Document:

EX-10.25

 Exhibit 10.25 

PRIVATE PLACEMENT AGREEMENT 

IN RESPECT OF 

OZON HOLDINGS PLC 

 THIS PRIVATE PLACEMENT AGREEMENT (this “Agreement”) is made on November 16,
2020 by and among: 
  

	(1)	 The investors listed on Schedule A hereto (each, an “Investor” and collectively, the
“Investors”); and 

  

	(2)	 OZON HOLDINGS PLC, a public company limited by shares registered under Cyprus law with its registered
address at 2-4 Arch. Makarios III, 9th Floor Capital Center, Nicosia, Cyprus (the “Company”), 

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

  

	WHEREAS:	 

  

	(A)	 The Company is a company incorporated under the laws of the Republic of Cyprus. The Company operates a pan-Russian e-commerce platform. 

  

	(B)	 The registered share capital of the Company currently amounts to $141,730.156, which consists of 141,730,154
issued and fully paid ordinary shares with a nominal value of $0.001 (“Shares”) and two issued and fully paid Class A shares with a nominal value of $0.001. 

 

	(C)	 The Company is preparing for a public offering of American Depositary Shares (“ADSs”)
representing Shares (with each ADS representing one Share) listed on The Nasdaq Global Select Market (the “IPO”) pursuant to the Company’s registration statement on Form F-1 (File no. 333-249810) (as such may be amended, and together with any other registration statement related thereto, the “Registration Statement”). 

 

	(D)	 The Investors desire to purchase from the Company, and the Company desires to issue and sell to the Investors,
the Sale Securities (as defined herein), concurrently with, or as soon as practicable following, the consummation of the IPO and on the terms and subject to the conditions set forth in this Agreement. 

IT IS AGREED as follows: 
  

	1	 Definitions and Interpretation 

 

	1.1	 Capitalized terms used herein shall have the meanings assigned to such terms in the text of this Agreement.

  

	1.2	 Unless the context or the express provisions of this Agreement require otherwise, headings and subheadings of
the paragraphs and/or provisions contained herein are for convenience and reference purposes only and shall not have any effect on the meaning or construction of any of the provisions hereof. 

 

	2	 Sale and Purchase of Sale Securities 

 

	2.1	 Subject to the terms and conditions of this Agreement, the Investors (or their Designated Affiliates (as
defined below)) agree to purchase from the Company, and the Company agrees to issue and sell to the Investors (or their Designated Affiliates), the Sale Securities at a price per ADS (or if the Sale Securities are in the form of Shares, at a price
per Share that is equivalent 

  
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thereto) equal to the initial public offering price per ADS (before underwriting discounts and expenses) in the IPO (the “IPO Price”). As used herein, “Sale
Securities” shall mean a number of ADSs or Shares (as determined at the discretion of the Investors (or their Designated Affiliate) by notice to the Company at least four (4) Business Days prior to Closing) equal to USD
67.5 million divided by the IPO Price, rounded up the nearest whole ADS or Share, as the case may be; and “Purchase Price” shall mean the number of Sale Securities multiplied by the IPO Price. No later than two
(2) Business Days prior to the Closing, the Investors shall deliver to the Company an updated Schedule B, setting forth the number of Shares to be purchased by each Investor (or its Designated Affiliate) and the corresponding portion of
the Purchase Price to be paid by each such Investor (or its Designated Affiliate) in accordance with the terms of this Agreement. 

  

	2.2	 Subject to the terms and conditions of this Agreement, the closing of the purchase and sale of the Sale
Securities (the “Closing”) shall take place remotely via the exchange of documents and signatures concurrently with, or as soon as practicable following, the closing of the IPO after the satisfaction or waiver of each of the
conditions set forth in clause 6 (other than those conditions that by their nature are to be satisfied at Closing, but subject to the fulfilment or waiver of those conditions). The date on which the Closing actually occurs in accordance with the
preceding sentence is referred to in this Agreement as the “Closing Date”. At the Closing, each Investor shall make payment of the Purchase Price to be paid by it as specified in Schedule B by wire transfer in immediately
available funds to the account specified by the Company to Investors at least forty-eight hours in advance against delivery to such Investor of the Sale Securities. 

 

	3	 Company Representations and Warranties 

The Company hereby represents and warrants towards the Investors that at the date hereof and as of the Closing Date: 

 

	3.1	 the Company is a public company limited by shares duly incorporated and validly existing under the laws of the
Republic of Cyprus and has full power and authority to own its assets and to carry on business as it is now being conducted. The Company is duly qualified to transact business as a foreign corporation in each jurisdiction in which it conducts its
business, except where failure to be so qualified could not reasonably be expected to result, either individually or in the aggregate, in a material adverse effect on the Company’s financial condition, business or operations;

  

	3.2	 the Company has full power and authority to enter into this Agreement and to perform all of the obligations
expressed to be assumed by it hereunder; 

  

	3.3	 the statements in clause (B) of the Preamble in relation to the Company are complete and correct as of the
date of this Agreement; 

  

	3.4	 this Agreement when executed by the Parties constitutes valid and binding obligations of the Company,
enforceable in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally; 

 

	3.5	 the Sale Securities being purchased by Investor hereunder, when issued, sold and delivered in accordance with
the terms of this Agreement for the consideration expressed herein, will be duly and validly issued, fully paid and non-assessable and will be free of restrictions on transfer other than (a) restrictions
on transfer under applicable United States federal and state securities laws and (b) restrictions on transfer under the lock-up agreement entered into by the Investor for the benefit of the underwriters
in the IPO; 

  
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	3.6	 the execution and delivery by the Company of this Agreement and the performance by the Company of all the
obligations expressed to be assumed by it hereunder have been duly authorised by all necessary actions of the Company and (a) do not violate any provision of any law, decree, rule or regulation or of any order, judgment, injunction,
determination or award of any court or any judicial, administrative or governmental authority or organisation having applicability to the Company; (b) do not violate any provision of the Articles of Association of the Company; and (c) do
not violate any provision of any mortgage, deed, agreement or other instrument to which the Company is a party or which is binding upon it or its assets nor will result in the creation or imposition of any security interest on any of its assets
pursuant to the provisions of any such mortgage, deed, agreement or other instrument; 

  

	3.7	 the Company has not incurred, and will not incur, directly or indirectly, as a result of any action taken by
the Company, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with the sale of the Sale Securities contemplated by this Agreement; 

 

	3.8	 no directed selling efforts (as defined in Rule 902 of Regulation S under the Securities Act) have been made by
any of the Company, any of its affiliates or any person acting on its or their behalf with respect to any Sale Securities that are not registered under the Securities Act; and none of such persons has taken any actions that would result in the sale
of the Sale Securities to Investor under this Agreement requiring registration under the Securities Act or applicable state securities laws; and the Company is a “foreign issuer” (as defined in Regulation S); and 

 

	3.9	 assuming the accuracy of the representations, warranties and covenants of Investor set forth in clause 4 of
this Agreement, no registration under the Securities Act is required for the offer and sale of the Sale Securities by the Company to Investor under this Agreement. 

 

	4	 Investor Representations and Warranties 

Each Investor hereby represents and warrants towards the Company, on behalf of itself and its Designated Affiliate, that at the date hereof and
as of the Closing Date (for purposes of the representations and warranties contained in this Section 4, the term “Investor” shall include such Investor’s Designated Affiliate to the extent such Designated Affiliate purchases Sale
Securities pursuant to the terms of this Agreement): 
  

	4.1	 The Investor is a company duly incorporated and validly existing under the laws of the jurisdiction of its
formation and has full power and authority to own its assets and to carry on business as it is now being conducted; 

  

	4.2	 The Investor has full power and authority to enter into this Agreement and to transfer the full amount of the
Purchase Price to be paid by such Investor as specified in Schedule B to the Company, and to perform all of the obligations expressed to be assumed by it hereunder; 

 

	4.3	 this Agreement constitutes the legal, valid and binding obligations of the Investor, enforceable against the
Investor in accordance with its terms, except as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally; 

  
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	4.4	 the execution and delivery by Investor of this Agreement, the payment of the Purchase Price to the Company and
the performance by the Investor of all the obligations expressed to be assumed by it hereunder have been duly authorised by all necessary actions of the Investor and (a) do not and will not violate any provision of any law, decree, rule or
regulation or of any order, judgment, injunction, determination or award of any court or any judicial, administrative or governmental authority or organisation having applicability to Investor; (b) do not and will not violate any provision of
its articles of association or equivalent organisational document; and (c) do not and will not violate any provision of any mortgage, deed, agreement or other instrument to which Investor is a party or which is binding upon it or its assets;

  

	4.5	 the Sale Securities to be received by the Investor will be acquired for investment for the Investor’s own
account, not as a nominee or agent, and not with a view to the distribution of any part thereof, and Investor has no present intention of selling, granting any participation in, or otherwise distributing the same, except as permitted by applicable
United States federal or state securities laws; 

  

	4.6	 The Investor has received all the information it considers necessary or appropriate for deciding whether to
purchase the Sale Securities. Investor has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Sale Securities and the business, properties, prospects and financial
condition of the Company; 

  

	4.7	 The Investor is able to fend for itself, can bear the economic risk of its investment, and has such knowledge
and experience in financial or business matters that it is capable evaluating the merits and risks of the investment in the Sale Securities; 

  

	4.8	 The Investor was not identified or contacted through the marketing of the IPO. The Investor did not contact the
Company as a result of any general solicitation or directed selling efforts. The purchase of the Sale Securities by the Investor was not solicited by or through anyone other than the Company; 

 

	4.9	 The Investor has been advised and acknowledges that in issuing Sale Securities to the Investor pursuant hereto,
the Company is relying upon the exemption from registration provided by Regulation S. The Investor is acquiring the Sale Securities in an offshore transaction exempt from the registration requirements of the Securities Act as provided by Regulation
S; 

  

	4.10	 The Investor has not engaged any brokers, finders or agents, and neither the Company nor the Investor has, nor
will, incur, directly or indirectly, as a result of any action taken by the Investor, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with this Agreement; 

 

	4.11	 The Investor understands that the Sale Securities may be characterised as “restricted securities”
under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold without registration under the
Securities Act, only in certain limited circumstances. The Investor is familiar with Rule 144 promulgated under the Securities Act, as presently in effect, and understands the resale limitations imposed thereby and by the Securities Act; and

  

	4.12	 The Investor acknowledges and agrees that the Sale Securities have not been and will not be registered under
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. 

  
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	5	 Disclosures 

  

	5.1	 Prior to publication of any disclosure about the Investors, the Agreement and any other disclosure of the
Investors in the Registration Statement in any form, any free writing prospectus related to the Registration Statement, any final prospectus, any supplement or amendment to the prospectus and any other marketing material prepared in connection with
the IPO, the Company shall provide such disclosure to the Investors for its approval, which shall not be unreasonably withheld or delayed. 

  

	6	 Conditions to Investors‘ Obligations 

 

	6.1	 The obligations of the Company and the Investors (and their Designated Affiliates) under clause 2.1 of this
Agreement are subject to the satisfaction (or written waiver) prior to or at the Closing of each of the following conditions: 

  

	 	6.1.1	 concurrently with the purchase of the Sale Securities by the Investors hereunder, the closing of the purchase
of the Firm Shares (as defined in the underwriting agreement for the IPO) pursuant to the Registration Statement and such underwriting agreement shall have occurred; and 

 

	 	6.1.2	 no governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or
entered any decision, injunction, decree, ruling, law or order permanently enjoining or otherwise prohibiting or making illegal the consummation of the transactions contemplated at the Closing. 

 

	6.2	 The obligations of the Investors and their Designated Affiliates under clause 2.1 of this Agreement are subject
to the satisfaction (or written waiver) prior to or at the Closing of each of the following conditions: 

  

	 	6.2.1	 the representations and warranties of the Company contained in this Agreement shall be true and correct in all
respects as of the date of this Agreement and as of the Closing Date as though made on such date (except to the extent such representations and warranties speak as of an earlier date in which case as of such earlier date), except in all cases where
the failure of such representations and warranties to be so true and correct has not and would not reasonably be expected to impair in any material respect the consummation of the Company’s obligations hereunder; and 

 

	 	6.2.2	 each of the covenants and agreements of the Company to be performed on or prior to the Closing shall have been
duly performed in all material respects. 

  

	6.3	 The obligations of the Company under clause 2.1 of this Agreement are subject to the satisfaction (or written
waiver) prior to or at the Closing of each of the following conditions: 

  

	 	6.3.1	 the representations and warranties of the Investors contained in this Agreement shall be true and correct in
all respects as of the date of this Agreement and as of the Closing Date as though made on such date (except to the extent such representations and warranties speak as of an earlier date in which case as of such earlier date), except in all cases
where the failure of such representations and warranties to be so true and correct has not and would not reasonably be expected to impair in any material respect the consummation of the Investors‘ obligations hereunder; and

  
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	 	6.3.2	 each of the covenants and agreements of the Investors to be performed on or prior to the Closing shall have
been duly performed in all material respects. 

  

	7	 Notices 

  

	7.1	 Any notice, demand, request, consent, approval, declaration, delivery or other communication hereunder to be
made to any Party pursuant to the provisions of this Agreement shall be sufficiently given or made if in writing and either delivered in person, by telecopy, by express courier service, by registered mail, return receipt requested, postage prepaid,
or by email (which email shall satisfy any writing requirement hereunder), addressed to the address listed for a Party in Schedule A or to such other address as may be substituted by notice given as herein provided. 

 

	7.2	 The giving of any notice required hereunder may be waived in writing by the Party entitled to receive such
notice. 

  

	7.3	 Any notice sent in accordance with the provisions of clause 7.1 above shall be deemed to have been duly given
or served on: 

  

	 	7.3.1	 the date on which personally delivered, emailed or telecopied, unless delivered, emailed or telecopied on a day
which is not a Business Day (as defined in clause 7.5) or after normal business hours of the recipient, in which case delivery shall be deemed to have been given the next Business Day; or 

 

	 	7.3.2	 the date on which delivered by an express courier service or registered mail. 

 

	7.4	 All notices and any other documents communicated in accordance with this Agreement shall be in the English
language. 

  

	7.5	 “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks
in Moscow, Russia, London, England or the Republic of Cyprus are required, authorized or permitted by law to stay closed. 

  

	8	 Benefit of Agreement and Assignment 

 

	8.1	 The terms of this Agreement shall bind and enure for the benefit of the Company and the Investors and their
respective successors and permitted assigns. 

  

	8.2	 Any single rights and/or single obligations defined under this Agreement or this Agreement as a whole cannot be
transferred or assigned in whole or in part without the prior written consent of the other Parties, provided that until the date that is two Business Days prior to the Closing, any Investor may assign, in its sole discretion, any or all of its
rights and interests under this Agreement to such Investor’s designated affiliated entities identified in writing to the Company (each a “Designated Affiliate”). 

  
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	9	 Miscellaneous 

 

	9.1	 This Agreement shall automatically terminate upon the earliest to occur, if any, of: (a) either the
Company, on the one hand, or the underwriters for the IPO, on the other hand, advising the other in writing, prior to the execution of the underwriting agreement for the IPO, that they have determined not to proceed with the IPO,
(b) termination of such underwriting agreement (other than the provisions thereof which survive termination) prior to the sale of any of the ADSs to the underwriters in the IPO, (c) the Registration Statement is withdrawn, (d) the
written consent of each of the Company and the Investors or (e) February 28, 2021, in the event that such Underwriting Agreement has not been executed by such date; provided, that the Company may, in its sole discretion, by written notice
to the Investors prior to February 28, 2021, extend such date for a period of up to three additional months. 

  

	9.2	 No failure to exercise and no delay in exercising by any Party of any right, power or privilege hereunder shall
operate as a waiver thereof nor shall any single or partial exercise of any such right, power or privilege preclude any other or further exercise thereof or the exercise of any other power or right. The rights and remedies herein provided are
cumulative and not exclusive of any rights or remedies provided by law. 

  

	9.3	 No variation hereof shall be considered valid and as constituting part of this Agreement unless such variation
shall have been made in writing and signed by the Parties hereto. The expression “variation” shall include any variation, supplement, deletion or replacement however effected. 

 

	9.4	 If at any time any of the provisions hereof is or becomes illegal, invalid or unenforceable in any respect, but
would be legal, valid or enforceable if part of the wording were deleted or revised, then that provision shall apply with such modification as may be necessary to make it enforceable. 

 

	9.5	 A person who is not a party to this Agreement has no right under the Contracts (Rights of Third Parties) Act
1999 to enforce any term of this Agreement. 

  

	10	 Counterparts 

This Agreement may be executed in counterparts, each of which shall be an original, and all of such counterparts taken together shall be deemed
to constitute one and the same instrument. 
  

	11	 Governing Law  

This Agreement and all non-contractual obligations arising out of or in connection with it are governed
by, and shall be construed in accordance with, English law. 
  

	12	 Dispute Resolution 

 

	12.1	 The Parties agree to negotiate in good faith to resolve any dispute between them regarding this Agreement.

  

	12.2	 Subject to clause 12.1, any dispute, claim or controversy arising out of or relating to this Agreement shall be
finally determined by arbitration in accordance with the arbitration rules (the “Rules”) of the London Court of International Arbitration (“LCIA”). The arbitration proceeding shall be conducted in the English
language and shall take place in London, England. The arbitral tribunal shall be composed of three (3) arbitrators appointed in accordance with the Rules. 

 

	12.3	 In the event of any conflict between the Rules and the provisions of this Agreement, the provisions of this
Agreement shall prevail. 

  
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	12.4	 The award of the arbitrators shall be final and binding on the Parties. 

 

	12.5	 The award of the arbitrators may be enforced by any court of competent jurisdiction and may be executed against
the Person and assets of the losing Party in any competent jurisdiction. 

  

	12.6	 The arbitrators shall award to the prevailing party, if any, as determined by the arbitrators, all of its costs
and fees; provided that the arbitrators shall be entitled to make partial awards. “Costs and fees” mean all reasonable pre-award expenses of the arbitration, including the arbitrators’ fees,
administrative fees, travel expenses, out-of-pocket expenses (such as copying and telephone), court costs, witness fees, and reasonable, documented attorneys’ fees
(other than on a contingent fee basis). 

  

	12.7	 Subject to clause 12.1, except for arbitration proceedings pursuant to this clause 12, no action, lawsuit or
other proceeding (other than the enforcement of an arbitration decision, an action to compel arbitration or an application for interim, provisional or conservatory measures in connection with the arbitration) shall be brought by the Parties in
connection with any matter arising out of or in connection with this Agreement. 

  

	12.8	 The language to be used in the arbitral proceedings shall be English. 

 

	12.9	 The governing law of any arbitration under this clause 12 shall be the substantive law of England and Wales.

  

	12.10	 Each Party irrevocably waives any appeal rights it may have in respect of any arbitral award made under the
Rules in accordance with this clause 12 and agrees to accept such an arbitral award of the LCIA as final and binding on all Parties concerned. 

  

	12.11	 The arbitral tribunal shall use as guidance, but not as strict rules of procedure, the IBA Rules on the Taking
of Evidence in International Commercial Arbitration. 

  
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 SCHEDULE A 

Contact details of the Parties 
  

			
	Party	  	Contact details
		
	Company	  	 Ozon Holdings Plc
  

2-4 Arch. Makarios III, 9th Floor Capital Center, 1065 Nicosia,

Cyprus
  

Attention:
  

With a copy to:
  

	Investors	  	 Sistema PJSFC
  

13 Mokhovaya Street, 125009, Moscow, Russian Federation
  

Attention:

  
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 SCHEDULE B 
  

					
	Name of Investor	 	Number of Sale Securities Purchased	 	 Purchase Price Paid by

Investor

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

			
	OZON HOLDINGS PLC
		
	By:	 	     /s/

		 	Name: Belova Nadezda
		 	Title: Director
	
	SISTEMA PJSFC
		
	By:	 	     /s/     /corporate seal/

		 	Name: Vladimir Chirakhov
		 	Title: President

  
 12EX-10.26

 Exhibit 10.26 

OZON HOLDINGS PLC 

RULES OF THE EQUITY INCENTIVE PLAN 

As amended 

(“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 PLC, 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. 
 “First Vesting Date” means the last date of the calendar quarter within which falls the first anniversary of
the Nomination Date. 
 “EIP Notice of Award” means a written notice of grant of an Award issued by the Company to a Recipient. 

“EIP Shares” means 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. 

  
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 “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. 

“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; 

  
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	(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). 

“Nomination Date” shall mean the date when the CEO defines a list of Eligible Individuals for further approval of the Compensation Committee.

 “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. 

  
 4 

 “Reserved Pool” means an amount of EIP Shares reserved for Awards and determined by the
Board from time to time; 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: 10 Presnenskaya Embankment, “Naberezhnaya Tower,” Tower C, 123112, Moscow, Russia; or (b) Internet Travel LLC, a company duly incorporated and validly existing under the laws of the Russian Federation, having
its registered office at: 10 Presnenskaya Embankment, “Naberezhnaya Tower,” Tower C, 123112, Moscow, Russia. 
 “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$ 0.001 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. 

  
 5 

	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. 

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 

  
 6 

	 	
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. 

  
 7 

	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 

Unless otherwise decided by the Board, 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. The vesting suspends in the calendar quarter during which a maternity/paternity leave starts (supported by a maternity/paternity sick list in case the Recipient is a
Russian tax resident) and resumes in calendar quarter during which 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. 

  
 8 

	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. 

  
 9 

 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. 
 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 

	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  

  
 11

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