of such assets. 
 Description of Securities 

65% of the issued and outstanding equity interest in each 1st tier foreign subsidiary, including without limitation: 

 

	 	a)	EPAM Systems APS (Denmark) 

  

	 	b)	EPAM Corp Inform Systems (Belarus) 

  

	 	c)	EPAM Systems (Cyprus) Ltd. (Cyprus) 

  

	 	d)	EPAM Systems GmbH (Germany) 

  

	 	e)	EPAM Systems Nordic AB (Sweden) 

  

	 	f)	EPAM Systems GmbH (Switzerland) 

  

	 	g)	TOO Plus Micro (Kazakhstan) 

  

	 	h)	EPAM Systems (Singapore) 

  

	 	i)	EPAM Systems Canada Ltd. (Canada) 

 100% of the
issued and outstanding equity interests in each domestic subsidiary, including without limitation: 
  

	 	a)	EPAM Systems, LLC (NJ) 

  

	 	b)	Vested Development, Inc. (DE) 

  
 A-1

 EXHIBIT A TO PLEDGE AGREEMENT 

(CERTIFICATED SECURITIES) 

The specific assets listed below are pledged as collateral and, to the extent set forth herein, are restricted from trading and withdrawals. Except as
otherwise set forth herein, the Secured Party’s written approval is required prior to any trading or withdrawals of such assets. 

Description of Securities 
 65% of the issued and outstanding equity interest in each 1st tier foreign subsidiary, including without limitation              shares in EPAM Systems Ltd. (UK) represented by certificate
                                     

  
 B-1

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