Document:

EX-4.13

 Exhibit 4.13 

VOTING AGREEMENT 
 by and among

 Alibaba Group Holding Limited, 

Yahoo! Inc., 
 SoftBank Corp.,

 the Management Members 
 (as
defined herein), 
 and 

certain other shareholders of Alibaba Group Holding Limited 

Dated as of             , 2014 

 TABLE OF CONTENTS 

 

											
	1.	  	 	Definitions and Construction	  	 	3	 
				
		  	 	    1.1  	 	  	Definitions	  	 	3	 
		  	 	1.2  	 	  	Construction	  	 	8	 
			
	2.	  	 	Voting	  	 	8	 
				
		  	 	2.1  	 	  	General Rights and Obligations	  	 	8	 
		  	 	2.2  	 	  	Director Designees	  	 	9	 
		  	 	2.3  	 	  	SoftBank Observation Rights	  	 	9	 
		  	 	2.4  	 	  	Determination of Share Ownership	  	 	10	 
			
	3.	  	 	Management Voting Share Rights	  	 	10	 
				
		  	 	3.1  	 	  	SoftBank Proxy Shares	  	 	10	 
		  	 	3.2  	 	  	Yahoo Proxy Shares	  	 	11	 
		  	 	3.3  	 	  	Termination and Limitations of Voting Share Rights	  	 	11	 
		  	 	3.4  	 	  	Calculation of Management Voting Shares	  	 	11	 
		  	 	3.5  	 	  	No Other Agreements	  	 	11	 
			
	4.	  	 	Representations and Warranties	  	 	12	 
				
		  	 	4.1  	 	  	Power and Authority	  	 	12	 
		  	 	4.2  	 	  	Due Authorization	  	 	12	 
		  	 	4.3  	 	  	Execution and Delivery	  	 	12	 
		  	 	4.4  	 	  	No Conflict	  	 	12	 
		  	 	4.5  	 	  	Share Ownership	  	 	13	 
			
	5.	  	 	Covenants	  	 	13	 
				
		  	 	5.1  	 	  	Beneficial Ownership Reporting	  	 	13	 
		  	 	5.2  	 	  	Confidentiality	  	 	13	 
		  	 	5.3  	 	  	Company Facilitation of Sale	  	 	13	  
			
	6.	  	 	Governing Law and Dispute Resolution	  	 	13	 
				
		  	 	6.1  	 	  	Governing Law	  	 	13	 
		  	 	6.2  	 	  	Arbitration	  	 	14	 
			
	7.	  	 	Information Rights	  	 	15	 
				
		  	 	7.1  	 	  	General Obligation	  	 	15	 
		  	 	7.2  	 	  	GAAP	  	 	16	 
			
	8.	  	 	Termination of Existing Agreements; Effectiveness	  	 	16	 
			
	9.	  	 	Miscellaneous	  	 	16	 
				
		  	 	9.1  	 	  	Notices	  	 	16	 
		  	 	9.2  	 	  	Management Members’ Representative	  	 	18	 
		  	 	9.3  	 	  	Expenses	  	 	18	 
		  	 	9.4  	 	  	Entire Agreement	  	 	18	 
		  	 	9.5  	 	  	Amendment and Waiver	  	 	18	 
		  	 	9.6  	 	  	Binding Effect	  	 	19	 
		  	 	9.7  	 	  	Severability	  	 	19	 
		  	 	9.8  	 	  	Assignment	  	 	19	 

  
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		  	    9.9  	  	No Third Party Beneficiaries	  	 	19	 
		  	    9.10	  	Termination	  	 	19	 
		  	    9.11	  	Headings	  	 	19	 
		  	    9.12	  	Counterparts	  	 	19	 

  
 2 

 VOTING AGREEMENT 

THIS VOTING AGREEMENT (this “Agreement”), dated as of
            , 2014, is made and entered into by and among Alibaba Group Holding Limited, a Cayman Islands company (the “Company”), Yahoo! Inc., a Delaware corporation
(“Yahoo”), SoftBank Corp., a Japanese corporation (“SoftBank”), and each of the Management Members (as defined herein) (together with Yahoo and SoftBank, collectively, the “Shareholders” and
individually, a “Shareholder”) and certain other shareholders named on Schedule A as Subordinate Shareholders. 
 W I T N E S S E T H:

 WHEREAS, the Company, Yahoo, SoftBank, and the Management Members entered into a Shareholders Agreement dated as of October 24,
2005; 
 WHEREAS, the Company, Yahoo, SoftBank, and the Management Members entered into a First Amended and Restated Shareholders Agreement
dated as of October 21, 2007; 
 WHEREAS, Yahoo, SoftBank and the Management Members’ Representative entered into the New
Shareholders Agreement (the “Shareholders Agreement”), dated as of September 18, 2012; 
 WHEREAS, the Company is
currently contemplating an underwritten initial public offering (“IPO”) of its ADSs (as defined below); and 
 WHEREAS, in
connection with the IPO, the Company, Yahoo, SoftBank, and the Management Members’ Representative (as defined below) wish to terminate the Shareholders Agreement, effective as of the closing of the IPO and set forth certain understandings
between such parties, including with respect to certain voting matters. 
 NOW, THEREFORE, in consideration of the foregoing, the mutual
covenants and obligations herein set forth and other good and valuable consideration, the adequacy and receipt of which is hereby acknowledged, and in reliance upon the representations, warranties and covenants herein contained, the parties hereto,
intending to be legally bound, hereby agree as follows: 
 1. Definitions and Construction. 

1.1 Definitions. For purposes of this Agreement, the following terms have the indicated meanings. 

“ADS” means American Depositary Shares representing Ordinary Shares. 

“Affiliate” of a Person means another Person that directly or indirectly through one or more intermediaries, controls, is
controlled by, or is under common control with, the first Person, including but not limited to a Subsidiary of the first Person, a Person of which the first Person is a Subsidiary, or another Subsidiary of a Person of which the first Person is also
a Subsidiary. “Control” (including the terms “controlled by” and “under common control with”) means the possession, directly or indirectly, of the power to direct or cause the direction of the management policies
of a person, whether through the ownership of voting securities, by contract or other arrangement, as trustee or executor, or otherwise. 

“Agreement” is defined in the first paragraph of this Agreement. 

“Agreement Among Management Members” is defined in Section 9.2(a). 

“Alibaba Partnership” means Lakeside Partners LP, a limited liability partnership formed under the Laws of the Cayman
Islands. 
 “Alibaba Partnership Designee” is defined in Section 2.2(a). 

  
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 “Board” means the board of directors of the Company. 

“Claimant” is defined in Section 6.2(b). 

“Closing Date” means the date and time of the initial closing of the Qualified IPO (as defined in the Share Repurchase
Agreement). 
 “Collateral Agent” means Wilmington Trust (Cayman) Ltd. 

“Company” is defined in the first paragraph of this Agreement. 

“Confidential Information” means information delivered by a party to another party pursuant to this Agreement or the
transactions contemplated hereby that is proprietary in nature and that was clearly marked or labeled or otherwise adequately identified when received by such party as being confidential information of such delivering party (it being agreed that any
information provided by means of an online dataroom is Confidential Information regardless of whether it is marked or labeled as such), provided that such term does not include information that (a) was publicly known prior to the time of
such disclosure, (b) subsequently becomes publicly known through no act or omission in violation of this Agreement by such receiving party or any Person acting on such party’s behalf, or (c) otherwise becomes known to such receiving
party other than through disclosure by the delivering party or any Person with a duty to keep such information confidential. 

“Consent” means any consent, approval, authorization, waiver, permit, grant, franchise, concession, agreement, license,
certificate, exemption, order, registration, declaration, filing, report or notice of, with or to any Person. 

“Contracts” means any loan agreements, indentures, letters of credit (including related letter of credit applications and
reimbursement obligations), mortgages, security agreements, pledge agreements, deeds of trust, bonds, notes, guarantees, surety obligations, warranties, licenses, franchises, permits, powers of attorney, purchase orders, Leases, and other
agreements, contracts, instruments, obligations, offers, legally binding commitments, arrangements and understandings, written or oral. 

“Deed of Assignment and Novation” means the deed of assignment and novation dated August 12, 2014 by JM, JT, PMH, and
Wilmington Trust (Cayman), Ltd., pursuant to which JT (as assignor) assigned and transferred to PMH (as assignee) absolutely all of his rights and title to, and interest and benefit in, to and under the Original Legal Mortgage of IPCo Shares and
novated to PMH all of his obligations and liabilities under the Original Legal Mortgage of IPCo Shares 
 “Director
Designee(s)” means any Alibaba Partnership Designee or SoftBank Designee or any collection of such Persons. 
 “Equity
Securities” means any Ordinary Shares and ADSs and any other equity interests or equity-linked interests of the Company, however described or whether voting or non-voting, and any securities convertible or exchangeable into, and options,
warrants or other rights to acquire, any equity interests or equity-linked interests of the Company. 
 “Exchange Act”
means the United States Securities Exchange Act of 1934, as amended. 
 “Family Members” means any child, stepchild,
grandchild, parent, stepparent, grandparent, spouse, sibling, mother-in-law, father-in-law, son-in-law, daughter-in-law, brother-in-law, or sister-in-law of a Person, and shall include adoptive relationships of the same type. 

“GAAP” means U.S. GAAP or IFRS, in each case, applied on a consistent basis. 

“Governance Guidelines” means, with respect to an Observation Committee, the applicable provisions of the Memorandum and
Articles, any corporate governance guidelines, code of ethics, code of conduct, related party transaction policy or other statements of governance or ethical principles adopted by the Company or the Board and the charter or other organizational
documents of such Observation Committee. 

  
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 “Governmental Approval” means any Consent of any Governmental Authority. 

“Governmental Authority” means any nation or government, any state or other political subdivision thereof; any entity,
authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including, without limitation, any government authority, agency, department, board, commission or instrumentality
of any nation or any political subdivision thereof; any court, tribunal or arbitrator; any self-regulatory organization; and any securities exchange or quotation system. 

“ICC” is defined in Section 6.2(a). 

“IFRS” means International Financial Reporting Standards. 

“IPCo” means APN Ltd., a company incorporated under the Laws of the Cayman Islands. 

“JM” means Jack Ma Yun, the founder and the current Executive Chairman of the Company. 

“JT” means Joseph C. Tsai, the current Executive Vice-Chairman of the Company. 

“Law” means all applicable provisions of all (i) constitutions, treaties, statutes, laws (including the common law),
codes, rules, stock exchange rules, regulations, guidance, ordinances or orders of any Governmental Authority, fiduciary duties under Cayman law, (ii) Governmental Approvals and (iii) orders, decisions, injunctions, judgments, awards and
decrees of or agreements between the Company and any Governmental Authority. 
 “Lease” means any real property lease,
sublease, license and occupancy agreement. 
 “Lien” means any mortgage, pledge, deed of trust, hypothecation, right of
others, claim, security interest, encumbrance, burden, title defect, title retention agreement, lease, sublease, license, occupancy agreement, easement, covenant, condition, encroachment, voting trust agreement, interest, option, right of first
offer, negotiation or refusal, proxy, lien, charge or other restrictions or limitations of any nature whatsoever, including but not limited to such Liens as may arise under any Contract, but excluding any such Lien arising under this Agreement or
the Memorandum and Articles. 
 “Management Members” means JM and JT, each solely in his capacity as a shareholder of the
Company. 
 “Management Members’ Representative” is defined in Section 9.2(a). 

“Management Successor” is defined in Section 9.8(a). 

“Management Voting Shares” means the SoftBank Proxy Shares, if any, plus the Yahoo Proxy Shares, if any. 

“Memorandum and Articles” means the Memorandum and Articles of Association of the Company, to be adopted and approved by the
shareholders of the Company on or prior to the Closing Date and filed with the appropriate Governmental Authority on or before and to become effective as of the Closing Date. 

“Necessary Action” is defined in Section 2.1(a). 

“Novated Legal Mortgage of IPCo Shares” means the Original Legal Mortgage of IPCo Shares, as assigned and novated by the Deed
of Assignment and Novation. 
 “Observation Committee” is defined in Section 2.3. 

  
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 “Ordinary Share Equivalents” means, (i) in the case of an Ordinary Share,
one Ordinary Share or (ii) in the case of an ADS, the number of Ordinary Shares represented by such ADS. For purposes of calculating the number of Ordinary Share Equivalents outstanding, Ordinary Shares underlying ADSs shall not be counted
separately as being outstanding (i.e., such shares shall be counted only once). 
 “Ordinary Shares” means the ordinary
shares of the Company, par value US$0.000025 per share. 
 “Original Legal Mortgage of IPCo Shares” means the original
legal mortgage dated October 21, 2011 whereby the Mortgaged Property (as defined therein) was mortgaged by JM and JT in favor of the Collateral Agent (as defined therein). 

“own, owned, ownership” and the like: as “owned” is defined in Section 2.4. 

“Parent Shareholder” is defined in Section 2.1(c). 

“Person” means any natural person, firm, partnership, association, corporation, company, trust, business trust, Governmental
Authority or other entity. 
 “PMH” means PMH Holding Limited, a company incorporated under the laws of the British Virgin
Islands. 
 “PRC” means the People’s Republic of China (for the purpose of this Agreement, not including Hong Kong
Special Administrative Region, Macao Special Administrative Region or Taiwan). 
 “Record Date” is defined in Section
3.1(a). 
 “Relying Shareholder” is defined in Section 2.1(c). 

“Request” is defined in Section 6.2(b). 

“Respondent” is defined in Section 6.2(b). 

“SEC” means the United States Securities and Exchange Commission. 

“Security Agreements” means (i) the Legal Mortgage of Alibaba Shares, dated October 21, 2011, by IPCo in favor of
the Collateral Agent (as defined therein), (ii) the Amended and Restated Legal Mortgage of Alibaba Shares, dated August 12, 2014, by IPCo in favor of the Collateral Agent (as defined therein), as amended or supplemented from time to time,
(iii) the Legal Mortgage of IPCo Shares, dated October 21, 2011, by JM and JT, in favor of the Collateral Agent (as defined therein), as novated pursuant to the Deed of Assignment and Novation, as amended or supplemented from time to time,
(iv) the Amended and Restated Legal Mortgage of IPCo Shares, dated August 12, 2014, by JM and PMH, in favor of the Collateral Agent, (as defined therein), as amended or supplemented from time to time, and (v) the Fixed and Floating
Charge, dated October 21, 2011, by IPCo in favor of the Collateral Agent, as amended and restated pursuant to the Amended and Restated Fixed and Floating Charge, dated August 12, 2014, by IPCo in favor of the Collateral Agent (as defined
therein), as amended or supplemented from time to time. 
 “Security Interests” means the Liens granted to or in favor of
the Collateral Agent and/or the relevant secured party pursuant to the Security Agreements. 
 “Share Repurchase Agreement”
means the Share Repurchase and Preference Share Sale Agreement, dated as of May 20, 2012, by and among the Company, Yahoo and Yahoo! Hong Kong Holdings Limited (“YHK”), as amended. 

“Shareholder(s)” is defined in the first paragraph of this Agreement. 

“Shareholders Agreement” is defined in the third recital to this Agreement. 

  
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 “Shareholders Meeting” means any annual or extraordinary meeting of shareholders
of the Company. 
 “SoftBank” is defined in the first paragraph of this Agreement. 

“SoftBank Affiliate” means, with respect to SoftBank, another Person that directly or indirectly through one or more
intermediaries, is controlled by, or under common control with, SoftBank, including but not limited to a Subsidiary of SoftBank, provided, however, that, in addition to such control or common control SoftBank either (i) owns,
directly or indirectly, share capital or other equity interests representing more than 75% of the outstanding voting stock or other equity interests (disregarding, for the avoidance of doubt, any carried interest or similar economic participation
rights of any Person formed as a fund, provided such interest or rights do not confer voting rights as to the governance of such Person on the holder thereof), (ii) owns, directly or indirectly, share capital or other equity interests
representing more than 50% of such outstanding voting stock or other equity interests and has the right to designate at least two-thirds (2/3) of the directors of such Person, or (iii) consolidates such Person for accounting purposes under
IFRS. “Control,” for purposes of this definition, has the meaning set forth in the definition of Affiliate. 

“SoftBank Designee” is defined in Section 2.2(b). 

“SoftBank Director” is defined in Section 2.2(b). 

“SoftBank Proxy Shares” means a number of Ordinary Share Equivalents, rounded down to the nearest whole number, equal to the
amount, if any, by which the Ordinary Shares owned by SoftBank, directly or through ADSs, exceed 30% of the Ordinary Shares of the Company then outstanding. 

“Subordinate Shareholder” is defined in Section 2.1(b). 

“Subsidiary” means, with respect to any Person, each other Person in which the first Person (i) owns or controls,
directly or indirectly, share capital or other equity interests representing more than fifty percent (50%) of the outstanding voting stock or other equity interests, (ii) holds the rights to more than fifty percent (50%) of the
economic interest of such other Person, including an interest held through a VIE Structure or other contractual arrangements or (iii) has a relationship such that the financial statements of the other Person may be consolidated into the
financial statements of the first Person in accordance with GAAP. 
 “Threshold Number” means, as of a given date, a number
of Ordinary Share Equivalents equal to 15%, rounded to the nearest whole number, of Ordinary Shares of the Company then outstanding. 

“U.S. GAAP” means United States generally accepted accounting principles. 

“VIE Structure” means the investment structure a non-PRC investor uses when investing in a PRC company or business that
typically operates in a regulated industry. Under such investment structure, the onshore PRC operating entity and its PRC shareholders enter into a number of Contracts with the non-PRC investor and/or its onshore subsidiary (a foreign invested
enterprise incorporated in the PRC) pursuant to which the non-PRC investor achieves control of the onshore PRC operating entity and also consolidates the financials of the onshore PRC operating entity with those of the offshore non-PRC investor.

 “Written Consent” means any written consent executed in lieu of such a meeting of shareholders of the Company. 

“Yahoo” is defined in the first paragraph of this Agreement. 

“Yahoo Proxy Shares” means a number of Ordinary Share Equivalents owned by Yahoo representing the lesser of
(i) 121,500,000 Ordinary Shares, as adjusted for stock splits, stock dividends, reverse splits, recombinations and the like, and (ii) the aggregate number of Ordinary Shares then owned by Yahoo, directly or through ADSs. 

  
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 1.2 Construction. In this Agreement, unless the context otherwise requires: 

(a) references in this Agreement to “writing” or comparable expressions includes a reference to facsimile transmission, email or
comparable means of communication, words expressed in the singular number shall include the plural and vice versa, and words expressed in the masculine shall include the feminine and neutral genders and vice versa; 

(b) references to Articles, Sections, Schedules and Recitals are references to articles, sections, schedules and recitals of this Agreement;

 (c) references to “day” or “days” are to calendar days, and references to “business days” are to days that
are not a Saturday, Sunday or other day on which banks are required or authorized by Law to be closed in New York, Beijing or Hong Kong; 

(d) references to this Agreement or any other agreement or document shall be construed as references to this Agreement or such other
agreement or document, as the case may be, as the same may have been, or may from time to time be, amended, varied, novated or supplemented from time to time; 

(e) a reference to a subsection without further reference to a Section is a reference to such subsection as contained in the same Section in
which the reference appears, and this rule shall also apply to paragraphs and other subdivisions; 
 (f) the table of contents to this
Agreement and all section titles or captions contained in this Agreement or in any Schedule annexed hereto or referred to herein are for convenience only and shall not be deemed a part of this Agreement and shall not affect the meaning or
interpretation of this Agreement; 
 (g) “include,” “includes” and “including” are deemed to be followed by
“without limitation” whether or not they are in fact followed by such words or words of similar import; and 
 (h) the words
“herein,” “hereof,” “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular provision. 

2. Voting. 
 2.1
General Rights and Obligations. 
 (a) In order to effectuate the provisions of this Agreement, each Shareholder and each Subordinate
Shareholder hereby agrees to take, in its capacity as a shareholder of the Company, all actions reasonably necessary to give effect to the provisions of this Agreement (such actions, “Necessary Action”), including, without
limitation, (i) when any action or vote is required to be taken by such Shareholder or such Subordinate Shareholder pursuant to this Agreement, using its commercially reasonable efforts to call, or cause the appropriate officers and directors
of the Company to call, one or more Shareholders Meetings, to take such action or vote, (ii) to attend all Shareholders Meetings in person or by proxy for purposes of obtaining a quorum that are called for the election of directors of the
Company or for the purpose of taking any action required by this Agreement, (iii) to vote or cause to be voted all Equity Securities over which such Shareholder or Subordinate Shareholder has voting power (including, for the avoidance of doubt,
by operation of this Agreement or otherwise) at Shareholders Meetings or to act by Written Consent so as to cause the election of the Director Designees in accordance with this Agreement and otherwise effectuate the provisions of this Agreement and,
(iv) with respect to the Management Members, SoftBank and their respective Subordinate Shareholders, to use its best efforts to cause the Board to adopt, either at a meeting of the Board or by unanimous written consent of the Board, all the
resolutions necessary to effectuate the provisions of this Agreement, including causing members of the Board to be removed in the event they take actions inconsistent with the provisions of this Agreement. 

  
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 (b) Each Shareholder has entered into this Agreement on behalf of itself and on behalf of each
Person whose Equity Securities are “owned” by such Shareholder pursuant to Section 2.4 (each, a “Subordinate Shareholder”). Each Shareholder shall cause its Subordinate Shareholder(s) to take all actions necessary to
perform all obligations hereunder, and to be deemed to have hereby made all representations and warranties hereunder as if such Subordinate Shareholder were such Shareholder. 

(c) Each Shareholder (each, a “Relying Shareholder”) shall be entitled to rely upon the decision, actions, consents or
instructions of each of the other Shareholders that has any Subordinate Shareholder (each, a “Parent Shareholder”) as being the decision, action, consent or instruction of each of such Parent Shareholder’s Subordinate
Shareholders with respect to this Agreement or with respect to any matter related hereto. Each Relying Shareholder is hereby relieved from any liability to any of such Subordinate Shareholders for any lawful acts done by them in accordance with such
decision, action, consent or instruction of its Parent Shareholder. 
 (d) Each Shareholder shall use its commercially reasonable efforts
to cause any other Person with whom such Shareholder jointly files a statement (or an amendment to a statement) on Schedule 13D or Schedule 13G, pursuant to the Exchange Act with respect to Equity Securities bearing voting rights to execute a
joinder to and become a party to this Agreement and be deemed a Shareholder for all purposes herein if such Person is not otherwise a party to this Agreement (either as a Shareholder or a Subordinate Shareholder). Nothing in this Section 2.1(d)
shall be deemed to release any Shareholder or Subordinate Shareholder from any obligations pursuant to this Agreement with respect to any Equity Securities owned by such Shareholder or Subordinate Shareholder. 

2.2 Director Designees. 

(a) Alibaba Partnership Designees. Each Shareholder and Subordinate Shareholder hereby agrees, to the fullest extent permitted by Law,
to take all Necessary Action to cause the election or appointment as directors of the Persons nominated or designated for appointment, as applicable, by the Alibaba Partnership in accordance with the Memorandum and Articles (such Persons, the
“Alibaba Partnership Designees”) provided, however, that that this Section 2.2(a) shall have no force or effect from and after the first time that SoftBank owns less than the Threshold Number of Equity Securities. 

(b) SoftBank Designee. Each Shareholder and Subordinate Shareholder hereby agrees, to the fullest extent permitted by Law, to take all
Necessary Action to cause the election or appointment as director of one Person nominated or designated for appointment, as applicable, by SoftBank as a director in Group III (as defined in the Memorandum and Articles) (such Person, the
“SoftBank Designee” and following such election or appointment, the “SoftBank Director”), provided, however, that that this Section 2.2(b) shall have no force or effect from and after the first time
that SoftBank owns less than the Threshold Number of Equity Securities. 
 (c) The Company hereby agrees to include the Director Designees
in the slate of nominees recommended by the Board for election at any meeting of shareholders called for the purpose of electing directors (to the extent that directors of such Director Designee’s class are to be elected at such meeting for so
long as the Board is classified), recommend each such individual to be elected as a director as provided herein and solicit proxies or consents in favor thereof. The Company is entitled to publicly identify Director Designees as Alibaba Partnership
Designees or SoftBank Designees, as applicable, pursuant to this Agreement. 
 2.3 SoftBank Observation Rights. Until the first time
that SoftBank owns less than the Threshold Number of Equity Securities, the SoftBank Director shall be entitled to receive the same notice of meetings of each committee of the Board as is provided to members of such committees and to receive copies
of all materials distributed to committee members generally in connection with such meetings, in each case at the same time that such notice and such materials are provided to committee members. Upon prior notice to the relevant committee, the
SoftBank Director may attend, observe and participate in any discussions at any meeting of a committee to which he has not been appointed by the Board (an “Observation Committee”), provided, however, that the SoftBank
Director shall in no circumstances have any right to participate in any vote, consent or other action of an Observation Committee; and provided, further, that the SoftBank Director may be excluded from any meeting of an Observation
Committee or portion thereof and may be prohibited from receiving any related materials or portion thereof, to the extent (a) required by Law, (b) any communication from counsel protected by attorney-client privilege will be delivered
during such meeting or in such materials and the presence or receipt, as applicable, of the SoftBank Director would be reasonably likely to cause such communication to not be privileged, or (c) the Board determines in good faith that there
exists, with respect to the subject matter of such committee meeting or related materials, an actual or potential conflict of interest between the SoftBank Director or SoftBank and the Company such that a similarly positioned member of such
Observation Committee would be recused from such matter in accordance with the Governance Guidelines. The parties to this Agreement shall take Necessary Action to cause the Governance Guidelines to implement the rights of SoftBank set forth in this
Section 2.3. 

  
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 2.4 Determination of Share Ownership. Throughout this Agreement, for purposes of
determining the number or percentage of Equity Securities owned (“owned”), (a) with respect to Yahoo, such number or percentage shall include any Equity Securities owned by Yahoo or any of Yahoo’s wholly-owned Subsidiaries
or controlled Affiliates (including, for the avoidance of doubt, any Yahoo Proxy Shares owned by Yahoo), (b) with respect to SoftBank, such number or percentage shall include any Equity Securities owned by SoftBank or any of SoftBank’s
wholly-owned Subsidiaries or any SoftBank Affiliate (including, for the avoidance of doubt, any SoftBank Proxy Shares owned by SoftBank) and (c) with respect to each Management Member, such number or percentage shall include any Equity
Securities owned by (i) such Management Member, (ii) any of such Management Member’s wholly-owned Subsidiaries or controlled Affiliates in which such Management Member owns or is entitled to more than 50% of the combined economic
interests (in capital and profits) (provided, that with respect to IPCo, other than the extent to which any Security Interests have been foreclosed upon or are subject to foreclosure proceedings, the determination of whether IPCo is a
controlled Affiliate in which such Management Member owns or is entitled to more than 50% of the combined economic interests (in capital and in profits) and whether IPCo owns any Equity Securities of the Company will be made assuming that the
obligations underlying the Security Interests have been satisfied and that the Security Agreements have been terminated in accordance with their terms such that the Equity Securities of the Company are held by or revert to IPCo absolutely) and
(iii) any of such Management Member’s Family Members, trusts formed by such member for the benefit of himself or his Family Members (including any holding company directly or indirectly held by such trusts), family limited partnerships and
other entities formed for the principal benefit of such Management Member and his Family Members (provided, that, the determination of whether such an entity has been formed for the principal benefit of such Management Member or his Family
Members shall be conclusively established in the affirmative if such Management Member or his Family Members own or are entitled to more than 50% of the combined economic interests (in capital and in profits) of such entity). All Equity Security
numbers contained herein shall be adjusted appropriately for stock splits, stock dividends, reverse splits, recombinations and the like. 

3. Management Voting Share Rights. 

3.1 SoftBank Proxy Shares. 

(a) SoftBank and each of its Subordinate Shareholders hereby irrevocably and unconditionally grant a proxy to, and appoint, the Management
Members, and each of them individually, as its proxies and attorneys-in-fact, with full power of substitution and resubstitution, for and in the name, place and stead of SoftBank or such Subordinate Shareholder, as applicable, to vote, act by
written consent or execute and deliver a proxy for the SoftBank Proxy Shares held as of each record date established by the Board in respect of any action or proposed action that requires the affirmative vote of shareholders of the Company (each
such date, a “Record Date”). SoftBank and its Subordinate Shareholders each hereby (i) affirms that such irrevocable proxy is (A) coupled with an interest by reason of the obligations of the Management Members under this
Agreement and (B) executed and intended to be irrevocable in accordance with the provisions of the Laws of the State of New York, and (ii) revokes any and all prior proxies granted by SoftBank or such Subordinate Shareholder with respect
to the SoftBank Proxy Shares and no subsequent proxy shall be given by SoftBank and its Subordinate Shareholders (and if given shall be ineffective) with respect to the SoftBank Proxy Shares. This Section 3.1(a) is qualified by and subject to the
provisions of Section 3.3 below. 
 (b) SoftBank and its Subordinate Shareholders shall, in their sole discretion, have the right to sell or
otherwise transfer any Equity Securities owned by SoftBank at any time. Upon transfer to any Person other than SoftBank, SoftBank’s wholly-owned Subsidiaries, a SoftBank Affiliate or any Subordinate Shareholder of SoftBank, such Equity
Securities shall no longer be subject to this Article 3; provided, however, that nothing in this Section 3.1(b) shall be deemed to relieve SoftBank or its Subordinate Shareholders of any obligations pursuant to Section 3.1(a) hereof
with respect to the SoftBank Proxy Shares held by such Person as of a Record Date. This Section 3.1(b) is qualified by and subject to the provisions of Section 3.3 below. 

  
 10 

 (c) SoftBank and each of its Subordinate Shareholders hereby agree to take all actions and
execute and deliver all other agreements, forms of proxy, deeds and other documents reasonably requested by the Management Members to give effect to the provisions of this Section 3.1. This Section 3.1(c) is qualified by and subject to the
provisions of Section 3.3 below. 
 (d) For the avoidance of doubt, the obligations of SoftBank and its Subordinate Shareholders pursuant
to this Article 3 do not apply to any Equity Securities held by SoftBank or its Subordinate Shareholders that are not SoftBank Proxy Shares. 

3.2 Yahoo Proxy Shares. 

(a) Yahoo and each of its Subordinate Shareholders hereby irrevocably and unconditionally grant a proxy to, and appoint, the Management
Members, and each of them individually, as its proxies and attorneys-in-fact, with full power of substitution and resubstitution, for and in the name, place and stead of Yahoo or such Subordinate Shareholder, as applicable, to vote, act by written
consent or execute and deliver a proxy for the Yahoo Proxy Shares held as of each Record Date. Yahoo and its Subordinate Shareholders each hereby (i) affirms that such irrevocable proxy is (A) coupled with an interest by reason of the
obligations of the Management Members under this Agreement and (B) executed and intended to be irrevocable in accordance with the provisions of the Laws of the State of New York, and (ii) revokes any and all prior proxies granted by Yahoo
or such Subordinate Shareholder with respect to the Yahoo Proxy Shares and no subsequent proxy shall be given by Yahoo and its Subordinate Shareholders (and if given shall be ineffective) with respect to the Yahoo Proxy Shares. This Section 3.2(a)
is qualified by and subject to the provisions of Section 3.3 below. 
 (b) Yahoo and its Subordinate Shareholders shall, in their sole
discretion, have the right to sell or otherwise transfer any Equity Securities owned by Yahoo at any time. Upon transfer to any Person other than Yahoo, any of Yahoo’s wholly-owned Subsidiaries or controlled Affiliates or any Subordinate
Shareholder of Yahoo, such Equity Securities shall no longer be subject to this Article 3; provided, however, that nothing in this Section 3.2(b) shall be deemed to relieve Yahoo or its Subordinate Shareholders of any obligations
pursuant to Section 3.2(a) hereof with respect to any Yahoo Proxy Shares held by such Person as of a Record Date. This Section 3.2(b) is qualified by and subject to the provisions of Section 3.3 below. 

(c) Yahoo and each of its Subordinate Shareholders hereby agree to take all actions and execute and deliver all other agreements, forms of
proxy, deeds and other documents reasonably requested by the Management Members to give effect to the provisions of this Section 3.2. This Section 3.2(c) is qualified by and subject to the provisions of Section 3.3 below. 

(d) For the avoidance of doubt, the obligations of Yahoo and its Subordinate Shareholders pursuant to this Article 3 do not apply to any
Equity Securities held by Yahoo or its Subordinate Shareholders that are not Yahoo Proxy Shares. 
 3.3 Termination and Limitations of
Voting Share Rights. Notwithstanding anything to the contrary contained herein: 
 (a) the obligations of SoftBank, Yahoo and their
respective Subordinate Shareholders pursuant to Sections 3.1(a), 3.1(b), 3.1(c), 3.2(a), 3.2(b) and 3.2(c) (each, as applicable) hereof do not apply to, and SoftBank, Yahoo and each of their respective Subordinate Shareholders shall retain all
powers as holders of Equity Securities (including, without limitation, the power to vote Equity Securities, attend meetings of the holders of Equity Securities, and act by written consent) with respect to, any proposal, resolution, or other matter
submitted for approval by the shareholders of the Company (including, without limitation, any merger or consolidation of the Company) and that may result in the issuance of Equity Securities (including, without limitation, any Equity Securities
issuable pursuant to an earn-out provision or similar type of provision, Equity Securities to be issued pursuant to any employee equity incentive plan, or securities convertible into or exercisable for Equity Securities) in an amount equal to or
greater than, or having voting rights equal to or greater than, three percent (3%) of the outstanding Ordinary Share Equivalents as of the Record Date with respect to such action by the holders of Equity Securities. 

  
 11 

 (b) Sections 3.1(a), 3.1(b), 3.1(c), 3.2(a), 3.2(b) and 3.2(c) (each, as applicable) hereof
shall terminate upon the earlier of (i) the date on which JM does not own (including, without limitation, both economic and voting power) at least one percent (1%) of the Ordinary Share Equivalents, calculated on a fully-diluted basis, or
(ii) the material breach of this Agreement by the Company. 
 3.4 Calculation of Management Voting Shares. Following each Record
Date, the Company shall determine the number of Management Voting Shares as of such Record Date based on the number of outstanding Ordinary Shares as of such date and the number of Ordinary Share Equivalents owned by SoftBank, in respect of the
SoftBank Proxy Shares, and Yahoo, in respect of the Yahoo Proxy Shares, as of such Record Date. In performing such calculation, the Company shall be entitled (but not required) to rely on the Equity Security ownership information in respect of
SoftBank and Yahoo set forth on Schedule A hereto, as such information is amended or supplemented from time to time by SoftBank and Yahoo, respectively, pursuant to Section 5.1(a) hereof. The Company shall notify (a) the Management Members of
the number of Management Voting Shares, (b) SoftBank of the number of SoftBank Proxy Shares, and (c) Yahoo of the number of Yahoo Proxy Shares, with respect to each Record Date, promptly following such Record Date and, in any event, at
least three business days prior to the scheduled shareholder action in respect of such Record Date. 
 3.5 No Other Agreements.
Subject to Sections 3.1(b) and 3.2(b), hereof, none of SoftBank, Yahoo or their respective Subordinate Shareholders may enter into any agreement with any Person the effect of which would prevent compliance by such party with any provision contained
in this Article 3. 
 4. Representations and Warranties. 

Each of the Shareholders and the Subordinate Shareholders represents and warrants to the Company and each other Shareholder and Subordinate
Shareholder that: 
 4.1 Power and Authority. Such Shareholder or Subordinate Shareholder has the power, authority and capacity (or,
in the case of any Shareholder or Subordinate Shareholder that is a corporation, limited liability company or limited partnership, all corporate limited liability company or limited partnership power and authority, as the case may be) to execute,
deliver and perform this Agreement. 
 4.2 Due Authorization. In the case of a Shareholder or Subordinate Shareholder that is a
corporation, limited liability company or limited partnership, the execution, delivery and performance of this Agreement by such Shareholder or Subordinate Shareholder has been duly and validly authorized and approved by all necessary corporate
limited liability company or limited partnership action, as the case may be. In the case of a Shareholder or Subordinate Shareholder that is an individual, the execution, delivery and performance of this Agreement by such Shareholder or Subordinate
Shareholder are within such Shareholder’s or Subordinate Shareholder’s full power and legal rights and no other action on the part of such Shareholder or Subordinate Shareholder (including, without limitation, obtaining spousal or other
consents) is necessary to authorize this Agreement or the transactions contemplated hereby. 
 4.3 Execution and Delivery. This
Agreement has been duly and validly executed and delivered by such Shareholder or Subordinate Shareholder and constitutes a valid and legally binding obligation of such Shareholder or Subordinate Shareholder enforceable against such Shareholder or
Subordinate Shareholder in accordance with its terms. 
 4.4 No Conflict. The execution, delivery and performance of this Agreement
by such Shareholder or Subordinate Shareholder does not and will not conflict with, violate the terms of or result in the acceleration of any obligation under (i) any material contract, commitment or other material instrument to which such
Shareholder or Subordinate Shareholder is a party or by which such Shareholder or Subordinate Shareholder is bound, (ii) in the case of a Shareholder or any of its Subordinate Shareholders that is a corporation, limited liability company or
limited partnership, the certificate of incorporation, by-laws, certificate of formation, limited liability company agreement, certificate of limited partnership or limited partnership agreement, as the case may be, of such Shareholder or
Subordinate Shareholder or (iii) any applicable Law. 

  
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 4.5 Share Ownership. With respect to each Shareholder, Schedule A hereto sets forth
(a) the number and type of Equity Securities owned by such Shareholder, and (b) the name of each Person that directly owns Equity Securities that are deemed to be owned by such Shareholder pursuant to Section 2.4 and the number and type of
Equity Securities directly owned by each such Person. 
 5. Covenants. 

5.1 Beneficial Ownership Reporting. 

(a) Each Shareholder shall notify each other Shareholder of any changes to the information contained in Schedule A with respect to such
Shareholder or any of its Subordinate Shareholders within four (4) days of such change occurring and shall, upon request, provide such additional information as required for the Shareholders and Subordinate Shareholders to satisfy their
respective reporting obligations pursuant to Section 13(d) of the Exchange Act or any successor provision thereof. Any report that a Shareholder files with or furnishes to the SEC and which report is made publicly available on the SEC’s
EDGAR system within four (4) days of such change occurring shall be deemed to constitute prompt notification pursuant to this Section 5.1(a) by such filing or furnishing Shareholder of changes in ownership described in such report. 

(b) For so long as SoftBank or Yahoo (as applicable) or their respective Subordinate Shareholders own Equity Securities, the Company shall
promptly provide upon request by SoftBank, Yahoo or their respective Subordinate Shareholders written evidence to the requesting party of its ownership of such Equity Securities. Such documentation may include, without limitation, a certified copy
of the portion of the Company’s register of members and capitalization table demonstrating such party’s ownership, a certificate of an officer of the Company or such other form of documentation reasonably satisfactory to the requesting
party. 
 5.2 Confidentiality. Each party shall maintain the confidentiality of Confidential Information in accordance with
procedures adopted by such party in good faith to protect confidential information of third parties delivered to such party, provided that such party may deliver or disclose Confidential Information to (a) such party’s
representatives, Affiliates, shareholders (other than holders of such party’s publicly traded shares), limited partners, members of its investment committees, advisory committees, similar bodies, and Persons related thereto, who are informed of
the confidentiality obligations of this Section 5.2 and such party shall be responsible for any violation of this Section 5.2 made by any such Person, (b) any Governmental Authority having jurisdiction over such party or other Person to the
extent required by applicable Law or (c) any other Person to which such delivery or disclosure may be necessary or appropriate (i) to effect compliance with any Law applicable to such party, or (ii) in response to any subpoena or
other legal process, provided that, in the cases of clauses (b) and (c), the disclosing party shall provide each other party with prior written notice thereof so that the appropriate party may seek (with the cooperation and reasonable
efforts of the disclosing party) a protective order, confidential treatment or other appropriate remedy, and in any event shall furnish only that portion of the information which is reasonably necessary for the purpose at hand and shall exercise
reasonable efforts to obtain reliable assurance that confidential treatment will be accorded such information to the extent reasonably requested by any other party, provided, further, that the foregoing proviso shall not apply to
information required by Law to be included in filings, submissions, or disclosures made by Yahoo or SoftBank with the SEC or any stock or securities exchange. 

5.3 Company Facilitation of Sale. The Company hereby agrees that as and when requested by any Shareholder in accordance with applicable
Law, the Company shall promptly take, to the extent consistent with applicable Law, all actions within its control reasonably necessary to facilitate the conversion of any Ordinary Shares owned by such Shareholder into ADSs and the removal of any
restrictive legends or stop orders on such Ordinary Shares through the customary processes to be established with the depositary for such ADSs. 

6. Governing Law and Dispute Resolution. 

6.1 Governing Law. The internal laws, and not the laws of conflicts (other than Section 5-1401 of the General Obligations Law and
any successor provision thereto), of the State of New York shall govern this Agreement, including the enforceability and validity of this Agreement, the construction of its terms and the interpretation of the rights and duties of the parties
hereunder. 

  
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 6.2 Arbitration. 

(a) Any dispute, controversy or claim arising out of, relating to, or in connection with this Agreement, or the breach, determination of
rights and obligations, termination or validity hereof, shall be finally settled exclusively by arbitration. In accordance with Section 6.1 of this Agreement, the laws of the State of New York shall be the substantive law applicable to the
arbitration. The arbitration shall be conducted in accordance with the Rules of Arbitration of the International Chamber of Commerce International Court of Arbitration (the “ICC”) in effect as of the date of this Agreement (the
“Rules”), except as they may be modified by mutual agreement of the parties. Service of a request for arbitration shall be deemed effective if made in accordance with the notice provisions delineated in Section 9.1 of this
Agreement. The seat of the arbitration shall be Singapore, provided, however, that, the arbitrators may hold hearings in such other locations as the arbitrators determine to be most convenient and efficient for all of the parties to
such arbitration under the circumstances. The arbitration shall be conducted in the English language. 
 (b) The arbitration shall be
conducted by three arbitrators. The party (or the parties, acting jointly, if there are more than one) initiating arbitration (the “Claimant”) shall nominate an arbitrator in its request for arbitration (the
“Request”). The other party (or the other parties, acting jointly, if there are more than one) to the arbitration (the “Respondent”) shall nominate an arbitrator within thirty (30) days of receipt of the
Request and shall notify the Claimant of such nomination in writing. If within thirty (30) days of receipt of the Request by the Respondent, either party has not nominated an arbitrator, then that arbitrator shall be appointed by the ICC. The
first two arbitrators appointed in accordance with this provision shall nominate a third arbitrator within thirty (30) days after the Respondent has notified Claimant of the nomination of the Respondent’s arbitrator or, in the event of a
failure by a party to nominate, within thirty (30) days after the ICC has notified the parties and any arbitrator already nominated of the appointment of an arbitrator on behalf of the party failing to nominate. When the third arbitrator has
accepted the nomination, the two arbitrators making the nomination shall promptly notify the parties of the nomination. If the first two arbitrators appointed fail to nominate a third arbitrator or so to notify the parties within the time period
prescribed above, then the ICC shall appoint the third arbitrator and shall promptly notify the parties of the appointment. The third arbitrator shall act as Chair of the tribunal. 

(c) Except as modified by agreement by the parties, the tribunal shall use its best efforts to resolve all disputes no later than 6 months
after the appointment of the third arbitrator, to the extent practicable. Nothing in this subsection (c) shall be interpreted to preclude the arbitral panel from rendering an arbitration award in a shorter time, provided however, that
such is consistent with ICC rules or an agreement of the parties. 
 (d) The arbitral award shall be in writing, state the reasons for the
award, and be final and binding on the parties. In addition to monetary damages, the arbitral tribunal shall be empowered to award equitable relief, including, but not limited to, an injunction and specific performance of any obligation under this
Agreement. In the event such relief is sought to enforce any of the provisions of this Agreement, no party shall allege, and each party hereby waives the defense, that there is an adequate remedy at law. The arbitral tribunal is not empowered to
award damages in excess of compensatory damages, and each party hereby irrevocably waives any right to recover punitive, exemplary, consequential or similar damages with respect to any dispute, except insofar as a claim is for indemnification for an
award of punitive damages awarded against a party in an action brought against it by an independent third party. The arbitral tribunal shall be authorized in its discretion to grant pre-award and post-award interest at the rate of nine percent
(9%) per annum. Any costs, fees or taxes, incident to enforcing the award shall, to the maximum extent permitted by Law, be charged against the party resisting such enforcement. Judgment upon the award may be entered by any court having
jurisdiction thereof or having jurisdiction over the relevant party or its assets. 
 (e) The parties agree that the arbitration shall be
kept confidential and that the existence of the proceeding and any element of it (including but not limited to any pleadings, briefs or other documents submitted or exchanged, any testimony or other oral submissions, and any awards) shall not be
disclosed beyond the tribunal, the ICC, the parties, their counsel and any person necessary to the conduct of the proceeding, except as may be lawfully required in judicial proceedings relating to the arbitration or otherwise, or as required by the
rules of any quotation system or exchange on which the disclosing party’s securities are listed or applicable Law. 

  
 14 

 (f) The costs of arbitration, including, without limitation, reasonable attorneys’ fees and
disbursements, shall be borne by the losing party unless otherwise determined by the arbitral tribunal. 
 (g) All payments made pursuant
to the arbitration decision or award and any judgment entered thereon shall be made in United States dollars, free from any deduction, offset or withholding for taxes. 

(h) By agreeing to arbitration, the parties do not intend to deprive any court of its jurisdiction to issue a pre-arbitral injunction,
pre-arbitral attachment, or other order in aid of arbitration proceedings and the enforcement of any award. Without prejudice to such provisional remedies as may be available under the jurisdiction of a court, the arbitral tribunal shall have full
authority to grant provisional remedies and to direct the parties to request that any court modify or vacate any temporary or preliminary relief issued by such court, and to award damages for the failure of any party to respect the arbitral
tribunal’s orders to that effect. For the purposes of interim injunctive or similar equitable relief under this Section 6.2, each of the parties hereby irrevocably and unconditionally consents to submit to the jurisdiction of the United States
District Court for the Southern District of New York or the courts of the State of New York, in each case located in the Borough of Manhattan in the City of New York, and the Courts of Singapore, to the exclusion of others. Service in any such suit,
action or proceeding shall be deemed effective if made in accordance with the notice provisions delineated in Section 9.1 of the Agreement. 

7. Information Rights. 

7.1 General Obligation. The Company shall provide the following to Yahoo or SoftBank, (as applicable) upon delivery by Yahoo or SoftBank
(as applicable) of a certificate duly signed by the principal accounting officer, the principal financial officer or the principal legal officer of the requesting party (which Yahoo or SoftBank (as applicable) may withdraw, update or amend at any
time prior to the provision of the applicable information in its sole discretion), that Yahoo or SoftBank (as applicable) requires such financial information with respect to the Company and its Subsidiaries and Affiliates, for the purpose of
preparation of periodic financial statements in connection with public reporting requirements under the applicable Laws and rules of the SEC, Japanese securities regulators or any stock exchange on which the securities of Yahoo or SoftBank (as
applicable) are then listed or admitted to trading, or for the purpose of filing or furnishing information with or to the SEC, Japanese securities regulators or any stock exchange on which the securities of Yahoo or SoftBank (as applicable) are then
listed or admitted to trading, or under or for the purpose of complying with applicable Laws, in each case including without limitation by incorporating any such financial information in Yahoo’s or SoftBank’s (as applicable) own periodic
reports or financial statements (as applicable): 
 (a) As soon as available but in any event not later than 60 days after the end of each
of the quarterly accounting periods, the unaudited consolidated balance sheets of the Company and its Subsidiaries as of the end of each such period, the related unaudited consolidated statements of operations, shareholders’ equity and cash
flows of the Company and its Subsidiaries for such quarterly period and for the period from the beginning of such fiscal year to the end of such quarterly period. All such financial statements shall be prepared in accordance with GAAP applied on a
consistent basis and be certified by the Company’s Chief Financial Officer (and Chief Accounting Officer after such Chief Accounting Officer is appointed). 

(b) (i) As soon as available but in any event not later than 60 days after the end of each fiscal year of the Company, the unaudited
consolidated balance sheets of the Company and its Subsidiaries as of the end of fiscal year and the related consolidated statements of operations, shareholders equity and cash flows of the Company and its Subsidiaries for the fourth quarterly
period of such fiscal year. All such financial statements shall be prepared in accordance with GAAP applied on a consistent basis and be certified by the Company’s Chief Financial Officer (and Chief Accounting Officer after such Chief
Accounting Officer is appointed). (ii) As soon as available, but in any event no later than 90 days after the end of each fiscal year of the Company, a copy of the audited consolidated balance sheets of the Company and its Subsidiaries as of
the end of such fiscal year and the related consolidated statements of operations, shareholders equity and cash flows of the Company and its Subsidiaries stating in comparative form the figures as of the end of and for the previous fiscal year
certified by a firm of independent certified public accountants of recognized international standing selected by the Company and approved by the Shareholders. All such financial statements shall be prepared in accordance with GAAP applied on a
consistent basis and be certified by the Company’s Chief Financial Officer (and Chief Accounting Officer after such Chief Accounting Officer is appointed). 

  
 15 

 (c) Access to the Company’s financial information and auditors, accountants and other
authorized representatives for Yahoo’s and SoftBank’s independent public accountants, solely as is required to permit Yahoo’s and SoftBank’s accountants to perform required accounting procedures concerning the Company’s
financial statements. 
 In addition, the Company shall use its commercially best efforts to cause the Company’s auditors to consent to
the inclusion of such auditor’s report with respect to the audited financial statements of the Company and its Subsidiaries in Yahoo’s or SoftBank’s (as applicable) periodic reports and other filings, to the extent such consent is
required by applicable Laws and rules of the SEC, Japanese securities regulators or any stock exchange on which the securities of Yahoo or SoftBank are listed or admitted for trading. 

Any other time periods referred to in Sections 7.1(a) and 7.1(b) notwithstanding, the Company shall not be deemed to be in material breach of
Sections 7.1(a) or 7.1(b) of this Agreement so long as the Company provides the information set forth therein on a basis that permits Yahoo or SoftBank (as applicable) to timely meet their respective filing obligations. 

7.2 GAAP. 
 (a) For so
long as the Company prepares its financial statements pursuant to U.S. GAAP rather than IFRS, then with respect to financial information provided to SoftBank pursuant to Section 7.1 hereof, the Company shall provide to SoftBank a statement or
statements of reconciliation from U.S. GAAP to IFRS of such financial information (including unaudited consolidated balance sheets and unaudited consolidated statements of operations and shareholders’ equity under IFRS) as soon as available but
in any event not later than 90 days after the end of the relevant accounting period. 
 (b) If the Company elects to prepare its financial
statements pursuant to IFRS rather than U.S. GAAP, then with respect to financial information provided to Yahoo pursuant to Section 7.1 hereof, the Company shall provide to Yahoo as an integral part of the financial statements referred to in such
section, a statement or statements of reconciliation from IFRS to U.S. GAAP, which reconciliation the Company shall have caused to have been reviewed by the firm serving as the Company’s independent certified public accountants at such time,
and any certification delivered by any officer of the Company with respect thereto pursuant to Section 7.1 hereof shall certify the relevant financial statements as reconciled to U.S. GAAP and as so reviewed. 

8. Termination of Existing Agreements; Effectiveness. 

The parties hereto acknowledge and agree that the Shareholders Agreement shall be terminated and of no further force and effect as of the
Closing Date. This Agreement shall be effective only upon and following the Closing Date, provided, however, that this Agreement shall be of no force or effect if the Closing Date does not occur prior to March 31, 2015 (in which
case the Shareholders Agreement shall remain in full force and effect). 
 9. Miscellaneous. 

9.1 Notices. All notices, requests, demands, waivers and other communications required or permitted to be given under this Agreement
shall be in writing and shall be deemed to have been duly given if (i) delivered personally, (ii) sent by commercial courier services or overnight mail or delivery, (iii) sent by facsimile with confirmation by personal delivery or
overnight mail, or (iv) sent by email, as follows:: 
 (a) if to the Company, to: 

Alibaba Group Holding Limited 

c/o Alibaba Group Services Limited 

26/F, Tower 1, Times Square 
 1
Matheson Street 
 Causeway Bay, Hong Kong 

Fax: +852-2215-5200 
 Telephone:
+852-2215-5100 
 Attention: General Counsel 

Email: legalnotice@hk.alibaba-inc.com 

  
 16 

 with a copy to: 

Simpson Thacher & Bartlett LLP 

ICBC Tower - 35th Floor 
 3
Garden Road, Central 
 Hong Kong 

Attention: Leiming Chen 

Facsimile No: +852-2869-7694 

Telephone: +852-2514-7600 

Email: lchen@stblaw.com 
 (b)
If to SoftBank, to: 
 SoftBank Corp. 

1-9-1 Higashi-shimbashi, Minato-ku 

Tokyo 105-7303, Japan 

Attention: Group Management, Corporate Planning 

Facsimile No: +81-3-6215-5001 

Email: sbgrp-gmnotice@g.softbank.co.jp 

and 
 SoftBank Corp. 

1-9-1 Higashi-shimbashi, Minato-ku 

Tokyo 105-7303, Japan 

Attention: Legal Department 

Facsimile No: +81-3-6215-5001 

Email: SBGRP-legalnotice@g.softbank.co.jp 

with a copy to: 

Morrison & Forester LLP 

Shin-Marunouchi Building 29F, 1-5-1 Marunouchi, Chiyoda-ku 

Tokyo 100-6529, Japan 

Attention: Ken Siegel 

Facsimile No: +81-3-3214-6512 

Email: ksiegel@mofo.com 
 (c)
If to Yahoo, to: 
 Yahoo! Inc. 

701 First Avenue 
 Sunnyvale, CA
94089 
 Attention: General Counsel 

Facsimile No: (408) 349-3650 

Email: rbell@yahoo-inc.com 

with a copy to: 
 Skadden, Arps,
Slate, Meagher & Flom LLP 
 525 University Avenue, Suite 1400 

Palo Alto, CA 94301 
 Attention:
Kenton J. King 
 Facsimile No: (650) 470-4570 

Email: kenton.king@skadden.com 

  
 17 

 (d) And, if to a Subordinate Shareholder, to the care of the Shareholder which is deemed to own
Equity Securities held by such Subordinate Shareholder pursuant to Section 2.4. 
 Or, in each case, at such other address as may be specified in writing to
the other parties hereto. All such notices, requests, demands, waivers and other communications shall be deemed to have been received (w) if by personal delivery on the day after such delivery, (x) if by courier services or overnight mail
or delivery, on the day delivered, (y) if by facsimile, on the next day following the day on which such facsimile was sent, provided that it is followed immediately by confirmation by personal delivery or overnight mail that is received
pursuant to subclause (w) or (x) or (z) if by email, upon written confirmation of receipt by non-automated response. 
 9.2
Management Members’ Representative. 
 (a) Each of the Management Members has entered into an Agreement Among Management Members
(the “Agreement Among Management Members”) pursuant to which, inter alia, the Management Members have appointed JM as their initial agent, representative and attorney-in-fact (the “Management Members’
Representative”). 
 (b) Each Shareholder shall be entitled to rely upon the decision, actions, consents or instructions of the
Management Members’ Representative appointed pursuant to the Agreement Among Management Members as being the decision, action, consent or instruction of the Management Members and each of their respective Subordinate Shareholders in connection
with all matters set forth in this Agreement that are required to be taken up collectively by the Management Members and each of their respective Subordinate Shareholders. Each of the Company, Yahoo and SoftBank are hereby relieved from any
liability to any Management Member or any Subordinate Shareholder of any Management Member for any lawful acts done by them in accordance with such decision, act, consent, or instruction of the Management Members’ Representative. 

9.3 Expenses. Each party to this Agreement shall bear its respective expenses, costs and fees (including attorneys’ fees) in
connection with the transactions contemplated hereby, including the preparation, execution and delivery of this Agreement and compliance herewith, whether or not the transactions contemplated hereby shall be consummated. 

9.4 Entire Agreement. This Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both
written and oral, between the parties with respect to the subject matter hereof. This Agreement supersedes all prior shareholders agreements to which the Company and any shareholder is a party, including the Shareholders Agreement. 

9.5 Amendment and Waiver. 

(a) Except as otherwise provided herein, no amendment, alteration or modification of this Agreement shall be effective against the Company,
the Shareholders or the Subordinate Shareholders unless such amendment, alteration or modification is approved in writing by the Company, Yahoo, SoftBank and the Management Members’ Representative (or, if applicable, the Management Successor)
(which shall be the only parties whose approval shall be necessary to effect any such amendment, alteration or modification). 
 (b) No
waiver of any breach of any of the terms of this Agreement shall be effective unless such waiver is expressly made in writing and executed and delivered by the party against whom such waiver is claimed. The waiver by any party hereto of a breach of
any provision of this Agreement shall not operate or be construed as a further or continuing waiver of such breach or as a waiver of any other or subsequent breach. The failure of any party to enforce any provision of this Agreement shall not be
construed as a waiver of such provision and shall not affect the right of such party thereafter to enforce each provision of this Agreement in accordance with its terms. 

  
 18 

 (c) Notwithstanding anything to the contrary in this Agreement, for the purposes of this Section
9.5, references to “writing” shall not include email. 
 9.6 Binding Effect. This Agreement shall survive the death or
disability of each Shareholder and Subordinate Shareholder that is a natural person and shall be binding upon and inure to the benefit of the parties hereto and their respective heirs, executors, administrators, successors and permitted assigns.

 9.7 Severability. If any provision, including any phrase, sentence, clause, section or subsection, of this Agreement is invalid,
inoperative or unenforceable for any reason, such circumstances shall not have the effect of rendering such provision in question invalid, inoperative or unenforceable in any other case or circumstance, or of rendering any other provision herein
contained invalid, inoperative or unenforceable to any extent whatsoever. 
 9.8 Assignment. 

(a) Upon the earlier of the (i) the termination of membership in the Alibaba Partnership of both Management Members and (ii) the
death or incapacity of both Management Members, the most senior executive officer of the Company who is also a member of the Alibaba Partnership at the time (the “Management Successor”) shall execute a joinder to and become a party
to this Agreement (solely in his capacity as a shareholder of the Company) and be deemed a Management Member for all purposes herein (including, for the avoidance of doubt, Article 3 hereof). Upon the Management Successor’s ceasing to be a
member of the Alibaba Partnership or termination of employment as an executive officer of the Company for any reason, the then most senior executive officer of the Company who is also a member of the Alibaba Partnership shall execute a joinder to
and become a party to this Agreement (solely in his capacity as a shareholder of the Company) and become the Management Successor and be deemed a Management Member for all purposes herein. 

(b) Except as set forth in Section 9.8(a) hereof, this Agreement shall not be assignable or otherwise transferable by any party hereto
without the prior written consent of each of Yahoo, SoftBank and the Management Members’ Representative (or, if applicable, the Management Successor) (which shall be the only parties whose approval shall be necessary to effect any such
assignment), and any purported assignment or other transfer without such consent shall be void and unenforceable. 
 9.9 No Third Party
Beneficiaries. Nothing in this Agreement shall confer any rights upon any person or entity other than the parties hereto and their respective heirs, successors and permitted assigns. 

9.10 Termination. Subject to the foregoing, this Agreement shall terminate with respect to each Shareholder or Subordinate Shareholder,
in its capacity as a Shareholder or Subordinate Shareholder, respectively, at the time at which such Shareholder or Subordinate Shareholder, respectively, ceases to own any Equity Securities, except that such termination shall not affect
(a) the rights perfected or the obligations incurred by such Shareholder or Subordinate Shareholder, respectively, under this Agreement prior to such termination (including any liability for breach of this Agreement) and (b) the
obligations expressly stated to survive such cessation of ownership of Equity Securities. 
 9.11 Headings. The headings of this
Agreement are inserted for convenience only and do not constitute a part of this Agreement. 
 9.12 Counterparts. This Agreement may
be executed in any number of counterparts, each of which shall be an original and all of which taken together shall constitute one and the same agreement. 

[Signature pages follow] 

  
 19 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first above
written. 
  

			
	ALIBABA GROUP HOLDING LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to the Alibaba Group Voting Agreement] 

 
			
	YAHOO! INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	YAHOO! HONG KONG HOLDINGS LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to the Alibaba Group Voting Agreement] 

  

			
	SOFTBANK CORP.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	SB CHINA HOLDINGS PTE LTD
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	SBBM CORPORATION
		
	By:	 	  

	Name:	 	
	Title:	 	

 [Signature Page to the Alibaba Group Voting Agreement] 

 
			
	MANAGEMENT MEMBERS’ REPRESENTATIVE
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	THE SUBORDINATE SHAREHOLDERS LISTED ON SCHEDULE A HERETO UNDER JM’S AND JT’S NAMES
	
	  

	Name:	 	
	Attorney-in-fact

 [Signature Page to the Alibaba Group Voting Agreement]EX-10.8

 Exhibit 10.8 

FORM INDEMNIFICATION AGREEMENT 

THIS INDEMNIFICATION AGREEMENT (this “Agreement”) is made as of
                    , by and between Alibaba Group Holding Limited, a Cayman Islands company (the “Company”), and
                    (the “Indemnitee”), [a director/an executive officer] of the Company. 

WHEREAS, the Indemnitee has agreed to serve as [a director/an executive officer] of the Company and in such capacity will render valuable
services to the Company; and 
 WHEREAS, in order to induce and encourage highly experienced and capable persons such as the Indemnitee to
serve as directors and officers of the Company, the board of directors of the Company (the “Board”) has determined that it is reasonably prudent and necessary for the Company contractually to obligate itself to indemnify, and to
advance expenses on behalf of, such persons; 
 NOW, THEREFORE, in consideration of the premises and mutual agreements hereinafter set
forth, and other good and valuable consideration, including, without limitation, the service of the Indemnitee, the receipt of which hereby is acknowledged, and in order to induce the Indemnitee to serve, or continue to serve, as [a director/an
executive officer] of the Company, the Company and the Indemnitee hereby agree as follows: 
 1. Definitions. As used in this
Agreement: 
 a. “Change in Control” shall mean: 

(i) any “person” (as such term is used in Sections 13(d) and 14(d) of the United States Securities Exchange Act of 1934, as
amended, and the rules and regulations promulgated thereunder (collectively, the “Act”)), but excluding (1) the Company, (2) any trustee or other fiduciary holding securities pursuant to an employee benefit or welfare plan
or employee share plan of the Company or any subsidiary or affiliate of the Company, or any entity organized, appointed, established or holding securities of the Company with voting power for or pursuant to the terms of any such plan and
(3) any entity owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as their ownership of stock of the Company, becomes the “beneficial owner” (as defined in Rule 13d-3 under the
Act), directly or indirectly, of securities of the Company representing 45% or more of the combined voting power of the Company’s then outstanding securities without the prior approval of at least majority of the directors in office immediately
prior to such person’s attaining such interest; 
 (ii) any merger or consolidation of the Company with any other entity, other than a
merger or consolidation which would result in the voting securities of the Company outstanding immediately prior to such merger or consolidation continuing to represent (either by remaining outstanding or by being converted into voting securities of
the surviving entity) more than 50% of the combined voting power of the voting securities of the surviving entity outstanding immediately after such merger or consolidation and with the power to elect at least a majority of the Board or other
governing body of such surviving entity; 

 (iii) the approval by the shareholders of the Company of a complete liquidation of the Company
or an agreement for the sale or disposition by the Company, in one transaction or a series of related transactions, of all or substantially all of the Company’s assets; and 

(iv) any other event of a nature that would be required to be reported in response to Item 6(e) of Schedule 14A of Regulation 14A (or in
response to any similar item or any similar or successor schedule or form) promulgated under the Act whether or not the Company is then subject to such reporting requirements. 

b. “Disinterested Director” with respect to any request by the Indemnitee for indemnification or advancement of expenses
hereunder shall mean a director of the Company who neither is nor was a party to the Proceeding (as defined below) in respect of which indemnification or advancement is being sought by the Indemnitee. 

c. The term “Expenses” shall mean any expense, liability or loss, including, without limitation, damages, judgments, fines,
penalties, settlements (if, and only if, such settlement is approved in advance by the Company, which approval shall not be unreasonably withheld) and costs, attorneys’ fees and disbursements and costs of attachment or similar bond,
investigations, liabilities, losses, taxes, any expense paid or incurred in connection with investigating, defending, being a witness in, participating in (including on appeal), or preparing for any of the foregoing in, any Proceeding, and any
taxes, interests, assessments or other charges imposed as a result of the actual or deemed receipt of any payment under this Agreement. 

d. The term “Independent Legal Counsel” shall mean any firm of attorneys that is reasonably selected by the Board, so long as
such firm is not presently representing and has not in the preceding five (5) years represented the Company, the Company’s subsidiaries or affiliates, the Indemnitee, any entity controlled by the Indemnitee, or any party adverse to the
Company in any matter material to any such party (other than with respect to matters concerning the Indemnitee under this Agreement, or of other indemnitees under similar indemnification agreements). Notwithstanding the foregoing, the term
“Independent Legal Counsel” shall not include any person who, under applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the Company or the Indemnitee in an action to
determine the Indemnitee’s right to indemnification or advancement of expenses under this Agreement, the Company’s Amended and Restated Memorandum of Association and Articles of Association (the “Articles”), which became
effective immediately after the Company’s initial public offering, applicable law or otherwise. 
 e. The term
“Proceeding” shall mean any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation, inquiry, hearing or any other proceeding (including, without limitation, an appeal
therefrom), formal or informal, whether brought in the name of the Company or otherwise, whether of a civil, criminal, administrative or investigative nature, and whether by, in or involving a court or an administrative, other governmental or
private entity or body (including, without limitation, an investigation by the Company or its Board), in which the Indemnitee was, is or will be involved as a party or otherwise, by reason of (i) the fact that the Indemnitee is or was a
director (or a director appointee) or an executive officer of the Company, or is or was serving at the request of the Company as an agent of another enterprise, (ii) any actual or alleged act or omission or neglect or breach of duty, including,
without limitation, any actual or alleged error or misstatement or misleading statement, which the Indemnitee commits or suffers while acting in any such capacity, or (iii) the Indemnitee attempting to establish or establishing a right to
indemnification or advancement of expenses pursuant to this Agreement, the Articles, applicable law or otherwise, in each case whether or not the Indemnitee is acting or serving in any such capacity at the time any liability or expense is incurred
for which indemnification can be provided under this Agreement. 

  
 2 

 f. The phrase “serving at the request of the Company as an agent of another
enterprise” or any similar terminology shall mean, unless the context otherwise requires, serving at the request of the Company as a director, officer, employee or agent of another corporation, partnership, joint venture, limited liability
company, trust, employee benefit or welfare plan or other enterprise, foreign or domestic. The phrase “serving at the request of the Company” shall include, without limitation, any service as a director or an executive officer of the
Company which imposes duties on, or involves services by, such director or executive officer with respect to the Company or any of the Company’s subsidiaries, affiliates, employee benefit or welfare plans, such plan’s participants or
beneficiaries or any other enterprise, foreign or domestic. In the event that the Indemnitee shall be a director, officer, employee or agent of another corporation, partnership, joint venture, limited liability company, trust, employee benefit or
welfare plan or other enterprise, foreign or domestic, 50% or more of the ordinary shares, combined voting power or total equity interest of which is owned by the Company or any subsidiary or affiliate thereof, then it shall be presumed conclusively
that the Indemnitee is so acting at the request of the Company. 
 2. Indemnification. Subject to Section 6 below, the Company
hereby agrees to hold harmless and indemnify the Indemnitee to the fullest extent permitted by law, as such may be amended from time to time. In furtherance of the foregoing indemnification and without limiting the generality thereof: 

a. Proceedings by or in the Right of the Company. The Company shall indemnify the Indemnitee if the Indemnitee is a party to or
threatened to be made a party to or is otherwise involved in any Proceeding by or in the right of the Company to procure a judgment in its favor against all Expenses which are actually and reasonably incurred by the Indemnitee in connection with
such a Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in, or not opposed to, the best interests of the Company; except that no indemnification under this subsection shall be made in respect
of any claim, issue or matter as to which the Indemnitee shall have been adjudicated by final judgment by a court of competent jurisdiction to be liable to the Company for dishonesty, willful default or fraud in the performance of his/her duty to
the Company, unless and only to the extent that the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in view of all the circumstances of the case, the Indemnitee is fairly
and reasonably entitled to indemnity for such amounts which such court shall deem proper. 
 b. Proceedings Other than Proceedings by or
in the Right of the Company. The Company shall indemnify the Indemnitee if the Indemnitee is a party to or threatened to be made a party to or is otherwise involved in any Proceeding (other than a Proceeding by or in the right of the Company)
against all Expenses which are actually and reasonably incurred by the Indemnitee in connection with such a Proceeding, if the Indemnitee acted in good faith and in a manner the Indemnitee reasonably believed to be in, or not opposed to, the best
interests of the Company. 

  
 3 

 c. Indemnification for Expenses of Witness. Notwithstanding any other provision of this
Agreement, to the extent that the Indemnitee, has prepared to serve or has served as a witness or is made to respond to discovery requests in any Proceeding to which the Indemnitee is not a party, the Indemnitee shall be indemnified against all
Expenses actually and reasonably incurred by the Indemnitee in connection therewith. 
 d. Partial Indemnification. If Indemnitee is
entitled under any provision of this Agreement to indemnification by the Company for some or a portion of Expenses incurred in connection with any Proceedings, but not, however, for all of the total amount thereof, the Company shall nevertheless
indemnify Indemnitee for the portion of such Expenses to which Indemnitee is entitled. 
 3. Contribution. If the indemnification
provided in Section 2 above is unavailable to Indemnitee for any reason (other than those set forth in Section 6 below) in connection with a Proceeding in which the Company is jointly liable with Indemnitee (or would be if joined in such
Proceeding), the Company, in lieu of indemnifying Indemnitee thereunder, shall contribute to the amount of Expenses which are actually and reasonably incurred and paid or payable by the Indemnitee in such proportion as is deemed fair and reasonable
in light of all of the circumstances of such Proceeding in order to reflect (i) the relative benefits received by the Company and the Indemnitee and/or (ii) the relative fault of the Company and such Indemnitee in connection with the
transaction or events from which such Proceeding arose. The relative fault of the Company and the Indemnitee shall be determined by reference to, among other things, the parties’ relative intent, knowledge, access to information and opportunity
to correct or prevent the circumstances resulting in such Expenses. 
 4. Advancement of Expenses. The Expenses incurred by the
Indemnitee in any Proceeding shall be paid promptly by the Company in advance of the final disposition of the Proceeding at the written request of the Indemnitee to the fullest extent permitted by applicable law; provided, however, that the
Indemnitee shall set forth in such request reasonable evidence that such Expenses have been incurred by the Indemnitee in connection with such Proceeding and an undertaking in writing to repay any advances if it is ultimately determined as provided
in subsection 5(b) of this Agreement that the Indemnitee is not entitled to indemnification under this Agreement, the Articles, applicable law or otherwise. 

5. Indemnification Procedure; Determination of Right to Indemnification. 

a. Promptly after receipt by the Indemnitee of notice of the commencement of any Proceeding, the Indemnitee shall, if a claim for
indemnification in respect thereof is to be made against the Company under this Agreement, notify the Company of the commencement thereof in a written request, including therein or therewith such documentation and information as is reasonably
available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled to indemnification. The omission to so notify the Company will not relieve the Company from any liability which the Company may have
to the Indemnitee under this Agreement unless the Company shall have lost significant substantive or procedural rights with respect to the defense of any Proceeding as a result of such omission to so notify. 

  
 4 

 b. The Indemnitee shall be conclusively presumed to be entitled to indemnification under this
Agreement unless a determination is made that the Indemnitee is not entitled to indemnification under this Agreement, the Articles, applicable law or otherwise by one of the following two methods, which, if there has not been a Change in Control,
shall be at the election of the Board: (i) by a majority vote of the Board of a quorum consisting of Disinterested Directors or (ii) if a quorum of the Board consisting of Disinterested Directors is not obtainable or, even if obtainable,
said Disinterested Directors so direct, by Independent Legal Counsel in a written opinion to the Board, a copy of which shall be delivered to the Indemnitee. If a Change of Control shall have occurred and the Indemnitee so requests in writing, such
determination shall be made only by Independent Legal Counsel in the manner set forth in this subsection. 
 c. If (i) a determination
is made that the Indemnitee is not entitled to indemnification under this Agreement or (ii) a claim for indemnification or advancement of Expenses under this Agreement is not paid by the Company within thirty (30) days after receipt by the
Company of written notice thereof, the Indemnitee is entitled to an adjudication in any court of competent jurisdiction. Such judicial proceeding shall be made de novo. The burden of proving that indemnification or advances are not appropriate shall
be on the Company. Neither the failure of the directors of the Company or Independent Legal Counsel to have made a determination prior to the commencement of such action that indemnification or advancement of Expenses is proper in the circumstances
because the Indemnitee has met the applicable standard of conduct, if any, nor an actual determination by the directors of the Company or Independent Legal Counsel that the Indemnitee has not met the applicable standard of conduct shall be a defense
to an action by the Indemnitee or create a presumption for the purpose of such an action that the Indemnitee has not met the applicable standard of conduct. The termination of any Proceeding by judgment, order, settlement or conviction, or upon a
plea of nolo contendere or its equivalent, shall not, of itself (i) create a presumption that the Indemnitee did not act in good faith and in a manner which he reasonably believed to be in the best interests of the Company and/or its
shareholders, and, with respect to any criminal Proceeding, that the Indemnitee had reasonable cause to believe that his conduct was unlawful or (ii) otherwise adversely affect the rights of the Indemnitee to indemnification or advancement of
Expenses under this Agreement, except as may be provided herein. 
 d. If a court of competent jurisdiction shall determine that the
Indemnitee is entitled to any indemnification or advancement of Expenses hereunder, the Company shall pay all Expenses actually and reasonably incurred by the Indemnitee in connection with such adjudication (including, but not limited to, any
appellate proceedings). 

  
 5 

 e. With respect to any Proceeding for which indemnification or advancement of Expenses is
requested, the Company will be entitled to participate therein at its own expense and, except as otherwise provided below, to the extent that it may wish, the Company may assume the defense thereof, with counsel reasonably satisfactory to the
Indemnitee. After notice from the Company to the Indemnitee of its election to assume the defense of a Proceeding, the Company will not be liable to the Indemnitee under this Agreement for any Expenses subsequently incurred by the Indemnitee in
connection with the defense thereof, other than as provided below. The Company shall not settle any Proceeding in any manner which would impose any penalty or limitation on the Indemnitee without the Indemnitee’s written consent. The Indemnitee
shall have the right to employ his own counsel in any Proceeding, but the fees and expenses of such counsel incurred after notice from the Company of its assumption of the defense of the Proceeding shall be at the expense of the Indemnitee, unless
(i) the employment of counsel by the Indemnitee has been authorized by the Company, (ii) the Indemnitee shall have reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee in the conduct of the
defense of a Proceeding, or (iii) the Company shall not in fact have employed counsel to assume the defense of a proceeding, in each of which cases the fees and expenses of the Indemnitee’s counsel shall be advanced by the Company. The
Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company or as to which the Indemnitee has reasonably concluded that there may be a conflict of interest between the Company and the Indemnitee. 

f. Indemnitee shall give the Company such information and cooperation as it may reasonably require and as shall be within Indemnitee’s
power. Subject to Section 3, the Company shall not be liable to indemnify the Indemnitee under this Agreement with regard to any judicial action if the Company was not given a reasonable and timely opportunity, at its expense, to participate in
the defense, conduct and/or settlement of such action. 
 6. Limitations on Indemnification. Notwithstanding any provision in this
Agreement, the Company shall not be obligated under this Agreement to make any indemnity in connection with any claim made against the Indemnitee: 

a. in connection with any Proceeding initiated or brought voluntarily by the Indemnitee and not by way of defense, unless (i) the Board
authorized the Proceeding prior to its initiation or (ii) the Proceeding is to enforce indemnification rights under this Agreement, the Articles, applicable law or otherwise and either (A) Indemnitee is successful in such Proceeding in
establishing Indemnitee’s right, in whole or in part, to indemnification or advancement of Expenses hereunder (in which case such indemnification or advancement shall be to the fullest extent permitted by this Agreement) or (B) the court
in such Proceeding shall determine that, despite Indemnitee’s failure to establish his or her right to indemnification, Indemnitee is entitled to indemnity for such expenses (in which case such indemnification or advancement shall be to the
extent provided by such court); 
 b. in connection with the Indemnitee preparing to serve or serving, prior to a Change in Control, as a
witness in voluntary cooperation with any non-governmental or non-regulatory party or entity who or which has threatened or commenced any action or proceeding against the Company, or any director, officer, employee, trustee, agent, representative,
subsidiary, parent corporation or affiliate of the Company, but such indemnification may be provided by the Company if the Board finds it to be appropriate; 

c. for which payment has actually been made to the Indemnitee under a valid and collectible insurance policy, except in respect of any excess
beyond the amount of payment under such insurance policy; 

  
 6 

 d. for an accounting of profits made from the purchase or sale by the Indemnitee of securities of
the Company pursuant to the provisions of Section 16(b) of the Act or similar provisions of any foreign or United States federal, state or local statute or regulation; 

e. for which the Indemnitee is indemnified and actually paid other than pursuant to this Agreement; 

f. for conduct that is finally adjudged by a court of competent jurisdiction to have been caused by the Indemnitee’s dishonesty, wilful
default or fraud, including, without limitation, breach of the duty of loyalty, unless and only to the extent that the court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but in
view of all the circumstances of the case, the Indemnitee is fairly and reasonably entitled to indemnity for such amounts which such court shall deem proper; 

g. if a court of competent jurisdiction finally determines that such indemnification is unlawful. In this respect, the Company and the
Indemnitee have been advised that the Securities and Exchange Commission (the “SEC”) takes the position that indemnification for liabilities arising under securities laws is against public policy and is, therefore, unenforceable and
that claims for indemnification should be submitted to appropriate courts for adjudication; 
 h. in connection with the Indemnitee’s
personal tax matters; 
 i. subject to the proviso in Section 6(a) hereof, in connection with any dispute or breach arising under any
contract or similar obligation between the Company or any of its subsidiaries or affiliates and such Indemnitee; or 
 j. in connection with
any reimbursement made by Indemnitee to the Company pursuant to Section 304 of the Sarbanes-Oxley Act of 2002 (the “Sarbanes-Oxley Act”), Section 306 of the Sarbanes-Oxley Act or Section 954 of the Dodd–Frank Wall
Street Reform and Consumer Protection Act and the rules promulgated by the SEC thereunder. 
 7. Insurance. To the extent that the
Company maintains an insurance policy or policies providing liability insurance for directors, officers, employees, or agents or fiduciaries of the Company or of any other corporation, partnership, joint venture, trust, employee benefit plan or
other enterprise that such person serves at the request of the Company, the Indemnitee shall be covered by such policy or policies in accordance with its or their terms to the maximum extent of the coverage available for any director, officer,
employee, agent or fiduciary under such policy or policies. If, at the time of the receipt of a notice of a Proceeding pursuant to the terms hereof, the Company has directors’ and officers’ insurance in effect, the Company shall give
prompt notice of the commencement of such Proceeding to the insurers in accordance with the procedures set forth in the respective policies. The Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf
of the Indemnitee, all amounts payable as a result of such Proceeding in accordance with the terms of such policies. 
 8. No Employment
Rights. Nothing in this Agreement is intended to create in the Indemnitee any right to continued employment with the Company. 

  
 7 

 9. Continuation of Indemnification. All agreements and obligations of the Company
contained herein shall continue during the period that the Indemnitee is [a director/an executive officer] of the Company (or is or was serving at the request of the Company as an agent of another enterprise, foreign or domestic) and shall continue
thereafter so long as the Indemnitee shall be subject to any Proceeding by reason of the fact that the Indemnitee is or was [a director/an executive officer] of the Company or is or was serving in any other capacity referred to in this
Section 9. This Agreement shall continue in effect regardless of whether the Indemnitee continues to serve as [a director/an executive officer] of the Company or as an agent of another enterprise at the Company’s request. 

10. Indemnification Hereunder Not Exclusive. The indemnification provided by this Agreement shall not be deemed to be exclusive of any
other rights to which the Indemnitee may be entitled under the Articles, any agreement, vote of shareholders or vote of Disinterested Directors, provisions of applicable law, or otherwise, both as to action or omission in the Indemnitee’s
official capacity and as to action or omission in another capacity on behalf of the Company while holding such office. 
 11. Other
Indemnity Agreement. Other than this Agreement, the Company has not entered into as of the date hereof, and shall not enter into following the date hereof, any indemnification agreement or side letter or other similar agreement or arrangement
(collectively, an “Indemnity Agreement”), or amend any existing Indemnity Agreement, with any existing or future director/executive officer of the Company that has the effect of establishing rights or otherwise benefiting such
director/executive officer in a manner more favorable in any respect than the rights and benefits established in favor of the Indemnitee by this Agreement, unless, in each such case, the Indemnitee is offered the opportunity to receive the rights
and benefits of such Indemnity Agreement. All Indemnity Agreements shall be in writing. 
 12. Assignment; Successors and Assigns.
Neither this Agreement nor any of the rights or obligations hereunder may be assigned by either party thereto without the prior written consent of the other party, except that the Company may, without such consent, assign all such rights and
obligations to a successor in interest to the Company which assumes all obligations of the Company under this Agreement in a written agreement in form and substance satisfactory to the Indemnitee. Notwithstanding the foregoing, this Agreement shall
be binding upon and inure to the benefit of and be enforceable by and against the parties hereto and the Company’s successors (including any direct or indirect successor by purchase, merger, consolidation, or otherwise to all or substantially
all of the business and/or assets of the Company) and assigns, as well as the Indemnitee’s spouses, heirs, and personal and legal representatives. 

13. Subrogation. In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of
the rights of recovery of the Indemnitee, who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable the Company effectively to bring suit to enforce such rights. 

  
 8 

 14. Severability. Each and every section, sentence, term and provision of this Agreement
is separate and distinct so that if any section, sentence, term or provision thereof shall be held to be invalid, unlawful or unenforceable for any reason, such invalidity, unlawfulness or unenforceability shall not affect the validity, lawfulness
or enforceability of any other section, sentence, term or provision hereof. To the extent required, any section, sentence, term or provision of this Agreement may be modified by a court of competent jurisdiction to preserve its validity and to
provide the Indemnitee with the broadest possible indemnification permitted under applicable law. The Company’s inability, pursuant to a court order or decision, to perform its obligations under this Agreement shall not constitute a breach of
this Agreement. 
 15. Savings Clause. If this Agreement or any section, sentence, term or provision hereof is invalidated on any
ground by any court of competent jurisdiction, the Company shall nevertheless indemnify the Indemnitee as to any Expenses which are incurred with respect to any Proceeding to the fullest extent permitted by any (a) applicable section, sentence,
term or provision of this Agreement that has not been invalidated or (b) applicable law. 
 16. Interpretation; Governing Law.
This Agreement shall be construed as a whole and in accordance with its fair meaning and any ambiguities shall not be construed for or against either party. Headings are for convenience only and shall not be used in construing meaning. This
Agreement shall be governed and interpreted in accordance with Cayman laws without regard to the conflict of laws principles thereof. Each of the parties to this Agreement irrevocably agrees that the courts of the Cayman Islands shall have
nonexclusive jurisdiction to hear and determine any claim, suit, action or proceeding, and to settle any disputes, which may arise out of or are in any way related to or in connection with this Agreement, and, for such purposes, irrevocably submits
to the nonexclusive jurisdiction of such courts. 
 17. Amendments. No amendment, waiver, modification, termination or cancellation
of this Agreement shall be effective unless in writing signed by the party against whom enforcement is sought. The indemnification rights afforded to the Indemnitee hereby are contract rights and may not be diminished, eliminated or otherwise
affected by amendments to the Articles, or by other agreements, including directors’ and officers’ liability insurance policies, of the Company. 

18. Counterparts. This Agreement may be executed in one or more counterparts, all of which shall be considered one and the same
agreement and shall become effective when one or more counterparts have been signed by each party and delivered to the other. 
 19.
Notices. Any notice required to be given under this Agreement shall be directed to the General Counsel of the Company at c/o Alibaba Group Services Limited, 26/F Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong, and to the
Indemnitee at or to such other address as the Indemnitee shall designate to the Company in writing. 
 20. Entire Agreement. This
Agreement constitutes the entire agreement and supersedes all prior agreements and understandings, both written and oral, between the parties with respect to the subject matter hereof. 

[The remainder of this page is intentionally left blank] 

  
 9 

 IN WITNESS WHEREOF, the parties have executed this Indemnification Agreement as of the date first written above.

  

			
	ALIBABA GROUP HOLDING LIMITED
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	INDEMNITEE
		
	By:	 	  

	Name:	 	

  
 10

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