STOCK AGREEMENT

Exhibit 10.3

STOCK AGREEMENT

This STOCK AGREEMENT (this “Agreement”) is dated as of September 24, 2003 and is by and among Pioglobal First Russia, Inc., a Delaware corporation and indirect wholly owned subsidiary of Harbor Global Company Ltd., a Bermuda limited duration company (“Parent”) (Pioglobal First Russia, Inc., together with any successor thereto, the “Company”), Pioglobal Omega, LLC, a Delaware limited liability company and indirect wholly owned subsidiary of Parent (the “Majority Stockholder”), and Andrei Uspensky, an individual (the “Subscriber”).

RECITALS

WHEREAS, the Subscriber is the Chairman of the Board of Directors of Pioglobal Asset Management, a Russian closed joint-stock company and subsidiary of the Company (“PAM”);

WHEREAS, pursuant to a prior agreement between the Subscriber and the Company, Subscriber agreed to supervise and manage the operations of PAM, on behalf of PFR, and in consideration of the completion of certain management services performed for and on behalf of PFR through January 1, 2003, the Company desires to grant to Subscriber a bonus as compensation for services rendered in the form of five percent (5%) of the issued and outstanding shares of common stock, par value US$.01 per share (the “Common Stock”), of the Company (after giving effect to the issuance hereunder and under that certain Stock Agreement of even date with Maria Churaeva) on the terms and subject to the conditions set forth herein, and the Subscriber desires to accept such shares;

WHEREAS, as a condition precedent to the grant of the shares of Common Stock described above, both the Majority Stockholder and the Subscriber agree to enter into a Stockholders Agreement in substantially the same form as is attached hereto as Exhibit A; and

WHEREAS, this Agreement amends and restates in its entirety that certain Stock Agreement between the parties hereto as of the date hereof.

NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:

THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED, PLEDGED OR HYPOTHECATED UNLESS AND UNTIL SUCH SHARES ARE REGISTERED UNDER SUCH ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY IS OBTAINED TO THE EFFECT THAT SUCH REGISTRATION IS NOT REQUIRED.

The foregoing representations and warranties are made by Subscriber and Subscriber hereby agrees that such representations and warranties shall survive the grant of the Shares by the Company to Subscriber.

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IN WITNESS WHEREOF, the undersigned has hereby executed this Agreement as of the date first set forth above.