Document:

Exhibit 4.1

 

	
Number   00[      ]
    	
[         ]-   Class [A/B] Ordinary Shares
    
	
 
    	
 
    
	
 
    	
No Par Value
    

 

Luxoft Holding, Inc

A British Virgin Islands Company

 

THIS IS TO CERTIFY THAT                                                        is the record holder of                     Class [A/B] ordinary shares of Luxoft Holding, Inc, transferable only on the share register of the Company by the holder, in person or by duly authorized attorney, upon surrender of this certificate properly endorsed or assigned.

 

This certificate and shares represented hereby shall be held subject to the provisions of the Memorandum and Articles of Association of said Company and any amendments thereto, a copy of each which is on file at the office of the Company and made a part hereof as fully as though the provisions of said Memorandum and Articles of Association were imprinted in full on this certificate, to all which the holder of this certificate, by acceptance hereof, assents and agrees to be bound.

 

IN WITNESS WHEREOF, the Company has caused this certificate to be signed by its duly authorized officers this                    day of                                              , 2013

 

	
 
    	
 
    	
 
    
	
Chief Executive Officer
    	
 
    	
Chief Financial Officer
    

 

 

FOR VALUE RECEIVED,                                                                        HEREBY SELLS, ASSIGNS AND TRANSFERS UNTO                                                                                               [CLASS A/B] ORDINARY SHARES REPRESENTED BY THE WRITTEN CERTIFICATE AND DOES HEREBY IRREVOCABLY CONSTITUTES AND APPOINT                                               TO TRANSFER THE SAID SHARES ON THE SHARE REGISTER OF THE WITHIN NAMED COMPANY WITH FULL POWER OF SUBSTITUTION IN THE PREMISSES.

 

DATED                             ,                       

 

 

	
IN PRESENCE OF 
    	
 
    	
 
    	
 
    
	
 
    	
(Witness)
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(Shareholder)
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
(Shareholder)
    

 

NOTICE: THE SIGNATURE ON THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THIS CERTIFICATE, IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT, OR ANY CHANGE WHATSOEVER.

 

2Exhibit 10.11

	
  

  	
   DATED 27 September 2010 (as amended and restated on 01 May 2013) AMONG  Luxoft
  Holding Inc. AND Luxoft SOP
  Company S.A. AND IBS Group Holding Limited AND Rus Lux Limited AND Mr.
  Loschinin Dmitry

  

 

	
  

  	
   OPTION AGREEMENT  THIS OPTION AGREEMENT is made on
  September 27th 2010 (as amended and restated on ) AMONG: (1) Luxoft
  Holding Inc, a company duly organized and existing under the laws of
  the British Virgin Islands, represented by Director Granovsky Glen acting on
  the basis of Articles of Association hereinafter referred to as the “Company”, and (2) Luxoft SOP Company S.A., a company duly organized and existing under the laws of the
  British Virgin Islands represented by Director Zabezhinsky Leonid acting on
  the basis of Articles of Association hereinafter referred to as the “SPV”, and (3) IBS Group Holding Limited, a company duly organized and existing under the laws of Isle of
  Man represented by Director Rodionov Ivan acting on the basis of Articles of
  Association hereinafter referred to as the “IBS Group”, And (4) Rus
  Lux Limited, a company duly
  organized and existing under the laws of Guernsey represented by Authorized
  person hereinafter referred to as the “Rus Lux”,, 

  

 

	
  

  	
  And (5)
  Loschinin Dmitry Russia Moscow Belomorskaya Str. 20 bld 3-60 passport: series
  4511 number 205708 issued on 28/03/2012 by Otdelenie UFMS Russia Moscow po
  raiony Levoberezhniy, department code 770-022 hereinafter referred to as the
  “Participant”, hereinafter
  referred to as the “Party” and
  jointly - the “Parties”. The
  Parties have agreed to enter into this Option Agreement, hereinafter referred
  to as the “Option Agreement” as
  follows: NOW THIS DEED WITNESSES AS FOLLOWS:  DEFINITIONS AND INTERPRETATION  The following words and expressions shall
  have, where the context so admits, the following meanings: Acceptable Termination Grounds: the
  grounds for termination of the SOP participation that are not included in the
  category of Non-acceptable Termination Grounds hereunder, and that do not
  affect the Participant’s Right to Compensation. Such grounds may include the
  following:  Termination of the
  employment with the Participant by a company within the Group by reason of
  mutual consent;  Recognition of the SOP
  Participant as being incapable of performing his labor activities in accordance
  with a medical report, issued in accordance with the applicable legislation;  Participant’s death; 
  Recognition that the SOP Participant is missing or deceased pursuant
  to a court decision;  Other grounds.

  

 

	
  

  	
   Board:
  the board of directors of the Company. Business Day: shall mean a day (other than Saturday, Sunday and
  the State Holidays) when clearing banks are open for business. Calculation Date: the following
  dates of granting of the relevant Part of the Compensation to the
  Participant: Part 1 of the Compensation — March 31, 2010; Part 2 of the
  Compensation — March 31, 2011; Part 3 of the Compensation — March 31, 2012;
  Part 4 of the Compensation — March 31, 2013; Part 5 of the Compensation —
  March 31, 2013. Change of Control means
  the first to occur of any of the following events: (a) An entity is or
  becomes a beneficial owner, directly or indirectly, of shares of the Company
  representing more than 50% of the total voting power of the Company then
  outstanding shares; provided, however, that for the purposes of this
  subsection (a) the following acquisitions shall not constitute a Change of
  Control for the purposes of this Option Agreement: (i) any acquisition
  directly by the Company, (ii) any acquisition by any employee benefit plan
  sponsored or maintained by the Company or (iii) any acquisition by any
  corporation pursuant to a transaction that complies with clauses (i) or
  (ii) of subsection (b) of this definition; (iv) any transfer of the
  shares in the Company by the beneficiary owners of the shares into nominal
  share holding or into fiduciary management; (v) any transfer of the shares in
  the Company to the affiliated persons of the beneficiary owners of the shares
  in Company; (b) there is consummation of a merger, consolidation or other
  corporate transaction involving the Company, other than (i) a merger,
  consolidation or transaction as a result of which the shares held by the
  shareholders of the Company continue to represent (either by remaining
  outstanding or by being converted into voting securities of the surviving
  entity or any parent thereof) at least 50% of the combined voting power of
  the stock and

  

 

	
  

  	
   securities of the Company or such surviving
  entity or any parent thereof outstanding immediately after such merger,
  consolidation or transaction, or (ii) a merger, consolidation or
  transaction effected to implement a recapitalization of the Company (or
  similar transaction) in which no entity is or becomes the beneficial owner,
  directly or indirectly, of shares of the Company representing more than 50%
  of the combined voting power of the Company’s then outstanding shares; (c)
  the sale or disposition by the Company of all or substantially all of
  Company’s assets other than a sale or disposition by the Company of all or a
  substantial part of Company’s assets to affiliated persons of the Company or
  to affiliated persons of beneficial owners of shares in the Company. (d) the
  shareholders of the Company completed the liquidation of Company as a legal
  entity, except for reorganization of the Company which amounts to a
  transformation (change of the legal form of the Company). Compensation: the right of the
  Participant to acquire the Shares of the Company subject to the terms and
  conditions of this Option Agreement. Criteria
  of long-service (CLS): the condition that the Participant’s employment
  within the Group is continuing as at the Calculation Date of the respective
  Part of the Compensation. Dispute: dispute,
  controversy or claim arising out of or in connection with this Option
  Agreement, including any issue regarding its existence, validity, termination
  or breach. Employment Agreement: shall
  mean an employment agreement or contract between the Participant and any
  company within the Group. Exercise
  period: the period in which the Participant is entitled to receive
  Parts 1, 2, 3, 4 and 5 of the Compensation respectively, within which the
  Participant may submit to SPV the exercise notice. The Exercise period is
  equal to:

  

 

	
  

  	
  Part 1 of the
  Compensation — 5 years from the date of granting of the Right to the Part 1 of the Compensation;  Part 2 of the Compensation — 4 years from the date of granting of the Right to the Part 2 of the Compensation;   Part 3 of the Compensation — 3 years from the date of granting of the Right to the Part 3 of the Compensation;   Part 4 of the Compensation — 2 years from the date of granting
  of the Right to the Part 4 of the Compensation;  Part 5 of the Compensation - 2 years from the date of granting of the
  Right to the Part 5 of the Compensation.  Group
  or a company within the Group: Company, any of
  its subsidiary or associated companies, and any of its affiliated companies. Date of the Proposed IPO: the date
  of the first offering of the Company’s shares by way of an open subscription
  and/or offering of shares of the Company to a wide range of investors; KPI: key performance indicators
  which shall be the following:  Revenue of the consolidated
  statement of income of the Company 2012 fiscal year established by the Board for the purposes of the SOP
  in the amount of USD 260,000,000; and  EBITDA of the consolidated statement of income of the Company 2012 fiscal year established by the Board for the
  purposes of the SOP equal to USD 45,000,000.  Material
  damage: the following actions performed by the
  Participant with regard to the company within the Group:  Adoption of a decision by the Participant
  while performing his job responsibilities resulted in material damage to the
  company within the Group in the amount exceeding USD 200,000;  Performance of any
  actions (or

  

 

	
  

  	
   inaction) by the Participant while
  performing his job responsibilities resulted in material damage to the
  company within the Group in the amount exceeding USD 200,000. Nominal Value: the nominal value of
  each registered share as set out in the Memorandum and Articles of Association
  of the Company. Non-disclosure
  agreement: an agreement concluded between the Participant and Luxoft
  Holding Inc # 1DL dated 27 September 2010. Part of the Compensation: has the meaning indicated in clauses
  2.1.1. — 2.1.5. of this Option Agreement. Proposed IPO: the offering of shares of the Company by way of an
  open subscription and/or offering of shares of the Company to a wide range of
  investors; Right(s) to the
  Compensation: the right of the Participant to acquire/execute any Part
  of the Compensation pursuant to this Option Agreement. Shares: the registered bonus
  ordinary shares of the Company with no par value pursuant to the right to
  acquire shares which should be granted to the Participant as a Compensation
  in such amounts as set out in the Option Agreement. SOP: stock (share)
  option plan for long-term remuneration of employees of companies of the
  Group, which terms and conditions are set out in this Option Agreement. The
  SOP was adopted by the Board resolution (unanimous written consent of the
  directors of the Company) dated March 25, 2010. SOP Committee: an authorized body of the Company, specifically
  appointed for the purposes of SOP administration (in particular, to adopt any
  decisions regarding new Participants, for assessment of the particular reasons
  and grounds for termination of participation in the SOP by the Participant as
  being Unacceptable, etc.) by the Board resolution (unanimous written consent
  of the directors of the Company) dated March 25, 2010. Unacceptable Termination Grounds:
  the

  

 

	
  

  	
   grounds for termination of the Participant’s
  participation in the SOP for any reason if so is decided by the SOP Committee
  with regard to the Participant. i.e.: a) Being a shareholder personally or
  through third parties in the share capital of a competitor of the Group by
  acquiring 3% of the shares of the company-competitor of the Group; b)
  Conclusion by the Participant of an employment agreement or a contract with a
  company-competitor of the Group with regard to rendering (personally or by
  proxy) of services and/or performing of works in favor of a competitor of the
  Group; or assignment of rights and obligations under such a contract from a
  third party to the Participant 1 year following the date of termination of
  the Employment Agreement between the Participant and the company within the
  Group; c) Violation by the Participant of the conditions of Non-compete
  agreement, concluded by the Participant with the company within the Group; d)
  Violation by the Participant of the conditions of the Employment Agreement,
  Non-disclosure agreement, concluded by the Participant with the company
  within the Group; e) The Participant caused a Material damage to the company
  within the Group; f) The Participant has terminated the Employment Agreement
  with the company within the Group and has not ensured the transfer of duties.
  In this
  Option Agreement unless the context otherwise requires:  (a) references to statutory provisions shall be construed as
  references to those provisions as amended or re-enacted or as their application
  is modified by other provisions from time to time and shall include
  references to any provisions of which they are re-enactments

  

 

	
  

  	
   (whether with or without modification);  (b) references to clauses are references to clauses hereof; references
  to sub-clauses or paragraphs are, unless otherwise stated, references to
  sub-clauses of the clause or paragraphs of the section in which the reference appears;  (c) references to the singular shall
  include the plural and vice versa and references to the masculine shall
  include the feminine and/or neuter and vice versa.  1.
  SUBJECT OF THE OPTION AGREEMENT 1.1. In
  consideration of the Participant’s continuing employment with the Group, the SPV shall grant to the
  Participant the right to acquire the Shares as the Compensation under the SOP on the terms set out in this
  Option Agreement. The SPV agrees to transfer such Shares to the Participant
  in accordance with the procedure and subject to the conditions established by
  this Option Agreement. 1.2. The right to acquire Shares in the amount 54 230 (Fifty four thousand two hundred thirty) shall be granted to the
  Participant free of charge in parts provided that:  CLS are observed by the
  Participant (for Parts 1-5 of the Compensation) and  KPI set out in the present Option Agreement
  are achieved by the Company (for Part 5 of the Compensation). 2. GRANTING OF COMPENSATION  2.1. The Compensation shall be
  granted to the Participant in 5 (five) parts as follows:  2.1.1. Part 1 of the
  Compensation The SPV shall
  grant to the Participant a right to acquire the Shares constituting 60% of the total Compensation on the Calculation Date for Part 1
  of the Compensation (March

  

 

	
  

  	
   31, 2010) in the
  amount of 31 197 (Thirty one thousand hundred ninety seven), which shall constitute 3,00% (Three percent) of the placed shares of the Company on the date of
  execution of this Option Agreement. 2.1.2. Part
  2 of the Compensation The SPV shall
  grant to the Participant a right to acquire the Shares on the Calculation Date for Part 2 of the Compensation
  (March
  31, 2011) in the amount of 184 (One
  hundred eighty four) provided that the CLS set out in this Option Agreement are met by the Participant.  2.1.3. Part 3 of the Compensation The SPV shall grant to the Participant a right to acquire the Shares on the Calculation Date for Part 3 of the
  Compensation (March 31, 2012) in the
  amount of 185 (One hundred eighty five) provided that the
  CLS set out in this Option Agreement are met by the Participant.  2.1.4. Part 4 of the
  Compensation The SPV shall
  grant to the Participant a right to acquire the Shares constituting 20%
  of the total Compensation on the Calculation Date for Part 4 of the
  Compensation (March 31, 2013) in the
  amount of 11 160 (Eleven thousand hundred sixty), which shall constitute 1,00% (One percent) of the placed shares of the Company on the date of execution of this Option
  Agreement provided that the CLS set out in this Option Agreement are met by the
  Participant.

  

 

	
  

  	
   2.1.5. Part 5 of the Compensation The SPV shall grant to the
  Participant a right to acquire the Shares constituting 20% of the total Compensation on the
  Calculation Date for Part 1 of the Compensation (March 31, 2013) in the amount of 11 504 (Eleven thousand five hundred
  four), which shall constitute 1,00% (One percent) of the placed shares of the Company
  on the date of execution of this Option Agreement provided that KPI set out in this Option
  Agreement are achieved by the Company and CLS are
  met by the Participant. 3. EXERCISE
  OF THE RIGHT TO THE COMPENSATION 3.1. The Participant may only
  exercise his Right to the Compensation in the form of Shares of the Company
  partially or in full by way of a written exercise notice given to the SPV in
  accordance with the procedure set out in clause 11.4 of this Option
  Agreement. The exercised notice shall include:  The date on which the exercised notice is
  given;  The Statement to the effect
  that the Participant is exercising his Right to the Compensation with
  indication of the relevant Part(s) of the Compensation;  A date expiring after a certain period from
  the date of the exercise notice, on which the Shares transfer is to be
  completed. 3.2. Pursuant to an additional written agreement between the
  Parties the Shares, to be granted to the Participant to fulfill his Rights to
  the Compensation, may be kept by the SPV in its ownership within the agreed
  term after the granting of the relevant Part of the Compensation but within
  the Exercise period. Under the said agreement the SPV shall annually pay to
  the Participant an amount equal to the dividends applicable to these Shares
  within 5 Business Days after they are

  

 

	
  

  	
   transferred to the SPV’s account from the
  Company. Upon execution of such agreement the Shares shall be granted by the
  SPV to the Participant in accordance with the procedure set out in this
  Option Agreement. 3.3. The exercise notice shall be sent by the Participant
  to the SPV to the address indicated or fax number given in clause 11.4 of
  this Option Agreement. Once given, an exercise notice may not be revoked
  without the written consent of the SPV. 3.4. The SPV shall provide the holder
  of the Register for the Company and the Registered Agent for the Company 30
  (thirty) Business Days following receipt of notification with regard to
  execution with respect to the relevant Part of the Compensation with all the
  required documents evidencing the transfer of the shares’ title to the
  Participant with observance of and compliance with all the requirements and
  following such procedures as required by the legislation of British Virgin
  Islands. 3.5. The SPV shall be obliged to
  provide the Participant with an extract from the shareholders register
  confirming the fact of making an entry into the Register on the transfer of
  the Shares to the Participant within 30 (thirty) Business Days following
  receipt of notification of the Participant’s exercise notice when the respective Part of the
  Compensation is granted to him. The given
  term may be increased under circumstances which the SPV may not affect 3.6.
  The Shares shall be transferred with full title guarantee free from all
  liens, charges and encumbrances and with all rights attached to them at the
  date of the transfer of the Shares. 3.7. The Participant is entitled to sell
  or dispose otherwise the Shares granted to him in result of exercising his
  Right to the Compensation under the SOP in accordance with this Option
  Agreement (this provision, for the avoidance of doubt,

  

 

	
  

  	
   is applicable with respect to any Part of
  the Compensation) in compliance with the pre-emptive rights of the following
  Company’s shareholders: IBS Group and/ or Rus Lux and/ or SPV in the
  procedure set out in Addendum # 1 to this Option Agreement. The pre-emptive
  rights of the shareholders enlisted in this article shall be ceased: 3.7.1.
  from the Date of the Proposed IPO of the Company; or 3.7.2. for the avoidance
  of doubt, on the date upon which the shareholder ceases to hold any shares in
  the capital of the Company. 3.8 The parties hereby agree, that the part of the
  Options are granted in replacement of the Participants 5% share in the
  subsidiary of the Company — Luxoft RM SRL. Therefore, the Participant
  undertakes to conclude and register the agreement to transfer back to the
  Company the above 5% share in Luxoft RM SRL. Only after that the Participant shall have the right to
  exercise to the compensation part 5 (Agreement item 2.1). In this case the
  Company undertakes to buy the Shares in the amount of 5% in affiliated person
  Luxoft RM RSL from the Participant. 3.9. The Participant hereby agrees that if requested
  by the managing underwriter(s) in connection with an offering of shares of
  the Company registered pursuant to the U.S. Securities Act of 1933, as
  amended, (“Registered Offering”) such Participant will enter into a customary
  “lock-up agreement” with the managing underwriter(s) pursuant to which the
  Participant will agree not to sell or transfer any Shares or any beneficial interest in Shares of the Company during (x) a
  period of one hundred and eighty (180) days in the case of the Company’s
  initial public offering (“IPO”) following the date of the final prospectus
  related to the Company’s IPO (the “IPO Holdback Period”) and (y) a period not
  to exceed the IPO Holdback Period following the date of the final prospectus
  related to any Registered Offering, in each case subject to extension in
  connection with any earnings release or other release of material information
  pursuant to FINRA Rule 2711(f) to the extent

  

 

	
  

  	
   applicable.  4. WARRANTIES AND UNDERTAKINGS 4.1. The Company represents and warrants that: a) as at the
  execution of this Option Agreement the Participant’s right to obtain the
  particular Part of the Compensation and the Shares are free from all liens,
  charges and encumbrances, are not under bail or arrest or encumbrance in any
  other way, are not the subject of any disputes, there are no court or any
  other authorities decisions entered into force with regard to the Shares,
  prohibiting or restricting the right of disposal of the Shares and other
  rights thereto; b) there are no established restrictions with regard to the
  disposal of the Shares which interfere and (or) make it impossible to duly
  fulfill such obligations. 4.2. The Participant agrees and undertakes to the
  Company and the SPV that he will not, during the period of his employment
  with the company within the Group as well as the period of one year following
  the termination of his employment with the company within the Group, by
  himself or, through his employees or agents or otherwise and whether directly
  or indirectly or on his own behalf or on behalf of any person do any of the
  activities set out in the Non-compete conditions. 4.3. If any Participant
  will be assessed by the SOP Committee as the Participant terminated the
  participation in the SOP under Unacceptable Termination Grounds set out in
  the section Terms and Definitions of this Option Agreement the parties’
  (including any relevant third party (if any)) relations should be subject to
  application of clause 8.2. of this Option Agreement.

  

 

	
  

  	
  4.4. The SPV
  represents and warrants to the Participant that: 4.4.1. it has full power and
  authority to grant the right to acquire the Shares on the terms and
  conditions of this Option Agreement; 4.4.2. it is, and will remain during the
  term of this Option Agreement, the legal and beneficial owner of the Shares,
  subject only to the rights of the Participant under this Option Agreement;
  4.4.3. the Shares represent 5% (Five percents) of the ordinary shares of
  share capital of the Company issued or agreed to be issued and there is no
  option or right outstanding in favour of any third party to subscribe for any
  of the Shares (other than the Participants). 5. TAXATION 5.1. The relationship of the Participant to the SPV
  or the Company shall not represent employment relations between the Parties
  and nothing in this Option Agreement shall render the Participant the
  SPV’s/Company’s employee. 5.2. This Option Agreement is not a contract of
  employment and accordingly the Participant shall be fully responsible for any
  personal income tax to be paid under the applicable legislation and any other
  liability, deduction, assessment or claim arising from or made in connection
  with this Option Agreement, where such recovery is not prohibited by law.
  5.3. Accordingly, the Participant will not be entitled to gross-up the amount
  of the Compensation received pursuant to clause 5.2 of this Option Agreement.

  

 

	
  

  	
   6.
  CONDITIONS OF THE RIGHT TO THE COMPENSATION 6.1. The Right to the
  Compensation shall be personal to the Participant and shall not be
  transferred or assigned by the Participant otherwise than by last will or by
  the laws of descent or succession. Any transfer, assignment, or any other
  dealing with the Compensation by the Participant contrary to the provisions
  of this Option Agreement shall render the relevant Compensation void, which
  shall preclude any Right to the Compensation (save for any Shares which have
  already been issued to the Participant). 6.2. In the event of the death of the
  Participant prior to receipt of the Compensation and provided that the
  Participant would have qualified for the Compensation under the terms of this
  Option Agreement at the date of his death, the Right to Compensation shall be
  transferred to the designated beneficiary (ies) of the Participant, enlisted
  in the Addendum # 2 to this Option Agreement
  provided that the laws of descent or succession in the country
  where the Participant lived prior to his death permit this and provided
  that any legal formalities required by such laws of descent or succession
  have been complied with. Following such transfer, the designated beneficiary
  may have the right to receive the Compensation in cash in accordance with
  clause 10 of this Option Agreement. 7. EARLY TERMINATION OF THE OPTION
  AGREEMENT 7.1. This Option Agreement shall terminate in the event of
  termination of the employment between the company of the Group and the
  Participant. In this case the termination date of this Option Agreement shall
  be the last working day of the Participant with the company within the Group.
  The following provisions of this Option Agreement shall survive termination
  of this Option Agreement: clauses 5.2, 6.2, 8.4, 9, 10, 11.2 to 11.10.

  

 

	
  

  	
   8.
  TERMINATION OF RIGHTS TO COMPENSATION 8.1. The Parties agree that the
  Participant shall cease to be entitled to the relevant Part of the Right to
  the Compensation which have not already been granted to the Participant as
  provided for by this Option Agreement in the following circumstances: 8.1.1.
  The Participant has not met the relevant CLS stipulated in this Option
  Agreement (for Parts 1-5 of the Compensation) except for the case provided
  for in clause 8.4 of this Option Agreement. 8.1.2. The Company has not met
  KPI set out in this Option Agreement (for Part 5 of the Compensation). 8.2.
  The Participant terminated the participation in the SOP due to Unacceptable Termination
  Grounds shall be subject to one of the following implications under the SOP
  Committee decision: a) The Participant shall be entitled to retain the Shares granted to
  the Participant by the moment of termination of participation in the SOP but
  loses his Right to the Compensation which was granted but not exercised by the Participant by the moment of termination of
  participation in the SOP; b) The
  Shares, granted to the
  Participant by the moment of termination of his participation in the SOP, shall be subject to buy-back in
  accordance with clause 9 of this Option Agreement. The Participant shall lose
  his Right to the Compensation which was granted but not exercised by the Participant and to the Compensation which has not been granted to the
  Participant by the moment of termination of participation in the SOP. 8.3. In cases listed in clause 8.1 of this Option

  

 

	
  

  	
   Agreement the Participant and his
  beneficiaries enlisted in the Addendum #2 to this Option Agreement, hereby
  waive any and all rights to Compensation and/or any claims he may have
  against the Group, Company and SPV by reason of and relating to this Option
  Agreement including for the avoidance of doubt any claim for damages in
  respect of this Option Agreement by virtue of the termination of the
  participation in the SOP. 8.4. If at any time during the term of this Option
  Agreement the participation in the SOP is terminated based on Acceptable
  Termination Grounds, the Participant shall retain his Right to the Part of
  the Compensation which has accrued during the period of the Employment
  Agreement under this Option Agreement (rounded up to the nearest number of
  whole Shares). The exact amount of the Compensation in each case shall be
  determined by the SOP Committee and indicated in the addendum hereto. 8.5. In
  case that in result of Change of Control of the Group, which took place at
  any time during the term of this Option Agreement: 8.5.1. the termination of
  employment of the Participant by a company within the Group has occurred
  (termination of the Employment Agreement on the initiative of the company
  within the Group) — in this case the Participant should be granted with the
  Right to the Compensation anticipatorily at the moment of termination of
  employment and in full volume irrespective of achieving KPI by the Company and meeting CLS by the Participant in accordance with this Option
  Agreement, including, for the
  avoidance of doubt, the Right to those Parts of the Compensation, which date
  of grant has not been met by the moment of termination of employment of the
  Participant:

  

 

	
  

  	
   8.5.2. the Employment Agreement with the
  Participant continues — in this case the Participant retains his Right to the
  Compensation in accordance with this Option Agreement.  9.
  BUY-BACK CONDITION 9.1. If any
  Participant will be assessed by the SOP Committee as the Participant
  terminated the participation in the SOP under Unacceptable Termination
  Grounds set out in of the section Terms and Definitions of this Option
  Agreement such Participant, under the SOP Committee decision on application
  to him of sub-clause b) of clause 8.2 of this Option Agreement, shall be
  deemed to have offered for sale at a Nominal Value by way of a transfer
  notice (“Deemed Transfer Notice”)
  to the SPV and the SPV shall purchase: 9.1.1. all of the Shares held by the
  Participant; 9.1.2. in respect of all Shares subsequently acquired by the
  Participant and the holders of the Shares (“Transferred Shares”) which have been transferred by the
  Participant after the date of the deemed service of a Deemed Transfer Notice.
  9.2. Completion of the sale and purchase of the Shares under clause 9.1 shall
  take place within ninety (90) days of the Deemed Transfer Notice. 9.3. When
  the conditions set out in clause 9.1 of this Option Agreement occur: 9.3.1.
  any transfer notice previously issued or deemed issued to the Participant in
  relation to his Shares shall immediately be cancelled (unless all the Shares
  subject to it

  

 

	
  

  	
   have already been sold) and no further
  transfer notice shall be issued or deemed to be issued in respect of such
  Shares (except for Deemed Transfer Notice under clause 9.1. of this Option
  Agreement); and 9.3.2. none of the Shares which are the subject of the Deemed
  Transfer Notice shall entitle the transferor of such Shares to receive notice
  of, attend or vote at any general meeting of the Company or meeting of the
  holders of Shares of the same class and such Shares shall not be counted in
  determining the total number of votes which may be cast at any such meeting
  or for the purposes of a written resolution of any members or class of
  members. 9.4. If a Participant fails to transfer any Shares the subject of a
  Deemed Transfer Notice when required pursuant to clause 9.1 of this Option
  Agreement, the Board may authorize any person (who shall be deemed to be the
  attorney of the Participant for that purpose) to execute the necessary
  transfer of such Shares and deliver it on the Participant’s behalf. The
  Company may receive the purchase money for the relevant Shares from the SPV
  and shall, upon receipt of the duly stamped transfer, register the SPV as the
  holder of those Shares. The Company shall hold the purchase money in a
  separate bank account on trust for the Participant but shall not be bound to
  earn or pay interest on any money so held. The Company’s receipt for the
  purchase money shall be a good discharge to the SPV (who shall not be
  concerned to see to the application of it). After the name of the SPV has
  been entered in the register of members in purported exercise of the power
  conferred by this clause 9.4, the validity of that exercise shall not be
  questioned by any person.

  

 

	
  

  	
   10.
  ACQUISITION OF SHARES/ASSIGMENT OF THE RIGHT TO THE COMPENSATION 10.1.
  The SPV shall be entitled to propose annually to the Participant to acquire
  his Shares and/ or assign the Rights to the Compensation and to provide the
  Participant with the relevant consideration (hereinafter — “Consideration”). 10.2. The proposal
  for acquisition of the Shares/ assignment of the Rights to the Compensation
  shall be sent by the SPV to the Participant by way of a notification,
  indicating the following: a) date of the proposed acquisition/ assignment; b)
  amount of Consideration, determined on the basis of evaluation performed by
  the Company; c) quantity of Shares/ Rights to the Compensation to be acquired
  by the SPV in the respective period (quota); d) term within which the
  Participant shall submit an application to the SPV of his intention to sell
  the Shares/ to assign the Right(s) to the Compensation. 10.3. In case the
  Participant agrees to the above proposal he shall express his intention to
  sell the Shares/ assign his Right(s) to the Compensation by virtue of
  submitting to the SPV a written application within the term indicated in the
  notification, stipulating the quantity of the Shares to be the subject of the
  sale/ assignment of the Right(s) to the Compensation to the SPV. 10.4. The
  SPV shall within 3 (three) Business Days of receipt of the application shall
  make an assessment of the application and shall inform the Participant of the
  exact amount of Shares/ Right(s) to the Compensation

  

 

	
  

  	
   subject to acquisition/assignment by the
  SPV, based on the quota by virtue of notification. 10.5. If the Participant
  accepts the offer by the SPV to acquire the Shares/ assign the Right(s) to
  the Compensation, on the terms offered, the Parties shall enter into an
  agreement in relation to the sale of the Shares/ assignment of the Right(s)
  to the Compensation. 11.
  MISCELLANEOUS 11.1.
  Employment. This Option Agreement shall not in any way alter the Participant’s
  employment status with any company within the Group or guarantee employment
  for any period of time, and it does not establish or construe any part of
  labor relations between the Participant, SPV and the Company. 11.2. Confidentiality. The Parties undertake
  to observe confidentiality in all matters related to this Option Agreement
  and their performance hereunder. Confidential information shall be any
  information transferred or disclosed by any of the Parties to the other in
  the course of performance of this Option Agreement. This clause shall not
  apply to information and data which is: 
  generally available to the public otherwise than through the default
  of the Participant;  available or
  becomes available to one Party on a non-confidential basis from a source
  other than the other Party,  becomes
  known to one Party independent of any information furnished by one of the
  other Parties;  disclosed pursuant to a
  legal requirement or by an order of the

  

 

	
  

  	
   court or which is a protected disclosure in
  accordance with the Public Interest Disclosure Act 1998 (if applicable).
  Confidential information can be stated in letters, notices and other
  documents, both in physical and electronic forms. Unless otherwise stipulated
  in the legislation, the Parties will: 
  not share, discuss the content, provide copies, publish or disclose in
  any other form to third parties Confidential information without the prior
  written consent of the other Party. The written consent is not required if
  disclosure to the state authorities authorized to request such information is
  required by law, on the basis of the duly executed request to provide such
  information, judicial bodies and representatives of the appropriate Party for
  the purpose of defending and exercising rights under this Option Agreement
  (in all abovementioned cases — without notifying the other party);  take all measures and use all legal means
  for protecting Confidential information and avoiding its unauthorized
  disclosure;  use Confidential
  information only for purposes of implementing the Option Agreement; not
  disclose to third parties the fact of the transfer or obtaining of
  Confidential information. The Participant agrees to keep the

  

 

	
  

  	
   existence and terms of this Option Agreement
  strictly confidential and will not divulge such terms to any person, except
  for members of his immediate family, and any advisors consulted by the
  Participant for legal, financial or tax advice in respect of this Option
  Agreement and/or assistance in ensuring compliance with the terms herein. 11.3. Governing Law; Resolution of
  Disputes. This Option Agreement shall be governed by and construed in
  accordance with the laws of England and Wales. Any Dispute shall be referred
  to and finally resolved by the London Court of International Arbitration for
  final and binding resolution under UNCITRAL rules, which rules are deemed to
  be incorporated by reference into this clause. The arbitration shall be
  conducted in the City of London, before one arbitrator appointed in
  accordance with the UNCITRAL rules and the language of the arbitration shall
  be English. The arbitrator shall have the power to issue such orders for
  interim relief pending final award as may be necessary to preserve the rights
  of the Parties, without prejudice to the final determination of the Dispute.
  Any arbitral award shall be in writing and shall state the reasons therefore.
  11.4. Notices and notifications.
  Any notice or notification to be given under this Option Agreement will be in
  writing and shall be signed by or on behalf of a Party giving it and will be
  deemed to be sufficiently served by one Party on the other if it is either
  sent by fax, delivered personally or by an international or courier service
  and addressed to the Party to whom it is to be given, in the case of the

  

 

	
  

  	
   Participant at his last known residence. Any
  notice or notification so served by hand, fax or overnight courier shall be
  deemed to have been duly given: (i) in the case of delivery by hand, when
  delivered; (ii) in the case of fax, at the time of transmission; (iii) in the
  case of overnight delivery, at noon on the next Business Day following the
  date of delivery to the courier; provided that in each case where delivery by
  hand or by fax occurs after 6 p.m. on a Business Day or on a day which is not
  a Business Day, service shall be deemed to occur at 9 a.m. on the next
  following Business Day. Any notice or notification shall be given by the
  Parties at the following addresses: To
  the SPV: Luxoft SOP Attn: Directors c/o IBS

  PO BOX 1122

  Hewitt, NJ 07421

  USA Fax: (201) 505 9526 To the IBS
  Group: Kissack Court 29 Parliament Street IM8 1JA Ramsey Isle of Man
  Fax: (201) 505 9526 To Rus Lux :
  4th Floor, West Wing Trafalgar Court Admiral Park St Peters Port Guernsey,
  GY1 2JA Channel Islands Fax: +44 1481 723162 For the Attention of the
  Directors

  

 

	
  

  	
   To
  the Participant: Belomorskaya Str. 20 bld 3-60 Moscow, Russia, 125195 To the Company: Akara Bldg., 24 De
  Castro Street, Wickhams Cay I, PO box 3136 Road Town, Tortola, BVI Fax: (201)
  505 9526 11.5. Sections and Headings.
  All section references in this Option Agreement are to sections hereof for
  convenience of reference only and are not to affect the meaning of any
  provision of this Option Agreement. 11.6.
  Language. The Option Agreement is made in five copies, one copy for each
  Party, each of five copies being of equal legal power. Should different
  interpretations arise from translation, the English version shall prevail.
  All notices, demands, requests, statements, certificates or other documents
  or communications shall be in English unless otherwise agreed upon by the
  Parties. 11.7. Counterparts.
  This Option Agreement may be executed in any number of counterparts and by
  the Parties to it on separate counterparts, each of which is an original but
  all of which together constitute one and the same instrument. 11.8. Waiver. No failure or delay by
  any Party in exercising any right or remedy provided by law or under or
  pursuant to this Option Agreement shall impair such right or remedy or
  operate or be construed as a waiver or variation of it or preclude its
  exercise at any subsequent time and no single or partial exercise of any such
  right

  

 

	
  

  	
   or remedy shall preclude any other or
  further exercise of it or the exercise of any other right or remedy. No provision in this Option Agreement
  may be amended unless such amendment is agreed to in writing, signed by the
  Participant and by a duly authorised officer of the SPV and the Company. No waiver by either Party of any breach by
  the other Party of any condition or provision of this Option Agreement to be
  performed by such other Party shall be deemed a waiver of a similar or
  dissimilar condition or provision at the same or any prior or subsequent
  time. Any waiver must be in writing and signed by the Participant or a duly
  authorised officer of the Company and the SPV, as the case may be.  11.9. Third Party Rights According to The Contracts (Rights of Third
  Parties) Act, no third party which is not the
  party of this Option Agreement, except for any company within the Group, any
  shareholder(s) of the Company and the beneficiary (ies) of the Participant
  specified in the Addendum #2 to this Optional Agreement, shall have any right
  with regard to the fulfillment of conditions of current Option Agreement, and
  shall not have any demand regarding its execution. 11.10. Severability  If any provision of this Option Agreement (or part
  of a provision) is found by any court or administrative body of competent
  jurisdiction to be invalid, unenforceable or illegal, the other provisions
  shall remain in force. If any invalid, unenforceable or illegal provision
  would be valid, enforceable or legal if some part of it were deleted, the
  provision shall apply with whatever modification is necessary to give

  

 

	
  

  	
   effect to the commercial intentions of the Parties.  

  

 

	
  

  	
   EXECUTED AS A DEED as of the date first written
  above.  SIGNED on behalf of the Company  
  Granovsky Glen /s/ Glen Granovsky
  Director SIGNED on behalf of the SPV Zabezhinsky
  Leonid /s/ Leonid Zabezhinsky Director SIGNED by the Participant Loschinin Dmitry /s/ Dmitry
  Loschinin SIGNED on behalf of
  IBS Group Rodionov Ivan /s/ Ivan Rodionov Director SIGNED on behalf of Rus Lux

  

 

	
  

  	
    Addendum
  # 1 to the Option Agreement dated 27 September 2010 THE ORDER OF DISPOSAL OF THE SHARES IN
  COMPLIANCE WITH THE PRE-EMPTIVE RIGHTS OF THE COMPANY’S SHAREHOLDERS: IBS
  GROUP HOLDING LIMITED, RUS LUX LIMITED AND SPV  DEFINITIONS
  AND INTERPRETATION  The following words and expressions mentioned in this Addendum
  shall have, where the context so admits, the following meanings: Articles: the articles of
  association of the Company as amended from time to time. Director: director of the Company. Encumbrance: any mortgage, charge,
  pledge, lien, restriction, assignment, hypothecation, security interest,
  title retention or any other agreement or arrangement the effect of which is
  the creation of security, or any other interest, equity or other right of any
  person (including any right to acquire, option, right of first refusal or
  right of pre-emption), or any agreement or arrangement to create any of the
  same. SECTION 1  1.1.
  General prohibition The
  Participant is entitled to do, or agree to do, any of the following only in compliance with the procedure set out in this Addendum,
  or agreed by the other shareholders of the
  Company in writing:  a) Sell, transfer or otherwise
  dispose of, any of his Shares or any interest in any of his Shares;  b) Encumber any of his Shares or any interest in any of his Shares;  c) Enter into any agreement or arrangement in respect of the votes or
  other rights attached to any of his Shares;

  

 

	
  

  	
   d) Enter into any agreement or arrangement to do any
  of the foregoing.  1.2.
  Transfer to third parties  The Participant (hereinafter, the “Selling
  Participant”) may transfer his Shares to a third party only if it
  receives an offer from such third party (hereinafter, the “Offer”)
  which: (a) Is a bona fide offer in writing; (b) Is from a third party which
  has its own financial resources to meet its obligations under the Offer or
  has a legally binding commitment from a lender for financing of the Share
  transfer in accordance with the terms of the transfer;  (c) Is irrevocable during the period of the Offer, which cannot be
  less than 40 (forty) days;  (d) Is governed by English law;  (e) Is for cash consideration
  only; and (f) Contains all material terms and
  conditions (including the price and the intended completion date of the
  Offer); And in circumstances in which the Participant complies with the
  remaining provisions of this Addendum.  1.3.
  Notice of offers If a Selling
  Participant receives an Offer which he wishes to accept, he must immediately
  give written notice to the shareholders of the Company indicated in clause
  3.7. of the Option Agreement (or such persons as those shareholders may have
  transferred their shares to, as notified by the Company to the Participant,
  hereinafter, the “Remaining
  Shareholders”). This notice shall contain the details of the proposed
  purchaser,

  

 

	
  

  	
   number of the Shares and the purchase price
  for the Shares (hereinafter, the “Transfer
  Notice”), as well as an offer to sell those Shares which are subject
  to the Offer to the Remaining Shareholder(s) at the same cash price as set
  out in the Offer and on terms which are no less favorable than those
  contained in the Offer. The Transfer Notice shall also contain full details
  of all other terms and conditions of the Offer. 1.4. Options
  of Remaining Shareholders Once the
  Remaining Shareholder has(ve) received a Transfer Notice it/they may: (a)
  Send a written notice to the Selling Participant within 30 (thirty) calendar
  days accepting the offer set out in the Transfer Notice; (b) Send a written
  notice to the Selling Participant within 30 (thirty) calendar days declining
  the offer set out in the Transfer Notice; (c) Not reply to the Transfer
  Notice within 30 (thirty) calendar days or reply in a manner other than as
  specified in points (a), (b) of this clause. In those cases the Remaining
  Shareholder(s) shall be deemed not to have accepted the offer set out in the
  Transfer Notice. 1.5. Consequences of Transfer Notice (a) If the offer set out in the Transfer Notice is accepted,
  the Selling Participant must sell his Shares to the
  Remaining Shareholders. (b) If the offer set out in the Transfer Notice is
  not accepted, or deemed not to be accepted, the Selling 

  

 

	
  

  	
   Participant may accept the Offer and sell his Shares on the terms and conditions of the Offer. 1.6.
  Completion of transfer The sale of
  the Shares pursuant to this Addendum # 1 shall be made on the following
  terms: (a) Completion of the transfer of the Shares shall take place 7
  (seven) Business Days after the date of expiry of 30 (thirty) calendar days
  period from the Transfer Notice receipt or any later date according to the
  Offer (hereinafter, the “Transfer
  Date”) and at such reasonable time and place as the shareholders agree
  or, failing which, at noon at the registered office of the Company; (b) the
  Selling Participant and, if relevant, the Remaining Shareholder (s) must
  deliver to the purchaser in respect of the Shares which it/they is/are
  selling on or before the Transfer Date: i. duly executed share transfer
  forms; ii. the relevant share certificates; and iii. a power of attorney in
  such form and in favor of such person as the purchaser may nominate to enable
  the purchaser to exercise all rights of ownership in respect of the Shares to
  be sold including voting rights; (c) the purchaser must pay the total
  consideration due for the Shares to the Selling Participant and, if relevant,
  the Remaining Shareholder(s) by the same day transfer of funds to the bank
  account(s) notified to it for the purpose on the Transfer Date; (d) if
  relevant, completion of the sale of the Shares of the Selling Participant and
  the Remaining Shareholders must 

  

 

	
  

  	
   take place simultaneously; and (e) in
  accordance with the provisions of Section 2 of this Addendum. 1.7. The provisions of paragraphs
  1.1. to 1.6. shall not apply to transfers of any Shares by the Participant to
  third parties after the Date of the Proposed IPO.  1.8. Failure to complete sale (a) If the Selling Participant and/or, if relevant, the
  Remaining Shareholder(s) fail(s) or refuse(s) to comply with his/their obligations under this Addendum, the Company may
  authorize a person to execute and deliver the necessary transfer on his/their behalf. The Company may receive the purchase money in
  trust for the Selling Participant and/or, if relevant, to the Remaining
  Shareholder(s) and cause the purchaser to be registered as the holder of the
  Shares being sold. The receipt of the Company for the purchase money shall be
  a good discharge to the purchaser (who shall not be bound to see to the
  application of those moneys). After the purchaser has been registered as
  holder of the Shares being sold in purported exercise of these powers, the
  validity of the proceedings shall not be questioned by any person. (b) If a
  Selling Participant fails or refuses to transfer any Shares in accordance
  with this Addendum, the other shareholder(s) may serve a default notice. At
  the end of the period of 5 (five) Business Days from the date of service of
  such a default notice (unless the non-compliance has previously been remedied
  to the reasonable satisfaction of the other shareholder), the defaulting
  Participant shall not be entitled to exercise any of his/their rights in relation to this Option Agreement and

  

 

	
  

  	
   the Articles. The directors appointed by the
  defaulting Participant (or his predecessor(s)
  in title) shall not: i. Be entitled to vote at any Board meetings; ii. Be
  required to attend any meeting of Directors in order to constitute a quorum;
  or iii. Be
  entitled to receive or request any information from the Company.  1.9. General The Participants shall keep the Company informed, at all times,
  on the issue and contents of any notice(s) served pursuant to this Addendum
  and any election or acceptance relating to those notices. SECTION
  2: SHARE
  TRANSFER PROVISIONS  2.1. Any sale and/or transfer of
  Shares pursuant to the Option Agreement shall be on terms that those Shares:   are transferred with full legal
  and beneficial title free from all Encumbrances; and   are transferred with the
  benefit of all rights attaching to them as at the date of the agreement to
  sell or transfer the Shares, as appropriate but without the benefit of any
  other warranties or representations whatsoever.  2.2. The Directors shall promptly register any transfer of Shares
  permitted by the Option Agreement and each Participant shall procure that
  each Director  

  

 

	
  

  	
   appointed by him shall comply with this obligation.  2.3. The parties shall procure that a transfer of Shares is not
  approved for registration unless the Option Agreement and the Articles have
  been complied with. The Company shall procure that each share certificate for
  Shares issued by it shall carry the following statement:  “Any disposition, transfer, change of or dealing in any other in the
  Shares represented by this certificate is restricted by the Option Agreement
  dated 27 September 2010 and made between Luxoft Holding
  Inc., Luxoft SOP Company S.A., IBS Group, Rus Lux and Mr. Loschinin Dmitry.”  2.4. Each party shall do all things
  and carry out all acts which are reasonably necessary to effect the transfer
  of the Shares in accordance with the terms of the Option Agreement in a
  timely fashion.  2.5. On ceasing to be a
  shareholder, the Participant must use reasonable endeavours to hand over to
  the Company, save to the extent required by law, material correspondence,
  budgets, business plans, schedules, documents and records relating to the
  business held by him or any third party which has
  acquired such matter through that Participant and shall not keep any copies.  2.6. Upon a transfer of all the Shares held by the Participant   the continuing shareholder
  shall procure that all loans, borrowings and indebtedness in the nature of
  borrowings outstanding owed by the Company to the transferring  

  

 

	
  

  	
   Participant (together with any accrued interest) are
  either assigned to the continuing shareholder for such value as may be agreed
  between the transferring Participant and the continuing shareholder, or
  failing agreement with the continuing shareholder, are repaid by the Company;   all loans, borrowings and
  indebtedness in the nature of borrowings outstanding owed by that
  transferring Participant to the Company shall be repaid; and  the continuing shareholder shall use all reasonable endeavors (but
  without involving any financial obligation on its part) to procure the
  release of any guarantees, indemnities, security or other comfort given by
  the transferring Participant to or in respect of the Company or its business.  2.7. Any assumption of the obligation of the transferring Participant
  by the continuing shareholder(s) is without prejudice to the
  right of the continuing shareholder and/or the Company to claim from the
  transferring Participant in respect of liabilities arising prior to the
  completion date of the transfer of Shares.  2.8. If a Participant ceases to be a shareholder it shall immediately
  upon transfer of his Shares procure the resignation of all his appointees to
  the Board. If the continuing shareholder(s) requests, it shall do all such things and sign all such documents as
  may otherwise be necessary to procure the resignation or dismissal of such
  person in a timely manner.  2.9. Those resignations shall
  take effect without any liabilities on the Company for compensation for loss
  of office or otherwise except to the extent that the liability arises in
  relation to a service contract with a Director who was acting in an executive
  capacity. Any Participant removing a Director appointed by him shall fully indemnify and hold harmless the other shareholder and the
  Company from and against any claim for unfair or

  

 

	
  

  	
   wrongful dismissal arising out of such removal.

  

 

 

 

 

	
  

  	
   Addendum
  # 2 to the Option Agreement dated 27 September 2010    List
  of beneficiary(ies) of the Participant Name, Surname, Passport Details Loschinina Olga Passport #
  issued on 28/07/2010 by Otdeleniem po raiony Hamovniki OYFMC Russia Moscow
  CAO, subdivision code 770-011 

  

 

 

 

 

39

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