Document:

Exhibit 10.10

 

	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States
		Tel: 650.523.5000

www.griddynamics.com

 

GRID DYNAMICS INTERNATIONAL, INC.

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Employment Agreement (the “Agreement”) entered
into by and between Grid Dynamics International, Inc. (the “Company”), and Victoria Livschitz (“Executive”)
dated as of January 24, 2020, is effective as of the “closing” under that certain Agreement and Plan of Merger (the
“Merger Agreement”) entered into by and among the Company, ChaSerg Technology Acquisition Corp., Automated Systems
Holdings Limited and certain other parties thereto (with such “closing” under the Merger Agreement constituting the
“Effective Date”). If the Merger Agreement is terminated without the “closing” occurring thereunder, this
Agreement shall be void and of no further force and effect. This Agreement supersedes in its entirety the Employment Agreements
between Grid Dynamics International, Inc. and Executive dated March 31, 2017, as amended, and November 8, 2019.

 

1. Duties
and Scope of Employment.

 

(a) Positions and
Duties. As of the Effective Date, Executive will serve as the Company’s Executive Vice President of Customer Success.
Executive will render such business and professional services in the performance of Executive’s duties, consistent with Executive’s
position within the Company, as will reasonably be assigned to him by the Company’s Chief Executive Officer or his or her
designee.

 

(b) Obligations.
During the Employment Term (defined below), Executive will perform Executive’s duties faithfully and to the best of her ability
and devote her full business efforts and time to the Company. Executive acknowledges during Executive's employment with Company,
that Executive will not, without prior written approval of Company: (a) engage in any activity competitive or adverse to Company's
business or welfare, whether alone, as a partner, or as an officer, director, executive, shareholder, employee, or consultant of
any other entity, or (b) undertake planning for the organization of any business activity competitive with Company or combine or
conspire with other employees or representatives of Company for the purposes of organizing any such competitive business. Nothing
contained in this Section 1(b) shall prevent Executive from making passive personal investments, or engaging in other businesses
or serving on boards of directors, which do not violate this Section 1(b) or materially interfere with the services rendered under
this Agreement, as determined in the sole discretion of the Board. Executive further agrees to comply with all Company policies,
including, for the avoidance of any doubt, any insider trading policies and compensation clawback policies currently in existence
or that may be adopted by the Company during the Employment Term.

 

2. Term of
Agreement. This Agreement will have an initial term of four (4) years commencing on the Effective Date (the
“Initial Term”). Commencing on the four (4) year anniversary of the Effective Date and on each one (1) year
anniversary thereafter, this Agreement will renew automatically for additional, one (1) year terms (each, an
“Additional Term”) unless either party provides the other party with written notice of nonrenewal at least ninety
(90) days prior to the date of automatic renewal. Notwithstanding the foregoing, if a Change of Control occurs during the
Initial Term or an Additional Term, the term of this Agreement will extend automatically through the date that is twelve (12)
months following the date of the Change of Control. If Executive becomes entitled to the benefits under Section 8 of this
Agreement, then the Agreement will not terminate until all of the obligations of the parties hereto with respect to this
Agreement have been satisfied. The period of Executive’s employment under this Agreement, including the Initial Term
and each applicable Additional Term, is referred to herein as the “Employment Term.”

 

     

     

    

 

	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

3. At-Will
Employment. The parties agree that Executive’s employment with the Company will be “at-will” employment and
may be terminated at any time with or without cause or notice. Executive understands and agrees that neither her job performance
nor promotions, commendations, bonuses or the like from the Company give rise to or in any way serve as the basis for modification,
amendment, or extension, by implication or otherwise, of her employment with the Company. However, as described in this Agreement,
Executive may be entitled to severance benefits depending on the circumstances of Executive’s termination of employment with
the Company.

 

4. Compensation.

 

(a) Base
Salary. During the Employment Term, the Company will pay Executive an annual salary of $400,000.00 as compensation for Executive’s
services (the “Base Salary”). The Base Salary will be paid periodically in accordance with the Company’s normal
payroll practices and be subject to the usual, required withholdings. Company shall review the amount of the Base Salary from time
to time, but shall not be required to increase the Base Salary.

 

(b) Bonus.
Executive may be eligible to receive additional incentive-based compensation or bonuses, in Company's sole discretion, which may
be subject to the financial and individual goals and other performance criteria of Company. The Company anticipates that, if Executive
is awarded a full bonus based on the Company's determination of financial and individual goals, the bonus will be up to $200,000.00
annually or $50,000.00 quarterly. The Company will determine bonus eligibility each fiscal quarter, and any awarded bonus will
be paid within sixty (60) days of the end of each fiscal quarter. Eligibility for any bonus is dependent upon Executive's continued
employment with the Company on the date the bonus is to be paid. The Company shall review the amount of potential bonus from time
to time, but shall not be required to increase the potential bonus.

 

(c) Equity.

 

(i) Initial
Grants. At the first meeting of the Board following the Effective Date, it will be recommended that Executive be granted
129,500 restricted stock units, 129,500 performance-based restricted stock units and 140,000 stock options (the “Initial Awards”). Each
Initial Award will vest as to 1/4th of the shares subject to the award on the one year anniversary of the vesting
commencement date and 1/16th of the shares subject to the award on a quarterly basis thereafter, subject to
Executive’s continued service through each vesting date. The Initial Award of performance-based restricted stock units
also will be subject to vesting based on achievement of Company performance objectives to be determined by the Company. The
Initial Awards will be subject to the terms, definitions and provisions of the Company’s 2020 Equity Incentive Plan
(the “Equity Plan”) and form of award agreement thereunder.

 

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	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

(ii) Discretionary
Awards. Executive also may be eligible to receive additional Company equity awards in the discretion of the Board (or the Compensation
Committee of the Board, as applicable) to reward extraordinary performance or for achievement of stretch financial performance
objectives under individual incentive agreements for very strong performance of the Company.

 

(iii) Change
of Control. In the event the Company is subject to a Change of Control, all Equity Awards (or portions thereof) that are not
assumed or substituted by the successor corporation, as determined under the Equity Plan, will become fully vested and exercisable
and all restrictions on such awards of restricted stock or restricted stock units will lapse. Equity Awards will not be deemed
assumed or substituted and will become fully vested and exercisable in a Change of Control if the awards are amended or modified
in any manner that is adverse to the Executive (e.g., less favorable vesting terms) without Executive’s written consent.

 

5. Employee
Benefits. During the Employment Term, Executive will be entitled to participate in the employee benefit plans currently and
hereafter maintained by the Company of general applicability to other executives of the Company to the extent Executive meets the
eligibility requirements for each individual plan or program. Such benefits currently include, but are not limited to, medical,
dental, vision, disability, 401(k) plan participation and supplemental medical insurance (Armada Care or similar arrangement).
The Company provides no assurance as to the adoption or continuance of any particular employee benefit plan or program, and Executive’s
participation in any such plan or program shall be subject to the provisions, rules and regulations applicable thereto.

 

6. Vacation.
Executive will be entitled to accrue up to twenty (20) days paid annual vacation in accordance with the Company policy as effect
from time to time, including eligibility for any policy subsequently adopted for Company senior executives.

 

7. Expenses.
The Company will reimburse Executive for reasonable travel, entertainment or other expenses incurred by Executive in the furtherance
of or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s expense
reimbursement policy as in effect from time to time.

 

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	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

8. Severance
Benefits.

 

(a) Qualified
Termination Outside the Change of Control Period. If, outside the Change of Control Period, the Company or its Affiliates terminate
Executive’s employment with the Company or its Affiliates, respectively, other than for Cause, death or Disability, or Executive
resigns from such employment for Good Reason, then, subject to Section 9, Executive will receive the following severance benefits:

 

(i) Salary
Severance. Continuing payments of Executive’s Base Salary, as in effect immediately prior to Executive’s termination
of employment (or, if higher, immediately prior to reduction of Executive’s Base Salary described in clause (ii) of the definition
of Good Reason below), for 12 months from the termination date, paid in accordance with the Company’s regular payroll procedures.

 

(ii) Bonus
Severance. A lump-sum payment equal to 50% of Executive’s current annual maximum bonus target amount.

 

(iii) Continued
Employee Benefits. If Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act
of 1985, as amended (“COBRA”) within the time period prescribed pursuant to COBRA for Executive and Executive’s
eligible dependents, the Company will reimburse Executive for the premiums necessary to continue group health insurance benefits
for Executive and Executive’s eligible dependents until the earlier of (A) a period of 12 months from the date of Executive’s
termination of employment, (B) the date upon which Executive and/or Executive’s eligible dependents becomes covered under
similar plans or (C) the date upon which Executive ceases to be eligible for coverage under COBRA (such reimbursements, the “COBRA
Premiums”). However, if the Company determines in its sole discretion that it cannot pay the COBRA Premiums without potentially
violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu
thereof provide to Executive a taxable monthly payment payable on the last day of a given month (except as provided by the following
sentence), in an amount equal to the monthly COBRA premium that Executive would be required to pay to continue Executive’s
group health coverage in effect on the date of Executive’s termination of employment (which amount will be based on the premium
for the first month of COBRA coverage), which payments will be made regardless of whether Executive elects COBRA continuation coverage
and will commence on the month following Executive’s termination of employment and will end on the earlier of (x) the date
upon which Executive obtains other employment or (y) the date the Company has paid an amount equal to 12 payments. For the avoidance
of doubt, the taxable payments in lieu of COBRA Premiums may be used for any purpose, including, but not limited to continuation
coverage under COBRA, and will be subject to all applicable tax withholdings. Notwithstanding anything to the contrary under this
Agreement, if at any time the Company determines in its sole discretion that it cannot provide the payments contemplated by the
preceding sentence without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act),
Executive will not receive such payment or any further reimbursements for COBRA premiums.

 

(iv) Equity.
Immediate vesting of all then-outstanding unvested Company Equity Awards that would have vested had Executive had Executive continued
employment with the Company for an additional period of one year. If, however, an outstanding Equity Award is to vest and/or the
amount of the Equity Award to vest during such one year period is to be determined based on the achievement of performance criteria,
then the Equity Award will be deemed to vest assuming the performance criteria had been achieved at target levels for the relevant
performance period(s).

 

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	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

(b) Qualified
Termination within the Change of Control Period. If, within the Change of Control Period, the Company or its Affiliates
terminate Executive’s employment with the Company or its Affiliates, respectively, other than for Cause, death or
Disability, or Executive resigns from such employment for Good Reason, then, subject to Section 9, Executive will receive the
following severance benefits from the Company:

 

(i) Salary
Severance. A lump sum severance payment equal to 12 months of Executive’s Base Salary, as in effect immediately prior
to Executives termination of employment (or, if higher, as in effect immediately prior to reduction of Executive’s Base Salary
described in clause (ii) of the definition of Good Reason), which will be paid in accordance with the Company’s regular payroll
procedures. For the avoidance of doubt, if (A) Executive incurred a termination prior to a Change of Control that qualifies Executive
for severance payments under Section 8(a)(i); and (B) a Change of Control occurs within the three (3)-month period following Executive’s
termination of employment that qualifies Executive for the superior benefits under this Section 8(b)(i), then Executive shall be
entitled to a lump-sum payment of the amount calculated under this Section 8(b)(i), less amounts already paid under Section 8(a)(i).

 

(ii) Bonus
Severance. A lump-sum payment equal to 50% of Executive’s current annual target bonus amount.

 

(iii) Continued
Employee Benefits. If Executive elects continuation coverage pursuant to COBRA within the time period prescribed pursuant to
COBRA for Executive and Executive’s eligible dependents, the Company will reimburse Executive for the premiums necessary
to continue group health insurance benefits for Executive and Executive’s eligible dependents until the earlier of (A) a
period of 12 months from the date of Executive’s termination of employment, (B) the date upon which Executive and/or Executive’s
eligible dependents becomes covered under similar plans or (C) the date upon which Executive ceases to be eligible for coverage
under COBRA (such reimbursements, the “COC COBRA Premiums”). However, if the Company determines in its sole discretion
that it cannot pay the COC COBRA Premiums without potentially violating applicable law (including, without limitation, Section
2716 of the Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable monthly payment in an amount
equal to the monthly COBRA premium that Executive would be required to pay to continue Executive’s group health coverage
in effect on the date of Executive’s termination of employment (which amount will be based on the premium for the first month
of COBRA coverage), which payments will be made regardless of whether Executive elects COBRA continuation coverage and will commence
on the month following Executive’s termination of employment and will end on the earlier of (x) the date upon which Executive
obtains other employment or (y) the date the Company has paid an amount equal to 12 payments. For the avoidance of doubt, the taxable
payments in lieu of COBRA Premiums may be used for any purpose, including, but not limited to continuation coverage under COBRA,
and will be subject to all applicable tax withholdings. Notwithstanding anything to the contrary under this Agreement, if at any
time the Company determines in its sole discretion that it cannot provide the payments contemplated by the preceding sentence without
violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), Executive will not receive
such payment or any further reimbursements for COBRA premiums.

 

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	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

(iv) Equity.
Vesting acceleration of one hundred percent (100%) of Executive’s outstanding unvested Equity Awards on the date of Executive’s
termination. If, however, an outstanding Equity Award is to vest and/or the amount of the Equity Award to vest is to be determined
based on the achievement of performance criteria, then the Equity Award will vest as to one hundred percent (100%) of the amount
of the Equity Award assuming the performance criteria had been achieved at target levels for the relevant performance period(s).

 

(c) Voluntary
Resignation; Termination for Cause. If Executive’s employment with the Company or its Affiliates terminates (i) voluntarily
by Executive (other than for Good Reason) or (ii) for Cause by the Company, then Executive will not be entitled to receive
severance or other benefits except for those (if any) as may then be established under the Company’s then existing severance
and benefits plans and practices or pursuant to other written agreements with the Company.

 

(d) Disability;
Death. If the Company terminates Executive’s employment as a result of Executive’s Disability, or Executive’s
employment terminates due to Executive’s death, then Executive will not be entitled to receive severance or other benefits
except for those (if any) as may then be established under the Company’s then existing written severance and benefits plans
and practices or pursuant to other written agreements with the Company.

 

(e) Accrued
Compensation. For the avoidance of any doubt, in the event of a termination of Executive’s employment with the Company
or its Affiliates, Executive will be entitled to receive all accrued but unpaid vacation, expense reimbursements, wages, and other
benefits due to Executive under any Company-provided plans, policies, and arrangements.

 

(f) Transfer
between the Company and Affiliates. For purposes of this Section 8, if Executive’s employment with the Company or
one of its Affiliates terminates, Executive will not be determined to have been terminated without Cause, provided Executive continues
to remain employed by the Company or one of its Affiliates (e.g., upon transfer from on Affiliate to another); provided, however,
that the parties understand and acknowledge that any such termination could potentially result in Executive’s ability to
resign for Good Reason.

 

(g) Exclusive
Remedy. In the event of a termination of Executive’s employment with the Company or its Affiliates, the provisions of
this Section 8 are intended to be and are exclusive and in lieu of any other rights or remedies to which Executive or the
Company may otherwise be entitled, whether at law, tort or contract, in equity. Executive will be entitled to no benefits, compensation
or other payments or rights upon termination of employment other than those benefits expressly set forth in this Section 8.

 

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	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

9. Conditions
to Receipt of Severance.

 

(a) Separation
Agreement and Release of Claims. The receipt of any severance pursuant to Sections 8(a) or (b) will be subject to
Executive signing and not revoking a separation agreement and release of claims in a form reasonably satisfactory to the
Company (the “Release”) and provided that such Release becomes effective and irrevocable no later than sixty (60)
days following the termination date (such deadline, the “Release Deadline”). If the Release does not become
effective and irrevocable by the Release Deadline, Executive will forfeit any rights to severance or benefits under this
Agreement. In no event will severance payments or benefits be paid or provided until the Release becomes effective and
irrevocable. Except as required by Section 9(b), any installment payments that would have been made to Executive prior to the
Release becoming effective and irrevocable but for the preceding sentence will be paid to Executive on the first regularly
scheduled Company payroll date following the date the Release becomes effective and irrevocable, and the remaining payments
will be made as provided in the Agreement.

 

(b) Section
409A.

 

(i) Notwithstanding
anything to the contrary in this Agreement, no Deferred Payments will be paid or otherwise provided until Executive has a “separation
from service” within the meaning of Section 409A. Similarly, no severance payable to Executive, if any, pursuant to this
Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be
payable until Executive has a “separation from service” within the meaning of Section 409A.

 

(ii) Any
severance payments or benefits under this Agreement that would be considered Deferred Payments will be paid on, or, in the case
of installments, will not commence until, the sixtieth (60th) day following Executive’s separation from service, or, if later,
such time as required by Section 9(b)(iii). Except as required by Section 9(b)(iii), any installment payments that would have been
made to Executive during the sixty (60) day period immediately following Executive’s separation from service but for the
preceding sentence will be paid to Executive on the sixtieth (60th) day following Executive’s separation from service and
the remaining payments shall be made as provided in this Agreement. In no event will Executive have discretion to determine the
taxable year of payment for any Deferred Payments.

 

(iii) Notwithstanding
anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A
at the time of Executive’s separation from service (other than due to death), then the Deferred Payments that are payable
within the first six (6) months following Executive’s separation from service, will, to the extent required to be delayed
pursuant to Section 409A(a)(2)(B) of the Code, become payable on the date six (6) months and one (1) day following the date
of Executive’s separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with the
payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following
Executive’s separation from service, but prior to the six (6) month anniversary of the separation from service, then any
payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after
the date of Executive’s death and all other Deferred Payments will be payable in accordance with the payment schedule applicable
to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute a separate payment
for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

 

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	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

(iv) Any
amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section
1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments.

 

(v) Any
amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant
to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will
not constitute Deferred Payments.

 

(vi) The
foregoing provisions and all compensation and benefits provided for under this Agreement are intended to comply with or be exempt
from the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject
to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be exempt
or so comply. The Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take
such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition
prior to actual payment to Executive under Section 409A. In no event will the Company reimburse Executive for any taxes that may
be imposed on Executive as a result of Section 409A.

 

10. Limitation
on Payments. In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive
(i) constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for
this Section 10, would be subject to the excise tax imposed by Section 4999 of the Code, then Executive’s severance
benefits under Section 8 will be either:

 

(a) delivered
in full, or

 

(b) delivered
as to such lesser extent which would result in no portion of such severance benefits being subject to excise tax under Section 4999
of the Code,

 

whichever of the foregoing
amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999
of the Code, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance benefits, notwithstanding
that all or some portion of such severance benefits may be taxable under Section 4999 of the Code. If a reduction in severance
and other benefits constituting “parachute payments” is necessary so that benefits are delivered to a lesser extent,
reduction will occur in the following order: (i) reduction of cash payments; (ii) cancellation of awards granted “contingent
on a change in ownership or control” (within the meaning of Code Section 280G); (iii) cancellation of accelerated vesting
of equity awards; or (iv) reduction of employee benefits. In the event that acceleration of vesting of equity award compensation
is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant of Executive’s
equity awards.

 

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	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

Unless the Company
and Executive otherwise agree in writing, any determination required under this Section 10 will be made in writing by a
nationally recognized certified professional services firm selected by the Company, the Company’s legal counsel or such
other person or entity to which the parties mutually agree (the “Firm”) immediately prior to Change of Control,
whose determination will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making
the calculations required by this Section 10, the Firm may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and
4999 of the Code. The Company and Executive will furnish to the Firm such information and documents as the Firm may
reasonably request in order to make a determination under this Section. The Company will bear all costs the Firm may
reasonably incur in connection with any calculations contemplated by this Section 10. Notwithstanding the foregoing,
this Section 10 shall not apply to payments or benefits resulting from the consummation of the Merger, whether under this
Agreement or otherwise, for which the Executive is entitled to indemnification under the terms of the Indemnification
Agreement entered into by the Company and Executive as of the date
hereof.

 

11. Definition
of Terms. The following terms referred to in this Agreement will have the following meanings:

 

(a) Affiliate.
“Affiliate” means the Company and any other parent or subsidiary corporation of the Company, as such terms are defined
in Section 424(e) and the Code.

 

(b) Cause.
“Cause” means (i) an act of dishonesty made by Executive in connection with Executive’s responsibilities as an
employee, (ii) Executive’s conviction of, or plea of nolo contendere to, a felony or any crime involving fraud,
embezzlement or any other act of moral turpitude, (iii) Executive’s gross misconduct, (iv) Executive’s unauthorized
use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom Executive owes an obligation
of nondisclosure as a result of Executive’s relationship with the Company; (v) Executive’s willful breach of any
obligations under any written agreement or covenant with the Company; or (vi) Executive’s continued failure to perform his
employment duties after Executive has received a written demand of performance from the Company which specifically sets forth the
factual basis for the Company’s belief that Executive has not substantially performed his duties and has failed to cure such
non-performance to the Company’s satisfaction within 10 business days after receiving such notice.

 

(c) Change
of Control. “Change of Control” means the occurrence of any of the following events:

 

(i) A
change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group
(“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes
more than fifty percent (50%) of the total voting power of the stock of the Company; provided, however, that for purposes
of this subsection, the acquisition of additional stock by any one Person, who is considered to own more than fifty percent (50%) of
the total voting power of the stock of the Company will not be considered a Change of Control; or

 

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	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

(ii) A change in
the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any
twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the
Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to be
in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be
considered a Change of Control; or

 

(iii) A
change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires
(or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets
from the Company that have a total gross fair market value equal to or more than fifty percent (50%) of the total gross fair
market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that
for purposes of this subsection (iii), the following will not constitute a change in the ownership of a substantial portion of
the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately
after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before
the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, fifty percent (50%) or
more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns,
directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the
Company, or (4) an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly
or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection (iii), gross fair market value
means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities
associated with such assets.

 

For purposes of this
definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation,
purchase or acquisition of stock, or similar business transaction with the Company.

 

Notwithstanding the
foregoing, a transaction will not be deemed a Change of Control unless the transaction qualifies as a change in control event within
the meaning of Section 409A.

 

Further and for the
avoidance of doubt, a transaction will not constitute a Change of Control if: (i) its sole purpose is to change the state
of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially
the same proportions by the persons who held the Company’s securities immediately before such transaction.

 

(d) Change
of Control Period. “Change of Control Period” means the period beginning on the date three (3) months prior to,
and ending on the date that is twelve (12) months following, a Change of Control.

 

(e) Code.
“Code” means the Internal Revenue Code of 1986, as amended.

 

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	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

(f) Deferred
Payment. “Deferred Payment” means any severance pay or benefits to be paid or provided to Executive (or
Executive’s estate or beneficiaries) pursuant to this Agreement and any other severance payments or separation
benefits, that in each case, when considered together, are considered deferred compensation under Section 409A.

 

(g) Disability.
“Disability” means that the Employee has been unable to perform Executive’s Company duties as the result of Executive’s
incapacity due to physical or mental illness, and such inability, at least twenty-six (26) weeks after its commencement or 180
days in any consecutive twelve (12) month period, is determined to be total and permanent by a physician selected by the Company
or its insurers and acceptable to Executive or Executive’s legal representative (such agreement as to acceptability not to
be unreasonably withheld). Termination resulting from Disability may only be effected after at least thirty (30) days’ written
notice by the Company of its intention to terminate the Employee’s employment. In the event that the Employee resumes the
performance of substantially all of Executive’s duties hereunder before the termination of Executive’s employment becomes
effective, the notice of intent to terminate will automatically be deemed to have been revoked.

 

(h) Equity
Awards. “Equity Awards” means Executive’s outstanding Company stock options, stock appreciation rights, restricted
stock, restricted stock units, performance shares, performance stock units and any other Company equity compensation awards.

 

(i) Good
Reason. “Good Reason” means Executive’s resignation within thirty (30) days following the expiration of any
Company cure period (discussed below) following the occurrence of one or more of the following, without Executive’s express
written consent: (i) a material diminution of Executive’s authority, duties or responsibilities relative to Executive’s
authority, duties or responsibilities in effect immediately prior to such diminution; provided, however, that a reduction in the
Executive’s authority, duties or responsibilities solely by virtue of the Company being acquired and made part of a larger
entity (for example, if the Executive is employed by the Company with substantially the same responsibilities with respect to the
Company’s business that Executive had immediately prior to the Change of Control regardless of whether Executive’s
title is revised to reflect Executive’s placement within the overall corporate hierarchy or whether Executive provides services
to a subsidiary, affiliate, business unit or otherwise) shall not constitute Good Reason; (ii) a material reduction by the Company
in the base compensation of the Executive as in effect immediately prior to such reduction, with a reduction of more than ten percent
(10%) to be deemed material for such purposes; (iii) a material change in the location of Executive’s principal place of
work, provided that a relocation of less than fifty five (55) miles from Executive’s then-current work location shall not
be deemed material; or (iv) any other action that constitutes a material breach by the Company of its obligations to Executive
under this Agreement. Executive’s resignation will not be deemed to be for Good Reason unless Executive has first provided
the Company with written notice of the acts or omissions constituting the grounds for “Good Reason” within ninety (90)
days of the initial existence of the grounds for “Good Reason” and a reasonable cure period of not less than thirty
(30) days following the date the Company receives such notice, and such condition has not been cured during such period.

 

    -11-

     

    

 

	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

(j) Proprietary
Information and Inventions Agreement. “Proprietary Information and Inventions Agreement” means the Proprietary
Information and Inventions Agreement entered into previously by the Executive and the Company.

 

(k) Section
409A. “Section 409A” means Section 409A of the Code and any final regulations and guidance thereunder and any applicable
state law equivalent, as each may be amended or promulgated from time to time.

 

(l) Section
409A Limit. “Section 409A Limit” will mean two (2) times the lesser of: (i) Executive’s annualized compensation
based upon the annual rate of pay paid to Executive during the Executive’s taxable year preceding the Executive’s taxable
year of Executive’s separation from service as determined under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A)(1) and
any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account
under a qualified plan pursuant to Section 401(a)(17) of the Internal Revenue Code for the year in which Executive’s
separation from service occurred.

 

12. Proprietary
Information and Inventions Agreement. Executive agrees to continue to follow and comply with the terms and conditions of the
Proprietary Information and Inventions Agreement.

 

13. Assignment.
This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of Executive
upon Executive’s death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted
for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means any person,
firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly
acquires all or substantially all of the assets or business of the Company. None of the rights of Executive to receive any form
of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution.
Any other attempted assignment, transfer, conveyance or other disposition of Executive’s right to compensation or other benefits
will be null and void.

 

14. Notices.
All notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given (i) on
the date of delivery if delivered personally, (ii) one (1) day after being sent by a well-established commercial overnight service,
or (iii) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the
parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing:

 

If to the Company:

 

Grid Dynamics International,
Inc.

Attn: Yury Gryzlov,
Senior Vice President of Operations

Grid Dynamics,
5000 Executive Parkway, Ste 520,

San Ramon, CA
94583, Unites States of America

 

    -12-

     

    

 

	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

If to Executive:

 

Victoria
Livschitz

 

at the last residential
address known by the Company.

 

15. Severability.
In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement will continue in full force and effect without said provision.

 

16. Integration.
This Agreement, the Proprietary Information and Inventions Agreement and Executive’s outstanding Equity Award agreements
represents the entire agreement and understanding between the parties as to the subject matter herein and supersede all prior or
contemporaneous agreements whether written or oral. This Agreement may be modified only by agreement of the parties by a written
instrument executed by the parties that is designated as an amendment to this Agreement.

 

17. Waiver
of Breach. The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate as
or be construed to be a waiver of any other previous or subsequent breach of this Agreement.

 

18. Headings.
All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

 

19. Tax
Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable taxes.

 

20. Governing
Law. This Agreement will be governed by the laws of the State of California (with the exception of its conflict of laws provisions).

 

21. Acknowledgment.
Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from his private attorney,
has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly
and voluntarily entering into this Agreement.

 

22. Counterparts.
This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an original and will
constitute an effective, binding agreement on the part of each of the undersigned.

 

    -13-

     

    

 

	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

IN WITNESS WHEREOF,
each of the parties has executed this Agreement, in the case of the Company by their duly authorized officers, as of the day and
year set forth below.

 

	COMPANY:	 
	 	 
	GRID DYNAMICS INTERNATIONAL, INC.	 

 

	Signature: 	 /s/ Leonard Livschitz

	 
	By:	Leonard Livschitz

	 
	Title:	 Chief Executive Officer

	 

 

	EXECUTIVE:	 

 

	/s/ Victoria Livschitz

	 
	Victoria Livschitz

	 

 

[SIGNATURE PAGE TO
EXECUTIVE EMPLOYMENT AGREEMENT]

 

 

-14-Exhibit 10.11

 

	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States
		Tel: 650.523.5000

www.griddynamics.com

 

GRID DYNAMICS INTERNATIONAL, INC.

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Employment Agreement (the “Agreement”) entered
into by and between Grid Dynamics International, Inc. (the “Company”), and Maxim Martynov (“Executive”)
dated as of January 24, 2020, is effective as of the “closing” under that certain Agreement and Plan of Merger (the
“Merger Agreement”) entered into by and among the Company, ChaSerg Technology Acquisition Corp., Automated Systems
Holdings Limited and certain other parties thereto (with such “closing” under the Merger Agreement constituting the
“Effective Date”). If the Merger Agreement is terminated without the “closing” occurring thereunder, this
Agreement shall be void and of no further force and effect. This Agreement supersedes in its entirety the Employment Agreements
between Grid Dynamics International, Inc. and Executive dated March 31, 2017, as amended, and November 8, 2019.

 

1. Duties
and Scope of Employment.

 

(a) Positions and
Duties. As of the Effective Date, Executive will serve as the Company’s Chief Technology Officer. Executive will render
such business and professional services in the performance of Executive’s duties, consistent with Executive’s position
within the Company, as will reasonably be assigned to him by the Company’s Chief Executive Officer or his or her designee.

 

(b) Obligations.
During the Employment Term (defined below), Executive will perform Executive’s duties faithfully and to the best of his ability
and devote his full business efforts and time to the Company. Executive acknowledges during Executive's employment with Company,
that Executive will not, without prior written approval of Company: (a) engage in any activity competitive or adverse to Company's
business or welfare, whether alone, as a partner, or as an officer, director, executive, shareholder, employee, or consultant of
any other entity, or (b) undertake planning for the organization of any business activity competitive with Company or combine or
conspire with other employees or representatives of Company for the purposes of organizing any such competitive business. Nothing
contained in this Section 1(b) shall prevent Executive from making passive personal investments, or engaging in other businesses
or serving on boards of directors, which do not violate this Section 1(b) or materially interfere with the services rendered under
this Agreement, as determined in the sole discretion of the Board. Executive further agrees to comply with all Company policies,
including, for the avoidance of any doubt, any insider trading policies and compensation clawback policies currently in existence
or that may be adopted by the Company during the Employment Term.

 

2. Term of
Agreement. This Agreement will have an initial term of four (4) years commencing on the Effective Date (the
“Initial Term”). Commencing on the four (4) year anniversary of the Effective Date and on each one (1) year
anniversary thereafter, this Agreement will renew automatically for additional, one (1) year terms (each, an
“Additional Term”) unless either party provides the other party with written notice of nonrenewal at least ninety
(90) days prior to the date of automatic renewal. Notwithstanding the foregoing, if a Change of Control occurs during the
Initial Term or an Additional Term, the term of this Agreement will extend automatically through the date that is twelve (12)
months following the date of the Change of Control. If Executive becomes entitled to the benefits under Section 8 of this
Agreement, then the Agreement will not terminate until all of the obligations of the parties hereto with respect to this
Agreement have been satisfied. The period of Executive’s employment under this Agreement, including the Initial Term
and each applicable Additional Term, is referred to herein as the “Employment Term.”

 

     

     

    

 

	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

3. At-Will
Employment. The parties agree that Executive’s employment with the Company will be “at-will” employment and
may be terminated at any time with or without cause or notice. Executive understands and agrees that neither his job performance
nor promotions, commendations, bonuses or the like from the Company give rise to or in any way serve as the basis for modification,
amendment, or extension, by implication or otherwise, of his employment with the Company. However, as described in this Agreement,
Executive may be entitled to severance benefits depending on the circumstances of Executive’s termination of employment with
the Company.

 

4. Compensation.

 

(a) Base
Salary. During the Employment Term, the Company will pay Executive an annual salary of $250,000.00 as compensation for Executive’s
services (the “Base Salary”). The Base Salary will be paid periodically in accordance with the Company’s normal
payroll practices and be subject to the usual, required withholdings. Company shall review the amount of the Base Salary from time
to time, but shall not be required to increase the Base Salary.

 

(b) Bonus.
Executive may be eligible to receive additional incentive-based compensation or bonuses, in Company's sole discretion, which may
be subject to the financial and individual goals and other performance criteria of Company. The Company anticipates that, if Executive
is awarded a full bonus based on the Company's determination of financial and individual goals, the bonus will be up to $100,000.00
annually or $25,000.00 quarterly. The Company will determine bonus eligibility each fiscal quarter, and any awarded bonus will
be paid within sixty (60) days of the end of each fiscal quarter. Eligibility for any bonus is dependent upon Executive's continued
employment with the Company on the date the bonus is to be paid. The Company shall review the amount of potential bonus from time
to time, but shall not be required to increase the potential bonus.

 

(c) Equity.

 

(i) Initial
Grants. At the first meeting of the Board following the Effective Date, it will be recommended that Executive be granted
129,500 restricted stock units, 129,500 performance-based restricted stock units and 140,000 stock options (the “Initial Awards”). Each
Initial Award will vest as to 1/4th of the shares subject to the award on the one year anniversary of the vesting
commencement date and 1/16th of the shares subject to the award on a quarterly basis thereafter, subject to
Executive’s continued service through each vesting date. The Initial Award of performance-based restricted stock units
also will be subject to vesting based on achievement of Company performance objectives to be determined by the Company. The
Initial Awards will be subject to the terms, definitions and provisions of the Company’s 2020 Equity Incentive Plan
(the “Equity Plan”) and form of award agreement thereunder.

 

    -2-

     

    

 

	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

(ii) Discretionary
Awards. Executive also may be eligible to receive additional Company equity awards in the discretion of the Board (or the Compensation
Committee of the Board, as applicable) to reward extraordinary performance or for achievement of stretch financial performance
objectives under individual incentive agreements for very strong performance of the Company.

 

(iii) Change
of Control. In the event the Company is subject to a Change of Control, all Equity Awards (or portions thereof) that are not
assumed or substituted by the successor corporation, as determined under the Equity Plan, will become fully vested and exercisable
and all restrictions on such awards of restricted stock or restricted stock units will lapse. Equity Awards will not be deemed
assumed or substituted and will become fully vested and exercisable in a Change of Control if the awards are amended or modified
in any manner that is adverse to the Executive (e.g., less favorable vesting terms) without Executive’s written consent.

 

5. Employee
Benefits. During the Employment Term, Executive will be entitled to participate in the employee benefit plans currently and
hereafter maintained by the Company of general applicability to other executives of the Company to the extent Executive meets the
eligibility requirements for each individual plan or program. Such benefits currently include, but are not limited to, medical,
dental, vision, disability, 401(k) plan participation and supplemental medical insurance (Armada Care or similar arrangement).
The Company provides no assurance as to the adoption or continuance of any particular employee benefit plan or program, and Executive’s
participation in any such plan or program shall be subject to the provisions, rules and regulations applicable thereto.

 

6. Vacation.
Executive will be entitled to accrue up to twenty (20) days paid annual vacation in accordance with the Company policy as effect
from time to time, including eligibility for any policy subsequently adopted for Company senior executives.

 

7. Expenses.
The Company will reimburse Executive for reasonable travel, entertainment or other expenses incurred by Executive in the furtherance
of or in connection with the performance of Executive’s duties hereunder, in accordance with the Company’s expense
reimbursement policy as in effect from time to time.

 

    -3-

     

    

 

	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

8. Severance
Benefits.

 

(a) Qualified
Termination Outside the Change of Control Period. If, outside the Change of Control Period, the Company or its Affiliates terminate
Executive’s employment with the Company or its Affiliates, respectively, other than for Cause, death or Disability, or Executive
resigns from such employment for Good Reason, then, subject to Section 9, Executive will receive the following severance benefits:

 

(i) Salary
Severance. Continuing payments of Executive’s Base Salary, as in effect immediately prior to Executive’s termination
of employment (or, if higher, immediately prior to reduction of Executive’s Base Salary described in clause (ii) of the definition
of Good Reason below), for 12 months from the termination date, paid in accordance with the Company’s regular payroll procedures.

 

(ii) Bonus
Severance. A lump-sum payment equal to 50% of Executive’s current annual maximum bonus target amount.

 

(iii) Continued
Employee Benefits. If Executive elects continuation coverage pursuant to the Consolidated Omnibus Budget Reconciliation Act
of 1985, as amended (“COBRA”) within the time period prescribed pursuant to COBRA for Executive and Executive’s
eligible dependents, the Company will reimburse Executive for the premiums necessary to continue group health insurance benefits
for Executive and Executive’s eligible dependents until the earlier of (A) a period of 12 months from the date of Executive’s
termination of employment, (B) the date upon which Executive and/or Executive’s eligible dependents becomes covered under
similar plans or (C) the date upon which Executive ceases to be eligible for coverage under COBRA (such reimbursements, the “COBRA
Premiums”). However, if the Company determines in its sole discretion that it cannot pay the COBRA Premiums without potentially
violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), the Company will in lieu
thereof provide to Executive a taxable monthly payment payable on the last day of a given month (except as provided by the following
sentence), in an amount equal to the monthly COBRA premium that Executive would be required to pay to continue Executive’s
group health coverage in effect on the date of Executive’s termination of employment (which amount will be based on the premium
for the first month of COBRA coverage), which payments will be made regardless of whether Executive elects COBRA continuation coverage
and will commence on the month following Executive’s termination of employment and will end on the earlier of (x) the date
upon which Executive obtains other employment or (y) the date the Company has paid an amount equal to 12 payments. For the avoidance
of doubt, the taxable payments in lieu of COBRA Premiums may be used for any purpose, including, but not limited to continuation
coverage under COBRA, and will be subject to all applicable tax withholdings. Notwithstanding anything to the contrary under this
Agreement, if at any time the Company determines in its sole discretion that it cannot provide the payments contemplated by the
preceding sentence without violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act),
Executive will not receive such payment or any further reimbursements for COBRA premiums.

 

(iv) Equity.
Immediate vesting of all then-outstanding unvested Company Equity Awards that would have vested had Executive had Executive continued
employment with the Company for an additional period of one year. If, however, an outstanding Equity Award is to vest and/or the
amount of the Equity Award to vest during such one year period is to be determined based on the achievement of performance criteria,
then the Equity Award will be deemed to vest assuming the performance criteria had been achieved at target levels for the relevant
performance period(s).

 

    -4-

     

    

 

	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

(b) Qualified
Termination within the Change of Control Period. If, within the Change of Control Period, the Company or its Affiliates
terminate Executive’s employment with the Company or its Affiliates, respectively, other than for Cause, death or
Disability, or Executive resigns from such employment for Good Reason, then, subject to Section 9, Executive will receive the
following severance benefits from the Company:

 

(i) Salary
Severance. A lump sum severance payment equal to 12 months of Executive’s Base Salary, as in effect immediately prior
to Executives termination of employment (or, if higher, as in effect immediately prior to reduction of Executive’s Base Salary
described in clause (ii) of the definition of Good Reason), which will be paid in accordance with the Company’s regular payroll
procedures. For the avoidance of doubt, if (A) Executive incurred a termination prior to a Change of Control that qualifies Executive
for severance payments under Section 8(a)(i); and (B) a Change of Control occurs within the three (3)-month period following Executive’s
termination of employment that qualifies Executive for the superior benefits under this Section 8(b)(i), then Executive shall be
entitled to a lump-sum payment of the amount calculated under this Section 8(b)(i), less amounts already paid under Section 8(a)(i).

 

(ii) Bonus
Severance. A lump-sum payment equal to 50% of Executive’s current annual target bonus amount.

 

(iii) Continued
Employee Benefits. If Executive elects continuation coverage pursuant to COBRA within the time period prescribed pursuant to
COBRA for Executive and Executive’s eligible dependents, the Company will reimburse Executive for the premiums necessary
to continue group health insurance benefits for Executive and Executive’s eligible dependents until the earlier of (A) a
period of 12 months from the date of Executive’s termination of employment, (B) the date upon which Executive and/or Executive’s
eligible dependents becomes covered under similar plans or (C) the date upon which Executive ceases to be eligible for coverage
under COBRA (such reimbursements, the “COC COBRA Premiums”). However, if the Company determines in its sole discretion
that it cannot pay the COC COBRA Premiums without potentially violating applicable law (including, without limitation, Section
2716 of the Public Health Service Act), the Company will in lieu thereof provide to Executive a taxable monthly payment in an amount
equal to the monthly COBRA premium that Executive would be required to pay to continue Executive’s group health coverage
in effect on the date of Executive’s termination of employment (which amount will be based on the premium for the first month
of COBRA coverage), which payments will be made regardless of whether Executive elects COBRA continuation coverage and will commence
on the month following Executive’s termination of employment and will end on the earlier of (x) the date upon which Executive
obtains other employment or (y) the date the Company has paid an amount equal to 12 payments. For the avoidance of doubt, the taxable
payments in lieu of COBRA Premiums may be used for any purpose, including, but not limited to continuation coverage under COBRA,
and will be subject to all applicable tax withholdings. Notwithstanding anything to the contrary under this Agreement, if at any
time the Company determines in its sole discretion that it cannot provide the payments contemplated by the preceding sentence without
violating applicable law (including, without limitation, Section 2716 of the Public Health Service Act), Executive will not receive
such payment or any further reimbursements for COBRA premiums.

 

    -5-

     

    

 

	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

(iv) Equity.
Vesting acceleration of one hundred percent (100%) of Executive’s outstanding unvested Equity Awards on the date of Executive’s
termination. If, however, an outstanding Equity Award is to vest and/or the amount of the Equity Award to vest is to be determined
based on the achievement of performance criteria, then the Equity Award will vest as to one hundred percent (100%) of the amount
of the Equity Award assuming the performance criteria had been achieved at target levels for the relevant performance period(s).

 

(c) Voluntary
Resignation; Termination for Cause. If Executive’s employment with the Company or its Affiliates terminates (i) voluntarily
by Executive (other than for Good Reason) or (ii) for Cause by the Company, then Executive will not be entitled to receive
severance or other benefits except for those (if any) as may then be established under the Company’s then existing severance
and benefits plans and practices or pursuant to other written agreements with the Company.

 

(d) Disability;
Death. If the Company terminates Executive’s employment as a result of Executive’s Disability, or Executive’s
employment terminates due to Executive’s death, then Executive will not be entitled to receive severance or other benefits
except for those (if any) as may then be established under the Company’s then existing written severance and benefits plans
and practices or pursuant to other written agreements with the Company.

 

(e) Accrued
Compensation. For the avoidance of any doubt, in the event of a termination of Executive’s employment with the Company
or its Affiliates, Executive will be entitled to receive all accrued but unpaid vacation, expense reimbursements, wages, and other
benefits due to Executive under any Company-provided plans, policies, and arrangements.

 

(f) Transfer
between the Company and Affiliates. For purposes of this Section 8, if Executive’s employment with the Company or
one of its Affiliates terminates, Executive will not be determined to have been terminated without Cause, provided Executive continues
to remain employed by the Company or one of its Affiliates (e.g., upon transfer from on Affiliate to another); provided, however,
that the parties understand and acknowledge that any such termination could potentially result in Executive’s ability to
resign for Good Reason.

 

(g) Exclusive
Remedy. In the event of a termination of Executive’s employment with the Company or its Affiliates, the provisions of
this Section 8 are intended to be and are exclusive and in lieu of any other rights or remedies to which Executive or the
Company may otherwise be entitled, whether at law, tort or contract, in equity. Executive will be entitled to no benefits, compensation
or other payments or rights upon termination of employment other than those benefits expressly set forth in this Section 8.

 

    -6-

     

    

 

	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

9. Conditions
to Receipt of Severance.

 

(a) Separation
Agreement and Release of Claims. The receipt of any severance pursuant to Sections 8(a) or (b) will be subject to
Executive signing and not revoking a separation agreement and release of claims in a form reasonably satisfactory to the
Company (the “Release”) and provided that such Release becomes effective and irrevocable no later than sixty (60)
days following the termination date (such deadline, the “Release Deadline”). If the Release does not become
effective and irrevocable by the Release Deadline, Executive will forfeit any rights to severance or benefits under this
Agreement. In no event will severance payments or benefits be paid or provided until the Release becomes effective and
irrevocable. Except as required by Section 9(b), any installment payments that would have been made to Executive prior to the
Release becoming effective and irrevocable but for the preceding sentence will be paid to Executive on the first regularly
scheduled Company payroll date following the date the Release becomes effective and irrevocable, and the remaining payments
will be made as provided in the Agreement.

 

(b) Section
409A.

 

(i) Notwithstanding
anything to the contrary in this Agreement, no Deferred Payments will be paid or otherwise provided until Executive has a “separation
from service” within the meaning of Section 409A. Similarly, no severance payable to Executive, if any, pursuant to this
Agreement that otherwise would be exempt from Section 409A pursuant to Treasury Regulation Section 1.409A-1(b)(9) will be
payable until Executive has a “separation from service” within the meaning of Section 409A.

 

(ii) Any
severance payments or benefits under this Agreement that would be considered Deferred Payments will be paid on, or, in the case
of installments, will not commence until, the sixtieth (60th) day following Executive’s separation from service, or, if later,
such time as required by Section 9(b)(iii). Except as required by Section 9(b)(iii), any installment payments that would have been
made to Executive during the sixty (60) day period immediately following Executive’s separation from service but for the
preceding sentence will be paid to Executive on the sixtieth (60th) day following Executive’s separation from service and
the remaining payments shall be made as provided in this Agreement. In no event will Executive have discretion to determine the
taxable year of payment for any Deferred Payments.

 

(iii) Notwithstanding
anything to the contrary in this Agreement, if Executive is a “specified employee” within the meaning of Section 409A
at the time of Executive’s separation from service (other than due to death), then the Deferred Payments that are payable
within the first six (6) months following Executive’s separation from service, will, to the extent required to be delayed
pursuant to Section 409A(a)(2)(B) of the Code, become payable on the date six (6) months and one (1) day following the date
of Executive’s separation from service. All subsequent Deferred Payments, if any, will be payable in accordance with the
payment schedule applicable to each payment or benefit. Notwithstanding anything herein to the contrary, if Executive dies following
Executive’s separation from service, but prior to the six (6) month anniversary of the separation from service, then any
payments delayed in accordance with this paragraph will be payable in a lump sum as soon as administratively practicable after
the date of Executive’s death and all other Deferred Payments will be payable in accordance with the payment schedule applicable
to each payment or benefit. Each payment and benefit payable under this Agreement is intended to constitute a separate payment
for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations.

 

    -7-

     

    

 

	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

(iv) Any
amount paid under this Agreement that satisfies the requirements of the “short-term deferral” rule set forth in Section
1.409A-1(b)(4) of the Treasury Regulations will not constitute Deferred Payments.

 

(v) Any
amount paid under this Agreement that qualifies as a payment made as a result of an involuntary separation from service pursuant
to Section 1.409A-1(b)(9)(iii) of the Treasury Regulations that does not exceed the Section 409A Limit (as defined below) will
not constitute Deferred Payments.

 

(vi) The
foregoing provisions and all compensation and benefits provided for under this Agreement are intended to comply with or be exempt
from the requirements of Section 409A so that none of the severance payments and benefits to be provided hereunder will be subject
to the additional tax imposed under Section 409A, and any ambiguities or ambiguous terms herein will be interpreted to be exempt
or so comply. The Company and Executive agree to work together in good faith to consider amendments to this Agreement and to take
such reasonable actions which are necessary, appropriate or desirable to avoid imposition of any additional tax or income recognition
prior to actual payment to Executive under Section 409A. In no event will the Company reimburse Executive for any taxes that may
be imposed on Executive as a result of Section 409A.

 

10. Limitation
on Payments. In the event that the severance and other benefits provided for in this Agreement or otherwise payable to Executive
(i) constitute “parachute payments” within the meaning of Section 280G of the Code and (ii) but for
this Section 10, would be subject to the excise tax imposed by Section 4999 of the Code, then Executive’s severance
benefits under Section 8 will be either:

 

(a) delivered
in full, or

 

(b) delivered
as to such lesser extent which would result in no portion of such severance benefits being subject to excise tax under Section 4999
of the Code,

 

whichever of the foregoing
amounts, taking into account the applicable federal, state and local income taxes and the excise tax imposed by Section 4999
of the Code, results in the receipt by Executive on an after-tax basis, of the greatest amount of severance benefits, notwithstanding
that all or some portion of such severance benefits may be taxable under Section 4999 of the Code. If a reduction in severance
and other benefits constituting “parachute payments” is necessary so that benefits are delivered to a lesser extent,
reduction will occur in the following order: (i) reduction of cash payments; (ii) cancellation of awards granted “contingent
on a change in ownership or control” (within the meaning of Code Section 280G); (iii) cancellation of accelerated vesting
of equity awards; or (iv) reduction of employee benefits. In the event that acceleration of vesting of equity award compensation
is to be reduced, such acceleration of vesting will be cancelled in the reverse order of the date of grant of Executive’s
equity awards.

 

    -8-

     

    

 

	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

Unless the Company
and Executive otherwise agree in writing, any determination required under this Section 10 will be made in writing by a
nationally recognized certified professional services firm selected by the Company, the Company’s legal counsel or such
other person or entity to which the parties mutually agree (the “Firm”) immediately prior to Change of Control,
whose determination will be conclusive and binding upon Executive and the Company for all purposes. For purposes of making
the calculations required by this Section 10, the Firm may make reasonable assumptions and approximations concerning
applicable taxes and may rely on reasonable, good faith interpretations concerning the application of Sections 280G and
4999 of the Code. The Company and Executive will furnish to the Firm such information and documents as the Firm may
reasonably request in order to make a determination under this Section. The Company will bear all costs the Firm may
reasonably incur in connection with any calculations contemplated by this Section 10. Notwithstanding the foregoing,
this Section 10 shall not apply to payments or benefits resulting from the consummation of the Merger, whether under this
Agreement or otherwise, for which the Executive is entitled to indemnification under the terms of the Indemnification
Agreement entered into by the Company and Executive as of the date
hereof.

 

11. Definition
of Terms. The following terms referred to in this Agreement will have the following meanings:

 

(a) Affiliate.
“Affiliate” means the Company and any other parent or subsidiary corporation of the Company, as such terms are defined
in Section 424(e) and the Code.

 

(b) Cause.
“Cause” means (i) an act of dishonesty made by Executive in connection with Executive’s responsibilities as an
employee, (ii) Executive’s conviction of, or plea of nolo contendere to, a felony or any crime involving fraud,
embezzlement or any other act of moral turpitude, (iii) Executive’s gross misconduct, (iv) Executive’s unauthorized
use or disclosure of any proprietary information or trade secrets of the Company or any other party to whom Executive owes an obligation
of nondisclosure as a result of Executive’s relationship with the Company; (v) Executive’s willful breach of any
obligations under any written agreement or covenant with the Company; or (vi) Executive’s continued failure to perform his
employment duties after Executive has received a written demand of performance from the Company which specifically sets forth the
factual basis for the Company’s belief that Executive has not substantially performed his duties and has failed to cure such
non-performance to the Company’s satisfaction within 10 business days after receiving such notice.

 

(c) Change
of Control. “Change of Control” means the occurrence of any of the following events:

 

(i) A
change in the ownership of the Company which occurs on the date that any one person, or more than one person acting as a group
(“Person”), acquires ownership of the stock of the Company that, together with the stock held by such Person, constitutes
more than fifty percent (50%) of the total voting power of the stock of the Company; provided, however, that for purposes
of this subsection, the acquisition of additional stock by any one Person, who is considered to own more than fifty percent (50%) of
the total voting power of the stock of the Company will not be considered a Change of Control; or

 

    -9-

     

    

 

	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

(ii) A change in
the effective control of the Company which occurs on the date that a majority of members of the Board is replaced during any
twelve (12) month period by Directors whose appointment or election is not endorsed by a majority of the members of the
Board prior to the date of the appointment or election. For purposes of this clause (ii), if any Person is considered to be
in effective control of the Company, the acquisition of additional control of the Company by the same Person will not be
considered a Change of Control; or

 

(iii) A
change in the ownership of a substantial portion of the Company’s assets which occurs on the date that any Person acquires
(or has acquired during the twelve (12) month period ending on the date of the most recent acquisition by such person or persons) assets
from the Company that have a total gross fair market value equal to or more than fifty percent (50%) of the total gross fair
market value of all of the assets of the Company immediately prior to such acquisition or acquisitions; provided, however, that
for purposes of this subsection (iii), the following will not constitute a change in the ownership of a substantial portion of
the Company’s assets: (A) a transfer to an entity that is controlled by the Company’s stockholders immediately
after the transfer, or (B) a transfer of assets by the Company to: (1) a stockholder of the Company (immediately before
the asset transfer) in exchange for or with respect to the Company’s stock, (2) an entity, fifty percent (50%) or
more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that owns,
directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding stock of the
Company, or (4) an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly
or indirectly, by a Person described in this subsection (iii)(B)(3). For purposes of this subsection (iii), gross fair market value
means the value of the assets of the Company, or the value of the assets being disposed of, determined without regard to any liabilities
associated with such assets.

 

For purposes of this
definition, persons will be considered to be acting as a group if they are owners of a corporation that enters into a merger, consolidation,
purchase or acquisition of stock, or similar business transaction with the Company.

 

Notwithstanding the
foregoing, a transaction will not be deemed a Change of Control unless the transaction qualifies as a change in control event within
the meaning of Section 409A.

 

Further and for the
avoidance of doubt, a transaction will not constitute a Change of Control if: (i) its sole purpose is to change the state
of the Company’s incorporation, or (ii) its sole purpose is to create a holding company that will be owned in substantially
the same proportions by the persons who held the Company’s securities immediately before such transaction.

 

(d) Change
of Control Period. “Change of Control Period” means the period beginning on the date three (3) months prior to,
and ending on the date that is twelve (12) months following, a Change of Control.

 

(e) Code.
“Code” means the Internal Revenue Code of 1986, as amended.

 

    -10-

     

    

 

	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

(f) Deferred
Payment. “Deferred Payment” means any severance pay or benefits to be paid or provided to Executive (or
Executive’s estate or beneficiaries) pursuant to this Agreement and any other severance payments or separation
benefits, that in each case, when considered together, are considered deferred compensation under Section 409A.

 

(g) Disability.
“Disability” means that the Employee has been unable to perform Executive’s Company duties as the result of Executive’s
incapacity due to physical or mental illness, and such inability, at least twenty-six (26) weeks after its commencement or 180
days in any consecutive twelve (12) month period, is determined to be total and permanent by a physician selected by the Company
or its insurers and acceptable to Executive or Executive’s legal representative (such agreement as to acceptability not to
be unreasonably withheld). Termination resulting from Disability may only be effected after at least thirty (30) days’ written
notice by the Company of its intention to terminate the Employee’s employment. In the event that the Employee resumes the
performance of substantially all of Executive’s duties hereunder before the termination of Executive’s employment becomes
effective, the notice of intent to terminate will automatically be deemed to have been revoked.

 

(h) Equity
Awards. “Equity Awards” means Executive’s outstanding Company stock options, stock appreciation rights, restricted
stock, restricted stock units, performance shares, performance stock units and any other Company equity compensation awards.

 

(i) Good
Reason. “Good Reason” means Executive’s resignation within thirty (30) days following the expiration of any
Company cure period (discussed below) following the occurrence of one or more of the following, without Executive’s express
written consent: (i) a material diminution of Executive’s authority, duties or responsibilities relative to Executive’s
authority, duties or responsibilities in effect immediately prior to such diminution; provided, however, that a reduction in the
Executive’s authority, duties or responsibilities solely by virtue of the Company being acquired and made part of a larger
entity (for example, if the Executive is employed by the Company with substantially the same responsibilities with respect to the
Company’s business that Executive had immediately prior to the Change of Control regardless of whether Executive’s
title is revised to reflect Executive’s placement within the overall corporate hierarchy or whether Executive provides services
to a subsidiary, affiliate, business unit or otherwise) shall not constitute Good Reason; (ii) a material reduction by the Company
in the base compensation of the Executive as in effect immediately prior to such reduction, with a reduction of more than ten percent
(10%) to be deemed material for such purposes; (iii) a material change in the location of Executive’s principal place of
work, provided that a relocation of less than fifty five (55) miles from Executive’s then-current work location shall not
be deemed material; or (iv) any other action that constitutes a material breach by the Company of its obligations to Executive
under this Agreement. Executive’s resignation will not be deemed to be for Good Reason unless Executive has first provided
the Company with written notice of the acts or omissions constituting the grounds for “Good Reason” within ninety (90)
days of the initial existence of the grounds for “Good Reason” and a reasonable cure period of not less than thirty
(30) days following the date the Company receives such notice, and such condition has not been cured during such period.

 

    -11-

     

    

 

	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

(j) Proprietary
Information and Inventions Agreement. “Proprietary Information and Inventions Agreement” means the Proprietary
Information and Inventions Agreement entered into previously by the Executive and the Company.

 

(k) Section
409A. “Section 409A” means Section 409A of the Code and any final regulations and guidance thereunder and any applicable
state law equivalent, as each may be amended or promulgated from time to time.

 

(l) Section
409A Limit. “Section 409A Limit” will mean two (2) times the lesser of: (i) Executive’s annualized compensation
based upon the annual rate of pay paid to Executive during the Executive’s taxable year preceding the Executive’s taxable
year of Executive’s separation from service as determined under Treasury Regulation Section 1.409A-1(b)(9)(iii)(A)(1) and
any Internal Revenue Service guidance issued with respect thereto; or (ii) the maximum amount that may be taken into account
under a qualified plan pursuant to Section 401(a)(17) of the Internal Revenue Code for the year in which Executive’s
separation from service occurred.

 

12. Proprietary
Information and Inventions Agreement. Executive agrees to continue to follow and comply with the terms and conditions of the
Proprietary Information and Inventions Agreement.

 

13. Assignment.
This Agreement will be binding upon and inure to the benefit of (a) the heirs, executors and legal representatives of Executive
upon Executive’s death and (b) any successor of the Company. Any such successor of the Company will be deemed substituted
for the Company under the terms of this Agreement for all purposes. For this purpose, “successor” means any person,
firm, corporation or other business entity which at any time, whether by purchase, merger or otherwise, directly or indirectly
acquires all or substantially all of the assets or business of the Company. None of the rights of Executive to receive any form
of compensation payable pursuant to this Agreement may be assigned or transferred except by will or the laws of descent and distribution.
Any other attempted assignment, transfer, conveyance or other disposition of Executive’s right to compensation or other benefits
will be null and void.

 

14. Notices.
All notices, requests, demands and other communications called for hereunder will be in writing and will be deemed given (i) on
the date of delivery if delivered personally, (ii) one (1) day after being sent by a well-established commercial overnight service,
or (iii) four (4) days after being mailed by registered or certified mail, return receipt requested, prepaid and addressed to the
parties or their successors at the following addresses, or at such other addresses as the parties may later designate in writing:

 

If to the Company:

 

Grid Dynamics International,
Inc.

Attn: Yury Gryzlov,
Senior Vice President of Operations

Grid Dynamics,
5000 Executive Parkway, Ste 520,

San Ramon, CA
94583, Unites States of America

 

    -12-

     

    

 

	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

If to Executive:

Maxim Martynov

 

at the last residential
address known by the Company.

 

15. Severability.
In the event that any provision hereof becomes or is declared by a court of competent jurisdiction to be illegal, unenforceable
or void, this Agreement will continue in full force and effect without said provision.

 

16. Integration.
This Agreement, the Proprietary Information and Inventions Agreement and Executive’s outstanding Equity Award agreements
represents the entire agreement and understanding between the parties as to the subject matter herein and supersede all prior or
contemporaneous agreements whether written or oral. This Agreement may be modified only by agreement of the parties by a written
instrument executed by the parties that is designated as an amendment to this Agreement.

 

17. Waiver
of Breach. The waiver of a breach of any term or provision of this Agreement, which must be in writing, will not operate as
or be construed to be a waiver of any other previous or subsequent breach of this Agreement.

 

18. Headings.
All captions and section headings used in this Agreement are for convenient reference only and do not form a part of this Agreement.

 

19. Tax
Withholding. All payments made pursuant to this Agreement will be subject to withholding of applicable taxes.

 

20. Governing
Law. This Agreement will be governed by the laws of the State of California (with the exception of its conflict of laws provisions).

 

21. Acknowledgment.
Executive acknowledges that he has had the opportunity to discuss this matter with and obtain advice from his private attorney,
has had sufficient time to, and has carefully read and fully understands all the provisions of this Agreement, and is knowingly
and voluntarily entering into this Agreement.

 

22. Counterparts.
This Agreement may be executed in counterparts, and each counterpart will have the same force and effect as an original and will
constitute an effective, binding agreement on the part of each of the undersigned.

 

    -13-

     

    

 

	5000
Executive Parkway,

Ste 520, San Ramon,

CA 94583, United States		Tel: 650.523.5000

www.griddynamics.com

 

IN WITNESS WHEREOF,
each of the parties has executed this Agreement, in the case of the Company by their duly authorized officers, as of the day and
year set forth below.

 

	COMPANY:	 
	 	 
	GRID DYNAMICS INTERNATIONAL, INC.	 

 

	Signature: 	 /s/ Leonard Livschitz

	 
	By:	Leonard Livschitz

	 
	Title:	 Chief Executive Officer

	 

 

	EXECUTIVE:	 

 

	

/s/ Maxim
Martynov

	 
	

Maxim Martynov

	 

 

[SIGNATURE PAGE TO
EXECUTIVE EMPLOYMENT AGREEMENT]

 

 

-14-

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