Document:

Exhibit
10.16

 

GRID
DYNAMICS INTERNATIONAL, INC.

2018 STOCK PLAN

 

1. Establishment.
Purpose and Term of Plan.

 

1.1. Establishment.
The Grid Dynamics International, Inc. 2018 Stock Plan (the “Plan”), including Addendum
A attached hereto, is hereby established effective as of November 12, 2018.

 

1.2. Purpose.
The purpose of the Plan is to advance the interests of the Company and its shareholders by providing an incentive to attract,
retain and reward persons performing services for the Company and any entities that the Company designates as within the Participating
Company Group and by motivating such persons to contribute to the growth and profitability of the Company. The Company intends
that the Plan comply with Section 409A of the Code (including any amendments or replacements of such section) and the Listing Rules,
and the Plan shall be so construed.

 

1.3. Term of Plan.
The Plan shall continue in effect for the period from the above effective date until its termination by the Board or at the
close of business on the date which falls ten (10) years after the effective date, whichever is earlier.

 

2. Definitions
and Construction.

 

2.1 Definitions.
Whenever used herein, the following terms shall have their respective meanings set forth below:

 

(a) “Applicable
Laws” means all applicable laws, rules, regulations and requirements, including, but not limited to, all applicable
U.S. federal or state laws, any stock exchange rules or regulations, and the applicable laws, rules or regulations of any other
country or jurisdiction where Options are granted under the Plan or Participants reside or provide services, as such laws, rules,
and regulations shall be in effect from time to time.

 

(b) “Award”
means an Option granted under the Plan.

 

(c) “Award
Agreement” means a written or electronic agreement between the Company and a Participant setting forth the terms,
conditions and restrictions of the Award granted to the Participant.

 

(d) “Board”
means the board of directors of the Company. If one or more Committees have been appointed by the Board to administer the Plan,
“Board” also means such Committee(s).

 

     

     

    

 

(e)
“Cause” means, unless such term or an equivalent term is otherwise defined with respect to an Award
by the Participant’s Award Agreement or written contract of employment or service, any of the following: (i) the
Participant’s theft, dishonesty, willful misconduct, breach of fiduciary duty for personal profit, or falsification of
any Participating Company-documents or records; (ii) the Participant’s material failure to abide by a Participating
Company’s code of conduct or other policies (including, without limitation, policies relating to confidentiality and
reasonable workplace conduct); (iii) the Participant’s unauthorized use, misappropriation, destruction or diversion of
any tangible or intangible asset or corporate opportunity of a Participating Company (including, without limitation, the
Participant’s improper use or disclosure of a Participating Company’s confidential or proprietary information);
(iv) any intentional act by the Participant which has a material detrimental effect on a Participating Company’s
reputation or business; (v) the Participant’s repeated failure or inability to perform any reasonable assigned duties
after written notice from a Participating Company of, and a reasonable opportunity to cure, such failure or inability; (vi)
any material breach by the Participant of any employment or service agreement between the Participant and a Participating
Company, which breach is not cured pursuant to the terms of such agreement; or (vii) the Participant’s conviction
(including any plea of guilty or nolo contendere) of any criminal act involving fraud, dishonesty, misappropriation or moral
turpitude, or which impairs the Participant’s ability to perform his or her duties with a Participating Company.

 

(f) “Change in
Control” means, unless such term or an equivalent term is otherwise defined with respect to an Award by the
Participant’s Award Agreement or written contract of employment or service, the occurrence of any of the following:

 

(i) an
Ownership Change Event or a series of related Ownership Change Events (collectively, a “Transaction”)
in which the shareholders of the Company immediately before the Transaction do not retain immediately after the Transaction, in
substantially the same proportions as their ownership of shares of the Company’s voting stock immediately before the Transaction,
direct or indirect beneficial ownership of more than fifty percent (50%) of the total combined voting power of the outstanding
voting securities of the Company or, in the case of an Ownership Change Event described in Section 2.1(t)(iii), the entity to which
the assets of the Company were transferred (the “Transferee”), as the case may be; or

 

(ii) the
liquidation or dissolution of the Company.

 

For purposes of the preceding sentence,
indirect beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting securities
of one or more corporations or other business entities which own the Company or the Transferee, as the case may be, either directly
or through one or more subsidiary corporations or other business entities. The Board shall have the right to determine whether
multiple sales or exchanges of the voting securities of the Company or multiple Ownership Change Events are related, and its determination
shall be final, binding and conclusive.

 

(g) “Code”
means the Internal Revenue Code of 1986, as amended, and any applicable regulations promulgated thereunder.

 

(h)
“Committee” means the compensation committee or other committee of the Board duly appointed to
administer the Plan and having such powers as shall be specified by the Board. Unless the powers of the Committee have been
specifically limited, the Committee shall have all of the powers of the Board granted herein, including, without limitation,
the power to amend or terminate the Plan at any time, subject to the terms of the Plan and any applicable limitations imposed
by law.

 

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(i) “Company”
means Grid Dynamics International, Inc., a California corporation, or any successor corporation thereto.

 

(j) “Consultant”
means a person engaged to provide consulting or advisory services (other than as an Employee or a Director) to a Participating
Company, provided that the identity of such person, the nature of such services or the entity to which such services are provided
would not preclude the Company from offering or selling securities to such person pursuant to the Plan in reliance on either the
exemption from registration provided by Rule 701 under the Securities Act or, if the Company is required to file reports pursuant
to Section 13 or 15(d) of the Exchange Act, registration on a Form S-8 Registration Statement under the Securities Act.

 

(k) “Director”
means a member of the Board or of the board of directors of any other Participating Company.

 

(l) “Disability”
means the inability of the Participant, in the opinion of a qualified physician acceptable to the Company, to perform the major
duties of the Participant’s position with the Participating Company Group because of the sickness or injury of the Participant.

 

(m) “Employee”
means any person treated as an employee (including an Officer or a Director who is also treated as an employee) in the records
of a Participating Company and, with respect to any Incentive Stock Option granted to such person, who is an employee for purposes
of Section 422 of the Code; provided, however, that neither service as a Director nor payment of a director’s fee shall be
sufficient to constitute employment for purposes of the Plan. The Company shall determine in good faith and in the exercise of
its discretion whether an individual has become or has ceased to be an Employee and the effective date of such individual’s
employment or termination of employment, as the case may be. For purposes of an individual’s rights, if any, under the terms
of the Plan as of the time of the Company’s determination of whether or not the individual is an Employee, all such determinations
by the Company shall be final, binding and conclusive as to such rights, if any, notwithstanding that the Company or any court
of law or governmental agency subsequently makes a contrary determination as to such individual’s status as an Employee.

 

(n) “Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

(o) “Fair
Market Value” means, as of any date, the value of a share of Stock or other property as determined by the Board,
in its discretion, or by the Company, in its discretion, if such determination is expressly allocated to the Company herein, subject
to the following:

 

(i) If, on such
date, the Stock is listed on a national or regional securities exchange or market system, the Fair Market Value of a share of
Stock shall be the closing price of a share of Stock (or the mean of the closing bid and asked prices of a share of Stock if
the Stock is so quoted instead) as quoted on the Nasdaq National Market, The Nasdaq Small Cap Market or such other national
or regional securities exchange or market system constituting the primary market for the Stock, as reported in The Wall
Street Journal or such other source as the Company deems reliable. If the relevant date does not fall on a day on which the
Stock has traded on such securities exchange or market system, the date on which the Fair Market Value shall be established
shall be the last day on which the Stock was so traded prior to the relevant date, or such other appropriate day as shall be
determined by the Board, in its discretion.

 

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(ii) If,
on such date, the Stock is not listed on a national or regional securities exchange or market system, the Fair Market Value of
a share of Stock shall be as determined by the Board in good faith without regard to any restriction other than a restriction which,
by its terms, will never lapse, and subject to the applicable requirements, if any, of Section 409A of the Code and Section 260.140.50
of Title 10 of the California Code of Regulations.

 

(p) “GDD”
means GDD International Holding Company, a Delaware corporation, or any successor corporation thereto, the Parent of the Company.

 

(q) “Incentive
Stock Option” means an Option intended to be (as set forth in the Award Agreement) and which qualifies as an incentive
stock option within the meaning of Section 422(b) of the Code.

 

(r) “Insider”
means an Officer, a Director of the Company or other person whose transactions in Stock are subject to Section 16 of the Exchange
Act.

 

(s) “Listing
Rules” The Rules Governing the Listing of Securities on the Stock Exchange.

 

(t) “Nonstatutory
Stock Option” means an Option not intended to be (as set forth in the Award Agreement) or which does not qualify
as an Incentive Stock Option.

 

(u) “Officer”
means any person designated by the Board as an officer of the Company.

 

(v) “Option”
means a right granted under Section 6 to purchase Stock pursuant to the terms and conditions of the Plan. An Option may be either
an Incentive Stock Option or a Nonstatutory Stock Option.

 

(w) “Ownership
Change Event” means the occurrence of any of the following with respect to the Company: (i) the direct or indirect
sale or exchange in a single or series of related transactions by the shareholders of the Company of more than fifty percent (50%)
of the voting stock of the Company; (ii) a merger or consolidation in which the Company is a party; or (iii) the sale, exchange,
or transfer of all or substantially all of the assets of the Company.

 

(x) “Parent
Corporation” means any present or future “parent corporation” of the Company, as defined in Section 424(e)
of the Code.

 

(y) “Participant”
means any eligible person who has been granted one or more Awards.

 

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(z) “Participating
Company” means the Company or any Parent Corporation or Subsidiary Corporation or any entity which the Company determines
it has a sufficient interest in and would benefit by making grants of Awards to motivate Employees, Directors or Consultants of
such entity to provide services to such entity.

 

(aa) “Participating
Company Group” means, at any point in time, all entities collectively which are then Participating Companies.

 

(bb) “Rule
16b-3” means Rule 16b-3 under the Exchange Act, as amended from time to time, or any successor rule or regulation.

 

(cc) “Securities
Act” means the Securities Act of 1933, as amended.

 

(dd) “Service”
means a Participant’s employment or service with the Participating Company Group, whether in the capacity of an Employee,
a Director or a Consultant. A Participant’s Service shall not be deemed to have terminated merely because of a change in
the capacity in which the Participant renders Service to the Participating Company Group or a change in the Participating Company
for which the Participant renders such Service, provided that there is no interruption or termination of the Participant’s
Service. Furthermore, a Participant’s Service shall not be deemed to have terminated if the Participant takes any military
leave, sick leave, or other bona fide leave of absence approved by the Company. However, if any such leave taken by a Participant
exceeds ninety (90) days, then on the ninety-first (91st) day following the commencement of such leave the Participant’s
Service shall be deemed to have terminated, unless the Participant’s right to return to Service is guaranteed by statute
or contract or this provision would be contrary to applicable local law. Notwithstanding the foregoing, unless otherwise designated
by the Company or required by law, a leave of absence shall not be treated as Service for purposes of determining vesting under
the Participant’s Award Agreement. Except as otherwise provided by the Board, in its discretion, the Participant’s
Service shall be deemed to have terminated either upon an actual termination of Service or upon the corporation for which the Participant
performs Service ceasing to be a Participating Company. For purposes of determining when termination of Service as occurred, the
Board shall not take into account any notice of termination period required under applicable law if the Participant is not actively
providing services during such period. Subject to the foregoing, the Company, in its discretion, shall determine whether the Participant’s
Service has terminated and the effective date of and reason for such termination.

 

(ee) “Stock”
means the common stock of the Company as adjusted from time to time in accordance with Section 4.2.

 

(ff) “Subsidiary
Corporation” means any present or future “subsidiary corporation” of the Company, as defined in Section
424(f) of the Code.

 

(gg) “Ten
Percent Shareholder” means a person who, at the time an Award is granted to such person, owns stock possessing more
than ten percent (10%) of the total combined voting power (as defined in Section 194.5 of the California Corporations Code) of
all classes of stock of a Participating Company within the meaning of Section 422(b)(6) of the Code.

 

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2.2 Construction.
Captions and titles contained herein are for convenience only and shall not affect the meaning or interpretation of any provision
of the Plan. Except when otherwise indicated by the context, the singular shall include the plural and the plural shall include
the singular. Use of the term “or” is not intended to be exclusive, unless the context clearly requires otherwise.

 

3. Administration.

 

3.1 Administration
by the Board. The Plan shall be administered by the Board. All questions of interpretation of the Plan or of any Award shall
be determined by the Board, and such determinations shall be final and binding upon all persons having an interest in the Plan
or such Award.

 

3.2 Authority
of Officers. Any Officer shall have the authority to act on behalf of the Company with respect to any matter, right, obligation,
determination or election which is the responsibility of or which is allocated to the Company herein, provided the Officer has
apparent authority with respect to such matter, right, obligation, determination or election.

 

3.3 Powers
of the Board. In addition to any other powers set forth in the Plan and subject to the provisions of the Plan, the Board shall
have the full and final power and authority, in its discretion:

 

(a) to
determine the persons to whom, and the time or times at which, Awards shall be granted and the number of shares of Stock to be
subject to each Award;

 

(b) to
designate Options as Incentive Stock Options or Nonstatutory Stock Options;

 

(c) to
determine the Fair Market Value of shares of Stock or other property;

 

(d) to
determine the terms, conditions and restrictions applicable to each Award (which need not be identical) and any shares acquired
upon the exercise thereof, including, without limitation, (i) the exercise price of the Award, (ii) the method of payment for shares
purchased upon the exercise of the Award, (iii) the method for satisfaction of any tax withholding obligation arising in connection
with the Award or such shares, including by the withholding or delivery of shares of stock, (iv) the timing, terms and conditions
(including, without limitation, any minimum period for which an Award must be held before it can be exercised and/or any performance
targets which must be achieved before an Award can be exercised) of the exercisability of the Award or the vesting of any shares
acquired upon the exercise thereof, (v) the time of the expiration of the Award, (vi) the effect of the Participant’s termination
of Service on any of the foregoing, and (vii) all other terms, conditions and restrictions applicable to the Award or such shares
not inconsistent with the terms of the Plan;

 

(e) to
approve one or more forms of Award Agreement;

 

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(f) to
amend, modify, extend, cancel or renew any Award or to waive any restrictions or conditions applicable to any Award or any shares
acquired upon the exercise thereof;

 

(g) to
accelerate, continue, extend or defer the exercisability of any Award or the vesting of any shares acquired upon the exercise thereof,
including with respect to the period following a Participant’s termination of Service;

 

(h) to
prescribe, amend or rescind rules, guidelines and policies relating to the Plan, or to adopt supplements or sub-plans to, or alternative
versions of, the Plan, including, without limitation, as the Board deems necessary or desirable to comply with the laws of, or
to accommodate the tax policy or custom of, foreign jurisdictions in which Awards may be granted; and

 

(i) to correct
any defect, supply any omission or reconcile any inconsistency in the Plan or any Award Agreement and to make all other determinations
and take such other actions with respect to the Plan or any Award as the Board may deem advisable to the extent not inconsistent
with the provisions of the Plan or applicable law.

 

3.4 Administration
with Respect to Insiders. With respect to participation by Insiders in the Plan, at any time that any class of equity
security of the Company is registered pursuant to Section 12 of the Exchange Act, the Plan shall be administered in
compliance with the requirements, if any, of Rule 16b-3.

 

3.5 Indemnification. In
addition to such other rights of indemnification as they may have as members of the Board or officers or employees of the
Participating Company Group, members of the Board and any officers or employees of the Participating Company Group to whom
authority to act for the Board or the Company is delegated shall be indemnified by the Company against all reasonable
expenses, including attorneys’ fees, actually and necessarily incurred in connection with the defense of any action,
suit or proceeding, or in connection with any appeal therein, to which they or any of them may be a party by reason of any
action taken or failure to act under or in connection with the Plan, or any right granted hereunder, and against all amounts
paid by them in settlement thereof (provided such settlement is approved by independent legal counsel selected by the
Company) or paid by them in satisfaction of a judgment in any such action, suit or proceeding, except in relation to matters
as to which it shall be adjudged in such action, suit or proceeding that such person is liable for gross negligence, bad
faith or intentional misconduct in duties; provided, however, that within sixty (60) days after the institution of such
action, suit or proceeding, such person shall offer to the Company, in writing, the opportunity at its own expense to handle
and defend the same.

 

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4. Shares Subject To Plan.

LR17.03(3) 

 

4.1
(a) Maximum Number of Shares Issuable. Subject to adjustments and requirements of the Listing Rules, in particular
Section 4.2 and Section 4.1(b) to 4.1(d) in the Addendum A, the maximum aggregate number of shares of Stock that may be
issued under the Plan shall be, subject to the separate approval of the shareholders of the Company and the shareholders of
ASL and the requirements of applicable law, no more than 5,000,000 (five million), which shall consist of authorized but
unissued or reacquired shares of Stock or any combination thereof. If an
outstanding Award for any reason expires or is terminated or canceled or if shares of Stock are acquired upon the exercise of
an Award subject to a Company repurchase option and are repurchased by the Company at the Participant’s exercise or
purchase price, the shares of Stock allocable to the unexercised portion of such Award or such repurchased shares of Stock
shall again be available for issuance under the Plan. Notwithstanding the foregoing, at any such time as the offer and sale
of securities pursuant to the Plan is subject to compliance with Section 260.140.45 of Title 10 of the California Code of
Regulations (“Section 260.140.45”), the total number of shares of Stock issuable upon
the exercise of all outstanding Awards (together with options outstanding under any other stock plan of the Company) and the
total number of shares provided for under any stock bonus or similar plan of the Company shall not exceed thirty percent
(30%) (or such other higher percentage limitation as may be approved by the shareholders of the Company pursuant to Section
260.140.45) of the then outstanding shares of the Company as calculated in accordance with the conditions and exclusions of
Section 260.140.45.

 

4.2 Adjustments
for Changes in Capital Structure. Subject to any required action by the shareholders of the Company, in the event of any change
in the Stock effected without receipt of consideration by the Company, whether through merger, consolidation, reorganization, reincorporation,
recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up, split-off, spin-off, combination
of shares, exchange of shares, or similar change in the capital structure of the Company, or in the event of payment of a dividend
or distribution to the shareholders of the Company in a form other than Stock (excepting normal cash dividends) that has a material
effect on the Fair Market Value of shares of Stock, appropriate and proportionate adjustments shall be made in the number and class
of shares subject to the Plan and to any outstanding Awards, in the ISO Share Limit set forth in Section 5.3(a), and in the exercise
or purchase price per share of any outstanding Awards in order to prevent dilution or enlargement of Participants’ rights
under the Plan. For purposes of the foregoing, conversion of any convertible securities of the Company shall not be treated as
“effected without receipt of consideration by the Company.” If a majority of the shares which are of the same class
as the shares that are subject to outstanding Awards are exchanged for, converted into, or otherwise become (whether or not pursuant
to an Ownership Change Event) shares of another corporation (the “New Shares”), the Committee may unilaterally
amend the outstanding Awards to provide that such Awards are for New Shares. In the event of any such amendment, the number of
shares subject to, and the exercise or purchase price per share of, the outstanding Awards shall be adjusted in a fair and equitable
manner as determined by the Committee, in its discretion. Any fractional share resulting from an adjustment pursuant to this Section
4.2 shall be rounded down to the nearest whole number, and the exercise price per share shall be rounded up to the nearest whole
cent. In no event may the exercise price of any Award be decreased to an amount less than the par value, if any, of the stock subject
to the Award. Such adjustments shall be determined by the Board, and its determination shall be final, binding and conclusive.

 

5. Eligibility
and Option Limitations.

 

5.1 Persons
Eligible for Awards. Awards may be granted only to Employees, Consultants and Directors.

 

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5.2 Participation
in Plan. Awards are granted solely at the discretion of the Board. Eligible persons may be granted more than one Award.
However, eligibility in accordance with this Section shall not entitle any person to be granted an Award, or, having been
granted an Award, to be granted an additional Award.

 

5.3 Incentive
Stock Option Limitations.

 

(a) Maximum
Number of Shares Issuable Pursuant to Incentive Stock Options. The maximum aggregate number of shares of Stock that may be
issued under the Plan pursuant to all Awards other than Incentive Stock Options shall be the number of shares reserved for issuance
under the Plan and determined in accordance with Section 4.1 (the “ISO Share Limit”), subject to adjustment
as provided in Section 4.2.

 

(b) Persons
Eligible. An Incentive Stock Option may be granted only to a person who, on the effective date of grant, is an Employee. Any
person who is not an Employee on the effective date of the grant of an Option to such person may be granted only a Nonstatutory
Stock Option. An Incentive Stock Option granted to a prospective Employee upon the condition that such person become an Employee
shall be deemed granted effective on the date such person commences Service as an Employee, with an exercise price determined as
of such date in accordance with Section 6.1.

 

(c) Fair
Market Value Limitation. To the extent that options designated as Incentive Stock Options (granted under all stock plans of
the Participating Company Group, including the Plan) become exercisable by a Participant for the first time during any calendar
year for stock having a Fair Market Value greater than One Hundred Thousand Dollars ($100,000), the portions of such options which
exceed such amount shall be treated as Nonstatutory Stock Options. For purposes of this Section 5.3, options designated as Incentive
Stock Options shall be taken into account in the order in which they were granted, and the Fair Market Value of stock shall be
determined as of the time the option with respect to such stock is granted. If the Code is amended to provide for a different limitation
from that set forth in this Section, such different limitation shall be deemed incorporated herein effective as of the date and
with respect to such Options as required or permitted by such amendment to the Code. If an Option is treated as an Incentive Stock
Option in part and as a Nonstatutory Stock Option in part by reason of the limitation set forth in this Section, the Participant
may designate which portion of such Option the Participant is exercising. In the absence of such designation, the Participant shall
be deemed to have exercised the Incentive Stock Option portion of the Option first. Separate certificates representing each such
portion shall be issued upon the exercise of the Option.

 

6. Terms
and Conditions of Options.

 

Options shall be evidenced by Award Agreements specifying the number of shares of Stock covered thereby, in such form as the Board shall from time to time establish. Award Agreements may incorporate all or any of the terms of the Plan by reference and shall comply with and be subject to the following terms and conditions:

 

LR17.03(9) 

 

6.1 Exercise
Price. The exercise price for each Option shall be established in the discretion of the Board; provided, however, that
the exercise price per share for an Option shall be not less than the Fair Market Value of a share of Stock on the effective
date of grant of the Option. Notwithstanding the foregoing, an Option (whether an Incentive Stock Option or a Non statutory
Stock Option) may be granted with an exercise price lower than the minimum
exercise price set forth above if such Option is granted pursuant to an assumption or substitution for another option in a
manner qualifying under the provisions of Section 424(a) of the Code.

 

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6.2 Exercisability and
Term of Options. Options shall be exercisable at such time or times, or upon such event or events, and subject to such
terms, conditions, performance criteria and restrictions (including, without limitation, any minimum period for which an
Award must be held before it can be exercised and/or any performance targets which must be achieved before an Award can be
exercised) as shall be determined by the Board and set forth in the Award Agreement evidencing such Option; provided,
however, that (a) no Option shall be exercisable after the expiration of ten (10) years after the effective date of grant of
such Option, (b) no Incentive Stock Option granted to a Ten Percent Shareholder shall be exercisable after the expiration of
five (5) years after the effective date of grant of such Option, and (c) with the exception of (i) an Option granted to an
Officer, a Director or a Consultant and (ii) an Option that is exercisable based on the accomplishment of specific
performance-based milestones, no Option shall become exercisable at a rate less than twenty percent (20%) per year over a
period of five (5) years from the effective date of grant of such Option, subject to the Participant’s continued
Service. Subject to the foregoing, unless otherwise specified by the Board in the grant of an Option, any Option granted
hereunder shall terminate ten (10) years after the effective date of grant of the Option, unless earlier terminated in
accordance with its provisions. Any Awards granted but not exercised may be cancelled if the Participant so agrees and new
Awards may be granted to the Participant provided that such new Awards fall within the limits prescribed by Section 4.1,
excluding the cancelled Awards, and are otherwise granted in accordance with the terms of the Plan.

 

 6.3 Payment of Exercise
Price.

 

(a) Forms
of Consideration Authorized. Except as otherwise provided below, payment of the exercise price for the number of shares
of Stock being purchased pursuant to any Option shall be made (i) in cash or by check or cash equivalent, (ii) by tender to the
Company, or attestation to the ownership, of shares of Stock owned by the Participant having a Fair Market Value not less than
the exercise price, (iii) by delivery of a properly executed notice together with irrevocable instructions to a broker providing
for the assignment to the Company of the proceeds of a sale or loan with respect to some or all of the shares being acquired upon
the exercise of the Option (including, without limitation, through an exercise complying with the provisions of Regulation T as
promulgated from time to time by the Board of Governors of the Federal Reserve System) (a “Cashless Exercise”),
(iv) by promissory note, (v) by such other consideration as may be approved by the Board from time to time to the extent permitted
by applicable law, or (vi) by any combination thereof. The Board may at any time or from time to time, by approval of or by amendment
to the standard forms of Award Agreement described in Section 8, or by other means, grant Options which do not permit all of the
foregoing forms of consideration to be used in payment of the exercise price or which otherwise restrict one or more forms of consideration.

 

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(b) Limitations
on Forms of Consideration.

 

(i) Tender of
Stock. Notwithstanding the foregoing, an Option may not be exercised by tender to the Company, or attestation to the
ownership, of shares of Stock to the extent such tender or attestation would constitute a violation of the provisions of any
law, regulation or agreement restricting the redemption of the Company’s stock. Unless otherwise provided by the Board,
an Option may not be exercised by tender to the Company, or attestation to the ownership, of shares of Stock unless such
shares either have been owned by the Participant for more than six (6) months (and were not used for another Option exercise
by attestation during such period) or were not acquired, directly or indirectly, from the Company.

 

(ii) Cashless Exercise. The
Company reserves, at any and all times, the right, in the Company’s sole and absolute discretion, to establish, decline
to approve or terminate any program or procedures for the exercise of Options by means of a Cashless Exercise.

 

6.4 Lapse
of Options.

 

(a) Option
Exercisability. Subject to earlier termination
of the Option as otherwise provided by this Plan and unless a longer exercise period is provided by the Board in the grant of an
Option and set forth in the Award Agreement, an Option shall terminate immediately upon the Participant’s termination of
Service to the extent that it is then unvested and shall be exercisable after the Participant’s termination of Service to
the extent it is then vested only during the applicable time period determined in accordance with this Section and thereafter shall
terminate:

 

(i) Disability.
If the Participant’s Service terminates because of the Disability of the Participant, the Option, to the extent unexercised
and exercisable on the date on which the Participant’s Service terminated, may be exercised by the Participant (or the Participant’s
guardian or legal representative) at any time prior to the expiration of the Option’s term as set forth in the Award Agreement
evidencing such Option (the “Option Expiration Date”) or such other period of time as is
set forth in the Notice of Grant of Stock Option.

 

(ii) Death.
If the Participant’s Service terminates because of the death of the Participant, the Option, to the extent unexercised
and exercisable on the date on which the Participant’s Service terminated, may be exercised by the Participant’s legal
representative or other person who acquired the right to exercise the Option by reason of the Participant’s death at any
time prior to the expiration of the Option Expiration Date or such other period of time as is set forth in the Notice of Grant
of Stock Option. The Participant’s Service shall be deemed to have terminated on account of death if the Participant dies
within three (3) months (or such longer period of time as determined by the Board, in its discretion) after the Participant’s
termination of Service.

 

(iii) Termination
for Cause. Notwithstanding any other provision of the Plan to the contrary, if the Participant’s Service with the Participating
Company Group is terminated for Cause, the Option shall terminate and cease to be exercisable immediately upon such termination
of Service.

 

(iv)
Other Termination of Service. If the Participant’s Service terminates for any reason, except Disability, death or
Cause, the Option, to the extent unexercised and exercisable by the Participant on the date on which the Participant’s
Service terminated, may be exercised by the Participant at any time prior to the expiration of the Option Expiration Date or
such other period of time as is set forth in the Notice of Grant of Stock Option.

 

    11

     

    

 

(b) Extension
if Exercise Prevented by Law. Notwithstanding the foregoing other than termination for Cause, if the exercise of an Option
within the applicable time periods set forth in Section 6.4(a) is prevented by the provisions of Section 11 below, the Option shall
remain exercisable until thirty (30) days after the date such exercise first would no longer be prevented by such provisions, but
in any event no later than the Option Expiration Date.

 

6.5 Transferability
of Options. During the lifetime of the Participant, an Option shall be exercisable only by the Participant or the Participant’s
guardian or legal representative. No Option shall be assignable or transferable by the Participant, except by will or by the laws
of descent and distribution or to a revocable trust. Notwithstanding the foregoing, to the extent permitted by the Board, in its
discretion, and set forth in the Award Agreement evidencing such Option, a Nonstatutory Stock Option shall be assignable or transferable
subject to the applicable limitations, if any, described in Section 260.140.41 of Title 10 of the California Code of Regulations,
Rule 701 under the Securities Act, and the General Instructions to Form S-8 Registration Statement under the Securities Act.

 

7. True-up
Policy.

 

7.1. Covenant
to Grant True-up Options. Covenant to Grant True-up Options. Subject to separate approval by its shareholders in connection
with the adoption of the Plan, the Board has adopted a True-Up Option Policy (“Policy”), which provides
as follows:

 

(a) The
purpose of the Policy is to protect Participants under the Plan from the dilutive effects of subsequent qualified equity financings
(“Financings”) by the Company.

 

(b) For
the purposes of this Policy, a Financing is qualified if it results in an issuance of a new stock or recapitalization of existing
stock leading to dilution of the Participant’s share of the Company value, regardless of the value of the consideration tendered
for the stock, if any.

 

(c) The
Policy will be implemented by granting options for shares of Stock after each Financing to all eligible Participants under the
Plan, provided such Participants (a) have received options under this Plan before the latest Financing and (b) remain eligible
to receive options under the regular eligibility criteria of the Plan (“Qualified Participants”).

 

(d) The
options will be granted at the then fair market value of the Stock.

 

(e) The
number of shares of Stock that may be issued upon exercise of all Options to be granted to each Qualified Participant as may reasonably
be determined by the Board at each Financing will be calculated based on the dilution of the equity value of such Participant.

 

(f) This
Policy shall remain in effect until such time as the Company has raised one hundred million U.S. Dollars ($100,000,000) in aggregate
Financings.

 

    12

     

    

 

(g) Upon exceeding
one hundred million U.S. Dollars ($100,000,000) in aggregate Financing, the Policy will no longer apply to the extent any Financing
(or part thereof) exceeded the aforesaid aggregate threshold.

 

Notwithstanding anything
to the contrary contained herein, this Section 7.1 may not be amended without the approval of the Board, including the chief executive
officer of the Company.

 

8. Standard
Forms of Award Agreements.

 

8.1 Award Agreements. Each
Award shall comply with and be subject to the terms and conditions set forth in the appropriate form of Award Agreement
approved by the Board and as amended from time to time. No Award or purported Award shall be a valid and binding obligation
of the Company unless evidenced by a fully executed Award Agreement. Any Award Agreement may consist of an appropriate form
of Notice of Grant and a form of Agreement incorporated therein by reference, or such other form or forms, including
electronic media, as the Committee may approve from time to time.

 

8.2 Authority to Vary
Terms. The Board shall have the authority from time to time to vary the terms of any standard form of Award Agreement
either in connection with the grant or amendment of an individual Award or in connection with the authorization of a new
standard form or forms; provided, however, that the terms and conditions of any such new, revised or amended standard form or
forms of Award Agreement are not inconsistent with the terms of the Plan.

 

9. Change
in Control.

 

 9.1 Effect of Change
in Control on Awards.

 

(a) Accelerated
Vesting. The Board may, in its sole discretion, provide in any Award Agreement or, in the event of a Change in Control,
may take such actions as it deems appropriate to provide for the acceleration of the exercisability and vesting in connection with
such Change in Control of any or all outstanding Awards and shares acquired upon the exercise thereof upon such conditions, including
termination of the Participant’s Service prior to, upon, or following such Change in Control, and to such extent as the Board
shall determine.

 

(b)
Assumption or Substitution of Awards. In the event of a Change in Control, the surviving, continuing, successor, or
purchasing corporation or other business entity or parent thereof, as the case may be (the
“Acquiror”), may, without the consent of any Participant, either assume or continue the
Company’s rights and obligations under each or any Award or portion thereof outstanding immediately prior to the Change
in Control or substitute for each or any such outstanding Award or portion thereof a substantially equivalent award for the
Acquiror’s stock; provided however, that in the event any cash is to be paid by the Acquiror to the Company’s
shareholders in connection with the Change of Control, the Company must, unless otherwise agreed to by the Participant, cash
out the vested portion of the Award (and unvested portion of the Award, to the extent determined by the Board in accordance
with Subsection (c) below) pursuant to Subsection (c) below. For purposes of this Section, an Award shall be deemed assumed
if, following the Change in Control, the Award confers the right to receive, subject to the terms and conditions of the Plan
and the applicable Award Agreement, for each share of Stock subject to the Award immediately prior to the Change in Control,
the consideration (whether stock, cash, other securities or property or a combination thereof) to which a holder of a share
of Stock on the effective date of the Change in Control was entitled. Any Award or portions thereof which are neither assumed
or continued by the Acquiror in connection with the Change in Control nor exercised nor cashed out pursuant to Subsection (c)
below as of the time of consummation of the Change in Control shall terminate and cease to be outstanding effective as of the
time of consummation of the Change in Control. Notwithstanding the foregoing, shares acquired upon exercise of an Award prior
to the Change in Control and any consideration received pursuant to the Change in Control with respect to such shares shall
continue to be subject to all applicable provisions of the Award Agreement evidencing such Award except as otherwise provided
in such Award Agreement.

 

    13

     

    

 

(c) Cash-Out
of Awards. The Board may, in its sole discretion and without the consent of any Participant, determine that, upon the occurrence
of a Change in Control, each or any Award outstanding immediately prior to the Change in Control shall be canceled in exchange
for a payment with respect to each vested share (and each unvested share, if so determined by the Board) of Stock subject to such
canceled Award in cash in an amount having a Fair Market Value equal to the Fair Market Value of the consideration to be paid per
share of Stock in the Change in Control over the exercise price per share under such Award (the “Spread”).
In the event such determination is made by the Board, the Spread (reduced by applicable withholding taxes, if any) shall be paid
to Participants in respect of their canceled Awards as soon as practicable following the date of the Change in Control and in respect
of the unvested portion of their canceled Awards in accordance with the vesting schedule applicable to such Awards as in effect
prior to the Change in Control.

 

9.2 Federal
Excise Tax Under Section 4999 of the Code.

 

(a) Excess
Parachute Payment. In the event that any acceleration of vesting pursuant to an Award and any other payment or benefit
received or to be received by a Participant would subject the Participant to any excise tax pursuant to Section 4999 of the Code
due to the characterization of such acceleration of vesting, payment or benefit as an “excess parachute payment” under
Section 280G of the Code, the Participant may elect, in his or her sole discretion, to reduce the amount of any acceleration of
vesting called for under the Award in order to avoid such characterization.

 

(b)
Determination by Independent Accountants. To aid the Participant in making any election called for under Section
9.2(a), no later than the date of the occurrence of any event that might reasonably be anticipated to result in an
“excess parachute payment” to the Participant as described in Section 9.2(a), the Company shall request a
determination in writing by independent public accountants selected by the Company (the “Accountants”). As
soon as practicable thereafter, the Accountants shall determine and report to the Company and the Participant the amount of
such acceleration of vesting, payments and benefits which would produce the greatest after-tax benefit to the Participant.
For the purposes of such determination, the Accountants may rely on reasonable, good faith interpretations concerning the
application of Sections 280G and 4999 of the Code. The Company and the Participant shall furnish to the Accountants such
information and documents as the Accountants may reasonably request in order to make their required determination. The
Company shall bear all fees and expenses the Accountants may reasonably charge in connection with their services contemplated
by this Section 9.2(b).

 

    14

     

    

 

10. Tax
Withholding.

 

10.1 Tax
Withholding in General. The Company shall have the right to deduct from any and all payments made under the Plan,
or to require the Participant, through payroll withholding, cash payment or otherwise, including by means of a Cashless
Exercise of an Option, to make adequate provision for, the federal, state, local and foreign taxes (including income taxes,
payment on account and employment taxes or social insurance contributions), if any, required by law to be withheld by the
Participating Company Group with respect to an Award or the shares acquired pursuant thereto. The Company shall have no
obligation to deliver shares of Stock or to release shares of Stock from an escrow established pursuant to an Award Agreement
until the Participating Company Group’s tax withholding obligations have been satisfied by the Participant.

 

10.2 Withholding in
Shares. The Company shall have the right, but not the obligation, to deduct from the shares of Stock issuable to a Participant
upon the exercise of an Award, or to accept from the Participant the tender of, a number of whole shares of Stock having a Fair
Market Value, as determined by the Company, equal to all or any part of the tax withholding obligations of the Participating Company
Group. The Fair Market Value of any shares of Stock withheld or tendered to satisfy any such tax withholding obligations shall
not exceed the amount determined by the applicable minimum statutory withholding rates.

 

11. Compliance
with Securities Law.

 

The grant of Awards and
the issuance of shares of Stock upon exercise of Awards shall be subject to compliance with all applicable requirements of federal,
state and foreign law with respect to such securities. Awards may not be exercised if the issuance of shares of Stock upon exercise
would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements
of any stock exchange or market system upon which the Stock may then be listed. In addition, no Award may be exercised unless (a)
a registration statement under the Securities Act shall at the time of exercise of the Award be in effect with respect to the shares
issuable upon exercise of the Award or (b) in the opinion of legal counsel to the Company, the shares issuable upon exercise of
the Award may be issued in accordance with the terms of an applicable exemption from the registration requirements of the Securities
Act. The inability of the Company to obtain from any regulatory body having jurisdiction the authority, if any, deemed by the Company’s
legal counsel to be necessary to the lawful issuance and sale of any shares hereunder shall relieve the Company of any liability
in respect of the failure to issue or sell such shares as to which such requisite authority shall not have been obtained. As a
condition to the exercise of any Award, the Company may require the Participant to satisfy any qualifications that may be necessary
or appropriate, to evidence compliance with any applicable law or regulation and to make any representation or warranty with respect
thereto as may be requested by the Company.

 

    15

     

    

 

In connection with
the foregoing, the terms set forth in Addendum A shall only apply for so long as ASL is required to impose such provisions
under applicable laws and/or the Listing Rules.

 

12. Amendment
or Termination of Plan.

 

12.1 Amendment
or Termination of the Plan. The Board may amend, suspend or terminate the Plan at any time. However, subject to changes in
applicable law, regulations or rules that would permit otherwise, without the approval of the Company’s shareholders, there
shall be (a) no increase in the maximum aggregate number of shares of Stock that may be issued under the Plan (except as may be
permitted by the Listing Rules and by operation of the provisions of Section 4.2), (b) no change in the class of persons eligible
to receive Incentive Stock Options, and (c) no other amendment of the Plan that would require approval of the Company’s shareholders
under any applicable law, regulation or rule, including the rules of any stock exchange or market system upon which the Stock may
then be listed. No amendment, suspension or termination of the Plan shall affect any then outstanding Award unless expressly provided
by the Board. Except as provided by the next sentence, no amendment, suspension or termination of the Plan may adversely affect
any then outstanding Award without the consent of the Participant. Notwithstanding any other provision of the Plan to the contrary,
the Board may, in its sole and absolute discretion and without the consent of any participant, amend the Plan or any Award Agreement,
to take effect retroactively or otherwise, as it deems necessary or advisable for the purpose of conforming the Plan or such Award
Agreement to any present or future law, regulation or rule applicable to the Plan, including, but not limited to, Section 409A
of the Code.

 

13. Miscellaneous
Provisions.

 

13.1 Repurchase
Rights. Shares issued under the Plan may be subject to a right of first refusal, one or more repurchase options, or other conditions
and restrictions as determined by the Board in its discretion at the time the Award is granted. The Company shall have the right
to assign at any time any repurchase right it may have, whether or not such right is then exercisable, to one or more persons as
may be selected by the Company. Upon request by the Company, each Participant shall execute any agreement evidencing such transfer
restrictions prior to the receipt of shares of Stock hereunder and shall promptly present to the Company any and all certificates
representing shares of Stock acquired hereunder for the placement on such certificates of appropriate legends evidencing any such
transfer restrictions.

 

13.2 Provision
of Information. At least annually, copies of the Company’s balance sheet and income statement for the just completed
fiscal year shall be made available to each Participant and purchaser of shares of Stock upon the exercise of an Award. The Company
shall not be required to provide such information to key employees whose duties in connection with the Company assure them access
to equivalent information. Furthermore, the Company shall deliver to each Participant such disclosures as are required in accordance
with Rule 701 under the Securities Act.

 

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13.3 Rights as
Employee, Consultant or Director. No person, even though eligible pursuant to Section 5, shall have a right to be
selected as a Participant, or, having been so selected, to be selected again as a Participant. Nothing in the Plan or any
Award granted under the Plan shall confer on any Participant a right to remain an Employee, Consultant or Director or
interfere with or limit in any way any right of a Participating Company to terminate the Participant’s Service at any
time. To the extent that an Employee of a Participating Company other than the Company receives an Award under the Plan, that
Award shall in no event be understood or interpreted to mean that the Company is the Employee’s employer or that the
Employee has an employment relationship with the Company.

 

13.4 Rights as
a Shareholder. A Participant shall have no rights as a shareholder with respect to any shares covered by an Award until the
date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company). No adjustment shall be made for dividends, distributions or other rights for which the record date
is prior to the date such shares are issued, except as provided in Section 4.2 or another provision of the Plan. The shares of
Stock to be allotted upon the exercise of an Award shall be subject to all the provisions of the Bylaws of the Company for the
time being in force and shall rank pari passu in all respects with the existing fully paid shares in issue on the date on
which those shares of Stock are allotted on exercise of the Award and accordingly shall entitle the holders to participate in all
dividends or other distributions paid or made after the date on which shares are allotted other than any dividends or distributions
previously declared or recommended or resolved to be paid or made if the record date thereof shall be on or before the date on
which the shares are allotted.

 

13.5 Fractional
Shares. The Company shall not be required to issue fractional shares upon the exercise or settlement of any Award.

 

13.6 Retirement
and Welfare Plans. Neither Awards made under this Plan nor shares of Stock or cash paid pursuant to such Awards shall be included
as “compensation” for purposes of computing the benefits payable to any Participant under any Participating Company’s
retirement plans (both qualified and non-qualified) or welfare benefit plans unless such other plan expressly provides that such
compensation shall be taken into account in computing such benefits.

 

13.7 Severability.
If any one or more of the provisions (or any part thereof) of this Plan shall be held invalid, illegal or unenforceable in
any respect, such provision shall be modified so as to make it valid, legal and enforceable, and the validity, legality and enforceability
of the remaining provisions (or any part thereof) of the Plan shall not in any way be affected or impaired thereby.

 

13.8 No Constraint
on Corporate Action. Nothing in this Plan shall be construed to: (a) limit, impair, or otherwise affect the Company’s
or another Participating Company’s right or power to make adjustments, reclassifications, reorganizations, or changes of
its capital or business structure, or to merge or consolidate, or dissolve, liquidate, sell, or transfer all or any part of its
business or assets; or (b) limit the right or power of the Company or another Participating Company to take any action which such
entity deems to be necessary or appropriate.

 

    17

     

    

 

13.9 Choice of
Law. Except to the extent governed by applicable U.S. federal law, the validity, interpretation, construction and
performance of the Plan and each Award Agreement shall be governed by the laws of the State of California, without regard to
its conflict of law rules. Any disputes under the Plan shall be resolved only in the state and federal courts located in
Contra Costa County, California.

 

13.10 Shareholder
Approval. The Plan or any increase in the maximum aggregate number of shares of Stock issuable thereunder as provided in Section
4.1 (the “Authorized Shares”) shall be approved by a majority of the outstanding securities of
the Company entitled to vote by the later of (i) within twelve (12) months before or after the date of adoption of the Plan or
the date the agreement is entered into or (ii) prior to or within twelve (12) months of the granting of any Option or issuance
of any security under the Plan or agreement in California. Any options granted to any person in California that is exercised before
security holder approval is obtained shall be rescinded if security holder approval is not obtained as the manner described in
the preceding sentence. Awards granted prior to security holder approval of the Plan or in excess of the Authorized Shares previously
approved by the security holders shall become exercisable no earlier than the date of security holder approval of the Plan or such
increase in the Authorized Shares, as the case may be.

 

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ADDENDUM TO GRID DYNAMICS INTERNATIONAL,
INC.

2018 STOCK PLAN

 

Notwithstanding anything to the contrary
contained in the Grid Dynamics International, Inc. 2018 Stock Plan (the “Plan”), the operation
of the Plan (including any grants to participants under the Plan) shall be subject to the requirements of The Stock Exchange of
Hong Kong Limited. On this basis, the following provisions of the Plan are supplemented as set forth below:

 

		1.	Section 2.1 of the Plan is amended to add the following
definitions

 

“ASL”
means Automated Systems Holdings Limited, an exempted company incorporated in Bermuda with limited liability, the shares of which
are listed on Main Board of The Stock Exchange of Hong Kong Limited, an ultimate holding company of the Company.

 

		2.	Section 4.1 of the Plan is amended to add the following
provisions immediately after the end of Section 4.1:

 

(b) Limitation
of Total Number of Shares Issuable. Subject to paragraph 4.1(d), the total number of Shares which may be issued upon exercise
of all Options to be granted under the Plan and any other share option plans of the Company shall not in aggregate exceed 10% of
the total number of Shares in issue as at date of approval of the adoption of the Plan (i.e. the Adoption Date), unless the Company
obtains a fresh approval from its shareholders and the shareholders of ASL pursuant to paragraphs 4.1(c) or 4.1(d). Options lapsed
in accordance with the terms of the Plan and (as the case may be) such other share option plans of the Company shall not be counted
for the purpose of calculating such 10% limit. If an outstanding Award for any reason lapses or is terminated or canceled pursuant
to its terms, the shares of Stock allocable to the lapsed Award shall again be available for issuance under the Plan.

 

(c) Refreshment
of Limitation of Total Number of Shares Issuable. The Company may seek approval by its shareholders and the shareholders of
ASL in general meeting to refresh the 10% limit set out in paragraph 4.1(b) such that the total number of Shares which may be issued
upon exercise of all Options to be granted under the Plan and any other share option plans of the Company under the limit as “refreshed”
shall not exceed 10% of the total number of Shares in issue as at the date of approval to refresh such limit. Options previously
granted under any share option plans of the Company (including those outstanding, cancelled, lapsed in accordance with the Plan
or exercised Options) shall not be counted for the purpose of calculating the limit as “refreshed”. ASL shall send
a circular to the shareholders of which containing the information required under rule 17.02(2)(d) of the Listing Rules and the
disclaimer required under rule 17.02(4) of the Listing Rules.

 

(d)
Beyond Limitation of Total Number of Shares Issuable. The Company may seek separate approval by its shareholders and the
shareholders of ASL in a general meeting for granting Options beyond the 10% limit set out in paragraphs 4.1(b) or 4.1(c) (as
the case may be) provided that the Options in excess of such limit are granted only to Participants specifically identified
by the Company and ASL before such approval is sought. In such case, ASL shall send a circular to the shareholders of which
containing a generic description of the specified Participant(s) who may be granted such Options, the number and terms of the
Options to be granted, the purpose of granting Options to the specified Participant(s) with an explanation as to how the
terms of the Options serve such purpose, the information required under rule 17.02(2)(d) of the Listing Rules and the
disclaimer required under rule 17.02(4) of the Listing Rules.

 

    19

     

    

 

		3.	A new Section 4.3 is added to the Plan and read as follows:

LR17.03(13)

 

Section 4.1 is subject always
to compliance with the Listing Rules and the determination by the Board on the adjustment under Section 4.2 is subject to confirmation
by auditor or independent financial adviser as contemplated under the Listing Rules.

 

		4.	Section 5.3(a) of the Plan is amended and restated in its
entirety to read as follows:

 

Maximum
Number of Shares Issuable Pursuant to Incentive Stock Options. Subject to Section 4.1 and adjustment as provided in Section
4.2, the maximum aggregate number of shares of Stock that may be issued under the Plan pursuant to the exercise of Incentive Stock
Options shall not exceed the total number of shares of Stock which may be issued upon exercise of all Options to be granted under
the Plan approved by the shareholders of ASL as at the Adoption Date (the “ISO Share Limit”).
The maximum aggregate number of shares of Stock that may be issued under the Plan pursuant
to all Awards other than Incentive Stock Options shall be the number of shares determined in accordance with Section 4.1, subject
to adjustment as provided in Section 4.2.

 

		5.	A new Section 5.4 and Section 5.5 are added to the Plan
and read as follows:

 

		5.4	Granting of Options to Connected Persons.

LR17.04

 

(a) Each
grant of Options to a Participant who is a director, chief executive or substantial shareholder (all within the meaning ascribed
under the Listing Rules) of ASL, or any of their respective associates, must be approved by the independent non-executive directors
of ASL (excluding the independent non-executive director of ASL who is the relevant Participant).

 

(b) Where
the Board proposes to grant Options to a Participant who is a substantial shareholder or an independent non-executive director
of ASL, or any of their respective associates, which would result in the shares issued and to be issued upon exercise of all Awards
already granted and to be granted (including options exercised, cancelled and outstanding) to such Participant under the Plan and
the other stock plan in the 12-month period up to and including the date of grant:

 

(i) representing
in aggregate over 0.1% of the total number of shares of Stock in issue; and

 

(ii) having
an aggregate value, based on the Fair Market Value of the shares of Stock at the date of each grant, in excess of HK$5 million,

 

such further grant of
Options must be approved by the shareholders of ASL. In such a case, ASL shall send a circular to its shareholders containing
all information as required under the Listing Rules. Such grantee, his/her associates and all core connected persons of ASL
must abstain from voting in favor of such general meeting.

 

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(c) The
circular to be issued by ASL to its shareholders pursuant to Section 5.4(b) shall contain the following information:

 

(i) the
details of the number and terms (including the exercise price) of the Options to be granted to each Participant, which must be
fixed before the shareholders’ meeting, and the date of the board meeting of ASL for proposing such further grant is to be
taken as the date of grant for the purpose of calculating the exercise price;

 

(ii) a
recommendation from the independent non-executive directors of ASL (excluding the independent non-executive director who is the
relevant Participant) to the independent shareholders as to voting;

 

(iii) the
information required under Rules 17.02(2)(c) and (d) and the disclaimer required under Rule 17.02(4) of the Listing Rules; and

 

(iv) the
information required under Rule 2.17 of the Listing Rules.

 

(d) Any
change in the terms of Options granted to a Participant who is a substantial shareholder of ASL or an independent non-executive
director of ASL, or any of their respective associates, must be approved by the shareholders of ASL at general meeting. The requirements
for the granting of Options to a director or chief executive of ASL set out in Section 5.5 do not apply where the Participant is
only a proposed director or chief executive of ASL.

 

		5.5	Maximum Entitlement of Shares of Each Participant.

LR17.03(4)

 

(a) Subject to Sections 5.4 and 5.5(b), unless approved by the shareholders of ASL, the total number of shares of Stock issued and to be issued upon exercise of the Options granted to each Participant (including both exercised and outstanding options) in any 12-month period must not exceed 1% of the total number of shares of Stock in issue.

 

(b)
Notwithstanding Section 5.5(a), where any further grant of Options to a Participant would result in the shares of Stock issued
and to be issued upon exercise of all Options granted and to be granted to that Participant (including exercised, cancelled and
outstanding Options) in the 12-month period up to and including the date of such further grant representing in aggregate over
1% of the total number of shares of Stock in issue, such further grant must be separately approved by the shareholders of ASL
in general meeting with that Participant and his close associates (within the meaning as ascribed under the Listing Rules) (or
his associates if the Participant is a connected person) abstaining from voting. In such case, ASL must send a circular to its
shareholders and the circular must disclose the identity of the Participant, the number and terms of the Options to be granted
(and Options previously granted to such Participant), the information required under Rule 17.02(2)(d) of the Listing Rules and
the disclaimer required under Rule 17.02(4) of the Listing Rules. The number and terms (including the exercise price) of the Options
to be granted to such Participant shall be fixed before approval of the shareholders of ASL and the date of Board meeting for
proposing such further grant should be taken as the date of grant for the purpose of calculating the exercise price.

 

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		6.	Section 6.1 of the Plan is amended to add the following sentence immediately after the end of Section
6.1:

 

However, the exercise price
of Awards to be granted after ASL has resolved to seek a separate listing of the Company on any stock exchange and up to the listing
date of the Company must be not lower than the new issue price (if any).

 

		7.	Section 6.5 of the Plan is amended and restated in its entirety to read as follows:

 

Transferability of Options.
During the lifetime of the Participant, an Option shall be exercisable only by the Participant or the Participant’s guardian
or legal representative. No Option shall be assignable or transferable by the Participant.

 

		8.	Section 8 of the Plan is amended to add a new Section 8.3
as follows:

 LR17.03(8)

 

8.3 Acceptance of Awards.
An Award shall be deemed to have been granted and accepted by the Participants and to have taken effect when the duplicate
of the Award Agreement comprising acceptance of the offer duly signed by the Participants is received by the Company within 28
days from the date of grant (the “Acceptance Period”). To the extent that the offer is not accepted within the Acceptance
Period in the manner indicated above, it shall be deemed to have been irrevocably declined by the Participant and the offer shall
automatically lapse and become null and void.

 

		9.	Section 12 of the Plan is amended to add the following
new Section 12.2 as follows:

 

12.2 Any amendment of the Plan
pursuant to Section 12.1 shall be subject always to the compliance with the Listing Rules. In particular and without prejudice
to the generality of Section 12.1, subject to changes in applicable law, regulations or rules that would permit otherwise, without
the approval of the Company’s shareholders, there shall be (a) no alterations to the terms and conditions of this Plan which
are of a material nature, or any change to the terms of Options granted except where the alterations take effect automatically
under the existing terms of this Plan, and (b) no alteration to the specific provisions of this Plan which relate to the matters
set out in Rule 17.03 of the Listing Rules altered to the advantage of Participants, or changes to the authority of the Board in
relation to any alteration of the terms of this Plan.

 

		10.	Section 13.10 of the Plan is amended to add the following
sentence immediately after the end of Section 13.10:

 

Section 13.10 is subject always to compliance with the Listing
Rules (where applicable).

 

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GRID DYNAMICS INTERNATIONAL, INC.

2018 STOCK PLAN

STOCK OPTION AGREEMENT

FOR U.S. GRANTS

 

1. Grant
of Option. Grid Dynamics International, Inc., a California corporation (the “Company”), hereby grants to
the person (“Optionee”), named in the Notice of Grant of Stock Option (the “Notice”), an
option (the “Option”) to purchase the total number of shares of Common Stock (the “Shares”),
at the exercise price per Share set forth in the Notice (the “Exercise Price”) subject to the terms, definitions
and provisions of the Grid Dynamics International, Inc. 2018 Stock Plan (including Addendum A attached thereto, the “Plan”),
which is incorporated in this Stock Option Agreement (this “Agreement”) by reference. Unless otherwise defined
in this Agreement, the terms used in this Agreement or the Notice shall have the meanings defined in the Plan. The vested Shares
and the Unvested Shares (as defined below) are entitled to the same rights as shares of the Company’s Common Stock, including
rights to receive dividends or other distributions to shareholders as well as the right to vote the vested Shares and Unvested
Shares.

 

2. Designation
of Option. This Option is intended to be an Incentive Stock Option as defined in Section 422 of the Code only to the extent
so designated in the Notice, and to the extent it is not so designated or to the extent this Option does not qualify as an Incentive
Stock Option, it is intended to be a Nonstatutory Stock Option.

 

Notwithstanding
the above, if designated as an Incentive Stock Option, in the event that the Shares subject to this Option (and all other incentive
stock options granted to Optionee by the Company or any Parent or Subsidiary, including under other plans) that first become exercisable
in any calendar year have an aggregate fair market value (determined for each Share as of the date of grant of the option covering
such Share) in excess of $100,000, the Shares in excess of $100,000 shall be treated as subject to a nonstatutory stock option,
in accordance with the Plan.

 

3. Exercise
of Option. This Option shall be exercisable during its term in accordance with the Vesting/Exercise Schedule set out in the
Notice and with the provisions of Section 6.4 of the Plan as follows:

 

(a) Right
to Exercise.

 

(i) This
Option may not be exercised for a fraction of a share.

 

(ii) In
the event of Optionee’s death, Disability or other termination of Service, the exercisability of this Option is governed
by Section 5 below, subject to the limitations contained in this Section 3.

 

(iii) In
no event may this Option be exercised after the Option Expiration Date set forth in the Notice.

 

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(b) Method
of Exercise.

 

(i) This
Option shall be exercisable by execution and delivery of the exercise notice attached hereto as Exhibit A, the exercise
agreement attached hereto as Exhibit B or of any other form of written notice approved for such purpose by the Company which
shall state Optionee’s election to exercise this Option, the number of Shares in respect of which this Option is being exercised,
and such other representations and agreements as to the holder’s investment intent with respect to such Shares as may be
required by the Company pursuant to the provisions of the Plan. Such written notice shall be signed by Optionee and shall be delivered
to the Company by such means as are determined by the Company in its discretion to constitute adequate delivery. The written notice
shall be accompanied by payment of the aggregate Exercise Price for the purchased Shares.

 

(ii) As
a condition to the exercise of this Option and as further set forth in the Plan, Optionee agrees to make adequate provision for
federal, state or other applicable tax, withholding, required deductions or other payments, if any, which arise upon the grant,
vesting or exercise of this Option, or disposition of Shares, whether by withholding, direct payment to the Company, or otherwise,
as determined by the Company in its sole discretion.

 

(iii) The
Company is not obligated, and will have no liability for failure, to issue or deliver any Shares upon exercise of this Option unless
such issuance or delivery would comply with any applicable laws, with such compliance determined by the Company in consultation
with its legal counsel. This Option may not be exercised until such time as the Plan has been approved by the holders of capital
stock of the Company, or if the issuance of such Shares upon such exercise or the method of payment of consideration for such Shares
would constitute a violation of any applicable laws, including any applicable U.S. federal or state or foreign securities laws
or any other law or regulation, including any rule under Part 221 of Title 12 of the Code of Federal Regulations as promulgated
by the Federal Reserve Board, or the requirements of any stock exchange or market system upon which the Shares may then be listed.
As a condition to the exercise of this Option, the Company may require Optionee to make any representation and warranty to the
Company as may be required by any applicable laws. Assuming such compliance, for income tax purposes the Shares shall be considered
transferred to Optionee on the date on which this Option is exercised with respect to such Shares.

 

(iv) Subject
to compliance with all applicable laws, this Option shall be deemed to be exercised upon receipt by the Company of the appropriate
written notice of exercise accompanied by the Exercise Price and the satisfaction of any applicable obligations described in Section
3(b)(ii) above.

 

4. Method
of Payment. Unless otherwise specified by the Company in its sole discretion to comply with Applicable Laws or facilitate the
administration of the Plan, payment of the Exercise Price shall be in any form authorized by the terms of the Plan.

 

Optionee
understands and agrees that, if required by the Company or Applicable Laws, any cross-border cash remittance made to exercise
this Option or transfer proceeds received upon the sale of Shares must be made through a locally authorized financial
institution or registered foreign exchange agency and may require Optionee to provide to such entity certain information
regarding the transaction. Moreover, Optionee understands and agrees that the future value of the underlying Shares is
unknown and cannot be predicted with certainty and may decrease in value, even below the Exercise Price. Optionee understands
that neither the Company nor any Subsidiary Corporations or affiliate is responsible for any foreign exchange fluctuation
between local currency and the United States Dollar or the selection by the Company or any Subsidiary Corporations or
affiliate in its sole discretion of an applicable foreign currency exchange rate that may affect the value of the Option (or
the calculation of income or tax-related items thereunder).

 

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5. Termination of
Relationship. Following the date of termination of Optionee’s Service for any reason (the “Termination
Date”), Optionee may exercise this Option only as set forth in the Notice and this Section 5. If Optionee does not
exercise this Option within the Option Expiration Date set forth in the Notice or the termination periods set forth below,
this Option shall terminate in its entirety. In no event may any Option be exercised after the Option Expiration Date of this
Option as set forth in the Notice.

 

(a) General
Termination. In the event of termination of Optionee’s Service other than as a result of Optionee’s Disability
or death or Optionee’s termination for Cause, the Option, to the extent unexercised and exercisable by the Optionee on the
date on which the Optionee’s Service terminated, may be exercised by the Optionee at any time prior to the expiration of
the Option Expiration Date or such other period of time as is set forth in the Notice.

 

(b) Termination
upon Disability of Optionee. In the event of termination of Optionee’s Service as a result of Optionee’s Disability,
the Option, to the extent unexercised and exercisable on the date on which the Optionee’s Service terminated, may be exercised
by the Optionee (or the Optionee’s guardian or legal representative) at any time prior to the Option Expiration Date or such
other period of time as is set forth in the Notice.

 

(c) Death
of Optionee. In the event of termination of Optionee’s Service as a result of Optionee’s death, or in the event
of Optionee’s death within 3 month(s) following Optionee’s Termination Date, the Option, to the extent unexercised
and exercisable on the date on which the Optionee’s Service terminated, may be exercised by the Optionee’s legal representative
or other person who acquired the right to exercise the Option by reason of the Optionee’s death at any time prior to the
expiration of the Option Expiration Date or such other period of time as is set forth in the Notice.

 

(d) Termination
for Cause. In the event of termination of Optionee’s Service for Cause, the Option (including any vested portion thereof)
shall immediately terminate in its entirety upon first notification to Optionee of such termination for Cause. If Optionee’
s Service is suspended pending an investigation of whether Optionee’s Service will be terminated for Cause, all Optionee’s
rights under this Option, including the right to exercise this Option, shall be suspended during the investigation period.

 

6. Non-Transferability
of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or
distribution and may be exercised during the lifetime of Optionee only by him or her. The terms of this Option shall be
binding upon the executors, administrators, heirs, successors and assigns of Optionee.

 

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7. Lock-Up
Agreement. If so requested by the Company or the underwriters in connection with the initial public offering of the
Company’s securities registered under the Securities Act of 1933, as amended, Optionee shall not sell, make any short
sale of, loan, grant any option for the purchase of, or otherwise dispose of any securities of the Company however or
whenever acquired (except for those being registered) without the prior written consent of the Company or such underwriters,
as the case may be, for 180 days from the effective date of the registration statement, plus such additional period, to the
extent required by FINRA rules, up to a maximum of 216 days from the effective date of the registration statement, and
Optionee shall execute an agreement reflecting the foregoing as may be requested by the underwriters at the time of such
offering.

 

8. Effect
of Agreement. Optionee 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 Option terms), and hereby accepts this Option
and agrees to be bound by its contractual terms as set forth herein and in the Plan. Optionee hereby agrees to accept as binding,
conclusive and final all decisions and interpretations of the Administrator regarding any questions relating to this Option. In
the event of a conflict between the terms and provisions of the Plan and the terms and provisions of the Notice and this Agreement,
the Plan terms and provisions shall prevail.

 

9. Imposition
of Other Requirements. The Company reserves the right to impose other requirements on Optionee’s participation in the
Plan, on the Option and on any award or Shares acquired under the Plan, to the extent the Company determines it is necessary or
advisable in order to comply with any applicable laws or facilitate the administration of the Plan. Optionee agrees to sign any
additional agreements or undertakings that may be necessary to accomplish the foregoing. Furthermore, Optionee acknowledges that
the laws of the country in which Optionee is working at the time of grant, vesting and exercise of the Option or the sale of Shares
received pursuant to this Agreement (including any rules or regulations governing securities, foreign exchange, tax, labor, or
other matters) may subject Optionee to additional procedural or regulatory requirements that Optionee is and will be solely responsible
for and must fulfill.

 

10. Electronic
Delivery. The Company may, in its sole discretion, decide to deliver any documents related to Optionee’s current or future
participation in the Plan by electronic means or to request Optionee’s consent to participate in the Plan by electronic means.
Optionee 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.

 

11. Unvested
Share Repurchase Option.

 

(a) Grant
of Unvested Share Repurchase Option. In the event the Optionee’s Service is terminated for any reason or no reason,
with or without cause, or, if the Optionee, the Optionee’s legal representative, or other holder of shares acquired pursuant
to this Agreement, attempts to sell, exchange, transfer, pledge, or otherwise dispose of (other than pursuant to an Ownership Change
Event) any Unvested Shares, as defined in Section 11(b) below, the Company shall have the right to repurchase the Unvested Shares
under the terms and subject to the conditions set forth in this Section 11 (the “Unvested Share Repurchase Option”).

 

(b) Unvested
Shares Defined. The “Unvested
Shares” shall mean, on any given date, the number of Shares acquired upon exercise of the Option which exceed
the vested portion determined as of such date.

 

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(c) Exercise
of Unvested Share Repurchase Option. The
Company may exercise the Unvested Share Repurchase Option by written notice to the Optionee within sixty (60) days after (a) termination
of the Optionee’s Service or (b) the Company has received notice of the attempted disposition of Unvested Shares. If the
Company fails to give notice within such sixty (60) day period, the Unvested Share Repurchase Option shall terminate unless the
Company and the Optionee have extended the time for the exercise of the Unvested Share Repurchase Option. The Unvested Share Repurchase
Option must be exercised, if at all, for all of the Unvested Shares, except as the Company and the Optionee otherwise agree.

 

(d) Payment
for Shares and Return of Shares to Company. The
purchase price per share being repurchased by the Company shall be an amount equal to the Optionee’s original cost per share,
as adjusted for stock splits, stock dividends and the like (the “Repurchase Price”). The Company
shall pay the aggregate Repurchase Price to the Optionee in cash within thirty (30) days after the date of the written notice to
the Optionee of the Company’s exercise of the Unvested Share Repurchase Option. For purposes of the foregoing, cancellation
of any purchase money indebtedness of the Optionee to any Participating Company for the shares shall be treated as payment to the
Optionee in cash to the extent of the unpaid principal and any accrued interest canceled. The shares being repurchased shall be
delivered to the Company by the Optionee at the same time as the delivery of the Repurchase Price to the Optionee.

 

(e) Assignment
of Unvested Share Repurchase Option. The
Company shall have the right to assign the Unvested Share Repurchase Option at any time, whether or not such option is then exercisable,
to one or more persons as may be selected by the Company.

 

(f) Ownership
Change Event. Upon the occurrence of
an Ownership Change Event, any and all new, substituted or additional securities or other property to which the Optionee is entitled
by reason of the Optionee’s ownership of Unvested Shares shall be immediately subject to the Unvested Share Repurchase Option
and included in the terms “Shares” and “Unvested Shares” for all purposes of the Unvested Share Repurchase
Option with the same force and effect as the Unvested Shares immediately prior to the Ownership Change Event. While the aggregate
Repurchase Price shall remain the same after such Ownership Change Event, the Repurchase Price per Unvested Share upon exercise
of the Unvested Share Repurchase Option following such Ownership Change Event shall be adjusted as appropriate.

 

(g)
Election under Section 83(b) of the Code. If the Optionee exercises this Option to purchase Shares are both
nontransferable and subject to the Company’s Unvested Share Repurchase Option, which constitutes a substantial risk of
forfeiture, the Optionee understands that the Optionee should consult with the Optionee’s tax advisor regarding the
advisability of filing with the Internal Revenue Service an election under Section 83(b) of the Code, which must be filed no
later than thirty (30) days after the date on which the Optionee exercises the Option. Shares acquired upon exercise of the
Option are nontransferable and subject to a substantial risk of forfeiture if they are unvested and are subject to a right of
the Company to repurchase such shares at the Optionee’s original purchase price if the Optionee’s Service
terminates. Failure to file an election under Section 83(b), if appropriate, may result in adverse tax consequences to the
Optionee. However, an election under Section 83(b) may, under certain circumstances, result in adverse tax consequences to
the Optionee. The Optionee acknowledges that the Optionee has been advised to consult with a tax advisor prior to the
exercise of the Option regarding the tax consequences to the Optionee of the exercise of the Option and the effect of filing
or not filing an election under Section 83(b). AN ELECTION UNDER SECTION 83(b) MUST BE FILED, IF AT ALL, WITHIN 30 DAYS AFTER
THE DATE ON WHICH THE OPTIONEE PURCHASES SHARES. THIS TIME PERIOD CANNOT BE EXTENDED. THE OPTIONEE ACKNOWLEDGES THAT TIMELY
FILING OF A SECTION 83(b) ELECTION, IF APPROPRIATE, IS THE OPTIONEE’S SOLE RESPONSIBILITY, EVEN IF THE OPTIONEE
REQUESTS THE COMPANY OR ITS REPRESENTATIVE TO FILE SUCH ELECTION ON HIS OR HER BEHALF.

 

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12. Miscellaneous.

 

(a) Governing
Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall
be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles
of conflicts of law. For purposes of litigating any dispute that may arise directly or indirectly from this Agreement, the parties
hereby submit and consent to the exclusive jurisdiction of the State of California and agree that any such litigation shall be
conducted only in the state and federal courts located in Contra Costa County, California, and no other courts.

 

(b) Entire
Agreement: Enforcement of Rights. This Agreement, together with the Notice to which this Agreement is attached and the Plan,
sets forth the entire agreement and understanding of the parties relating to the subject matter herein and therein and merges all
prior or contemporaneous discussions between the parties. Except as contemplated under the Plan, no modification of or amendment
to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the parties
to this Agreement. The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of
any rights of such party.

 

(c) True-Up
Policy. Optionee understands that the Company has adopted a True-Up Policy as set forth in Section 7 of the Plan.

 

(d) Severability.
If one or more provisions of this Agreement are held to be unenforceable under Applicable Laws, the parties agree to renegotiate
such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such
provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of this Agreement shall be interpreted
as if such provision were so excluded and (iii) the balance of this Agreement shall be enforceable in accordance with its terms.

 

(e) Notices.
Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient when delivered personally
or by overnight courier or sent by email or fax (upon customary confirmation of receipt), or forty-eight (48) hours after being
deposited in the U.S. mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such
party’s address or fax number as set forth on the signature page, as subsequently modified by written notice, or if no address
is specified on the signature page, at the most recent address set forth in the Company’s books and records.

 

(f) Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together
shall constitute one instrument.

 

(g) Successors
and Assigns. The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s
successors and assigns. The rights and obligations of Optionee under this Agreement may not be assigned without the prior written
consent of the Company.

 

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GRID DYNAMICS INTERNATIONAL,
INC.

 

EARLY EXERCISE NOTICE
AND RESTRICTED STOCK PURCHASE AGREEMENT

 

This Agreement
(“Agreement”) is made as of____________ by and between Grid Dynamics International, Inc., a California
corporation (the “Company”), and_____________________ (“Purchaser”). To the extent any capitalized
terms used in this Agreement are not defined, they shall have the meaning ascribed to them in the Company’s 2018 Stock Plan
(the “Plan”) and the Option Agreement (as defined below).

 

1. Exercise of
Option. Subject to the terms and conditions hereof, Purchaser hereby elects to exercise his or her option to purchase
shares of the Common Stock (the “Shares”) of the Company under and pursuant to the Plan, the Notice of
Stock Option Grant and the Stock Option Agreement granted____________________ (the “Option Agreement”). Of
these Shares, Purchaser has elected to purchase_______________________ of those Shares which have become vested as of the
date hereof under the Vesting/Exercise Schedule set forth in the Notice of Stock Option Grant (the “Vested
Shares”) and Shares which have not yet vested under such Vesting/Exercise Schedule (the “Unvested
Shares”). The purchase price for the Shares shall be $___________ per Share for a total purchase price of $ The term “Shares” refers to the purchased Shares and all securities received in connection with the Shares
pursuant to stock dividends or splits, all securities received in replacement of the Shares in a recapitalization, merger,
reorganization, exchange or the like, and all new, substituted or additional securities or other properties to which
Purchaser is entitled by reason of Purchaser’s ownership of the Shares. The Vested Shares and the Unvested Shares are
entitled to the same rights as shares of the Company’s Common Stock, including rights to receive dividends or other
distributions to shareholders as well as the right to vote the Vested Shares and Unvested Shares.

 

2. Time
and Place of Exercise; Section 83(b) Election.

 

(a) The
purchase and sale of the Shares under this Agreement shall occur at the principal office of the Company simultaneously with
the execution and delivery of this Agreement, the payment of the aggregate exercise price by any method listed in Section 3
of the Option Agreement, and the satisfaction of any applicable tax, withholding, required deductions or other payments, all
in accordance with the provisions of Section 2(b) of the Option Agreement. The Company shall issue the Shares to Purchaser by
entering such Shares in Purchaser’s name as of such date in the books and records of the Company or, if applicable, a
duly authorized transfer agent of the Company, against payment of the exercise price therefor by Purchaser. If applicable,
the Company will deliver to Purchaser a certificate representing the Shares as soon as practicable following such date.

 

(b)
Purchaser understands that Purchaser may elect to be taxed at the time the Unvested Shares are purchased, rather than when
and as the Repurchase Option expires, by filing an election under Section 83(b) (an "83(b) Election ") of the
Internal Revenue Code of 1986, as amended (the "Code"), with the Internal Revenue Service within 30 days from the
date of purchase. Even if the fair market value of the Unvested Shares at the time of the execution of this Agreement equals
the amount paid for the Unvested Shares, the election must be made to avoid income tax treatment under Section 83(a) in the
future. Purchaser understands that failure to file such an election in a timely manner may result in adverse tax consequences
for Purchaser. Purchaser further understands that an additional copy of such election form should be filed with his federal
income tax return for the calendar year in which the date of this Agreement falls. Purchaser acknowledges that the foregoing
is only a summary of the effect of United States federal income taxation with respect to purchase of the Unvested Shares
hereunder, and does not purport to be complete.

 

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Purchaser
further agrees that he will execute and file a copy of the 83(b) Election attached hereto as Attachment A (for tax purposes in
connection with the early exercise of an option) within 30 days from the date of exercise.

 

3. Limitations
on Transfer. In addition to any other limitation on transfer created by any applicable laws, Purchaser shall not assign, encumber
or dispose of any interest in the Shares while the Shares are subject to the Company’s Repurchase Option (as defined below).
After any Shares have been released from such Repurchase Option, Purchaser shall not assign, encumber or dispose of any interest
in such Shares except in compliance with the provisions below and any applicable laws.

 

(a) Repurchase
Option.

 

(i) In
the event of the voluntary or involuntary termination of Purchaser’s Continuous Service Status with the Company for any reason
(including death or Disability), with or without Cause, the Company shall upon the date of such termination (the “Termination
Date”) have an irrevocable, exclusive option (the “Repurchase Option”) for a period of sixty (60)
days from such date to repurchase all or any portion of the Unvested Shares (as defined below) held by Purchaser as of the Termination
Date at the original purchase price per Share (adjusted for any stock splits, stock dividends and the like) specified in Section
1. As used herein, “Unvested Shares” means Shares that have not yet been released from the Repurchase Option.

 

(ii)
Unless the Company notifies Purchaser within sixty (60) days from the Termination Date that it does not intend to exercise
its Repurchase Option with respect to some or all of the Unvested Shares, the Repurchase Option shall be deemed automatically
exercised by the Company as of the end of such sixty (60) day period following such termination, provided that the Company
may notify Purchaser that it is exercising its Repurchase Option as of a date prior to the end of such sixty (60) day period.
Unless Purchaser is otherwise notified by the Company pursuant to the preceding sentence that the Company does not intend to
exercise its Repurchase Option as to some or all of the Unvested Shares to which it applies at the time of termination,
execution of this Agreement by Purchaser constitutes written notice to Purchaser of the Company’s intention to exercise
its Repurchase Option with respect to all Unvested Shares to which such Repurchase Option applies. The Company, at its
choice, may satisfy its payment obligation to Purchaser with respect to exercise of the Repurchase Option by either(A)
delivering a check to Purchaser in the amount of the purchase price for the Unvested Shares being repurchased, or (B) in the
event Purchaser is indebted to the Company, canceling an amount of such indebtedness equal to the purchase price for the
Unvested Shares being repurchased, or (C) by a combination of (A) and (B) so that the combined payment and cancellation of
indebtedness equals such purchase price. In the event of any deemed automatic exercise of the Repurchase Option pursuant to
this Section 3(a)(ii) in which Purchaser is indebted to the Company, such indebtedness equal to the purchase price of the
Unvested Shares being repurchased shall be deemed automatically canceled as of the end of such sixty (60) day period
following termination of Purchaser’s employment or consulting relationship unless the Company otherwise satisfies its
payment obligations. As a result of any repurchase of Unvested Shares pursuant to this Section 3(a), the Company shall become
the legal and beneficial owner of the Unvested Shares being repurchased and shall have all rights and interest therein or
related thereto, and the Company shall have the right to transfer to its own name the number of Unvested Shares being
repurchased by the Company, without further action by Purchaser.

 

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(iii) One
hundred percent (100%) of the Shares shall initially be subject to the Repurchase Option. The Unvested Shares shall be released
from the Repurchase Option in accordance with the Vesting/Exercise Schedule set forth in the Notice of Stock Option Grant until
all Shares are released from the Repurchase Option. Fractional shares shall be rounded to the nearest whole share.

 

(b) Right
of First Refusal. Before any Shares held by Purchaser or any transferee of Purchaser (either being sometimes referred to herein
as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of law), the
Company or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions set forth in
this Section 3(b) (the “Right of First Refusal”).

 

(i) Notice
of Proposed Transfer. The Holder of the Shares shall deliver to the Company a notice (the “Notice”) stating:
(A) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (B) the name of each proposed purchaser or
other transferee (“Proposed Transferee”); (C) the number of Shares to be transferred to each Proposed Transferee;
and (D) the terms and conditions of each proposed sale or transfer, including (without limitation) the purchase price for such
Shares (the “Purchase Price”). The Holder shall offer the Shares at the Purchase Price and upon the same terms
(or terms as similar as reasonably possible) to the Company or its assignee(s).

 

(ii) Exercise
of Right of First Refusal. At any time within 30 days after receipt of the Notice, the Company and/or its assignee(s) may,
by giving written notice to the Holder, elect to purchase any or all of the Shares proposed to be transferred to any one or more
of the Proposed Transferees, at the Purchase Price. If the Purchase Price includes consideration other than cash, the cash equivalent
value of the non-cash consideration shall be determined by the Board in good faith.

 

(iii) Payment.
Payment of the Purchase Price shall be made, at the election of the Company or its assignee(s), in cash (by check), by cancellation
of all or a portion of any outstanding indebtedness, or by any combination thereof within 60 days after receipt of the Notice or
in the manner and at the times set forth in the Notice, unless otherwise restricted pursuant to the Option Agreement.

 

(iv)
Holder’s Right to Transfer. If any of the Shares proposed in the Notice to be transferred to a given Proposed
Transferee are not purchased by the Company and/or its assignee(s) as provided in this Section 3 (b), then the Holder may
sell or otherwise transfer any unpurchased Shares to that Proposed Transferee at the Purchase Price or at a higher price,
provided that such sale or other transfer is consummated within 120 days after the date of the Notice and provided further
that any such sale or other transfer is effected in accordance with any Applicable Laws and the Proposed Transferee agrees in
writing that the provisions of this Section 3 and the waiver of statutory information rights in Section 9 shall continue to
apply to the Shares in the hands of such Proposed Transferee. The Company, in consultation with its legal counsel, may
require the Holder to provide an opinion of counsel evidencing compliance with Applicable Laws. If the Shares described in
the Notice are not transferred to the Proposed Transferee within such period, or if the Holder proposes to change the price
or other terms to make them more favorable to the Proposed Transferee, a new Notice shall be given to the Company, and the
Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by the Holder may be
sold or otherwise transferred.

 

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(v) Exception
for Certain Family Transfers. Anything to the contrary contained in this Section 3(b) notwithstanding, the transfer of any
or all of the Shares during Holder’s lifetime or on Holder’s death by will or intestacy to Holder’s Immediate
Family or a trust for the benefit of Holder’s Immediate Family shall be exempt from the provisions of this Section 3(b).
“Immediate Family” as used herein shall mean Holder themselves, lineal descendant or antecedent, spouse (or
spouse’s antecedents), father, mother, brother or sister (or their descendants), stepchild (or their antecedents or descendants),
aunt or uncle (or their antecedents or descendants), brother-in-law or sister-in-law (or their antecedents or descendants) and
shall include adoptive relationships. In such case, the transferee or other recipient shall receive and hold the Shares so transferred
subject to the provisions of this Section 3, and there shall be no further transfer of such Shares except in accordance with the
terms of this Section 3.

 

(c) Company’s
Right to Purchase upon Involuntary Transfer. In the event, at any time after the date of this Agreement, of any transfer by
operation of law or other involuntary transfer (including death or divorce, but excluding a transfer to Immediate Family as set
forth in Section 3(b)(v) above) of all or a portion of the Shares by the record holder thereof, the Company shall have an option
to purchase any or all of the Shares transferred at the greater of the purchase price paid by Purchaser pursuant to this Agreement
or the Fair Market Value of the Shares on the date of transfer (as determined by the Company). Upon such a transfer, the Holder
shall promptly notify the Secretary of the Company of such transfer. The right to purchase such Shares shall be provided to the
Company for a period of 30 days following receipt by the Company of notice from the Holder.

 

(d) Assignment.
The right of the Company to purchase any part of the Shares may be assigned in whole or in part to any shareholder or shareholders
of the Company or other persons or organizations.

 

(e) Restrictions
Binding on Transferees. All transferees of Shares or any interest therein will receive and hold such Shares or interest subject
to the provisions of this Agreement and the terms of the Option Agreement, including Section 6 of the Option Agreement and, insofar
as applicable, the Repurchase Option. In the event of any purchase by the Company hereunder where the Shares or interest are held
by a transferee, the transferee shall be obligated, if requested by the Company, to transfer the Shares or interest to the Purchaser
for consideration equal to the amount to be paid by the Company hereunder. In the event the Repurchase Option is deemed exercised
by the Company pursuant to Section 3 (a)(ii) hereof, the Company may deem any transferee to have transferred the Shares or interest
to Purchaser prior to their purchase by the Company, and payment of the purchase price by the Company to such transferee shall
be deemed to satisfy Purchaser’s obligation to pay such transferee for such Shares or interest, and also to satisfy the Company’s
obligation to pay Purchaser for such Shares or interest. Any sale or transfer of the Shares shall be void unless the provisions
of this Agreement are satisfied.

 

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(f) Termination
of Rights. The Right of First Refusal granted the Company by Section 3(b) above and the option to repurchase the Shares in
the event of an involuntary transfer granted the Company by Section 3(c) above shall terminate upon the first sale of Common Stock
of the Company to the general public pursuant to a registration statement filed with and declared effective by the Securities and
Exchange Commission under the Securities Act of 1933, as amended (the “Securities Act”). Upon termination of
such transfer restrictions, the Company will remove any stop-transfer notices referred to in Section 6(b) below and related to
the restrictions in this Section 3 and, if certificates are issued, a new certificate or certificates representing the Shares not
repurchased shall be issued, on request, without the legend referred to in Section 6(a)(ii) below and delivered to Holder.

 

4. Escrow
of Unvested Shares. For purposes of facilitating the enforcement of the provisions of Section 3 above, Purchaser agrees, immediately
upon receipt of the certificate(s) for the Shares subject to the Repurchase Option, to deliver such certificate(s), together with
an Assignment Separate from Certificate in the form attached to this Agreement as Attachment B executed by Purchaser and
by Purchaser’s spouse (if required for transfer), in blank, to the Secretary of the Company, or the Secretary’s designee,
to hold such certificate(s) and Assignment Separate from Certificate in escrow and to take all such actions and to effectuate all
such transfers and/or releases as are in accordance with the terms of this Agreement. Purchaser hereby acknowledges that the Secretary
of the Company, or the Secretary’s designee, is so appointed as the escrow holder with the foregoing authorities as a material
inducement to make this Agreement and that said appointment is coupled with an interest and is accordingly irrevocable. Purchaser
agrees that said escrow holder shall not be liable to any party hereof (or to any other party). The escrow holder may rely upon
any letter, notice or other document executed by any signature purported to be genuine and may resign at any time. Purchaser agrees
that if the Secretary of the Company, or the Secretary’s designee, resigns as escrow holder for any or no reason, the Board
shall have the power to appoint a successor to serve as escrow holder pursuant to the terms of this Agreement.

 

5. Investment
and Taxation Representations. In connection with the purchase of the Shares, Purchaser represents to the Company the following:

 

(a) Purchaser
is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company
to reach an informed and knowledgeable decision to acquire the Shares. Purchaser is purchasing the Shares for investment for Purchaser’s
own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning
of the Securities Act or under any applicable provision of state law. Purchaser does not have any present intention to transfer
the Shares to any other person or entity.

 

(b) Purchaser
understands that the Shares have not been registered under the Securities Act by reason of a specific exemption therefrom, which
exemption depends upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed herein.

 

(c) Purchaser
further acknowledges and understands that the securities must be held indefinitely unless they are subsequently registered under
the Securities Act or an exemption from such registration is available. Purchaser further acknowledges and understands that the
Company is under no obligation to register the securities.

 

    33

     

    

 

(d) Purchaser
is familiar with the provisions of Rule 144, promulgated under the Securities Act, which, in substance, permits limited public
resale of “restricted securities” acquired, directly or indirectly, from the issuer of the securities (or from an affiliate
of such issuer), in a non-public offering subject to the satisfaction of certain conditions. Purchaser understands that the Company
provides no assurances as to whether he or she will be able to resell any or all of the Shares pursuant to Rule 144, which rule
requires, among other things, that the Company be subject to the reporting requirements of the Securities Exchange Act of 1934,
as amended, that resales of securities take place only after the holder of the Shares has held the Shares for certain specified
time periods, and under certain circumstances, that resales of securities be limited in volume and take place only pursuant to
brokered transactions. Notwithstanding this Section 5(d), Purchaser acknowledges and agrees to the restrictions set forth in Section
5(e) below.

 

(e) Purchaser
further understands that in the event all of the applicable requirements of Rule 144 are not satisfied, registration under the
Securities Act, compliance with Regulation A, or some other registration exemption will be required; and that, notwithstanding
the fact that Rule 144 is not exclusive, the Staff of the Securities and Exchange Commission has expressed its opinion that persons
proposing to sell private placement securities other than in a registered offering and otherwise than pursuant to Rule 144 will
have a substantial burden of proof in establishing that an exemption from registration is available for such offers or sales, and
that such persons and their respective brokers who participate in such transactions do so at their own risk.

 

(f) Purchaser
understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or disposition of the
Shares. Purchaser represents that Purchaser has consulted any tax consultants Purchaser deems advisable in connection with the
purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice.

 

6. Restrictive
Legends and Stop-Transfer Orders.

 

(a) Legends.
Any certificate or certificates representing the Shares shall bear the following legends (as well as any legends required by the
Company or applicable state and federal corporate and securities laws):

 

(i) “THE
SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT
AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT
AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION
IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933

 

    34

     

    

(ii) “THE
SHARES REPRESENTED BY THIS CERTIFICATE MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY
AND THE SHAREHOLDER, A COPY OF WHICH IS ON FILE WITH AND MAY BE OBTAINED FROM THE SECRETARY OF THE COMPANY AT NO CHARGE.’

 

(b) Stop-Transfer
Notices. Purchaser agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue
appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own
securities, it may make appropriate notations to the same effect in its own records.

 

(c) Refusal
to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred
in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote
or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

 

7. No
Employment Rights. Nothing in this Agreement shall affect in any manner whatsoever any right with respect to continuation of
an employment or consulting relationship with the Company (any parent, subsidiary or affiliate), nor shall it interfere in any
way with such employee’s or consultant’s right or the Company’s (parent’s, subsidiary’s or affiliate’s)
right to terminate his or her employment or consulting relationship at any time, with or without cause.

 

8. Lock-Up
Agreement. The lock-up provisions set forth in Section 6 of the Option Agreement shall apply to the Shares issued upon exercise
of the Option hereunder and Purchaser reaffirms Purchaser’s obligations set forth therein.

 

9. Waiver
of Statutory Information Rights. Optionee acknowledges and understands that, but for the waiver made herein, Optionee would
be entitled, upon written demand stating the purpose thereof, to inspect for any proper purpose the accounting books and records
and minutes of proceedings of the shareholders and the board and committees of the board, and such books and records of subsidiaries
of the Company, if any, under the circumstances and in the manner provided in Section 1601 of the General Corporation Law of California
(any and all such rights, and any and all such other rights of Optionee as may be provided for in Section 1601, the “Inspection
Rights”). In light of the foregoing, until the first sale of Common Stock of the Company to the general public pursuant
to a registration statement filed with and declared effective by the Securities and Exchange Commission under the Securities Act
of 1933, as amended, Optionee hereby unconditionally and irrevocably waives the Inspection Rights, whether such Inspection Rights
would be exercised or pursued directly or indirectly pursuant to Section 1601 or otherwise, and covenants and agrees never to directly
or indirectly commence, voluntarily aid in any way, prosecute, assign, transfer, or cause to be commenced any claim, action, cause
of action, or other proceeding to pursue or exercise the Inspection Rights. The foregoing waiver applies to the Inspection Rights
of Optionee in Optionee’s capacity as a shareholder and shall not affect any rights of a director, in his or her capacity
as such, under Section 1601. The foregoing waiver shall not apply to any contractual inspection rights of Optionee under any written
agreement with the Company.

 

    35

     

    

 

10. Miscellaneous.

 

(a) Governing
Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall
be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles
of conflicts of law. For purposes of litigating any dispute that may arise directly or indirectly from this Agreement, the parties
hereby submit and consent to the exclusive jurisdiction of the State of California and agree that any such litigation shall be
conducted only in the courts of Contra Costa County, California, or the federal courts of the United States located in Contra Costa
County, California, and no other courts.

 

(b) Entire
Agreement; Enforcement of Rights. This Agreement, together with the Option Agreement and the Plan, sets forth the entire agreement
and understanding of the parties relating to the subject matter herein and merges all prior or contemporaneous discussions between
them. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective
unless in writing signed by the parties to this Agreement. The failure by either party to enforce any rights under this Agreement
shall not be construed as a waiver of any rights of such party.

 

(c) Severability.
If one or more provisions of this Agreement are held to be unenforceable under Applicable Laws, the parties agree to renegotiate
such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such
provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted
as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms.

 

(d) Notices.
Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient when delivered personally
or by overnight courier or sent by email or fax (upon customary confirmation of receipt), or forty-eight (48) hours after being
deposited in the U.S. mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such
party’s address or fax number as set forth on the signature page, as subsequently modified by written notice, or if no address
is specified on the signature page, at the most recent address set forth in the Company’s books and records.

 

(e) Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together
shall constitute one instrument.

 

(f) Successors
and Assigns. The rights and benefits of this Agreement shall inure to the benefit of, and be enforceable by the Company’s
successors and assigns. The rights and obligations of Purchaser under this Agreement may only be assigned with the prior written
consent of the Company.

 

(g)
California Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN
QUALIFIED WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT
OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS
EXEMPT FROM QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO
THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.

 

[Signature Page Follows]

 

    36

     

    

 

The parties have executed
this Early Exercise Notice and Restricted Stock Purchase Agreement as of the date first set forth above.

 

	THE COMPANY:	PURCHASER:
	 	 
	 	__________________________
	 	(PRINT NAME)
	GRID DYNAMICS INTERNATIONAL, INC.	__________________________

 

	By: __________________________	 	By: __________________________
	              (Signature)	 	              (Signature)
	 	 	 
	Name: __________________________	 	Name: __________________________
	 	 	 
	Title:__________________________ 	 	Title:__________________________
	 	 	 
	Address:

                                    5000 Executive Parkway Suite 520,

                                    San Ramon, CA 94583
	 	Address:
	 	 	 
	Email:	 	Fax:___________________________
	 	 	 
	 	 	Email:

 

SIGNATURE PAGE

EARLY EXERCISE NOTICE AND

RESTRICTED STOCK PURCHASE AGREEMENT

 

    37

     

    

 

SPOUSE CONSENT

 

I, _____________________ ,
spouse of (“Purchaser”), have read and hereby approve the foregoing Agreement. In consideration of the
Company’s granting my spouse the right to purchase the Shares as set forth in the Agreement, I hereby agree to be bound
irrevocably by the Agreement and further agree that any community property or other such interest that I may have in the
Shares shall hereby be similarly bound by the Agreement. I hereby appoint my spouse as my attorney-in-fact with respect to
any amendment or exercise of any rights under the Agreement.

 

Spouse of Purchaser (if applicable)

 

SIGNATURE PAGE

EARLY EXERCISE NOTICE AND

RESTRICTED STOCK PURCHASE AGREEMENT

 

    38

     

    

 

ATTACHMENT A 

SECTION
83(B) ELECTION

 

    39

     

    

 

ATTACHMENT B 

 

ASSIGNMENT SEPARATE FROM CERTIFICATE

 

FOR VALUE
RECEIVED and pursuant to that certain Early Exercise Notice and Restricted Stock Purchase Agreement between the undersigned
(“Purchaser”) and Grid Dynamics International, Inc., a California corporation (the
“Company”), dated_____________________ (the “Agreement”), Purchaser hereby sells,
assigns and transfers unto the Company _______________________________________ (____________ ) shares of the Common Stock
of the Company, standing in Purchaser’s name on the books of the Company and represented by Certificate No. ___,
and does hereby irrevocably constitute and appoint to transfer said stock on the books of the Company with full power of
substitution in the premises. THIS ASSIGNMENT MAY ONLY BE USED AS AUTHORIZED BY THE AGREEMENT AND THE ATTACHMENTS
THERETO.

  

	 	PURCHASER:
	 	 
	Dated:	 
	 	(PRINT NAME)
	 	 
	 	(Signature)
	 	 
	 	Address:
	 	 
	 	Fax: 
	 	Email:
	 	 
	 	Spouse of Purchaser (if applicable)

 

Instruction: Please do not
fill in any blanks other than the signature line. The purpose of this assignment is to enable the Company to exercise its Repurchase
Option set forth in the Agreement without requiring additional signatures on the part of Purchaser.

 

    40

     

    

 

EXHIBIT B

GRID DYNAMICS INTERNATIONAL, INC.

2018 STOCK PLAN

EXERCISE AGREEMENT 

 

This
Exercise Agreement (this “Agreement”) is made as of_________________ by and between Grid Dynamics
International, Inc., a California corporation (the “Company”), and___________________
(“Purchaser”). To the extent any capitalized terms used in this Agreement are not defined, they shall have
the meaning ascribed to them in the Company’s 2018 Stock Plan (the “Plan”) and the Option Agreement
(as defined below).

 

1.
Exercise of Option. Subject to the terms and conditions hereof, Purchaser hereby elects to exercise his or her option to
purchase ______________________ shares of the Common Stock (the “Shares”) of the Company under and
pursuant to the Plan, the Notice of Stock Option Grant and the Stock Option Agreement granted ______________________ (the
“Option Agreement”). The purchase price for the Shares shall be $_____________ per Share for a total
purchase price of $______________ . The term “Shares” refers to the purchased Shares and all securities
received in connection with the Shares pursuant to stock dividends or splits, all securities received in replacement of the
Shares in a recapitalization, merger, reorganization, exchange or the like, and all new, substituted or additional securities
or other property to which Purchaser is entitled by reason of Purchaser’s ownership of the Shares. To the extent the
Option Agreement permits the exercise of Unvested Shares (as defined in the Option Agreement) and Purchaser elects to
purchase such unvested Shares, then such Unvested Shares shall be subject to repurchase in accordance with Section 11 of the
Option Agreement. The vested Shares and the Unvested Shares are entitled to the same rights as shares of the Company’s
Common Stock, including rights to receive dividends or other distributions to shareholders as well as the right to vote the
vested Shares and Unvested Shares.

 

2. Time
and Place of Exercise. The purchase and sale of the Shares under this Agreement shall occur at the principal office of the
Company simultaneously with the execution and delivery of this Agreement, the payment of the aggregate exercise price by any method
listed in Section 3 of the Option Agreement, and the satisfaction of any applicable tax, withholding, required deductions or other
payments, all in accordance with the provisions of Section 2(b) of the Option Agreement. The Company shall issue the Shares to
Purchaser by entering such Shares in Purchaser’s name as of such date in the books and records of the Company or, if applicable,
a duly authorized transfer agent of the Company, against payment of the exercise price therefor by Purchaser. If applicable, the
Company will deliver to Purchaser a certificate representing the Shares as soon as practicable following such date.

 

    41

     

    

 

3. Limitations
on Transfer. In addition to any other limitation on transfer created by Applicable Laws, Purchaser shall not assign, encumber
or dispose of any interest in the Shares except in compliance with the provisions below and Applicable Laws.

 

(a) Right
of First Refusal. Before any Shares held by Purchaser or any transferee of Purchaser (either being sometimes referred to
herein as the “Holder”) may be sold or otherwise transferred (including transfer by gift or operation of
law), the Company or its assignee(s) shall have a right of first refusal to purchase the Shares on the terms and conditions
set forth in this Section 3(a) (the “Right of First Refusal”).

 

(i) Notice
of Proposed Transfer. The Holder of the Shares shall deliver to the Company a written notice (the “Notice”)
stating: (A) the Holder’s bona fide intention to sell or otherwise transfer such Shares; (B) the name of each proposed purchaser
or other transferee (“Proposed Transferee”); (C) the number of Shares to be transferred to each Proposed Transferee;
and (D) the terms and conditions of each proposed sale or transfer, including (without limitation) the purchase price for such
Shares (the “Purchase Price”). The Holder shall offer the Shares at the Purchase Price and upon the same terms
(or terms as similar as reasonably possible) to the Company or its assignee(s).

 

(ii) Exercise
of Right of First Refusal. At any time within 30 days after receipt of the Notice, the Company and/or its assignee(s) may,
by giving written notice to the Holder, elect to purchase all or none of the Shares proposed to be transferred to any one or more
of the Proposed Transferees, at the Purchase Price. If the Purchase Price includes consideration other than cash, the cash equivalent
value of the non-cash consideration shall be determined by the Board in good faith.

 

(iii) Payment.
Payment of the Purchase Price shall be made, at the election of the Company or its assignee(s), in cash (by check), by cancellation
of all or a portion of any outstanding indebtedness, or by any combination thereof within 60 days after receipt of the Notice or
in the manner and at the times set forth in the Notice unless otherwise restricted pursuant to the Option Agreement.

 

(iv) Holder’s
Right to Transfer. If any of the Shares proposed in the Notice to be transferred to a given Proposed Transferee are not purchased
by the Company and/or its assignee(s) as provided in this Section 3(a), then the Holder may sell or otherwise transfer any unpurchased
Shares to that Proposed Transferee at the Purchase Price or at a higher price, provided that such sale or other transfer is consummated
within 120 days after the date of the Notice and provided further that any such sale or other transfer is effected in accordance
with any Applicable Laws and the Proposed Transferee agrees in writing that the provisions of this Section 3 and the waiver of
statutory information rights in Section 8 shall continue to apply to the Shares in the hands of such Proposed Transferee. The Company,
in consultation with its legal counsel, may require the Holder to provide an opinion of counsel evidencing compliance with Applicable
Laws. If the Shares described in the Notice are not transferred to the Proposed Transferee within such period, or if the Holder
proposes to change the price or other terms to make them more favorable to the Proposed Transferee, a new Notice shall be given
to the Company, and the Company and/or its assignees shall again be offered the Right of First Refusal before any Shares held by
the Holder may be sold or otherwise transferred.

 

(v)
Exception for Certain Family Transfers. Anything to the contrary contained in this Section 3(a) notwithstanding, the
transfer of any or all of the Shares during Holder’s lifetime or on Holder’s death by will or intestacy to
Holder’s Immediate Family or a trust for the benefit of Holder’s Immediate Family shall be exempt from the
provisions of this Section 3(a). “Immediate Family” as used herein shall mean Holder themselves, lineal
descendant or antecedent, spouse (or spouse’s antecedents), father, mother, brother or sister (or their descendants),
stepchild (or their antecedents or descendants), aunt or uncle (or their antecedents or descendants), brother-in-law or
sister-in-law (or their antecedents or descendants) and shall include adoptive relationships. In such case, the transferee or
other recipient shall receive and hold the Shares so transferred subject to the provisions of this Section 3, and there shall
be no further transfer of such Shares except in accordance with the terms of this Section 3.

 

    42

     

    

 

(b) Company’s
Right to Purchase upon Involuntary Transfer. In the event of any transfer by operation of law or other involuntary transfer
(including death or divorce, but excluding a transfer to Immediate Family as set forth in Section 3(a)(v) above) of all or a portion
of the Shares by the record holder thereof, the Company shall have an option to purchase any or all of the Shares transferred at
the greater of the purchase price paid by Purchaser pursuant to this Agreement or the Fair Market Value of the Shares on the date
of transfer (as determined by the Company). Upon such a transfer, the Holder shall promptly notify the Secretary of the Company
of such transfer. The right to purchase such Shares shall be provided to the Company for a period of 30 days following receipt
by the Company of written notice from the Holder.

 

(c) Assignment.
The right of the Company to purchase any part of the Shares may be assigned in whole or in part to any holder or holders of capital
stock of the Company or other persons or organizations.

 

(d) Restrictions
Binding on Transferees. All transferees of Shares or any interest therein will receive and hold such Shares or interest subject
to the provisions of this Agreement and the terms of the Option Agreement, including, without limitation, Section 7 of the Option
Agreement. Any sale or transfer of the Shares shall be void unless the provisions of this Agreement are satisfied.

 

(e) Termination
of Rights. The Right of First Refusal granted the Company by Section 3(a) above and the option to repurchase the Shares in
the event of an involuntary transfer granted the Company by Section 3(b) above shall terminate upon the first sale of Common Stock
of the Company to the general public pursuant to a registration statement filed with and declared effective by the Securities and
Exchange Commission under the Securities Act. Upon termination of such transfer restrictions, the Company will remove any stop-transfer
notices referred to in Section 5(b) below and related to the restrictions in this Section 3 and, if certificates are issued, a
new certificate or certificates representing the Shares not repurchased shall be issued, on request, without the legend referred
to in Section 5(a)(ii) below and delivered to Holder.

 

4. Investment
and Taxation Representations. In connection with the purchase of the Shares, Purchaser represents to the Company the following:

 

(a) Purchaser
is aware of the Company’s business affairs and financial condition and has acquired sufficient information about the Company
to reach an informed and knowledgeable decision to acquire the Shares. Purchaser is purchasing the Shares for investment for Purchaser’s
own account only and not with a view to, or for resale in connection with, any “distribution” thereof within the meaning
of the Securities Act or under any applicable provision of state law. Purchaser does not have any present intention to transfer
the Shares to any other person or entity.

 

    43

     

    

 

(b) Purchaser
understands that the Shares have not been registered under the Securities Act by reason of a specific exemption therefrom, which
exemption depends upon, among other things, the bona fide nature of Purchaser’s investment intent as expressed herein.

 

(c) Purchaser
further acknowledges and understands that the securities must be held indefinitely unless they are subsequently registered under
the Securities Act or an exemption from such registration is available. Purchaser further acknowledges and understands that the
Company is under no obligation to register the securities.

 

(d) Purchaser
is familiar with the provisions of Rule 144, promulgated under the Securities Act, which, in substance, permits limited public
resale of “restricted securities” acquired, directly or indirectly, from the issuer of the securities (or from an affiliate
of such issuer), in a non-public offering subject to the satisfaction of certain conditions. Purchaser understands that the Company
provides no assurances as to whether he or she will be able to resell any or all of the Shares pursuant to Rule 144, which rule
requires, among other things, that the Company be subject to the reporting requirements of the Securities Exchange Act of 1934,
as amended, that resales of securities take place only after the holder of the Shares has held the Shares for certain specified
time periods, and under certain circumstances, that resales of securities be limited in volume and take place only pursuant to
brokered transactions. Notwithstanding this Section 4(d), Purchaser acknowledges and agrees to the restrictions set forth in Section
4(e) below.

 

(e) Purchaser
further understands that in the event all of the applicable requirements of Rule 144 are not satisfied, registration under the

Securities Act, compliance with Regulation
A, or some other registration exemption will be required; and that, notwithstanding the fact that Rule 144 is not exclusive, the
Staff of the Securities and Exchange Commission has expressed its opinion that persons proposing to sell private placement securities
other than in a registered offering and otherwise than pursuant to Rule 144 will have a substantial burden of proof in establishing
that an exemption from registration is available for such offers or sales, and that such persons and their respective brokers who
participate in such transactions do so at their own risk.

 

(f) Purchaser
understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase or disposition of the
Shares. Purchaser represents that Purchaser has consulted any tax consultants Purchaser deems advisable in connection with the
purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice.

 

    44

     

    

 

5. Restrictive
Legends and Stop-Transfer Orders.

 

(a) Legends.
Any certificate or certificates representing the Shares shall bear the following legends (as well as any legends required by the
Company or applicable state and federal corporate and securities laws):

 

		i.	“THE SECURITIES REPRESENTED HEREBY HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AND HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION
WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT
RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE
SECURITIES ACT OF 1933.”

 

		.	“THE SHARES REPRESENTED BY THIS CERTIFICATE
MAY BE TRANSFERRED ONLY IN ACCORDANCE WITH THE TERMS OF AN AGREEMENT BETWEEN THE COMPANY AND THE SHAREHOLDER, A COPY OF WHICH
IS ON FILE WITH AND MAY BE OBTAINED FROM THE SECRETARY OF THE COMPANY AT NO CHARGE.”

 

(b) Stop-Transfer
Notices. Purchaser agrees that, in order to ensure compliance with the restrictions referred to herein, the Company may issue
appropriate “stop transfer” instructions to its transfer agent, if any, and that, if the Company transfers its own
securities, it may make appropriate notations to the same effect in its own records.

 

(c) Refusal
to Transfer. The Company shall not be required (i) to transfer on its books any Shares that have been sold or otherwise transferred
in violation of any of the provisions of this Agreement or (ii) to treat as owner of such Shares or to accord the right to vote
or pay dividends to any purchaser or other transferee to whom such Shares shall have been so transferred.

 

6. No
Employment Rights. Nothing in this Agreement shall affect in any manner whatsoever the right or power of the Company, or a
parent, subsidiary or affiliate of the Company, to terminate Purchaser’s employment or consulting relationship, for any reason,
with or without cause.

 

7. Lock-Up
Agreement. The lock-up provisions set forth in Section 6 of the Option Agreement shall apply to the Shares issued upon exercise
of the Option hereunder and Purchaser reaffirms Purchaser’s obligations set forth therein.

 

    45

     

    

 

8.
Waiver of Statutory Information Rights. Optionee acknowledges and understands that, but for the waiver made herein,
Optionee would be entitled, upon written demand stating the purpose thereof, to inspect for any proper purpose the accounting
books and records and minutes of proceedings of the shareholders and the board and committees of the board, and such books
and records of subsidiaries of the Company, if any, under the circumstances and in the manner provided in Section 1601 of the
General Corporation Law of California (any and all such rights, and any and all such other rights of Optionee as may be
provided for in Section 1601, the “Inspection Rights”). In light of the foregoing, until the first sale of
Common Stock of the Company to the general public pursuant to a registration statement filed with and declared effective by
the Securities and Exchange Commission under the Securities Act of 1933, as amended, Optionee hereby unconditionally and
irrevocably waives the Inspection Rights, whether such Inspection Rights would be exercised or pursued directly or indirectly
pursuant to Section 1601 or otherwise, and covenants and agrees never to directly or indirectly commence, voluntarily aid in
any way, prosecute, assign, transfer, or cause to be commenced any claim, action, cause of action, or other proceeding to
pursue or exercise the Inspection Rights. The foregoing waiver applies to the Inspection Rights of Optionee in
Optionee’s capacity as a shareholder and shall not affect any rights of a director, in his or her capacity as such,
under Section 1601. The foregoing waiver shall not apply to any contractual inspection rights of Optionee under any written
agreement with the Company.

 

9. Miscellaneous.

 

(a) Governing
Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall
be governed, construed and interpreted in accordance with the laws of the State of California, without giving effect to principles
of conflicts of law. For purposes of litigating any dispute that may arise directly or indirectly from this Agreement, the parties
hereby submit and consent to the exclusive jurisdiction of the State of California and agree that any such litigation shall be
conducted only in the courts of California or the federal courts of the United States located in Contra Costa County, California,
and no other courts.

 

(b) Entire
Agreement; Enforcement of Rights. This Agreement, together with the Option Agreement and the Plan, sets forth the entire agreement
and understanding of the parties relating to the subject matter herein and merges all prior or contemporaneous discussions between
them. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective
unless in writing signed by the parties to this Agreement. The failure by either party to enforce any rights under this Agreement
shall not be construed as a waiver of any rights of such party.

 

(c) Severability.
If one or more provisions of this Agreement are held to be unenforceable under Applicable Laws, the parties agree to renegotiate
such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such
provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted
as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms.

 

(d) Notices.
Any notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient when delivered personally
or by overnight courier or sent by email or fax (upon customary confirmation of receipt), or forty-eight (48) hours after being
deposited in the U.S. mail as certified or registered mail with postage prepaid, addressed to the party to be notified at such
party’s address or fax number as set forth on the signature page, as subsequently modified by written notice, or if no address
is specified on the signature page, at the most recent address set forth in the Company’s books and records.

 

    46

     

    

 

(e) Counterparts.
This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together
shall constitute one instrument.

 

(f) Successors
and Assigns. The rights and benefits of this Agreement shall inure to the benefit of and be enforceable by the Company’s
successors and assigns. The rights and obligations of Purchaser under this Agreement may only be assigned with the prior consent
of the Company.

 

(g)
California Corporate Securities Law. THE SALE OF THE SECURITIES WHICH ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED
WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF THE SECURITIES OR THE PAYMENT OR RECEIPT
OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO THE QUALIFICATION IS INLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT FROM
QUALIFICATION BY SECTION 25100, 25102 OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT
ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT.

 

    47

     

    

 

The parties have executed this Exercise
Agreement as of the date first set forth above.

 

	THE COMPANY:	PURCHASER:
	 	 
	 	__________________________
	GRID DYNAMICS INTERNATIONAL, INC.	(PRINT NAME)

 

	By: __________________________	 	By:
    __________________________
	              (Signature)	 	              (Signature)
	 	 	 
	Name:_________________________	 	Name:_________________________
	 	 	 
	Title:__________________________
    	 	Title:__________________________
	 	 	 
	Address: 5000 Executive
    Parkway Suite 520, San Ramon, CA 94583	 	Address:
	 	 	 
	Email:	 	Fax:___________________________
	 	 	 
	 	 	Email: _________________________

         

        I,____________________,
        spouse of (“Purchaser”), have read and hereby approve the foregoing Agreement. In consideration of the Company’s
        granting my spouse the right to purchase the Shares as set forth in the Agreement, I hereby agree to be bound irrevocably
        by the Agreement and further agree that any community property or other such interest that I may have in the Shares shall
        hereby be similarly bound by the Agreement. I hereby appoint my spouse as my attorney-in-fact with respect to any amendment
        or exercise of any rights under the Agreement.

         

        Spouse
        of Purchaser (if applicable)

 

SIGNATURE PAGE

EXERCISE AGREEMENTExhibit 10.17

 

AMENDED AND RESTATED REGISTRATION
RIGHTS AGREEMENT

 

THIS AMENDED AND RESTATED
REGISTRATION RIGHTS AGREEMENT (this “Agreement”), dated as of March 5, 2020, is made and entered into
by and among Grid Dynamics Holdings, Inc., a Delaware corporation (f/k/a ChaSerg Technology Acquisition Corp.) (the “Company”),
ChaSerg Technology Sponsor LLC, a Delaware limited liability company (the “Sponsor”), Cantor
Fitzgerald & Co. (“Cantor”), Automated Systems Holdings Limited, a company incorporated in Bermuda
with limited liability (the “ASL Parent”), GDB International Investment Limited, a British Virgin Islands
corporation and a wholly-owned subsidiary of ASL Parent (the “ASL Intermediate Company”), GDD International
Holding Company, a Delaware corporation and a wholly-owned subsidiary of ASL Intermediate Company (the “ASL Holder”),
BGV Opportunity Fund L.P., a Delaware limited liability partnership (“BGV”), and each of the undersigned individuals
and entities (together with the Sponsor, Cantor, ASL (as defined herein), BGV, and any person or entity who hereafter becomes a
party to this Agreement pursuant to Section 5.2 of this Agreement, a “Holder” and collectively
the “Holders”).

 

RECITALS

 

WHEREAS,
the Company, the Sponsor and Cantor (the Sponsor and Cantor each, an “Existing Holder” and
together, the “Existing Holders”) are party to that certain Registration Rights Agreement, dated as of
October 4, 2018 (the “Original RRA”);

 

WHEREAS,
the Company has entered into that certain Agreement and Plan of Merger, dated as of November 13, 2019 (as it may be
amended or supplemented from time to time, the “Merger Agreement”), by and among the Company, CS Merger
Sub 1 Inc., a California corporation, CS Merger Sub 2 LLC, a Delaware limited liability company, Grid Dynamics International, Inc.,
a California corporation (“Grid”) and ASL Parent;

 

WHEREAS,
pursuant to the Merger Agreement, certain of the Holders will receive shares of common stock, par value $0.0001 per
share (the “Common Stock”), of the Company;

 

WHEREAS,
each of ASL Parent and ASL Intermediate Company is a Permitted Transferee (as defined herein) of the ASL Holder, ASL
Parent is the beneficial owner of shares of Common Stock that are held by the ASL Holder and the ASL Holder intends to transfer
its shares of Common Stock to ASL Parent and/or ASL Intermediate Company; and

 

WHEREAS,
the Company and the Holders desire to amend and restate the Original RRA in its entirety and enter into this Agreement,
pursuant to which the Company shall grant the Holders certain registration rights with respect to certain securities of the Company,
as set forth in this Agreement.

 

     

     

    

 

NOW,
THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good
and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be
legally bound, hereby agree as follows:

 

ARTICLE I

DEFINITIONS

 

1.1 Definitions.
The terms defined in this Article I shall, for all purposes of this Agreement, have the respective meanings set forth below:

 

“Adverse
Disclosure” shall mean any public disclosure of material non-public information, which disclosure, in the
good faith judgment of the Chief Executive Officer or principal financial officer of the Company, after consultation with counsel
to the Company, (i) would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration
Statement or Prospectus not to contain any untrue statement of a material fact or omit to state a material fact necessary to make
the statements contained therein (in the case of any prospectus and any preliminary prospectus, in the light of the circumstances
under which they were made) not misleading, (ii) would not be required to be made at such time if the Registration Statement were
not being filed, declared effective or used, as the case may be, and (iii) the Company has a bona fide business purpose for not
making such information public.

 

“Agreement”
shall have the meaning given in the Preamble hereto.

 

“ASL”
shall mean, collectively, ASL Parent, ASL Intermediate Company, and ASL Holder.

 

“ASL
Holder” shall have the meaning given in the Preamble hereto.

 

“ASL
Intermediate Company” shall have the meaning given in the Preamble hereto.

 

“BGV”
shall have the meaning given in the Preamble hereto.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Cantor”
shall have the meaning given in the Preamble hereto.

 

“Cantor
Private Placement Units Purchase Agreement” shall mean that certain Private Placement Units Purchase Agreement,
dated as of October 4, 2018, pursuant to which Cantor purchased 110,000 units, each unit consisting of one share of Class A Common
Stock and one half of one warrant to purchase one share of Class A Common Stock, in a private placement transaction.

 

“Class
A Common Stock” shall mean the Class A Common Stock, par value $0.0001 per share, of the Company (including
the shares of Common Stock issuable upon conversion thereof).

 

“Closing”
shall have the meaning given in the Merger Agreement.

 

“Closing
Date” shall have the meaning given in the Merger Agreement.

 

“Commission”
shall mean the Securities and Exchange Commission.

 

“Common
Stock” shall have the meaning given in the Recitals hereto.

 

“Company”
shall have the meaning given in the Preamble hereto.

 

“Demanding
Holder” shall have the meaning given in Section 2.1.4.

 

“Effective
Time” shall have the meaning given in the Merger Agreement.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as it may be amended from time to time.

 

    2

     

    

  

“Existing
Holder” shall have the meaning given in the Recitals hereto.

 

“Form
S-1 Shelf” shall have the meaning given in Section 2.1.1.

 

“Form
S-3 Shelf” shall have the meaning given in Section 2.1.1.

 

“Founder
Shares” shall mean the 5,500,000 shares of the Company’s Class B common stock, par value $0.0001 per
share, purchased by the Sponsor pursuant to that certain Securities Subscription Agreement dated as of May 30, 2018 by and between
the Sponsor and the Company.

 

“Founder
Shares Lock-up Period” shall mean, with respect to the Founder Shares (including shares of Common Stock into
which the Founder Shares are convertible), the period ending on the earlier of (A) one year after the Effective Time or (B) subsequent
to the Closing, (x) if the last sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits,
stock dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing
at least 150 days after the Effective Time or (y) the date on which the Company completes a liquidation, merger, capital stock
exchange, reorganization or other similar transaction that results in all of the Company’s stockholders having the right
to exchange their shares of Common Stock for cash, securities or other property.

 

“Grid”
shall have the meaning given in the Preamble hereto.

 

“Grid
Holder Lock-Up Agreements” shall mean those certain lock-up agreements, dated as of March 5, 2020, by and
among the Company and each of the shareholders of Grid.

 

“Grid
Holder Lock-Up Period” shall mean, with respect to the shares of Common Stock issued to the Holders pursuant
to the Merger Agreement, the period ending on the earlier of (A) one year after the Effective Time or (B) subsequent to the Closing,
(x) if the last sale price of the Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits, stock dividends,
reorganizations, recapitalizations and the like) for any 20 trading days within any 30-trading day period commencing at least 150
days after the Effective Time or (y) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization
or other similar transaction that results in all of the Company’s stockholders having the right to exchange their shares
of Common Stock for cash, securities or other property.

 

“Holder
Information” shall have the meaning given in Section 4.1.2.

 

“Holders”
shall have the meaning given in the Preamble hereto.

 

“Insider
Letter” shall mean that certain letter agreement, dated as of October 4, 2018, by and among the Company, the
Sponsor and each of the Company’s officers, directors and director nominees.

 

“Maximum
Number of Securities” shall have the meaning given in Section 2.1.5.

 

“Merger
Agreement” shall have the meaning given in the Recitals hereto.

 

“Minimum
Takedown Threshold” shall have the meaning given in Section 2.1.4.

 

    3

     

    

  

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated
in a Registration Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus (in the
light of the circumstances under which they were made) not misleading.

 

“Original
RRA” shall have the meaning given in the Recitals hereto.

 

“Permitted
Transferees” shall mean any person or entity to whom a Holder of Registrable Securities is permitted to transfer
such Registrable Securities prior to the expiration of the Founder Shares Lock-Up Period, the Private Placement Lock-Up Period
or the Grid Holder Lock-Up Period, as the case may be, under the Insider Letter, the Cantor Private Placement Units Purchase Agreement,
the Grid Holder Lock-up Agreements and any other applicable agreement between such Holder and the Company and to any transferee
thereafter.

 

“Piggyback
Registration” shall have the meaning given in Section 2.2.1.

 

“Private
Placement Lock-up Period” shall mean, with respect to Private Placement Units that are held by the initial
purchasers of such Private Placement Units or their Permitted Transferees (including units into which the Private Placement Units
are convertible), and any of the securities underlying such Private Placement Unit (including securities into which such underlying
securities are convertible), including the Private Placement Shares, the Private Placement Warrants and the Class A Common Stock
issued or issuable upon the exercise of the Private Placement Warrants, that are held by the initial purchasers of the Private
Placement Units or their Permitted Transferees, the period ending 30 days after the Closing Date.

 

“Private
Placement Shares” shall mean the shares of Class A Common Stock comprising the Private Placement Units (including
shares of Common Stock into which the Class A Common Stock is convertible).

 

“Private
Placement Units” shall mean the 640,000 units (including units into which the Private Placement Units are
convertible), each unit consisting of one share of Class A Common Stock and one half of one warrant to purchase one share of Class
A Common Stock, purchased by (i) the Sponsor pursuant to that certain Securities Subscription Agreement dated as of May 30, 2018
by and between the Sponsor and the Company and (ii) Cantor pursuant to the Cantor Private Placement Units Purchase Agreement.

 

“Private
Placement Warrants” shall mean the warrants comprising the Private Placement Units (including warrants into
which the Private Placement Warrants are convertible).

 

“Pro
Rata” shall have the meaning given in Section 2.1.5.

 

“Prospectus”
shall mean the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements
and as amended by any and all post-effective amendments and including all material incorporated by reference in such prospectus.

    4

     

    

  

“Registrable
Security” shall mean (a) any outstanding share of Common Stock or any other equity security (including warrants
to purchase shares of Common Stock and shares of Common Stock issued or issuable upon the exercise of any other equity security)
of the Company held by a Holder immediately following the Closing (including any securities distributable pursuant to the Merger
Agreement), (b) any outstanding Private Placement Units (including any units into which such Private Placement Units are convertible),
and (c) any other equity security of the Company issued or issuable with respect to any securities referenced in clause (a) and
(b) above by way of a stock dividend or stock split or in connection with a combination of shares, recapitalization, merger, consolidation
or reorganization; provided, however, that, as to any particular Registrable Security, such securities shall cease
to be Registrable Securities upon the earliest to occur of: (A) a Registration Statement with respect to the sale of such securities
shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed of or exchanged
in accordance with such Registration Statement by the applicable Holder; (B) such securities shall have been otherwise transferred,
new certificates for such securities not bearing a legend restricting further transfer shall have been delivered by the Company
and subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such securities
shall have ceased to be outstanding; (D) such securities may be sold without registration pursuant to Rule 144 promulgated under
the Securities Act (or any successor rule promulgated thereafter by the Commission) (but with no volume or other restrictions or
limitations); or (E) such securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or
other public securities transaction.

 

“Registration”
shall mean a registration, including any related Shelf Takedown, effected by preparing and filing a registration
statement, prospectus or similar document in compliance with the requirements of the Securities Act, and the applicable rules and
regulations promulgated thereunder, and such registration statement becoming effective.

 

“Registration
Expenses” shall mean the out-of-pocket expenses of a Registration, including, without limitation, the following:

 

(A) all registration
and filing fees (including fees with respect to filings required to be made with the Financial Industry Regulatory Authority, Inc.)
and any securities exchange on which the Common Stock is then listed;

 

(B)
fees and expenses of compliance with securities or blue sky laws (including reasonable fees and disbursements of counsel
for the Underwriters in connection with blue sky qualifications of Registrable Securities);

 

(C)
printing, messenger, telephone and delivery expenses;

 

(D)
reasonable fees and disbursements of counsel for the Company;

 

(E)
reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically
in connection with such Registration; and

 

(F) reasonable fees
and expenses of one (1) legal counsel selected by the majority-in-interest of the Demanding Holders in a Shelf Registration (including
any Subsequent Shelf Registration), an Underwritten Offering or a Shelf Takedown, as the case may be.

 

“Registration
Statement” shall mean any registration statement that covers the Registrable Securities pursuant to the provisions
of this Agreement, including the Prospectus included in such registration statement, amendments (including post-effective amendments)
and supplements to such registration statement, and all exhibits to and all material incorporated by reference in such registration
statement.

 

“Requesting
Holder” shall have the meaning given in Section 2.1.5.

 

“Securities
Act” shall mean the Securities Act of 1933, as amended from time to time.

 

“Shelf”
shall mean the Form S-1 Shelf, the Form S-3 Shelf or any Subsequent Shelf Registration, as the case may be.

 

    5

     

    

  

“Shelf
Registration” shall mean a registration of securities pursuant to a registration statement filed with the
Commission in accordance with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in effect).

 

“Shelf
Takedown” shall mean an Underwritten Shelf Takedown or any proposed transfer or sale using a Registration
Statement, including a Piggyback Registration.

 

“Sponsor”
shall have the meaning given in the Preamble hereto.

 

“Subsequent
Shelf Registration” shall have the meaning given in Section 2.1.2.

 

“Underwriter”
shall mean a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering
and not as part of such dealer’s market-making activities.

 

“Underwritten
Offering” shall mean a Registration in which securities of the Company are sold to an Underwriter in a firm
commitment underwriting for distribution to the public.

 

“Underwritten
Shelf Takedown” shall have the meaning given in Section 2.1.4.

 

“Withdrawal
Notice” shall have the meaning given in Section 2.1.6.

 

ARTICLE II

REGISTRATIONS

 

2.1 Shelf Registration.

 

2.1.1 Filing.
The Company shall file and use its commercially reasonable efforts to cause to be effective within forty-five (45) days of the
Closing Date, a Registration Statement for a Shelf Registration on Form S-3 (the “Form S-3 Shelf”) or,
if the Company is ineligible to use a Form S-3 Shelf, a Registration Statement for a Shelf Registration on Form S-1 (the “Form
S-1 Shelf”), in each case, covering the resale of all the Registrable Securities (determined as of two business days
prior to such filing) on a delayed or continuous basis. Such Shelf shall provide for the resale of the Registrable Securities included
therein pursuant to any method or combination of methods legally available to, and requested by, any Holder named therein. The
Company shall maintain a Shelf in accordance with the terms hereof, and shall prepare and file with the SEC such amendments, including
post-effective amendments, and supplements as may be necessary to keep a Shelf continuously effective, available for use and in
compliance with the provisions of the Securities Act until such time as there are no longer any Registrable Securities. In the
event the Company files a Form S-1 Shelf, the Company shall use its commercially reasonable efforts to convert the Form S-1 Shelf
(and any Subsequent Shelf Registration) to a Form S-3 Shelf as soon as practicable after the Company is eligible to use Form S-3.

 

    6

     

    

  

2.1.2 Subsequent Shelf
Registration. If any Shelf ceases to be effective under the Securities Act for any reason at any time while Registrable Securities
are still outstanding, the Company shall, subject to Section 3.4, use its commercially reasonable efforts to as promptly
as is reasonably practicable cause such Shelf to again become effective under the Securities Act (including obtaining the prompt
withdrawal of any order suspending the effectiveness of such Shelf), and shall use its commercially reasonable efforts to as promptly
as is reasonably practicable amend such Shelf in a manner reasonably expected to result in the withdrawal of any order suspending
the effectiveness of such Shelf or file an additional registration statement as a Shelf Registration (a “Subsequent
Shelf Registration”) registering the resale of all Registrable Securities (determined as of two business days prior
to such filing), and pursuant to any method or combination of methods legally available to, and requested by, any Holder named
therein. If a Subsequent Shelf Registration is filed, the Company shall use its commercially reasonable efforts to (i) cause such
Subsequent Shelf Registration to become effective under the Securities Act as promptly as is reasonably practicable after the filing
thereof (it being agreed that the Subsequent Shelf Registration shall be an automatic shelf registration statement (as defined
in Rule 405 promulgated under the Securities Act) if the Company is a well-known seasoned issuer (as defined in Rule 405 promulgated
under the Securities Act) at the most recent applicable eligibility determination date) and (ii) keep such Subsequent Shelf Registration
continuously effective, available for use and in compliance with the provisions of the Securities Act until such time as there
are no longer any Registrable Securities. Any such Subsequent Shelf Registration shall be on Form S-3 to the extent that the Company
is eligible to use such form. Otherwise, such Subsequent Shelf Registration shall be on another appropriate form.

 

2.1.3 Additional Registerable
Securities. In the event that any Holder holds Registrable Securities that are not registered for resale on a delayed or continuous
basis, the Company, upon request of (i) the Holders of at least a majority in interest of the then outstanding Registrable Securities
held by the Existing Holders and their Permitted Transferees, on the one hand, or (ii) the Holders of at least a majority in interest
of the then outstanding Registrable Securities held by ASL Holder and its Permitted Transferees, on the other hand, shall promptly
use its commercially reasonable efforts to cause the resale of such Registrable Securities to be covered by either, at the Company’s
option, the Shelf (including by means of a post-effective amendment) or a Subsequent Shelf Registration and cause the same to become
effective as soon as practicable after such filing and such Shelf or Subsequent Shelf Registration shall be subject to the terms
hereof; provided, however, that the Company shall only be required to cause such Registrable Securities to be so covered twice
per calendar year for each of the Existing Holders and their Permitted Transferees, on the one hand, and ASL Holder and its Permitted
Transferees, on the other hand.

 

2.1.4 Requests for
Underwritten Shelf Takedowns. At any time and from time to time when an effective Shelf is on file with the Commission (i)
the Holders of at least a majority in interest of the then outstanding Registrable Securities held by the Existing Holders and
their Permitted Transferees or (ii) the Holders of at least a majority in interest of the then outstanding Registrable Securities
held by ASL Holder and its Permitted Transferees (in each case of (i) and (ii), the “Demanding Holders”) may
request to sell all or any portion of their Registrable Securities in an Underwritten Offering that is registered pursuant to the
Shelf (each, an “Underwritten Shelf Takedown”); provided that the Company shall only be obligated to
effect an Underwritten Shelf Takedown if such offering shall include Registrable Securities proposed to be sold by the Demanding
Holders with a total offering price reasonably expected to exceed, in the aggregate $10 million (the “Minimum Takedown
Threshold”). All requests for Underwritten Shelf Takedowns shall be made by giving written notice to the Company,
which shall specify the approximate number of Registrable Securities proposed to be sold in the Underwritten Shelf Takedown. The
Company shall have the right to select the Underwriters for such offering (which shall consist of one or more reputable nationally
recognized investment banks), subject to the Demanding Holder’s prior approval (which shall not be unreasonably withheld,
conditioned or delayed). The Existing Holders and their Permitted Transferees, collectively, may demand not more than two (2) Underwritten
Shelf Takedowns, and ASL Holder and its Permitted Transferees, collectively, may demand not more than two (2) Underwritten Shelf
Takedowns, in each case pursuant to this Section 2.1.4. Notwithstanding anything to the contrary in this Agreement, the
Company may effect any Underwritten Offering pursuant to any then effective Registration Statement, including a Form S-3, that
is then available for such offering.

    7

     

    

  

2.1.5
Reduction of Underwritten Offering. If the managing Underwriter or Underwriters in an Underwritten Shelf Takedown,
in good faith, advises the Company, the Demanding Holders and the Holders requesting piggy back rights pursuant to this Agreement
with respect to such Underwritten Shelf Takedown (the “Requesting Holders”) (if any) in writing that
the dollar amount or number of Registrable Securities that the Demanding Holders and the Requesting Holders (if any) desire to
sell, taken together with all other Common Stock or other equity securities that the Company desires to sell and the Common Stock,
if any, that have been requested to be sold in such Underwritten Offering pursuant to separate written contractual piggy-back registration
rights held by any other stockholders of the Company, exceeds the maximum dollar amount or maximum number of equity securities
that can be sold in the Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution
method, or the probability of success of such offering (such maximum dollar amount or maximum number of such securities, as applicable,
the “Maximum Number of Securities”), then the Company shall include in such Underwritten Offering, as
follows: (i) first, the Registrable Securities of the Demanding Holders and the Requesting Holders (if any) (pro rata based on
the respective number of Registrable Securities that each Demanding Holder and Requesting Holder (if any) has requested be included
in such Underwritten Shelf Takedown and the aggregate number of Registrable Securities that the Demanding Holders and Requesting
Holders have requested be included in such Underwritten Shelf Takedown (such proportion is referred to herein as “Pro
Rata”)) that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the
Maximum Number of Securities has not been reached under the foregoing clause (i), the Common Stock or other equity securities that
the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (iii) third, to the extent
that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the Common Stock or other
equity securities of other persons or entities that the Company is obligated to offer in an Underwritten Offering pursuant to separate
written contractual arrangements with such persons and that can be sold without exceeding the Maximum Number of Securities.

 

2.1.6 Withdrawal.
Prior to the filing of the applicable “red herring” prospectus or prospectus supplement used for marketing such Underwritten
Shelf Takedown, a majority-in-interest of the Demanding Holders initiating an Underwritten Shelf Takedown shall have the right
to withdraw from such Underwritten Shelf Takedown for any or no reason whatsoever upon written notification (a “Withdrawal
Notice”) to the Company and the Underwriter or Underwriters (if any) of their intention to withdraw from such Underwritten
Shelf Takedown, and such Underwritten Shelf Takedown shall not be counted as a demand for an Underwritten Shelf Takedown under
Section 2.1.4 hereof; provided that the Sponsor, ASL Holder or any of their respective Permitted Transferees may elect to
have the Company continue an Underwritten Shelf Takedown if the Minimum Takedown Threshold would still be satisfied by the Registrable
Securities proposed to be sold in the Underwritten Shelf Takedown by the Sponsor, ASL Holder or any of their respective Permitted
Transferees, as applicable. Following the receipt of any Withdrawal Notice, the Company shall promptly forward such Withdrawal
Notice to any other Holders that had elected to participate in such Shelf Takedown. Notwithstanding anything to the contrary in
this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with a Shelf Takedown prior
to its withdrawal under this Section 2.1.6.

 

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2.2 Piggyback Registration.

 

2.2.1
Piggyback Rights. If the Company or any Holder who has the right to demand a Shelf Takedown pursuant to the terms
of this Agreement proposes to conduct a Shelf Takedown of, or if the Company proposes to file a Registration Statement under the
Securities Act with respect to the Registration of, equity securities, or securities or other obligations exercisable or exchangeable
for, or convertible into equity securities, for its own account or for the account of stockholders of the Company (or by the Company
and by the stockholders of the Company including, without limitation, an Underwritten Shelf Takedown pursuant to Section 2.1
hereof), other than a Registration Statement (or any Shelf Takedown with respect thereto) (i) filed in connection with any employee
stock option or other benefit plan, (ii) for an exchange offer or offering of securities solely to the Company’s existing
stockholders, (iii) for an offering of debt that is convertible into equity securities of the Company (iv) for a dividend reinvestment
plan or (v) on Form S-4 (or similar form that relates to a transaction subject to Rule 145 under the Securities Act or any successor
rule thereto), then the Company shall give written notice of such proposed offering to all of the Holders of Registrable Securities
as soon as practicable but not less than ten (10) days before the anticipated filing date of such Registration Statement or, in
the case of an Underwritten Offering pursuant to a Shelf Registration, the applicable “red herring” prospectus or prospectus
supplement used for marketing such offering, which notice shall (A) describe the amount and type of securities to be included in
such offering, the intended method(s) of distribution, and the name of the proposed managing Underwriter or Underwriters, if any,
in such offering, and (B) offer to all of the Holders of Registrable Securities the opportunity to include in such Shelf Takedown
such number of Registrable Securities as such Holders may request in writing within five (5) days after receipt of such written
notice (such Shelf Takedown, a “Piggyback Registration”). Subject to Section 2.2.2, the Company
shall, in good faith, cause such Registrable Securities to be included in such Piggyback Registration and, if applicable, shall
use its best efforts to cause the managing Underwriter or Underwriters of such Piggyback Registration to permit the Registrable
Securities requested by the Holders pursuant to this Section 2.2.1 to be included in such Piggyback Registration on the
same terms and conditions as any similar securities of the Company included in such Shelf Takedown and to permit the sale or other
disposition of such Registrable Securities in accordance with the intended method(s) of distribution thereof. The inclusion of
any Holder’s Registrable Securities in a Piggyback Registration shall be subject to such Holder’s agreement to enter
into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering.

 

2.2.2 Reduction of
Piggyback Registration. If the managing Underwriter or Underwriters in an Underwritten Offering that is to be a Piggyback Registration,
in good faith, advises the Company and the Holders of Registrable Securities participating in the Piggyback Registration in writing
that the dollar amount or number of the Common Stock or other equity securities that the Company desires to sell, taken together
with (i) the Common Stock or other equity securities, if any, as to which Registration or a Shelf Takedown has been demanded pursuant
to separate written contractual arrangements with persons or entities other than the Holders of Registrable Securities hereunder,
(ii) the Registrable Securities as to which registration has been requested pursuant to Section 2.2 hereof, and (iii) the
Common Stock or other equity securities, if any, as to which Registration or a Shelf Takedown has been requested pursuant to separate
written contractual piggy-back registration rights of other stockholders of the Company, exceeds the Maximum Number of Securities,
then:

 

(a) If the Registration
or Shelf Takedown is undertaken for the Company’s account, the Company shall include in any such Registration or Shelf Takedown
(A) first, the Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the
Maximum Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to
Section 2.2.1 hereof, Pro Rata, which can be sold without exceeding the Maximum Number of Securities; and (C) third, to
the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Common Stock,
if any, as to which Registration or a Shelf Takedown has been requested pursuant to written contractual piggy-back registration
rights of other stockholders of the Company, which can be sold without exceeding the Maximum Number of Securities;

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(b) If the Registration
or Shelf Takedown is pursuant to a request by persons or entities other than the Holders of Registrable Securities, then the Company
shall include in any such Registration or Shelf Takedown (A) first, the Common Stock or other equity securities, if any, of such
requesting persons or entities, other than the Holders of Registrable Securities, which can be sold without exceeding the Maximum
Number of Securities; (B) second, to the extent that the Maximum Number of Securities has not been reached under the foregoing
clause (A), the Registrable Securities of Holders exercising their rights to register their Registrable Securities pursuant to
Section 2.2.1, pro rata based on the respective number of Registrable Securities that each Holder has requested be included
in such Underwritten Offering and the aggregate number of Registrable Securities that the Holders have requested to be included
in such Underwritten Offering, which can be sold without exceeding the Maximum Number of Securities; (C) third, to the extent that
the Maximum Number of Securities has not been reached under the foregoing clauses (A) and (B), the Common Stock or other equity
securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of Securities; and (D) fourth,
to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (A), (B) and (C), the Common
Stock or other equity securities for the account of other persons or entities that the Company is obligated to register pursuant
to separate written contractual arrangements with such persons or entities, which can be sold without exceeding the Maximum Number
of Securities.

 

(c) If the Registration
or Shelf Takedown is pursuant to a request by Holder(s) of Registrable Securities pursuant to Section 2.1 hereof, then the
Company shall include in any such Registration or Shelf Takedown securities in accordance with Section 2.1.5.

 

2.2.3
Piggyback Registration Withdrawal. Any Holder of Registrable Securities (other than a Demanding Holder) shall have
the right to withdraw from a Piggyback Registration for any or no reason whatsoever upon written notification to the Company and
the Underwriter or Underwriters (if any) of his, her or its intention to withdraw from such Piggyback Registration prior to the
effectiveness of the Registration Statement filed with the Commission with respect to such Piggyback Registration or, in the case
of a Piggyback Registration pursuant to a Shelf Registration, the filing of the applicable “red herring” prospectus
or prospectus supplement with respect to such Piggyback Registration used for marketing such transaction. The Company (whether
on its own good faith determination or as the result of a request for withdrawal by persons pursuant to separate written contractual
obligations) may withdraw a Registration Statement filed with the Commission in connection with a Piggyback Registration (which,
in no circumstance, shall include the Shelf) at any time prior to the effectiveness of such Registration Statement. Notwithstanding
anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection
with the Piggyback Registration prior to its withdrawal under this Section 2.2.3.

 

2.2.4 Unlimited Piggyback
Registration Rights. For purposes of clarity, subject to Section 2.1.6, any Piggyback Registration effected pursuant
to Section 2.2 hereof shall not be counted as a demand for an Underwritten Shelf Takedown under Section 2.1.4 hereof.

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2.3 Restrictions
on Registration Rights. If (A) during the period starting with the date forty-five (45) days prior to the Company’s good
faith estimate of the date of the filing of, and ending on a date one hundred and twenty (120) days after the effective date of,
a Company initiated Registration and provided that the Company has delivered written notice to the Holders prior to receipt of
a demand for an Underwritten Shelf Takedown pursuant to Section 2.1.4 and it continues to actively employ, in good faith,
all reasonable efforts to cause the applicable Registration Statement to become effective; (B) the Holders have requested an Underwritten
Offering and the Company and the Holders are unable to obtain the commitment of underwriters to firmly underwrite the offer; or
(C) in the good faith judgment of the Board such Registration or Underwritten Offering would be seriously detrimental to the Company
and the Board concludes as a result that it is essential to defer the filing of such Registration Statement or such Underwritten
Offering at such time, then in each case the Company shall furnish to such Holders a certificate signed by the Chairman of the
Board stating that in the good faith judgment of the Board it would be seriously detrimental to the Company for such Registration
Statement to be filed or such Underwritten Offering to be conducted, as the case may be, in the near future and that it is therefore
essential to defer the filing of such Registration Statement or the Underwritten Offering, as the case may be. In such event, the
Company shall have the right to defer such filing or Underwritten Offering for a period of not more than thirty (30) days; provided,
however, that the Company shall not defer its obligation in this manner more than once in any 12-month period.

 

ARTICLE III

COMPANY PROCEDURES

 

3.1 General Procedures.
In connection with any Shelf and/or Shelf Takedown, the Company shall use its best efforts to effect such Registration to permit
the sale of such Registrable Securities in accordance with the intended plan of distribution thereof, and pursuant thereto the
Company shall, as expeditiously as possible:

 

3.1.1 prepare and file
with the Commission as soon as practicable a Registration Statement with respect to such Registrable Securities and use its reasonable
best efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities covered
by such Registration Statement have been sold;

 

3.1.2 prepare and file
with the Commission such amendments and post-effective amendments to the Registration Statement, and such supplements to the Prospectus,
as may be reasonably requested by any Holder or any Underwriter of Registrable Securities or as may be required by the rules, regulations
or instructions applicable to the registration form used by the Company or by the Securities Act or rules and regulations thereunder
to keep the Registration Statement effective until all Registrable Securities covered by such Registration Statement are sold in
accordance with the intended plan of distribution set forth in such Registration Statement or supplement to the Prospectus;

 

3.1.3
prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to
the Underwriters, if any, and each Holder of Registrable Securities included in such Registration, and each such Holder’s
legal counsel, copies of such Registration Statement as proposed to be filed, each amendment and supplement to such Registration
Statement (in each case including all exhibits thereto and documents incorporated by reference therein), the Prospectus included
in such Registration Statement (including each preliminary Prospectus), and such other documents as the Underwriters and each Holder
of Registrable Securities included in such Registration or the legal counsel for any such Holders may request in order to facilitate
the disposition of the Registrable Securities owned by such Holders;

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3.1.4 prior to any public
offering of Registrable Securities, use its best efforts to (i) register or qualify the Registrable Securities covered by the Registration
Statement under such securities or “blue sky” laws of such jurisdictions in the United States as any Holder of Registrable
Securities included in such Registration Statement (in light of their intended plan of distribution) may request (or provide evidence
satisfactory to such Holders that the Registrable Securities are exempt from such registration or qualification) and (ii) take
such action necessary to cause such Registrable Securities covered by the Registration Statement to be registered with or approved
by such other governmental authorities as may be necessary by virtue of the business and operations of the Company and do any and
all other acts and things that may be necessary or advisable to enable the Holders of Registrable Securities included in such Registration
Statement to consummate the disposition of such Registrable Securities in such jurisdictions; provided, however,
that the Company shall not be required to qualify generally to do business in any jurisdiction where it would not otherwise be
required to qualify or take any action to which it would be subject to general service of process or taxation in any such jurisdiction
where it is not then otherwise so subject;

 

3.1.5 cause all such
Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities issued
by the Company are then listed;

 

3.1.6 provide a transfer
agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective date of such
Registration Statement;

 

3.1.7 advise each seller
of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance of any stop
order by the Commission suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding
for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal
if such stop order should be issued;

 

3.1.8 at least five (5)
days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration Statement
or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus (excluding
any exhibits thereto and any filing made under the Exchange Act that is to be incorporated by reference therein), furnish a copy
thereof to each seller of such Registrable Securities and its counsel, including, without limitation, providing copies promptly
upon receipt of any comment letters received with respect to any such Registration Statement or Prospectus;

 

3.1.9 notify the Holders
at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities Act, of
the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes
a Misstatement, and then to correct such Misstatement as set forth in Section 3.4 hereof;

 

3.1.10 permit a representative
of the Sponsor, ASL, Cantor, the Underwriters, if any, and any attorney or accountant retained by the Sponsor, ASL, Cantor or Underwriters,
if any, to participate, at each such person’s own expense, in the preparation of the Registration Statement, and cause the
Company’s officers, directors and employees to supply all information reasonably requested by any such representatives, Cantor,
Underwriter, attorney or accountant in connection with the Registration; provided, however, that such representatives,
Cantor or Underwriters enter into a confidentiality agreement, in form and substance reasonably satisfactory to the Company, prior
to the release or disclosure of any such information; and provided further, the Company may not include the name of any
Holder or Underwriter or any information regarding any Holder or Underwriter in any Registration Statement or Prospectus, any amendment
or supplement to such Registration Statement or Prospectus, any document that is to be incorporated by reference into such Registration
Statement or Prospectus, or any response to any comment letter, without the prior written consent of such Holder or Underwriter
and providing each such Holder or Underwriter a reasonable amount of time to review and comment on such applicable document, which
comments the Company shall include unless contrary to applicable law;

 

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3.1.11 obtain a “cold
comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten Offering,
in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the managing
Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders;

 

3.1.12 on the date the
Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion, dated such date, of counsel representing
the Company for the purposes of such Registration, addressed to the Holders, the placement agent or sales agent, if any, and the
Underwriters, if any, covering such legal matters with respect to the Registration in respect of which such opinion is being given
as the Holders, placement agent, sales agent, or Underwriter may reasonably request and as are customarily included in such opinions
and negative assurance letters, and reasonably satisfactory to a majority in interest of the participating Holders;

 

3.1.13 in the event of
any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form,
with the managing Underwriter of such offering;

 

3.1.14 make available
to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve (12) months
beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration Statement
which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated
thereafter by the Commission);

 

3.1.15 with respect to
an Underwritten Shelf Takedown pursuant to Section 2.1.4, use its reasonable efforts to make available senior executives
of the Company to participate in customary “road show” presentations that may be reasonably requested by the Underwriter
in such Underwritten Offering; and

 

3.1.16 otherwise, in
good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the Holders, in connection
with such Registration.

 

3.2 Registration
Expenses. The Registration Expenses of all Registrations shall be borne by the Company. It is acknowledged by the Holders that
subject to this Section 3.2, the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities,
such as Underwriters’ commissions and discounts, brokerage fees, Underwriter marketing costs and, other than as set forth
in the definition of “Registration Expenses,” all reasonable fees and expenses of any legal counsel representing the
Holders; provided that the Company’s obligations under this Agreement to reimburse the Holders shall not exceed $50,000 per
Registration.

 

3.3 Requirements
for Participation in Underwritten Offerings. Notwithstanding anything in this Agreement to the contrary, if any Holder does
not provide the Company with its requested Holder Information, the Company may exclude such Holder’s Registrable Securities
from the applicable Registration Statement or Prospectus if the Company determines, based on the advice of counsel, that such information
is necessary to effect the Registration and such Holder continues thereafter to withhold such information. No person may participate
in any Underwritten Offering for equity securities of the Company pursuant to a Registration initiated by the Company hereunder
unless such person (i) agrees to sell such person’s securities on the basis provided in any underwriting arrangements approved
by the Company and (ii) completes and executes all customary questionnaires, powers of attorney, indemnities, lock-up agreements,
underwriting agreements and other customary documents as may be reasonably required under the terms of such underwriting arrangements.
The exclusion of a Holder’s Registrable Securities as a result of this Section 3.3 shall not affect the Registration
of the other Registrable Securities to be included in such Registration.

 

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3.4
Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement
or Prospectus contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until
it has received copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company
hereby covenants to prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until
it is advised in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or
continued use of a Registration Statement in respect of any Registration at any time would require the Company to make an Adverse
Disclosure or would require the inclusion in such Registration Statement of financial statements that are unavailable to the Company
for reasons beyond the Company’s control, the Company may, upon giving prompt written notice of such action to the Holders,
delay the filing or initial effectiveness of, or suspend use of, such Registration Statement for the shortest period of time, but
in no event more than sixty (60) days, determined in good faith by the Company to be necessary for such purpose. In the event the
Company exercises its rights under the preceding sentence, the Holders agree to suspend, immediately upon their receipt of the
notice referred to above, their use of the Prospectus relating to any Registration in connection with any sale or offer to sell
Registrable Securities. The Company shall immediately notify the Holders of the expiration of any period during which it exercised
its rights under this Section 3.4.

 

3.5 Reporting Obligations.
As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company under the
Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period) all
reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange
Act and to promptly furnish the Holders with true and complete copies of all such filings; provided that any documents publicly
filed or furnished with the Commission pursuant to the Electronic Data Gathering, Analysis and Retrieval (EDGAR) System shall be
deemed to have been furnished or delivered to the Holders pursuant to this Section 3.5. The Company further covenants that
it shall take such further action as any Holder may reasonably request, all to the extent required from time to time to enable
such Holder to sell shares of the Common Stock held by such Holder without registration under the Securities Act within the limitation
of the exemptions provided by Rule 144 promulgated under the Securities Act (or any successor rule promulgated thereafter by the
Commission), including providing any legal opinions. Upon the request of any Holder, the Company shall deliver to such Holder a
written certification of a duly authorized officer as to whether it has complied with such requirements.

 

3.6 Limitations
on Registration Rights. Notwithstanding anything herein to the contrary, (i) Cantor may not exercise its rights under Sections
2.1.4 and 2.2 hereunder after five (5) and seven (7) years after the effective date of the registration statement relating
to the Company’s initial public offering, respectively, and (ii) Cantor may not exercise its rights under Section 2.1.4
more than one time, and (iii) for clarity, BGV shall not be considered a “Holder” under Section 2.1 hereof.

 

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ARTICLE IV

INDEMNIFICATION AND CONTRIBUTION

 

4.1 Indemnification.

 

4.1.1 The Company agrees
to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and agents and
each person who controls such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities
and expenses (including attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained in any
Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission or
alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading, except
insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly
for use therein. The Company shall indemnify the Underwriters, their officers and directors and each person who controls such Underwriters
(within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification
of the Holder.

 

4.1.2
In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder
shall furnish to the Company in writing such information and affidavits as the Company reasonably requests for use in connection
with any such Registration Statement or Prospectus (the “Holder Information”) and, to the extent permitted
by law, shall indemnify the Company, its directors and officers and agents and each person who controls the Company (within the
meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses (including without limitation reasonable
attorneys’ fees) resulting from any untrue statement of material fact contained in the Registration Statement, Prospectus
or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material fact required to be stated
therein or necessary to make the statements therein not misleading, but only to the extent that such untrue statement or omission
is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein; provided,
however, that the obligation to indemnify shall be several, not joint and several, among such Holders of Registrable Securities,
and the liability of each such Holder of Registrable Securities shall be in proportion to and limited to the net proceeds received
by such Holder from the sale of Registrable Securities pursuant to such Registration Statement. The Holders of Registrable Securities
shall indemnify the Underwriters, their officers, directors and each person who controls such Underwriters (within the meaning
of the Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.

 

4.1.3 Any person entitled
to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect to which it
seeks indemnification (provided that the failure to give prompt notice shall not impair any person’s right to indemnification
hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified
party’s reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect
to such claim, permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified
party. If such defense is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the
indemnified party without its consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled
to, or elects not to, assume the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel
(plus local counsel) for all parties indemnified by such indemnifying party with respect to such claim, unless in the reasonable
judgment of any indemnified party a conflict of interest may exist between such indemnified party and any other of such indemnified
parties with respect to such claim. No indemnifying party shall, without the consent of the indemnified party, consent to the entry
of any judgment or enter into any settlement which cannot be settled in all respects by the payment of money (and such money is
so paid by the indemnifying party pursuant to the terms of such settlement) or which settlement does not include as an unconditional
term thereof the giving by the claimant or plaintiff to such indemnified party of a release from all liability in respect to such
claim or litigation.

 

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4.1.4 The indemnification
provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or on behalf of
the indemnified party or any officer, director or controlling person of such indemnified party and shall survive the transfer of
securities. The Company and each Holder of Registrable Securities participating in an offering also agrees to make such provisions
as are reasonably requested by any indemnified party for contribution to such party in the event the Company’s or such Holder’s
indemnification is unavailable for any reason.

 

4.1.5 If the indemnification
provided under Section 4.1 hereof from the indemnifying party is unavailable or insufficient to hold harmless an indemnified
party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying party, in lieu
of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result of such
losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying
party and indemnified party shall be determined by reference to, among other things, whether any action in question, including
any untrue or alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by,
or relates to information supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified
party’s relative intent, knowledge, access to information and opportunity to correct or prevent such action; provided,
however, that the liability of any Holder under this Section 4.1.5 shall be limited to the amount of the net proceeds
received by such Holder in such offering giving rise to such liability. The amount paid or payable by a party as a result of the
losses or other liabilities referred to above shall be deemed to include, subject to the limitations set forth in Sections 4.1.1,
4.1.2 and 4.1.3 above, any legal or other fees, charges or expenses reasonably incurred by such party in connection
with any investigation or proceeding. The parties hereto agree that it would not be just and equitable if contribution pursuant
to this Section 4.1.5 were determined by pro rata allocation or by any other method of allocation, which does not take account
of the equitable considerations referred to in this Section 4.1.5. No person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution pursuant to this Section 4.1.5
from any person who was not guilty of such fraudulent misrepresentation.

 

ARTICLE V

MISCELLANEOUS

 

5.1
Notices. Any notice or communication under this Agreement must be in writing and given by (i) deposit in the United
States mail, addressed to the party to be notified, postage prepaid and registered or certified with return receipt requested,
(ii) delivery in person or by courier service providing evidence of delivery, or (iii) transmission by hand delivery, electronic
mail or facsimile. Each notice or communication that is mailed, delivered, or transmitted in the manner described above shall be
deemed sufficiently given, served, sent, and received, in the case of mailed notices, on the third business day following the date
on which it is mailed and, in the case of notices delivered by courier service, hand delivery, electronic mail or facsimile, at
such time as it is delivered to the addressee (with the delivery receipt or the affidavit of messenger) or at such time as delivery
is refused by the addressee upon presentation. Any notice or communication under this Agreement must be addressed, if to the Company,
to: 533 Airport Blvd, Suite 400, Burlingame, CA 94010, and, if to any Holder, at such Holder’s address or contact information
as set forth in the Company’s books and records. Any party may change its address for notice at any time and from time to
time by written notice to the other parties hereto, and such change of address shall become effective thirty (30) days after delivery
of such notice as provided in this Section 5.1.

 

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5.2 Assignment;
No Third Party Beneficiaries.

 

5.2.1 This Agreement
and the rights, duties and obligations of the Company hereunder may not be assigned or delegated by the Company in whole or in
part.

 

5.2.2 Prior to the expiration
of the Founder Shares Lock-Up Period, the Private Placement Lock-Up Period or the Grid Holder Lock-Up Period, as the case may be,
under the Insider Letter, the Cantor Private Placement Units Purchase Agreement or the Grid Holder Lock-Up Agreements, no such
Holder may assign or delegate such Holder’s rights, duties or obligations under this Agreement, in whole or in part, except
in connection with a transfer of Registrable Securities by such Holder to a Permitted Transferee but only if such Permitted Transferee
agrees to become bound by the transfer restrictions set forth in this Agreement.

 

5.2.3 This Agreement
and the provisions hereof shall be binding upon and shall inure to the benefit of each of the parties and its successors and the
permitted assigns of the Holders, which shall include Permitted Transferees.

 

5.2.4 This Agreement
shall not confer any rights or benefits on any persons that are not parties hereto, other than as expressly set forth in this Agreement
and Section 5.2 hereof.

 

5.2.5 No assignment by
any party hereto of such party’s rights, duties and obligations hereunder shall be binding upon or obligate the Company unless
and until the Company shall have received (i) written notice of such assignment as provided in Section 5.1 hereof and (ii)
the written agreement of the assignee, in a form reasonably satisfactory to the Company, to be bound by the terms and provisions
of this Agreement (which may be accomplished by an addendum or certificate of joinder to this Agreement). Any transfer or assignment
made other than as provided in this Section 5.2 shall be null and void.

 

5.3 Counterparts.
This Agreement may be executed in multiple counterparts (including facsimile or PDF counterparts), each of which shall be deemed
an original, and all of which together shall constitute the same instrument, but only one of which need be produced.

 

5.4 Governing Law;
Venue. NOTWITHSTANDING THE PLACE WHERE THIS AGREEMENT MAY BE EXECUTED BY ANY OF THE PARTIES HERETO, THE PARTIES EXPRESSLY AGREE
THAT (I) THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED UNDER THE LAWS OF THE STATE OF NEW YORK AS APPLIED TO AGREEMENTS AMONG
NEW YORK RESIDENTS ENTERED INTO AND TO BE PERFORMED ENTIRELY WITHIN NEW YORK, WITHOUT REGARD TO THE CONFLICT OF LAW PROVISIONS
OF SUCH JURISDICTION AND (II) THE VENUE FOR ANY ACTION TAKEN WITH RESPECT TO THIS AGREEMENT SHALL BE ANY STATE OR FEDERAL COURT
IN NEW YORK COUNTY IN THE STATE OF NEW YORK.

 

5.5
Amendments and Modifications. Upon the written consent of (a) the Company (b) the Holders of at least a majority
in interest of the Registrable Securities held by the Existing Holders or their Permitted Transferees at the time in question (which
majority interest must include Cantor if such amendment or modification affects in any way the rights of Cantor hereunder) and
(c) the Holders of at least a majority in interest of the Registrable Securities held by ASL Holder and all of its Permitted Transferees
at the time in question, compliance with any of the provisions, covenants and conditions set forth in this Agreement may be waived,
or any of such provisions, covenants or conditions may be amended or modified; provided, however, that notwithstanding
the foregoing, any amendment hereto or waiver hereof that adversely affects one Holder, solely in its capacity as a holder of the
shares of capital stock of the Company, in a manner that is materially different from the other Holders (in such capacity) shall
require the consent of the Holder so affected. No course of dealing between any Holder or the Company and any other party hereto
or any failure or delay on the part of a Holder or the Company in exercising any rights or remedies under this Agreement shall
operate as a waiver of any rights or remedies of any Holder or the Company. No single or partial exercise of any rights or remedies
under this Agreement by a party shall operate as a waiver or preclude the exercise of any other rights or remedies hereunder or
thereunder by such party.

 

    17

     

    

  

5.6 Other Registration
Rights. The Company represents and warrants that no person, other than a Holder of Registrable Securities, has any right to
require the Company to register any securities of the Company for sale or to include such securities of the Company in any Registration
Statement filed by the Company for the sale of securities for its own account or for the account of any other person. Further,
the Company represents and warrants that this Agreement supersedes any other registration rights agreement or agreement with similar
terms and conditions and in the event of a conflict between any such agreement or agreements and this Agreement, the terms of this
Agreement shall prevail.

 

5.7 Term. This
Agreement shall terminate with respect to any Holder on the date that such Holder no longer holds any Registrable Securities, provided
that the provisions of Article IV shall survive any termination with respect to such Holder.

 

5.8 Holder Information.
Each Holder agrees, if requested in writing, to represent to the Company the total number of Registrable Securities held by such
Holder in order for the Company to make determinations hereunder.

 

[Signature Page Follows]

 

    18

     

    

 

	 	AUTOMATED SYSTEMS HOLDINGS LIMITED
	 	 	 
	 	By:	/s/ Wang Yueou
	 	 	Name:  Wang Yueou
	 	 	Title: Chief Executive Officer

 

[Signature Page to A&R Registration
Rights Agreement]

 

     

     

    

 

	 	BGV OPPORTUNITY FUND L.P.
	 	 	 
	 	By:	/s/ Eric Benhamou
	 	 	Name:  Eric Benhamou
	 	 	Title: Founder and General Partner

 

[Signature Page to A&R Registration
Rights Agreement]

 

     

     

    

 

	 	RENASCIA FUND B.  LLC
	 	 	 
	 	By:	/s/ Shuo Zhang
	 	 	Name:  Shuo Zhang
	 	 	Title: General Manager

 

[Signature Page to A&R Registration
Rights Agreement]

 

     

     

    

 

	 	VLSK2019 LLC
	 	 	 
	 	By:	/s/ Victoria Livschitz
	 	 	Name:  Victoria Livschitz
	 	 	Title: Member

 

[Signature Page to A&R Registration
Rights Agreement]

 

     

     

    

 

	 	LIVSCHITZ CHILDREN’S CHARITABLE TRUST
	 	 	 
	 	By:	/s/ Victoria Livschitz
	 	 	Name:  Victoria Livschitz
	 	 	Title: Trustee

 

[Signature Page to A&R Registration
Rights Agreement]

 

     

     

    

 

	 	VICTORIA LIVSCHITZ CHARITABLE TRUST
	 	 	 
	 	By:	/s/ Victoria Livschitz
	 	 	Name:  Victoria Livschtiz
	 	 	Title: Trustee

 

[Signature Page to A&R Registration
Rights Agreement]

 

     

     

    

 

	 	O.  FOX CHARITABLE TRUST
	 	 	 
	 	By:	/s/ Stan Klimoff
	 	 	Name:  Stan Klimoff
	 	 	Title: Trustee

 

[Signature Page to A&R Registration
Rights Agreement]

 

     

     

    

 

IN
WITNESS WHEREOF, the undersigned have caused this Agreement to be executed as of the date first written above.

 

	 	COMPANY:
	 	 	 
	 	GRID DYNAMICS HOLDINGS, INC
	 	 	 
	 	By:	/s/ Leonard Livschitz
	 	 	Name:  Leonard Livschitz
	 	 	Title: CEO

 

[Signature Page to A&R Registration
Rights Agreement]

 

     

     

    

 

	 	GDB INTERNATIONAL INVESTMENT LTD
	 	 	 
	 	By:	/s/ Wang Yueou
	 	 	Name:  Wang Yueou
	 	 	Title: Director

 

[Signature Page to A&R Registration
Rights Agreement]

 

     

     

    

 

	 	GDD INTERNATIONAL HOLDING COMPANY
	 	 	 
	 	By:	/s/ Wang Yueou
	 	 	Name:  Wang Yueou
	 	 	Title: Director

 

[Signature Page to A&R Registration
Rights Agreement]

 

     

     

    

 

	 	HOLDERS
	 	 	 
	 	CHASERG TECHNOLOGY SPONSOR LLC
	 	 	 
	 	By:	/s/ Lloyd Carney
	 	 	Name:  Lloyd Carney
	 	 	Title: Managing Member
	 	 	 
	 	By:	 
	 	 	Name:  Steven Fletcher
	 	 	Title: Managing Member
	 	 	 
	 	By:	 
	 	 	Name:  Alex Vieux
	 	 	Title: Managing Member

 

[Signature Page to A&R Registration
Rights Agreement]

 

     

     

    

 

	 	HOLDERS
	 	 	 
	 	CHASERG TECHNOLOGY SPONSOR LLC
	 	 	 
	 	By:	 
	 	 	Name:  Lloyd Carney
	 	 	Title: Managing Member
	 	 	 
	 	By:	/s/ Steven Fletcher
	 	 	Name:  Steven Fletcher
	 	 	Title: Managing Member
	 	 	 
	 	By:	 
	 	 	Name:  Alex Vieux
	 	 	Title: Managing Member

 

[Signature Page to A&R Registration
Rights Agreement]

 

     

     

    

 

	 	HOLDERS
	 	 	 
	 	CHASERG TECHNOLOGY SPONSOR LLC
	 	 	 
	 	By:	 
	 	 	Name:  Lloyd Carney
	 	 	Title: Managing Member
	 	 	 
	 	By:	 
	 	 	Name:  Steven Fletcher
	 	 	Title: Managing Member
	 	 	 
	 	By:	/s/ Alex Vieux
	 	 	Name:  Alex Vieux
	 	 	Title: Managing Member

 

[Signature Page to A&R Registration
Rights Agreement] 

     

     

    

 

	 	CANTOR FITZGERALD & CO.
	 	 	 
	 	By:	/s/ Mark Kaplan
	 	 	Name:  Mark Kaplan
	 	 	Title: CEO

 

[Signature Page to A&R Registration
Rights Agreement]

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