Document:

Exhibit 10.6

 

Grid
Dynamics Holdings, Inc.

 

INDEMNIFICATION AGREEMENT

 

This Indemnification
Agreement (this “Agreement”) is dated as of __________, and is between Grid Dynamics Holdings, Inc.,
a Delaware corporation (the “Company”), and __________, (“Indemnitee”).

 

RECITALS

 

A. Indemnitee’s
service to the Company substantially benefits the Company.

 

B. Individuals
are reluctant to serve as directors or officers of corporations or in certain other capacities unless they are provided with adequate
protection through insurance or indemnification against the risks of claims and actions against them arising out of such service.

 

C. Indemnitee
does not regard the protection currently provided by applicable law, the Company’s governing documents and any insurance
as adequate under the present circumstances, and Indemnitee may not be willing to serve as a director or officer without additional
protection.

 

D. In
order to induce Indemnitee to continue to provide services to the Company, it is reasonable, prudent and necessary for the Company
to contractually obligate itself to indemnify, and to advance expenses on behalf of, Indemnitee as permitted by applicable law.

 

E. This
Agreement is a supplement to and in furtherance of the indemnification provided in the Company’s certificate of incorporation
and bylaws, and any resolutions adopted pursuant thereto, and this Agreement shall not be deemed a substitute therefor, nor shall
this Agreement be deemed to limit, diminish or abrogate any rights of Indemnitee thereunder.

 

The parties therefore
agree as follows:

 

1. Definitions.

 

(a) A
“Change in Control” shall be deemed to occur upon the earliest to occur after the date of this Agreement
of any of the following events:

 

(i) Acquisition
of Stock by Third Party. Any Person (as defined below) becomes the Beneficial Owner (as defined below), directly or indirectly,
of securities of the Company representing fifteen percent (15%) or more of the combined voting power of the Company’s then
outstanding securities;

 

(ii) Change
in Board Composition. During any period of two consecutive years (not including any period prior to the execution of this Agreement),
individuals who at the beginning of such period constitute the Company’s board of directors, and any new directors (other
than a director designated by a person who has entered into an agreement with the Company to effect a transaction described in
Sections 1(a)(i), 1(a)(iii) or 1(a)(iv)) whose election by the board of directors or nomination for election by the Company’s
stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the
beginning of the period or whose election or nomination for election was previously so approved, cease for any reason to constitute
at least a majority of the members of the Company’s board of directors;

 

     

     

    

 

(iii) Corporate
Transactions. The effective date of a merger or consolidation of the Company with any other entity, other than a merger
or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or
consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of the
surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding
immediately after such merger or consolidation and with the power to elect at least a majority of the board of directors or
other governing body of such surviving entity;

 

(iv) Liquidation.
The approval by the stockholders of the Company of a complete liquidation of the Company or an agreement for the sale or disposition
by the Company of all or substantially all of the Company’s assets; and

 

(v) Other
Events. Any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation
14A (or in response to any similar item on any similar schedule or form) promulgated under the Securities Exchange Act of 1934,
as amended, whether or not the Company is then subject to such reporting requirement.

 

For purposes of this
Section 1(a), the following terms shall have the following meanings:

 

(1) “Person”
shall have the meaning as set forth in Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as amended; provided,
however, that “Person” shall exclude (i) the Company, (ii) any trustee or other fiduciary
holding securities under an employee benefit plan of the Company, and (iii) any corporation owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

(2) “Beneficial
Owner” shall have the meaning given to such term in Rule 13d-3 under the Securities Exchange Act of 1934, as
amended; provided, however, that “Beneficial Owner” shall exclude any Person otherwise becoming
a Beneficial Owner by reason of (i) the stockholders of the Company approving a merger of the Company with another entity
or (ii) the Company’s board of directors approving a sale of securities by the Company to such Person.

 

(b) “Corporate
Status” describes the status of a person who is or was a director, trustee, general partner, managing member, officer,
employee, agent or fiduciary of the Company or any other Enterprise.

 

(c) “DGCL”
means the General Corporation Law of the State of Delaware.

 

(d) “Disinterested
Director” means a director of the Company who is not and was not a party to the Proceeding in respect of which indemnification
is sought by Indemnitee.

 

(e) “Enterprise”
means the Company and any other corporation, partnership, limited liability company, joint venture, trust, employee benefit plan
or other enterprise of which Indemnitee is or was serving at the request of the Company as a director, trustee, general partner,
managing member, officer, employee, agent or fiduciary.

 

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(f)
“Expenses” include all reasonable and actually incurred attorneys’ fees, retainers, court
costs, transcript costs, fees and costs of experts, witness fees, travel expenses, duplicating costs, printing and binding
costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily
incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being or preparing to be
a witness in, or otherwise participating in, a Proceeding. Expenses also include (i) Expenses incurred in connection
with any appeal resulting from any Proceeding, including without limitation the premium, security for, and other costs
relating to any cost bond, supersedeas bond or other appeal bond or their equivalent, and (ii) for purposes of
Section 12(d), Expenses incurred by Indemnitee in connection with the interpretation, enforcement or defense of
Indemnitee’s rights under this Agreement or under any directors’ and officers’ liability insurance policies
maintained by the Company. Expenses, however, shall not include amounts paid in settlement by Indemnitee or the amount of
judgments or fines against Indemnitee.

 

(g) “Independent
Counsel” means a law firm, or a partner or member of a law firm, that is experienced in matters of corporation law
and neither presently is, nor in the past five years has been, retained to represent (i) the Company or Indemnitee in any
matter material to either such party (other than as Independent Counsel with respect to matters concerning Indemnitee under this
Agreement, or other indemnitees under similar indemnification agreements), or (ii) any other party to the Proceeding giving
rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent Counsel”
shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict
of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement.

 

(h) “Proceeding”
means any threatened, pending or completed action, suit, arbitration, mediation, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or proceeding, whether brought in the right of the Company or otherwise and whether of a civil,
criminal, administrative or investigative nature, including any appeal therefrom and including without limitation any such Proceeding
pending as of the date of this Agreement, in which Indemnitee was, is or will be involved as a party, a potential party, a non-party
witness or otherwise by reason of (i) the fact that Indemnitee is or was a director or officer of the Company, (ii) any
action taken by Indemnitee or any action or inaction on Indemnitee’s part while acting as a director or officer of the Company,
or (iii) the fact that he or she is or was serving at the request of the Company as a director, trustee, general partner,
managing member, officer, employee, agent or fiduciary of the Company or any other Enterprise, in each case whether or not serving
in such capacity at the time any liability or Expense is incurred for which indemnification or advancement of expenses can be provided
under this Agreement.

 

(i) Reference
to “other enterprises” shall include employee benefit plans; references to “fines”
shall include any excise taxes assessed on a person with respect to any employee benefit plan; references to “serving
at the request of the Company” shall include any service as a director, officer, employee or agent of the Company
which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit
plan, its participants or beneficiaries; and a person who acted in good faith and in a manner he or she reasonably believed to
be in the best interests of the participants and beneficiaries of an employee benefit plan shall be deemed to have acted in a manner
“not opposed to the best interests of the Company” as referred to in this Agreement.

 

2. Indemnity
in Third-Party Proceedings. The Company shall indemnify Indemnitee in accordance with the provisions of this Section 2
if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding, other than a Proceeding by or in
the right of the Company to procure a judgment in its favor. Pursuant to this Section 2, Indemnitee shall be indemnified to
the fullest extent permitted by applicable law against all Expenses, judgments, fines and amounts paid in settlement actually and
reasonably incurred by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein,
if Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of
the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe that his or her conduct
was unlawful.

 

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3. Indemnity
in Proceedings by or in the Right of the Company. The Company shall indemnify Indemnitee in accordance with the
provisions of this Section 3 if Indemnitee is, or is threatened to be made, a party to or a participant in any
Proceeding by or in the right of the Company to procure a judgment in its favor. Pursuant to this Section 3, Indemnitee
shall be indemnified to the fullest extent permitted by applicable law against all Expenses actually and reasonably incurred
by Indemnitee or on Indemnitee’s behalf in connection with such Proceeding or any claim, issue or matter therein, if
Indemnitee acted in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of
the Company. No indemnification for Expenses shall be made under this Section 3 in respect
of any claim, issue or matter as to which Indemnitee shall have been adjudged by a court of competent jurisdiction to be
liable to the Company, unless and only to the extent that the Delaware Court of Chancery or any court in which the Proceeding
was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances
of the case, Indemnitee is fairly and reasonably entitled to indemnification for such expenses as the Delaware Court of
Chancery or such other court shall deem proper.

 

4. Indemnification
for Expenses of a Party Who is Wholly or Partly Successful. To the extent that Indemnitee is a party to or a participant in
and is successful (on the merits or otherwise) in defense of any Proceeding or any claim, issue or matter therein, the Company
shall indemnify Indemnitee against all Expenses actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf
in connection therewith. For purposes of this section, the termination of any claim, issue or matter in such a Proceeding by dismissal,
with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

5. Indemnification
for Expenses of a Witness. To the extent that Indemnitee is, by reason of his or her Corporate Status, a witness in any Proceeding
to which Indemnitee is not a party, Indemnitee shall be indemnified to the extent permitted by applicable law against all Expenses
actually and reasonably incurred by Indemnitee or on Indemnitee’s behalf in connection therewith.

 

6. Additional
Indemnification.

 

(a) Notwithstanding
any limitation in Sections 2, 3 or 4, the Company shall indemnify Indemnitee to the fullest extent permitted by applicable
law if Indemnitee is, or is threatened to be made, a party to or a participant in any Proceeding (including a Proceeding by or
in the right of the Company to procure a judgment in its favor) against all Expenses, judgments, fines and amounts paid in settlement
actually and reasonably incurred by Indemnitee or on his or her behalf in connection with the Proceeding or any claim, issue or
matter therein.

 

(b) For
purposes of Section 6(a), the meaning of the phrase “to the fullest extent permitted by applicable law”
shall include, but not be limited to:

 

(i) the
fullest extent permitted by the provision of the DGCL that authorizes or contemplates additional indemnification by agreement,
or the corresponding provision of any amendment to or replacement of the DGCL; and

 

(ii) the
fullest extent authorized or permitted by any amendments to or replacements of the DGCL adopted after the date of this Agreement
that increase the extent to which a corporation may indemnify its officers and directors.

 

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7. Exclusions.
Notwithstanding any provision in this Agreement, the Company shall not be obligated under this Agreement to make any indemnity
in connection with any Proceeding (or any part of any Proceeding):

 

(a) for which payment
has actually been made to or on behalf of Indemnitee under any statute, insurance policy, indemnity provision, vote or otherwise,
except with respect to any excess beyond the amount paid;

 

(b) for
an accounting or disgorgement of profits pursuant to Section 16(b) of the Securities Exchange Act of 1934, as amended, or
similar provisions of federal, state or local statutory law or common law, if Indemnitee is held liable therefor (including pursuant
to any settlement arrangements);

 

(c) for
any reimbursement of the Company by Indemnitee of any bonus or other incentive-based or equity-based compensation or of any profits
realized by Indemnitee from the sale of securities of the Company, as required in each case under the Securities Exchange Act of
1934, as amended (including any such reimbursements that arise from an accounting restatement of the Company pursuant to Section 304
of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), or the payment to the Company of profits
arising from the purchase and sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act), if
Indemnitee is held liable therefor (including pursuant to any settlement arrangements);

 

(d) initiated
by Indemnitee, including any Proceeding (or any part of any Proceeding) initiated by Indemnitee against the Company or its directors,
officers, employees, agents or other indemnitees, unless (i) the Company’s board of directors authorized the Proceeding
(or the relevant part of the Proceeding) prior to its initiation, (ii) the Company provides the indemnification, in its sole
discretion, pursuant to the powers vested in the Company under applicable law, (iii) otherwise authorized in Section 12(d)
or (iv) otherwise required by applicable law; or

 

(e) if
prohibited by applicable law.

 

8. Advances
of Expenses. The Company shall advance the Expenses incurred by Indemnitee in connection with any Proceeding prior to its final
disposition, and such advancement shall be made as soon as reasonably practicable, but in any event no later than 20 days, after
the receipt by the Company of a written statement or statements requesting such advances from time to time (which shall include
invoices received by Indemnitee in connection with such Expenses but, in the case of invoices in connection with legal services,
any references to legal work performed or to expenditure made that would cause Indemnitee to waive any privilege accorded by applicable
law shall not be included with the invoice). Advances shall be unsecured and interest free and made without regard to Indemnitee’s
ability to repay such advances. Indemnitee hereby undertakes to repay any advance to the extent that it is ultimately determined
that Indemnitee is not entitled to be indemnified by the Company. This Section 8 shall not apply to the extent advancement
is prohibited by law and shall not apply to any Proceeding (or any part of any Proceeding) for which indemnity is not permitted
under this Agreement, but shall apply to any Proceeding (or any part of any Proceeding) referenced in Section 7(b) or 7(c)
prior to a determination that Indemnitee is not entitled to be indemnified by the Company.

 

9. Procedures
for Notification and Defense of Claim.

 

(a) Indemnitee
shall notify the Company in writing of any matter with respect to which Indemnitee intends to seek indemnification or advancement
of Expenses as soon as reasonably practicable following the receipt by Indemnitee of notice thereof. The written notification to
the Company shall include, in reasonable detail, a description of the nature of the Proceeding and the facts underlying the Proceeding.
The failure by Indemnitee to notify the Company will not relieve the Company from any liability which it may have to Indemnitee
hereunder or otherwise than under this Agreement, and any delay in so notifying the Company shall not constitute a waiver by Indemnitee
of any rights, except to the extent that such failure or delay materially prejudices the Company.

 

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(b) If, at the time
of the receipt of a notice of a Proceeding pursuant to the terms hereof, the Company has directors’ and officers’
liability insurance in effect that may be applicable to the Proceeding, the Company shall give prompt notice of the
commencement of the Proceeding to the insurers in accordance with the procedures set forth in the applicable policies. The
Company shall thereafter take all commercially-reasonable action to cause such insurers to pay, on behalf of Indemnitee, all
amounts payable as a result of such Proceeding in accordance with the terms of such policies.

 

(c) In
the event the Company may be obligated to make any indemnity in connection with a Proceeding, the Company shall be entitled to
assume the defense of such Proceeding with counsel approved by
Indemnitee, which approval shall not be unreasonably withheld, conditioned or delayed, upon the delivery to Indemnitee of written
notice of its election to do so. After delivery of such notice, approval of such counsel by Indemnitee and the retention of such
counsel by the Company, the Company will not be liable to Indemnitee for any fees or expenses of counsel subsequently incurred
by Indemnitee with respect to the same Proceeding. Notwithstanding the Company’s assumption of the defense of any such Proceeding,
the Company shall be obligated to pay the fees and expenses of Indemnitee’s separate counsel to the extent (i) the employment
of separate counsel by Indemnitee is authorized by the Company, (ii) counsel for the Company or Indemnitee shall have reasonably
concluded that there is a conflict of interest between the Company and Indemnitee in the conduct of any such defense such that
Indemnitee needs to be separately represented, (iii) the Company is not financially or legally able to perform its indemnification
obligations, or (iv) the Company shall not have retained, or shall not continue to retain, counsel to defend such Proceeding.
The Company shall have the right to conduct such defense as it sees fit in its sole discretion. Regardless of any provision in
this Agreement, Indemnitee shall have the right to employ counsel in any Proceeding at Indemnitee’s personal expense. The
Company shall not be entitled, without the consent of Indemnitee, to assume the defense of any claim brought by or in the right
of the Company.

 

(d) Indemnitee
shall give the Company such information and cooperation in connection with the Proceeding as may be reasonably appropriate.

 

(e) The
Company shall not be liable to indemnify Indemnitee for any settlement of any Proceeding (or any part thereof) without the Company’s
prior written consent, which shall not be unreasonably withheld, conditioned or delayed.

 

(f) The
Company shall not settle any Proceeding (or any part thereof) in a manner that imposes any penalty or liability on Indemnitee without
Indemnitee’s prior written consent, which shall not be unreasonably withheld, conditioned or delayed.

 

10. Procedures
upon Application for Indemnification.

 

(a) To
obtain indemnification, Indemnitee shall submit to the Company a written request, including therein or therewith such documentation
and information as is reasonably available to Indemnitee and as is reasonably necessary to determine whether and to what extent
Indemnitee is entitled to indemnification following the final disposition of the Proceeding. The Company shall, as soon as reasonably
practicable after receipt of such a request for indemnification, advise the board of directors that Indemnitee has requested indemnification.
Any delay in providing the request will not relieve the Company from its obligations under this Agreement, except to the extent
such failure is prejudicial.

 

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(b) Upon written
request by Indemnitee for indemnification pursuant to Section 
10 (a), a determination with respect to Indemnitee’s entitlement thereto shall be made in the specific case
(i) if a Change in Control shall have occurred, by Independent Counsel in a written opinion to the Company’s board
of directors, a copy of which shall be delivered to Indemnitee or (ii) if a Change in Control shall not have occurred,
(A) by a majority vote of the Disinterested Directors, even though less than a quorum of the Company’s board of
directors, (B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors,
even though less than a quorum of the Company’s board of directors, (C) if there are no such Disinterested
Directors or, if such Disinterested Directors so direct, by Independent Counsel in a written opinion to the Company’s
board of directors, a copy of which shall be delivered to Indemnitee or (D) if so directed by the Company’s board
of directors, by the stockholders of the Company. If it is determined that Indemnitee is entitled to indemnification, payment
to Indemnitee shall be made within ten days after such determination. Indemnitee shall cooperate with the person, persons or
entity making the determination with respect to Indemnitee’s entitlement to indemnification, including providing to
such person, persons or entity upon reasonable advance request any documentation or information that is not privileged or
otherwise protected from disclosure and that is reasonably available to Indemnitee and reasonably necessary to such
determination. Any costs or expenses (including attorneys’ fees and disbursements) actually and reasonably incurred by
Indemnitee in so cooperating with the person, persons or entity making such determination shall be borne by the Company, to
the extent permitted by applicable law.

 

(c) In
the event the determination of entitlement to indemnification is to be made by Independent Counsel pursuant to Section 10(b),
the Independent Counsel shall be selected as provided in this Section 10(c). If a Change in Control shall not have occurred,
the Independent Counsel shall be selected by the Company’s board of directors, and the Company shall give written notice
to Indemnitee advising him or her of the identity of the Independent Counsel so selected. If a Change in Control shall have occurred,
the Independent Counsel shall be selected by Indemnitee (unless Indemnitee shall request that such selection be made by the Company’s
board of directors, in which event the preceding sentence shall apply), and Indemnitee shall give written notice to the Company
advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Company, as the case may
be, may, within ten days after such written notice of selection shall have been given, deliver to the Company or to Indemnitee,
as the case may be, a written objection to such selection; provided, however, that such objection may be asserted
only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel”
as defined in Section 1 of this Agreement, and the objection shall set forth with particularity the factual basis of such
assertion. Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection
is so made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection
is withdrawn or a court has determined that such objection is without merit. If, within 20 days after the later of (i) submission
by Indemnitee of a written request for indemnification pursuant to Section 10(a) hereof and (ii) the final disposition
of the Proceeding, the parties have not agreed upon an Independent Counsel, either the Company or Indemnitee may petition a court
of competent jurisdiction for resolution of any objection which shall have been made by the Company or Indemnitee to the other’s
selection of Independent Counsel and for the appointment as Independent Counsel of a person selected by the court or by such other
person as the court shall designate, and the person with respect to whom all objections are so resolved or the person so appointed
shall act as Independent Counsel under Section 10(b) hereof. Upon the due commencement of any judicial proceeding or arbitration
pursuant to Section 12(a) of this Agreement, the Independent Counsel shall be discharged and relieved of any further responsibility
in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

(d) The
Company agrees to pay the reasonable fees and expenses of any Independent Counsel.

 

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11. Presumptions
and Effect of Certain Proceedings.

 

(a) In
making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making such determination
shall, to the fullest extent not prohibited by law, presume that Indemnitee is entitled to indemnification under this Agreement,
and the Company shall, to the fullest extent not prohibited by law, have the burden of proof to overcome that presumption.

 

(b) The termination
of any Proceeding or of any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of nolo
contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely
affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a
manner which he or she reasonably believed to be in or not opposed to the best interests of the Company or, with respect to
any criminal Proceeding, that Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

 

(c) For
purposes of any determination of good faith, Indemnitee shall be deemed to have acted in good faith to the extent Indemnitee relied
in good faith on (i) the records or books of account of the Enterprise, including financial statements, (ii) information
supplied to Indemnitee by the officers of the Enterprise in the course of their duties, (iii) the advice of legal counsel
for the Enterprise or its board of directors or counsel selected by any committee of the board of directors or (iv) information
or records given or reports made to the Enterprise by an independent certified public accountant, an appraiser, investment banker
or other expert selected with reasonable care by the Enterprise or its board of directors or any committee of the board of directors.
The provisions of this Section 11(c) shall not be deemed to be exclusive or to limit in any way the other circumstances in
which Indemnitee may be deemed to have met the applicable standard of conduct set forth in this Agreement.

 

(d) Neither
the knowledge, actions nor failure to act of any other director, officer, agent or employee of the Enterprise shall be imputed
to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

12. Remedies
of Indemnitee.

 

(a) Subject
to Section 12(e), in the event that (i) a determination is made pursuant to Section 10 of this Agreement that Indemnitee
is not entitled to indemnification under this Agreement, (ii) advancement of Expenses is not timely
made pursuant to Section  8 or 12(d) of this Agreement, (iii) no determination of entitlement to indemnification
shall have been made pursuant to Section 10 of this Agreement within 90 days after the later of the receipt by the Company
of the request for indemnification or the final disposition of the Proceeding, (iv) payment of indemnification pursuant to
this Agreement is not made (A) within ten days after a determination
has been made that Indemnitee is entitled to indemnification or (B) with respect to indemnification pursuant to Sections 4,
5 and 12(d) of this Agreement, within 30 days after receipt by the Company of a written request therefor, or (v) the Company
or any other person or entity takes or threatens to take any action to declare this Agreement void or unenforceable, or institutes
any litigation or other action or proceeding designed to deny, or to recover from,
Indemnitee the benefits provided or intended to be provided to Indemnitee hereunder, Indemnitee shall be entitled to an
adjudication by a court of competent jurisdiction of his or her entitlement to such indemnification or advancement of Expenses.
Alternatively, Indemnitee, at his or her option, may seek an award in arbitration with respect to his or her entitlement to such
indemnification or advancement of Expenses, to be conducted by a single arbitrator pursuant to the Commercial Arbitration Rules
of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or an award in arbitration
within 180 days following the date on which Indemnitee first has the right to commence such proceeding pursuant to this Section 12(a);
provided, however, that the foregoing clause shall not apply in respect of a proceeding brought by Indemnitee to enforce
his or her rights under Section 4 of this Agreement. The Company shall not oppose Indemnitee’s right to seek any such
adjudication or award in arbitration in accordance with this Agreement.

 

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(b) Neither
(i) the failure of the Company, its board of directors, any committee or subgroup of the board of directors, Independent
Counsel or stockholders to have made a determination that indemnification of Indemnitee is proper in the circumstances
because Indemnitee has met the applicable standard of conduct, nor (ii) an actual determination by the Company, its
board of directors, any committee or subgroup of the board of directors, Independent Counsel or stockholders that Indemnitee
has not met the applicable standard of conduct, shall create a presumption that Indemnitee has or has not met the applicable
standard of conduct. In the event that a determination shall have been made pursuant to Section 10
of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding or arbitration commenced
pursuant to this Section 12 shall be conducted in all respects as a de novo trial, or arbitration, on the merits,
and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration
commenced pursuant to this Section 12, the Company shall, to the fullest extent not prohibited by law, have the burden
of proving Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be.

 

(c) To
the fullest extent not prohibited by law, the Company shall be precluded from asserting in any judicial proceeding or arbitration
commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement are not valid, binding and enforceable
and shall stipulate in any such court or before any such arbitrator that the Company is bound by all the provisions of this Agreement.
If a determination shall have been made pursuant to Section 10 of this Agreement that Indemnitee is entitled to indemnification,
the Company shall be bound by such determination in any judicial proceeding or arbitration commenced pursuant to this Section 12,
absent (i) a misstatement by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s
statements not materially misleading, in connection with the request for indemnification, or (ii) a prohibition of such indemnification
under applicable law.

 

(d) To
the extent not prohibited by law, the Company shall indemnify Indemnitee against all Expenses that are incurred by Indemnitee in
connection with any action for indemnification or advancement of Expenses from the Company under this Agreement or under any directors’
and officers’ liability insurance policies maintained by the Company to the extent Indemnitee is successful in such action,
and, if requested by Indemnitee, shall (as soon as reasonably practicable, but in any event no later than 90 days, after receipt
by the Company of a written request therefor) advance such Expenses to Indemnitee, subject to the provisions of Section 8.

 

(e) Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement to indemnification shall be required to be made
prior to the final disposition of the Proceeding.

 

13. Contribution.
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to
Indemnitee, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amounts incurred by Indemnitee, whether for
Expenses, judgments, fines or amounts paid or to be paid in settlement, in connection with any claim relating to an indemnifiable
event under this Agreement, in such proportion as is deemed fair and reasonable in light of all of the circumstances of such Proceeding
in order to reflect (i) the relative benefits received by the Company and Indemnitee as a result of the events and transactions
giving rise to such Proceeding; and (ii) the relative fault of Indemnitee and the Company (and its other directors, officers,
employees and agents) in connection with such events and transactions.

 

14. Non-exclusivity.
The rights of indemnification and to receive advancement of Expenses as provided by this Agreement shall not be deemed exclusive
of any other rights to which Indemnitee may at any time be entitled under applicable law, the Company’s certificate of incorporation
or bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. To the extent that a change in Delaware
law, whether by statute or judicial decision, permits greater indemnification or advancement of Expenses than would be afforded
currently under the Company’s certificate of incorporation and bylaws and this Agreement, it is the intent of the parties
hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change, subject to the restrictions
expressly set forth herein or therein. Except as expressly set forth herein, no right or remedy herein conferred is intended to
be exclusive of any other right or remedy, and every other right and remedy shall be cumulative and in addition to every other
right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. Except as expressly set forth herein,
the assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion or employment
of any other right or remedy.

 

 

    -9-

     

    

 

15. Primary
Responsibility. The Company acknowledges that Indemnitee has certain rights to indemnification and advancement of expenses
provided by [insert name of fund] [and certain affiliates thereof] (collectively, the “Secondary Indemnitor[s]”).
The Company agrees that, as between the Company and the Secondary Indemnitor[s], the Company is primarily responsible for amounts
required to be indemnified or advanced under the Company’s certificate of incorporation or bylaws or this Agreement and any
obligation of the Secondary Indemnitor[s] to provide indemnification or advancement for the same amounts is secondary to those
Company obligations. To the extent not in contravention of any insurance policy or policies providing liability or other insurance
for the Company or any director, trustee, general partner, managing member, officer, employee, agent or fiduciary of the Company
or any other Enterprise, the Company waives any right of contribution or subrogation against the Secondary Indemnitor[s] with respect
to the liabilities for which the Company is primarily responsible under this Section 15. In the event of any payment by the
Secondary Indemnitor[s] of amounts otherwise required to be indemnified or advanced by the Company under the Company’s certificate
of incorporation or bylaws or this Agreement, the Secondary Indemnitor[s] shall be subrogated to the extent of such payment to
all of the rights of recovery of Indemnitee for indemnification or advancement of expenses under the Company’s certificate
of incorporation or bylaws or this Agreement or, to the extent such subrogation is unavailable and contribution is found to be
the applicable remedy, shall have a right of contribution with respect to the amounts paid; provided, however, that the
foregoing sentence will be deemed void if and to the extent that it would violate any applicable insurance policy. The Secondary
Indemnitor[s] [are][is an] express third-party [beneficiaries][beneficiary] of the terms of this Section 15.

 

16. No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable
hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received
payment for such amounts under any insurance policy, contract, agreement or otherwise.

 

17. Insurance.
To the extent that the Company maintains an insurance policy or policies providing liability insurance for directors, trustees,
general partners, managing members, officers, employees, agents or fiduciaries of the Company or any other Enterprise, Indemnitee
shall be covered by such policy or policies to the same extent as the most favorably-insured persons under such policy or policies
in a comparable position.

 

18. Subrogation.
In the event of any payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights
of recovery of Indemnitee, who shall execute all papers required and take all action necessary to secure such rights, including
execution of such documents as are necessary to enable the Company to bring suit to enforce such rights.

 

19. Services
to the Company. Indemnitee agrees to serve as a director or officer of the Company or, at the request of the Company, as a
director, trustee, general partner, managing member, officer, employee, agent or fiduciary of another Enterprise, for so long as
Indemnitee is duly elected or appointed or until Indemnitee tenders his or her resignation or is removed from such position. Indemnitee
may at any time and for any reason resign from such position (subject to any other contractual obligation or any obligation imposed
by operation of law), in which event the Company shall have no obligation under this Agreement to continue Indemnitee in such position.
This Agreement shall not be deemed an employment contract between the Company (or any of its subsidiaries or any Enterprise) and
Indemnitee. Indemnitee specifically acknowledges that any employment with the Company (or any of its subsidiaries or any Enterprise)
is at will, and Indemnitee may be discharged at any time for any reason, with or without cause, with or without notice, except
as may be otherwise expressly provided in any executed, written employment contract between Indemnitee and the Company (or any
of its subsidiaries or any Enterprise), any existing formal severance policies adopted by the Company’s board of directors
or, with respect to service as a director or officer of the Company, the Company’s certificate of incorporation or bylaws
or the DGCL. No such document shall be subject to any oral modification thereof.

 

    -10-

     

    

 

20. Duration.
This Agreement shall continue until and terminate upon the later of (a) ten years after the date that Indemnitee shall have
ceased to serve as a director or officer of the Company or as a director, trustee, general partner, managing member, officer, employee,
agent or fiduciary of any other Enterprise, as applicable; or (b) one year after the final termination of any Proceeding,
including any appeal, then pending in respect of which Indemnitee is granted rights of indemnification or advancement of Expenses
hereunder and of any proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement relating thereto.

 

21. Successors.
This Agreement shall be binding upon the Company and its successors and assigns, including any direct or indirect successor, by
purchase, merger, consolidation or otherwise, to all or substantially all of the business or assets of the Company, and shall inure
to the benefit of Indemnitee and Indemnitee’s heirs, executors and administrators. The Company shall require and cause any
successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all or substantially all of the business
or assets of the Company, by written agreement, expressly to assume and agree to perform this Agreement in the same manner and
to the same extent that the Company would be required to perform if no such succession had taken place.

 

22. Severability.
Nothing in this Agreement is intended to require or shall be construed as requiring the Company to do or fail to do any act in
violation of applicable law. The Company’s inability, pursuant to court order or other applicable law, to perform its obligations
under this Agreement shall not constitute a breach of this Agreement. If any provision or provisions of this Agreement shall be
held to be invalid, illegal or unenforceable for any reason whatsoever: (i) the validity, legality and enforceability of the
remaining provisions of this Agreement (including without limitation, each portion of any section of this Agreement containing
any such provision held to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall not
in any way be affected or impaired thereby and shall remain enforceable to the fullest extent permitted by law; (ii) such
provision or provisions shall be deemed reformed to the extent necessary to conform to applicable law and to give the maximum effect
to the intent of the parties hereto; and (iii) to the fullest extent possible, the provisions of this Agreement (including,
without limitation, each portion of any section of this Agreement containing any such provision held to be invalid, illegal or
unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give effect to the intent manifested
thereby.

 

23. Enforcement.
The Company expressly confirms and agrees that it has entered into this Agreement and assumed the obligations imposed on it hereby
in order to induce Indemnitee to serve as a director or officer of the Company, and the Company acknowledges that Indemnitee is
relying upon this Agreement in serving as a director or officer of the Company.

 

24. Entire
Agreement. This Agreement constitutes the entire agreement between the parties hereto with respect to the subject matter hereof
and supersedes all prior agreements and understandings, oral, written and implied, between the parties hereto with respect to the
subject matter hereof; provided, however, that this Agreement is a supplement to and in furtherance of the Company’s
certificate of incorporation and bylaws and applicable law.

 

25. Modification
and Waiver. No supplement, modification or amendment to this Agreement shall be binding unless executed in writing by the parties
hereto. No amendment, alteration or repeal of this Agreement shall adversely affect any right of Indemnitee under this Agreement
in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status prior to such amendment, alteration
or repeal. No waiver of any of the provisions of this Agreement shall constitute or be deemed a waiver of any other provision of
this Agreement nor shall any waiver constitute a continuing waiver.

 

    -11-

     

    

 

26. Notices.
All notices and other communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified
mail, postage prepaid, sent by electronic mail or otherwise delivered by hand, messenger or courier service addressed:

 

(a) if
to Indemnitee, to Indemnitee’s address, or electronic mail address as shown on the signature page of this Agreement or in
the Company’s records, as may be updated in accordance with the provisions hereof; or

 

(b) if
to the Company, to the attention of the Chief Executive Officer or Chief Financial Officer of the Company at 5000 Executive Parkway,
Suite 520, San Ramon, CA 94583, or at such other current address as the Company shall have furnished to Indemnitee, with a
copy (which shall not constitute notice) to Jim Jensen, Wilson Sonsini Goodrich & Rosati, P.C., 650 Page Mill Road, Palo Alto,
California 94304.

 

Each such notice or
other communication shall for all purposes of this Agreement be treated as effective or having been given (i) if delivered
by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service,
freight prepaid, specifying next-business-day delivery, one business day after deposit with the courier), or (ii) if sent
via mail, at the earlier of its receipt or five days after the same has been deposited in a regularly-maintained receptacle
for the deposit of the United States mail, addressed and mailed as aforesaid, or (iii) if sent via via electronic mail,
upon confirmation of delivery when directed to the relevant electronic mail address, if sent during normal business hours of the
recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next business day.

 

27. Applicable
Law and Consent to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed
and enforced in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect
to any arbitration commenced by Indemnitee pursuant to Section 12(a) of this Agreement, the Company and Indemnitee hereby
irrevocably and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement
shall be brought only in the Delaware Court of Chancery, and not in any other state or federal court in the United States of America
or any court in any other country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court of Chancery
for purposes of any action or proceeding arising out of or in connection with this Agreement, (iii) appoint, to the extent
such party is not otherwise subject to service of process in the State of Delaware, the Corporation Service Company, Wilmington,
Delaware as its agent in the State of Delaware as such party’s agent for acceptance of legal process in connection with any
such action or proceeding against such party with the same legal force and validity as if served upon such party personally within
the State of Delaware, (iv) waive any objection to the laying of venue of any such action or proceeding in the Delaware Court
of Chancery, and (v) waive, and agree not to plead or to make, any claim that any such action or proceeding brought in the
Delaware Court of Chancery has been brought in an improper or inconvenient forum.

 

28. Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but
all of which together shall constitute one and the same Agreement. This Agreement may also be executed and delivered by facsimile
signature and in counterparts, each of which shall for all purposes be deemed to be an original but all of which together shall
constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability is sought needs
to be produced to evidence the existence of this Agreement.

 

29. Captions.
The headings of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of
this Agreement or to affect the construction thereof.

 

(signature page follows)

 

    -12-

     

    

 

The parties are signing
this Indemnification Agreement as of the date stated in the introductory sentence.

 

	 	Grid Dynamics Holdings, Inc.
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Print name)
	 	 
	 	 
	 	(Title)
	 	 
	 	[INSERT INDEMNITEE NAME]
	 	 
	 	 
	 	(Signature)
	 	 
	 	 
	 	(Print name)
	 	 
	 	 
	 	(Street address)
	 	 
	 	 
	 	(City, State and ZIP)Exhibit 10.7

 

Grid
Dynamics Holdings, INC.

 

OUTSIDE DIRECTOR COMPENSATION POLICY

 

Adopted and approved March 6, 2020

 

Grid Dynamics Holdings,
Inc. (the “Company”) believes that providing cash and equity compensation to members of its Board of Directors
(the “Board,” and members of the Board, the “Directors”) represents an effective tool
to attract, retain and reward Directors who are not employees of the Company (the “Outside Directors”). This
Outside Director Compensation Policy (the “Policy”) formalizes the Company’s policy regarding cash
compensation and grants of equity awards to its Outside Directors. Unless otherwise defined herein, capitalized terms used in this
Policy will have the meaning given such term in the Company’s 2020 Equity Incentive Plan, as amended from time to time (the
“Plan”), or if the Plan is no longer in use at the time of an equity award, the meaning given such term or any
similar term in the equity plan then in place under which such equity award is granted. Each Outside Director will be solely responsible
for any tax obligations incurred by such Outside Director as a result of the equity and cash payments such Outside Director receives
under this Policy.

 

This Policy will be
effective as of the effective date of the Closing Date (such date, the “Effective Date”).

 

		1.	Cash Compensation

 

Annual Cash Retainer

 

Each Outside Director
will be paid an annual cash retainer of $40,000. There are no per-meeting attendance fees for attending Board meetings.

 

Committee Annual Cash Retainer

 

As of the Effective
Date, each Outside Director who serves as the Chairperson of the Board, the Lead Outside Director, or the Chair or a member of
a committee of the Board will be eligible to earn additional annual fees (paid quarterly in arrears on a prorated basis) as follows:

 

	Non-Executive Chairperson of the Board:	 	$	20,000	 
	 	 	 	 	 
	Lead Outside Director:	 	$	20,000	 
	 	 	 	 	 
	Chair of Audit Committee:	 	$	20,000	 
	 	 	 	 	 
	Member of Audit Committee:	 	$	15,000	 
	 	 	 	 	 
	Chair of Compensation Committee:	 	$	15,000	 
	 	 	 	 	 
	Member of Compensation Committee:	 	$	10,000	 
	 	 	 	 	 
	Chair of Nominating and Corporate Governance Committee:	 	$	15,000	 
	 	 	 	 	 
	Member of Nominating and Corporate Governance Committee:	 	$	10,000	 

 

     

     

    

 

For clarity, each Outside
Director who serves as the Chair of a committee will receive only the annual fee as the Chair of the committee and will not also
receive the additional annual fee as a member of the committee.

 

Payment

 

Each annual cash retainer
under this Policy will be paid quarterly in arrears on a prorated basis to each Outside Director who has served in the relevant
capacity at any point during the immediately preceding fiscal quarter, and such payment shall be made no later than 30 days following
the end of such immediately preceding fiscal quarter. For purposes of clarification, an Outside Director who has served as an Outside
Director, as a member of an applicable committee (or chair thereof) during only a portion of the relevant Company fiscal quarter
will receive a pro-rated payment of the quarterly payment of the applicable annual cash retainer(s), calculated based on the number
of days during such fiscal quarter such Outside Director has served in the relevant capacities. For purposes of clarification,
an Outside Director who has served as an Outside Director, as a member of an applicable committee (or chair thereof), as applicable,
from the Effective Date through the end of the fiscal quarter containing the Effective Date (the “Initial Period”)
will receive a prorated payment of the quarterly payment of the applicable annual cash retainer(s), calculated based on the number
of days during the Initial Period that such Outside Director has served in the relevant capacities.

 

		2.	Equity Compensation

 

Outside Directors will
be eligible to receive all types of Awards (except Incentive Stock Options) under the Plan (or the applicable equity plan
in place at the time of grant), including discretionary Awards not covered under this Policy. All grants of Awards to Outside Directors
pursuant to Section 2 of this Policy will be automatic and nondiscretionary, except as otherwise provided herein, and will
be made in accordance with the following provisions:

 

(a) No
Discretion. No person will have any discretion to select which Outside Directors will be granted any Awards under this
Policy or to determine the number of Shares to be covered by such Awards.

 

(b) Initial RSUs.
Each individual who first becomes an Outside Director following the Effective Date will be granted Restricted Stock Units covering
Shares that have a grant date Fair Market Value equal to $75,000 (the “Initial RSUs”). The Initial RSUs will
be granted on the first trading date on or after the date on which such individual first becomes an Outside Director, whether
through election by the stockholders of the Company or appointment by the Board to fill a vacancy. If an individual was a member
of the Board and also an employee, becoming an Outside Director due to termination of employment will not entitle the Outside
Director to the Initial RSUs. The Initial RSUs will vest as to one hundred percent (100%) of the Shares subject to the Initial
RSU on the 12-month anniversary of the date of grant, in each case subject to the Outside Director continuing to be a Service
Provider through the applicable vesting date.

 

    2

     

    

 

(c) Annual
RSUs. On the date of each annual meeting of the Company’s stockholders following the Effective Date (each, an “Annual
Meeting”), each Outside Director will be automatically granted Restricted Stock Units covering Shares that have a grant
date Fair Market Value equal to $75,000 (the “Annual RSUs”). The Annual RSUs will vest as to one hundred percent
(100%) of the Shares subject to the Annual RSUs on the 12-month anniversary of the date of grant, in each case subject to the Outside
Director continuing to be a Service Provider through the applicable vesting date.

 

(d) Chairperson
RSUs. At each Annual Meeting, each Outside Director who serves as the Chairperson of the Board or the Lead Outside Director
will be automatically granted additional Restricted Stock Units covering Shares that have a grant date Fair Market Value equal
to $20,000 (the “Chairperson RSUs”). The Chairperson RSUs will vest on as to as to one hundred percent (100%)
of the Shares subject to the Chairperson RSUs on the 12-month anniversary of the date of grant, in each case subject to the Outside
Director continuing to serve as a Chairperson of the Board or the Lead Outside Director (as applicable) through the applicable
vesting date.

 

		3.	Change in Control

 

In the event of a Change
in Control, each Outside Director will fully vest in his or her outstanding Company equity awards, including any Initial RSUs,
Annual RSUs or Chairperson RSUs, and all restrictions on Restricted Stock Units will lapse
provided that the Outside Director continues to be an Outside Director through such date.

 

		4.	Annual Compensation Limit

 

 Outside Director
may be paid, issued or granted, in any Fiscal Year, cash compensation and equity awards (including any Awards issued under this
Plan) with an aggregate value greater than $600,000 (with the value of each equity award based on its grant date fair value (determined
in accordance with U.S. generally accepted accounting principles)). Any cash compensation paid or Awards granted to an individual
for his or her services as an Employee, or for his or her services as a Consultant (other than as an Outside Director), will not
count for purposes of the limitation under this Section 4.

 

		5.	Travel Expenses

 

Each Outside Director’s
reasonable, customary and documented travel expenses to Board meetings will be reimbursed by the Company.

 

		6.	Additional Provisions

 

All provisions of the
Plan not inconsistent with this Policy will apply to Awards granted to Outside Directors.

 

		7.	Adjustments

 

In the event that
any dividend or other distribution (whether in the form of cash, Shares, other securities or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the
Company affecting the Shares occurs, the Administrator, in order to prevent diminution or enlargement of the benefits or
potential benefits intended to be made available under this Policy, will adjust the number of Shares issuable pursuant to
Awards granted under this Policy.

 

    3

     

    

 

		8.	Section 409A

 

In no event will cash
compensation or expense reimbursement payments under this Policy be paid after the later of (i) the 15th day of the 3rd month
following the end of the Company’s fiscal year in which the compensation is earned or expenses are incurred, as applicable,
or (ii) the 15th day of the 3rd month following the end of the calendar year in which the compensation is earned or expenses
are incurred, as applicable, in compliance with the “short-term deferral” exception under Section 409A of the Internal
Revenue Code of 1986, as amended, and the final regulations and guidance thereunder, as may be amended from time to time (together,
“Section 409A”). It is the intent of this Policy that this Policy and all payments hereunder be exempt
from or otherwise comply with the requirements of Section 409A so that none of the compensation to be provided hereunder will
be subject to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted
to be so exempt or comply. In no event will the Company reimburse an Outside Director for any taxes imposed or other costs incurred
as a result of Section 409A.

 

		9.	Revisions

 

The Board may amend,
alter, suspend or terminate this Policy at any time and for any reason. No amendment, alteration, suspension or termination of
this Policy will materially impair the rights of an Outside Director with respect to compensation that already has been paid or
awarded, unless otherwise mutually agreed between the Outside Director and the Company. Termination of this Policy will not affect
the Board’s or the Compensation Committee’s ability to exercise the powers granted to it under the Plan with respect
to Awards granted under the Plan pursuant to this Policy prior to the date of such termination.

 

 

4

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