Document:

EX-4.5

 Exhibit 4.5 
 AMENDED AND RESTATED REGISTRATION RIGHTS 
 AGREEMENT 

by and between 
 QIWI plc 
 and 

The Investors Party Hereto 
 Dated as of             , 2013 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
	 1.
	 	 DEFINITIONS
	  	 	1	  
			
	 2.
	 	 REGISTRATION RIGHTS
	  	 	3	  
				
		 	 2.1
	 	Demand Registration	  	 	3	  
				
		 	 2.2
	 	Piggyback Registration	  	 	5	  
				
		 	 2.3
	 	Withdrawal Rights	  	 	5	  
				
		 	 2.4
	 	Underwriting Requirements	  	 	6	  
				
		 	 2.5
	 	Obligations of the Company	  	 	7	  
				
		 	 2.6
	 	Furnish Information	  	 	9	  
				
		 	 2.7
	 	Expenses of Registration	  	 	10	  
				
		 	 2.8
	 	Indemnification	  	 	10	  
				
		 	 2.9
	 	Reports Under Exchange Act	  	 	12	  
				
		 	 2.10
	 	Termination of Registration Rights	  	 	13	  
				
		 	 2.11
	 	Other Registrations	  	 	13	  
				
		 	 2.12
	 	Holdback Agreements	  	 	13	  
				
		 	 2.13
	 	Ceasing to be a Foreign Private Issuer	  	 	13	  
			
	 3.
	 	 MISCELLANEOUS
	  	 	14	  
				
		 	 3.1
	 	Successors and Assigns	  	 	14	  
				
		 	 3.2
	 	Governing Law and Arbitration	  	 	14	  
				
		 	 3.3
	 	Effectiveness; Term	  	 	14	  
				
		 	 3.4
	 	Counterparts; Facsimile	  	 	14	  
				
		 	 3.5
	 	Titles and Subtitles	  	 	15	  
				
		 	 3.6
	 	Notices	  	 	15	  
				
		 	 3.7
	 	Amendments and Waivers	  	 	15	  
				
		 	 3.8
	 	Severability	  	 	15	  
				
		 	 3.9
	 	Aggregation of Stock	  	 	15	  
				
		 	 3.10
	 	Entire Agreement	  	 	16	  
				
		 	 3.11
	 	Delays or Omissions	  	 	16	  
				
		 	 3.12
	 	Equitable Relief	  	 	16	  
		
	 SCHEDULE A Investors
	  	 	19	  

  
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 This AMENDED AND RESTATED REGISTRATION RIGHTS AGREEMENT (“Agreement”) is made as of the
     day of         , 2013, by and among QIWI plc (the “Company”) and each of the investors listed on Schedule A hereto, each of which is referred to in this
Agreement as an “Investor,” and collectively as the “Investors.” 

RECITALS 

WHEREAS, the Company and the Investors entered into a Registration Rights Agreement on May 02, 2013 (the “Prior Registration Rights
Agreement”) a form of which was filed as an exhibit to the Registration Statement the Company filed with the Securities and Exchange Commission on Form F-1 in connection with the initial public offering (the “IPO”) of
depositary receipts representing its Class B Shares (as defined below) (the “IPO Registration Statement”) which became effective on May 2, 2013. 
 WHEREAS, pursuant to the Prior Registration Rights Agreement the Company agreed to provide the Investors with the registration rights specified in the Prior Registration Rights Agreement with respect to
any Registrable Securities (as defined below) held by the Investors or any other Holder on the terms and subject to the conditions set forth therein. 
 WHEREAS, the Company and the Investors wish to amend and restate the Prior Registration Rights Agreement and replace it in its entirety with the rights and obligations set forth in this Agreement.

 NOW, THEREFORE, in consideration of the mutual covenants and agreements hereinafter contained and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
  

	1.	DEFINITIONS 

 For purposes
of this Agreement: 
 “Affiliate” means, with respect to any specified Person, any other Person who or which,
directly or indirectly, controls, is controlled by, or is under common control with, such specified Person, including without limitation any general partner, executive officer or director of such Person and any venture capital or other fund now or
hereafter existing that is controlled by one or more general partners or managing members of, or shares the same management company with, such Person. 
 “Business Day” means any day that is not a Saturday, Sunday or other day on which banking institutions doing business in
 New York, New York are authorized or obligated by law or
required by executive order to be closed. 
 “Class A Shares” means Class A shares of the Company.

 “Class B Shares” means Class B shares of the Company. 

“Exchange Act” means the United States Securities Exchange Act of 1934, as amended, and the rules and regulations
promulgated by the SEC thereunder. 
 “Excluded Registration” means (i) a registration on Form S-8 relating
to the offering of securities to employees of the Company or a subsidiary pursuant to a stock option, stock purchase, or similar plan, or (ii) a registration on Form F-4 relating to a business combination. 

“Form F-1” means such form under the Securities Act as in effect on the date hereof or any successor registration form
under the Securities Act subsequently adopted by the SEC. 

  
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 “Form F-3” means such form under the Securities Act as in effect on the
date hereof or any successor registration form under the Securities Act subsequently adopted by the SEC. 

“Holder” means any Investor who is a holder of Registrable Securities and who is a party to this Agreement and included
in Schedule A to this Agreement or any permitted transferee of such Registrable Securities pursuant to Section 3.1. 

“Immediate Family Members” means a child, stepchild, grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law, including adoptive relationships, of a natural person referred to herein. 

“Initiating Holders” means, collectively, Holders who initiate a registration request pursuant to Section 2.1 of
this Agreement. 
 “Person” means any individual, corporation, partnership, trust, limited liability company,
association or other entity. 
 “Registrable Securities” means (i) the Class B Shares beneficially owned by
an Investor upon the closing of the IPO, or issuable to an Investor upon conversion of any Class A Shares beneficially owned by an Investor upon the closing of the IPO into Class B Shares, and (ii) any shares or other securities issued in
respect of such Class B Shares, or issuable to an Investor upon conversion of any shares or other securities issued in respect of such Class A Shares, by reason of or in connection with any stock dividend, stock distribution, stock split,
purchase in any rights offering or in connection with any exchange for or replacement of such Class B Shares or such Class A Shares or any combination of shares, recapitalization, merger or consolidation, or any other equity securities issued
pursuant to any other pro rata distribution with respect to Class B Shares or such Class A Shares; excluding in all cases, (i) any shares for which registration rights have terminated pursuant to Section 2.10 of this Agreement and
(ii) any Class A Shares that have not otherwise converted into Class B Shares, provided, however, that the term Registrable Securities shall include, if applicable, depositary shares, or, as the case may be, depositary receipts evidencing
and/or representing such Registrable Securities. 
 “Registrable Securities then outstanding” means at any time,
the number of shares determined by adding the number of shares of Class B Shares that are then Registrable Securities and the number of shares of Class B Shares that are issuable as Registrable Securities to an Investor upon conversion of any
Class A Shares then outstanding to Class B Shares. 
 “SEC” means the United States Securities and Exchange
Commission. 
 “SEC Rule 144” means Rule 144 promulgated by the SEC under the Securities Act. 

“SEC Rule 415” means Rule 415 promulgated by the SEC under the Securities Act. 

“SEC Rule 433” means Rule 433 promulgated by the SEC under the Securities Act. 

“Securities Act” means the United States Securities Act of 1933, as amended, and the rules and regulations promulgated by
the SEC thereunder. 
 “Selling Expenses” means all underwriting discounts, selling commissions, and stock
transfer taxes applicable to the sale of Registrable Securities. 

  
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	2.	REGISTRATION RIGHTS 

 The
Company covenants and agrees as follows: 
  

	2.1	Demand Registration 

  

	 	(a)	Underwritten Demands.  

 (I) At any time beginning at the date hereof and ending one hundred and seventy nine (179) days after the effective date of the registration statement for the IPO, any Holder may request that the
Company file a Form F-1 registration statement for an underwritten offering of Registrable Securities having an anticipated aggregate offering price to the public (and without giving effect to any Selling Expenses), taking into account Registrable
Securities to be sold by all Holders, including the Initiating Holders, of at least $10.0 million (a “Lock-up Underwritten Demand”). The Company shall (i) within one (1) day after receipt of a Lock-up Underwritten Demand,
give written notice thereof (such notice by the Company of a request to file a registration statement pursuant to this Section 2.1(a)(I) being a “Company One-Day Notice”) to all Holders other than the Initiating Holders; and
(ii) as soon as practicable, and in any event within forty-five (45) days after receipt of such request, file a Form F-1 registration statement (if so requested by the Initiating Holders) covering all Registrable Securities that the
Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by written notice given by each such Holder to the Company within two
(2) business days of the date of receipt of the Company One-Day Notice, and in each case, subject to the limitations of Section 2.1(c) and Section 2.3; 
 (II) At any time beginning one hundred eighty (180) days after the effective date of the registration statement for the IPO, any Holder may request that the Company file a Form F-1 registration
statement (unless the Company is then eligible to use Form F-3) or Form F-3 registration statement (if the Company is then eligible to use such form), for an underwritten offering of Registrable Securities having an anticipated aggregate offering
price to the public (and without giving effect to any Selling Expenses), taking into account Registrable Securities to be sold by all Holders, including the Initiating Holders, of at least $10.0 million (a “Post Lock-up Underwritten
Demand”, and as used in this Agreement, the term “Underwritten Demand” shall refer to either a Lock-Up Underwritten Demand or a Post-Lock-Up Underwritten Demand, as the case may be). The Company shall (i) within five
(5) days after receipt of a Post Lock-up Underwritten Demand, give written notice thereof (such notice by the Company of a request to file a registration statement pursuant to this Section 2.1(a)(II) being a “Company
Notice”) to all Holders other than the Initiating Holders; and (ii) as soon as practicable, and in any event (A) within forty-five (45) days after receipt of such request, file a Form F-1 registration statement (if so
requested by the Initiating Holders), or (B) within twenty (20) days after receipt of such request, file a Form F-3 registration statement under the Securities Act (if so requested by the Initiating Holders, and in the event such form is
available to the Company), covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such registration by any other Holders, as specified by
written notice given by each such Holder to the Company within fifteen (15) business days of the date of receipt of the Company Notice, and in each case, subject to the limitations of Section 2.1(c) and Section 2.3. 

  
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	 	(b)	Shelf Registration. At any time beginning one year after the effective date of the registration statement for the IPO, upon request by any Holder, the
Company shall use its commercially reasonable efforts to file, as soon as reasonably practicable (but in no event more than thirty (30) days following such request), a registration statement on Form F-3 or such other form under the Securities
Act then available to the Company (and to the extent available to the Company, an automatic shelf registration statement on Form F-3), providing for the resale pursuant to Rule 415 of any or all of such Holder’s Registrable Securities; provided
that such registration statement shall relate to Registrable Securities having an anticipated aggregate offering price to the public (without giving effect to any Selling Expenses) of at least $10.0 million taking into account Registrable Securities
to be sold by other Holders (such registration statement, including the Prospectus, amendments and supplements to the shelf registration statement, including pre- and post-effective amendments, all exhibits thereto and all material incorporated by
reference or deemed to be incorporated by reference, if any, in such shelf registration statement, the “Shelf Registration Statement”). 

 The Company shall (i) within ten (10) days after receipt of a Shelf Registration Statement demand, give written notice thereof (such notice by the Company of a request to file a registration
statement pursuant to this Section 2.1(b) being a “Company Shelf Notice”) to all Holders other than the requesting Holders; and (ii) as soon as practicable, and in any event within thirty (30) days after receipt of
such request, file a Form F-3 registration statement under the Securities Act covering all Registrable Securities that the Initiating Holders requested to be registered and any additional Registrable Securities requested to be included in such
registration by any other Holders, as specified by written notice given by each such Holder to the Company within fifteen (15) business days of the date of receipt of the Company Shelf Notice. The Holders shall be entitled to request the
Company to effect underwritten offerings pursuant to the Shelf Registration Statement for offerings having an anticipated aggregate offering price to the public (and without giving effect to any Selling Expenses) of at least $15.0 million (an
“Underwritten Takedown”). Except as provided in Section 2.1(d), there shall be no limitation on the number of takedowns off the Shelf Registration Statement. 

 

	 	(c)	 Black Out Periods. Notwithstanding the foregoing obligations, if the Company furnishes to Holders requesting a registration pursuant to
this Section 2.1, or to Holders that own Registrable Securities subject to a filed or effective registration statement, a certificate signed by the Company’s chief executive officer stating that in the good faith judgment of the
Company’s Board of Directors it would be materially detrimental to the Company and its stockholders for such registration statement to either be filed or to become effective or remain effective for as long as such registration statement
otherwise would be required to remain effective, because such action would cause a premature disclosure of information that the Board of Directors has determined would not be in the best interest of the Company at such time (a “Suspension
Event”), then the Company shall defer such filing or effectiveness and the Holders shall discontinue disposition of Registrable Securities pursuant to any effective registration statement for a period of not more than thirty (30) days
after the Suspension Event, and any time periods with respect to filing or effectiveness thereof shall be tolled correspondingly; provided, however, that the Company may not invoke this right (i) for more than thirty (30) consecutive days,
(ii) for more than an aggregate of sixty (60) days, or (iii) for more than two (2) separate times in each case, in any twelve (12) month period; and provided further that the Company shall not register any securities for its
own account or that of any other stockholder during such period other than Excluded Registrations. Upon the occurrence of any Suspension Event, with respect to a Shelf Registration Statement, the Company shall use

  
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commercially reasonable efforts to cause such Shelf Registration Statement to become effective or to promptly amend or supplement an effective Shelf Registration Statement so as to permit the
holders to resume sales of the Registrable Securities as soon as practicable following the Company’s determination that the disclosure of such information is no longer premature or if such disclosure has been made in an Excluded Registration or
otherwise, or following such thirty (30) day period. Upon the occurrence of a Suspension Event, the Holder requesting the filing of a registration statement shall be entitled to withdraw such request and, if such request is withdrawn, such
demand shall not count as one of the permitted demands pursuant to Section 2.1(d). 

  

	 	(d)	Limitation on Underwritten Demands and Takedowns. Notwithstanding the foregoing obligations, each Holder will be entitled to request no more than a total
of one (1) Underwritten Demand on Form F-1 and not more than two (2) Underwritten Demands in the aggregate on Form F-3 or Underwritten Takedowns, or a combination thereof, per year pursuant to Section 2.1(a), and Section 2.1(b).
A registration shall not count as one of the permitted Underwritten Demands or Underwritten Takedowns: (i) until the related registration statement has become effective, (ii) if, the Initiating Holders are not able to register and sell at
least 50% of the aggregate Registrable Securities requested to be included in such registration, or (iii) if the Company shall not have complied with its obligations under Section 2.5(i) of this Agreement in connection therewith. The
Company shall not be obligated to effect any Underwriting Demand or Underwritten Takedown during the period that is ninety (90) days after the closing of the last Underwritten Demand or Underwritten Takedown.

  

	2.2	Piggyback Registration 

If the Company proposes to register under the Securities Act any shares of its Class B Shares or any equity securities convertible into or
exchangeable for its Class B Shares, whether for its own account or the account of any other securityholder of the Company (other than in an Excluded Registration), the Company shall promptly give each Holder written notice of such registration.
Upon the request of any Holder given within twenty (20) days after such notice is given by the Company, the Company shall, subject to the provisions of Section 2.3, cause to be registered all of the Registrable Securities that each such
Holder has requested to be included in such registration. The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 2.2 before the effective date of such registration, whether or not any
Holder has elected to include Registrable Securities in such registration. The expenses of such withdrawn registration shall be borne by the Company. A piggyback registration pursuant to this Section 2.2 shall not be considered an Underwritten
Demand, an Underwriting Takedown or a Shelf Registration Statement. The Company may postpone or withdraw the filing or effectiveness of a piggyback registration made for its own account or for the account of any securityholder other than a Holder,
without prejudice to a Holder’s right to immediately request an Underwritten Demand, an Underwritten Takedown and/or a Shelf Registration. 
  

	2.3	Withdrawal Rights 

 Any
Holder having notified or directed the Company to include any or all of its Registrable Securities in a registration statement under the Securities Act shall have the right to withdraw any such notice or direction with respect to any or all of the
Registrable Securities designated by it for registration by giving written notice to such effect to the Company prior to the effective date of such registration statement. In the event of any such withdrawal, the Company shall not include such
Registrable Securities in the applicable registration and such Registrable Securities shall continue to be Registrable Securities for all purposes of this 

  
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Agreement. In addition, in the event of any such withdrawal by a Holder such Holder will be responsible for its expenses and the Company’s expenses resulting from such withdrawal. No such
withdrawal shall affect the obligations of the Company with respect to the Registrable Securities not so withdrawn; provided, however, that in the case of a Demand Registration, if such withdrawal shall reduce the number of Registrable Securities
sought to be included in such registration below the Registrable Amount, then the Company shall as promptly as practicable give each holder of Registrable Securities sought to be registered notice to such effect and, within ten (10) days
following the mailing of such notice, such holder(s) of Registrable Securities still seeking registration shall, by written notice to the Company, elect to register additional Registrable Securities, when taken together with elections to register
Registrable Securities by its permitted transferees, to satisfy an Underwritten Demand or elect that such registration statement not be filed or, if theretofore filed, be withdrawn. During such ten (10) day period, the Company shall not file
such registration statement if not theretofore filed or, if such registration statement has been theretofore filed, the Company shall not seek, and shall use commercially reasonable efforts to prevent, the effectiveness thereof.

  

	2.4	Underwriting Requirements 

  

	 	(a)	In connection with any offering involving an underwriting of Registrable Securities pursuant to Section 2.1, all Holders proposing to distribute their securities
through such underwritten offering shall (together with the Company) enter into an underwriting agreement in customary form with the underwriter(s) selected for such underwriting. In the event of any underwritten offering that is an Underwritten
Demand or Underwritten Takedown, the Company shall select and appoint the underwriter(s), after consultation with the Holders proposing to distribute their securities through such underwritten offering and with the consent of the Holders of a
majority of the Registrable Securities to be included in such underwritten offering, which consent shall not be unreasonably withheld. In any other underwritten offering the Company will have sole discretion to select and appoint the underwriter(s).
Notwithstanding any other provision of this Section 2.4, if the managing underwriter(s) in any underwritten offering of Registrable Securities pursuant to Section 2.1 advise(s) the Initiating Holders that a limitation on the number of
shares to be underwritten is necessary in order to sell the shares in an orderly manner at a price that is acceptable to the Initiating Holders, then the number of Registrable Securities that may be included in the underwriting shall be allocated
(i) first, to the Registrable Securities requested to be included in such registration by the Holders, pro rata among the Holders or in such other manner as they may agree; and (ii) second, to any other holder, if any, of the
Company’s equity securities with registration rights which is entitled to be included in such registration. 

  

	 	(b)	In connection with any offering involving an underwriting of shares of the Company’s capital stock pursuant to Section 2.2, the Company shall not be required
to include any of the Holders’ Registrable Securities in such underwriting unless the Holders accept the terms of the underwriting as agreed upon between the Company and its underwriters. If the managing underwriter(s) in connection with such
offering advise the Company that a limitation on the number of shares to be underwritten is necessary in order to sell the shares in an orderly manner at a price that is acceptable to the Company, then the number of securities to be included in such
offering shall be allocated (i) first, to the securities that the Company proposes to sell; (ii) second, to Registrable Securities requested to be included in such registration by Holders of Registrable Securities pro rata among such
Holders or in such other manner as they may agree; and (iii) third, to any other holder, if any, of the Company’s equity securities with registration rights which is entitled to be included in such registration, pro rata among such other
holders, if any, or in such other manner as they may agree. 

  
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	 	(c)	In order to facilitate the allocation of shares in accordance with the provisions of this Section 2.4, the Company or the underwriters may round the number of
shares allocated to any Holder to the nearest 100 shares. For purposes of the provision in this Section 2.4 concerning apportionment, for any selling Holder that is a partnership, limited liability company, or corporation, the partners,
members, retired partners, retired members, stockholders, and Affiliates of such Holder, or the estates and Immediate Family Members of any such partners, retired partners, members, and retired members and any trusts for the benefit of any of the
foregoing Persons, shall be deemed to be a single “selling Holder,” and any pro rata reduction with respect to such “selling Holder” shall be based upon the aggregate number of Registrable Securities owned by all Persons included
in such “selling Holder,” as defined in this sentence. 

  

	2.5	Obligations of the Company 

Whenever required under this Section 2 to effect the registration of any Registrable Securities, the Company shall: 

 

	 	(a)	prepare and file, in the time periods specified herein, with the SEC a registration statement, with respect to such Registrable Securities and use commercially
reasonable efforts to cause such registration statement to be declared effective by the SEC as promptly as reasonably practicable following filing and to keep such registration statement effective until the date on which all the Registrable
Securities included in such registration statement have been sold pursuant to such registration statement or another Company registration statement, or distributed to the public pursuant to SEC Rule 144; 

 

	 	(b)	as far in advance as practicable before publicly filing such registrations statement or any amendment thereto, furnish to the Holders participating in such registration
and the underwriter or underwriters, if any, copies of all such documents proposed to be filed, including documents incorporated by reference in the prospectus and, if requested by any Holder, the exhibits incorporated by reference, and such Holders
(and the underwriter(s), if any) shall have the opportunity to review and comment thereon, and the Company will make such changes and additions thereto as reasonably requested by such Holders or their counsel (and the underwriter(s) or their
counsel, if any) prior to filing any registration statement, or amendment thereto or any prospectus or any supplement thereto; 

  

	 	(c)	prepare and file with the SEC such amendments and supplements to such registration statement and the prospectus used in connection with such registration statement as
may be necessary to comply with the Securities Act in order to enable the disposition of all securities covered by such registration statement; 

  

	 	(d)	furnish to the selling Holders such numbers of copies of a prospectus, including a preliminary prospectus, as required by the Securities Act and such other documents as
the Holders may reasonably request in order to facilitate their disposition of their Registrable Securities; 

  

	 	(e)	 cooperate with the underwriters to qualify the Registrable Securities for offering and sale under the applicable securities laws of such states and
provinces as the underwriters may designate, and to maintain such qualifications in effect during the period any registration statement is required to be kept effective pursuant to Section 2.5(a); provided, however, that the Company shall not
be obligated to file any general consent to service of process or to qualify as a foreign corporation or as a dealer in securities in any jurisdiction in which it is not so qualified, or to subject itself to

  
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taxation in respect of doing business in any jurisdiction in which it is not otherwise so subject. In each jurisdiction in which the Registrable Securities have been so qualified, the Company
will cooperate with the underwriters to file such statements and reports as may be required by the laws of such jurisdiction to continue such qualification in effect during the period any registration statement is required to be kept effective
pursuant to Section 2.5(a); 

  

	 	(f)	notify such Holders and any underwriter(s), at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the occurrence of any
event as a result of which the prospectus included in such registration statement contains an untrue statement of a material fact or omits any material fact necessary to make the statements therein not misleading, and, at the request of any Holder
or any underwriter(s), the Company shall prepare a supplement or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Registrable Securities, such prospectus shall not contain an untrue statement of a material fact
or omit to state any material fact necessary to make the statements therein not misleading; 

  

	 	(g)	in the case of an underwritten offering, (i) enter into such agreements (including underwriting agreements in customary form), (ii) take all such other
actions as any Holder or the underwriter(s) reasonably request in order to expedite or facilitate the disposition of such Registrable Securities (including, without limitation, causing senior management and other Company personnel to cooperate with
such Holders and the underwriter(s) in connection with performing due diligence) and (iii) cause its counsel to issue opinions of counsel in form, substance and scope as are customary in secondary underwritten offerings, addressed and delivered
to the underwriter(s); 

  

	 	(h)	if requested by the underwriters, cause to be delivered, immediately prior to the pricing of any underwritten offering letters from the Company’s independent
registered public accountants addressed to the underwriters in such underwritten offering, stating that such accountants are independent public accountants within the meaning of the Securities Act and the applicable rules and regulations adopted by
the SEC, thereunder, and otherwise in customary form and covering such financial and accounting matters as are customarily covered by letters of the independent registered public accountants delivered in connection with secondary underwritten public
offerings; and at the time of closing of any underwritten offering (i) an opinion and/or disclosure letter of counsel to the Company from each relevant jurisdiction, addressed solely to the underwriters in such underwritten offering, in such
form, substance and scope as are customarily given in opinions of the Company’s counsel to underwriters in underwritten public offerings; and (ii) bring-down letters from the Company’s independent registered public accountants
addressed to the underwriters in such underwritten offering in customary form; 

  

	 	(i)	in the case of an underwritten offering, in addition to the cooperation otherwise required by this Agreement, cause (a) members of senior management of the Company
(including the chief executive officer and chief financial officer) reasonably to cooperate with the underwriter(s) in connection therewith and make themselves available to participate in “roadshow” and other customary marketing activities
in such locations (domestic and foreign) as reasonably recommended by the underwriter(s) (including one-on-one meetings with prospective purchasers of the Registrable Securities) and (b) the Company to prepare preliminary and final prospectuses
(preliminary and final prospectus supplements in the case of an offering pursuant to the Shelf Registration Statement) for use in connection therewith containing such additional information as reasonably requested by the underwriter(s) (in addition
to the minimum amount of information required by law, rule or regulation). 

  
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	 	(j)	use commercially reasonable efforts to cause all such Registrable Securities covered by such registration statement to be listed on a national securities exchange or
trading system and each securities exchange and trading system (if any) on which similar securities issued by the Company are then listed; 

  

	 	(k)	provide a transfer agent and registrar for all Registrable Securities registered pursuant to this Agreement and provide a CUSIP number for all such Registrable
Securities, in each case not later than the effective date of such registration; 

  

	 	(l)	promptly make available for inspection by the selling Holders, any managing underwriter(s) participating in any disposition pursuant to such registration statement, and
any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, at reasonable times and upon reasonable notice, all financial and other records, pertinent corporate documents, and properties of the
Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable
to verify the accuracy of the information in such registration statement and to conduct appropriate due diligence in connection therewith; 

  

	 	(m)	make generally available a consolidated earnings statement (which need not be audited) for the 12 months beginning after the effective date of a registration statement
as soon as reasonably practicable after the end of such period, which earnings statement shall satisfy the requirements of an earnings statement under Section 11(a) of the Securities Act; and 

 

	 	(n)	promptly notify the Holders and the underwriter or underwriters, if any: (i) when the registration statement, any pre-effective amendment, the prospectus or any
prospectus supplement or post-effective amendment to the registration statement has been filed and, with respect to the registration statement or any post-effective amendment, when the same has become effective; (ii) of any written request by
the SEC for amendments or supplements to the registration statement or prospectus; (iii) of the notification to the Company by the SEC of its initiation of any proceeding with respect to the issuance by the SEC of any stop order suspending the
effectiveness of the registration statement; and (iv) of the receipt by the Company of any notification with respect to the suspension of the qualification of any Registrable Securities for sale under the applicable securities or blue sky laws
of any jurisdiction. 

  

	2.6	Furnish Information 

 It
shall be a condition precedent to the obligations of the Company to take any action pursuant to this Section 2 with respect to the Registrable Securities of any selling Holder that (i) such Holder shall furnish to the Company such
information regarding itself, the Registrable Securities held by it, and the intended method of disposition of such securities as is reasonably required to effect the registration of such Holder’s Registrable Securities and (ii) in the
case of any underwritten offering, such Holder shall enter into any reasonable and customary agreements requested by the underwriters thereof, including with respect to indemnification and “holdback” arrangements. 

  
 9 

	2.7	Expenses of Registration 

All expenses incurred in connection with registrations, filings, or qualifications pursuant to Section 2, including all registration,
filing, and qualification fees; printers’ and accounting fees; and fees and disbursements of counsel for the Company, as well as the fees and expenses of one counsel selected by a majority of the selling Holders to represent all of the selling
Holders, shall be borne by the Company. All expenses of the selling Holders, including their portion of the Selling Expenses and the fees and disbursements of counsel for the selling Holder(s), (other than the counsel selected to represent all of
the selling Holders) shall be borne and paid for by the selling Holder(s). 
  

	2.8	Indemnification 

 If any
Registrable Securities are included in a registration statement under this Section 2: 
  

	 	(a)	Indemnification by Company. The Company agrees to indemnify and hold harmless, to the full extent permitted by law, each Holder, such Holder’s
Affiliates and their respective officers, directors, employees, advisors, and agents and each Person who controls (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) such Persons from and against any
and all losses, claims, damages, liabilities (or actions in respect thereof, whether or not such indemnified party is a party thereto) and expenses, joint or several (including reasonable costs of investigation and legal expenses) (each, a
“Loss” and collectively “Losses”) arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which the sale of such Registrable
Securities was registered under the Securities Act (including any final or preliminary Prospectus contained therein or any amendment thereof or supplement thereto or any documents incorporated by reference therein), or any such statement made in any
free writing prospectus (as defined in Rule 405 under the Securities Act) that the Company has filed or is required to file pursuant to Rule 433(d) of the Securities Act, (ii) any omission or alleged omission to state therein a material fact
required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; provided, however, that the Company shall not be liable to any particular indemnified party in any
such case to the extent that any such Loss arises out of or is based upon an untrue statement or alleged untrue statement or omission or alleged omission made in any such Registration Statement (i) in reliance upon and in conformity with
written information furnished to the Company by such indemnified party expressly for use in the preparation thereof or (ii) which has been corrected in a subsequent applicable filing with the SEC but such indemnified party nonetheless failed to
provide such corrected filing to the Person asserting such Loss, in breach of the indemnified party’s obligations under applicable law. This indemnity shall be in addition to any liability the Company may otherwise have. Such indemnity shall
remain in full force and effect regardless of any investigation made by or on behalf of such Holder or any indemnified party and shall survive the transfer of such securities by such Holder. 

 

	 	(b)	 Indemnification by the Selling Holder. Each selling Holder agrees (severally and not jointly) to indemnify and hold harmless, to the full
extent permitted by law, the Company, its directors, officers, employees, advisors, and agents and each Person who controls the Company (within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act) from and
against any Losses arising out of or based upon (i) any untrue or alleged untrue statement of a material fact contained in any Registration Statement under which the sale of such Registrable Securities was registered under the Securities Act
(including any final or preliminary Prospectus contained therein or any amendment thereof or supplement thereto or any documents 

  
 10 

	 	
incorporated by reference therein), or any such statement made in any free writing prospectus that the Company has filed or is required to file pursuant to Rule 433(d) of the Securities Act, or
(ii) any omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading to the extent, but, in
each case (i) or (ii), only to the extent, that such untrue statement or omission is contained in any information furnished in writing by such selling Holder to the Company specifically for inclusion in such Registration Statement, Prospectus,
preliminary Prospectus or free writing prospectus and has not been corrected in a subsequent applicable filing with the SEC provided to the Person asserting such Loss prior to or concurrently with the sale of the Registrable Securities to such
Person. The obligation to indemnify hereunder shall be several, not joint and several, for each Holder, and in no event shall the liability of any selling Holder hereunder be greater in amount than the dollar amount of the net proceeds received by
such Holder under the sale of the Registrable Securities giving rise to such indemnification obligation. This indemnity shall be in addition to any liability the selling Holder may otherwise have. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of the Company or any indemnified party. 

  

	 	(c)	 Conduct of Indemnification Proceedings. Any Person entitled to indemnification hereunder will (i) give prompt written notice to the
indemnifying party of any claim with respect to which it seeks indemnification (provided that any delay or failure to so notify the indemnifying party shall relieve the indemnifying party of its obligations hereunder to the extent that it is
materially prejudiced by reason of such delay or failure) and (ii) permit such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party; provided, however, that any Person entitled to
indemnification hereunder shall have the right to select and employ separate counsel and to participate in the defense of such claim, but the fees and expenses of such counsel shall be at the expense of such Person unless (i) the indemnifying
party has agreed in writing to pay such fees or expenses, (ii) the indemnifying party shall have failed to assume the defense of such claim within a reasonable time after receipt of notice of such claim from the Person entitled to
indemnification hereunder and employ counsel reasonably satisfactory to such Person, (iii) the indemnified party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it or other indemnified parties
that are different from or in addition to those available to the indemnifying party, or (iv) in the reasonable judgment of any such Person, based upon advice of its counsel, a conflict of interest may exist between such Person and the
indemnifying party with respect to such claims (in which case, if the Person notifies the indemnifying party in writing that such Person elects to employ separate counsel at the expense of the indemnifying party, the indemnifying party shall not
have the right to assume the defense of such claim on behalf of such Person). If such defense is not assumed by the indemnifying party, the indemnifying party will not be subject to any liability for any settlement made without its consent, but such
consent may not be unreasonably withheld, conditioned or delayed. If the indemnifying party assumes the defense, the indemnifying party shall not have the right to settle such action without the consent of the indemnified party, which consent may
not be unreasonably withheld, conditioned or delayed. No indemnifying party or indemnified party shall consent to entry of any judgment or enter into any settlement which does not include as an unconditional term thereof the giving by the claimant
or plaintiff to such indemnified party or indemnifying party (as appropriate) of an unconditional release from all liability in respect to such claim or litigation. It is understood that the indemnifying party or parties shall not, in connection
with any proceeding or related proceedings in the same jurisdiction, be liable for the reasonable fees, disbursements and other charges of more than one separate firm admitted to practice in such jurisdiction at any one

  
 11 

	 	
time from all such indemnified party or parties unless (x) the employment of more than one counsel has been authorized in writing by the indemnified party or parties, (y) an indemnified
party has reasonably concluded (based on advice of counsel) that there may be legal defenses available to it that are different from or in addition to those available to the other indemnified parties or (z) a conflict or potential conflict
exists or may exist (based on advice of counsel to an indemnified party) between such indemnified party and the other indemnified parties, in each of which cases the indemnifying party shall be obligated to pay the reasonable fees and expenses of
such additional counsel or counsels. 

  

	 	(d)	Contribution. If for any reason the indemnification provided for in Section 2.8(a) or Section 2.8(b) is unavailable to an indemnified party or
insufficient to hold it harmless as contemplated by Section 2.8(a) or Section 2.8(b), then the indemnifying party shall contribute to the amount paid or payable by the indemnified party as a result of such Loss in such proportion as is
appropriate to reflect the relative fault of the indemnifying party on the one hand and the indemnified party on the other hand. The relative fault shall be determined by reference to, among other things, whether the untrue or alleged untrue
statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by the indemnifying party or the indemnified party and the parties’ relative intent, knowledge, access to information and
opportunity to correct or prevent such untrue statement or omission. Notwithstanding anything in this Section 2.8(d) to the contrary, no indemnifying party (other than the Company) shall be required pursuant to this Section 2.8(d) to
contribute any amount in excess of the amount by which the net proceeds received by such indemnifying party from the sale of Registrable Securities in the offering to which the Losses of the indemnified parties relate (before deducting expenses, if
any) exceeds the amount of any damages which such indemnifying party has otherwise been required to pay by reason of such untrue statement or omission. The parties hereto agree that it would not be just and equitable if contribution pursuant to this
Section 2.8(d) were determined by pro rata allocation or by any other method of allocation that does not take account of the equitable considerations referred to in this Section 2.8(d). No person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation. The amount paid or payable by an indemnified party hereunder shall be deemed
to include, for purposes of this Section 2.8(d), any legal or other expenses reasonably incurred by such indemnified party in connection with investigating, preparing to defend or defending against or appearing as a third party witness in
respect of, or otherwise incurred in connection with, any such loss, claim, damage, expense, liability, action, investigation or proceeding. 

  

	2.9	Reports Under Exchange Act 

With a view to making available to the Holders the benefits of SEC Rule 144 and any other rule or regulation of the SEC that may at any
time permit a Holder to sell securities of the Company to the public without registration or pursuant to a registration on Form F-3, the Company shall: 
  

	 	(a)	make and keep available adequate current public information, as those terms are understood and defined in SEC Rule 144; 

 

	 	(b)	timely file with the SEC all reports and other documents required of the Company under the Securities Act and the Exchange Act (at any time after the Company has become
subject to such reporting requirements); and 

  
 12 

	 	(c)	furnish to any Holder, so long as the Holder owns any Registrable Securities, forthwith upon request (i) to the extent accurate, a written statement by the Company
that it has complied with the reporting requirements of SEC Rule 144 (at any time after ninety (90) days after the effective date of the registration statement filed by the Company for the IPO), the Securities Act, and the Exchange Act (at any
time after the Company has become subject to such reporting requirements), or that it qualifies as a registrant whose securities may be resold pursuant to Form F-3 (at any time after the Company so qualifies); (ii) a copy of the most recent
annual or quarterly report of the Company and such other reports and documents so filed by the Company; and (iii) such other information as may be reasonably requested in availing any Holder of any rule or regulation of the SEC that permits the
selling of any such securities without registration (at any time after the Company has become subject to the reporting requirements under the Exchange Act) or pursuant to Form F-3 (at any time after the Company so qualifies to use such form).

  

	2.10	Termination of Registration Rights 

 The right of any Holder to request registration or inclusion of Registrable Securities in any registration pursuant to Section 2.1 or Section 2.2 shall terminate upon the earlier to occur of:

  

	 	(a)	all of such Holder’s Registrable Securities are registered and sold pursuant to an effective registration statement filed with the SEC; or

  

	 	(b)	all of such Holder’s Registrable Securities are sold pursuant to SEC Rule 144 and the restrictive legend (or stop transfer restrictions) on such Registrable
Securities has been removed. 

  

	2.11	Other Registrations 

 The
Company shall not grant to any Person the right, other than as set forth herein and except to employees of the Company with respect to registrations on Form S-8 (or any successor forms thereto), to request the Company to register any Class B Shares
of the Company except such rights as do not adversely affect the priorities or other rights set forth herein of the Holders under this Agreement. 
 The Company shall not grant to any Person the right to register any Class A Shares of the Company. 
  

	2.12	Holdback Agreements 

 The
Company agrees not to, and shall exercise commercially reasonable efforts to obtain agreements (in the underwriters’ customary form) from its directors, executive officers not to, directly or indirectly offer, sell, pledge, contract to sell,
(including any short sale), grant any option to purchase or otherwise dispose of any equity securities of the Company or enter into any hedging transaction relating to any equity securities of the Company during the 180 days, or any longer period
reasonably requested by the underwriter(s), beginning on the pricing date of any Underwritten Demand, any underwritten piggyback registration pursuant to Section 2.2 or any underwritten offering pursuant to a Shelf Registration Statement,
unless the underwriter managing the offering otherwise agrees to a shorter period. 
  

	2.13	Ceasing to be a Foreign Private Issuer 

 If the Company ceases to be a foreign private issuer (as defined in Rule 405 promulgated by the SEC under the Securities Act) able to use a registration statement on Form F-1, F-3 or F-4, as the case may
be, and continuous to be a SEC registrant, then all references in this Agreement to any such form shall be deemed to be references to Form S-1, S-3 or S-4, as appropriate. 

  
 13 

	3.	MISCELLANEOUS 

  

	3.1	Successors and Assigns 

The rights under this Agreement may be assigned (but only with all related obligations) in whole or in part by a Holder to a transferee of
Registrable Securities that agrees in a written instrument delivered to the Company to be bound by and subject to the terms and conditions of this Agreement. The terms and conditions of this Agreement inure to the benefit of and are binding upon the
respective successors and permitted assignees of the parties. Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assignees any rights,
remedies, obligations or liabilities under or by reason of this Agreement, except as expressly provided herein. If the outstanding Class B Shares or outstanding Class A Shares convertible into Class B Shares are converted into or exchanged or
substituted for other securities issued by any other Person, as a condition to the effectiveness of the merger, consolidation, reorganization, reclassification, share exchange or other transaction pursuant to which such conversion, exchange,
substitution or other transaction takes place, such other Person shall automatically become bound hereby with respect to such other securities constituting Registrable Securities and, if requested by the Holders or a permitted transferee, shall
further evidence such obligation by executing and delivering to the Holders and such transferee of any Holder a written agreement to such effect in form and substance satisfactory to such Holder. 

 

	3.2	Governing Law and Arbitration 

 This Agreement will be governed by and construed in accordance with the laws of the State of New York. 
 Any dispute, controversy or claim arising out of or in connection with this Agreement, including any question regarding its existence, validity, or termination, shall be referred to and finally
resolved by binding arbitration under the Rules of Arbitration of the International Chamber of Commerce (the “ICC Rules”), which Rules are deemed to be incorporated by reference into this clause. There shall be three arbitrators, and
the parties agree that one arbitrator shall be nominated by each party for confirmation by the ICC Court in accordance with the ICC Rules. The third arbitrator, who shall act as the chairman of the tribunal, shall be nominated by agreement of
the two party-appointed arbitrators within fourteen days of the confirmation of the appointment of the second arbitrator, or in default of such agreement, appointed by the ICC Court. The seat or place of arbitration shall be New York,
USA. The language to be used in the arbitral proceedings shall be English. The award shall be final and binding on the parties and may be entered and enforced in any court having jurisdiction. 

 

	3.3	Effectiveness; Term 

 This
Agreement will come into full force and effect on the date hereof. 
 This Agreement shall terminate upon such time as there are
no Registrable Securities, except for the provisions of Section 2.9 and this Section 3 which shall survive any such termination. 
  

	3.4	Counterparts; Facsimile 

This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. This Agreement may also be executed and delivered by facsimile signature and in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same
instrument. 

  
 14 

	3.5	Titles and Subtitles 

 The
titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing or interpreting this Agreement. 
  

	3.6	Notices 

 Any demand,
notice or other communication (collectively, a “notice”) given in connection with this Agreement will be given in writing and will be given by personal delivery, by registered mail or by facsimile addressed to the recipient as follows:

  

	 	(a)	To an Investor: 

Addressed to it at its address for service as set forth in Schedule A 

 

	 	(b)	To the Company: 

QIWI plc 
 Kennedy 12, Kennedy Business Centre, 2nd Floor, P.C., 1087, Nicosia, Cyprus 
 Attention: General Counsel 

Facsimile: +357 22 760918; +357 22 763370 
  

	3.7	Amendments and Waivers 

No modification of or amendment to this Agreement will be valid or binding unless it is set forth in writing and duly executed by the
Company and the Holders of 75% of the Registrable Securities then outstanding, and no waiver of any breach of any term or provisions of this Agreement will be effective or binding unless made in writing and signed by the party purporting to give the
same and, unless otherwise provided, will be limited to the specific breach waived; provided, however, that any amendment, modification, supplement, waiver or consent to departures from the provisions of this Agreement that provides for different
treatment with respect to any individual Holder or one or more of Holders, but less than all the Holders, shall require the written consent of the Company and all affected Holders. 

 

	3.8	Severability 

 If any
term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon
such a determination, the parties shall negotiate in good faith to modify this Agreement so as to affect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be
consummated as originally contemplated to the fullest extent possible. 
  

	3.9	Aggregation of Stock 

 All
shares of Registrable Securities held or acquired by Affiliates shall be aggregated together for the purpose of determining the availability of any rights under this Agreement. 

  
 15 

	3.10	Entire Agreement 

 This
Agreement (including any Schedules hereto) constitutes the full and entire understanding and agreement among the parties with respect to the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof
existing between the parties is expressly canceled. 
  

	3.11	Delays or Omissions 

 No
delay or omission to exercise any right, power, or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power, or remedy of such non-breaching or
non-defaulting party, nor shall it be construed to be a waiver of or acquiescence to any such breach or default, or to any similar breach or default thereafter occurring, nor shall any waiver of any single breach or default be deemed a waiver of any
other breach or default theretofore or thereafter occurring. All remedies, whether under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative. 

 

	3.12	Equitable Relief 

 The
parties hereto agree that legal remedies may be inadequate to enforce the provisions of this Agreement and that equitable relief, including specific performance and injunctive relief, may be used to enforce the provisions of this Agreement.

 [Remainder of This Page Intentionally Left Blank] 

  
 16 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.

  

					
		 	Saldivar Investments Limited
			
		 	By:	 	  

		
		 	Name:
		
		 	Palmway Holdings Limited
			
		 	By:	 	  

		
		 	Name:
		
		 	Antana International Corporation
			
		 	By:	 	  

		
		 	Name:
		
		 	Dargle International Limited
			
		 	By:	 	  

		
		 	Name:
		
		 	Bralvo Limited
			
		 	By:	 	  

		
		 	Name:

  
 17 

					
		 	Mr. Sergey Solonin
		
		 	  

		
		 	Mr. Andrey Romanenko
		
		 	  

		
		 	Mr. Igor Mikhailov
		
		 	  

		
		 	Mail.ru Group Limited
			
		 	By:	 	  

		
		 	Name:
		
		 	E1 Limited
			
		 	By:	 	  

		
		 	Name:
		
		 	Mitsui & Co., Ltd.
			
		 	By:	 	  

		
		 	Name:

  
 18 

 SCHEDULE A 
 Investors 
  

			
	Saldivar Investments Limited
	For the attention of:	  	Viktoriya Spivak
	Address:	  	Themistokli Dervi 6, P.C. 1066, Nicosia, Cyprus
	Fax:	  	+7 499 678 02 69
	
	Palmway Holdings Limited
	For the attention of:	  	Global Assistance Services S.A.
	Address:	  	Aleman, Cordero, Galindo & Lee Trust (BVI) Limited,
		  	3rd floor, Geneva Place, Waterfront Drive,
		  	P.O. Box 3175, Road Town, Tortola, British Virgin Islands
	Fax:	  	+7 495 287 92 51
	
	Antana International Corporation
	For the attention of:	  	Antana International Corporation
	Address:	  	Concilium, Villa Bianca,
		  	29 rue du Portier, 98000 Monaco
	Fax:	  	+ 377 98 80 00 11
	
	Dargle International Limited
	For the attention of:	  	Igor Mikhailov
	Address:	  	P.O. Box 3321, Drake Chambers,
		  	Road Town, Tortola, British Virgin Islands
	Fax:	  	+7 495 657 8579 ext. 4052
	
	Bralvo Limited
	For the attention of:	  	Veronique Savy
	Address:	  	P.O. Box 3321, Drake Chambers,
		  	Road Town, Tortola, British Virgin Islands
	Fax:	  	+7 499 638 38 20
	
	Mr. Sergey Solonin
	For the attention of:	  	Mr. Sergey Solonin
	Address:	  	Apt. 228, Microdistrict “AB”, 24,
		  	Puschino, Moscow district, Russia
	Fax:	  	+7 499 678 02 69
	
	Mr. Andrey Romanenko
	For the attention of	  	Mr. Andrey Romanenko
	Address:	  	Apt. 58, Bldg. 2 , 6 Kuusinena Str.,
		  	Moscow, Russia
	Fax:	  	+7 495 657 85 79
	
	Mr. Igor Mikhailov
	For the attention of :	  	Mr Igor Mikhailov
	Address:	  	Apt. 142, 6 Kargopolskaya Str., Moscow, Russia
	Fax:	  	+7 495 657-8579 ext. 4052
	
	Mail.ru Group Limited
	For the attention of:	  	Bruce Gripton/Alistair Tulloch
	Address:	  	Tulloch & Co, 4 Hill St., London, W1J 5NE, UK
	Fax:	  	+442073181150

  
 19 

			
	El Limited
	For the attention of:	  	Mr Boris Kim
	Address:	  	Diagorou 4, Kermia House, 6th Floor, Office 601 P.C. 1097, Nicosia,
		  	Cyprus
	Fax:	  	+7 495 231 35 46
	
	Mitsui & Co., Ltd.
	For the attention of:	  	Keitato Hatori, General Manager,
		  	Internet Dept. II, Internet Business Div.
	Address:	  	2-1 Ohtemachi 1-Chome, Chiyoda-Ku, Tokyo, 100-0004 Japan
	Fax:	  	+81 3 3285 92 59

  
 20EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This Employment Agreement (the “Agreement”), made as of September 11, 2013, is entered into
by Oclaro, Inc., a Delaware corporation with its principal place of business at 2560 Junction Avenue, San Jose, California 95134 (the “Company”), and Greg Dougherty (the
“Employee”). In consideration of the mutual covenants and promises contained in this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the
parties to this Agreement, the parties agree as follows: 
 1. Position. The Employee shall serve as Chief Executive Officer of
the Company with the duties and responsibilities customarily assigned to such position and such other duties and responsibilities as the Board shall from time to time reasonably assign to the Employee. The Employee shall be based at the
Company’s headquarters in San Jose, California. The Employee shall be subject to the supervision of, and shall have such authority as is delegated to the Employee by, the Board. While he is employed as Chief Executive Officer, the Employee
agrees to devote his entire business time, attention and energies to the business and interests of the Company, except for (i) non-executive positions held as of June 7, 2013 (the “Commencement Date”), and
membership on the board of directors of one other company which is not a competitor, supplier or customer of the Company, and (ii) such other roles only with the prior consent of the Board, which consent shall not be unreasonably withheld. The
Employee agrees to abide by the rules, regulations, instructions, personnel practices and policies of the Company and any changes therein which may be adopted from time to time by the Company. 

2. Compensation and Benefits. 

2.1 Salary. The Company shall pay the Employee, in periodic installments in accordance with the Company’s customary payroll
practices, a base salary at the annualized rate of $600,000 (the “Base Salary”). 
 2.2 Signing Bonus. As an
inducement to commencing employment on the Commencement Date, the Company has paid the Employee a signing bonus of $300,000. 
 2.3
Incentive Bonus. While he serves as Chief Executive Officer, the Employee shall be eligible to earn an incentive bonus, the target amount of which will be 100% of Base Salary (the “Target Bonus”), and the maximum
aggregate amount of which will be up to 200% of the Base Salary, in each case earned by the Employee for such bonus measurement period established by the Board or the Compensation Committee of the Board (the “Compensation
Committee”) from time to time. The incentive bonus may be measured and paid annually or over shorter periods as determined by the Board. The actual amount of the incentive bonus earned will be based on achievement of individual and/or
Company performance goals set by the Board or the Compensation Committee, in consultation with the Employee. To earn any amount of incentive bonus, the Employee must remain employed by the Company through the end of the bonus measurement period at
issue. 

 2.4 Equity Grants. Subject to the approval by the Company’s stockholders of any
necessary increase to the share reserve of the Company’s equity incentive plans, the Company will grant to the Employee two Restricted Stock Unit Awards (“RSUs”) as follows: 

2.4.1. Time-Based Award. The Compensation Committee of the Board will grant the Employee RSUs for 400,000 shares of the Company’s
Common Stock that will be subject to four-year, time-based vesting contingent on the Employee continuing as an employee of the Company through each vesting date, with 25% of the RSUs vesting on the first anniversary of the Commencement Date and 1/12th of the total number of RSUs vesting every 3 months thereafter. 
 2.4.2.
Performance-Based Award. The Compensation Committee of the Board will grant the Employee RSUs for 400,000 shares of the Company’s Common Stock that will be subject to vesting based on the achievement of performance goals established by
the Compensation Committee, in consultation with the Employee, at the time of grant, as well as time-based vesting over the four year period beginning on the Commencement Date and ending June 7, 2017. 

2.4.3. Early Vesting. In addition, the Compensation Committee, in consultation with the Employee, has established an additional set of
performance goals that, if satisfied by July 1, 2014, will result in the full acceleration as of such date of all of the then-outstanding and unvested RSUs granted under this Section 2.4, subject to his continued service through the
satisfaction of those goals. 
 2.5 Benefits. During the Employment Period, the Employee may participate in all benefit plans and
programs that the Company establishes and makes available to its U.S. employees, if any, subject to the terms and conditions of the applicable plans and programs. 

2.6 Reimbursement of Expenses. The Company shall reimburse the Employee for all reasonable travel, entertainment and other expenses
incurred or paid by the Employee in connection with, or related to, the performance of his duties, responsibilities or services under this Agreement, in accordance with policies and procedures, and subject to limitations, adopted by the Company from
time to time. In all events, expense reimbursements made will be made no later than the year following the year in which the expense was incurred. Notwithstanding any other provision of the Agreement to the contrary, any expense reimbursed in one
taxable year in no event will affect the amount of expenses required to be reimbursed or in-kind benefits required to be provided in any other taxable year, and the right to reimbursement will not be subject to liquidation or exchange for another
benefit. 
 3. Severance Benefits. 

3.1 Definitions. For purposes of this Agreement: 

3.1.1. “Cause” shall mean (a) a good faith finding by the Board (excluding Employee) that the Employee has
engaged in dishonesty, gross negligence or misconduct, or (b) the conviction of the Employee of, or the entry of a pleading of guilty or nolo contendere by the Employee to, any crime involving moral turpitude or any felony. 

3.1.2. “Good Reason” for resignation by the Employee shall mean the following acts or omissions by the Company, taken
without the Employee’s written consent: 
 (i) any material diminution in the Employee’s Base Salary, 

  
 -2- 

 (ii) a material diminution in the Employee’s authority, duties or responsibilities or a
material adverse change in reporting structure which means that you no longer report directly to the Board of the Company or any successor company’s board, 

(iii) a material breach by the Company of the terms of this Agreement or 

(iv) a material adverse change by the Company in the location at which the Employee performs Employee’s principal duties for the Company
to a new location that is both (a) outside a radius of 35 miles from the Employee’s principal residence immediately prior to such change and (b) more than 20 miles from the location at which the Employee performed Employee’s
principal duties for the Company immediately prior to such change without the prior consent of the Employee. 
 To claim “Good Reason” for a
termination, the Employee must provide written notice to the Company of the existence of the act or omission giving rise to the “Good Reason” within 90 days following the initial existence of the act or omission, the Company must have 30
days following receipt of such notice to remedy such condition, and if the Company does not reasonably remedy such condition within such 30 days, the Employee must resign from all positions he then holds with the Company, effective within 30 days
after the end of the cure period. 
 3.1.3. “Separation from Service” shall mean a “separation from
service” as defined under Treasury Regulations Section 1.409A-1(h), without regard to any alternate definition thereunder. 
 3.2
Accrued Rights. On any termination of the Employee’s employment, the Company shall pay to the Employee the compensation and benefits otherwise payable to him under Section 3 through the last day of his actual employment by the
Company, including but not limited to accrued but unpaid salary, earned but unpaid bonus and accrued but unused vacation. Except as provided in Section 3.3 below, the Employee will have no other rights, title or claim to severance benefits from
the Company. 
 3.3 Termination without Cause or Resignation for Good Reason – No Change in Control. If the Company terminates
the Employee’s employment without Cause (and other than for death or disability), or if the Employee resigns for Good Reason, and provided either such termination is a Separation from Service, and provided further that the Employee signs, and
allows to become effective within 30 days after the Separation from Service, the Company’s standard form of release of all claims, then the Company shall pay the Employee the following as severance: 

3.3.1. Lump Sum Cash Payment. The Company shall pay a lump sum cash payment equal to twice the sum of his annual Base Salary and Target
Bonus, as in effect on the date of Separation from Service, with such payment made on the 30th day following his Separation from Service, or, if permitted in a manner that complies with Treasury
Regulation Section 1.409A-1(b)(4), on the day following the day the release of all claims becomes effective. 

  
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 3.3.2. Benefits. The Company shall pay, on the last day of each month following the month
in which the Separation from Service occurs, a lump sum payment of $6,000 per month, for 24 months. The Employee may, but is not required to use, this monthly payment toward the cost of obtaining alternatives to the employee health and welfare
benefits provided by the Company to active employees. 
 3.3.3. 100% Time-Based Vesting Acceleration. The Company shall accelerate
(as of the date of Separation from Service) the time-based vesting of the RSUs granted under Section 2.4 above, but only as to the continued service requirement and not as to any performance-based vesting condition. 

3.3.4. 100% Performance-Based Vesting Acceleration – Change in Control. If the Employee’s termination without Cause or
Resignation for Good Reason occurs on or within 12 months following a Change in Control (as defined on Exhibit A), the Company shall also accelerate (as of the date of Separation from Service) the performance-based vesting of the RSUs
granted under Section 2.4 above, such that all of the then-outstanding and unvested RSUs are fully vested as of the Separation from Service. 

4. Tax Matters. 
 4.1
Withholding. All compensation payable to the Employee by the Company or any of its affiliates shall be subject to applicable income and employment taxes, including withholding taxes. 

4.2 Section 409A. It is intended that all of the benefits and payments under this Agreement satisfy, to the greatest extent
possible, the exemptions from the application of Internal Revenue Code Section 409A (“Section 409A”) provided under Treasury Regulations 1.409A-1(b)(4) and 1.409A-1(b)(9), and this Agreement will be construed to the greatest extent possible as consistent with those provisions. If not so exempt, this Agreement (and any definitions hereunder) will be construed in a
manner that complies with Section 409A, and incorporates by reference all required definitions and payment terms. For purposes of Section 409A (including, without limitation, for purposes of Treasury Regulation Section 1.409A-2(b)(2)(iii)), the Employee’s right to receive any installment payments under this Agreement (whether severance payments, reimbursements or otherwise) will be treated as a right to receive a
series of separate payments and, accordingly, each installment payment hereunder will at all times be considered a separate and distinct payment. Notwithstanding any provision to the contrary in this Agreement, if the Employee is deemed by the
Company at the time of Separation from Service to be a “specified employee” for purposes of Section 409A(a)(2)(B)(i), and if the Company, in consultation with its external tax advisors determines that any of the payments upon
Separation from Service set forth herein and/or under any other agreement with the Company are “deferred compensation”, then if and only if delayed commencement of any portion of such payments is required to avoid a prohibited distribution
under Section 409A(a)(2)(B)(i) and the related adverse taxation under Section 409A, the timing of the payments upon a Separation from Service will be delayed as follows: on the earlier to occur of (i) the date that is six months and
one day after the effective date of Separation from Service, and (ii) the date of the Employee’s death (such earlier date, the “Delayed Initial Payment Date”), the Company will pay to the Employee a lump sum amount
equal to the sum of the payments due on Separation from Service that the Employee would otherwise have received through the Delayed Initial Payment Date if the commencement of the payments had not been delayed pursuant to this paragraph, and
commence paying the balance of the payments in accordance with the applicable payment schedules set forth above. No interest will be due on any amounts so delayed. 

  
 -4- 

 4.3 Section 280G. If any payment or benefit that the Employee would receive from the
Company or otherwise in connection with a Change in Control or other similar transaction (“Payment”) would (i) constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue
Code, and (ii) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then such Payment will be equal to the Reduced Amount. The “Reduced
Amount” will be either (x) the largest portion of the Payment that would result in no portion of the Payment being subject to the Excise Tax, or (y) the largest portion, up to and including the total, of the Payment, whichever
amount ((x) or (y)), after taking into account all applicable federal, state and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in the Employee’s receipt of the greater
economic benefit notwithstanding that all or some portion of the Payment may be subject to the Excise Tax. If a Reduced Amount will give rise to the greater after tax benefit, the reduction in the Payments will occur in the following order:
(a) reduction of cash payments; (b) cancellation of accelerated vesting of equity awards other than stock options; (c) cancellation of accelerated vesting of stock options; and (d) reduction of other benefits paid to the
Employee. Within any such category of payments and benefits (that is, (a), (b), (c) or (d)), a reduction will occur first with respect to amounts that are not “deferred compensation” within the meaning of Section 409A and then
with respect to amounts that are. If acceleration of compensation from equity awards is to be reduced, such acceleration of vesting will be canceled, subject to the immediately preceding sentence, in the reverse order of the date of grant. 

Upon request by the Company or the Employee, the determination of whether any reduction in such payments or benefits to be provided hereunder
is required pursuant to the preceding sentence shall be made by the Company’s independent accountants or a reputable third party national accounting firm, with the Company paying for such services. The fact that Employee’s right to
payments or benefits may be reduced by reason of the limitations contained in this Section shall not be Good Reason for resignation. 
 5.
Non-Solicitation. For a period of 12 months after the termination of the Employee’s employment for any reason, the Employee will not directly or indirectly, either alone or in association with others (i) induce any employee of the
Company to leave the employ of the Company, or (ii) solicit for employment or other service relationship any person who is employed or otherwise engaged by the Company. If any restriction set forth in this Section 5 is found by any court
of competent jurisdiction to be unenforceable because it extends for too long a period of time or over too great a range of activities or in too broad a geographic area, it shall be interpreted to extend only over the maximum period of time, range
of activities or geographic area as to which it may be enforceable. The Employee acknowledges that the restrictions contained in this Section 5 are necessary for the protection of the business and goodwill of the Company and are considered by
the Employee to be reasonable for such purpose. The Employee agrees that any breach of this Section 5 is likely to cause the Company substantial and irrevocable damage which is difficult to measure. Therefore, in the event of any such breach or
threatened breach, the Employee agrees that the Company, in addition to such other remedies which may be available, shall have the right to obtain an injunction from a court restraining such a breach or threatened breach and the right to specific
performance of the provisions of this Section 5 without posting a bond and the Employee hereby waives the adequacy of a remedy at law as a defense to such relief. 

  
 -5- 

 6. Proprietary Information and Developments. The Employee has signed the Company’s
customary form of non-disclosure and assignment of inventions agreement. Such agreement shall continue in full force and effect, unchanged by the execution of this Agreement. The Employee further agrees that all property (including without
limitation all equipment, tangible proprietary information, documents, records, notes, contracts and computer-generated materials) furnished to or created or prepared by the Employee incident to Employee’s employment belongs to the Company and
shall be promptly returned to the Company upon termination of the Employee’s employment for any reason. 
 7. Other Agreements.
The Employee represents that his performance of all the terms of this Agreement and the performance of his duties as an employee of the Company do not and will not breach any agreement with any prior employer or other party to which the Employee is
a party (including without limitation any nondisclosure or non-competition agreement). Any agreement to which the Employee is a party relating to nondisclosure, non-competition or non-solicitation of employees or customers is listed on Exhibit
B attached hereto. 
 8. Miscellaneous. 

8.1 Notices. Any notices delivered under this Agreement shall be deemed duly delivered four business days after it is sent by registered
or certified mail, return receipt requested, postage prepaid, or one business day after it is sent for next-business day delivery via a reputable nationwide overnight courier service, in each case to the address of the Company set forth in the
introductory paragraph hereto (to the attention of the Corporate Secretary of the Company) or the residence address of the Employee most recently filed with the Company, as the case may be. Either party may change the address to which notices are to
be delivered by giving notice of such change to the other party in the manner set forth in this Section 8.1. 
 8.2 Pronouns.
Whenever the context may require, any pronouns used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular forms of nouns and pronouns shall include the plural, and vice versa. 

8.3 Entire Agreement. This Agreement constitutes the entire agreement between the parties and supersedes all prior agreements and
understandings, whether written or oral, relating to the subject matter of this Agreement. 
 8.4 Amendment. This Agreement may be
amended or modified only by a written instrument executed by both the Company and the Employee. No employee of the Company may cause the Company to execute such modification or amendment to this Agreement unless the Board or the Compensation
Committee has first approved such modification or amendment. 

  
 -6- 

 8.5 Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of California (without reference to the conflicts of law provisions thereof). Any claim or controversy arising out of or relating to this Agreement or any breach thereof, including any claim for discrimination under any local,
state or federal employment discrimination law, except as specifically excluded herein, shall be settled by non-binding arbitration in San Jose, California and administered by the American Arbitration Association under its Employment Arbitration
Rules and Mediation Procedures, a copy of which can be obtained at www.adr.org or by calling 800.778.7879. The award rendered in any arbitration proceeding held under this Section 8.5 shall be non-binding, unless the parties mutually agree that
the award rendered in such arbitration proceeding shall be binding, in which case judgment upon the award may be entered in any court having jurisdiction thereof. Claims for workers’ compensation or unemployment compensation benefits are not
covered by this Section 8.5. Also not covered by this Section 8.5 are claims by the Company or by the Employee for temporary restraining orders or preliminary injunctions (“temporary equitable relief”) in cases in which such
temporary equitable relief would be otherwise authorized by law, including, but not limited to, claims for equitable relief arising out of a breach of Sections 5 and/or 6 of this Agreement. Both the Company and the Employee expressly waive any right
that any party either has or may have to a jury trial of any dispute arising out of or in any way related to this Agreement or any breach thereof. Any action, suit or other legal proceeding arising under or relating to any provision of this
Agreement shall be commenced only in a court of the State of California (or, if appropriate, a federal court located within California), and the Company and the Employee each consents to the jurisdiction of such a court. 

8.6 Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of both parties and their respective
successors and assigns, including any corporation with which, or into which, the Company may be merged or which may succeed to the Company’s assets or business, provided, however, that the obligations of the Employee are personal and shall not
be assigned by him. 
 8.7 Waivers. No delay or omission by the Company in exercising any right under this Agreement shall operate as
a waiver of that or any other right. A waiver or consent given by the Company on any one occasion shall be effective only in that instance and shall not be construed as a bar or waiver of any right on any other occasion. 

8.8 Captions. The captions of the sections of this Agreement are for convenience of reference only and in no way define, limit or affect
the scope or substance of any section of this Agreement. 
 8.9 Severability. In case any provision of this Agreement shall be
invalid, illegal or otherwise unenforceable, such provision shall be enforced to the fullest extent permitted by law, and the validity, legality and enforceability of the remaining provisions shall in no way be affected or impaired thereby. 

  
 -7- 

 THE EMPLOYEE ACKNOWLEDGES THAT HE HAS CAREFULLY READ THIS AGREEMENT AND UNDERSTANDS AND AGREES TO
ALL OF THE PROVISIONS IN THIS AGREEMENT. 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year set
forth above. 
  

			
	OCLARO, INC.
		
	By:	 	 
	Name:	 	
	Title:	 	Member of the Board of Directors
	
	EMPLOYEE
	
	 
	Name: Greg Dougherty

  
 -8- 

 EXHIBIT A 

Change in Control. “Change in Control” means the consummation of a transaction or series of transactions
resulting in one or more of the following events: 
 (a) the acquisition by an individual, entity or group (within the meaning of
Section 13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) (a “Person”) of beneficial ownership of any capital stock of the Company if, after such
acquisition, such Person beneficially owns (within the meaning of Rule 13d-3 promulgated under the Exchange Act) 50% or more of either (x) the then-outstanding shares of common stock of the Company (the “Outstanding Company Common
Stock”) or (y) the combined voting power of the then-outstanding securities of the Company entitled to vote generally in the election of directors (the “Outstanding Company Voting Securities”); provided,
however, that for purposes of this subsection (a), the following acquisitions shall not constitute a Change in Control: (i) any acquisition directly from the Company (excluding an acquisition pursuant to the exercise, conversion or exchange
of any security exercisable for, convertible into or exchangeable for common stock or voting securities of the Company, unless the Person exercising, converting or exchanging such security acquired such security directly from the Company or an
underwriter or agent of the Company), (ii) any acquisition by the Company, (iii) any acquisition by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled by the Company, or
(iv) any acquisition by any corporation pursuant to a transaction which complies with clauses (i), (ii) and (iii) of subsection (c) below; or 

(b) such time as the Continuing Directors (as defined below) do not constitute a majority of the Board (or, if applicable, the Board of
Directors of a successor corporation to the Company), where the term “Continuing Director” means at any date a member of the Board (i) who was a member of the Board on the date of the execution of this Agreement or
(ii) who was nominated or elected subsequent to such date by at least a majority of the directors who were Continuing Directors at the time of such nomination or election or whose election to the Board was recommended or endorsed by at least a
majority of the directors who were Continuing Directors at the time of such nomination or election; provided, however, that there shall be excluded from this clause (ii) any individual whose initial assumption of office occurred as a
result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents, by or on behalf of a person other than the Board; or 

  
 -9- 

 (c) the consummation of a merger, consolidation, reorganization, recapitalization or statutory
share exchange involving the Company or a sale or other disposition of all or substantially all of the assets of the Company in one or a series of transactions (a “Business Combination”), unless, immediately following such
Business Combination, each of the following three conditions is satisfied: (i) all or substantially all of the individuals and entities who were the beneficial owners of the Outstanding Company Common Stock and Outstanding Company Voting
Securities immediately prior to such Business Combination beneficially own, directly or indirectly, more than 50% of the then-outstanding shares of common stock and the combined voting power of the then-outstanding securities entitled to vote
generally in the election of directors, respectively, of the resulting or acquiring corporation in such Business Combination (which shall include, without limitation, a corporation which as a result of such transaction owns the Company or
substantially all of the Company’s assets either directly or through one or more subsidiaries) (such resulting or acquiring corporation is referred to herein as the “Acquiring Corporation”) in substantially the same
proportions as their ownership, immediately prior to such Business Combination, of the Outstanding Company Common Stock and Outstanding Company Voting Securities, respectively; (ii) no Person (excluding any employee benefit plan (or related
trust) maintained or sponsored by the Company or by the Acquiring Corporation) beneficially owns, directly or indirectly, 30% or more of the then outstanding shares of common stock of the Acquiring Corporation, or of the combined voting power of the
then-outstanding securities of such corporation entitled to vote generally in the election of directors (except to the extent that such ownership existed prior to the Business Combination); and (iii) at least a majority of the members of the
board of directors of the Acquiring Corporation were Continuing Directors at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 

(d) Approval by the stockholders of the Company of the liquidation or dissolution of the Company. 

  
 -10-

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