Document:

EX-4.7

 Exhibit 4.7 

INDEMNIFICATION AGREEMENT 

INDEMNIFICATION AGREEMENT (the “Agreement”) dated as of ______________ which shall be deemed to take effect from
                 between China Yuchai International Limited, a company incorporated under the laws of
Bermuda (the “Company”), and ___________________ (the “Indemnitee”). [To include if applicable: This Agreement supersedes and replaces any and all previous Agreements between the Company and Indemnitee covering indemnification
and advancement of expenses.] 
 WHEREAS: 

(A) It is essential to the Company to retain and attract as directors and officers the most capable persons available; 

(B) It is becoming increasingly difficult for companies to attract the most qualified and experienced people to serve as officers and directors
because of the tendency of increasing litigation and other challenges by stockholders and others against officers and directors of companies; and 

(C) In recognition of Indemnitee’s need for substantial protection against personal liability to enhance Indemnitee’s continued and
effective service to the Company, and to induce Indemnitee to provide such services to the Company as a director or officer, the Company wishes to provide in this Agreement for the indemnification of and the advancing of expenses to Indemnitee to
the fullest extent (whether partial or complete) permitted by law and as set forth in this Agreement, whether or not insurance is maintained to provide coverage for Indemnitee. 

NOW THEREFORE, in consideration of the foregoing and of Indemnitee’s continued service to the Company, the parties hereto agree as
follows: 
 1. Certain Definitions. Whenever used in this Agreement, the following words and phrases shall have the following
meanings: 
 “Affiliate” of any specified person means any other person directly or indirectly controlling or controlled by
or under direct or indirect common control with such specified person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as
used with respect to any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or
otherwise. 
 “Board” shall mean the Board of Directors of the Company. 

“Change in Control” shall be deemed to have occurred if: 

(i) any “person” or “group”, as such terms are used in Sections 3(a)(9), 13(d) and 14(d) of the United States Securities
Exchange Act of 1934, as amended (the “Exchange Act”), other than (x) Hong Leong Asia Ltd or any of its Affiliates or (y) any employee benefit plan sponsored by the Company or an Affiliate, becomes a “Beneficial Owner”,
as such term is used in Rule 13d-3 under the Exchange Act, of 30% or more of the “Voting Stock” (which means the capital stock of any class or classes of the Company having general voting power under
ordinary circumstances, in the absence of contingencies, to elect the directors of such corporation) of the Company; 

  
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 (ii) one-third or more of the Board consists of
individuals other than members of the Board on the date hereof (the “Incumbent Directors”); provided, however, that (x) any person becoming a director subsequent to such date whose election or nomination for election was
approved by two-thirds (but in no event less than two) of the directors who at the time of such election or nomination comprise the Incumbent Directors and (y) any person elected or designated a director
pursuant to the Amended and Restated Shareholders Agreement with respect to the Company, dated as of November 9, 1994, shall, in the case of both (x) and (y) above, for purposes of this Agreement, be considered an Incumbent Director; 

(iii) the Company adopts any plan of liquidation, or enters into any agreement, providing for the distribution of all or substantially all of
its assets; 
 (iv) the Company combines with another company (whether or not the Company is the surviving corporation) and immediately after
the combination, the stockholders of the Company immediately prior to the combination (other than stockholders who, immediately prior to the combination, were “Affiliates” of such other company) do not beneficially own, directly or
indirectly, more than 70% of the Voting Stock of the combines company; or 
 (v) any sale, lease, exchange or other transfer (in one
transaction or a series of related transactions) of all, or substantially all, the assets of the Company occurs. 
 Notwithstanding the foregoing, no Change
in Control shall be deemed to have occurred upon (i) the transfer, directly or indirectly, of the Company’s Special Share to Hong Leong Asia Ltd. or any of its Affiliates or (ii) any corporate reorganization or restructuring
occurring, as a result of, directly or indirectly, or otherwise in connection with, the Agreement between the Company and Guangxi Yuchai Machinery Company Limited, a Sino-foreign joint stock company incorporated under the laws of the People’s
Republic of China (“Yuchai”), in Yulin City on July 18-19, 2003 (“2003 Agreement”) and the subsequent agreements entered into in furtherance of the terms of the 2003 Agreement culminating
in the Cooperation Agreement dated June 30, 2007. 
 “Expenses” shall mean any expense, liability or loss, including
attorneys’ fees, judgments, fines, amounts paid or to be paid in settlement, any interest, assessments, or other charges imposed thereon, and any domestic or foreign taxes imposed as a result of the actual or deemed receipt of any payments
under this Agreement, paid or incurred in connection with investigating, defending, being a witness in, or participating in (including on appeal), or preparing for any Proceeding relating to any Indemnifiable Event. 

“Indemnifiable Event” shall mean any event or occurrence, whether occurring prior to or after the execution of this
Agreement, related to the Indemnitee serving or having served as a director or an officer of the Company, or, while a director or officer of the Company, is or was serving at the request of the Company as an agent or representative of the Company or
as a director, officer, employee, trustee, agent, or fiduciary of another foreign or domestic corporation (including, but not limited to, Yuchai), partnership, joint venture, employee benefit plan, trust, or other enterprise, or was a director,
officer, employee, or agent of a foreign or domestic corporation or of another enterprise at the request of the Company, or by reason of anything done or not done by Indemnitee in any such capacity, whether or not the basis of the Proceeding is
alleged action in an official capacity as a director, officer, employee, or agent or in any other capacity while serving as a director, officer, employee or agent of the company, as described above. 

  
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 “Independent Counsel” shall mean the person or body appointed in accordance
with Section 3. 
 “Proceeding” shall mean any threatened, pending, or completed action, suit, arbitration, alternative
dispute resolution mechanism, or any other proceeding (including an action by or in the right of the Company or Yuchai), whether civil, criminal, administrative or investigative, whether predicated on the law of any jurisdiction and whether formal
or informal, including, without limitation, Proceedings brought under or predicated upon the Securities Act of 1933, as amended (the “Securities Act”), the Exchange Act and their respective state counterparts or any rule or regulation
promulgated thereunder, or any inquiry, hearing, or investigation, whether conducted by the Company or Yuchai, a stockholder or bondholder of the Company or Yuchai, a governmental body, or any other party, that Indemnitee in good faith believes
might lead to the institution of any such action, suit, or proceeding. 
 “Reviewing Party” shall mean the person or body
appointed in accordance with Section 3. 
 2. Agreement to Indemnify. 

(a) General Agreement. In the event Indemnitee was, is, or becomes a party to or witness or other participant in, or is threatened to be
made a party to or witness or other participant in, a Proceeding by reason of (or arising out of) an Indemnifiable Event, the Company shall indemnify and hold harmless Indemnitee from and against any and all Expenses to the fullest extent permitted
by law applicable to the Indemnifiable Event, or as the same may exist currently or may hereafter be amended or interpreted (but in the case of any such subsequent amendments or interpretations, only to the extent that such amendments or
interpretations permit the Company to provide broader indemnification rights than were permitted prior thereto). The parties hereto intend that this Agreement shall provide for indemnification in excess of that expressly permitted by statute,
including, without limitation, any indemnification provided by the Company’s Bye-laws, vote of its stockholders’ or disinterested directors, or applicable law. 

(b) Initiation of Proceeding. Notwithstanding anything in this Agreement to the contrary, Indemnitee shall not be entitled to
indemnification pursuant to this Agreement in connection with any Proceeding initiated by Indemnitee against the Company or any director or officer of the Company unless (i) the Company has joined in or the Board has consented to the initiation
of such Proceeding; (ii) the Proceeding is one to enforce indemnification rights under Section 5 hereof; or (iii) the Proceeding is instituted after a Change in Control (other than a Change in Control approved by a majority of the
Incumbent Directors) and Independent Counsel has approved its initiation. 

  
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 (c) Expense Advances. If so requested by Indemnitee, the Company shall advance
(within ten business days of such request) any and all Expenses to Indemnitee (an “Expense Advance”), to the extent that the Company is permitted to do so under applicable law; provided that, if and to the extent the Reviewing Party
determines that Indemnitee would not be permitted to be so indemnified under applicable law, the Company shall be entitled to be reimbursed by Indemnitee (who hereby agrees to the reimburse the Company) for all such amounts theretofore paid in
connection with the Proceeding then in question. Without affecting the generality of the foregoing, the Company may advance moneys for costs, charges and expenses incurred by the offer in defending any civil or criminal proceedings against the
Indemnitee, on condition that the Indemnitee shall repay the advance if any allegation of fraud or dishonesty is proved against them. If Indemnitee has commenced or commences legal proceedings in a court of competent jurisdiction to secure a
determination that Indemnitee should be indemnified under applicable law, as provided in Section 4, any determination made by the Reviewing Party that Indemnitee would not be permitted to be indemnified under applicable law shall not be binding
and Indemnitee shall not be required to reimburse the Company for any Expense Advance until a final judicial determination is made with respect thereto (as to which all rights of appeal therefrom have been exhausted or have lapsed).
Indemnitee’s obligation to reimburse the Company for Expense Advances shall be unsecured and no interest shall be charged thereon. 

(d) Mandatory Indemnification. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee has been successful
on the merits in defense of any Proceeding relating in whole or in part to an Indemnifiable Event or in defense of any issue or matter therein, Indemnitee shall be indemnified against all Expenses incurred in connection therewith. 

(e) Partial Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some
or a portion of Expense, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for the portion thereof to which Indemnitee is entitled. 

3. Reviewing Party. Prior to any Change in Control, the Reviewing Party shall be any appropriate person or body consisting of a member
or members of the Board or any other person or body appointed by the Board who is not a party to the Proceeding at issue; after a Change in Control, the Reviewing Party shall be the Independent Counsel referred to below. With respect to all matters
arising after a Change in Control (other than a Change in Control approved by a majority of Incumbent Directors) concerning the rights of Indemnitee to indemnity payments and Expense Advances under this Agreement or any other agreement or under
applicable law or the Company’s Bye-laws now or hereafter in effect relating to indemnification for Indemnifiable Events, the Company shall seek advice only from Independent Counsel selected by Indemnitee
and approved by the Company (which approval shall not be unreasonably withheld), who is experienced in matters of corporation law and who has not otherwise performed services for the Company or the Indemnitee (other than in connection with
indemnification matters) within the last five years. The Independent Counsel shall not include any person who, under the applicable standards of professional conduct then prevailing, would have a conflict of interest in representing either the
Company or Indemnitee in an action to determine Indemnitee’s rights under this Agreement. Such counsel, among other things, shall render its written opinion to the Company and Indemnitee as to whether and to what extent the Indemnitee should be
permitted to be indemnified under applicable law. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel and to indemnify fully such counsel against any and all expenses (including attorneys’ fees), claims,
liabilities, loss and damages arising out of or relating to this Agreement or the engagement of Independent Counsel pursuant hereto. 

  
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 4. Indemnification Process and Appeal 

(a) Indemnification Payment. Indemnitee shall be entitled to indemnification of Expenses (to the extent permitted under applicable law),
and shall receive payment thereof, from the Company in accordance with this Agreement as soon as practicable after Indemnitee has made written demand on the Company for indemnification, unless the Reviewing Party has given a written opinion to the
Company that Indemnitee is not entitled to indemnification under applicable law. 
 (b) Suit to Enforced Rights. Regardless of any
action by the Reviewing Party, if Indemnitee has not received full indemnification within thirty days after making a demand in accordance with Section 4(a), Indemnitee shall have the right to enforce its indemnification rights under this
Agreement by commencing litigation in any court in The City of New York, State of New York, having subject matter jurisdiction thereof and in which venue is proper or in any other court of competent jurisdiction seeking an initial determination by
the court or challenging any determination by the Reviewing Party or any aspect thereof. The Company hereby consents to service of process and to appear in any such proceeding. Any determination by the Reviewing Party not challenged by the
Indemnitee shall be binding on the Company and Indemnitee. The remedy provided for in this Section 4 shall be in addition to any other remedies available to Indemnitee in law or equity. 

(c) Defense to Indemnification, Burden of Proof, and Presumptions. It shall be a defense to any action brought by Indemnitee against the
Company to enforce this Agreement (other than an action brought to enforce a claim for Expenses incurred in defending a Proceeding in advance of its final disposition where the required undertaking has been tendered to the Company) that it is not
permissible under applicable law (including but not limited to where the Indemnitee is guilty of any fraud or dishonesty in relation to the Company) or under this Agreement for the Company to indemnify Indemnitee for the amount claimed. In
connection with any such action or any determination by the Reviewing Party or otherwise as to whether Indemnitee is entitled to be indemnified hereunder, the burden of proving such a defense or determination shall be on the Company. Neither the
failure of the Reviewing Party or the Company (including its Board, independent legal counsel, or its shareholders) to have made a determination prior to the commencement of such action by Indemnitee that indemnification of the claimant is proper
under the circumstances because he has met the standard of conduct set forth in applicable law, nor an actual determination by the Reviewing Party or Company (including its Board, independent legal counsel, or its stockholders) that the Indemnitee
had not met such applicable standard of conduct, shall be a defense to the action or create a presumption that the Indemnitee has not met the applicable standard of conduct. For purposes of this Agreement, the termination of any claim, action, suit,
or proceeding, by judgment, order, settlement (whether with or without court approval), conviction, or upon a plea of nolo contendere, or its equivalent, shall not create a presumption that Indemnitee did not meet any particular standard of conduct
or have any particular belief or that a court has determined that indemnification is not permitted by applicable law. 
 5.
Indemnification for Expenses Incurred in Enforcing Rights. The Company shall indemnify Indemnitee against any and all Expenses that are incurred by Indemnitee in seeking (i) indemnification of Expenses by the Company under this Agreement
or any other agreement or under applicable law or the Company’s Bye-laws now or hereafter in effect relating to indemnification for Indemnifiable Events, and/or (ii) recovery under directors’
and officers’ liability insurance policies maintained by the Company, but only in the event that Indemnitee ultimately is determined to be entitled to such indemnification or insurance recovery, as the case may be. In addition, the Company
shall, if so requested by Indemnitee, advance the foregoing Expenses to Indemnitee (to the extent that the Company is permitted to under applicable law), subject to and in accordance with Section 2(c). 

  
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 6. Notification and Defense of Proceeding. 

(a) Notice. Promptly after receipt by Indemnitee of notice of the commencement of any Proceeding, Indemnitee will, if a claim in respect
thereof is to be made against the Company under this Agreement, notify the Company in writing (including a description of the nature of the Proceeding and the facts underlying the Proceeding) of the commencement thereof, and provide 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 following the final disposition of such Proceeding; but the omission
so to notify the Company will not relieve it from any liability that it may have to Indemnitee, except as provided in Section 6(c). 

(b) Defense. With respect to any Proceeding as to which Indemnitee notifies the Company of the commencement thereof, the Company will be
entitled to participate in the Proceeding at its own expense and except as otherwise provided below, to the extent the Company so wishes, it may assume the defense thereof with counsel reasonably satisfactory to Indemnitee. After notice from the
Company to Indemnitee of its election to assume the defense of any Proceeding, the Company will not be liable to Indemnitee under this Agreement or otherwise for any Expenses subsequently incurred by Indemnitee under this Agreement except as
otherwise provided below. Indemnitee shall have the right to employ his own counsel in such Proceeding, but all Expenses related thereto incurred after notice from the Company of its assumption of the defense shall be at Indemnitee’s expense
unless: (i) the employment of counsel by Indemnitee has been authorized by the Company, (ii) Indemnitee has reasonably determined that there may be a conflict of interest between Indemnitee and the Company in the defense of the Proceeding
and such determination has been affirmed any then existing Independent Counsel, (iii) after a Change in Control the employment of counsel by Indemnitee has been approved by the Independent Counsel, or (iv) the Company shall not in fact
have employed counsel to assume the defense of such Proceeding, in each of which case all Expenses of the Proceeding shall be borne 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 Indemnitee shall have made the determination provided for in (ii) above. 
 (c) Settlement of Claims.
The Company shall not be liable to indemnify Indemnitee under this Agreement or otherwise for any amounts paid in settlement of any Proceeding effected without the Company’s written consent, provided, however, that if a Change in Control has
occurred the Company shall be liable for indemnification of Indemnitee for amounts paid in settlement if the Independent Counsel has approved the settlement. The Company shall not settle any Proceeding in any manner that would impose any penalty or
limitation on Indemnitee without Indemnitee’s written consent. Neither the Company nor Indemnitee shall unreasonably withhold their consent to any proposed settlement. The Company shall not be liable to indemnify Indemnitee under this Agreement
with regard to any judicial award if the Company was not given a reasonable and timely opportunity, at is expense, to participate in the defense of such action; the Company’s liability hereunder shall not be excused if participation in the
Proceeding by the Company was barred by this Agreement. 

  
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 7. Establishment of Trust. In the event of a Change in Control the Company shall,
upon written request by Indemnitee, create a trust for the benefit of Indemnitee (the “Trust”) and from time to time upon written request of Indemnitee shall fund the Trust in an amount sufficient to satisfy any and all Expenses reasonably
anticipated at the time of each such request to be incurred in connection with investigating, preparing for, participating in, and/or defending any Proceeding relating to an Indemnifiable Event. The trustee of the Trust (the “Trustee”)
will be a bank or trust company or other individual or entity chosen by the Indemnitee and reasonably accepted to the Company. The amount or amounts to be deposited in the Trust pursuant to the foregoing funding obligation shall be determined by the
Reviewing Party. The terms of the Trust shall provide that (i) the Trust shall not revoked or the principal thereof invaded, without the written consent of Indemnitee, (ii) the Trustee shall advance, within ten business days of a request
by Indemnitee, any and all Expenses to Indemnitee (and Indemnitee hereby agrees to reimburse the Trust under the same circumstances for which Indemnitee would be required to reimburse the Company under Section 2(c) of this Agreement,
(iii) the Trust shall continue to be funded by the Company in accordance with the funding obligation set forth above, (iv) the Trustee shall promptly pay to Indemnitee all amounts for which Indemnitee shall be entitled to indemnification
pursuant to this Agreement or otherwise, and (v) all unexpended funds in the Trust shall revert to the Company upon a final determination by the Reviewing Party or a court of competent jurisdiction, as the case may be, that Indemnitee has been
fully indemnified under the terms of this Agreement. The Trustee shall be chosen by Indemnitee. Nothing in this Section 7 shall relieve the Company of any of its obligations under this Agreement. All income earned on the assets held in the
trust shall be reported as income by the Company for federal, state, local, and foreign tax purposes. The Company shall pay all costs of establishing and maintaining the Trust, and shall indemnify the Trustee against any and all expenses (including
attorneys’ fees), claims, liabilities, loss and damages arising out of or relating to this Agreement or the establishment and maintenance of the Trust. 

8. Non-Exclusivity. The rights of Indemnitee hereunder shall be in addition to any other rights
Indemnitee may have under the Company’s Bye-laws, applicable law, or otherwise. To the extent that a change in applicable law (whether by statute or judicial decision) permits greater indemnification by
agreement than would be afforded currently under the Company’s Bye-laws, applicable law, or this Agreement, it is the intent of the parties that Indemnitee enjoy by this Agreement the greater benefits so
afforded by such change. 
 9. Liability Insurance. To the extent the Company maintains an insurance policy or policies providing
directors’ and officers’ liability insurance, 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 Company director or officer. 

10. Period of Limitations. No legal action shall be brought and no cause of action shall be asserted by or on behalf of the Company or
any Affiliate of the Company against Indemnitee, Indemnitee’s spouse, heirs, executors, or personal or legal representatives after the expiration of two years from the date of accrual of such cause of action, or such longer period as may be
required by state of law under the circumstances. Any claim or cause of action of the Company or its Affiliate shall be extinguished and deemed released unless asserted by the timely filing of a legal action within such period; provided, however,
that if any shorter period of limitations is otherwise applicable to any such cause of action, the shorter period shall govern. 

  
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 11. Retroactivity. This Agreement shall be deemed to have been in effect during all
periods that Indemnitee was an officer or director of the Company, regardless of the date of this Agreement. 
 12. Amendment of this
Agreement. No supplement, modification, or amendment of this Agreement shall be binding unless executed in writing by both of the parties hereto. No waiver of any of the provisions of this Agreement shall be binding unless in the form of a
writing signed by the party against whom enforcement of the waiver is sought, and no such waiver shall operate as a waiver of any other provisions hereof (whether or not similar), nor shall such waiver constitute a continuing waiver. Except as
specifically provided herein, no failure to exercise or any delay in exercising any right or remedy hereunder shall constitute a waiver thereof. 

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 Indemnitee, who shall execute all papers reasonably required and shall do everything that may be reasonably necessary to secure such rights, including the execution of such documents necessary to enable the Company
effectively to bring suit to enforce such rights. 
 14. No Duplication of Payments. The Company shall not be liable under this
Agreement to make any payment in connection with any claim made against Indemnitee to the extent Indemnitee has otherwise received payment (under any insurance policy, Bye-laws, or otherwise) of the amounts
otherwise indemnifiable hereunder. 
 15. Binding Effect. This Agreement shall be binding upon and inure to the benefit of and be
enforceable by the parties hereto and their respective 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), assigns,
spouses, heirs, and personal and legal representatives. The Company shall require and cause any successor (whether direct or indirect by purchase, merger, consolidation, or otherwise) to all, substantially all, or a substantial part, of the business
and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform if
no such succession had taken place. The indemnification provided under this Agreement shall continue as to Indemnitee for any action taken or not taken while serving in an indemnified capacity pertaining to an Indemnifiable Event even though he may
have ceased to serve in such capacity at the time of any Proceeding. 
 16. Severability. If any provision (or portion thereof) of
this Agreement shall be held by a court of competent jurisdiction to be invalid, void, or otherwise unenforceable, the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent possible,
the provisions of this Agreement (including without limitation, each portion of this Agreement containing any provision held to be invalid, void, or otherwise unenforceable, that is not itself invalid, void or unenforceable) shall be construed so as
to give effect to the intent manifested by the provision held invalid, void, or unenforceable. 
 17. Governing Law and Language. This
Agreement shall be governed by and construed and enforced in accordance with the laws of the State of New York. This Agreement shall be executed in English and Chinese and both versions shall have the same legal effect. In the event of any
discrepancy between the two versions, the English version shall prevail. 

  
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 18. Consent Jurisdiction. 

(a) The parties irrevocably agree that any United States Federal or State court in the Borough of Manhattan, The City of New York, State of New
York are to have jurisdiction to settle any disputes which may arise out of or in connection with this Agreement and that, accordingly, any legal action or proceedings arising out of or in connection with this Agreement may be brought in such courts
and the parties irrevocably submit to the jurisdiction of such courts. 
 (b) Nothing in this Section shall limit the right of any party to
take any legal action or proceedings arising out of or in connection with this Agreement in any other court of competent jurisdiction nor shall the taking of Proceedings in one or more jurisdictions preclude any party from taking Proceedings in any
other jurisdiction, whether concurrently or not. 
 19. Notices. All notices, demands, and other communications required or permitted
hereunder shall be made in writing and shall be deemed to have been duly given if delivered by hand against receipt, mailed postage prepaid by certified or registered mail with return receipt requested or sent by facsimile transmission with
acknowledging transmission requested and received and addressed as follows: 
  

			
	COMPANY:	  	
		
	INDEMNITEE:	  	

 Notice of change of address or facsimile number shall be effective only when given in accordance with
this Section. All notices complying with this Section shall be deemed to have been received on the earlier of the date of delivery or on the third business day after mailing. 

(Signature Page Follows) 

  
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 IN WITNESS WHEREOF, the parties hereto have executed this Agreement on and as of the day and
year first above written. 
  

			
	CHINA YUCHAI INTERNATIONAL LIMITED
		
	By	 	  

		 	Name:
		 	Title : Director
		
		 	  

		 	Name:
		 	Title : Director
	
	INDEMNITEE
		
		 	  

		 	Name:
		 	Title :

  
 Page 10 of 10EX-10.28

 Exhibit 10.28 

 
 

 
  

 March 24, 2022 

Michael J Loparco 
 9 South Treasure Drive 

Tampa, FL 33609 
 Dear Michael, 

Congratulations! On behalf of Symbotic, we are excited to offer you the position of Chief Executive Officer based out of our Wilmington, Massachusetts
location. You initially will serve as Chief Executive Officer of Symbotic LLC and its parent entity, Warehouse Technologies LLC (together with its affiliates from time to time, “Symbotic” or “Company”) and, subject to and
following the closing (“Closing”) of the business combination between Warehouse Technologies Inc., SVF Investment Corp. 3 and certain other parties (the surviving parent entity being referred to as “SVF”), you will be appointed
the Chief Executive Officer of SVF (to be renamed Symbotic Inc.). This position will report directly to the Chairman of the Board of Managers of Warehouse Technologies LLC (or, after the Closing, the Board of Directors of Symbotic Inc.) (the
“Board”) and the Board. Your start date will be April 4, 2022. After the Closing, you will also serve as a member of the Board, for no additional compensation. 

We feel your background and experience will be a beneficial addition to our team. The focus, intensity and dedication you bring with you will prove valuable
as we continue the work of building Symbotic into one of the most admired companies in America. 
 Compensation 

You will receive an initial annual salary of $700,000 less applicable taxes and withholdings, paid in accordance with Symbotic’s payroll schedule, which
is currently bi-weekly payments paid one week in arrears. 
 Sign-on
Bonus 
 You also will receive a sign-on bonus of $500,000, less applicable taxes and withholdings. Half of the
bonus ($250,000 gross) will be paid within 30 days of the first day of your employment, and half will be paid within 30 days after you have been employed by Symbotic for six months. The full sign-on bonus is
repayable to Symbotic if, prior to the completion of two years of employment with Symbotic, you either are notified by Symbotic that your employment will be terminated for Cause (defined below) or you provide notice to Symbotic that you intend to
voluntarily terminate your employment without Good Reason (defined below). 
 Incentive Plan 

You will be eligible to participate in Symbotic’s Performance Incentive Plan with a target opportunity equal to 100% of your base salary earned for the
applicable year; provided that your target opportunity for the current fiscal year will be calculated based on your annualized salary without proration from your start date. Under the provisions of this plan, you are eligible for a discretionary
bonus to the extent that both professional and organizational goals are achieved. Incentive pay is discretionary, and all employees must be in good standing with Symbotic at the time of the incentive payment in order to be eligible. 

 

  

			
	

	  	200 Research Drive • Wilmington, MA 01887 • 978.284.2800 • www.symbotic.com

 

 
  

 Equity Awards 

We are offering you this position at a time when Symbotic is expected to become a publicly traded company through a business combination with a special purpose
acquisition company (SPAC). Provided that Symbotic becomes a publicly traded company in connection with the pending transaction with SVF, as soon as practicable thereafter and subject to approval by the Board, Symbotic Inc. shall grant you
restricted and performance stock unit awards relating to an aggregate number of shares equal to $12,000,000 divided by (i) the 5-day average closing price per share of the stock during the first five
trading days following but not including the date of the Closing or (ii) if earlier, the closing price per share of stock on the trading day immediately prior to the date of grant (the “Equity Award”). 

 

	 	•	 	 One-third of the Equity Award will be in the form of restricted stock
units (the “RSU Award”) that vest over three years, subject to your continued employment through each vesting date, with one-third of the RSU Award vesting on the first anniversary of the RSU Award
grant date, and the remaining two-thirds vesting on a quarterly basis over the next two years. 

  

	 	•	 	 The remaining two-thirds of the Equity Award will be in the form of
performance stock units (the “PSU Award”) that will vest, subject to your continued employment, on the third anniversary of the PSU Award grant date to the extent that the performance vesting conditions are achieved. The performance
vesting conditions for the PSU Award will provide that: (a) 16.67% of the PSU Award will be tied to the achievement of Symbotic’s EBITDA target for fiscal year 2023, and 16.67% of the PSU Award will be tied to the achievement of Symbotic’s
EBITDA target for fiscal year 2024, or (b) 50% of the PSU Award will be tied to the achievement of Symbotic’s EBITDA target for fiscal year 2025, whichever (a) or (b) results in the vesting of a greater portion of the PSU Award (the
“EBITDA PSUs”); and (x) 16.67% of the PSU Award will be tied to the achievement of Symbotic’s revenue target for fiscal year 2023, and 16.67% of the PSU Award will be tied to the achievement of Symbotic’s revenue target for
fiscal year 2024, or (y) 50% of the PSU Award will be tied to the achievement of Symbotic’s revenue target for fiscal year 2025, whichever (x) or (y) results in the vesting of a greater portion of the PSU Award (the “Revenue
PSUs”). For each of the EBITDA PSUs and the Revenue PSUs, the portion of the award that will vest will be determined in accordance with the following scale: 

 

			
	 Achievement of Target
	 	 Portion of Award that Vests*

	 100% or greater
	 	100%
	 80%
	 	50%
	 60%
	 	25%
	 Less than 60%
	 	0%

  

	*	 Vesting will be determined using straight-line interpolation for achievement between performance levels. Any
fractional shares will be rounded down to the next whole share. 

 Any unvested portion of the Equity Award will be forfeited
(x) on a termination of your employment except as provided below, or, (y) with respect to the PSU Award, if the applicable performance vesting conditions are not achieved. The terms of the RSU Award and PSU Award will be set forth in award
agreements that will be provided to you in connection with the grant of the Equity Award. In the event of any inconsistency between such award agreements and this offer letter, the terms of the award agreements will control. 

  

			
	

	  	200 Research Drive • Wilmington, MA 01887 • 978.284.2800 • www.symbotic.com

 

 
  

 In addition, starting in fiscal year 2023 you will be eligible to participate in Symbotic Inc.’s equity
award program that is expected to be adopted by the Board. The estimated target of the grant date value of your annual award is approximately $5,000,000 (calculated based on the number of shares of Symbotic Inc. granted multiplied by the closing
price of the stock on the day prior to grant), provided, however, that the nature and actual amount of awards granted under that program will be determined by the Board at its discretion. 

Separation Allowance 
 If you are involuntarily separated
from Symbotic at any time for any reason other than “Cause” or if you voluntarily separate from Symbotic for “Good Reason” (each, an “Involuntary Termination”), you will receive (the “Separation Allowance”):
(a) medical benefits continuation for a period of twelve months (either through full COBRA premium reimbursement, subject to your timely COBRA election, or through the continuation of benefits as if your employment continued, at Symbotic’s
discretion); (b) eighteen months of severance at your then-current annual base salary, less applicable taxes and withholdings, paid in accordance with Symbotic’s normal payroll schedule and (c) an additional severance payment in the amount
equal to your prorated target bonus at that time under the Performance Incentive Plan (or its successor) (such proration based on the number of days from January 1 through the date of termination divided by 365) multiplied by the company bonus
achievement percentage applicable to the company’s senior management for the applicable year, less applicable taxes and withholdings, paid on the regularly scheduled payday upon which bonuses for such year are paid to the company’s senior
management. 
 If your Involuntary Termination occurs within six months following a “Change of Control,” you instead will receive as the Separation
Allowance: (a) medical benefits continuation for a period of eighteen months (either through full COBRA premium reimbursement or through the continuation of benefits as if your employment continued, at Symbotic’s discretion); (b) severance
in the amount of the sum of your target bonus at that time under the Performance Incentive Plan (or its successor) plus eighteen months of your then-current annual base salary, such sum paid, less applicable taxes and withholdings, in accordance
with Symbotic’s normal payroll schedule; and (c) immediate vesting in full of your Equity Award, with any performance-based vesting conditions deemed earned at (x) at the actual performance level for any completed performance periods
and (y) at 100% of the target level for any incomplete performance periods, each as measured at the time of the Involuntary Termination. In addition, the Equity Award shall provide that (x) upon your death or disability the Equity Award
will immediately vest on a prorated basis, with (i) any performance-based vesting conditions deemed earned at 100% of target level and (ii) such proration based on the number of days from (and including) the grant date through the date of
such death or disability divided by the number of days from (and including) the grant date through the expected vesting date (for example, and for illustrative purposes only, if the separation were to occur on the second anniversary of the of the
above-referenced PSU Award grant date, two-thirds of the PSU Award would immediately vest) and (y) if, after a Change of Control the surviving or successor entity does not assume or issue substitute
awards that will substantially preserve the otherwise applicable terms of the Equity Award, the Equity Award will vest (whether or not an Involuntary Termination occurs) in accordance with clause (c) of the preceding sentence. For the avoidance
of doubt, for any equity awards granted to you other than the Equity Award, the terms of the equity award grants made pursuant to Symbotic’s equity award program that is expected to be adopted by the Board will apply to the change of control
treatment thereof rather than the terms set forth above relating to the Equity Award. 
  

  

			
	

	  	200 Research Drive • Wilmington, MA 01887 • 978.284.2800 • www.symbotic.com

 

 
  

 If any payment or benefit you would receive in connection with a Change of Control (“Payment”)
would (i) constitute a “parachute payment” within the meaning of Section 280G of the Internal Revenue Code (the “Code”), and (ii) but for this paragraph, be subject to the excise tax imposed by Section 4999 of the
Code (the “Excise Tax”), then Symbotic shall cause to be determined, before any amounts of the Payment are paid to you, which of the following two alternative forms of payment shall be paid to you: (A) payment in full of the entire
amount of the Payment (a “Full Payment”), or (B) payment of only a part of the Payment so that you receive the largest payment possible without the imposition of the Excise Tax (a “Reduced Payment”). A Full Payment shall be
made in the event that the amount received by you on a net after-tax basis is greater than what would be received by you on a net after-tax basis if the Reduced Payment
were made, otherwise a Reduced Payment shall be made. If a Reduced Payment is made, (i) the Payment shall be paid only to the extent permitted under the Reduced Payment alternative, and you shall have no rights to any additional payments and/or
benefits constituting the Payment, and (ii) reduction in payments and/or benefits shall occur in the following order: (A) reduction of cash payments; (B) cancellation of accelerated vesting of equity awards; and (C) reduction of
other benefits paid to you. In the event that acceleration of compensation from your equity awards is to be reduced, such acceleration of vesting shall be canceled in the reverse order of the date of grant. 

The Separation Allowance payments and benefits are contingent on your signing a general release, confidentiality,
non-disparagement, and non-competition agreement satisfactory to Symbotic within 21 days after your termination date (or such later period determined by Symbotic in
order to comply with applicable law), and not revoking that agreement. The cash Severance Benefits will begin to be paid within two payroll periods after the general release, confidentiality,
non-disparagement, and non-competition agreement is fully executed and effective, with the first payment containing any amounts that otherwise would have been paid following termination. Further, you
acknowledge and agree that the Separation Allowance is in lieu of any payments or benefits under any current or future severance plan of Symbotic, and you therefore waive and agree not to make any claims for such payments or benefits; provided that
you will retain the right to any change of control treatment set forth in the terms of any equity grants that is more favorable to you than the terms set forth in this offer letter. 

“Cause” means: (a) the failure (other than failure resulting from your incapacity due to physical or mental illness) to satisfactorily perform
any material duties to Symbotic (including, without limitation, breach of any of Symbotic’s policies) which failure remains uncured or continues after thirty business days’ written notice from the Board (or five business days if the breach
results from failure to satisfactorily carry out a lawful order or directive of the Board or Chairman of Symbotic), provided that no such notice will be required if such breach is not capable of cure, as reasonably determined by the Board;
(b) a conviction (including any pleas of guilty or nolo contendere) of any felony or crime of moral turpitude, (c) gross misconduct or a conviction (including any pleas of guilty or nolo contendere) of other crime, in either cases that
Symbotic reasonably determines either (x) adversely impacts your ability to continue performing services to Symbotic or (y) may adversely impact Symbotic’s business (either financially or reputationally); (d) acts of theft,
embezzlement, fraud, dishonesty, misrepresentation or falsification of documents or records involving Symbotic; (e) violation of any law or administrative regulation related to Symbotic’s business or disqualification or bar by any
governmental agency from serving in your role to Symbotic; or (f) use of Symbotic’s equipment, facilities or premises to conduct unlawful or unauthorized activities or transactions. 

  

			
	

	  	200 Research Drive • Wilmington, MA 01887 • 978.284.2800 • www.symbotic.com

 

 
  

 “Good Reason” means any of the following actions taken without your consent: (a) a material
reduction in your annual base salary or target annual bonus opportunity (expressed as a percentage of annual base salary), in either case other than a reduction that is applied broadly to other senior executives of Symbotic; (b) a material
reduction in the scope of your duties and responsibilities, including any adverse change in your title or a requirement that you report directly to anyone other than the Chairman of Symbotic or Symbotic’s Board of Directors (or, if different,
the Chair of the board of directors of Symbotic’s ultimate parent entity in the event of a Change of Control or such board) (for the sake of clarity, a reduction in the size of Symbotic overall would not constitute a reduction in the scope of
your duties), (c) the transfer of your primary work location to a new primary work location that is more than 50 miles away or (d) the failure of (i) the Closing to occur or (ii) Symbotic to otherwise become a publicly-traded company
within one (1) year of the commencement of your employment. In order for a termination to constitute a separation for Good Reason, (i) you must notify the Board of the circumstances claimed to constitute Good Reason in writing no later
than the 60th day after they have arisen or occurred, (ii) Symbotic must not have cured such circumstances within 30 days of receipt of such notice, and (iii) you terminate employment within 120 days of the date on which the circumstances
claimed to constitute Good Reason first arose or occurred. 
 “Change of Control” has the meaning set forth in the Second Amended and Restated
Limited Liability Company Agreement of Symbotic Holdings LLC, as may be amended or otherwise modified from time to time in accordance with the terms thereof. For the avoidance of doubt, the consummation of the business combination with SVF shall not
constitute a Change of Control. 
 Benefits 
 Symbotic
offers a competitive employee benefits package, understanding that benefits are a significant aspect of one’s overall compensation. Details of Symbotic’s benefits program will be provided to you separately. 

Temporary Housing, Business Travel and Legal Fees 

Symbotic will coordinate with you to provide you with suitable temporary accommodations within a reasonable commuting distance of the company’s
Wilmington, MA office for up to six months while and until you find your own housing in the area. The temporary accommodations will be mutually agreed upon and reasonably acceptable to both you and Symbotic. 

Symbotic has a time-share agreement in place with respect to the business use of a private aircraft. Subject to that aircraft (or its replacement, if any)
being available, you will be able to use the private aircraft for your business use on a reasonable basis in connection with your business travel. Symbotic reserves the right to change its policies regarding the use of corporate aircraft at any
time. 
 Symbotic will reimburse you for up to $15,000 of legal fees incurred by you in connection with the negotiation and preparation of this offer letter
and related documentation. 
 Other Terms 
 This offer
is contingent upon the signing of our employee Invention, Non-Disclosure and Non-Solicitation Agreement and our employee
Non-Competition Agreement, both which you will find attached, and successful completion of a background check and references. 

The validity, interpretation, construction and performance of this offer letter will be governed by the laws of the Commonwealth of Massachusetts without
regard to its conflicts of law principles. No provisions of this offer letter may be amended, modified, or waived unless such amendment or modification is agreed to in writing signed by you and by a duly authorized officer of Symbotic, and such
waiver is set forth in writing and signed by the party to be charged. 
  

  

			
	

	  	200 Research Drive • Wilmington, MA 01887 • 978.284.2800 • www.symbotic.com

 

 
  

 This offer letter is intended to comply with the requirements of Section 409A of the Internal Revenue
Code of 1986, as amended (the “Code”) (together with the applicable regulations thereunder, “Section 409A”) and will be interpreted in accordance with such intent. For purposes of Section 409A, each payment made under this
offer letter will be treated as a separate payment. If necessary to comply with the restriction in Section 409A(a)(2)(B) of the Code concerning payments to “specified employees” (as defined in Section 409A) any payment on account
of your separation from service that would otherwise be due hereunder within six months after such separation will nonetheless be delayed until the first business day of the seventh month following your date of termination and the first such payment
will include the cumulative amount of any payments that would have been paid prior to such date if not for such restriction. All reimbursements provided under this offer letter will be made or provided in accordance with the requirements of
Section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during your lifetime, (ii) the amount of expenses eligible for reimbursement during a calendar year may not affect the
expenses eligible for reimbursement in any other calendar year, (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred, and (iv) the
right to reimbursement is not subject to liquidation or exchange for another benefit. 
 If you have any questions, please feel free to contact me. 

Sincerely, 

	
	
	 /s/ Richard B. Cohen

	Richard B. Cohen
	Symbotic LLC
	200 Research Drive, Wilmington, MA 01887

  

  

			
	

	  	200 Research Drive • Wilmington, MA 01887 • 978.284.2800 • www.symbotic.com

 

 
  

 We look forward to the opportunity to have you join our team. Please indicate your acceptance of this offer
below. 
  

					
	 /s/ Michael J. Loparco
	  		  	 3/24/2022

	Michael J. Loparco	  		  	Date

  

This letter contains all of the terms of the offer of employment to you and supersedes any other
representations or offers made to you in connection with your employment. Your employment with Symbotic is at-will and is subject to standard employment policies and practices which Symbotic reserves the right
to amend at any time with or without notice. Your employment is also conditional on your signing the enclosed employee invention, Non-Disclosure and Non-Solicitation
Agreement and the enclosed employee Non-Competition Agreement. Your hours In this position may fluctuate each pay period; the salary amount listed in this offer will compensate you for any and all hours
worked.     

 cc: Personnel File 
  

  

			
	

	  	200 Research Drive • Wilmington, MA 01887 • 978.284.2800 • www.symbotic.com

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