Document:

Exhibit 10.2

 

[Form Option Agreement]

 

GRID DYNAMICS HOLDINGS, INC. 

2020 EQUITY INCENTIVE PLAN

STOCK OPTION 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 Stock Option Agreement, which includes the Notice of Stock Option Grant (the “Notice of
Grant”), the Terms and Conditions of Stock Option Grant attached hereto as Exhibit A, the Exercise Notice attached
hereto as Exhibit B, and all other exhibits and appendices attached hereto (all together, the “Option Agreement”).

 

NOTICE OF STOCK
OPTION GRANT

 

Participant:

 

Address:

 

The undersigned Participant
has been granted an Option to purchase Common Stock of Grid Dynamics Holdings, Inc. (the “Company”), subject to the
terms and conditions of the Plan and this Option Agreement, as follows:

 

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

 

	Exercise Price per Share (in U.S. Dollars): $	

 

	Total Exercise Price(in U.S. Dollars): $ 	 

 

	Type of Option:	☐ Incentive Stock Option
	 	 
	 	☐ Nonstatutory Stock Option
	 	 
	Term/Expiration Date:	 

 

      

     

    

 

Vesting Schedule:

 

Subject to accelerated
vesting as set forth below or in the Plan, this Option will be exercisable, in whole or in part, in accordance with the following
schedule:

 

Twenty-five percent
(25%) of the Shares subject to the Option shall vest on the one (1) year anniversary of the Vesting Commencement Date, and one
sixteenth (1/16th) of the Shares subject to the Option will vest quarterly thereafter on the same day as the Vesting Commencement
Date, subject to Participant continuing to be a Service Provider through each such date.

 

Termination Period:

 

This Option will be
exercisable for three (3) months after Participant ceases to be a Service Provider, unless such termination is due to Participant’s
death or Disability, in which case this Option will be exercisable for twelve (12) months after Participant ceases to be a Service
Provider. Notwithstanding the foregoing sentence, in no event may this Option be exercised after the Term/Expiration Date as provided
above and this Option may be subject to earlier termination as provided in Section 14 of the Plan.

 

By Participant’s
signature and the signature of the representative of the Company below, Participant and the Company agree that this Option
is granted under and governed by the terms and conditions of the Plan and this Option Agreement, including the Terms and Conditions
of Stock Option 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 Option Agreement in their entirety, has had an opportunity
to obtain the advice of counsel prior to executing this Option Agreement, and fully understands all provisions of the Plan and
this Option 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 Option 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:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 

 

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EXHIBIT A

 

TERMS AND CONDITIONS OF STOCK OPTION
GRANT

 

1. Grant
of Option.

 

(a) The
Company hereby grants to the individual (“Participant”) named in the Notice of Stock Option Grant of this Option Agreement
(the “Notice of Grant”) an option (the “Option”) to purchase the number of Shares set forth in the Notice
of Grant, at the exercise price per Share set forth in the Notice of Grant (the “Exercise Price”), subject to all of
the terms and conditions in this Option Agreement and the Plan, which is incorporated herein by this reference. Subject to Section
19(c) of the Plan, in the event of a conflict between the terms and conditions of the Plan and the terms and conditions of this
Option Agreement, the terms and conditions of the Plan will prevail.

 

(b) For
U.S. taxpayers, the Option will be designated as either an Incentive Stock Option (“ISO”) or a Nonstatutory Stock Option
(“NSO”). If designated in the Notice of Grant as an ISO, this Option is intended to qualify as an ISO under Section
422 of the Internal Revenue Code of 1986, as amended (the “Code”). However, if this Option is intended to be an ISO,
to the extent that it exceeds the $100,000 rule of Code Section 422(d) it will be treated as an NSO. Further, if for any reason
this Option (or portion thereof) will not qualify as an ISO, then, to the extent of such nonqualification, such Option (or portion
thereof) shall be regarded as a NSO granted under the Plan. In no event will the Administrator, the Company or any Parent or Subsidiary
or any of their respective employees or directors have any liability to Participant (or any other person) due to the failure of
the Option to qualify for any reason as an ISO.

 

(c) For
non-U.S. taxpayers, the Option will be designated as an NSO.

 

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

 

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

 

4. Exercise
of Option.

 

(a) Right
to Exercise. This Option may be exercised only within the term set out in the Notice of Grant, and may be exercised during
such term only in accordance with the Plan and the terms of this Option Agreement.

 

     

     

    

 

(b) Method
of Exercise. This Option is exercisable by delivery of an exercise notice (the “Exercise Notice”) in the form attached
as Exhibit B to the Notice of Grant or in a manner and pursuant to such procedures as the Administrator may determine, which
will state the election to exercise the Option, the number of Shares in respect of which the Option is being exercised (the “Exercised
Shares”), and such other representations and agreements as may be required by the Company pursuant to the provisions of the
Plan. The Exercise Notice will be completed by Participant and delivered to the Company. The Exercise Notice will be accompanied
by payment of the aggregate Exercise Price as to all Exercised Shares and of any Tax Obligations (as defined in Section 6(a)).
This Option will be deemed to be exercised upon receipt by the Company of such fully executed Exercise Notice accompanied by the
aggregate Exercise Price.

 

5. Method
of Payment. Payment of the aggregate Exercise Price will be by any of the following, or a combination thereof, at the election
of Participant:

 

(a) cash
in U.S. dollars;

 

(b) check
designated in U.S. dollars;

 

(c) consideration
received by the Company under a formal cashless exercise program adopted by the Company in connection with the Plan; or

 

(d) if
Participant is a U.S. employee, surrender of other Shares which have a Fair Market Value on the date of surrender equal to the
aggregate Exercise Price of the Exercised Shares and that are owned free and clear of any liens, claims, encumbrances, or security
interests, provided that accepting such Shares, in the sole discretion of the Administrator, will not result in any adverse accounting
consequences to the Company.

 

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6. 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,
Employer and/or Parent or Subsidiary to which the 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 Option, 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 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 the Company (or Service Recipient), the Company’s (or Service Recipient’s) fringe benefit
tax liability, if any, associated with the grant, vesting, or exercise of the Option or 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 Option (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 Option, including, but not limited to, the grant, vesting or exercise
of the Option, the subsequent sale of Shares acquired pursuant to such exercise 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 Option 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.

 

(b) Tax
Withholding. When the Option is exercised, 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 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 any required Tax Obligations hereunder at the time of the Option exercise,
Participant acknowledges and agrees that the Company may refuse to honor the exercise and refuse to deliver the Shares if such
amounts are not delivered at the time of exercise.

 

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(c) Notice of
Disqualifying Disposition of ISO Shares. If the Option granted to Participant herein is an ISO, and if Participant sells
or otherwise disposes of any of the Shares acquired pursuant to the ISO on or before the later of (i) the date two (2) years
after the Date of Grant, or (ii) the date one (1) year after the date of exercise, Participant will immediately notify the
Company in writing of such disposition. Participant agrees that Participant may be subject to income tax withholding by the
Company on the compensation income recognized by Participant.

 

(d) Code
Section 409A. Under Code Section 409A, a stock right (such as the Option) granted with a per share exercise price that is determined
by the Internal Revenue Service (the “IRS”) to be less than the fair market value of an underlying share on the date
of grant (a “discount option”) may be considered “deferred compensation.” A stock right that is a “discount
option” may result in (i) income recognition by the recipient of the stock right prior to the exercise of the stock right,
(ii) an additional twenty percent (20%) federal income tax, and (iii) potential penalty and interest charges. The “discount
option” may also result in additional state income, penalty and interest tax to the recipient of the stock right. Participant
acknowledges that the Company cannot and has not guaranteed that the IRS will agree that the per Share exercise price of this Option
equals or exceeds the fair market value of a Share on the date of grant in a later examination. Participant agrees that if the
IRS determines that the Option was granted with a per Share exercise price that was less than the fair market value of a Share
on the date of grant, Participant shall be solely responsible for Participant’s costs related to such a determination.

 

7. 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.

 

8. No
Guarantee of Continued Service. PARTICIPANT ACKNOWLEDGES AND AGREES THAT THE VESTING OF 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 OPTION OR ACQUIRING SHARES
HEREUNDER. PARTICIPANT FURTHER ACKNOWLEDGES AND AGREES THAT THIS OPTION 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 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.

 

9. Nature
of Grant. In accepting the Option, Participant acknowledges, understands and agrees that:

 

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

 

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

 

(c) Participant
is voluntarily participating in the Plan;

 

(d) the
Option and any Shares acquired under the Plan are not intended to replace any pension rights or compensation;

 

(e) the
Option and Shares acquired under the Plan 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 Shares underlying the Option is unknown, indeterminable, and cannot be predicted with certainty;

 

(g) if
the underlying Shares do not increase in value, the Option will have no value;

 

(h) if
Participant exercises the Option and acquires Shares, the value of such Shares may increase or decrease in value, even below the
Exercise Price;

 

(i) for
purposes of the Option, Participant’s engagement 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 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 unless otherwise expressly provided
in this Option Agreement (including by reference in the Notice of Grant to other arrangements or contracts) or determined by the
Administrator, (i) Participant’s right to vest in the Option 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 Participant’s employment or service agreement, if any, unless Participant is providing bona fide
services during such time); and (ii) the period (if any) during which Participant may exercise the Option after such termination
of Participant’s engagement as a Service Provider will commence on the date Participant ceases to actively provide services
and will not be extended by any notice period mandated under employment laws in the jurisdiction where Participant is employed
or terms of Participant’s engagement agreement, if any; the Administrator shall have the exclusive discretion to determine
when Participant is no longer actively providing services for purposes of his or her Option grant (including whether Participant
may still be considered to be providing services while on a leave of absence and consistent with local law);

 

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

 

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

 

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

 

(ii) Participant
acknowledges and agrees that no Service Recipient 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 Option or of any amounts due to Participant pursuant
to the exercise of the Option or the subsequent sale of any Shares acquired upon exercise; and

 

(iii) no
claim or entitlement to compensation or damages shall arise from forfeiture of the Option resulting from the termination of Participant’s
engagement 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 Option to which Participant is otherwise not entitled, Participant irrevocably
agrees never to institute any claim against any Service Recipient, waives his or her ability, if any, to bring any such claim,
and releases each 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.

 

10. 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.

 

11. 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 Option Agreement and any other Option 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. 

 

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Participant
understands that the Company and the Employer 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 Options 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 recipient’s 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 People representative. Participant authorizes 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 purposes of implementing, administering and managing
Participant’s 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 that 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 People 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 engagement as a Service Provider and career with the Employer 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 Options 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 People representative.

 

12. Address
for Notices. Any notice to be given to the Company under the terms of this Option 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.

 

13. Non-Transferability
of Option. This Option may not be transferred in any manner otherwise than by will or by the laws of descent or distribution
and may be exercised during the lifetime of Participant only by Participant.

 

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

 

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15. 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 purchase by, or issuance of Shares,
to Participant (or his or her estate) hereunder, such purchase or 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 Option 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 exercise of the Option as the Administrator may establish from time to time for reasons of administrative convenience.

 

16. Language.
If Participant has received this Option 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.

 

17. Interpretation.
The Administrator will have the power to interpret the Plan and this Option 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 Shares subject to the Option 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 Option Agreement.

 

18. Electronic
Delivery and Acceptance. The Company may, in its sole discretion, decide to deliver any documents related to the Option awarded
under the Plan or future options 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.

 

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

 

20. Agreement
Severable. In the event that any provision in this Option Agreement will be held invalid or unenforceable, such provision will
be severable from, and such invalidity or unenforceability will not be construed to have any effect on, the remaining provisions
of this Option Agreement.

 

21. Amendment,
Suspension or Termination of the Plan. By accepting this Option, Participant expressly warrants that he or she has
received an Option 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.

 

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22. Governing
Law and Venue. This Option Agreement will be governed by the laws of California, without giving effect to the conflict of law
principles thereof. For purposes of litigating any dispute that arises under this Option or this Option 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 San Mateo County, California, or the United States federal courts for the Northern District of California, and no
other courts, where this Option is made and/or to be performed.

 

23. Country
Addendum. Notwithstanding any provisions in this Option Agreement, this Option shall be subject to any special terms and conditions
set forth in an appendix (if any) to this Option Agreement for any country whose laws are applicable to Participant and this Option
(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 (if any) constitutes a part of this Option Agreement.

 

24. Modifications
to the Agreement. This Option Agreement constitutes the entire understanding of the parties on the subjects covered. Participant
expressly warrants that he or she is not accepting this Option Agreement in reliance on any promises, representations, or inducements
other than those contained herein. Modifications to this Option 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 Option Agreement,
the Company reserves the right to revise this Option Agreement as it deems necessary or advisable, in its sole discretion and without
the consent of Participant, to comply with Code Section 409A or to otherwise avoid imposition of any additional tax or income recognition
under Section 409A of the Code in connection with the Option.

 

25. No
Waiver. Either party’s failure to enforce any provision or provisions of this Option 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 Option 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.

 

26. 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 Option 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 Option Agreement.

 

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GRID DYNAMICS HOLDINGS, INC.

2020 EQUITY INCENTIVE PLAN

STOCK OPTION AGREEMENT

COUNTRY ADDENDUM

 

TERMS AND CONDITIONS

 

This Country Addendum
includes additional terms and conditions that govern the Option 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 Option,
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 Stock Option 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                . 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 exercises
the Option or sells 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 the Option is granted, the information contained herein may
not be applicable to Participant.

 

     

     

    

 

EXHIBIT B

 

GRID DYNAMICS HOLDINGS, INC. 

2020 EQUITY INCENTIVE PLAN

EXERCISE NOTICE

 

Grid Dynamics Holdings, Inc.

5000 Executive Parkway

Suite 520

San Ramon, CA 94583

Attention: Stock Administration

 

1. Exercise
of Option. Effective as of today, ________________, _____, the undersigned (“Purchaser”) hereby elects to purchase
______________ shares (the “Shares”) of the Common Stock of Grid Dynamics Holdings, Inc. (the “Company”)
under and pursuant to the 2020 Equity Incentive Plan (the “Plan”) and the Stock Option Agreement, dated ________ and
including the Notice of Grant, the Terms and Conditions of Stock Option Grant, and exhibits attached thereto (the “Option
Agreement”). The purchase price for the Shares will be $_____________, as required by the Option Agreement.

 

2. Delivery
of Payment. Purchaser herewith delivers to the Company the full purchase price of the Shares and any Tax Obligations (as defined
in Section 6(a) of the Option Agreement) to be paid in connection with the exercise of the Option.

 

3. Representations
of Purchaser. Purchaser acknowledges that Purchaser has received, read and understood the Plan and the Option Agreement and
agrees to abide by and be bound by their terms and conditions.

 

4. Rights
as Stockholder. Until the issuance (as evidenced by the appropriate entry on the books of the Company or of a duly authorized
transfer agent of the Company) of the Shares, no right to vote or receive dividends or any other rights as a stockholder will exist
with respect to the Shares subject to the Option, notwithstanding the exercise of the Option. The Shares so acquired will be issued
to Purchaser as soon as practicable after exercise of the Option. No adjustment will be made for a dividend or other right for
which the record date is prior to the date of issuance, except as provided in Section 14 of the Plan.

 

5. Tax
Consultation. Purchaser understands that Purchaser may suffer adverse tax consequences as a result of Purchaser’s purchase
or disposition of the Shares. Purchaser represents that Purchaser has consulted with any tax consultants Purchaser deems advisable
in connection with the purchase or disposition of the Shares and that Purchaser is not relying on the Company for any tax advice.

 

     

     

    

 

6. Entire
Agreement; Governing Law. The Plan and Option Agreement are incorporated herein by reference. This Exercise Notice, the
Plan and the Option Agreement 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 Purchaser with respect to the subject
matter hereof, and may not be modified adversely to the Purchaser’s interest except by means of a writing signed by the
Company and Purchaser. This Option Agreement is governed by the internal substantive laws, but not the choice of law rules,
of California.

 

	Submitted by:	 	Accepted by:
	 	 	 
	PURCHASER	 	GRID DYNAMICS HOLDINGS, INC.
	 	 	 
	 	 	 
	Signature	 	Signature
	 	 	 
	 	 	 
	Print Name	 	Print Name
	 	 	 
	Address:	 	 
	 	 	Title
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	Date Received

 

 

- 2 -Exhibit
10.3

 

[Form
RSU Agreement]

  

GRID
DYNAMICS HOLDINGS, INC.

2020
EQUITY INCENTIVE PLAN

RESTRICTED
STOCK UNIT AGREEMENT

 

NOTICE
OF RESTRICTED STOCK UNIT GRANT

 

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 Unit Agreement, which includes the Notice of Restricted Stock Unit
Grant (the “Notice of Grant”), the Terms and Conditions of Restricted Stock Unit Grant attached hereto as Exhibit
A, and all other exhibits and appendices attached hereto (all together, the “Award Agreement”).

 

Participant:

 

Address:

 

The
undersigned Participant has been granted the right to receive an Award of Restricted Stock Units, subject to the terms and conditions
of the Plan and this Award Agreement, as follows:

  

	Grant Number:	 
	 	 
	Date of Grant:	 
	 	 
	Vesting Commencement Date:	 
	 	 
	Number of Restricted Stock Units:	 

 

Vesting
Schedule:

 

Subject
to any acceleration provisions contained in the Plan or set forth below, the Restricted Stock Units will vest in accordance with
the following schedule:

 

Twenty-five
percent (25%) of the Restricted Stock Units will vest on the one (1) year anniversary of the Vesting Commencement Date, and one
sixteenth (1/16th) of the Restricted Stock Units will vest quarterly thereafter on the same day as the Vesting Commencement
Date, subject to Participant continuing to be a Service Provider through each such date.

 

In
the event Participant ceases to be a Service Provider for any or no reason before Participant vests in the Restricted Stock Units,
the Restricted Stock Units 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 Restricted Stock Units 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 Unit 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 RESTRICTED STOCK UNIT GRANT

 

1. Grant
of Restricted Stock Units. The Company hereby grants to the individual (the “Participant”) named in the Notice
of Grant of Restricted Stock Units of this Award Agreement (the “Notice of Grant”) under the Plan an Award of Restricted
Stock Units, 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 Restricted Stock Unit represents the right to receive a Share on the date it vests. Unless and until
the Restricted Stock Units will have vested in the manner set forth in Section 3 or 4, Participant will have no right to payment
of any such Restricted Stock Units. Prior to actual payment of any vested Restricted Stock Units, such Restricted Stock Unit 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 Restricted Stock Units 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 Restricted Stock Units 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 Restricted Stock Units 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 Restricted Stock Units 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 Restricted Stock Units at any time, subject to the terms of the Plan. If so accelerated, such Restricted
Stock Units 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 Restricted Stock Units 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 Restricted Stock Units 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 Restricted Stock Units 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 Restricted Stock Units 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 Restricted Stock Units 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 Restricted Stock Units 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 Restricted Stock Units, 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 Restricted Stock Units 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 Restricted
Stock Units (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 Restricted Stock Units, including, but not limited to, the grant,
vesting or settlement of the Restricted Stock Units, 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 Restricted Stock Units 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 Restricted Stock Units, 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 Restricted Stock Units otherwise are scheduled to vest pursuant to
Sections 3 or 4, Participant will permanently forfeit such Restricted Stock Units and any right to receive Shares thereunder and
such Restricted Stock Units 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 Restricted Stock Units 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 Restricted Stock Units to which Participant’s
Tax Withholding Obligation relates and any right to receive Shares thereunder and such Restricted Stock Units 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 RESTRICTED STOCK UNITS 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 UNIT 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 Restricted Stock Units is voluntary and occasional and does not create any contractual or other right to receive
future grants of Restricted Stock Units, or benefits in lieu of Restricted Stock Units, even if Restricted Stock Units have been
granted in the past;

 

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

 

(c) Participant
is voluntarily participating in the Plan;

 

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

 

(e) the
Restricted Stock Units and the Shares subject to the Restricted Stock Units, 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 Restricted Stock Units, 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 Restricted Stock Units 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 Units 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 Restricted Stock Units and the benefits evidenced by this
Award Agreement do not create any entitlement to have the Restricted Stock Units 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
Restricted Stock Units and the Shares subject to the Restricted Stock Units 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 Restricted
Stock Units or of any amounts due to Participant pursuant to the settlement of the Restricted Stock Units 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 Restricted Stock Units 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 Units 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.

  

    -6-

     

    

 

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 Unit 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 Restricted Stock Units
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 Restricted Stock Units 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 Restricted
Stock Units awarded under the Plan or future Restricted Stock Units 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
Restricted Stock Units 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 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.

 

    -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 Restricted Stock Units 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 Restricted Stock Units.

 

25. Governing
Law; Venue; Severability. This Award Agreement and the Restricted Stock Units 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
Units 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 Restricted Stock Unit 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 Restricted Stock Units (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 

RESTRICTED
STOCK UNIT AGREEMENT 

COUNTRY
ADDENDUM

  

TERMS
AND CONDITIONS

 

This
Country Addendum includes additional terms and conditions that govern the Award of Restricted Stock Units 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 Restricted Stock Units, 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 Restricted
Stock Unit 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 Restricted Stock Units 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 Restricted Stock Units,
the information contained herein may not be applicable to Participant.

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