Document:

EX-10.2

 Exhibit 10.2 

This AMENDED AND RESTATED STOCK OPTION AGREEMENT (the “Restated SOA”) is executed this 30 December 2020 (the “Effective
Date”) BY AND BETWEEN: 
  

	(1)	 Mr. Bernard Lukey, holder of passport No. , an individual citizen of Switzerland
(“Manager”), and 

 (2) OZON HOLDINGS PLC, a public limited company organized under the laws of the Republic of Cyprus,
whose registered office is at: 2-4 Arch. Makarios III Avenue, Capital Center, 9th floor, Nicosia, Cyprus (the “Company”); and 

The Manager, the Company shall be referred to individually as a “Party” and collectively as the “Parties”. 

RECITALS: 
 (A) WHEREAS, the Parties (and one other party)
previously entered into the share option agreement (the “SOA”), under which the Manager was granted an option to acquire up to an aggregate of 20,000 Shares with a nominal value of US$0.025 each at a purchase price per Share of
US$48.826. 
 (B) WHEREAS under the terms of the SOA the option is fully vested as at the date of this Agreement. 

(C) WHEREAS, the Company converted into a public limited company on October 21, 2020 and completed a public offering of American Depositary Shares
representing ordinary shares of the Company on November 27, 2020. 
 (D) WHEREAS, on October 15, 2020 the share capital of the Company was amended
by subdivision of each Ordinary share of USD0.025 each into 25 Ordinary shares of USD0.001 each and accordingly the number of Shares subject to the option is to be adjusted to 500,000 ordinary shares of the Company with an exercise price per share
of US$1.95304 (one dollar and ninety-five thousand three hundred four hundred-thousandths) (the “Option”); 
 Definitions 

For the purposes of this Restated SOA: 
 “Acquisition
Date” means the date specified in Clause 2.2. 
 “Exercise Notice” means a written notice (which may be in electronic form) by the
Manager, in the form of notice (including electronic notice) approved by the Compensation Committee. 
 “ADSs” means American Depositary
Shares representing ordinary shares of the Company. 
 “Board” means the board of directors of the Company. 

  
 1 

 “Final Exercise Date” means June 10, 2021 

“FMV” means the fair market value of a Share, which shall be the average closing price per the Share (or during any period following a
listing of ADSs, on a national securities exchange, the average closing price per ADS on the primary exchange on which ADSs are listed, which for so long as ADSs are listed on NASDAQ shall be NASDAQ) calculated over the period of 10 business days
immediately prior to the date of determination (as adjusted to account for the ratio of Company Shares to ADSs representing shares of the Company, if necessary). 

“Group” means the Company and all Subsidiaries together. 

“Person” means any natural person, firm, partnership, association, corporation, company, trust, business trust, Governmental Authority or
other entity; 
 “Share” means an ordinary share in the capital of the Company. 

“SOA” means original Stock Option Agreement entered between the Company, the Manager on July 01, 2009 (as amended). 

Clause 1. Restated Option Shares. 
 The Parties
acknowledge and agree that the Option shall be restated as follows: 
 1.1. Subject to the terms of this Restated Option Agreement, the Manager has an option
to acquire at any time prior to the Final Exercise Date up to 500,000 (five hundred thousand) Shares on the terms provided in the Restated SOA (the “Restated Option Shares”) at an exercise price equal to US$1.95304 (one dollar and
ninety-five thousand three hundred four hundred-thousandths) per Restated Option Share (the “Exercise Price Per Share”). 
 Clause 2.
Exercise Procedure. 
 2.1 At any time prior to the Final Exercise Date the Manager may exercise the Option in whole or in part by notifying the Company
of his intention to acquire some or all of the Restated Option Shares by delivery of an Exercise Notice, specifying the number of Restated Option Shares in respect of which the Option is being exercised. 

2.2 Any exercise of the Option under this Restated Option Agreement will be made on a net basis, such that the Company shall withhold a number of Shares in
accordance with the formula set forth in clause 2.4 below. 
 2.3 As soon as possible after receipt of the Exercise Notice the Company shall issue to the
Manager the relevant number of Shares (or ADSs in accordance with Clause 6.8). 
 2.4 The number of Shares (or ADSs in accordance with Clause 6.8 below) to
be issued shall be calculated according to the following formula: 
 N=S*(X-Y)/X if X>Y and, 

  
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 N=0 if X=<Y where 

N equals the number of Shares to be issued; 

X equals the Fair Market Value on the date of the Acquisition Notice; 

Y equals the Exercise Price; and 

S equals the all of the portion of Restated Option Shares as stated in the Exercise Notice. 

Clause 3. Death of the Manager. 
 In case of the
Manager’s death prior to his exercise of the Option, the Manager’s personal representatives (including his heirs by will and operation of law) shall have the right to exercise the Option at any time up to prior to the Final Exercise Date.

 Clause 4. Non-transferability of Rights. 
 4.1 The
Restated Option Shares under this Restated SOA are personal to the Manager and no rights granted hereunder may be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise), other than to the Manager’s
representatives in accordance with Clause 3 and 4.2, nor shall any such rights be subject to execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate or otherwise dispose of such rights contrary to the
provisions hereof, or upon the levy of any attachment or similar process upon such rights, this Restated SOA and all rights of the Manager herein shall, at the election of the Company, become void. 

4.2 The Manager may transfer the right to acquire Shares to (i) the Manager’s spouse or any lineal descendent of the Manager; or (ii) any trust
for the benefit of the Manager or his spouse or lineal descendent. 
 Clause 5. No Special Rights. 

Nothing contained in this Restated SOA shall be construed or deemed by any Person under any circumstances to bind the Company to offer or continue any
contractual or other arrangement binding the Manager to exercise or perform certain duties for the benefit of the Group for the period within which this Restated SOA is valid. 

Clause 6. Miscellaneous. 
 6.1 Except as provided herein,
this Restated SOA may not be amended or otherwise modified unless evidenced in writing and signed by the Company and the Manager. The Manager shall have a unilateral right at all times to terminate this Restated SOA upon written notice to the
Company. 
 6.2 All notices under this Restated SOA shall be mailed or delivered by hand to the Parties at their respective addresses set forth beneath
their names above or at such other address as may be designated in writing by either of the Parties to one another, unless otherwise expressly provided in this Restated SOA. 

  
 3 

 6.3 The sale of Company Shares, ADSs, as applicable, held by or on behalf of the Manager after exercise may
be subject to certain restrictions as required by law and/or relevant stock exchange rules and implemented by the Board. 
 6.4 This Restated SOA shall be
governed by and construed in accordance with the laws of England and Wales and subject to the exclusive jurisdiction of the courts of England. 
 6.5 The
Manager hereby consents to the collection, use and transfer of personal data as described in this clause. The Manager understands that the Group hold certain personal information about him/her, including but not limited to his/her name, home address
and telephone number, date of birth, identification document number, any shares or directorships held in the Company (“Data”). The Manager further understands that the Company will transfer Data as necessary for the purposes of this
Restated SOA and may further transfer the Data to any third parties in the course of performance of its obligations under this Restated SOA. The Manager understands that recipients of the Data may be located in Russia, Cyprus or elsewhere. The
Manager authorises further recipients to receive, possess, use, retain and transfer the Data in electronic or other form, for the purposes of performance of this Restated SOA. 

6.7 In the event the Company is required by law to withhold or collect any taxes and/or contributions payable in connection with the issuance, conversion or
transfer of Shares, the Company shall first notify the Manager and request relevant documentation from the Manager to confirm the Managers tax status and applicability of tax withholding requirements. Further, in the event taxes are withheld then
the Company shall provide documentation as requested by Manager to confirm taxes paid to allow for the credit/reimbursement of withheld taxes through relevant fiscal authorities. Notwithstanding the above, the Manager hereby acknowledges and agrees
that the responsibility for paying any amounts of tax and/or social security contributions if any attributable to or payable in connection with any event pursuant to this Restated SOA shall remain with and be a liability of the Manager. 

6.8 The Manager hereby acknowledges and agrees that Shares, any depositary shares or depositary receipts representing Shares, or any other securities of the
Company (the “Securities”) have not been registered in the Russian Federation and will not be “placed”, “publicly placed” or admitted to “public circulation” or otherwise offered in any placement
including by means of advertisement, in the Russian Federation (in each case within the meaning of Article 51.1 of the Russian Federal Law “On the Securities Market” No. 39-FZ, dated April 22, 1996, as amended) save for ADSs
which have been admitted to “public circulation” in the Russian Federation by virtue of listing on the Moscow Exchange. Unless and until the Securities are registered on a Form S-8 by the Company, the Manager agrees and acknowledges that
that the Securities have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or with any securities regulatory authority in any state or other jurisdiction of the United
States, and may not be offered or sold to any U.S. person or within the United States except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and of the securities laws of any
state or other jurisdiction of the United States; and that it is acquiring the Securities in an offshore transaction exempt from the registration requirements of the Securities Act as provided by Regulation S thereunder. Persons who are deemed to be
“affiliates” of the Company under the U.S. securities laws may be subject to further 

  
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restrictions on transfer, regardless of whether or not the Securities have been registered on a Form S-8 by the Company. In fulfilment of the obligation of the Company to issue the Shares to the
Manager under this Restated SOA, the Company may at its sole discretion deliver the number of the Shares which are required to be issued from time to time at any point whilst ADSs are listed on a national securities exchange to the depositary of the
Company (from time to time) (the “Depositary”) and the Depositary shall be instructed to deliver to the Manager ADS representing an ownership interest in the Shares and cause the ADS (to the extent not already on deposit) to be
included in the book entry transfer system managed by the Depositary and to be credited to the securities account of the Manager with the Depositary. Upon such ADSs being so credited, the Shares shall be considered to have been issued by the Company
to the Manager without any further action being required. 
 6.9 This Restated SOA may be executed in one or more counterparts, each of which will be deemed
to be an original but all of which together will constitute one and the same instrument. 

  
 5 

 IN WITNESS WHEREOF, the Parties have duly executed and delivered this Restated SOA as a deed as of the date
first above written. 
  

			
	 Executed as a deed for and on behalf of

The Company
 OZON HOLDINGS PLC

		
	By:	 	/s/ Belova Nadezda
		
	in the presence of:	 	
		
	Witness Signature :	 	/s/ Efstratiou Niki
		
	Name:	 	Efstratiou Niki
		
	Occupation:	 	Accountant
		
	Address:	 	/address/
		
		 	

			
	 Executed as a deed by
 BERNARD
LUKEY

		
	 Manager Signature:
	 	/s/
		
	in the presence of:	 	
		
	Witness Signature :	 	/s/ Nathalie Stolz
		
	Name:	 	Nathalie Stolz
		
	Occupation:	 	
		
	Address:	 	/address/
		
		 	

  
 6EX-10.4

 Exhibit 10.4 

OZON HOLDINGS LIMITED 

RULES OF THE EQUITY INCENTIVE PLAN 

Adopted as of 15 March 2018 and Amended as of 11 March 2016 and 15 March 2018 

(“EIP” or the “Plan”) 

1. DEFINITIONS: 
 “Acquisition Date”
means the date on which a Recipient becomes entitled to have EIP Shares issued to him or her, which (subject to section 5.1) will be the first of the following dates to occur: 

(i) the date upon which an Exit Event occurs; 
 (ii) the date
falling 10 years after the Award Date (as stated in each Recipient’s EIP Notice of Award); 
 (iii) a date selected by the Company which shall fall
within thirty (30) days following the termination of the Recipient’s contractual or other arrangement binding him/her to exercise certain chargeable duties for the benefit of the Group in the event this termination occurred for any reason
other than Cause or engaging in competitive activities following termination as provided for under the Equity Incentive Agreement; and 
 (iv) in the event
of the Recipient’s death or Disability, a date selected by the Company which shall fall within nine (9) months following that event. 

“Award” means an award of a SAR, an Option or Restricted Share Units. 

“Award Date” means the date of grant of an Award. 

“Board” means the board of directors of the Company elected in accordance with the articles of association of the Company. 

“Cause” means: 
 (i) an act of fraud,
embezzlement or theft in connection with the performance of his/her duties for the Company or any of its Subsidiaries; 
 (ii) intentional wrongful damage
to the property or business of the Company or any of its Subsidiaries; 
 (iii) intentional wrongful disclosure of secret processes or confidential
information of the Company or any of its Subsidiaries; 
 (iv) breach of any non-competition or non-solicitation, confidentiality or invention assignment obligation of the Recipient to the Company or any of its Subsidiaries; and/or 

 (iv) intentional failure or refusal to comply with the conditions of any contractual or other arrangement
binding him/her to exercise certain chargeable duties for the benefit of the Company or its Subsidiaries unless such failure or refusal to comply is consistent with the applicable law. 

“Change of Control” means the acquisition of Control of the Company by a Person (or a group of Persons acting together), including by one or
more existing affiliated shareholders of the Company or a Person Controlled by one or more existing affiliated shareholders of the Company, to acquire shares in the Company, other than a transaction arising as part of a corporate reorganisation
which is determined in good faith by the Board not to constitute of change of control. 
 “Compensation Committee” means a committee
composed of members of the relevant RusCo Board. 
 “Company” means Ozon Holdings Limited, a limited liability company registered under
Cyprus law with its registered address at 2-4 Arch. Makarios III, 9th Floor Capital Center, Nicosia, Cyprus. 

“Control” (including the terms “Controls”, “Controlled by” and “under common Control with”) means, with respect
to any Person, the ownership, directly or indirectly, of interests representing more than fifty per cent (50%) of the voting power of a legal entity, or having the power to control the management, operations or policies of such Person (whether
pursuant to a contract, trust arrangement or otherwise) or elect a majority of members to the board of directors or equivalent decision-making body of such legal entity; provided that, all voting power held by entities under common control
(including investment funds under common control) shall be aggregated together and attributed to each other such entity under common control for the purpose of determining the voting power percentage of each such entity. 

“Disability” means termination of a Recipient’s contractual or other arrangement binding him/her to exercise certain chargeable duties
for the benefit of the Group because of a physical or mental infirmity that impairs the Recipient’s ability to perform substantially their duties for a period of one hundred and eighty (180) consecutive days which is sufficiently confirmed
by a respective authority. 
 “EIP Notice of Award” means a written notice of grant of an Award issued by the Company to a Recipient. 

“EIP Shares” means shares issued pursuant to the Plan, which will be (i) before an IPO, redeemable preference shares in the capital of
the Company unless otherwise provided by the relevant agreement and (ii) after an IPO, ordinary shares in the capital of the Company. 

“Eligible Individuals” means individuals who are essential to the development of the Company, which may include employees, external strategic
advisors and consultants of the Group. 
 “Equity Incentive Agreement” means a written agreement between the Recipient and the Company
relating to an Award. 

 “Exit Event” shall mean the occurrence of: 

(i) the admission of all or any part of the share capital of the Company (including depositary shares representing any shares of the Company) to trading on an
internationally recognized stock exchange; or 
 (ii) a Change of Control. 

“First Vesting Date” means the last date of the calendar quarter that either (a) falls on the first anniversary of the Award Date (if
such anniversary occurs on the last date of a calendar quarter), or (b) is closer to the first anniversary of the Award Date (if such anniversary occurs on any day other than the last day of a calendar quarter) as indicated in the chart below:

  

					
	 	  	 Date on which the first
anniversary of Award
Date
occurs
	  	 First Vesting Date

			
	 Q1
	  	 1 January – 14 February 
(including both dates)
	  	 31 December (immediately preceding the first anniversary of the
Award Date)

	  	  
 15 February –
30 March
(including both dates)
	  	  

31 March (immediately following the first anniversary of the Award
Date)

			
	 Q2
	  	 1 April – 15 May 
(including both dates)
	  	 31 March (immediately preceding the first anniversary of the
Award Date)

	  	  
 16 May –
29 June 
(including both dates)
	  	  

30 June (immediately following the first anniversary of the Award Date)

			
	 Q3
	  	 1 July – 15 August 
(including both dates)
	  	 30 June (immediately preceding the first anniversary of the Award
Date)

	  	  
 16 August –
29 September 
(including both dates)
	  	  

30 September (immediately following the first anniversary of the Award
Date)

			
	 Q4
	  	 1 October – 15 November 
(including both dates)
	  	 30 September (immediately preceding the first anniversary of the
Award Date)

	  	  
 16 November –
30 December 
(including both dates)
	  	  

31 December (immediately following the first anniversary of the Award
Date)

 “FMV” means fair market value of an EIP Share, which will be deemed to be equal to the fair market value of a
Share, which shall be: 
 (A) at any time when Shares (or depositary shares representing such Shares) are not publicly traded on an internationally
recognized stock exchange, the fair market value of the Group most recently determined by the Board, in its sole discretion and acting in good faith, to be the fair market value thereof, divided by a number of shares of the Company on a
fully-diluted basis as at the date of determination. The fully-diluted number of shares is calculated based on an assumption that all Awards (together with other share-based instruments issued before the amended EIP) that have been vested through
the date of determination are converted into Shares as at that date in accordance with the EIP or the terms of such instruments. This determination shall be made at least once a year at the meeting of the Board. The Board may use that value or may
decide to determine the fair market value within 10 days of any event triggering an Acquisition Date. In making this determination, the Board may have regard to (but need not be bound by): 

	 	(a)	 the price of a Share in any recent transaction in Shares, including: 

 

	 	(i)	 the price paid per Share by any new investor in the Company; or 

 

	 	(ii)	 the price paid per Share by any shareholder; or 

 

	 	(b)	 any valuation of a Share by an independent valuer, or 

(B) at the date of an IPO, the fair market value is determined based on public offering price defined in its prospectus or any other offering circular
document, or 
 (C) at any time when Shares (or depositary shares representing any shares of the Company) are publicly traded on an internationally
recognized stock exchange, a closing price per Share averaged for the period of 3 months prior to the date of determination (as adjusted to account for the ratio of Shares to such depositary shares, if necessary). 

“Good Reason” means: without the express written consent of the Recipient, the occurrence after a Change of Control of any of the following
circumstances: 
 (i) a reduction by the Company or its Subsidiary of the agreed fees for the Recipient’s services payable to the Recipient under a
contractual or other arrangement binding the Recipient to exercise certain chargeable duties for the benefit of the Company or any of its Subsidiaries, or other material deterioration in the conditions under which the Recipient renders his/her
services as in effect on the date of the Change of Control, but excluding any reduction resulting merely from currency exchange fluctuations; 
 (ii) the
Company or its Subsidiary requiring the Recipient to be based full time more than fifty (50) miles away from the location where the Recipient principally renders his/her services for the benefit of the Group immediately prior to the date of the
Change of Control; 
 (iii) a material reduction in the position, duties or responsibilities of the Recipient in relation to a contractual or other
arrangement binding the Recipient to exercise certain chargeable duties for the benefit of the Company or any of its Subsidiaries as in effect at the date of the Change of Control; or 

(iv) the failure by the Company to pay the Recipient any portion of his/her compensation within seven (7) days after the date such compensation is due,

 unless such circumstance is fully corrected within thirty days after the Recipient has informed the Company in writing that he/she intends to terminate a
contractual or other arrangement binding him/her to exercise certain chargeable duties for the benefit of the Company or any of its Subsidiaries for Good Reason and specifies the circumstance or circumstances which cause the Good Reason. 

“Group” means the Company and all Subsidiaries together. 

“IPO” means the sale of the Company’s Ordinary Shares (or the shares of a liquidity vehicle established for such purpose) or depository
receipts representing such shares in a first public offering resulting in the listing of such shares (or depository receipts) on an internationally recognized stock exchange. 

 “Measurement Price” means a price determined by the Board at the Award Date for an SAR and
set out in the EIP Notice of Award, being equivalent to the FMV of one Share at the Award Date as determined by the Board (unless otherwise determined by the Board in respect of a specific Award). 

“Option” means an option to purchase EIP Shares granted under the EIP. 

“Person” means any natural person, firm, partnership, association, corporation, company, trust, business trust, Governmental Authority or
other entity. 
 “Purchase Price” means a price determined by the Board at the Award Date for an Option and set out in the EIP Notice of
Award, being equivalent to the FMV of one Share at the Award Date as determined by the Board (unless otherwise determined by the Board in respect of a specific Award). 

“Recipient” means an Eligible Individual who holds an Award. 

“Reserved Pool” means 400,000 redeemable preference shares of the Company (including any redeemable preference shares of the Company issued
pursuant to Awards prior to 15 March 2018); provided that all EIP Shares subject to Awards that lapse or are terminated, surrendered or cancelled without EIP Shares having been issued shall be returned to the Reserved Pool. 

“Restricted Share Units” means share units granted under the EIP. 

“RusCo” means (a) Ozon Holding LLC, a company duly incorporated and validly existing under the laws of the Russian Federation, having
its registered office at: 14, Chapaevsky Pereulok, Moscow 125252; or (b) Internet Travel LLC, a company duly incorporated and validly existing under the laws of the Russian Federation, having its registered office at: 14, Chapaevsky Pereulok,
Moscow 125252. 
 “RusCo Board” means the board of directors of a RusCo elected in accordance with such company’s organizational
documents. 
 “SARs” means share appreciation rights granted under the EIP. 

“Share” means an ordinary share of US$ 0.025 nominal value in the capital of the Company. 

“Subsidiary” means any Person Controlled by the Company or where the Company is a shareholder and Controls alone pursuant to an agreement
with other shareholders, a majority of voting rights in such Person. 
 2. GENERAL 

 

	2.1	 Objectives 

The EIP is intended to reward and retain Eligible Individuals and to align the interests of Recipients with those of the shareholders by encouraging
growth-related incentives and the development of long term commitments. 

	2.2	 Reserved Pool 

2.2.1 Awards may be granted from the Reserved Pool by the Board, taking into account the recommendation of the relevant RusCo Board. The number of Awards to be
granted in any year is to be determined by the Board. 
 2.2.2 Subject to approval by the Board and any relevant shareholder approval of the allotment of
equity securities in the Company (to the extent required), the Board is entitled (but in no case bound) to make equity incentive awards outside of (and in addition to) the Reserved Pool to Eligible Recipients on a case by case basis on the
recommendation of the relevant RusCo Board or their respective Compensation Committees, and to make such awards subject to the provisions of this EIP. 

2.2.3 All matters relating to the EIP shall be approved by the Board unless otherwise provided by the Company’s articles of association or any valid and
effective shareholders’ agreement to which the Company is bound. 
  

	2.3	 Adjustment of Awards 

In the event of any share split, reverse share split, share dividend, recapitalization, combination of shares, reclassification of shares, spin-off or other similar change in capitalization or event, or any dividend or distribution to shareholders of the Company other than an ordinary cash dividend, (i) the number and class of securities available
under this EIP and (ii) the number and class of securities and Purchase Price or Measurement Price per EIP Share underlying each affected outstanding Award (if applicable) shall be equitably adjusted by the Company (or substituted awards may be
made, if applicable) in the manner determined by the Board. 
  

	2.4	 Administration 

The Compensation Committee is charged with determining issues related to the EIP for presentation to the Board. 

 

	2.5	 Plan documents 

This document and the following annexes, all of which are governed by the laws of England and Wales, are each an integral part of the Plan: 

Exhibit 1 — Form of Notice of Award: SARs 
 Exhibit 2 —
Form of Equity Incentive Agreement: SARs 
 Exhibit 3 — Form of Notice of Award: RSUs 

Exhibit 4 — Form of Equity Incentive Agreement: RSUs 
 3.
AWARDS 
  

	3.1	 Eligibility and grant of Awards 

The CEO of the Group and/or the CEO of a RusCo together with the Compensation Committee shall determine a list of Eligible Individuals who are eligible to
receive Awards, and the type of Award and number of EIP Shares subject to each such Award it is proposed to be allocated to each of them. 
  

	3.2	 Forms of Awards 

3.2.1 SARs. Each Award of SARs shall entitle the Recipient, subject to vesting and other terms as set forth in the Equity Incentive Agreement, to
receive upon an Acquisition Date a number of EIP Shares determined by reference to the appreciation in the FMV of a Share over the Measurement Price, from and after the Award Date. 

 3.2.2 Options. Each Award of an Option shall entitle the Recipient, subject to vesting and other terms as
set forth in the Equity Incentive Agreement, to purchase on or after the Acquisition Date the number of EIP Shares subject to the Option upon payment of the aggregate Purchase Price of the Option. Options may be exercised by delivery to the Company
of a written notice of exercise (which may be in electronic form) by the Recipient, in the form of notice (including electronic notice) approved by the Compensation Committee, together with payment in full as specified below for the number of EIP
Shares for which the Option is exercised. Payment of the Purchase Price shall be made 
 (A) in cash or wire transfer to the
order of the Company, or 
 (B) by having the Company withhold, from the EIP Shares otherwise issuable upon exercise of the Option, a number
of EIP Shares having a FMV equal to the aggregate Purchase Price payable, or 
 (C) if the EIP Shares are then traded on an internationally
recognized stock exchange, by (x) delivery of an irrevocable and unconditional undertaking by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise price due and any required tax withholding, or
(y) delivery by the Recipient to the Company of a copy of irrevocable and unconditional instructions to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price due and any required tax
withholding.  
 3.2.3 Restricted Share Units. Each Award of Restricted Share Units shall entitle the Recipient, subject to vesting and
other terms as set forth in the Equity Incentive Agreement, to receive upon the Acquisition Date the number of EIP Shares subject to the Award of Restricted Share Units. 
  

	3.3	 Documentation for grant 

All rights in respect of an Award shall be set out in an EIP Notice of Award and in an Equity Incentive Agreement. 

 

	3.4	 Rights attaching to Awards 

Awards will not entitle the relevant Recipient to vote, to receive dividends, to receive any information on the operational activity of the Group, which are
provided to the Company’s shareholders, and are not transferable. 
  

	3.5	 Pre-existing awards 

(i) Options granted before 11 March 2016 will continue on their effective terms, other than as the same may be amended (subject to the consent of the
holders) with respect to the terms governing the acquisition of EIP Shares as set out in this Plan as amended. 
 (ii) SARs granted before 13 March
2018 will continue on their original terms as to the number of SARs, Award Date, vesting dates and Measurement Price, other than as the same may be amended (subject to the consent of the holders) with respect to the terms governing the acquisition
of EIP Shares as set out in this Plan as amended. 

 4. VESTING 

4.1 Vesting schedule 
 Unless otherwise decided by the
Board upon Award Date, Awards will vest with time over four years following the Award Date as follows: 
 (i) one fourth of the Options, SARs
or Restricted Share Units subject to the Award to vest on the First Vesting Date; and 
 (ii) a further one sixteenth of the Options, SARs or
Restricted Share Units subject to the Award to vest on the last day of each consecutive calendar quarter following the First Vesting Date. 
 4.2
Performance targets 
 In some cases, vesting of an Award may also be subject to individual or Group corporate performance targets and if so, these
will be set forth in the EIP Notice of Award or in the Equity Incentive Agreement. 
 4.3 Advisors and consultants 

Vesting terms with respect to Awards granted to external strategic advisors and consultants may be determined on a case by case basis by the Board and will be
set out in the EIP Notice of Award or in the Equity Incentive Agreement. 
 4.4 “Bullet” vesting 

With respect to Recipients who are in a contractual or other arrangement binding them to exercise certain chargeable duties for the benefit of an entity or
entities in the Group, all Awards shall vest immediately if such arrangement is terminated within 12 months following a Change of Control either by: 
 (i)
the Recipient for a Good Reason; or 
 (ii) by the Company or its Subsidiary for any reason other than Cause. 

4.5 Exit Event 
 Other than as provided in clause 4.4
above, following an Exit Event (including, for the avoidance of doubt, a Change of Control), all Awards shall continue to vest in accordance with their applicable vesting schedules, subject to the continuation of the Recipient’s contractual or
other arrangement binding him/her to exercise certain chargeable duties for the benefit of the Group. 
 4.6 Suspension of Vesting 

A vesting period will be suspended if the Recipient ceases carrying out chargeable duties for the benefit of the Company under a contractual or other binding
arrangement due to maternity/paternity leave. Such suspension starts from the last day of a calendar quarter preceding a calendar quarter when unpaid maternity/paternity leave starts but in any case not later than the 141st day of paid
maternity/paternity leave. For the avoidance of doubt, for so long as the Recipient is a Russian tax resident, the start of paid maternity/paternity leave needs to be supported by a maternity/paternity sick list. The vesting period continues and the
suspension period finishes from the next date after the Recipient resumes carrying out chargeable duties for the benefit of the Company under a contractual or other binding arrangement. The vesting suspension period may be reduced at the sole
discretion of the Board. 

 5. ACQUISITION OF EIP SHARES 

5.1 Continuing relationship 
 The Recipient must maintain a
contractual or other arrangement binding him/her to exercise certain chargeable duties for the benefit of the Group at all times between the Award Date and (as the circumstances may be): 

(i) the Acquisition Date; or 
 (ii) the date of termination of the
Recipient’s contractual or other arrangement binding him/her to exercise certain chargeable duties for the benefit of the Group for any reason other than Cause or his/her engaging in competitive activities following termination as provided for
under the Equity Incentive Agreement, or 
 (iii) the date of death or Disability. 

5.2 Issue of EIP Shares 
 Subject to sections 5.1 and 8,
the Board acting in good faith will issue EIP Shares to the Recipient (or, in a case falling within section 5.4, his lawful representatives) as soon as possible after an Acquisition Date. 

5.3 Determination of a number of EIP Shares 
 5.3.1 EIP
Shares to be issued to Recipients in connection with SARs shall be determined from the following formula: 
 N=S*(X-Y)/X if X>Y and, 
 N=0 if X=<Y where 

N equals the number of EIP Shares to be issued to the Recipient; 

X equals the FMV at the Acquisition Date; 

Y equals the Measurement Price; and 

S equals the number of SARs vested on the Acquisition Date. 

The Measurement Price can be defined in rubles and recalculated in the currency which is used for the determination of the FMV as of the Acquisition Date
using the daily exchange rates of the Central Bank of Russia between the ruble and the relevant currency averaged over the period of three (3) months prior to the Acquisition Date. 

5.3.2 EIP Shares to be issued to Recipients in connection with Options shall be the number of EIP Shares subject to the portion of the Option being exercised.

 The Purchase Price can be defined in rubles and recalculated in the currency which is used for the determination of the FMV as of the Acquisition Date
(if necessary) using the daily exchange rates of the Central Bank of Russia between the ruble and the relevant currency averaged over the period of three (3) months prior to the Acquisition Date. 

 5.3.3. EIP Shares to be issued to Recipients in connection with Restricted Share Units shall be the number
of EIP Shares subject to the portion of the vested Restricted Share Units being settled. 
 5.4 Death or Disability 

In the case of a Recipient’s death the EIP Shares shall be issued to the Recipient’s personal representatives (including his heirs by will and
operation of law) or in the case of Disability to his authorised and lawful representatives. Any Awards that have not vested by the date of death or Disability will lapse and become void on that date. 

6. RESTRICTIONS ON EIP SHARES 
 6.1 Before IPO 

EIP Shares shall not carry the right to vote and shall be subject to the rights and restrictions as to transfer and sale attaching to those shares as set out
in the articles of association of the Company as amended from time to time, a copy of which may be obtained by a Recipient on request from the Company secretary. 

6.2 After IPO 
 Upon any initial public offering of the
Company’s shares the sale of EIP Shares held by any Recipient may be subject to certain sale restrictions as determined by the Board prior to the initial public offering. 

7. CONVERSION 
 In certain cases provided in the articles
of association of the Company EIP Shares will be converted into ordinary shares in the ratio 1:1, subject to and in accordance with the provisions of the articles of association of the Company. 

8. REPURCHASE OF AWARDS 
 Within 20 days following the
event triggering an Acquisition Date other than an Exit Event, the Board may decide instead to settle a vested portion of Awards by the Company (or a Subsidiary) making to the Recipient (or, in the event of his death or Disability, his or her lawful
representatives) a cash payment equal to (a) with respect to SARs, the difference between the FMV and the Measurement Price multiplied by the number of vested SARs, (b) with respect to Options, the difference between the FMV and the
Purchase Price, multiplied by the number of vested Options and (c) with respect to Restricted Share Units, the FMV, multiplied by the number of vested Restricted Share Units. If the FMV is not in rubles, the Measurement Price or Purchase Price
will be converted into the relevant currency as set out in section 5.3. 

 9. CANCELLATION 

9.1 Termination for Cause 
 If: (1) a contractual or
other arrangement binding a Recipient to exercise certain chargeable duties for the benefit of the Group is terminated for Cause, (2) a Recipient harms the reputation and public image of the Company or any entity in the Group by “bad-mouthing” or (3) a Recipient breaches any non-competition or non-solicitation, confidentiality or invention
assignment obligation of the Recipient to the Company or any of its Subsidiaries; then all Awards held by such Recipient (whether vested or unvested) shall lapse and become void, and will go back into the Reserved Pool. 

9.2 Termination other than for Cause 
 Awards that have
not vested prior to the relevant Acquisition Date other than an Exit Event will lapse and become void upon that date and go back into the Reserved Pool. 

9.3 Redemption of EIP Shares  
 The Company shall have the
right to redeem any or all EIP Shares issued pursuant to this Agreement in accordance with the terms of the articles of association of the Company. 

10. Miscellaneous 
 10.1 The Recipient hereby consents to
the collection, use and transfer of personal data as described in this section. The Recipient understands that the Group hold certain personal information about him/her, including but not limited to his/her name, home address and telephone number,
date of birth, identification document number, any shares or directorships held in the Company (“Data”). The recipient further understands that the Company will transfer Data as necessary for the purposes of the EIP and may further
transfer the Data to any third parties in the course of performance of its obligations under the EIP. The Recipient understands that recipients of the Data may be located in Russia, Cyprus or elsewhere. The Recipient authorises further recipients to
receive, possess, use, retain and transfer the Data in electronic or other form, for the purposes of performance of the EIP. 
 10.2 In any applicable case
the Company and/or any Subsidiaries shall be entitled to withhold or collect any relevant taxes and/or contributions payable in connection with the issuance, conversion or transfer of EIP Shares or repurchase of Awards under this Plan.
Notwithstanding the above, the Recipient hereby acknowledges and agrees that the responsibility for paying any amounts of tax and/or social security contributions if any attributable to or payable in connection with any event pursuant to this Plan
shall remain with and be a liability of the Recipient. The Recipient hereby further agrees to provide the Company or a Subsidiary on request with such documentation, assurances or information as the Company or a Subsidiary may require to satisfy
itself either that it may withhold any tax and/or social security contributions where the Company or a Subsidiary has an obligation to do so, or that the Recipient himself will pay any such amounts of tax and/or social security contributions
directly to the relevant authority in any jurisdiction in accordance to the relevant legislation.

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