Document:

EX-10.1

GOLDEN TELECOM, INC.

2005 STOCK APPRECIATION RIGHTS PLAN

ARTICLE I

ESTABLISHMENT OF THE PLAN

Golden Telecom, Inc. (the “Company”) hereby establishes the Golden Telecom, Inc. 2005 Stock
Appreciation Rights Plan (the “Plan”) upon the terms and conditions hereinafter stated. The
purpose of the Plan is to promote the long-term success of the Company and the creation of
shareholder value by (a) encouraging officers and employees performing services for the Company to
focus on critical long-range objectives, (b) encouraging the attraction and retention of officers
and employees with exceptional qualifications, and (c) linking officers and employees directly to
shareholder interests through ownership of the Company. The Plan seeks to achieve this purpose by
providing for Awards in the form of Stock Appreciation Rights grants to individuals designated in
the sole discretion of the Company.

ARTICLE II

DEFINITIONS

2.01 “Award” means Stock Appreciation Rights granted to a Participant under the Plan.

2.02 “Award Agreement” means the written agreement pursuant to Article VI hereof, that sets
forth the terms, conditions, restrictions and privileges for an Award that incorporates the terms
of the Plan.

2.03 “Base Value” means the Fair Market Value of one share of Common Stock on the date of
grant of such Stock Appreciation Rights hereunder.

	 	 	 
	2.04

2.05

2.06

	 	“Board” means the Board of Directors of the Company.

“Committee” means the Compensation Committee of the Company.

“Common Stock” means shares of the common stock of the Company.

2.07 “Disability” means any physical or mental impairment which qualifies an Employee for
disability benefits under any applicable long-term disability plan maintained by the Company or, if
no such plan applies, any physical or mental impairment which would qualify such individual for
disability benefits under the Federal Social Security System.

2.08 “Effective Date” means the date upon which the Board approved this Plan, November 22,
2005.

2.09 “Employee” means any person who is employed by the Company or a subsidiary thereof. The
Company classification as to who is an Employee shall be determinative for purposes of an
individual’s eligibility under the Plan.

2.10 “Fair Market Value” of a share of the Company’s Common Stock for all purposes under the
Plan on a particular date shall be the lower of: (i) the mean between the high and low sales price
per share of Common Stock on such date, or in case no such sale takes place on such date, the last
date on which a sale occurred, in either case as reported in the principal consolidated transaction
reporting system with respect to securities listed or admitted to trading on a national securities
exchange or included for quotation on the Nasdaq market; or (ii) the average closing sales price
share of Common Stock for the fourteen (14) trading days immediately preceding such date, as
reported in the principal consolidated transaction reporting system with respect to securities
listed or admitted to trading on a national securities exchange or included for quotation on the
Nasdaq market.

If the relevant date is not a trading day, the determination shall be made as of the next
preceding trading day. As used herein, the term “trading day” means a day on which public trading
of securities occurs and as reported in the principal consolidated reporting system referred to
above.

2.11 “Final Value” means the Fair Market Value of a share of Common Stock as of the date on
which Stock Appreciation Rights are exercised by a Grantee hereunder.

2.12 “Grantee” refers to any Participant in the Plan who receives an Award.

2.13 “Officer” means any Employee of the Company or any of its subsidiaries who is designated
by the Board as a corporate officer.

2.14 “Participant” means any Employee or Officer who is designated by the Board pursuant to
Article VI to participate in the Plan.

2.15 “Premium Base Value” means the Base Value expressed as a dollar value on the date of
grant of such Stock Appreciation Rights hereunder.

2.16 “Stock Appreciation Rights” means the right of a Participant to receive the appreciation
in value of the Company’s Common Stock, payable in the form of cash or shares of the Company’s
Common Stock in accordance with Section 7.03 hereof, the terms of the Award Agreement and the Plan.

ARTICLE III

ADMINISTRATION OF THE PLAN AND MISCELLANEOUS

3.01 Plan Administration. The Board shall administer the Plan unless and until the Board
delegates administration responsibility to the Committee in the manner provided in Section 3.02.
The Board shall have the powers, subject to, and within the limitations of, the express provisions
of the Plan:

(a) To determine from time to time which of the persons eligible under the Plan shall be
granted Awards; when and how each Award shall be granted; the provisions of each Award granted
(which need not be identical), including the time or times when a person shall be permitted to
receive the number of Stock Appreciation Rights granted.

(b) To construe and interpret the Plan and Awards granted under it, and to establish, amend
and revoke rules and regulations for its administration. The Board, in the exercise of this power,
may correct any defect, omission or inconsistency in the Plan or in any Award Agreement, in a
manner and to the extent it shall deem necessary or expedient to make the Plan fully effective.

(c) To amend the Plan or an Award Agreement pursuant to the terms of Article IX hereof.

(d) Generally, to exercise such powers and to perform such acts as the Board deems reasonable
and necessary to promote the best interests of the Company which are not in conflict with the
provisions of the Plan.

3.02 Delegation to the Committee. The Board may delegate administration of the Plan to the
Committee which shall be comprised of three (3) or more members of the Board, and the term
Committee shall apply to those whom such authority has been delegated. If administration is
delegated to the Committee, the Committee shall have, in connection with the administration of the
Plan, the powers theretofore possessed by the Board, including the power to authorize an officer of
the Company to assume those limited administrative powers that are related to the day to day
operation and administration of the Plan that the Committee is authorized to exercise (and
references in this Plan to the Board shall thereafter be to the Committee), subject, however, to
such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to
time by the Board. The Board may abolish the Committee any time and revest in the Board the
administration of the Plan.

3.03 Revocation for Misconduct. Any Stock Appreciation Rights Award under this Plan, whether
or not vested and exercisable, made to a Participant who is discharged from the employ of the
Company or any of its subsidiaries due to the individual’s (i) personal dishonesty of a material
nature affecting his or her ability to perform his or her duties with the Company, (ii) willful
misconduct or gross negligence, (iii) breach of fiduciary duty involving personal profit, or (iv)
conviction of any criminal offense which involves dishonesty or breach of trust or conviction of
any felony shall automatically terminate, rescind and be revoked.

3.04 Limitation on Liability. No member of the Board shall be liable for any action or
determination made in good faith with respect to the Plan. To the maximum extent allowed by law
and the Company’s bylaws, the Board shall be indemnified by the Company in respect of all their
activities under the Plan.

3.05 Compliance with Law and Regulations. All Awards granted hereunder shall be subject to
all applicable federal and state laws, rules and regulations and to such approvals by any
government or regulatory agency as may be required.

ARTICLE IV

ELIGIBILITY

Awards may be granted to such Employees and Officers as may be designated from time to time by
the Board or Committee, pursuant to guidelines, if any, which may be adopted by the Board or
Committee from time to time.

ARTICLE V

COMMON STOCK AVAILABLE FOR THE PLAN; ADJUSTMENTS

The aggregate number of shares of Common Stock which may be issued pursuant to this Plan shall
be two hundred thousand (200,000) shares. If and to the extent that the number of issued shares of
Common Stock shall be increased or reduced by change in par value, split up, reclassification,
distribution of a dividend payable in Common Stock, merger, consolidation, reorganization,
recapitalization, reincorporation, or the like, the Board may make appropriate adjustment in the
number of shares of Common Stock authorized by the Plan and in the number of shares covered by
outstanding Awards under the Plan. In the event of any adjustment in the number of shares covered
by any Award, any fractional shares resulting from such adjustment shall be disregarded and each
such Award shall cover only the number of full shares resulting from such adjustment. The Board
may make such adjustments, and its determination shall be final, binding and conclusive.

Where appropriate, the Board also may adjust the number of shares subject to outstanding
Awards and the terms of outstanding Awards to take into consideration material changes in
accounting practices or principles, extraordinary dividends, acquisitions or dispositions of stock
or property or any other event if it is determined by the Board that such adjustment is appropriate
in order to prevent dilution or expansion of the rights of Participants.

No shares shall be the subject of more than one Award at any time, but if an Award as to any
shares is surrendered before the applicable restrictions lapse, or expires or terminates for any
reason, the number of shares covered thereby shall again become available for grant under the Plan
as if no Awards had been previously granted with respect to such shares.

ARTICLE VI

PARTICIPATION; STOCK APPRECIATION RIGHTS AWARD AGREEMENTS

The Board shall, in its discretion, determine from time to time which Employees and Officers
will participate in the Plan and receive Awards under the Plan. In making all such determinations
there shall be taken into account the duties, responsibilities and performance of each respective
Employee and Officer, his or her present and potential contributions to the growth and success of
the Company, his or her cash compensation and such other factors as the Board shall deem relevant
to accomplishing the purposes of the Plan.

All awards are subject to the terms, conditions, restrictions and privileges of the Plan in
addition to the terms, conditions, restrictions and privileges for an Award contained in the Award
Agreement. No Award under this Plan shall be effective unless memorialized in writing by the Board
or Committee in an Award Agreement delivered to and signed by the Participant.

ARTICLE VII

STOCK APPRECIATION RIGHTS AWARDS

7.01 Stock Appreciation Rights. Subject to the provisions hereof and individual Stock
Appreciation Rights Award Agreements, the Company shall award to Participants that it designates in
its sole discretion, Stock Appreciation Rights. This Stock Appreciation Rights Award Agreement
shall contain such terms and conditions as the Board shall from time to time determine, shall
specify the Base Value of one (1) share of Common Stock, and shall specify the number of Stock
Appreciation Rights being granted to the individual, where one (1) Stock Appreciation Right shall
equal one share of Common Stock. The Company shall have the discretion to grant Stock Appreciation
Awards to Participants specifying a premium Base Value expressed in dollars that exceeds Base Value
(“Premium Base Value”).

7.02 Vesting of Stock Appreciation Rights Awards. Stock Appreciation Rights Awards shall vest
and be exercisable pursuant to the terms outlined in each Grantee’s individual Stock Appreciation
Rights Award Agreement.

7.03 Settlement of Stock Appreciation Rights Upon Exercise. A Grantee shall exercise his
Stock Appreciation Rights by submitting to the Board or the Committee a Notice of Exercise in the
form provided by the Board or the Committee. Under a Stock Appreciation Rights Award Agreement, as
soon as practicable following exercise of such Award, the Grantee will receive cash or shares
(including fractional shares) of Common Stock equal in value to the positive difference between the
Base Value (or Premium Base Value) and the Final Value multiplied by the number of Stock
Appreciation Rights being exercised. This process shall be referred to as the “settlement” of
Stock Appreciation Rights.

Partial exercises of Stock Appreciation Rights are permitted hereunder. A Stock Appreciation
Rights Award may not be exercised if there is no positive difference between the Base Value (or
Premium Base Value) and the Final Value, and the Grantee shall not be entitled to any settlement in
cash or Common Stock hereunder in such circumstances. All Awards granted under the Plan shall
settle in cash unless a Grantee’s Award Agreement expressly provides the Grantee with the ability
to elect to receive cash or Common Stock at his or her election upon exercise. Notwithstanding the
foregoing, if the Board is unable to secure shareholder approval of the Plan, all Awards made
hereunder shall be settled in cash without regard to a Grantee’s election to receive stock pursuant
to his or her Stock Appreciation Rights Award Agreement.

In the event of the Grantee’s death prior to receiving such share distribution payment when
due, such distribution will be made to the Grantee’s designated beneficiary (as identified in the
Stock Appreciation Rights Award Agreement). If the Grantee is legally married at the time of the
designation, and the designated beneficiary is not the Grantee’s spouse, then a written consent of
his/her spouse will be required to be provided by the Grantee, or else the Company may not pay
benefits under the Plan to the designee named and the benefit would pass to the Grantee’s estate
under applicable law. A Grantee may at any time designate a new beneficiary, subject to the
restrictions in the preceding sentence, by notifying the Board or as appropriate, the Committee, in
writing and such new designation shall be incorporated with and attached to the Company’s file copy
of the Stock Appreciation Right Awards Agreement.

7.04 Restriction on Transfer. Until an Award is exercised, none of the shares of Common Stock
which may be paid to the Grantee upon settlement may be sold, assigned, transferred, pledged,
hypothecated or otherwise disposed of or encumbered by the Grantee, and no attempt to transfer the
shares or the right to receive such shares, whether voluntary or involuntary, by operation of law
or otherwise, shall vest the transferee with any interest or right in or with respect to the
shares.

7.05 Exercise by Beneficiary. If a Grantee dies, becomes disabled or otherwise is unable to
exercise an Award, the Grantee’s designated beneficiary shall have the right to exercise such Award
under the terms and conditions set forth hereunder and under the applicable Stock Appreciation
Rights Award Agreement.

7.06 Termination of Employment, Effect on Awards. In the event that a Grantee dies, Stock
Appreciation Rights granted hereunder shall expire and thus be rendered not exercisable either by
the Grantee or as appropriate, his beneficiary, on the ninety-first (91st) day following the date
of death.

In the event that a Grantee terminates his employment with the Company other than for the
reasons set forth in Section 3.03 hereof, Stock Appreciation Rights granted hereunder shall expire
and thus be rendered not exercisable by the Grantee or as appropriate, his beneficiary, on the
thirty first (31st) day following the effective date of the termination of his
employment.

7.07 Exercisability: Vested Awards shall be exercisable by Grantees only until the fifth (5)
anniversary of the Date of Grant as set forth in a Grantee’s Award Agreement. Vested Awards that
remain unexercised after such date shall expire by their terms.

ARTICLE VIII

AMENDMENT AND TERMINATION OF THE PLAN

The Board may, by resolution, at any time terminate or amend the Plan with respect to any
shares of Common Stock or Awards which have not been granted, but no such action shall adversely
affect the rights under any outstanding Award without the Grantee’s consent.

ARTICLE IX

EMPLOYMENT RIGHTS

Neither the Plan nor any Award hereunder shall create any right on the part of any Employee of
the Company or any of its subsidiaries to continue in such capacity.

ARTICLE X

TAX CONSIDERATIONS

In order to provide the Company with the opportunity to claim the benefit of any income tax
deduction which may be available to it in connection with the exercise of a Stock Appreciation
Rights Award, and in order to comply with all applicable federal or state tax laws or regulations,
the Company may take such action as it deems appropriate to insure that, if necessary, all
applicable federal or state income and social security taxes are withheld or collected from the
Grantee in connection with the exercise of any Award.

ARTICLE XI

EFFECTIVE DATE OF THE PLAN; TERM

11.01 Effective Date of the Plan. This Plan shall become effective on the Effective Date, and
Awards may be granted hereunder as of or after the Effective Date and prior to the termination of
the Plan.

11.02 Term of Plan. Unless sooner terminated, this Plan shall remain in effect for a period
of ten (10) years ending on the tenth anniversary of the Effective Date. Termination of the Plan
shall not affect any Awards previously granted and such Awards shall remain valid and in effect
until the restrictions contained therein have lapsed, or by their terms expire or are forfeited.

1

ARTICLE XII

GOVERNING LAW

To the extent not governed by Federal law, this Plan shall be construed under the laws of the
State of Delaware.

IN WITNESS WHEREOF, the Company has caused a duly authorized officer to execute this Golden
Telecom, Inc. 2005 Stock Appreciation Rights Plan, and to apply the Corporate seal hereto as of the
22nd day of November, 2005.

GOLDEN TELECOM, INC.

	 	 	 
	By:

Name:

	 	Jean-Pierre Vandromme

Chief Executive Officer
	 
	 	 

2EX-10.2

GOLDEN TELECOM, INC.

2005 STOCK APPRECIATION RIGHTS PLAN

STOCK APPRECIATION RIGHTS AWARD AGREEMENT

To:

Date:

Golden Telecom, Inc. (the “Company”), pursuant to the Golden Telecom, Inc. 2005 Stock Appreciation
Rights Plan (the “Plan”), has granted you Stock Appreciation Rights (“SARs”) Awards under the Plan.
These Awards are subject to all of the terms and conditions as set forth in the Plan, a copy of
which is attached hereto and incorporated herein in its entirety. Capitalized terms not otherwise
defined herein shall have the meanings set forth in the Plan.

Date of Grant: [insert date]

Date of Expiration: [insert Date of Grant + 5 years]

Total Number of Stock Appreciation Rights Subject to this Award: [insert # ]

(divided 25% subject to performance vesting and 75% subject to time vesting) —

	 	 	 
	1.) SARs Subject to Performance Vesting: [insert # equal to 25% of total]

	 
	 	 
	•

	 	[Base OR Premium Base] Value Per Share: [insert $]

	 	 	 
	2.) SARs Subject to Time Vesting: [insert # equal to 75% of total]

	 
	 	 
	• 1st anniversary of the date of grant – [insert # equal to 33%]

	 	•	 	Premium Base Value Per Share: [insert $]

	 	•	 	2nd anniversary of the date of grant — [insert # equal to 33%]

	 	•	 	Premium Base Value Per Share: [insert $]

	 	•	 	3rd anniversary of the date of grant - [insert # equal to 33%]

	 	•	 	Premium Base Value Per Share: [insert $]
	 
	 	 	 	Vesting Schedule: Stock Appreciation Rights Awards shall vest in the amounts set forth above as
follows:

Performance Vesting. Vesting of the Performance Vesting portion of the SAR
Award shall vest in full only upon the Company’s Common Stock achieving a
closing trading price of at least [insert $] per share for thirty (30)
consecutive days as determined in the sole discretion of the Company. If the
Company’s Common Stock does not achieve a closing trading price of at least
[insert $] per share for thirty (30) consecutive days within three (3) years
of the Date of Grant, such portion of the Award shall expire by its terms
and shall not be exercisable by you.

Time Vesting. Vesting of the Time Vesting portion of the SAR Award shall
vest incrementally in accordance with the schedule set forth above on each
one year anniversary of the Date of Grant, provided that you continue to be
employed by the Company as of each such anniversary date.

	 	 	 
	Settlement:

	 	A Grantee shall exercise his Stock Appreciation Rights

in accordance with the requirements of the Plan. In

connection with a proper exercise of your Award, you

will receive [CASH and/or SHARES (including fractional

shares) of Common Stock] equal in value to the positive

difference between the Base Value (or Premium Base

Value) and the Final Value multiplied by the number of

Stock Appreciation Rights being exercised.

[FOR MIXED CASH AND STOCK SETTLEMENTS ADD: In connection

with your exercise of this Award, you may notify the

Company of your election to receive some or all of your

Stock Appreciation Rights received in cash and/or Common

Stock of the Company. If you do not make an election,

the Company shall exercise its discretion to settle the

Stock Appreciation Rights so exercised by you in cash

and/or Common Stock in its discretion.]

[FOR STOCK SETTLEMENTS ADD: Notwithstanding the foregoing, if the Board is
unable to secure shareholder approval of the Plan, this Award shall be
settled in cash without regard to a Grantee’s election to receive stock
pursuant to his or her Stock Appreciation Rights Award Agreement.]

	 	 	 
	Exercisability:

	 	Vested Awards shall be exercisable by you

only until the fifth (5) anniversary of the

Date of Grant. Awards that remain

unexercised after such date shall expire by

their terms.
	 
	 	 
	Withholding:

	 	The Company shall be entitled to withhold

from any settlement of Stock Appreciation

Rights Awards under the Plan the cash

necessary to cover applicable income and

payroll taxes and, if the amount of such

withholding is insufficient, the Company may

require you or your beneficiary to pay to

the Company the amount required to be

withheld in taxes.
	 
	 	 
	Award Not a

Service Contract:

	 	

Your Stock Appreciation Rights Award is not

an employment or service contract, and

nothing in your Award shall be deemed to

create in any way whatsoever any obligation

on your part to continue in the employ of

the Company or a subsidiary, or of the

Company or a subsidiary to continue your

employment. In addition, nothing in your

Award shall obligate the Company or a

subsidiary, their respective shareholders,

Boards of Directors, Officers or Employees

to continue any relationship that you might

have as an Employee of the Company or a

subsidiary.
	 
	 	 
	Notices:

	 	Any notices provided for in your Award or

the Plan shall be given in writing and shall

be deemed effectively given upon receipt or,

in the case of notices delivered by the

Company to you, at your address as shown in

the Company’s records.
	 
	 	 
	Governing Plan

Document:

	 	

Your Stock Appreciation Rights Award is

subject to the provisions of the Plan, the

provisions of which are hereby made a part

of your Award, and is further subject to all

interpretations, amendments, rules and

regulations which may from time to time be

promulgated and adopted pursuant to the

Plan. In the event of any conflict between

the provisions of your Award and those of

the Plan, the provisions of the Plan shall

control.
	 
	 	 
	Beneficiary

Designation:

	 	

The Plan grants you the right to designate a

beneficiary to receive your Awards in the

event you predecease the date such Award,

once exercised, is distributable to you. If

you are legally married at the time of the

designation, and the designated beneficiary

is not your spouse, then a written consent

of your spouse will be required to be

provided by you, or else the Company may not

pay benefits under the Plan to the designee

named and the benefit would pass to your

estate under applicable law. You may change

your beneficiary designation at any time,

subject to the restrictions provided above,

by doing so in writing and submitting such

written notice to the Company, subject to

the restrictions provided above, which shall

(i) attach a copy of such change to this

document and (ii) mark the beneficiary

designation line of this document as

“Amended Effective as of [the date of your

change submission].”
	 
	 	 
	Termination of

Employment; Effect

On Awards:

	 	

In the event that you die, Stock

Appreciation Rights granted hereunder shall

expire and thus be rendered not exercisable

either by you or as appropriate, your

beneficiary, on the ninety-first (91st) day

following the date of death.

In the event that you terminate your employment with the Company other than
for the reasons set forth in Section 3.03 of the Plan, Stock Appreciation
Rights granted hereunder shall expire and thus be rendered not exercisable
by you or as appropriate, your beneficiary, on the thirty-first (31st) day
following the effective date of the termination of your employment.

	 	 	 	 	 	 	 
	Additional Terms/	 	 	 	 	 	 
	Acknowledgements:The undersigned recipient of a Stock Appreciation Rights Award

	 
	 	 	 	 	 	 
	acknowledges receipt of, and understands and agrees to, this Award notice and the

	 
	 	 	 	 	 	 
	Plan. The undersigned further acknowledges that as of the date of each such

	 
	 	 	 	 	 	 
	Award, this notice and the Plan set forth the entire understanding between you and

	 
	 	 	 	 	 	 
	the Company regarding the acquisition of the rights conferred by the Plan and

	 
	 	 	 	 	 	 
	supersede all prior oral and written agreements on that subject with the exception

	 
	 	 	 	 	 	 
	of Awards previously granted and delivered to you under the Plan.
	 	 
	 
	 	 	 	 	 	 
	Golden Telecom, Inc.

	 	 	 	Grantee:
	 	

	By:

	 	

	 	

	 	

	 

	 	 
	 	 
	 	 
	Title:

	 	Signature
	 	Date:
	 	Signature

	
 
	 	 
	 	 
	 	 
	Date:

	 	

	 	

	 	

	 

	 	 
	 	

	 	

Beneficiary Designation:

     

Name Address

Attachment: Golden Telecom, Inc. 2005 Stock Appreciation Rights Plan

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