Document:

Exhibit 10.4

 

[Form Restricted Stock Agreement]

 

GRID DYNAMICS HOLDINGS, INC.

2020 EQUITY INCENTIVE PLAN

RESTRICTED STOCK AWARD AGREEMENT

 

Unless otherwise defined herein, the terms
defined in the Grid Dynamics Holdings, Inc. 2020 Equity Incentive Plan (the “Plan”) will have the same defined meanings
in this Restricted Stock Award Agreement (the “Award Agreement”), which includes the Notice of Restricted Stock Grant
(the “Notice of Grant”), Terms and Conditions of Restricted Stock Grant attached hereto as Exhibit A, and all
appendices and exhibits attached thereto (all together, the “Award Agreement”).

 

NOTICE OF RESTRICTED
STOCK GRANT

 

Participant Name:

 

Address:

 

You have been granted
the right to receive an Award of Restricted Stock, subject to the terms and conditions of the Plan and this Award Agreement, as
follows:

 

	Grant Number	 
	 	 
	Date of Grant	 
	 	 
	Vesting Commencement Date	 
	 	 
	Total Number of Shares Granted   	 

 

Vesting Schedule:

 

Subject to any acceleration
provisions contained in the Plan or set forth below, the Restricted Stock will vest and the Company’s right to reacquire
the Restricted Stock will lapse in accordance with the following schedule:

 

[_________]

 

By Participant’s
signature and the signature of the representative of the Company below, Participant and the Company agree that this Award
is granted under and governed by the terms and conditions of the Plan and this Award Agreement, including the Terms and Conditions
of Restricted Stock Grant, attached hereto as Exhibit A, all of which are made a part of this document. Participant acknowledges
receipt of a copy of the Plan. Participant has reviewed the Plan and this Award Agreement in their entirety, has had an opportunity
to obtain the advice of counsel prior to executing this Award Agreement, and fully understands all provisions of the Plan and this
Award Agreement. Participant hereby agrees to accept as binding, conclusive, and final all decisions or interpretations of the
Administrator upon any questions relating to the Plan and the Award Agreement. Participant further agrees to notify the Company
upon any change in the residence address indicated below.

 

	PARTICIPANT	 	GRID DYNAMICS HOLDINGS, INC.
	 	 	 
	 	 	 
	Signature	 	By
	 	 	 
	 	 	 
	Print Name	 	Title
	 	 	 
	Residence Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

     

     

    

 

EXHIBIT A

 

TERMS AND CONDITIONS OF RESTRICTED STOCK
GRANT

 

1. Grant
of Restricted Stock. The Company hereby grants to the individual named in the Notice of Grant (the “Participant”)
under the Plan an Award of Shares of Restricted Stock, subject to all of the terms and conditions in this Award Agreement and the
Plan, which is incorporated herein by reference. Subject to Section 19(c) of the Plan, in the event of a conflict between the terms
and conditions of the Plan and this Award Agreement, the terms and conditions of the Plan will prevail.

 

2. Escrow
of Shares.

 

(a) All
Shares of Restricted Stock will, upon execution of this Award Agreement, be delivered and deposited with an escrow holder designated
by the Company (the “Escrow Holder”). The Shares of Restricted Stock will be held by the Escrow Holder until such time
as the Shares of Restricted Stock vest or the date Participant ceases to be a Service Provider.

 

(b) The
Escrow Holder will not be liable for any act it may do or omit to do with respect to holding the Shares of Restricted Stock in
escrow while acting in good faith and in the exercise of its judgment.

 

(c) Upon
Participant’s termination as a Service Provider for any reason, the Escrow Holder, upon receipt of written notice of such
termination, will take all steps necessary to accomplish the transfer of the unvested Shares of Restricted Stock to the Company.
Participant hereby appoints the Escrow Holder with full power of substitution, as Participant’s true and lawful attorney-in-fact
with irrevocable power and authority in the name and on behalf of Participant to take any action and execute all documents and
instruments, including, without limitation, stock powers which may be necessary to transfer the certificate or certificates evidencing
such unvested Shares of Restricted Stock to the Company upon such termination.

 

(d) The
Escrow Holder will take all steps necessary to accomplish the transfer of Shares of Restricted Stock to Participant after they
vest following Participant’s request that the Escrow Holder do so.

 

(e) Subject
to the terms hereof, Participant will have all the rights of a stockholder with respect to the Shares while they are held in escrow,
including without limitation, the right to vote the Shares and to receive any cash dividends declared thereon.

 

(f) In the event of
any dividend or other distribution (whether in the form of cash, Shares, other securities, or other property),
recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination,
repurchase, or exchange of Shares or other securities of the Company, or other change in the corporate structure of the
Company affecting the Shares, the Shares of Restricted Stock will be increased, reduced or otherwise changed, and by virtue
of any such change Participant will in his or her capacity as owner of unvested Shares of Restricted Stock be entitled to new
or additional or different shares of stock, cash or securities (other than rights or warrants to purchase securities); such
new or additional or different shares, cash or securities will thereupon be considered to be unvested Shares of Restricted
Stock and will be subject to all of the conditions and restrictions which were applicable to the unvested Shares of
Restricted Stock pursuant to this Award Agreement. If Participant receives rights or warrants with respect to any unvested
Shares of Restricted Stock, such rights or warrants may be held or exercised by Participant, provided that until such
exercise any such rights or warrants and after such exercise any shares or other securities acquired by the exercise of such
rights or warrants will be considered to be unvested Shares of Restricted Stock and will be subject to all of the conditions
and restrictions which were applicable to the unvested Shares of Restricted Stock pursuant to this Award
Agreement. The Administrator in its absolute discretion at any time may accelerate the vesting of all or any portion of such
new or additional shares of stock, cash or securities, rights or warrants to purchase securities or shares or other
securities acquired by the exercise of such rights or warrants.

 

     

     

    

 

(g) The
Company may instruct the transfer agent for its Common Stock to place a legend on the certificates representing the Restricted
Stock or otherwise note its records as to the restrictions on transfer set forth in this Award Agreement.

 

3. Vesting
Schedule. Except as provided in Section 4, and subject to Section 5, the Shares of Restricted Stock awarded by this Award Agreement
will vest in accordance with the vesting provisions set forth in the Notice of Grant. Shares of Restricted Stock scheduled to vest
on a certain date or upon the occurrence of a certain condition will not vest in Participant in accordance with any of the provisions
of this Award Agreement, unless Participant will have been continuously a Service Provider from the Date of Grant until the date
such vesting occurs.

 

4. Administrator
Discretion. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the
balance, of the unvested Restricted Stock at any time, subject to the terms of the Plan. If so accelerated, such Restricted Stock
will be considered as having vested as of the date specified by the Administrator.

 

5. Forfeiture
Upon Termination as a Service Provider. Notwithstanding any contrary provision of this Award Agreement, if Participant ceases
to be a Service Provider for any or no reason, the then-unvested Restricted Stock awarded by this Award Agreement will thereupon
be forfeited at no cost to the Company and Participant will have no further rights thereunder.

 

6. Tax
Consequences. Participant has reviewed with his or her own tax advisors the U.S. federal, state, local and non-U.S. tax consequences
of this investment and the transactions contemplated by this Award Agreement. With respect to such matters, Participant relies
solely on such advisors and not on any statements or representations of the Company or any of its agents, written or oral. Participant
understands that Participant (and not the Company) shall be responsible for Participant’s own tax liability that may arise
as a result of this investment or the transactions contemplated by this Award Agreement.

 

7. Death
of Participant. Any distribution or delivery to be made to Participant under this Award Agreement will, if Participant is then
deceased, be made to Participant’s designated beneficiary, or if no beneficiary survives Participant, the administrator or
executor of Participant’s estate. Any such transferee must furnish the Company with (a) written notice of his or her
status as transferee, and (b) evidence satisfactory to the Company to establish the validity of the transfer and compliance
with any laws or regulations pertaining to said transfer.

 

    -2-

     

    

 

8. Tax
Obligations

 

(a) Responsibility
for Taxes. Participant acknowledges that, regardless of any action taken by the Company or, if different,
Participant’s employer (the “Employer”) or Parent or Subsidiary to which Participant is providing services
(together, the Company, the Employer and/or Parent or Subsidiary to which Participant is providing services, the
“Service Recipient”), the ultimate liability for any tax and/or social insurance liability obligations and
requirements in connection with the Shares of Restricted Stock, including, without limitation, (i) all federal, state, and
local taxes (including the Participant’s Federal Insurance Contributions Act (FICA) obligation) that are required to be
withheld by the Company or the Employer or other payment of tax-related items related to Participant’s participation in
the Plan and legally applicable to Participant, (ii) the Participant’s and, to the extent required by the Company (or
Service Recipient), the Company’s (or Service Recipient’s) fringe benefit tax liability, if any, associated with
the grant, vesting or release from escrow of the Shares of Restricted Stock, the filing of an 83(b) election with respect to
the Shares of Restricted Stock, or the sale of Shares, and (iii) any other Company (or Service Recipient) taxes the
responsibility for which the Participant has, or has agreed to bear, with respect to the Shares of Restricted Stock (or
exercise thereof or issuance of Shares thereunder) (collectively, the “Tax Obligations”), is and remains
Participant’s responsibility and may exceed the amount actually withheld by the Company or the Service Recipient.
Participant further acknowledges that the Company and/or the Service Recipient (A) make no representations or undertakings
regarding the treatment of any Tax Obligations in connection with any aspect of the Shares of Restricted Stock, including,
but not limited to, the grant, vesting or release from escrow of the Shares of Restricted Stock, the filing of an 83(b)
election with respect to the Shares of Restricted Stock, the subsequent sale of Shares acquired pursuant to this Award
Agreement and the receipt of any dividends or other distributions, and (B) do not commit to and are under no obligation to
structure the terms of the grant or any aspect of the Award of Restricted Stock to reduce or eliminate Participant’s
liability for Tax Obligations or achieve any particular tax result. Further, if Participant is subject to Tax Obligations in
more than one jurisdiction between the Date of Grant and the date of any relevant taxable or tax withholding event, as
applicable, Participant acknowledges that the Company and/or the Service Recipient (or former employer, as applicable) may be
required to withhold or account for Tax Obligations in more than one jurisdiction. If Participant fails to make satisfactory
arrangements for the payment of any required Tax Obligations hereunder at the time of the applicable taxable event,
Participant acknowledges and agrees that the Company may refuse to issue or deliver the Shares. Participant understands that
Section 83 of the Code, taxes as ordinary income the difference between the purchase price, if any, for the Shares and
the Fair Market Value of the Shares as of each vesting date. If Participant is a U.S. taxpayer, Participant understands that
Participant may elect, for purposes of U.S. tax law, to be taxed at the time the Shares are granted rather than when such
Shares vest by filing an election under Section 83(b) of the Code (the “83(b) Election”) with the IRS within
thirty (30) days from the date of grant of the Restricted Stock Award.

 

(b) Tax
Withholding. Notwithstanding any contrary provision of this Award Agreement, no certificate representing the Shares of
Restricted Stock may be released from the escrow established pursuant to Section 2, unless and until satisfactory
arrangements (as determined by the Administrator) will have been made by Participant with respect to the payment of all
Tax Obligations. Prior to vesting of the Restricted Stock, Participant will pay or make adequate arrangements satisfactory to
the Company and/or the Service Recipient to satisfy all Tax Obligations. Pursuant to such procedures as the
Administrator may specify from time to time, the Company and/or the Service Recipient shall withhold the amount required to
be withheld for the payment of Tax Obligations. The Administrator, in its sole discretion and pursuant to such procedures as
it may specify from time to time, may permit Participant to satisfy such Tax Obligations, in whole or in part (without
limitation), if permissible by applicable local law, by (i) paying cash, (ii) electing to have the Company withhold otherwise
deliverable Shares having a fair market value equal to the minimum amount that is necessary to meet the withholding
requirement for such Tax Obligations (or such greater amount as Participant may elect if permitted by the Administrator, if
such greater amount would not result in adverse financial accounting consequences), (iii) withholding the amount of such Tax
Obligations from Participant’s wages or other cash compensation paid to Participant by the Company and/or the Service
Recipient, (iv) delivering to the Company already vested and owned Shares having a fair market value equal to such Tax
Obligations, or (v) selling a sufficient number of such Shares otherwise deliverable to Participant through such means as the
Company may determine in its sole discretion (whether through a broker or otherwise) equal to the minimum amount that is
necessary to meet the withholding requirement for such Tax Obligations (or such greater amount as Participant may elect if
permitted by the Administrator, if such greater amount would not result in adverse financial accounting consequences). To the
extent determined appropriate by the Company in its discretion, it will have the right (but not the obligation) to satisfy
any Tax Obligations by reducing the number of Shares otherwise deliverable to Participant. Further, if Participant is subject
to tax in more than one jurisdiction between the Date of Grant and a date of any relevant taxable or tax withholding event,
as applicable, Participant acknowledges and agrees that the Company and/or the Service Recipient (and/or former employer, as
applicable) may be required to withhold or account for tax in more than one jurisdiction. If Participant fails to make
satisfactory arrangements for the payment of such Tax Obligations hereunder at the time any applicable Shares of Restricted
Stock otherwise are scheduled to vest pursuant to Sections 3 or 4, or at the time Participant files a timely 83(b) Election
with the IRS at the time of another taxable event, Participant will permanently forfeit such Shares of Restricted Stock and
any right to receive Shares thereunder and such Shares of Restricted Stock will be returned to the Company at no cost to the
Company. Participant acknowledges and agrees that the Company may refuse to deliver the Shares if such Tax Obligations are
not delivered at the time they are due.

 

    -3-

     

    

 

9. Rights
as Stockholder. Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges
of a stockholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such
Shares will have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to Participant
or the Escrow Agent. Except as provided in Section 2, after such issuance, recordation and delivery, Participant will have
all the rights of a stockholder of the Company with respect to voting such Shares and receipt of dividends and distributions on
such Shares.

 

10. No
Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE SHARES OF RESTRICTED STOCK PURSUANT
TO THE VESTING SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER, WHICH UNLESS PROVIDED OTHERWISE UNDER APPLICABLE
LAW IS AT THE WILL OF THE COMPANY (OR THE SERVICE RECIPIENT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS RESTRICTED
STOCK OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED
HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS
A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND WILL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S
RIGHT OR THE RIGHT OF THE COMPANY (OR THE PARENT OR SUBSIDIARY EMPLOYING OR RETAINING PARTICIPANT) TO TERMINATE PARTICIPANT’S
RELATIONSHIP AS A SERVICE PROVIDER AT ANY TIME, WITH OR WITHOUT CAUSE.

 

11. Grant
is Not Transferable. Except to the limited extent provided in Section 6, the unvested Shares subject to this grant and the
rights and privileges conferred hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation
of law or otherwise) and will not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer,
assign, pledge, hypothecate or otherwise dispose of any unvested Shares of Restricted Stock subject to this grant, or any right
or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this grant and the
rights and privileges conferred hereby immediately will become null and void.

 

    -4-

     

    

 

12. Nature
of Grant. In accepting the grant, Participant acknowledges, understands and agrees that:

 

(a) the
grant of the Shares of Restricted Stock is voluntary and occasional and does not create any contractual or other right to receive
future grants of Shares of Restricted Stock, or benefits in lieu of Shares of Restricted Stock, even if Shares of Restricted Stock
have been granted in the past;

 

(b) all
decisions with respect to future grants of Restricted Stock or other grants, if any, will be at the sole discretion of the Company;

 

(c) Participant
is voluntarily participating in the Plan;

 

(d) the
Shares of Restricted Stock are not intended to replace any pension rights or compensation;

 

(e) the
Shares of Restricted Stock, and the income and value of same, are not part of normal or expected compensation for purposes of calculating
any severance, resignation, termination, redundancy, dismissal, end-of-service payments, bonuses, long-service awards, pension
or retirement or welfare benefits or similar payments;

 

(f) the
future value of the underlying Shares is unknown, indeterminable and cannot be predicted;

 

(g) for
purposes of the Shares of Restricted Stock, Participant’s status as a Service Provider will be considered terminated as of
the date Participant is no longer actively providing services to the Company or any Parent or Subsidiary (regardless of the reason
for such termination and whether or not later to be found invalid or in breach of employment laws in the jurisdiction where Participant
is a Service Provider or the terms of Participant’s employment or service agreement, if any), and unless otherwise expressly
provided in this Award Agreement (including by reference in the Notice of Grant to other arrangements or contracts) or determined
by the Administrator, Participant’s right to vest in the Shares of Restricted Stock under the Plan, if any, will terminate
as of such date and will not be extended by any notice period (e.g., Participant’s period of service would not include any
contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction
where Participant is a Service Provider or the terms of Participant’s employment or service agreement, if any, unless Participant
is providing bona fide services during such time); the Administrator shall have the exclusive discretion to determine when Participant
is no longer actively providing services for purposes of the Restricted Stock Award (including whether Participant may still be
considered to be providing services while on a leave of absence and consistent with local law);

 

(h) unless
otherwise provided in the Plan or by the Company in its discretion, the Shares of Restricted Stock and the benefits evidenced by
this Award Agreement do not create any entitlement to have the Shares of Restricted Stock or any such benefits transferred to,
or assumed by, another company nor be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting
the Shares; and

 

(i) the
following provisions apply only if Participant is providing services outside the United States:

 

(1) the
Shares of Restricted Stock are not part of normal or expected compensation or salary for any purpose;

 

(2) Participant
acknowledges and agrees that none of the Company, the Employer or any Parent or Subsidiary shall be liable for any foreign exchange
rate fluctuation between Participant’s local currency and the United States Dollar that may affect the value of the Shares
of Restricted Stock or the subsequent sale of any Shares; and

 

    -5-

     

    

 

(3) no claim or
entitlement to compensation or damages shall arise from forfeiture of the Restricted Stock resulting from the termination of
Participant’s status as a Service Provider (for any reason whatsoever whether or not later found to be invalid or in
breach of employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant’s
employment or service agreement, if any), and in consideration of the grant of the Restricted Stock to which Participant is
otherwise not entitled, Participant irrevocably agrees never to institute any claim against the Company, any Parent or
Subsidiary or the Service Recipient, waives his or her ability, if any, to bring any such claim, and releases the Company,
any Parent or Subsidiary and the Service Recipient from any such claim; if, notwithstanding the foregoing, any such claim is
allowed by a court of competent jurisdiction, then, by participating in the Plan, Participant shall be deemed irrevocably to
have agreed not to pursue such claim and agrees to execute any and all documents necessary to request dismissal or withdrawal
of such claim.

 

13. No
Advice Regarding Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations
regarding Participant’s participation in the Plan, or Participant’s acquisition or sale of the underlying Shares. Participant
is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation
in the Plan before taking any action related to the Plan.

 

14. Data
Privacy. Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other
form, of Participant’s personal data as described in this Award Agreement and any other Restricted Stock grant materials
by and among, as applicable, the Employer, or other Service Recipient the Company and any Parent or Subsidiary for the exclusive
purpose of implementing, administering and managing Participant’s participation in the Plan.

 

Participant understands
that the Company and the Service Recipient may hold certain personal information about Participant, including, but not limited
to, Participant’s name, home address and telephone number, date of birth, social insurance number or other identification
number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Shares of Restricted Stock
or any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor (“Data”),
for the exclusive purpose of implementing, administering and managing the Plan. 

 

    -6-

     

    

 

Participant
understands that Data will be transferred to a stock plan service provider as may be selected by the Company in the future, which
is assisting the Company with the implementation, administration and management of the Plan. Participant understands that the
recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country of operation (e.g.,
the United States) may have different data privacy laws and protections than Participant’s country. Participant understands
that if he or she resides outside the United States, he or she may request a list with the names and addresses of any potential
recipients of the Data by contacting his or her local human resources representative. Participant authorizes the Company, any
stock plan service provider selected by the Company and any other possible recipients which may assist the Company (presently
or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data,
in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the
Plan. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant’s
participation in the Plan. Participant understands if he or she resides outside the United States, he or she may, at any time,
view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or
refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative.
Further, Participant understands that he or she is providing the consents herein on a purely voluntary basis. If Participant does
not consent, or if Participant later seeks to revoke his or her consent, his or her status as a Service Provider and career with
the Service Recipient will not be adversely affected; the only adverse consequence of refusing or withdrawing Participant’s
consent is that the Company would not be able to grant Participant Restricted Stock or other equity awards or administer or maintain
such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant’s
ability to participate in the Plan. For more information on the consequences of Participant’s refusal to consent or withdrawal
of consent, Participant understands that he or she may contact his or her local human resources representative.

 

15. Address
for Notices. Any notice to be given to the Company under the terms of this Award Agreement will be addressed to the Company,
Grid Dynamics Holdings, Inc., 5000 Executive Parkway, Suite 520, San Ramon, CA 94583, or at such other address as the Company may
hereafter designate in writing.

 

16. Electronic
Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to the Restricted
Stock awarded under the Plan or future Restricted Stock that may be awarded under the Plan by electronic means or request Participant’s
consent to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery
and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or a third
party designated by the Company.

 

17. No
Waiver. Either party’s failure to enforce any provision or provisions of this Award Agreement shall not in any way be
construed as a waiver of any such provision or provisions, nor prevent that party from thereafter enforcing each and every other
provision of this Award Agreement. The rights granted both parties herein are cumulative and shall not constitute a waiver of either
party’s right to assert all other legal remedies available to it under the circumstances.

 

18. Successors
and Assigns. The Company may assign any of its rights under this Award Agreement to single or multiple assignees, and this
Award Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
herein set forth, this Award Agreement shall be binding upon Participant and his or her heirs, executors, administrators, successors
and assigns. The rights and obligations of Participant under this Award Agreement may only be assigned with the prior written consent
of the Company.

 

19. Additional
Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion, that the listing, registration,
qualification or rule compliance of the Shares upon any securities exchange or under any state, federal or non-U.S. law, the tax
code and related regulations or under the rulings or regulations of the United States Securities and Exchange Commission or any
other governmental regulatory body or the clearance, consent or approval of the United States Securities and Exchange Commission
or any other governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant
(or his or her estate) or the Escrow Holder hereunder, such issuance will not occur unless and until such listing, registration,
qualification, rule compliance, clearance, consent or approval will have been completed, effected or obtained free of any conditions
not acceptable to the Company. Subject to the terms of the Award Agreement and the Plan, the Company shall not be required to issue
any certificate or certificates for Shares hereunder prior to the lapse of such reasonable period of time following the Date of
Grant of the Shares of Restricted Stock as the Administrator may establish from time to time for reasons of administrative convenience.

 

    -7-

     

    

 

20. Language.
If Participant has received this Award Agreement or any other document related to the Plan translated into a language other than
English and if the meaning of the translated version is different than the English version, the English version will control.

 

21. Interpretation.
The Administrator will have the power to interpret the Plan and this Award Agreement and to adopt such rules for the administration,
interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but
not limited to, the determination of whether or not any Restricted Stock Units have vested). All actions taken and all interpretations
and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other
interested persons. Neither the Administrator nor any person acting on behalf of the Administrator will be personally liable for
any action, determination, or interpretation made in good faith with respect to the Plan or this Award Agreement.

 

22. Captions.
Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Award
Agreement.

 

23. Amendment,
Suspension or Termination of the Plan. By accepting this Award, Participant expressly warrants that he or she has received
an Award of Restricted Stock under the Plan, and has received, read and understood a description of the Plan. Participant understands
that the Plan is discretionary in nature and may be amended, suspended or terminated by the Company at any time.

 

24. Modifications
to the Agreement. This Award Agreement constitutes the entire understanding of the parties on the subjects covered. Participant
expressly warrants that he or she is not accepting this Award Agreement in reliance on any promises, representations, or inducements
other than those contained herein. Modifications to this Award Agreement or the Plan can be made only in an express written contract
executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Award Agreement,
the Company reserves the right to revise this Award Agreement as it deems necessary or advisable, in its sole discretion and without
the consent of Participant, to comply with Section 409A or to otherwise avoid imposition of any additional tax or income recognition
under Section 409A in connection to this Award of Restricted Stock.

 

25. Governing
Law; Venue; Severability. This Award Agreement and the Restricted Stock are governed by the internal substantive laws, but
not the choice of law rules, of California. For purposes of litigating any dispute that arises under these Restricted Stock or
this Award Agreement, the parties hereby submit to and consent to the jurisdiction of the State of California, and agree that such
litigation will be conducted in the courts of Santa Clara County, California, or the federal courts for the United States for the
Northern District of California, and no other courts, where this Award Agreement is made and/or to be performed. In the event that
any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Award
Agreement shall continue in full force and effect.

 

26. Entire
Agreement. The Plan is incorporated herein by reference. The Plan and this Award Agreement (including the appendices and exhibits
referenced herein) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their
entirety all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof, and may
not be modified adversely to the Participant’s interest except by means of a writing signed by the Company and Participant.

 

27. Country
Addendum. Notwithstanding any provisions in this Award Agreement, the Restricted Stock grant shall be subject to any special
terms and conditions set forth in the appendix (if any) to this Award Agreement for Participant’s country. Moreover, if Participant
relocates to one of the countries included in the Country Addendum (if any), the special terms and conditions for such country
will apply to Participant, to the extent the Company determines that the application of such terms and conditions is necessary
or advisable for legal or administrative reasons. The Country Addendum constitutes part of this Award Agreement.

 

 

- 8 -Exhibit 10.5

 

[Form Performance Share Agreement]

 

GRID DYNAMICS HOLDINGS, INC.

2020 EQUITY INCENTIVE PLAN

PERFORMANCE SHARE AWARD AGREEMENT

 

Unless otherwise defined
herein, the terms defined in the Grid Dynamics Holdings, Inc. 2020 Equity Incentive Plan (the “Plan”) will have the
same defined meanings in this Performance Share Award Agreement, which includes the Notice of Performance Share Grant (the “Notice
of Grant”), the Terms and Conditions of Performance Share Grant attached hereto as Exhibit A, and all other exhibits
and appendices attached thereto (all together, the “Award Agreement”).

 

NOTICE OF
PERFORMANCE SHARE GRANT

 

Participant: 

 

Address: 

 

The undersigned (“Participant”)
has been granted the right to receive an Award of Performance Shares, subject to the terms and conditions of the Plan and this
Award Agreement, as follows:

 

Date of Grant:

 

Grant Number:

 

Target Number of
Performance Shares Granted:

 

Maximum Number
of Performance Shares Granted:

 

Performance Periods:

 

Vesting Schedule:

 

Subject to any acceleration
provisions contained in the Plan or set forth below, the Performance Shares will vest in accordance with the following vesting
schedule, subject to Participant continuing to be a Service Provider on such dates:

 

[Description of performance
/ vesting criteria]

 

In the event Participant
ceases to be a Service Provider for any or no reason before Participant vests in the Performance Shares, the Performance Shares
and Participant’s right to acquire any Shares hereunder will immediately terminate.

 

By Participant’s
signature and the signature of the representative of the Company below, Participant and the Company agree that this Award
of Performance Shares is granted under and governed by the terms and conditions of the Plan and this Award Agreement, including
the Terms and Conditions of Performance Share Grant, attached hereto as Exhibit A, all of which are made a part of this
document. Participant acknowledges receipt of a copy of the Plan. Participant has reviewed the Plan and this Award Agreement in
their entirety, has had an opportunity to obtain the advice of counsel prior to executing this Award Agreement, and fully understands
all provisions of the Plan and this Award Agreement. Participant hereby agrees to accept as binding, conclusive, and final all
decisions or interpretations of the Administrator upon any questions relating to the Plan and the Award Agreement. Participant
further agrees to notify the Company upon any change in the residence address indicated below.

 

	PARTICIPANT :	 	GRID DYNAMICS HOLDINGS, INC.
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	 	 	 
	 	 	Title
	 	 	 
	Address:	 	 

 

     

     

    

 

EXHIBIT A

 

TERMS AND CONDITIONS OF PERFORMANCE
SHARE GRANT

 

1. Grant of Performance
Shares. The Company hereby grants to the individual (the “Participant”) named in the Notice of Grant of Performance
Shares of this Award Agreement (the “Notice of Grant”) under the Plan an Award of Performance Shares, subject to all
of the terms and conditions in this Award Agreement and the Plan, which is incorporated herein by reference. Subject to Section
19(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and this Award Agreement, the terms
and conditions of the Plan will prevail.

 

2. Company’s
Obligation to Pay. Each Performance Share represents the right to receive a Share on the date it vests. Unless and until the
Performance Shares will have vested in the manner set forth in Section 3 or 4, Participant will have no right to payment of any
such Performance Shares. Prior to actual payment of any vested Performance Shares, such Performance Share will represent an unsecured
obligation of the Company, payable (if at all) only from the general assets of the Company.

 

3. Vesting Schedule.
Except as provided in Section 4, and subject to Section 5, the Performance Shares awarded by this Award Agreement will vest in
accordance with the vesting schedule set forth in the Notice of Grant, subject to Participant continuing to be a Service Provider
through each applicable vesting date.

 

4. Payment after
Vesting.

 

(a) General Rule.
Subject to Section 8, any Performance Shares that vest will be paid to Participant (or in the event of Participant’s death,
to his or her properly designated beneficiary or estate) in whole Shares. Subject to the provisions of Section 4(b), such vested
Performance Shares shall be paid in whole Shares as soon as practicable after vesting, but in each such case within sixty (60)
days following the vesting date. In no event will Participant be permitted, directly or indirectly, to specify the taxable year
of payment of any Performance Shares payable under this Award Agreement.

 

(b) Acceleration.

 

(i) Discretionary
Acceleration. The Administrator, in its discretion, may accelerate the vesting of the balance, or some lesser portion of the
balance, of the unvested Performance Shares at any time, subject to the terms of the Plan. If so accelerated, such Performance
Shares will be considered as having vested as of the date specified by the Administrator. If Participant is a U.S. taxpayer, the
payment of Shares vesting pursuant to this Section 4(b) shall in all cases be paid at a time or in a manner that is exempt
from, or complies with, Section 409A. The prior sentence may be superseded in a future agreement or amendment to this Award
Agreement only by direct and specific reference to such sentence.

 

     

     

    

 

(ii) Notwithstanding
anything in the Plan or this Award Agreement or any other agreement (whether entered into before, on or after the Date of Grant),
if the vesting of the balance, or some lesser portion of the balance, of the Performance Shares is accelerated in connection with
Participant’s termination as a Service Provider (provided that such termination is a “separation from service”
within the meaning of Section 409A, as determined by the Company), other than due to Participant’s death, and if (x)
Participant is a U.S. taxpayer and a “specified employee” within the meaning of Section 409A at the time of such termination
as a Service Provider and (y) the payment of such accelerated Performance Shares will result in the imposition of additional tax
under Section 409A if paid to Participant on or within the six (6) month period following Participant’s termination as a
Service Provider, then the payment of such accelerated Performance Shares will not be made until the date six (6) months and one
(1) day following the date of Participant’s termination as a Service Provider, unless Participant dies following his or
her termination as a Service Provider, in which case, the Performance Shares will be paid in Shares to Participant’s estate
as soon as practicable following his or her death.

 

(c) Section 409A.
It is the intent of this Award Agreement that it and all payments and benefits to U.S. taxpayers hereunder be exempt from, or
comply with, the requirements of Section 409A so that none of the Performance Shares provided under this Award Agreement or Shares
issuable thereunder will be subject to the additional tax imposed under Section 409A, and any ambiguities herein will be interpreted
to be so exempt or so comply. Each payment payable under this Award Agreement is intended to constitute a separate payment for
purposes of Treasury Regulation Section 1.409A-2(b)(2). However, in no event will the Company reimburse Participant, or be otherwise
responsible for, any taxes or costs that may be imposed on Participant as a result of Section 409A. For purposes of this Award
Agreement, “Section 409A” means Section 409A of the Code, and any final Treasury Regulations and Internal Revenue
Service guidance thereunder, as each may be amended from time to time.

 

5. Forfeiture Upon
Termination as a Service Provider. Notwithstanding any contrary provision of this Award Agreement, if Participant ceases to
be a Service Provider for any or no reason, the then-unvested Performance Shares awarded by this Award Agreement will thereupon
be forfeited at no cost to the Company and Participant will have no further rights thereunder.

 

6. Tax Consequences.
Participant has reviewed with his or her own tax advisors the U.S. federal, state, local and non-U.S. tax consequences of this
investment and the transactions contemplated by this Award Agreement. With respect to such matters, Participant relies solely
on such advisors and not on any statements or representations of the Company or any of its agents, written or oral. Participant
understands that Participant (and not the Company) shall be responsible for Participant’s own tax liability that may arise
as a result of this investment or the transactions contemplated by this Award Agreement.

 

7. Death of Participant.
Any distribution or delivery to be made to Participant under this Award Agreement will, if Participant is then deceased, be made
to Participant’s designated beneficiary, or if no beneficiary survives Participant, the administrator or executor of Participant’s
estate. Any such transferee must furnish the Company with (a) written notice of his or her status as transferee, and (b) evidence
satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to
said transfer.

 

    - 2 -

     

    

 

8. Tax Obligations

 

(a) Responsibility
for Taxes. Participant acknowledges that, regardless of any action taken by the Company or, if different, Participant’s
employer (the “Employer”) or any Parent or Subsidiary to which Participant is providing services (together, the “Service
Recipients”), the ultimate liability for any tax and/or social insurance liability obligations and requirements in connection
with the Performance Shares, including, without limitation, (i) all federal, state, and local taxes (including the Participant’s
Federal Insurance Contributions Act (FICA) obligations) that are required to be withheld by any Service Recipient or other payment
of tax-related items related to Participant’s participation in the Plan and legally applicable to Participant, (ii) the
Participant’s and, to the extent required by any Service Recipient, the Service Recipient’s fringe benefit tax liability,
if any, associated with the grant, vesting, or settlement of the Performance Shares or sale of Shares, and (iii) any other
Service Recipient taxes the responsibility for which the Participant has, or has agreed to bear, with respect to the Performance
Shares (or settlement thereof or issuance of Shares thereunder) (collectively, the “Tax Obligations”), is and remains
Participant’s sole responsibility and may exceed the amount actually withheld by the applicable Service Recipient(s). Participant
further acknowledges that no Service Recipient (A) makes any representations or undertakings regarding the treatment of any Tax
Obligations in connection with any aspect of the Performance Shares, including, but not limited to, the grant, vesting or settlement
of the Performance Shares, the subsequent sale of Shares acquired pursuant to such settlement and the receipt of any dividends
or other distributions, and (B) do not commit to and are under no obligation to structure the terms of the grant or any aspect
of the Performance Shares to reduce or eliminate Participant’s liability for Tax Obligations or achieve any particular tax
result. Further, if Participant is subject to Tax Obligations in more than one jurisdiction between the Date of Grant and the
date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges that the applicable Service Recipient(s)
(or former employer, as applicable) may be required to withhold or account for Tax Obligations in more than one jurisdiction.
If Participant fails to make satisfactory arrangements for the payment of any required Tax Obligations hereunder at the time of
the applicable taxable event, Participant acknowledges and agrees that the Company may refuse to issue or deliver the Shares.

 

(b) Tax Withholding.
When Shares are issued as payment for vested Performance Shares, Participant generally will recognize immediate U.S. taxable income
if Participant is a U.S. taxpayer. If Participant is a non-U.S. taxpayer, Participant will be subject to applicable taxes in his
or her jurisdiction. Pursuant to such procedures as the Administrator may specify from time to time, the Company and/or Service
Recipient shall withhold the amount required to be withheld for the payment of Tax Obligations. The Administrator, in its sole
discretion and pursuant to such procedures as it may specify from time to time, may permit Participant to satisfy such Tax Obligations,
in whole or in part (without limitation), if permissible by applicable local law, by (i) paying cash, (ii) electing to have
the Company withhold otherwise deliverable Shares having a fair market value equal to the minimum amount that is necessary to
meet the withholding requirement for such Tax Obligations (or such greater amount as Participant may elect if permitted by the
Administrator, if such greater amount would not result in adverse financial accounting consequences), (iii) withholding the amount
of such Tax Obligations from Participant’s wages or other cash compensation paid to Participant by the Company and/or the
Service Recipient, (iv) delivering to the Company already vested and owned Shares having a fair market value equal to such
Tax Obligations, or (v) selling a sufficient number of such Shares otherwise deliverable to Participant through such means as
the Company may determine in its sole discretion (whether through a broker or otherwise) equal to the minimum amount that is necessary
to meet the withholding requirement for such Tax Obligations (or such greater amount as Participant may elect if permitted by
the Administrator, if such greater amount would not result in adverse financial accounting consequences). To the extent determined
appropriate by the Company in its discretion, it will have the right (but not the obligation) to satisfy any Tax Obligations through
the method described in clause (ii) above. Further, if Participant is subject to tax in more than one jurisdiction between the
Date of Grant and a date of any relevant taxable or tax withholding event, as applicable, Participant acknowledges and agrees
that the Company and/or the Service Recipient (and/or former employer, as applicable) may be required to withhold or account for
tax in more than one jurisdiction. If Participant fails to make satisfactory arrangements for the payment of such Tax Obligations
hereunder at the time any applicable Performance Shares otherwise are scheduled to vest pursuant to Sections 3 or 4, Participant
will permanently forfeit such Performance Shares and any right to receive Shares thereunder and such Performance Shares will be
returned to the Company at no cost to the Company. Participant acknowledges and agrees that the Company may refuse to deliver
the Shares if such Tax Obligations are not delivered at the time they are due.

 

    - 3 -

     

    

 

(c) Company’s
Obligation to Deliver Shares. For clarification purposes, in no event will the Company issue Participant any Shares unless
and until arrangements satisfactory to the Administrator have been made for the payment of Participant’s Tax Withholding
Obligation. If Participant fails to make satisfactory arrangements for the payment of such Tax Withholding Obligations hereunder
at the time any applicable Performance Shares otherwise are scheduled to vest pursuant to Sections 3 or 4 or Participant’s
Tax Withholding Obligations otherwise become due, Participant will permanently forfeit such Performance Shares to which Participant’s
Tax Withholding Obligation relates and any right to receive Shares thereunder and such Performance Shares will be returned to
the Company at no cost to the Company. Participant acknowledges and agrees that the Company may refuse to issue or deliver the
Shares if such Tax Obligations are not delivered at the time they are due.

 

9. Rights as Stockholder.
Neither Participant nor any person claiming under or through Participant will have any of the rights or privileges of a stockholder
of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may
be in book entry form) will have been issued, recorded on the records of the Company or its transfer agents or registrars, and
delivered to Participant (including through electronic delivery to a brokerage account). After such issuance, recordation, and
delivery, Participant will have all the rights of a stockholder of the Company with respect to voting such Shares and receipt
of dividends and distributions on such Shares.

 

10. No Guarantee
of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF THE PERFORMANCE SHARES PURSUANT TO THE VESTING
SCHEDULE HEREOF IS EARNED ONLY BY CONTINUING AS A SERVICE PROVIDER, WHICH UNLESS PROVIDED OTHERWISE UNDER APPLICABLE LAW IS AT
THE WILL OF THE COMPANY (OR THE SERVICE RECIPIENT) AND NOT THROUGH THE ACT OF BEING HIRED, BEING GRANTED THIS PERFORMANCE SHARE
AWARD OR ACQUIRING SHARES HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS AWARD AGREEMENT, THE TRANSACTIONS CONTEMPLATED
HEREUNDER AND THE VESTING SCHEDULE SET FORTH HEREIN DO NOT CONSTITUTE AN EXPRESS OR IMPLIED PROMISE OF CONTINUED ENGAGEMENT AS
A SERVICE PROVIDER FOR THE VESTING PERIOD, FOR ANY PERIOD, OR AT ALL, AND SHALL NOT INTERFERE IN ANY WAY WITH PARTICIPANT’S
RIGHT OR THE RIGHT OF THE COMPANY (OR THE SERVICE RECIPIENT) TO TERMINATE PARTICIPANT’S RELATIONSHIP AS A SERVICE PROVIDER,
SUBJECT TO APPLICABLE LAW, WHICH TERMINATION, UNLESS PROVIDED OTHERWISE UNDER APPLICABLE LAW, MAY BE AT ANY TIME, WITH OR WITHOUT
CAUSE.

 

    - 4 -

     

    

 

11. Grant is Not
Transferable. Except to the limited extent provided in Section 7, this grant and the rights and privileges conferred
hereby will not be transferred, assigned, pledged or hypothecated in any way (whether by operation of law or otherwise) and will
not be subject to sale under execution, attachment or similar process. Upon any attempt to transfer, assign, pledge, hypothecate
or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution,
attachment or similar process, this grant and the rights and privileges conferred hereby immediately will become null and void.

 

12. Nature of Grant.
In accepting the grant, Participant acknowledges, understands, and agrees that:

 

(a) the grant of the
Performance Shares is voluntary and occasional and does not create any contractual or other right to receive future grants of
Performance Shares, or benefits in lieu of Performance Shares, even if Performance Shares have been granted in the past;

 

(b) all decisions with
respect to future Performance Shares or other grants, if any, will be at the sole discretion of the Company;

 

(c) Participant is voluntarily
participating in the Plan;

 

(d) the Performance
Shares and any Shares subject to this Performance Share award are not intended to replace any pension rights or compensation;

 

(e) the Performance
Shares and any Shares subject to this Performance Share award, and the income and value of same, are not part of normal or expected
compensation for purposes of calculating any severance, resignation, termination, redundancy, dismissal, end-of-service payments,
bonuses, long-service awards, pension or retirement or welfare benefits or similar payments;

 

(f) the future value
of the underlying Shares is unknown, indeterminable and cannot be predicted;

 

(g) for purposes of
the Performance Shares, Participant’s status as a Service Provider will be considered terminated as of the date Participant
is no longer actively providing services to the Company or any Parent or Subsidiary (regardless of the reason for such termination
and whether or not later to be found invalid or in breach of employment laws in the jurisdiction where Participant is a Service
Provider or the terms of Participant’s employment or service agreement, if any), and unless otherwise expressly provided
in this Award Agreement (including by reference in the Notice of Grant to other arrangements or contracts) or determined by the
Administrator, Participant’s right to vest in the Performance Shares under the Plan, if any, will terminate as of such date
and will not be extended by any notice period (e.g., Participant’s period of service would not include any contractual notice
period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where
Participant is a Service Provider or the terms of Participant’s employment or service agreement, if any, unless Participant
is providing bona fide services during such time); the Administrator shall have the exclusive discretion to determine when Participant
is no longer actively providing services for purposes of the Performance Shares grant (including whether Participant may still
be considered to be providing services while on a leave of absence and consistent with local law);

 

    - 5 -

     

    

 

(h) unless otherwise
provided in the Plan or by the Company in its discretion, the Performance Shares and the benefits evidenced by this Award Agreement
do not create any entitlement to have the Performance Shares or any such benefits transferred to, or assumed by, another company
nor be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Shares; and

 

(i) the following provisions
apply only if Participant is providing services outside the United States:

 

(i) the Performance
Shares and the Shares subject to the Performance Shares are not part of normal or expected compensation or salary for any purpose;

 

(ii) Participant acknowledges
and agrees that none of the Company, the Employer or any Parent or Subsidiary shall be liable for any foreign exchange rate fluctuation
between Participant’s local currency and the United States Dollar that may affect the value of the Performance Shares or
of any amounts due to Participant pursuant to the settlement of the Performance Shares or the subsequent sale of any Shares acquired
upon settlement; and

 

(iii) no claim or
entitlement to compensation or damages shall arise from forfeiture of the Performance Shares resulting from the termination of
Participant’s status as a Service Provider (for any reason whatsoever whether or not later found to be invalid or in breach
of employment laws in the jurisdiction where Participant is a Service Provider or the terms of Participant’s employment
or service agreement, if any), and in consideration of the grant of the Performance Shares to which Participant is otherwise not
entitled, Participant irrevocably agrees never to institute any claim against the Company, any Parent or Subsidiary or the
Service Recipient, waives his or her ability, if any, to bring any such claim, and releases the Company, any Parent or Subsidiary
and the Service Recipient from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent
jurisdiction, then, by participating in the Plan, Participant shall be deemed irrevocably to have agreed not to pursue such claim
and agrees to execute any and all documents necessary to request dismissal or withdrawal of such claim.

 

13. No Advice Regarding
Grant. The Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding
Participant’s participation in the Plan, or Participant’s acquisition or sale of the underlying Shares. Participant
is hereby advised to consult with his or her own personal tax, legal and financial advisors regarding his or her participation
in the Plan before taking any action related to the Plan.

 

14. Data
Privacy. Participant hereby explicitly and unambiguously consents to the collection, use and transfer, in electronic or other
form, of Participant’s personal data as described in this Award Agreement and any other Performance Share grant materials
by and among, as applicable, the Employer or other Service Recipient, the Company and any Parent or Subsidiary for the exclusive
purpose of implementing, administering and managing Participant’s participation in the Plan.

 

    - 6 -

     

    

 

Participant
understands that the Company and the Service Recipient may hold certain personal information about Participant, including, but
not limited to, Participant’s name, home address and telephone number, date of birth, social insurance number or other identification
number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Performance Shares or
any other entitlement to Shares awarded, canceled, exercised, vested, unvested or outstanding in Participant’s favor (“Data”),
for the exclusive purpose of implementing, administering and managing the Plan. 

 

Participant
understands that Data will be transferred to a stock plan service provider as may be selected by the Company in the future, which
is assisting the Company with the implementation, administration, and management of the Plan. Participant understands that the
recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country of operation (e.g.,
the United States) may have different data privacy laws and protections than Participant’s country. Participant understands
that if he or she resides outside the United States, he or she may request a list with the names and addresses of any potential
recipients of the Data by contacting his or her local human resources representative. Participant authorizes the Company, any
stock plan service provider selected by the Company and any other possible recipients which may assist the Company (presently
or in the future) with implementing, administering and managing the Plan to receive, possess, use, retain and transfer the Data,
in electronic or other form, for the sole purpose of implementing, administering and managing his or her participation in the
Plan. Participant understands that Data will be held only as long as is necessary to implement, administer and manage Participant’s
participation in the Plan. Participant understands if he or she resides outside the United States, he or she may, at any time,
view Data, request additional information about the storage and processing of Data, require any necessary amendments to Data or
refuse or withdraw the consents herein, in any case without cost, by contacting in writing his or her local human resources representative.
Further, Participant understands that he or she is providing the consents herein on a purely voluntary basis. If Participant does
not consent, or if Participant later seeks to revoke his or her consent, his or her status as a Service Provider and career with
the Service Recipient will not be adversely affected; the only adverse consequence of refusing or withdrawing Participant’s
consent is that the Company would not be able to grant Participant Performance Shares or other equity awards or administer or
maintain such awards. Therefore, Participant understands that refusing or withdrawing his or her consent may affect Participant’s
ability to participate in the Plan. For more information on the consequences of Participant’s refusal to consent or withdrawal
of consent, Participant understands that he or she may contact his or her local human resources representative.

 

15. Address for
Notices. Any notice to be given to the Company under the terms of this Award Agreement will be addressed to the Company at
Grid Dynamics Holdings, Inc., 5000 Executive Parkway, Suite 520, San Ramon, CA 94583 or at such other address as the Company may
hereafter designate in writing.

 

    - 7 -

     

    

 

16. Electronic
Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to the Performance
Shares awarded under the Plan or future Performance Shares that may be awarded under the Plan by electronic means or request Participant’s
consent to participate in the Plan by electronic means. Participant hereby consents to receive such documents by electronic delivery
and agrees to participate in the Plan through any on-line or electronic system established and maintained by the Company or a
third party designated by the Company.

 

17. No Waiver.
Either party’s failure to enforce any provision or provisions of this Award Agreement shall not in any way be construed
as a waiver of any such provision or provisions, nor prevent that party from thereafter enforcing each and every other provision
of this Award Agreement. The rights granted both parties herein are cumulative and shall not constitute a waiver of either party’s
right to assert all other legal remedies available to it under the circumstances.

 

18. Successors
and Assigns. The Company may assign any of its rights under this Award Agreement to single or multiple assignees, and this
Award Agreement shall inure to the benefit of the successors and assigns of the Company. Subject to the restrictions on transfer
herein set forth, this Award Agreement shall be binding upon Participant and his or her heirs, executors, administrators, successors
and assigns. The rights and obligations of Participant under this Award Agreement may only be assigned with the prior written
consent of the Company.

 

19. Additional
Conditions to Issuance of Stock. If at any time the Company will determine, in its discretion, that the listing, registration,
qualification or rule compliance of the Shares upon any securities exchange or under any state, federal or non-U.S. law, the tax
code and related regulations or under the rulings or regulations of the United States Securities and Exchange Commission or any
other governmental regulatory body or the clearance, consent or approval of the United States Securities and Exchange Commission
or any other governmental regulatory authority is necessary or desirable as a condition to the issuance of Shares to Participant
(or his or her estate) hereunder, such issuance will not occur unless and until such listing, registration, qualification, rule
compliance, clearance, consent or approval will have been completed, effected or obtained free of any conditions not acceptable
to the Company. Subject to the terms of the Award Agreement and the Plan, the Company shall not be required to issue any certificate
or certificates for Shares hereunder prior to the lapse of such reasonable period of time following the date of vesting of the
Performance Shares as the Administrator may establish from time to time for reasons of administrative convenience.

 

20. Language.
If Participant has received this Award Agreement or any other document related to the Plan translated into a language other than
English and if the meaning of the translated version is different than the English version, the English version will control.

 

21. Interpretation.
The Administrator will have the power to interpret the Plan and this Award Agreement and to adopt such rules for the administration,
interpretation and application of the Plan as are consistent therewith and to interpret or revoke any such rules (including, but
not limited to, the determination of whether or not any Performance Shares have vested). All actions taken and all interpretations
and determinations made by the Administrator in good faith will be final and binding upon Participant, the Company and all other
interested persons. Neither the Administrator nor any person acting on behalf of the Administrator will be personally liable for
any action, determination, or interpretation made in good faith with respect to the Plan or this Award Agreement.

 

    - 8 -

     

    

 

22. Captions.
Captions provided herein are for convenience only and are not to serve as a basis for interpretation or construction of this Award
Agreement.

 

23. Amendment,
Suspension or Termination of the Plan. By accepting this Award, Participant expressly warrants that he or she has received
an Award of Performance Shares under the Plan, and has received, read, and understood a description of the Plan. Participant understands
that the Plan is discretionary in nature and may be amended, suspended or terminated by the Company at any time.

 

24. Modifications
to the Award Agreement. This Award Agreement constitutes the entire understanding of the parties on the subjects covered.
Participant expressly warrants that he or she is not accepting this Award Agreement in reliance on any promises, representations,
or inducements other than those contained herein. Modifications to this Award Agreement or the Plan can be made only in an express
written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or
this Award Agreement, the Company reserves the right to revise this Award Agreement as it deems necessary or advisable, in its
sole discretion and without the consent of Participant, to comply with Section 409A or to otherwise avoid imposition of any additional
tax or income recognition under Section 409A in connection with this Award of Performance Shares.

 

25. Governing Law;
Venue; Severability. This Award Agreement and the Performance Shares are governed by the internal substantive laws, but not
the choice of law rules, of California. For purposes of litigating any dispute that arises under these Performance Shares or this
Award Agreement, the parties hereby submit to and consent to the jurisdiction of the State of California, and agree that such
litigation will be conducted in the courts of Santa Clara County, California, or the United States federal courts for the Northern
District of California, and no other courts, where this Award Agreement is made and/or to be performed. In the event that any
provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable or void, this Award
Agreement shall continue in full force and effect.

 

26. Entire Agreement.
The Plan is incorporated herein by reference. The Plan and this Award Agreement (including the appendices and exhibits referenced
herein) constitute the entire agreement of the parties with respect to the subject matter hereof and supersede in their entirety
all prior undertakings and agreements of the Company and Participant with respect to the subject matter hereof, and may not be
modified adversely to the Participant’s interest except by means of a writing signed by the Company and Participant.

 

27. Country Addendum.
Notwithstanding any provisions in this Award Agreement, the Performance Share grant shall be subject to any special terms and
conditions set forth in an appendix (if any) to this Award Agreement for any country whose laws are applicable to Participant
and this Award of Performance Shares (as determined by the Administrator in its sole discretion) (the “Country Addendum”).
Moreover, if Participant relocates to one of the countries included in the Country Addendum (if any), the special terms and conditions
for such country will apply to Participant, to the extent the Company determines that the application of such terms and conditions
is necessary or advisable for legal or administrative reasons. The Country Addendum constitutes part of this Award Agreement.

 

    - 9 -

     

    

 

GRID DYNAMICS HOLDINGS, INC.

2020 EQUITY INCENTIVE PLAN

PERFORMANCE SHARE AWARD AGREEMENT

COUNTRY ADDENDUM

 

TERMS AND CONDITIONS

 

This Country Addendum
includes additional terms and conditions that govern the Award of Performance Shares granted to Participant under the Plan if
Participant works in one of the countries listed below. If Participant is a citizen or resident of a country (or is considered
as such for local law purposes) other than the one in which he or she is currently working or if Participant relocates to another
country after receiving the Award of Performance Shares, the Company will, in its discretion, determine the extent to which the
terms and conditions contained herein will be applicable to Participant.

 

Certain capitalized
terms used but not defined in this Country Addendum shall have the meanings set forth in the Plan, and/or the Performance Share
Agreement to which this Country Addendum is attached.

 

NOTIFICATIONS

 

This Country Addendum
also includes notifications relating to exchange control and other issues of which Participant should be aware with respect to
his or her participation in the Plan. The information is based on the exchange control, securities and other laws in effect in
the countries listed in this Country Addendum, as of [DATE]. Such laws are often complex and change frequently. As a result, the
Company strongly recommends that Participant not rely on the notifications herein as the only source of information relating to
the consequences of his or her participation in the Plan because the information may be outdated when Participant vests in the
Performance Shares and acquires Shares, or when Participant subsequently sell Shares acquired under the Plan.

 

In addition, the notifications
are general in nature and may not apply to Participant’s particular situation, and the Company is not in a position to assure
Participant of any particular result. Accordingly, Participant is advised to seek appropriate professional advice as to how the
relevant laws in Participant’s country may apply to Participant’s situation.

 

Finally, if Participant
is a citizen or resident of a country other than the one in which Participant is currently working (or is considered as such for
local law purposes) or if Participant moves to another country after receiving the Award of Performance Shares, the information
contained herein may not be applicable to Participant.

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00306-of-00352.parquet"}]]