Document:

Exhibit 10.2.1

 

DATED MAY 4, 2011 

 

 

AMENDMENT NO. 1 TO 
 AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

relating to Yandex N.V.

 

 

THE NETHERLANDS

 

 

THIS AMENDMENT NO. 1 TO THE AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (this “Amendment”) is executed as of May 4, 2011 (“‘Execution Date”) by and between Yandex N.V., a limited liability company incorporated under the laws of The Netherlands, whose registered address is Laan Copes van Cattenburch 52, 2585 GB the Hague, the Netherlands (the “Company”) and each of the entities and persons whose names are listed in the first column of Schedule A hereto, (hereafter each a “Shareholder” and, collectively, the “Shareholders”). Capitalized terms used herein and otherwise not defined shall have the meanings ascribed thereto in the Amended and Restated Registration Rights Agreement dated as of October 14, 2008 (the “Original Agreement”). 

 

WHEREAS, the Original Agreement may be amended in writing by the holders of at least 90% of the voting power underlying all Registrable Securities (as defined therein), and such holders desire to amend the Agreement as provided herein, effective upon closing of the initial public offering and listing of the Company’s Class A Ordinary Shares on the NASDAQ Global Market (the “Closing”);

 

NOW, THEREFORE, in consideration of the premises and mutual covenants and undertakings contained in this agreement sufficiency of which is hereby acknowledged by the Parties, the Parties hereto hereby agree as follows:

 

1.                                       Amendment.

 

The parties agree that, with effect from and subject to the Closing, Clause 2.4(a) of the Original Agreement shall be deleted in its entirety and replaced by the following:

 

“(a)         After the Company meets the eligibility requirements applicable for the use of Form F-3, the Company will use its best efforts to make, at all times thereafter, registration on Form F-3 available for the sale of Registrable Securities.  At any time thereafter, if the Company shall have received a written request (the “Form F-3 Request”) from one or more Shareholders holding outstanding Registrable Securities with an aggregate market value of at least US$50,000,000 (fifty million United States Dollars) (based on the latest reported closing price of the Class A Shares as of the date of such request) (the “Form F-3 Initiators”), then any Shareholder shall have the right to request that the Company effect a registration on Form F-3 and any related qualification or compliance with respect to all or a part of the Registrable Securities owned by such holder (such requests to be in writing and stating the number of shares of Registrable Securities to be disposed of and the intended methods of disposition of such Shares by such holders of Registrable Securities), provided, however, that the Company shall not be obligated to effect any such registration, qualification or compliance pursuant to this Clause 2.4:

 

(i)            if the holder or holders of Registrable Securities proposing to sell Registrable Securities intend to sell such Registrable Securities and such other securities (if any) at an aggregate price to the public (net of any underwriter’s commission or discounts) of less than US$10,000,000 (ten million United States Dollars);

 

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(ii)           if the Company has, within the twelve (12) month period preceding the date of such request, already effected two (2) registrations on Form F-3 for a holder or holders of Registrable Securities pursuant to this Clause 2.4; or

 

(iii)          in the circumstances described in Clause 2.2(b)(iv) or (v).”

 

2.                                       General.

 

(a)           Counterparts; Facsimile Signatures.  This Amendment may be entered into in any number of counterparts and by the Parties to it on separate counterparts, each of which when executed and delivered shall be an original, but all the counterparts shall together constitute one and the same instrument. This Amendment may be executed by facsimile signatures.

 

(b)           Governing Law.  This Amendment shall be governed by and construed in accordance with English law except with respect to its conflict of law provisions.

 

(c)           Full Effect. Except as expressly set forth in this Amendment, the Original Agreement remains unchanged and in full force and effect.

 

IN WITNESS WHEREOF this Amendment was duly executed, by means of execution of the attached Deed of Adherence, as of the date first above written.

 

[The remainder of this page is intentionally left blank]

 

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DEED OF ADHERENCE

 

By this Deed we the undersigned parties HEREBY AGREE to observe and be bound in all respects by the provisions of Amendment No. 1 to the Amended and Restated Registration Rights Agreement dated as of May 4, 2011. A copy of the Amended and Restated Registration Rights Agreement is attached hereto.

 

	
FOR AND ON BEHALF   OF
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
YANDEX N.V.
    	
 
    	
 
    
	
 
    	
 
    	
 
    	
 
    
				

 

	
By:
    	
/s/ Arkady Volozh
    	
 
    	
 
    
	
 
    	
Name: Arkady Volozh
    	
 
    	
 
    
	
 
    	
Title: Executive Director 
    	
 
    	
 
    

 

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DEED OF ADHERENCE

 

By this Deed we the undersigned parties HEREBY AGREE to observe and be bound in all respects by the provisions of Amendment No. 1 dated as of May 4, 2011 to the Amended and Restated Registration Rights Agreement dated as of October 14, 2008, a copy of which agreement is attached hereto.

 

	
/s/ Jan A. De Jong  
    	
 
    	
/s/ George Papachristoforou
    
	
Signed for and on behalf of BC&B Holdings B.V.
    	
 
    	
Signed for and on behalf of BC&B Holdings B.V.
    
	
 
    	
 
    	
 
    
	
/s/ Jan A. De   Jong  
    	
 
    	
/s/ George Papachristoforou
    
	
Signed for and on behalf   of RuNet B.V.
    	
 
    	
Signed for and on behalf of RuNet B.V.
    
	
 
    	
 
    	
 
    
	
/s/ G.R. Wagenaar
    	
 
    	
 
    
	
Signed for and on behalf   of Tiger Global Holding Cooperatief U.A.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Alfred Fenaughty
    	
 
    	
 
    
	
Signed for and on behalf   of Alfred and Riqueza Fenaughty Revocable Living Trust
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed by Amilyushenko, Alexey Valeryevich
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed by Boynton, John Wilson
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Elena Vladminirovna Chebunia
    	
 
    	
 
    
	
Signed by Chebunina, Elena   Vladminirovna
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Benjamin R. Neilson
    	
 
    	
 
    
	
Signed for and on behalf of   Chester Neilson Boynton Trust of 2006
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Ben Cole
    	
 
    	
 
    
	
Signed for and on behalf   of Cole Management Incorporated
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Benjamin R. Neilson
    	
 
    	
 
    
	
Signed by Daisy Campbell   Boynton Trust of 2006
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Victor Leonidovich
    	
 
    	
 
    
	
Signed by Dostov, Victor   Leonidovich
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Esther Dyson
    	
 
    	
 
    
	
Signed by Dyson, Esther
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Benjamin R. Neilson
    	
 
    	
 
    
	
Signed for and on behalf   of Elinor Scout Boynton Trust of 2006
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Philip Manduca
    	
 
    	
 
    
	
Signed for and on behalf   of Emerald Trust
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed by Fadeev, Mikhail Alexandrovich
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed by Felman, Dmitry Pavlovich 
    	
 
    	
 
    

 

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Signed by Ilyinsky, Sergey   Vladimirovich 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Vladimir Leontievich Ivanov
    	
 
    	
 
    
	
Signed by Ivanov, Vladimir   Leontievich
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Philip Manduca
    	
 
    	
 
    
	
Signed for and on behalf   of Kameson Management Limited
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed by Khutsyan, Maria
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed by Kolmanovskaya, Elena Savelyevna
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed by Koterov, Dmitry
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Mikhail Yurievich Maslov
    	
 
    	
 
    
	
Signed by Maslov, Mikhail   Yurievich
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed for and on behalf of MK Holding Ltd
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Benjamin R. Neilson
    	
 
    	
 
    
	
Signed by Neilson,   Benjamin R., trustee of the Boynton Family Trust of 2007
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed for and on behalf of Oradell Capital Group, Inc.
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed by Panasevich, Dmitry
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Ilya Dmitrievich Polozhintsev
    	
 
    	
 
    
	
Signed by   Polozhintsev, Ilya Dmitrievich
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed by Radehenko, Artem
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Ilya Valentinovich Segalovich
    	
 
    	
 
    
	
Signed by   Segalovich, Ilya Valentinovich
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Robert Harvey Stubblebine
    	
 
    	
 
    
	
Signed by Stubblebine,   Robert Harvey
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Philip Manduca
    	
 
    	
 
    
	
Signed for and on behalf   of Symmetric Trust
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Dmitry Michailovich Teyblyum
    	
 
    	
 
    
	
Signed by Teyblyum, Dmitry   Michailovich
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Benjamin R. Neilson
    	
 
    	
 
    
	
Signed for and on behalf of   Tucker Rawla Boynton Trust of 2006
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
Signed by Umansky, Ilya 
    	
 
    	
 
    

 

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/s/ Arkady Yuryevich Volozh   
    	
 
    	
 
    
	
Signed by Volozh, Arkady   Yuryevich
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
/s/ Denis Shokin
    	
 
    	
 
    
	
Signed for and on behalf   of Web Design Ltd 
    	
 
    	
 
    

 

7EXHIBIT 10.5

 

05 May 2011

 

The Directors

Yandex N.V.

Laan Copes van Cattenburch 52

2585 GB The Hague

The Netherlands

 

Dear Sirs,

 

This agreement (this “Agreement”) sets out the terms of engagement of Sberbank of Russia, an open joint stock company organised and existing under the laws of the Russian Federation, located at 19 Vavilova St., 117997 Moscow, Russia and registered with the Unified State Register of Legal Entities under number 1027700132195 (“Sberbank”), under which Sberbank will act as a financial advisor in connection with the proposed initial public offering (the “Offering”) of shares of Yandex N.V., a public company with limited liability under the laws of the Netherlands with a registered address at the address set forth above (the “Company”), on the Nasdaq Global Market.

 

I               ENGAGEMENT

 

On the terms and subject to the conditions of this Agreement, Sberbank will provide the Company with such financial and market-related advice and assistance in connection with the Offering as may be appropriate and mutually agreed upon by the Company and Sberbank.  Sberbank’s work will be performed in a professional and businesslike manner. If the Offering is postponed until after December 31, 2011, the Company shall provide Sberbank with a right of first negotiation to serve as the Company’s financial advisor  in connection with a later initial public offering on the same terms and conditions as in this Agreement, which right shall expire on the earlier of (i) the closing of such later initial public offering and (ii) December 31, 2013 (the “Right of First Negotiation”).

 

II             COMPENSATION

 

In consideration for the services to be performed hereunder, the Company agrees to  pay Sberbank a fixed fee of $2,500,000 (two million five hundred thousand US dollars) subject to the closing of the Offering (the “Compensation”). Sberbank and the Company agree that, based upon the Company representations made in Section III below, the Compensation is exclusive of VAT, save for situations when it is otherwise stated by the Company in writing in accordance with Section III below. If and only if the Offering closes prior to December 31, 2011, Sberbank shall be entitled to receive the Compensation in full even if this Agreement terminates earlier than the closing of the Offering.    Promptly following the closing of the Offering, the Company and Sberbank sign the Certificate of services rendered. Within five working days after the signing of the Certificate of services rendered, the Company shall pay the Compensation to Sberbank to an account designated by Sberbank in US dollars.

 

III            REPRESENTATIONS AND UNDERTAKINGS

 

The Company hereby represents to Sberbank as of the date hereof   that: (i) it does not have any representative office in Russia, (ii) it does not perform any activity which would be reasonably likely to lead to the creation of a permanent establishment in the Russian Federation, (iii) it is organized under the laws of the Netherlands, (iv) it is not registered with any Russian authorities and (v) its place of management is in the Netherlands. Unless the Company provides written notice to Sberbank that the foregoing representations are no longer true and correct, in which notice the Company also confirms its obligation to pay the VAT and other relevant taxes in connection with the payment of the Compensation, Sberbank is entitled to rely on such representations up to and including the date on which the Compensation is paid.

 

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The Company hereby undertakes that, if due to a breach of a representation by the Company set forth in the immediately preceding paragraph, it is determined by a relevant Russian administrative or judicial authority that VAT should have been charged and payable in respect of the Compensation, the Company shall pay to Sberbank such amount of VAT promptly upon being requested to do so by Sberbank provided that Sberbank provides the Company with reasonable documentary evidence of the determination that VAT was payable.

 

IV            INDEMNITY

 

The Company agrees to indemnify and hold harmless Sberbank from and against any and all losses, claims, demands, damages, costs, charges, expenses, penalties, judgments, disbursements, amounts paid in settlement with the consent of the Company or liabilities (or actions, litigation, proceedings or investigations in respect thereof) based upon, in any way relating to or arising out of the Offering or the services of Sberbank contemplated under this Agreement (“Claims”).  The Company shall not be responsible to indemnify Sberbank in relation to a Claim if such Claim is found in a final judgment by a court of competent jurisdiction (against which no appeal is or can be made) to have resulted solely from the bad faith, wilful misconduct or negligence of Sberbank.

 

V             EXPENSES

 

Sberbank agrees that it shall pay all of its own expenses in connection with its services provided under this Agreement, including any travel, accommodation, legal, accounting and other out-of-pocket expenses which are incurred  in connection with its services provided hereunder.

 

VI            CONFIDENTIALITY

 

Sberbank and the Company agree that any exchange of information pursuant to this Agreement or in connection with Sberbank’s role hereunder shall be governed by and subject to the terms of the Confidentiality Agreement dated February 14, 2011 between Sberbank and the Company (the “Confidentiality Agreement”).

 

VII          TERMINATION

 

This Agreement shall remain in force from the date hereof to the earlier of (i) the closing of the Offering and (ii) December 31, 2011.  If the Offering closes prior to December 31, 2011, Sberbank shall be entitled to receive the Compensation in full even if this Agreement terminates earlier than the closing of the Offering. The Right of First Negotiation set out in Section I and  Sections II, III, IV and VI of this Agreement shall survive termination.

 

VIII         OTHER ENGAGEMENTS

 

During the term of this Agreement, Sberbank shall not be engaged in any transaction that in the reasonable view of the Company constitutes a conflict of interest with respect to the proposed Offering without the prior written consent of the Company.

 

IX            GOVERNING LAW

 

This Agreement shall be governed by and construed in accordance with the laws of England and Wales without regard to the conflicts of laws provisions thereof.  Any dispute, controversy or claim arising out of or relating to this Agreement or the execution, breach, termination or invalidity hereof shall be referred to and finally resolved by arbitration the LCIA Rules (which rules are deemed incorporated herein) before three arbitrators appointed in accordance with such rules. The seat of arbitration shall be London, England and the language of the arbitration shall be English. The arbitrators shall have the power to render declaratory judgments and to issue injunctive orders, as well

 

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as to award reasonable attorneys’ fees and costs to the prevailing party. Judgment on the award rendered by the arbitrators may be entered in any court having jurisdiction thereof.

 

X             MISCELLANEOUS

 

This Agreement may be executed in two or more counterparts, all of which together shall be considered a single instrument.  This Agreement is executed in the English and Russian languages. In case of any discrepancy between the English and Russian versions of this Agreement, the English version shall prevail. This Agreement, together with the Confidentiality Agreement, constitute the entire agreement, and supersedes all prior agreements and understandings (both written and oral) of the parties hereto with respect to the subject matter hereof, and cannot be amended or otherwise modified except in writing executed by the parties hereto.  The provisions hereof shall inure to the benefit of and be binding upon the successors and assigns of the Company and Sberbank.

 

Please confirm that the foregoing is in accordance with your understanding by signing this Agreement and returning a copy to Nikolai Nazarov at Sberbank.

 

Schedule A hereto sets forth the account details of Sberbank and the Company.

 

	
Yours faithfully,
    	
 
    
	
 
    	
 
    
	
 
    	
 
    
	
For SBERBANK
    	
 
    
	
 
    	
 
    
	
/S/ EVGENY SIDORENKO
    	
 
    
	
 
    	
 
    
	
Name: Evgeny Sidorenko
    	
 
    
	
 
    
	
Title:
    	
Managing Director
    
	
 
    	
Deputy Head of Corporate Finance Department
    
			

 

 

	
For the COMPANY
    	
 
    
	
 
    	
 
    
	
/S/ JAN ARIE DE JONG
    	
 
    
	
 
    	
 
    
	
Name: Jan Arie de Jong
    	
 
    
	
 
    	
 
    
	
Title: Proxyholder
    	
 
    

 

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