Document:

Share Purchase Agreement, among the Registrant and other parties

  
 Exhibit 4.6 

EXECUTION VERSION 
 Dated
9 September 2010 
  
  

SHARE PURCHASE AGREEMENT 

Regarding Series F Preferred Shares in 
 Youku.com Inc. 
 (a private company limited by shares incorporated in the Cayman Islands)

  
  

  
 TABLE OF CONTENTS

  

							
	 1.
	  	 INTERPRETATION
	  	 	2	  
	 2.
	  	 SUBSCRIPTION FOR SERIES F PREFERRED SHARES
	  	 	9	  
	 3.
	  	 CONDITIONS PRECEDENT AND COVENANTS OF THE COMPANY
	  	 	9	  
	 4.
	  	 CONDITIONS PRECEDENT AND COVENANTS OF THE SERIES F INVESTORS
	  	 	12	  
	 5.
	  	 CLOSING
	  	 	13	  
	 6.
	  	 WARRANTIES
	  	 	15	  
	 7.
	  	 SERIES F INVESTOR WARRANTIES
	  	 	16	  
	 8.
	  	 CERTAIN US TAX MATTERS
	  	 	17	  
	 9.
	  	 INDEMNIFICATION
	  	 	19	  
	 10.
	  	 SPECIAL COVENANTS AFTER CLOSING
	  	 	20	  
	 11.
	  	 NOTICES
	  	 	20	  
	 12.
	  	 CONFIDENTIALITY
	  	 	21	  
	 13.
	  	 COSTS AND EXPENSES
	  	 	23	  
	 14.
	  	 MISCELLANEOUS
	  	 	23	  
	 15.
	  	 DISPUTE RESOLUTION
	  	 	27	  

  
 Youku.com Inc. 

(a private company limited by shares incorporated in the Cayman Islands) 
 Series F Preferred Share Purchase Agreement 
 THIS SHARE PURCHASE AGREEMENT (this
“Agreement”) is made on this 9th day of September, 2010.

 BY AND AMONG 
  

	1.	 Youku.com Inc., a Cayman Islands exempted company organized and existing under the laws of the Cayman Islands, with its registered office at Scotia
Centre, 4th Floor, P.O. Box 2804, George Town, Grand Cayman, Cayman Islands
(the “Company”); and 

  

	2.	The investors (each a “Series F Investor” and, collectively, the “Series F Investors”) set forth on the Series F Investor Signature Pages
to this Agreement. For purposes of clarity, to the extent an investor set forth on the Series F Investor Signature Pages is a fund for whom an investment advisor has signed on behalf of, the “Series F Investor” is the fund set forth
on the signature pages and not any investment adviser signing on behalf of such fund. 

 The Company and the Series F Investors may
hereinafter collectively be referred to as “Parties” and respectively referred to as “Party”. 
 WHEREAS:

 (A) The Company is a private company incorporated in the Cayman Islands with capitalization as before and after the Closing (as defined below in
Section 2.1.1) set out in Schedule 1 attached hereto. 
 (B) By a Board resolution dated the date hereof, 100,465,709 of the
Company’s Class F Convertible Preferred Shares, US$0.00001 par value (the “Series F Preferred Shares”) shall be issued and allotted to the Series F Investors pursuant to the terms hereof. 

(C) Simultaneously with the execution of this Agreement, the Parties hereto and the holders of the Company’s Series A Preferred Shares (the “Series A
Preferred Shareholders”), the holders of the Company’s Series B-1 Preferred Shares (the “Series B-1 Preferred Shareholders”), the holders of the Company’s Series B-2 Preferred Shares (the “Series B-2
Preferred Shareholders”, and together with the Series B-1 Preferred Shareholders, the “Series B Shareholders”), the holders of the Company’s Series C Preferred Shares (the “Series C Preferred
Shareholders”), the holders of the Company’s Series D Preferred Shares (the “Series D Preferred Shareholders”), the holders of the Company’s Series E Preferred Shares (the “Series E Preferred
Shareholders”) and the Series F Investors are entering into an Amended and Restated Shareholders’ Agreement of even date herewith (the “Shareholders’ Agreement”). A copy of the Shareholders’ Agreement is
annexed hereto as Exhibit 1. 

  

	1.	INTERPRETATION 

  

	1.1	In this Agreement and the Schedules hereto, unless the context requires or provides otherwise: 

 

			
	“Ads Company”	  	means JiaHeYi Advertising (Beijing) Co., Ltd, a limited liability company established and existing under the laws of the People’s Republic of China, with its registered office at Room
602A, Dongsheng Building, 8 Zhongguancun Dong Lu, Haidian District, Beijing 100083, China;
		
	“Affiliate”	  	with regard to a given person, means a person that controls, is controlled by or is under common control with the given person. For purposes of this Agreement, except as otherwise expressly
provided, when used with respect to any person, “control” means the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the
terms “affiliated”, “controlling and “controlled” have meanings correlative to the foregoing. For the purposes of Section 8, the term Affiliate shall only include Affiliates that directly own Preferred
Shares as of the date of this Agreement;
		
	“Agreement”	  	has the meaning as set forth in the recitals;
		
	“Board”	  	means the board of directors of the Company;
		
	“Business Day”	  	means a day (other than a Saturday or Sunday) on which licensed banks are open for general banking business in the PRC and Hong Kong;
		
	“Chief Executive Officer”	  	refers to Victor Wing Cheung Koo, the Company’s current chief executive officer;
		
	“Chief Financial Officer”	  	refers to Dele Liu, the Company’s current chief financial officer;
		
	“Company”	  	has the meaning as set forth in the recitals;
		
	“Closing”	  	subject to the fulfillment of the Conditions Precedent in Sections 3 and 4, means the closing of the transactions contemplated hereby;
		
	“Closing Date”	  	means the date on which the Closing is to take place pursuant to Section 5;

  
 2 

  

			
	“Conditions Precedent”	  	means the conditions precedent to each of the Closings as set out in Sections 3 and 4;
		
	“Condition of the Company”	  	means the assets, business, properties, operations or condition (financial or otherwise) of the Company and its Subsidiaries, taken as a whole;
		
	“Disclosure Schedule”	  	means Schedule 3B;
		
	“Employee(s)”	  	shall mean the employees, consultants, directors, and officers of the Company and its Subsidiaries;
		
	“Equity Pledge Agreements”	  	means the equity pledge agreements whereby (i) the equity holders of Ads Company pledge their equity in favour of 1Verge Internet Technology Co., Ltd. and (ii) the equity holders of ICP Co
pledge their equity in favour of 1Verge Internet Technology Co., Ltd.
		
	“ESOP”	  	means the Company’s 2006 Employee Share Option Scheme, as amended and in effect on the date hereof;
		
	“Exhibit”	  	means an exhibit attached to this Agreement;
		
	“Foreign Official”	  	means an employee of a Governmental Authority, a foreign official, a member of a foreign political party, a foreign political candidate, an officer of a public international organization,
or an officer or employee of a PRC state-owned enterprise, where the term “foreign” has the meaning ascribed to it under the United States Foreign Corrupt Practices Act;
		
	“Governmental Authority”	  	means the government of any nation, state, city, locality or other political subdivision thereof, any entity exercising executive, legislative, judicial, regulatory or administrative
functions of or pertaining to government, and any corporation or other entity owned or controlled, through stock or capital ownership or otherwise, by any of the foregoing;
		
	“Hong Kong”	  	means the Hong Kong Special Administrative Region of the PRC;
		
	“ICP Co”	  	1Verge Information Technology (Beijing) Co., Ltd., a limited liability company established and existing under the laws of the People’s Republic of China, with its registered office at
5th Floor, SinoSteel Plaza 8 Haidian Street, Haidian District Beijing 100080,
China;

  
 3 

  

			
	“Intellectual Property”	  	means (i) any and all registered or unregistered inventions (whether patentable or unpatentable and whether or not reduced to practice), all improvements thereon and any and all patents,
patent applications and patent disclosures together with all reissuances, continuations, continuations-in-part, revisions, extensions and reexaminations thereof, (ii) all trademarks, service marks, trade dress, logos, domain names, trade names and
corporate names, together with all translations, adaptations, derivations and combinations thereof and including all goodwill associated therewith, and all applications, registrations and renewals in connection therewith, (iii) all copyrightable
works, all copyrights and all applications, registrations and renewals in connection therewith, (iv) all trade secrets and confidential business information (including, without limitation, ideas, research and development, know-how, formulas,
compositions, manufacturing and production processes and techniques, technical data, designs, drawings, specifications, customer and supplier lists, pricing and cost information and business and marketing plans and proposals), (v) all computer
software (including, without limitation, data and related documentation and except for any commercial “shrink-wrapped” software) and source codes, (vi) all other proprietary rights, and (vii) all licenses or agreements in connection with
the foregoing;
		
	“Jet Brilliant Beijing”	  	Beijing Jet Brilliant Advertising Co., Ltd., a limited liability company established and existing under the laws of the People’s Republic of China, with its registered office at Suite
1175F, 11th Floor, Tower A, Gateway Plaza, No.18 Xia Guang Li, North Road, Third Ring, Chaoyang District, Beijing, China;
		
	“Knowledge”	  	means, together with words of similar meaning, with respect to the Company or its Subsidiaries, the actual knowledge after reasonable and due investigation, of the Company’s Chief
Executive Officer or Chief Financial Officer;
		
	“M&AA” 	  	means the amended and restated memorandum and articles of association adopted pursuant to a shareholders special resolution of the Company dated the same date hereof, the form of which is
attached hereto as Exhibit 2;

  
 4 

  

			
	“Material Adverse Effect”	  	means any (i) adverse effect on the issuance or validity of the Subscription Shares or the transactions contemplated hereby or on the enforceability or validity, in any material respect,
of the M&AA or on the ability of the Company to perform its obligations under this Agreement or the other Transaction Documents, or (ii) material adverse effect on the condition (financial or otherwise), properties, assets, liabilities,
business, or operations of the Company or its Subsidiaries taken as a whole;
		
	“Ordinary Shares”	  	means the ordinary shares of a par value of US$0.00001 each in the share capital of the Company;
		
	“Party” or “Parties”	  	has the meaning as set forth in the recitals;
		
	“PRC”	  	means the People’s Republic of China, which, for the purposes of this Agreement, shall exclude the Special Administrative Regions of Hong Kong and Macau and Taiwan;
		
	“PRC Companies”	  	means the Ads Company, ICP Co and Jet Brilliant Beijing;
		
	“Preferred Shares”	  	means the Series A Preferred Shares, the Series B Preferred Shares, the Series C Preferred Shares, the Series D Preferred Shares, the Series E Preferred Shares and the Series F Preferred
Shares;
		
	“Schedule”	  	means a schedule attached to this Agreement;
		
	“Section”	  	means a section in this Agreement;
		
	“Securities Act”	  	means the United States Securities Act of 1933, as amended, and the rules and regulations of the Securities and Exchange Commission promulgated thereunder;
		
	“Series A Preferred Shareholders”	  	has the meaning as set forth in the recitals;
		
	“Series A Preferred Shares”	  	means the Series A Preferred Shares of the Company of a par value of US$0.00001 each;
		
	“Series B Preferred Shares”	  	means the Series B-1 Preferred Shares and the Series B-2 Preferred Shares;

  
 5 

  

			
	“Series B Preferred Shareholders”	  	has the meaning as set forth in the recitals;
		
	“Series B-1 Preferred Shares”	  	means the Series B-1 Preferred Shares of the Company of a par value of US$0.00001 each;
		
	“Series B-2 Preferred Shares”	  	means the Series B-2 Preferred Shares of the Company of a par value of US$0.00001 each;
		
	“Series C Preferred Shareholders”	  	has the meaning as set forth in the recitals;
		
	“Series C Preferred Shares”	  	means the Series C Preferred Shares of the Company of a par value of US$0.00001 each;
		
	“Series D Preferred Shareholders”	  	has the meaning as set forth in the recitals;
		
	“Series D Preferred Shares”	  	means the Series D Preferred Shares of the Company of a par value of US$0.00001 each;
		
	“Series E Preferred Shareholders”	  	has the meaning as set forth in the recitals;
		
	“Series E Preferred Shares”	  	means the Series E Preferred Shares of the Company of a par value of US$0.00001 each;
		
	“Series F Investors”	  	has the meaning set forth in the Preamble;
		
	“Series F Investors Warranties”	  	means the representations and warranties made by the Series F Investors pursuant to this Agreement as set out in Schedule 4 and the term “Series F Investor
Warranty” shall be construed accordingly;
		
	“Series F Preferred Shares”	  	has the meaning set forth in the recitals;
		
	“Shareholder”	  	means any holder of a share in the share capital of the Company;
		
	“Shareholders’ Agreement”	  	has the meaning set forth in the recitals;
		
	“Share”	  	has the meaning set forth in the recitals;
		
	“Subscription”	  	means the subscription by the Series F Investors for the Subscription Shares in accordance with the terms and conditions of this Agreement;

  
 6 

  

			
	“Subscription Price”	  	means the price at which Subscription Shares are subscribed hereunder, namely US$0.49768225 per share;
		
	“Subscription Shares”	  	has the meaning set forth in Section 2.1.1 hereof;
		
	“Subsidiaries”	  	means the PRC Companies, 1Verge Internet Technology (Beijing) Co., Ltd., a limited liability company established and existing under the laws of the Republic of China, with its registered
office at 5/F, SinoSteel Plaza, 8 Haidian Street, Beijing 100080, China and Jet Brilliant Limited, a limited liability company established and existing under the laws of Hong Kong, with its registered office at Room 601 6/F, Yue Xiu Building 160-174
Lockhart Road, Wanchai, Hong Kong, Hong Kong;
		
	“Transaction Documents”	  	has the meaning set forth in Section 3.5 hereof;
		
	“United States Dollars” and “US$”	  	means the lawful currency of the USA;
		
	“UNCITRAL”	  	means the United Nations Commission on International Trade Law;
		
	“UNCITRAL Rules”	  	means the applicable arbitration rules of the United Nations Commission on International Trade Law;
		
	“USA”	  	means the United States of America;
		
	“Warranties”	  	means the representations and warranties made by the Warrantors pursuant to this Agreement as set out in Schedule 3A;
		
	“Warrantors”	  	means the Company and all the Subsidiaries of the Company; and

  
 7 

  

			
	“Warrantor Intellectual Property”	  	means all Intellectual Property which is used in connection with the business of the Warrantors and all Intellectual Property owned by the Warrantors, provided that any Intellectual
Property that is licensed by the Warrantors shall be included within the meaning of Warrantor Intellectual Property only within the scope of use by the applicable Warrantor or in connection with such Warrantor’s business. Warrantor Intellectual
Property includes, but shall not be limited to, (i) the trademark registrations of “

” and “

youku

” in class 41 in the People’s Republic of China, (ii) the trademark applications of “

youku.com,” “i

” and “iKu,” and (iii) domain name registrations such as youku.com, youku.com.cn, yogoo.net and yogoo.com.

  

	1.2	In this Agreement, unless otherwise specified: 

  

	 	(i)	references to Sections, sub-sections, paragraphs, sub-paragraphs, Schedules and Exhibits are to Sections, sub-sections, paragraphs, sub-paragraphs of, Schedules and Exhibits to
this Agreement; 

  

	 	(ii)	a reference to any statute or statutory provision shall be construed as a reference to the same as it may have been, or may from time to time be, amended, modified or re-enacted;

  

	 	(iii)	references to a “company” shall be construed so as to include any company, corporation or other corporate body, wherever and however incorporated or established;

  

	 	(iv)	references to a “person” shall be construed so as to include any individual, firm, company, government, state or agency of a state or any joint venture,
association or partnership (whether or not having separate legal personality); 

  

	 	(v)	words imparting the singular shall include the plural and vice versa, words imparting one gender shall include all genders, and the term “including” means
“including without limitation”; 

  

	 	(vi)	references to writing shall include any communication made by letter, facsimile transmission, electronic mail and any other mode of reproducing words in a legible and
non-transitory form; 

  

	 	(vii)	references to times of day are to Beijing time; 

  

	 	(viii)	headings to Sections, Schedules and Exhibits are for convenience of reference only and shall not affect the interpretation of this Agreement; and 

  
 8 

  

	 	(ix)	the Schedules and Exhibits shall form part of this Agreement and shall have the same force and effect as if expressly set out in the body of this Agreement, and any reference to
this Agreement shall include the Schedules and Exhibits. 

  

	2.	SUBSCRIPTION FOR SERIES F PREFERRED SHARES 

  

	2.1	Subscription for Series F Preferred Shares. 

  

	2.1.1	On the terms and subject to the conditions set out in this Agreement and subject to the satisfaction or waiver of the Conditions Precedent in Section 3, the Series F
Investors shall hereby subscribe for and the Company shall at the closing of the Series F Preferred Shares funding transaction contemplated hereby (the “Closing”) allot and issue to the Series F Investors an aggregate of 100,465,709
Series F Preferred Shares (the “Subscription Shares”) for a total consideration of US$49,999,999.93 at a subscription price of US$0.49768225 per share (the “Subscription Price”) which Series F Preferred Shares shall
carry the rights, interests, preferences and privileges under the Shareholders’ Agreement and the M&AA. Notwithstanding anything to the contrary in this Agreement, the Closing shall occur within ten (10) days of the date hereof.

  

	2.1.2	Each Series F Investor shall at the Closing pay in full the amount for all the Subscription Shares allotted to such Series F Investor by wire transfer of immediately available
funds into the bank account designated by the Company, as the consideration for the Subscription Shares. The allocation of Series F Preferred Shares at the Closing shall be in accordance with Schedule 2A attached hereto. Each of the
Series F Investors’ obligation to fund its subscription for Series F Preferred Shares shall be several but not joint with respect to the Series F Preferred Shares that each has been allocated. A failure by any of the Series F Investors to fund
its subscription shall not impair the rights of the rest of the Series F Investors or prevent the Closing with respect to the subscriptions of any other Series F Investor who has fully funded its subscription. 

 

	3.	CONDITIONS PRECEDENT AND COVENANTS OF THE COMPANY 

Conditions to the Series F Investors’ Obligations at the Closing. As of the Closing Date and for the purpose of the Closing, the obligations of each
Series F Investor under Section 5 hereunder shall be conditional upon the fulfillment of each of the following conditions, any of which may be waived in writing by such Series F Investor but solely as to such Series F Investor:

  

	3.1	Representations and Warranties; Performance of Obligations. 

 The representations and warranties made by the Warrantors herein shall be true, complete and accurate in all material respects on and as of the date of this Agreement and the date of the Closing (except (i) to
the extent any such Warranties expressly relate to an earlier date, in which case such Warranties shall be so true, complete, and accurate on and as of such earlier date; and (ii) those Warranties qualified by “Material Adverse
Effect” which shall be true and accurate in all respects) with the same effect as though such representations and warranties had been made on and as of the date of this Agreement and of the Closing, and the Company shall have performed, in all
material respects, all obligations and conditions herein required to be performed or observed by it on or prior to the Closing. 

  
 9 

  

	3.2	Legal Compliance. 

 The Company shall have
performed and complied, in all material respects, with all obligations and requirements under any currently applicable laws, regulations, rules, orders, or decrees, in particular those in relation to applicable company and securities regulatory
regimes and Intellectual Property rights protection in connection with the execution of this Agreement. 
  

	3.3	Necessary Approvals. 

 The Company shall have
obtained all approvals, consents and qualifications, as necessary to execute this Agreement pursuant to the terms of this Agreement, the provisions of the M&AA, and applicable law. 

 

	3.4	Good Standing of the Company. 

 No event or
transaction that has had or would reasonably be likely to have a Material Adverse Effect shall have occurred and the Company or its Subsidiaries shall not have any change in their respective capital structures (except for such changes taking place
pursuant to this Agreement) during the interval beginning on the date of this Agreement and ending on the date of the Closing. 
  

	3.5	Definitive Transaction Documents. 

 The
Company, the Series A Preferred Shareholders, the Series B Preferred Shareholders, the Series C Preferred Shareholders, the Series D Preferred Shareholders, the Series E Preferred Shareholders and each other Series F Investor shall have duly
executed and delivered to such Series F Investor all relevant transaction documents necessary to consummate the Closing contemplated herein to which they are a party, including, but not limited to (i) this Agreement; (ii) the M&AA; and
(iii) the Shareholders’ Agreement and their respective schedules and exhibits hereto and thereto (the “Transaction Documents”). 
  

	3.6	No Litigation. 

 There is no outstanding or
pending litigation or arbitration or other legal or contractual proceedings (including litigation or other such proceedings known to be threatened) taken by or against the Company or any of its Subsidiaries. 

 

	3.7	Bank Account Designation. 

 The Company shall
have delivered to each Series F Investor the wire transfer instructions for the bank account information of the Company for the wire transfer of the Subscription Price by the Series F Investors. 

  
 10 

  

	3.8	The M&AA. 

 The M&AA shall have been
filed with the Cayman Registry of Companies (“ROC”), and the Series F Investors shall have received a copy of the cover letter accompanying such filing, confirming that the M&AA has been filed, from the ROC. 

 

	3.9	Termination of Existing Agreements. 

Effective upon the Closing, (i) any prior stockholder agreements, voting agreements, co-sale agreements, or agreements relating to rights of
first offer, rights of first refusal or preemptive rights shall have been terminated and shall be of no further force and effect, and (ii) any prior registration rights agreements shall have been terminated and shall be of no further force and
effect. 
  

	3.10	Supporting Documents. The Series F Investors at the Closing shall have received the following: 

 

	 	(i)	(A) a copy of the favorable opinion from PRC counsel to the Company, addressed to the Series F Investors and dated as of the Closing Date, to the effect that the Company and the
Subscription are in compliance with applicable PRC legal and regulatory requirements, including those relating to intellectual property, and that a Qualified Public Offering (as defined in the Shareholders’ Agreement) would not be subject to
the requirements of the Provisions on Takeover of Domestic Enterprises by Foreign Investor jointly promulgated by six PRC regulatory authorities, effective as of September 8, 2006 (“Circular 10”), in the form
reasonably satisfactory to the Series F Investors; and (B) a favorable opinion from Cayman counsel to the Company dated as of the Closing Date, relating to the creation, issuance and sale of the Series F Preferred Shares in connection with the
Subscription, in the form reasonably satisfactory to the Series F Investors; 

  

	 	(ii)	a certificate of incumbency executed by the Secretary of the Company (A) certifying the names, titles and signatures of the officers authorized to execute the Transaction
Documents and all instruments to be delivered pursuant hereto and thereto and (B) further certifying that the M&AA delivered to the Series F Investors at the time of the execution of this Agreement has been validly adopted and has not been
amended or modified. 

  

	3.11	Fees of Series F Investors’ Counsel and Consultants. 

 The Company shall have paid, in accordance with Section 13.1, the fees, expenses and disbursements of legal counsel to the Series F Investors. 

 

	3.12	Board of Directors. 

 As of the Closing, the
authorized size of the Board shall be seven, and the Board shall be comprised of Victor Wing Cheung Koo, George Leonard Baker, Jr., Eric Xun Li, Jonathan Zhu, and Nick Lawler, with two vacancies. 

  
 11 

  

	4.	CONDITIONS PRECEDENT AND COVENANTS OF THE SERIES F INVESTORS 

 As of the Closing and for the purpose of the Closing, the obligations of the Company under Section 5 of this Agreement shall be conditional upon the fulfillment or waiver on or prior to the Closing of
each of the following conditions; provided that the conditions and covenants of each of the Series F Investors shall be several and not joint and a failure by one Series F Investor to fulfill any condition or covenant shall not remove the
Company’s obligations to any other Series F Investor, including, but not limited to, the Company’s obligation to go forward with the Closing with respect to any Series F Investor who has fulfilled its conditions and covenants: 

 

	4.1	Representations and Warranties. 

 The
representations and warranties made by the Series F Investors shall be true, complete and accurate in all material respects on and as of the date of this Agreement and the date of the Closing with the same effect as though such representations and
warranties had been made on and as of the date of the Closing. 
  

	4.2	Necessary Approvals. 

 Each Series F Investor
shall have obtained all necessary corporate or applicable approvals, consents and qualifications for the execution, delivery and the performance of its obligations pursuant to or contemplated in this Agreement, the Shareholders’ Agreement and
applicable law. 
  

	4.3	Definitive Transaction Documents. 

 The Series
F Investors shall have each duly executed and delivered, as applicable, this Agreement, the Shareholders’ Agreement and their respective schedules and exhibits hereto and thereto. 

 

	4.4	Legends. 

 The Series F Investors understand that the
Series F Preferred Shares and any securities issued in respect of or exchange for the Series F Preferred Shares, may bear one or all of the following legends: 
  

	 	4.4.1	“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND
ACCORDINGLY, THE SHARES REPRESENTED BY THIS CERTIFICATE MAY NOT BE OFFERED OR SOLD WITHIN THE UNITED STATES EXCEPT AS SET FORTH IN THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF, THE HOLDER 

 

	 	(1)	REPRESENTS THAT: 

  

	 	(A)	IT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(A) UNDER THE SECURITIES ACT; OR 

  
 12 

	 	(B)	IT IS ACQUIRING THE SHARES REPRESENTED BY THIS CERTIFICATE IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH REGULATION S UNDER THE SECURITIES ACT; 

 

	 	(2)	AGREES THAT IT WILL NOT WITHIN THE TIME PERIOD REFERRED TO IN RULE 144(d) UNDER THE SECURITIES ACT AS IN EFFECT WITH RESPECT TO SUCH TRANSFER, RESELL OR OTHERWISE TRANSFER THE
SHARES REPRESENTED BY THIS CERTIFICATE EXCEPT: 

  

	 	(A)	(I) TO YOUKU.COM INC. OR ANY SUBSIDIARY THEREOF; (II) INSIDE THE UNITED STATES TO AN ACCREDITED INVESTOR IN A TRANSACTION MEETING THE REQUIREMENTS OF REGULATION D UNDER THE
SECURITIES ACT; (III) OUTSIDE THE UNITED STATES IN AN OFFSHORE TRANSACTION IN COMPLIANCE WITH RULE 904 UNDER THE SECURITIES ACT; OR (IV) PURSUANT TO THE EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT (IF AVAILABLE); OR

  

	 	(B)	PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT; AND 

  

	 	(3)	AGREES THAT IT WILL DELIVER TO EACH PERSON TO WHOM THE SHARES REPRESENTED BY THIS CERTIFICATE ARE TRANSFERRED A NOTICE SUBSTANTIALLY TO THE EFFECT OF THIS LEGEND.

 AS USED HEREIN, THE TERMS “OFFSHORE TRANSACTION” AND “UNITED STATES” HAVE THE MEANINGS GIVEN TO THEM
BY REGULATION S UNDER THE SECURITIES ACT.” 
  

	 	4.4.1	Any legend required by the securities laws of any state to the extent such laws are applicable to the Series F Preferred Shares represented by the certificate so legended.

  

	5.	CLOSING 

  

	5.1	Subject to the fulfilment of the Conditions Precedent in Section 3 in full, or the waiver thereof by the relevant Parties hereto, the Closing shall, unless the
Parties hereto agree otherwise, take place on the date agreed by the Parties (the “Closing Date”) at the office of Skadden, Arps, Slate, Meagher & Flom LLP located at 30/F, China World Tower 2, No. 1 Jianguomenwai
Avenue, Beijing 100004, China. 

  
 13 

	5.2	All of the following matters shall be or have been transacted at the time of the Closing: 

 

	 	(a)	the Company shall: 

  

	 	(i)	have satisfied all the conditions listed in Section 3 hereof (unless waived in whole or in part by the applicable Series F Investor); 

 

	 	(ii)	issue and allot as fully paid the Subscription Shares to the Series F Investors, each of which shall be free from all charges, liens, encumbrances, equities or other third party
rights, claims or interests (other than those rights contained within the Shareholders’ Agreement), and shall procure that the Series F Investors or their nominees be registered as holders of the Subscription Shares in the register of members
of the Company; 

  

	 	(iii)	deliver the original share certificates to the Series F Investors or their respective nominees or custodians, as directed by the Series F Investors, issued in the names of the
Series F Investors or their respective nominees for the Subscription Shares issued and allotted to the Series F Investors; 

  

	 	(iv)	deliver to the Series F Investors a copy of the filed M&AA of the Company in a form and substance in compliance with this Agreement and the Shareholders’ Agreement;

  

	 	(v)	deliver to the Series F Investors certified true copies of the shareholders resolutions and Board resolutions approving: 

 

	 	(1)	the adjustment of authorized share capital; 

  

	 	(2)	the allotment and issuance of the Subscription Shares to the Series F Investors in accordance with the terms of this Agreement and the delivery of share certificates representing
the Subscription Shares to the Series F Investors; 

  

	 	(3)	the approval of the execution, delivery and performance of this Agreement and the Shareholders’ Agreement by the Company; and 

 

	 	(4)	the adoption of the M&AA and the filing thereof. 

  

	 	(vi)	take such actions and do such deeds as reasonably requested by the Series F Investors, which may include without limitation the delivery of any of the Transaction Documents in
Sections 3.5 and 5.2 hereof. 

  

	 	(b)	The Series F Investors shall: 

  

	 	(i)	have satisfied all the conditions listed in Section 4 hereof (unless waived in whole or in part by the Company); and 

 

	 	(ii)	wire the cash consideration for its Subscription Shares in the amount specified in Section 2 upon the Closing; 

  
 14 

  
 provided that the obligations of
the Series F Investors are several and not joint and a failure by one Series F Investor to fulfill such obligations shall not affect the rights or obligations of any other Series F Investor. 

 

	6.	WARRANTIES 

  

	6.1	The Warrantors jointly and severally represent and warrant to the Series F Investors that each of the Warranties (as set out in Schedule 3A) is true, complete,
accurate and not misleading in all respects at the date of this Agreement and that (unless expressly provided to the contrary in the Warranties) if there is any interval of time between the execution of this Agreement and the Closing, the Warranties
will continue to be true, complete and accurate in all material respects (unless qualified by “Material Adverse Effect” or expressly provided to the contrary in the Warranties, in which case they will be true, complete, accurate and not
misleading in all respects) subsequent to the date of this Agreement up to and including the time of the Closing as if repeated on each such days with reference to the facts then existing and at each of the Closing Dates, save and except as
disclosed in the Disclosure Schedule (Schedule 3B) and except for matters that reference a specific date. 

  

	6.2	Each of the Warranties shall be construed as a separate and independent Warrantor Warranty and, except where expressly provided to the contrary, shall not be limited or
restricted by reference to or inference from the terms of any other Warrantor Warranty or any other terms of this Agreement. 

  

	6.3	The Series F Investors shall not be entitled to make any claim under or in respect of the Warranties under this Agreement with respect to matters disclosed in the Disclosure
Schedule (Schedule 3B) to the extent so disclosed. 

  

	6.4	Except for the specific Warranties expressly made by the Warrantors in this Agreement or any certificate or schedule furnished at the Closing to the Series F Investors pursuant
to this Agreement, (i) each Series F Investor acknowledges and agrees that no Warrantor is making any representation or warranty, expressed or implied, at law or in equity, with respect to the Company or the Company’s Subsidiaries, or any
of the Company’s or its Subsidiaries’ respective business, assets, liabilities, operations, prospects, or condition (financial or otherwise), including with respect to merchantability or fitness for any particular purpose of any assets,
the nature or extent of any liabilities, the prospects of their respective business, the effectiveness or the success of any operations, and (ii) each Series F Investor specifically disclaims that it is relying upon or has relied upon any such
other representations or warranties, and acknowledges and agrees that the Warrantors have specifically disclaimed and do hereby specifically disclaim any such other representation or warranty made by any person. Each Series F Investor acknowledges
and agrees that it will not assert any claim against the Company, the Company’s Subsidiaries, any officer, director, or shareholder of the foregoing, and any of their respective representatives, or hold the Company, the Company’s
Subsidiaries, or any officer, director, or shareholder or any of their respective representatives liable, for any inaccuracies, misstatements or omissions with respect to information (other than in respect to the Warranties contained in this
Agreement) furnished by the Company, its Subsidiaries, or any of their respective representatives concerning the Company, the Company’s Subsidiaries, or any of their respective affiliates except for such inaccuracies, misstatements or omissions
arising from or related to fraud or wilful misconduct. The provisions of this Section 6, together with the limited remedies provided in Section 9 were specifically bargained-for between the Warrantors and the Series F
Investors, and were taken into account by them in arriving at the Subscription Price and the other terms hereof. Each Series F Investor represents and warrants to the Company that such Series F Investor has conducted, to its satisfaction, its own
independent investigation of the condition, operations and business of the Company and its Subsidiaries and that such Series F Investor has been provided access to and an opportunity to review any and all information regarding the Company and its
Subsidiaries requested by such Series F Investors in order for such Series F Investor to make its own determination to proceed with the transactions contemplated by this Agreement and with the limited representations, warranties and remedies
specifically bargained for herein. 

  
 15 

  

	6.5	Except for fraud or willful misconduct, all Warranties in this Agreement, the Schedules, and the Disclosure Schedule shall expire on the first anniversary of the Closing Date;
provided, however, that the Warranties set forth in Section 8 of this Agreement and in Sections 1, 2, 3, 6 and 16 of Schedule 3A shall survive the Closing Date indefinitely. All covenants and agreements
of the Company contained in this Agreement will survive the Closing indefinitely (except as expressly limited in such covenant or agreement). Save and except as disclosed in this Agreement, the Schedules, or the Disclosure Schedule, the Warranties,
covenants and obligations of the Company, and the rights and remedies that may be exercised by the Series F Investors, shall not be limited or otherwise affected by any investigation made by any of the Series F Investors or any of their
representatives. 

  

	7.	SERIES F INVESTOR WARRANTIES 

  

	7.1	Each of the Series F Investors hereby represents and warrants severally and not jointly to the Company that each of the Investor Warranties made by such Series F Investor (as set
out in Schedule 4) is true, complete, accurate and not misleading in all material respects at the date of this Agreement and, for the purposes of the Closing, on the Closing Date. 

 

	7.2	Each of the Series F Investor Warranties shall be construed as a separate and independent Series F Investor Warranty and, except where expressly provided to the contrary, shall
not be limited or restricted by reference to or inference from the terms of any other Series F Investor Warranty or any other terms of this Agreement. 

  
 16 

  

	8.	CERTAIN US TAX MATTERS 

 The Warrantors jointly and
severally represent and warrant to the Series F Investors that: 
  

	8.1	For so long as the Company is treated as a “Controlled Foreign Corporation” (“CFC”) as defined in the U.S. Internal Revenue Code of 1986, as amended (or any
successor thereto) (the “Code”), if for any reason a Series F Investor (or such Investor’s Partners) or any of its Affiliates (or such Affiliates’ direct or indirect equity owners) becomes treated as a “United States
shareholder” (as defined in Section 951(b) of the Code), the Company agrees, to the extent permitted by law, to annually make dividend distributions to such Series F Investor in an amount equal to 50% of any income deemed distributed to
the Investor that would have been deemed distributed to such Series F Investor pursuant to Section 951(a) of the Code. If any Subpart F Income as defined in the Code) is deemed distributed to any Series F Investor, no later than two
(2) months following the end of each Company taxable year, the Company shall provide the following information to such Series F Investor or its Affiliate: (i) the Company’s capitalization table as of the end of the last day of such
taxable year and (ii) a report regarding the Company’s status as a CFC. In addition, the Company shall provide such Series F Investors and their Affiliates, if applicable, with reasonable access to such other Company information as may be
required by the Series F Investors or their Affiliates, if applicable, to determine the Company’s status as a CFC, to determine whether the Investor or any of its Affiliates or any of the Investor’s Partners is required to report its pro
rata portion of the Company’s Subpart F Income (as defined in Section 952 of the Code) on its United States federal income tax return, or to allow such Series F Investor, its Affiliates or such Investor’s Partners to otherwise comply
with applicable United States federal income tax laws. For purposes of Sections 8.1, 8.2 and 8.4, (i) the term “Investor’s Partners” shall mean each of the Investor’s shareholders, partners, members or other equity holders
and any direct or indirect equity owners of such entities and (ii) the “Company” shall mean the Company and any of its Subsidiaries. 

  

	8.2	The Company may be treated as a “passive foreign investment company” (“PFIC”) within the meaning of Section 1297 of the Code. If the Company determines
that it is a PFIC for the 2010 taxable year, the Company will inform each Series F Investor and its Affiliates, as soon as reasonably practicable, but in any event, no later than 90 days following the end of the Company’s 2010 taxable year, of
the amount of such Series F Investor’s and each of its Affiliate’s pro rata share of the Company’s current and historic earnings and profits (on a per share basis, as determined for purposes of Section 1298(b)(1) of the Code) as
of the last day of the Company’s 2010 taxable year. If the Company determines that it is treated as a PFIC for the 2011 taxable year or any subsequent taxable year, the Company will, as soon as reasonably practicable, but in any event, no later
than 90 days following the end of the taxable year during which the Company was a PFIC, (i) inform each Series F Investor and its Affiliates that the Company was a PFIC, (ii) inform each Series F Investor and each of its Affiliates that
choose to make a “Qualified Electing Fund” election pursuant to Section 1295 of the Code (or, if applicable, in connection with such election made by such Investor’s Partners or such applicable Affiliates’ direct or indirect
equity owners) of the amount of such Series F Investor’s and each of its Affiliate’s pro rata share of the Company’s ordinary earnings and net capital gain (as determined for purposes of Section 1293(a) of the Code) for the
applicable taxable year of the Company, (iii) inform each Series F Investor and each of its Affiliates that choose to make a “deemed dividend” election pursuant to Section 1291(d)(2) of the Code (or, if applicable, in connection
with such election made by such Investor’s Partners or such applicable Affiliates’ direct or indirect equity owners) of the amount of such Series F Investor’s and each of its Affiliate’s pro rata share of the Company’s
current and historic earnings and profits (on a per share basis, as determined for purposes of section 1291(d)(2) of the Code) as of the last day of the applicable taxable year of the Company and (iv) provide the Series F Investors and their
Affiliates with access to such other Company information as may be reasonably required for purposes of filing U.S. federal income tax returns in connection with such Qualified Electing Fund election. For purposes of this Section 8.2, the
Company’s “taxable year” means the Company’s fiscal year ending December 31 unless determined otherwise pursuant to the Code. In the event that a Series F Investor has made a “deemed dividend” election or a
“Qualified Electing Fund” election with respect to a taxable year of the Company, the Company agrees to make a dividend distribution to the Investor (no later than ninety (90) days following the end of the Company’s taxable year
or, if later, ninety (90) days after the Company is informed by such Series F Investor that such Investor has made a “deemed dividend” election or a “Qualified Electing Fund” election with respect to such taxable year of the
Company) in an amount equal to 50% of the amount that would be included by the Investor as a result of a valid and timely “deemed dividend” election or “Qualified Electing Fund” election, as the case may be, which was applicable
to such taxable year. 

  
 17 

  

	8.3	The Company shall take such actions, including making an election to be treated as a corporation or refraining from making an election to be treated as a partnership, as may be
required to ensure that at all times the Company is treated as corporation for United States federal income tax purposes. 

  

	8.4	The Company shall make due inquiry with its tax advisors (and shall cooperate with the Series F Investors’ tax advisors with respect to such inquiry) on at least an annual
basis regarding whether the Series F Investors’, any of such Series F Investor’s Affiliates or any such Investors’ Partners’ direct or indirect interest in the Company are subject to the reporting requirements of either or both
of Sections 6038 and 6038B of the Code (and the Company shall duly inform the Series F Investors of the results of such determination), and in the event that such Series F Investors’, any such Series F Investor’s Affiliates or any such
Investors’ Partners’ direct or indirect interests in the Company are determined by the Company’s tax advisors or the Series F Investors’ tax advisors to be subject to the reporting requirements of either or both of Sections 6038
and 6038B, the Company agrees, upon a request from such affected Series F Investor or such Series F Investor’s Affiliate, to provide such information as may be necessary to fulfil such Series F Investor’s, such Series F Investor’s
Affiliate’s or such Investor’s Partner’s obligations thereunder. 

  

	8.5	The Company hereby represents, warrants and acknowledges that (i) it has no plan to (and it has not engaged in any transactions to) complete the direct or indirect
acquisition of substantially all of the properties held directly or indirectly by a domestic corporation or substantially all of the properties constituting a trade or business of a domestic partnership, and (ii) it is not a “surrogate
foreign corporation” within the meaning of Section 7874(a)(2)(B) of the Code. 

  
 18 

  

	9.	INDEMNIFICATION 

  

	9.1	From and after the Closing until the earlier of (i) the first anniversary of the Closing Date; or (ii) the consummation of a Qualified Public Offering (as defined in
the M&AA), the Warrantors shall jointly and severally indemnify and hold harmless each of the Series F Investors against any and all losses, damages (but excluding any consequential, incidental, or punitive damages except to the extent such
consequential, incidental or punitive damages arise from or in connection with third party claims, actions, suits or proceedings), liabilities, costs, claims, actions and expenses (including legal and accounting fees) or demands which may arise from
any breach, default or failure by the Warrantors of the Warranties or any agreement or covenant of the Warrantors contained herein, or in connection with or arising from claims, actions, suits, proceedings or similar claims by any Person or entity
(other than such Series F Investor) associated or relating to the execution, delivery and performance of this Agreement, any of the other Transaction Documents or the M&AA or the transactions contemplated hereby or thereby. Notwithstanding
anything herein to the contrary, the time limits in (i) and (ii) of the preceeding sentence shall not apply to the Tax Indemnity in Section 9.3. Section 9.3 shall continue in effect until the expiration of the relevant statute of
limitations applicable to a Series F Investor for any taxable year such Series F Investor was a Shareholder. 

  

	9.2	Notwithstanding anything herein to the contrary, the Company shall have no liability for indemnification pursuant to this Section 9 or otherwise until the total
liability for any breach, default, or failure (“Losses”) by the Company of the Warranties exceeds US$500,000 (the “Basket”), and then the Company shall indemnify such Indemnified Party for the amount of all of its
Losses. Notwithstanding anything herein to the contrary, the maximum liability (the “Cap”) of the Warrantors for the Losses shall not exceed the total consideration paid by the Series F Investors for their Subscription Shares under
this Agreement; provided, that if after six (6) months following the Closing Date, no claims have been made by the Series F Investors hereunder, the Cap shall be reduced to fifteen percent (15%) of the total consideration paid by the
Series F Investors for their Subscription Shares under this Agreement. 

  

	9.3	Notwithstanding the Basket and Cap set forth in Section 9.2, subject to Section 9.1, the Company shall indemnify each Series F Investor against any and
all Losses suffered by such Series F Investor arising from any breach, default or failure by the Warrantors of the Warranties or any agreement or covenant of the Warrantors contained in Section 8 of this Agreement without regard to the Basket
and the Cap set forth in Section 9.2 (the “Tax Indemnity”). Notwithstanding anything herein to the contrary, the maximum liability of the Warrantors for the Losses to each Series F Investor shall not exceed the total
consideration paid by such Series F Investor for its Subscription Shares under this Agreement. 

  
 19 

  

	9.4	To the extent any indemnifiable losses of the Company pursuant to this Section 9 are reflected as a reserve, liability or similar item on the audited financials of
the Company, such losses to the extent so reflected shall not be subject to indemnification pursuant to this Section 9. 

  

	9.5	Except for fraud and wilful misconduct, the indemnity provided in this Section 9 shall be the sole and exclusive remedy of the Series F Investors in relation to any
breach of any Warranties. 

  

	9.6	Notwithstanding anything herein to the contrary, no claim for indemnification hereunder shall be commenced without the affirmative written approval of the Series F Investors who
subscribed for at least a majority of the Series F Preferred Shares purchased hereunder. 

  

	10.	SPECIAL COVENANTS AFTER CLOSING 

  

	10.1	Use of Proceeds. The Company hereby covenants that it shall limit the use of the proceeds of the funds it receives upon the Closing as the consideration for the
Subscription Shares for the purposes of capital expenditure, marketing, repayment of the debts and liabilities set forth on Schedule 5, and general corporate purposes. The Company shall not use the proceeds of the funds it receives upon the
Closing as the consideration for the Subscription Shares, in whole or in part, for repurchase, redemption or cancellation of any securities held by any prior investors thereto, unless such use of funds is duly authorized by a Board resolution duly
passed in accordance with the terms and provisions of the Shareholders’ Agreement and the M&AA. 

  

	10.2	Registration of Equity Pledge Agreement. The Company shall, within a reasonable time after Closing, but in any event no later than October 1, 2010, duly register the
Equity Pledge Agreements with the appropriate office of Administration of Industry and Commerce. 

  

	10.3	Business Scope. The Company shall continue to maintain an authorized business scope under which the ICP Co is permitted to carry on all businesses it is currently
conducting under applicable PRC laws and regulations. The Company shall also seek to apply for the expansion of the ICP Co’s authorized business scope when and if necessary to be in compliance with applicable PRC laws and licenses.

  

	10.4	Application for Additional Business Licenses. The Company shall maintain all existing business licenses, permits and certificates. The Company shall use commercially
reasonable efforts to obtain additional business licenses, permits or certificates that are necessary for the Company’s business operations as then being conducted to be in compliance with applicable PRC laws and licenses in all material
respects. 

  

	11.	NOTICES 

  

	11.1	Any notice or other communication given or made under this Agreement shall be in writing. 

  
 20 

  

	11.2	Any such notice or other communication shall be addressed as provided in this Section 11 and, if so addressed, shall be deemed to have been duly given or made as
follows: 

  

	 	(a)	if sent by personal delivery, upon delivery at the address of the relevant Party; 

  

	 	(b)	if sent by an internationally recognized carrier, three (3) Business Days after the date of posting; and 

 

	 	(c)	if sent by facsimile, upon despatch to the facsimile number of the recipient, with the production of a transmission report by the machine from which the facsimile was sent which
indicates that the facsimile was sent in its entirety to the facsimile number of the recipient. 

  

	11.3	The relevant address and facsimile number of each Party for the communication purposes of this Agreement, subject to Section 11.4, is set out on the signature pages
hereof. 

  

	11.4	A Party may notify the other Parties to this Agreement of a change to its name, address or facsimile number for the purpose of this Section provided that such notification shall
only be effective on: 

  

	 	(i)	if sub-section (ii) does not apply, the date specified in the notification as the date on which the change is to take place; or 

 

	 	(ii)	if no date is specified or the date specified is less than seven (7) Business Days after (and excluding) the date on which the notice is given, the date falling seven
(7) Business Days after notice of any such change has been given. 

  

	12.	CONFIDENTIALITY 

  

	12.1	Subject to Section 12.2, each Party shall treat as strictly confidential all information received or obtained as a result of entering into or performing this
Agreement which relates to: 

  

	 	(i)	the specific economic and financial provisions of this Agreement; 

  

	 	(ii)	the negotiations relating to this Agreement; and 

  

	 	(iii)	the identity of the other Parties, and no Party shall make any public announcement or identify any Party by name without the prior written consent of such Party.

  

	12.2	Each Party may disclose information which would otherwise be confidential if and to the extent: 

 

	 	(i)	required by the law of any relevant jurisdiction; 

  
 21 

  

	 	(ii)	required by existing contractual obligations and with the prior written consent of the other Parties hereto (which consent shall not be unreasonably withheld or delayed);

  

	 	(iii)	required by any securities exchange or regulatory or governmental body to which such Party or the Company is subject or submits, wherever situated; 

 

	 	(iv)	disclosed to the professional advisors, advisory clients, auditors and bankers of each Party or of the Company for the purpose of this Agreement; 

 

	 	(v)	if a Party is a fund, or an investment advisory client of T. Rowe Price or Morgan Stanley, then (a) to its fund manager and its professional advisors, auditors, bankers,
partners, members, stockholders and equity holders for the purpose of this Agreement, and (b) if it is required for fund and inter-fund reporting (as applicable), for such reporting only; 

 

	 	(vi)	if a party is an investment advisor, then to its investment advisory clients, professional advisors, auditors, bankers, partners and members; 

 

	 	(vii)	the information has come into the public domain through no fault of that Party (as proven by such Party); 

 

	 	(viii)	such disclosure is made in connection with the enforcement of any right or remedy relating to this Agreement or the Transaction Documents or the transactions contemplated hereby
or thereby; 

  

	 	(ix)	such information was independently developed by such Party without reference to confidential information obtained hereunder (as proven by such Party); 

 

	 	(x)	such information was obtained from a third party not, to the knowledge of and as proven by the receiving party, in breach of any non-disclosure obligations to the disclosing
party; 

  

	 	(xi)	permitted pursuant to the terms of any written agreement between such Party and the disclosing Party; or 

 

	 	(vii)	the disclosing Party has given prior written approval to the disclosure; 

 PROVIDED THAT, unless prohibited by any relevant law, governmental or regulatory bodies or any securities exchange, any order or decree, any such information disclosed pursuant to sub-sections (i) or
(iii) above shall, if practical, be disclosed only after consultation with and notice to the other Parties to which the information relates. 

  
 22 

  

	13.	COSTS AND EXPENSES 

  

	13.1	The Parties shall bear the reasonable legal fees, costs and expenses respectively incurred thereby in relation to the negotiations, preparations, execution and performance of
this Agreement and all other transactions incidental to and/or contemplated by this Agreement, provided that, upon the Closing, the Company will pay at the Closing the reasonable out-of-pocket expenses (including legal fees) up to a maximum of
US$100,000, upon receipt of invoices therefor, incurred by the persons named in items 107-122 of the Shareholders’ Agreement in connection with the transactions contemplated hereby (an estimate of the fees and expenses of such counsel may be
paid by check delivered or wire transfer to such counsel at the Closing by such persons). To the extent unforeseen exigent circumstances require, the Company agrees to pay reasonable increases to such amount, provided that such persons shall obtain
the Company’s consent to such increases in advance. 

  

	13.2	Any duty or tax arising on the issue and allotment of any of the Subscription Shares to the Series F Investors shall be borne solely by the Company. 

 

	14.	MISCELLANEOUS 

  

	14.1	Surviving Provisions. 

 Notwithstanding
anything to the contrary under this Agreement, Sections 1, 8, 9, 10, 11, 12, 13, 14 and 15 shall remain in full force and effect after, and shall survive notwithstanding, the Closing
hereunder. 
  

	14.2	Successors and Assigns. 

  

	 	(i)	This Agreement is personal to the Parties hereto and save as expressly provided herein, none of them may assign, mortgage, charge or sub-license any of their respective rights
herein, or sub-contract or otherwise delegate any of its obligations herein, except with the prior written consent of the other Parties hereto. 

  

	 	(ii)	Subject to sub-section (i) above, this Agreement shall be binding on and inure for the benefit of the successors, permitted assigns and personal representatives (as the case
may be) of each of the Parties hereto. 

  

	 	(iii)	Notwithstanding the above, it is agreed that the Series F Investors may transfer and assign all the rights and obligations hereunder to its Affiliates in its sole discretion upon
written notice to the other Parties. 

  

	14.3	Cumulative Rights. 

 Unless otherwise provided
in this Agreement, any remedy conferred on any Party hereto for breach of this Agreement shall be in addition and without prejudice to all other rights and remedies available to it. 

  
 23 

  

	14.4	Entire Agreement and Variation. 

 This
Agreement shall supersede all and any previous agreements, understandings or arrangements (if any) among the Parties hereto or any of them in relation to the subject matter hereof and all or any such previous agreements, understandings or
arrangements (if any) shall cease to be of any force or effect from the date hereof. This Agreement constitutes the whole agreement among the Parties hereto or any of them in relation to the subject matter hereof (no Party having relied on any
representation, warranty or undertaking made by any other Party which is not a term of this Agreement) and no variation to this Agreement shall be effective unless made in writing and signed by each of the Parties hereto. The sole and exclusive
remedies for any breach of the terms and provisions of this Agreement (including any representations and warranties set forth herein) shall be those remedies available at law or in equity for breach of contract only (as such contract remedies may be
further limited or excluded pursuant to the express terms of this Agreement), except for any breach arising out of or related to fraud or wilful misconduct; and the Parties hereto hereby waive and release any and all tort claims and causes of action
that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement (including any tort claim or cause of action based upon, arising out of or related to any representation or warranty
made in or in connection with this Agreement or as an inducement to enter into this Agreement), except for any tort claim or cause of action that may be based upon, arise from or relate to fraud or wilful misconduct. 

 

	14.5	Further Assurance. 

 Each of the Parties
hereto undertakes severally and not jointly with each of the other Parties that it shall do, or shall procure to be done, all such acts and things and shall execute, or shall procure to be executed, all such documents as may be necessary or
appropriate to implement the provisions of this Agreement or otherwise to give full legal force and effect thereof. 
  

	14.6	Severability. 

 The Parties hereto intended
that the provisions of this Agreement shall be enforced to the maximum extent permissible under the laws applied in each jurisdiction in which enforcement of any provisions of this Agreement is sought. If any particular provision or part of this
Agreement shall be held to be invalid or unenforceable, this Agreement shall be deemed to be amended by the deletion of the provision or part held to be invalid or unenforceable or, to the extent permissible by the applicable laws of the relevant
jurisdiction in which such enforcement is sought, such provision or part shall be deemed to be varied in such a way as to achieve most closely the purpose of the original provision or part in a manner which is valid and enforceable, provided that
for the avoidance of doubt, such amendments shall apply only with respect to the operation of this Agreement in the particular jurisdiction in which the decision as to invalidity or unenforceability is made. 

  
 24 

  

	14.7	Non-Waiver. 

 No delay or omission on the part
of any Party hereto in exercising any right, power or privilege shall operate to impair such right, power or privilege or be construed as a waiver by such Party of the same and no single or partial exercise or non-exercise or delay in exercising any
right, power or privilege by any Party hereto shall in any circumstances preclude any other or further exercise by such Party of such right, power or privilege or the exercise of any other right, power or privilege by such Party. 

 

	14.8	Counterparts. 

 This Agreement may be executed
in counterparts and by different Parties hereto on separate copies or counterparts and which taken together shall constitute one and the same agreement. The facsimile transmissions of any executed original document (including without limitation, any
page of an original document on which an original signature appears) and/or retransmission of any such facsimile transmission shall be deemed to be the same as the delivery of an executed original. At the request of any Party hereto, the other
Parties hereto shall confirm facsimile transmissions by executing duplicate original documents and delivering the same to the requesting Party or Parties. 
  

	14.9	Time of Essence. 

 Time shall be of essence in
this Agreement and this Section shall apply to any extension of time in relation to this Agreement as may be agreed by the Parties hereto from time to time. 
  

	14.10	Shareholders’ Agreement. 

 The Parties
hereto shall upon execution of this Agreement simultaneously enter into the Shareholders’ Agreement in the form and substance attached hereto as Exhibit 1. 

 

	14.11	No Third Party Liability. 

 This Agreement may
only be enforced against the named parties hereto. All claims or cause of action (whether in contract or tort) that may be based upon, arise out of or relate to this Agreement, or the negotiation, execution or performance of this Agreement
(including any representation or warranty made in or in connection with this Agreement or as an inducement to enter into this Agreement), may be made only against the entities that are expressly identified as parties hereto; and no officer,
director, shareholder, employee, representative or affiliate of any party hereto (including any person negotiating or executing this Agreement on behalf of a party hereto) shall have any liability or obligation with respect to this Agreement or with
respect to any claim or cause of action (whether in contract or tort) that may arise out of or be related to this Agreement, or the negotiation, execution or performance of this Agreement (including a representation or warranty made in or in
connection with this Agreement or as an inducement to enter into this Agreement). 

  
 25 

  

	14.12	Exculpation Among Series F Investors. 

 Each
Series F Investor acknowledges that it is not relying upon any person, firm or corporation, other than the Company and its officers and directors (acting solely in their capacities as agents of the Company), in making its investment or decision to
invest in the Company. Each Series F Investor agrees that no Series F Investor nor the respective controlling persons, officers, directors, partners, agents, or employees of any Series F Investor shall be liable to any other Series F Investor for
any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Subscription Shares. 
  

	14.13	Rights of Series F Investors. 

 Each Series F
Investor, in its sole and absolute discretion, may exercise or refrain from exercising any rights or privileges that such Series F Investor may have pursuant to this Agreement, the other Transaction Documents, or at law or in equity, and such Series
F Investor shall not, except as provided in this Agreement or as required by law, the Shareholders’ Agreement or the M&AA, incur or be subject to any liability or obligation to the Company, any other Series F Investor or holder of Series F
Preferred Shares, any other shareholder or securityholder of the Company or any other person, by reason of exercising or refraining from exercising any such rights or privileges. 

 

	14.14	No Commitment for Additional Financing. 

 The
Company acknowledges and agrees that no Series F Investor has made any representation, undertaking, commitment or agreement to provide or assist the Company in obtaining any financing, investment or other assistance, other than the purchase of the
Series F Preferred Shares as set forth herein and subject to the Conditions Precedent. In addition, the Company acknowledges and agrees that (a) no statements, whether written or oral, made by any Series F Investor or its representatives on or
prior to the date hereof shall have created an obligation, commitment or agreement to provide or assist the Company in obtaining any financing or investment, (b) the Company shall not rely on any such statement by any Series F Investor or its
representatives and (c) an obligation, commitment or agreement to provide or assist the Company in obtaining any financing or investment may only be created by a written agreement, signed by such Series F Investor and the Company, setting forth
the terms and conditions of such financing or investment and stating that the parties intend for such writing to be a binding obligation or agreement. Absent a written agreement to the contrary, signed by such Series F Investor, such Series F
Investor shall have the right in its sole and absolute discretion to refuse or decline to participate in any other financing of or investment in the Company, and shall have no obligation to assist or cooperate with the Company in obtaining any
financing, investment or other assistance. 

  
 26 

  

	15.	DISPUTE RESOLUTION 

  

	15.1	Resolution by Consultation. 

 Any dispute,
controversy or claim arising out of or relating to this Agreement, or the interpretation, breach, termination or validity hereof, shall be resolved through consultation. Such consultation shall begin immediately after one Party hereto has delivered
to the other Party hereto a written request for such consultation. If within thirty (30) days following the date on which such notice is given the dispute cannot be resolved, the dispute shall be submitted to arbitration according to
Section 15.2 below upon the request of either Party with notice to the other(s). 
  

	15.2	Arbitration Venue and Arbitrators. 

 The
arbitration shall be conducted in Hong Kong, under the auspices of the Hong Kong International Arbitration Centre (“HKIAC”) in accordance with the UNCITRAL Arbitration Rules (the “UNCITRAL Rules”) then in effect.
The arbitration tribunal shall consist of three arbitrators to be appointed according to the UNCITRAL Rules. The language of the arbitration shall be English. 
  

	15.3	Effect of Award. 

 The award of the
arbitration tribunal shall be final and binding upon the disputing parties and, in the case where the subdued party does not perform the award, the prevailing party may apply to a court of competent jurisdiction for enforcement of such award.

  

	15.4	Applicable Law. 

 The arbitrators shall decide
any dispute submitted by the Parties to the arbitration strictly in accordance with the substantive law of New York State and shall not apply any other substantive law. 
  

	15.5	Information Disclosure. 

 Each Party hereto
shall co-operate with the other(s) in making full disclosure of and providing complete access to all information and documents requested by the other(s) in connection with such arbitration proceedings, subject only to any confidentiality obligations
binding on such Party. 
 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  
 27 

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

 

			
	For and on behalf of:
	
	Youku.com Inc.
		
	By:	 	 /s/ Victor Wing Cheung Koo

		
	Name:	 	Victor Wing Cheung KOO
	Position:	 	Director and Chief Executive Officer
	Address:	 	 5th Floor, SinoSteel Plaza
 8 Haidian Street,
Haidian District
 Beijing 100080

		
	Attn:	 	Dele LIU, Senior Vice President and Chief Financial Officer
	Fax:	 	(8610) -59708818

 [Series F Investors Signature Pages
Follow] 
 [Company Signature Page to Share Purchase Agreement] 

  
 SERIES F INVESTOR 

 

					
	For and on behalf of:	 	
	
	FARALLON CAPITAL PARTNERS, L.P.
			
	By:	 	Farallon Partners, L.L.C.	 	
	Its:	 	General Partner	 	
			
	Signature:	 	 /s/ Monica R. Landry
	 	
	Name:	 	Monica R. Landry	 	
	Its:	 	Managing Member	 	
		
	Address:	 	c/o Farallon Capital Management, L.L.C.,
		 	One Maritime Plaza, Suite 2100	 	
		 	San Francisco, CA94111	 	
		 	Attention: Chun R. Ding and Erik Chu	 	
		 	Fax: (415) 421-2133	 	
	
	FARALLON CAPITAL INSTITUTIONAL PARTNERS, L.P.
			
	By:	 	Farallon Partners, L.L.C.	 	
	Its:	 	General Partner	 	
			
	Signature:	 	 /s/ Monica R. Landry
	 	
	Name:	 	Monica R. Landry	 	
	Its:	 	Managing Member	 	
		
	Address:	 	c/o Farallon Capital Management, L.L.C.,
		 	One Maritime Plaza, Suite 2100	 	
		 	San Francisco, CA94111	 	
		 	Attention: Chun R. Ding and Erik Chu	 	
		 	Fax: (415) 421-2133	 	
	
	FARALLON CAPITAL INSTITUTIONAL PARTNERS II, L.P.
			
	By:	 	Farallon Partners, L.L.C.	 	
	Its:	 	General Partner	 	
			
	Signature:	 	 /s/ Monica R. Landry
	 	
	Name:	 	Monica R. Landry	 	
	Its:	 	Managing Member	 	

 [Series F Investors Signature Pages to Share Purchase Agreement] 

  

					
	Address:	 	c/o Farallon Capital Management, L.L.C.,
		 	One Maritime Plaza, Suite 2100	 	
		 	San Francisco, CA94111	 	
		 	Attention: Chun R. Ding and Erik Chu	 	
		 	Fax: (415) 421-2133	 	
	
	FARALLON CAPITAL INSTITUTIONAL PARTNERS III, L.P.
			
	By:	 	Farallon Partners, L.L.C.	 	
	Its:	 	General Partner	 	
			
	Signature:	 	 /s/ Monica R. Landry
	 	
	Name:	 	Monica R. Landry	 	
	Its:	 	Managing Member	 	
		
	Address:	 	c/o Farallon Capital Management, L.L.C.,
		 	One Maritime Plaza, Suite 2100	 	
		 	San Francisco, CA94111	 	
		 	Attention: Chun R. Ding and Erik Chu	 	
		 	Fax: (415) 421-2133	 	
	
	FARALLON CAPITAL OFFSHORE INVESTORS II, L.P.
			
	By:	 	Farallon Partners, L.L.C.	 	
	Its:	 	General Partner	 	
			
	Signature:	 	 /s/ Monica R. Landry
	 	
	Name:	 	Monica R. Landry	 	
	Its:	 	Managing Member	 	
		
	Address:	 	c/o Farallon Capital Management, L.L.C.,
		 	One Maritime Plaza, Suite 2100	 	
		 	San Francisco, CA94111	 	
		 	Attention: Chun R. Ding and Erik Chu	 	
		 	Fax: (415) 421-2133	 	

 [Series F Investors Signature Pages to Share Purchase Agreement] 

  

					
	CHENGWEI PARTNERS, L.P.
		
	By:	 	Chengwei Ventures Evergreen Management, LLC
	Its:	 	Managing Member	 	
			
	Signature:	 	 /s/ Aline Moulia
	 	
	Name:	 	Aline Moulia	 	
	Its:	 	Authorized Signer	 	
			
	Address:	 	c/o Chengwei Ventures	 	
		 	58 West Portal Avenue #146	 	
		 	San Francisco, California 94127	 	
	
	CHENGWEI VENTURES EVERGREEN FUND, L.P.
		
	By:	 	Chengwei Ventures Evergreen Management, LLC
	Its:	 	Managing Member	 	
			
	Signature:	 	 /s/ Aline Moulia
	 	
	Name:	 	Aline Moulia	 	
	Its:	 	Authorized Signer	 	
			
	Address:	 	c/o Chengwei Ventures	 	
		 	58 West Portal Avenue #146	 	
		 	San Francisco, California 94127	 	
	
	CHENGWEI VENTURES EVERGREEN ADVISORS FUND, LLC
		
	By:	 	Chengwei Ventures Evergreen Management, LLC
	Its:	 	Managing Member	 	
			
	Signature:	 	 /s/ Aline Moulia
	 	
	Name:	 	Aline Moulia	 	
	Its:	 	Authorized Signer	 	
			
	Address:	 	c/o Chengwei Ventures	 	
		 	58 West Portal Avenue #146	 	
		 	San Francisco, California 94127	 	

 [Series F Investors Signature Pages to Share Purchase Agreement] 

  
 BROOKSIDE CAPITAL PARTNERS FUND, L.P.

  

			
	Signature:	 	 /s/ Matt McPherron

	Name:	 	MATT MCPHERRON
	Its:	 	
		
	Address:	 	111 Huntington Avenue
		 	Boston, MA 02199
		 	United States of America

 [Series F Investors Signature Pages to Share Purchase Agreement] 

  

			
	MAVERICK USA II, CORP.
		
	By:	 	Maverick Capital, Ltd.
	Its:	 	Attorney-in-Fact
		
	Signature:	 	 /s/ John T. McCafferty

	Name:	 	John T. McCafferty
	Its:	 	Limited Partner & General Counsel
		
	Address:	 	300 Crescent Court 18th Floor
		 	Dallas, Texas 75201
		 	Fax: (214) 880-4020

 [Series F Investors Signature Pages to
Share Purchase Agreement] 

  
 SERIES F INVESTOR 

T. ROWE PRICE ASSOCIATES, INC. 
 On behalf of its advisory
Funds and Accounts on 
 Attachment A 
 T. ROWE
PRICE ASSOCIATES, INC. 
 For and on Behalf of: 
 T.
Rowe Price New Horizons Fund, Inc. 
 T. Rowe Price New Horizons Trust 
 T. Rowe Price U.S. Equities Trust 
  

			
	By:	 	 /s/ Kris H. Jenner

	Name:	 	Kris H. Jenner
	Title:	 	Vice President

 T. Rowe Price Associates, Inc. 

100 East Pratt Street 
 Baltimore, Maryland 21202 

Attention: Andrew Baek 
 Vice President and Senior Legal Counsel

 Phone: 410-345-2090 
 Email: Andrew_baek@troweprice.com

 [Series F Investors Signature Pages to Share Purchase Agreement] 

  
 SERIES F INVESTOR 

T. ROWE PRICE ASSOCIATES, INC. 
 On behalf of its advisory
Funds and Accounts on 
 Attachment A 
 T. ROWE
PRICE ASSOCIATES, INC. 
 For and on Behalf of: 
 T.
Rowe Price Global Technology Fund, Inc. 
 TD Mutual Funds – TD Science & Technology Fund 

 

			
	By:	 	 /s/ David J. Eiswert

	Name:	 	David J. Eiswert
	Title:	 	Vice President

 T. Rowe Price Associates, Inc. 

100 East Pratt Street 
 Baltimore, Maryland 21202 

Attention: Andrew Baek 
 Vice President and Senior Legal Counsel

 Phone: 410-345-2090 
 Email: Andrew_baek@troweprice.com

 [Series F Investors Signature Pages to Share Purchase Agreement] 

  
 SERIES F INVESTOR 

T. ROWE PRICE ASSOCIATES, INC. 
 On behalf of its advisory
Funds and Accounts on 
 Attachment A 
 T. ROWE
PRICE ASSOCIATES, INC. 
 For and on Behalf of: 
 T.
Rowe Price Science & Technology Fund, Inc. 
 Valic Company I – Science & Technology Fund 

John Hancock Trust – Science & Technology Trust 
  

			
	By:	 	 /s/ David J. Eiswert

	Name:	 	David J. Eiswert
	Title:	 	Vice President

 T. Rowe Price Associates, Inc. 

100 East Pratt Street 
 Baltimore, Maryland 21202 

Attention: Andrew Baek 
 Vice President and Senior Legal Counsel

 Phone: 410-345-2090 
 Email: Andrew_baek@troweprice.com

 [Series F Investors Signature Pages to Share Purchase Agreement] 

  

					
	MORGAN STANLEY INVESTMENT MANAGEMENT SMALL COMPANY GROWTH TRUST
	
	By: State Street Bank and Trust Company
	Trustee	 	
			
	By:	 	 /s/ James E Hachey
	 	
			
	Name:	 	James E Hachey	 	
			
	Title:	 	Vice President	 	
		
	Address:	 	c/o Morgan Stanley Investment Management
		 	522 Fifth Avenue	 	
		 	New York, New York 10036	 	
	
	MORGAN STANLEY INSTITUTIONAL FUND, INC. – SMALL COMPANY GROWTH PORTFOLIO
	
	By: Morgan Stanley Investment Management Inc.
	Investment Manager	 	
			
	By:	 	 /s/ James E Hachey
	 	
			
	Name:	 	James E Hachey	 	
			
	Title:	 	Vice President	 	
			
	Address:	 	522 Fifth Avenue	 	
		 	New York, New York 10036	 	
	
	THE UNIVERSAL INSTITUTIONAL FUNDS, INC. – SMALL COMPANY GROWTH PORTFOLIO
	
	By: Morgan Stanley Investment Management Inc.
	Investment Manager	 	
			
	By:	 	 /s/ Jason Yeung
	 	
			
	Name:	 	Jason Yeung	 	
			
	Title:	 	Executive Director	 	
	Address:	 	522 Fifth Avenue	 	
		 	New York, New York 10036	 	
	
	NATIONWIDE VARIABLE INSURANCE TRUST – NVIT MULTI-MANAGER SMALL COMPANY FUND
	
	By: Morgan Stanley Investment Management Inc.
	Sub-Adviser	 	
			
	By:	 	 /s/ Jason Yeung
	 	
	Name:	 	Jason Yeung	 	
	Title:	 	Executive Director	 	
	Address:	 	522 Fifth Avenue	 	
		 	New York, New York 10036	 	

 [Series F Investors Signature Pages to Share Purchase
Agreement] 

  

					
	TRANSAMERICA FUNDS – TRANSAMERICA MORGAN STANLEY SMALL COMPANY GROWTH
	
	By: Morgan Stanley Investment Management Inc.
	Sub-Adviser	 	
			
	By:	 	 /s/ Jason Yeung
	 	
	Name:	 	Jason Yeung	 	
	Title:	 	Executive Director	 	
	Address:	 	522 Fifth Avenue	 	
		 	New York, New York 10036	 	
	
	BELL ATLANTIC MASTER TRUST
	
	By: Morgan Stanley Investment Management Inc.
	Investment Manager	 	
			
	By:	 	 /s/ Jason Yeung
	 	
	Name:	 	Jason Yeung	 	
	Title:	 	Executive Director	 	
	Address:	 	522 Fifth Avenue	 	
		 	New York, New York 10036	 	
	
	MORGAN STANLEY INSTITUTIONAL FUND, INC. - INTERNATIONAL OPPORTUNITY PORTFOLIO
	
	By: Morgan Stanley Investment Management Inc.
	Investment Manager	 	
			
	By:	 	 /s/ Jason Yeung
	 	
	Name:	 	Jason Yeung	 	
	Title:	 	Executive Director	 	
	Address:	 	522 Fifth Avenue	 	
		 	New York, NY 10036	 	
	
	MORGAN STANLEY INSTITUTIONAL FUND, INC. – GLOBAL GROWTH PORTFOLIO
	
	By: Morgan Stanley Investment Management Inc.
	Investment Manager	 	
			
	By:	 	 /s/ Jason Yeung
	 	
	Name:	 	Jason Yeung	 	
	Title:	 	Executive Director	 	
	Address:	 	522 Fifth Avenue	 	
		 	New York, NY 110036	 	

 [Series F Investors Signature Pages to Share Purchase Agreement]2006 Stock Option Scheme, as amended

  
 Exhibit 10.1 

 
  

Youku.com Inc. 
 2006 STOCK
OPTION SCHEME 
 (as amended by the Resolutions of the Board dated March 26th, 2007, June 

20th
, 2008, December 16, 2009 and September 9, 2010) 
  

 

  
 TABLE OF CONTENTS

  

							
	 Number
	 	        Section Heading	  	 Page
	 
			
	 1.
	 	DEFINITIONS	  	 	1	  
	 2.
	 	AVAILABLE SHARES	  	 	4	  
	 3.
	 	ELIGIBILITY AND PARTICIPATION	  	 	4	  
	 4.
	 	ADMINISTATION	  	 	4	  
	 5.
	 	GRANT OF OPTION	  	 	5	  
	 6.
	 	VESTING OF OPTION	  	 	6	  
	 7.
	 	EXERCISE OF OPTION	  	 	6	  
	 8.
	 	SUBSCRIPTION PRICE AND PAYMENT UPON EXERCISE	  	 	7	  
	 9.
	 	TREATMENT OF OPTIONS IN CERTAIN SITUATIONS	  	 	8	  
	 10.
	 	REORGANISATION OF CAPITAL STRUCTURE	  	 	12	  
	 11.
	 	RIGHTS AS A SHAREHOLDER; RESTRICTION ON SHARE TRANSFER	  	 	12	  
	 12.
	 	ALTERATION AND TERMINATION OF THIS SCHEME	  	 	13	  
	 13
	 	COSTS AND EXPENSES; TAXES	  	 	13	  
	 14
	 	DISPUTE RESOLUTION; GOVERNING LAW	  	 	13	  
	 15.
	 	DISCLAIMERS	  	 	14	  
		
	 SCHEDULE A
	  	 	15	  
	 LETTER OF OFFER
	  			
		
	 SCHEDULE B
	  	 	16	  
	 ACCEPTANCE FORM
	  			
		
	 SCHEDULE C
	  	 	18	  
	 STOCK OPTION CERTIFICATE (THE “CERTIFICATE”)
	  			
		
	 SCHEDULE D
	  	 	19	  
	 NOTICE OF EXERCISE
	  			
		
	 SCHEDULE E
	  	 	20	  
	 DEED OF UNDERTAKING
	  			

  
 Youku.com Inc. 

2006 STOCK OPTION SCHEME 
  

	1.	DEFINITIONS 

  

	1.1	In this Scheme the following expressions shall have the following meanings: 

  

			
	 “Adoption Date”
	 	means December 1, 2005 (the date on which this Scheme is adopted by resolution of the Board of Directors of the Company);
		
	 “Affiliates”
	 	with regard to a given person, means a person that controls, is controlled by or is under common control with the given person. For purposes of this Scheme, except as otherwise expressly
provided, when used with respect to any person, “control” means the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the
terms “affiliated”, “controlling” and “controlled” have meanings correlative to the foregoing;
		
	 “Applicable Law”
	 	means the legal requirements relating to the Scheme under applicable provisions of the corporate, securities , tax and other laws, rules, regulations and government orders, and the rules
of any applicable stock exchange or national market system, of any jurisdiction applicable to the Scheme granted to residents therein;
		
	 “Auditors”
	 	mean the Auditors as engaged by the Company;
		
	 “Brokerage”
	 	means a brokerage service to handle and finance the exercise of Options granted under this Scheme, as maybe designated by the Company for the Optionees;
		
	 “Board”
	 	means the board of directors of the Company or a duly authorised committee thereof;
		
	 “Company”
	 	Youku.com Inc., a company incorporated under the laws of the Cayman Islands;
		
	 “Consulting Relationship”
	 	means, in respect of Options granted to any Optionee, his relationship with the Company under which the Optionee provides advisory, consulting, accounting, legal, ancillary or other
counselling services to the Company, whether in written, contractual form or otherwise and whether entered into in his own capacity or under the name and on behalf of his employer
entity;

  
 1 

			
		 	Where such consulting relationship with the Company is entered into in the name, on behalf or for the benefit of the Optionee’s employer entity, “Optionee” as used in the
relevant context hereof shall refer to the Optionee’s employer entity, and such terms as “he” or “his” shall be construed accordingly;
		
	 “Exercise”
	 	means, in respect of any Option, the act by the Optionee to subscribe the Shares covered by the Option granted to him in accordance with this Scheme;
		
	 “Exercisable Date”
	 	means, in respect of any Option, the first date upon which all the conditions listed in Section 7.1 hereof have been satisfied and the Optionee may exercise the relevant part of his
Option;
		
	 “Grant”
	 	means, in respect of any Option, the incident of such Option being offered to and accepted by the Optionee in accordance with this Scheme;
		
	 “Grant Date”
	 	means, in respect of any Option, the date upon which the Option is accepted in accordance with this Scheme;
		
	 “Option”
	 	means an option to subscribe for Shares granted pursuant to this Scheme;
		
	 “Optionee”
	 	means any employee, officer, director, advisor or consultant of the Company, who accepts the offer of the grant of any Option in accordance with the terms of this Scheme or (where the
context so permits) a person entitled to any such Option in consequence of the death of the original person accepting offer of the grant of any Option;
		
	 “Option Period”
	 	means, in respect of a particular Option, a period of 10 years commencing from the Grant Date, or such shorter period as the Board may decide at the time of grant, beyond which no Option
shall be exercised whatsoever;
		
	 “Permitted Transfer”
	 	means the following:
		
		 	(a) transfer to the Company;
		
		 	(b) transfer by gift to “immediate family” as that term is defined in SEC Rule 16a-1(e) promulgated under the U.S. Securities Exchange Act of 1934, as
amended;
		
		 	(c) the designation of a beneficiary to receive benefits if the Optionee dies or, if the Optionee has died, transfers to or exercises by
the Optionee’s beneficiary, or, in the absence of a validly designated beneficiary, transfers by will or the laws of descent and distribution;
		
		 	(d) if the Optionee has suffered a disability, permitted transfers or exercises on behalf of the Optionee by the Optionee’s duly authorized legal
representative; or
		
		 	(e) subject to the prior approval of the Board or a director or an executive officer of the Company authorized by the Board, transfer to one or more natural persons who are the
Optionee’s family members or entities owned and controlled by the Optionee and/or the Optionee’s family members, including but not limited to trusts or other entities whose beneficiaries or beneficial owners are the Optionee and/or the
Optionee’s family members, or to such other persons or entities as may be expressly approved by the Board, pursuant to such conditions and procedures as the Board may establish. Any permitted transfer shall be subject to the condition that the
Board receives evidence satisfactory to it that the transfer is being made for estate and/or tax planning purposes and on a basis consistent with the Company’s lawful issue of
securities.

  
 2 

			
		 	Notwithstanding the foregoing, any transferee of an Option (except for the Company) shall be bound by the terms and conditions under this Scheme and the related Option grant
documents;
		
	 “IPO”
	 	means the initial public offering and listing of the Shares of the Company on any internationally recognised stock exchange including without limitation the Stock Exchange of Tokyo,
JASDAQ, the Stock Exchange of Hong Kong Limited, the Growth Enterprise Market (GEM) of Hong Kong, the New York Stock Exchange, NASDAQ, and the Singapore Stock Exchange;
		
	 “Shares”
	 	means ordinary shares of $0.00001 par value each (or of such other nominal amount as shall result from a sub-division or a consolidation of such shares from time to time) of the
Company;
		
	 “Scheme”
	 	means, subject to Section 12 hereof, this stock option scheme in its present or any amended form, and where the contexts permit, includes the Letter of Offer, Acceptance Form, Option
Certificate, Exercise Notice and Deed of Undertaking of or applicable to the relevant Optionee;
		
	 “Subscription Price”
	 	means the total price or, where applicable, unit price per Share at which an Optionee may subscribe Shares upon the exercise of an Option, subject to adjustment as provided in this
Scheme;
		
	 “Subsidiary”
	 	with respect to any corporation, means a company which is for the time being and from time to time being treated as a subsidiary of that corporation under the generally accepted accounting
principles applied by that corporation in the preparation of its financial statements;
		
	 “$”and “cents”
	 	means United States dollars and cents respectively; and
		
	 “Vesting”
	 	means, in respect of any Option, the satisfaction of the vesting schedules and vesting conditions listed in Section 6 hereof. Related terms like “vest”,
“vests” and “vested” shall be construed accordingly.

  
 3 

  

	1.2	Section headings are inserted for convenience of reference only and shall be ignored in the interpretation of this Scheme. References herein to Sections are to Sections of this
Scheme. Unless the context requires otherwise, words in the singular shall include the plural and vice versa and references to one gender shall include all genders. 

 

	2.	AVAILABLE SHARES 

  

	2.1	Number of Shares. The Shares subject to the Scheme are of a maximum aggregate number of 140,441,231 ordinary shares of the Company, par value US$0.00001 each. The maximum
number of Shares in respect of which Options may be granted under this Scheme, together with Shares covered by Options unvested, Options vested but unexercised (whether exercisable or un-exercisable) and Options exercised, shall not exceed such
number. 

  

	2.2	Limitation of Share Numbers. To the extent that any Shares subject to the Scheme expires, or lapses for any reason, any Shares subject to the Scheme again be available for
the further grant pursuant to the Scheme. To the extent permitted by the Applicable Law, Shares issued in assumption of, or in substitution for, any outstanding awards of any entity acquired in any form or combination by the Company or any
Affiliates of the Company shall not be counted against Shares available for grant pursuant to the Scheme. Shares delivered by the Optionee or withheld by the Company upon the exercise of any Shares under the Scheme, in payment of the exercise price
thereof or tax withholding thereon, may again be optioned, granted or warded hereunder, subject to the limitation of Section 2.1. 

  

	2.3	Shares Distributed. Any Shares distributed pursuant to the Scheme may consist, in whole or in part, of authorized unissued Shares, treasury shares (subject to applicable
law) or Shares purchased on the open market. 

  

	3.	ELIGIBILITY AND PARTICIPATION 

  

	3.1	Eligibility. Persons eligible to participate in this Scheme may include the following, as may be specially identified by the Board: 

 

	 	(a)	employees and officers of the Company; 

  

	 	(b)	directors of the Company; and 

  

	 	(c)	consultants and advisors of the Company. 

  

	3.2	Participation. Subject to the provisions of the Scheme, Board may, from time to time, select from among all eligible individuals, those to whom Shares under the Scheme
shall be granted and shall determine the nature and amount of Shares to the granted. 

  

	3.3	Jurisdictions. In order to assure the viability of Shares granted to Optionees employed in various jurisdictions, the Board may provide for such special terms as it may
consider necessary or appropriate to accommodate differences in local law, tax policy, or custom applicable in the jurisdiction in which the Optionee resides or is employed. Moreover, the Board may approve such supplements to, or amendments,
restatements, or alternative versions of, the Scheme as it may consider necessary or appropriate for such purposes without thereby affecting the terms of the Scheme in effect for any other purpose, provided, however, that no such supplements,
amendments, restatements or alternative versions shall increase the share limitation contained in Section 2.1 of the Scheme. Notwithstanding the foregoing, the Board may not take any actions hereunder, and no Shares shall be granted, that would
violate any Applicable Laws. 

  

	4.	ADMINISTRATION 

  

	4.1	Board. The Scheme shall be administrated by the Board. 

  
 4 

  

	4.2	Authority of Board. Subject to any specific designation in the Scheme, the Board has the exclusive power, authority and discretion to: 

 

	 	(a)	Designate Optionee; 

  

	 	(b)	Determine the type of each grant of Shares pursuant to the Scheme to the Optionee; 

  

	 	(c)	Determine the number of Shares to be granted; 

  

	 	(d)	Determine the terms and conditions of the grant and allotment of Shares pursuant to the Scheme, including but not limited to, the exercise price, grant price, or purchase price,
any restriction or limitations on such Shares, any schedule for lapse of forfeiture restrictions or restrictions on the exercisability of the grant of Shares, any schedule for the allotment of Shares or deferral of the allotment of Shares, and
accelerations or waivers thereof, any provisions related to non-competition and recapture of gain on the grant of the Shares, based in each case on such considerations as the Board in its sole discretion determines; 

 

	 	(e)	Determine whether, to what extent, and pursuant to what circumstances the Shares granted pursuant to this Scheme may be settled in, or the exercise price of the Shares may be
paid in, cash, Shares, or other property, or the grant of Shares pursuant to this Scheme may be cancelled, forfeited, or surrendered; 

  

	 	(f)	Decide all other matters that must be determined in connection with the grant of Shares pursuant to this scheme; 

 

	 	(g)	Establish, adopt or revise any rules and regulations as it may deem necessary or advisable to administer this Scheme; 

 

	 	(h)	Interpret the terms, and any matter arising pursuant to, this Scheme or any agreement to award Shares pursuant to this Scheme; and 

 

	 	(i)	Make all other decisions and determinations that may be required pursuant to this Scheme or as the Board deems necessary or advisable to administer this Scheme.

  

	4.3	Decisions Binding. The Board’s interpretation of the Scheme, any decisions and determinations by the Board related to this Scheme or the grant of Shares pursuant to
this Scheme shall be final, binding and conclusive on all parties. 

  

	5.	GRANT OF OPTION 

  

	5.1	Subscription Price. On and subject to the terms of this Scheme, the Board shall be entitled at any time and from time to time within the Scheme Period to offer to grant to
any Optionee as the Board may in its absolute sole discretion select, and subject to such conditions as the Board may think fit, an Option to subscribe for such number of Shares at the Subscription Price as the Board may determine.

  

	5.2	Conditions of Exercise. An offer of the grant of an Option shall be made to an Optionee by letter substantially in the form set out in Schedule A, subject to such
modification as the Board may from time to time determine, requiring the Optionee to undertake to hold the Option on the terms on which it is to be granted and to be bound by the provisions of this Scheme and shall remain open for acceptance by the
Optionee concerned for a period of seven (7) days from the date upon which it is made. 

  

	5.3	Acceptance of Grant. An Option shall be deemed to have been granted and accepted when the Acceptance Form is completed, signed and returned by the Optionee to the Company,
in or substantially in the form set out in Schedule B, subject to such modification as the Board may from time to time determine. 

  
 5 

  

	5.4	Time of Acceptance. Any offer of the grant of an Option may be accepted in respect of less than the number of Shares in respect of which it is offered. To the extent that
the offer of the grant of an Option is not accepted within seven (7) days in the manner indicated in Section 5.3, it shall be deemed to have been irrevocably declined. 

 

	5.5	Option Certificate. As soon as possible after the Grant Date, the Board shall issue to the Optionee an Option Certificate substantially in the form of Schedule C, subject
to such modification as the Board may from time to time determine. 

  

	5.6	Transfer Restriction. An Option, whether vested or not, shall be personal to the Optionee. Except for a Permitted Transfer, neither the Option nor any interest therein may
be assignable and no Optionee shall in any way sell, transfer, charge, mortgage, encumber or create any interest in favour of any third party over or in relation to any Option under this Scheme. 

 

	6.	VESTING OF OPTION 

  

	6.1	Vesting Schedule. Subject to other provisions under this Scheme, in respect of any particular Option, the vesting of the Option shall start from the Grant Date and shall
follow the schedule below, 

  

	 	(a)	 One-Sixth (1/6) of the Option shall be vested, upon the first (1st) anniversary of the Grant Date; 

 

	 	(b)	 One-twelfth (1/12) of the Option shall be vested, upon the last day of each three (3) month of the second (2nd) and third (3rd) year after the Grant Date; and 

 

	 	(c)	 One-twenty fourth (1/24) of the Option shall be vested, upon the last day of each three(3) month of the fourth (4th) year after the Grant Date; 

for as long as the employment of the Optionee by, membership of the Optionee on the Board of, or Consulting Relationship of the Optionee with the
Company, as applicable, continues at the date of vesting without termination, expiry or removal under Section 9 hereof. 
  

	6.2	Additional Vesting Schedules. In addition to the vesting schedule provided in Section 6.1 above, the Board may provide additional vesting schedules and vesting
conditions in the offer letter to each Optionee, including without limitation performance goals to the achieved and milestone targets to be reached by the Optionee. The acceptance of the Optionee of the offer shall be construed as his acceptance of
all the vesting schedules and conditions provided in Section 6.1 and in the offer letter. 

  

	7.	EXERCISE OF OPTION 

  

	7.1	Exercisable Date. The exercise of any Option shall be subject to the following: 

 

	 	(a)	vesting of the Option under the Scheme in accordance with Section 6 hereof, 

  

	 	(b)	other provisions in respect of exercise of Options under the Scheme or issuance and subscription of Shares in general including without limitation those in Sections 7 (Exercise
of Option), 8 (Subscription Price and Payment upon Exercise) and 9 (Treatment of Options in Certain Situations) hereof. 

  
 6 

  
 The first date when all of the
conditions in this Section 7.1 have been satisfied is referred to as “Exercisable Date”. 
  

	7.2	Exercise of Options. An Option may be exercised in whole or in part by the Optionee (or his or her legal personal representatives) in the following manner:

  

	 	(a)	giving notice in writing to the Company in substantially the form set out in Schedule D (subject to such modification as the Board may from time to time determine) stating that
the Option is thereby exercised and the number of Shares in respect of which it is exercised and the form of payment; and 

  

	 	(b)	executing and delivering a Deed of Undertaking to the Company in substantially the form set out in Schedule E (subject to such modification as the Board may from time to time
determine). 

 Each exercise notice must be accompanied by a remittance or, with prior consent by the Board, a verification
for payment in favour of the Company for the full amount of the total Subscription Price for the Shares in respect of which the notice is given. Within 28 days after receipt of the notice, the Deed of Undertaking and the remittance or payment
verification, the Company shall allot the relevant Shares to the Optionee (or his or her legal personal representatives), credited as fully paid. 
  

	7.3	Period for Exercise. An Option shall be exercised within the Option Period, after which the Option shall expire and become null and void and may not be exercised either in
whole or in part. 

  

	8.	SUBSCRIPTION PRICE AND PAYMENT UPON EXERCISE 

  

	8.1	Payment. Upon exercise of the Option, payment for Shares covered by the Option shall be made on the effective date of such exercise in the following forms:

  

	 	(a)	cash remittance by certified check, bank cashier’s check or wire transfer; 

  

	 	(b)	subject to the approval of the Board, in stock of the Company or of other companies that have been owned by the Optionee for at least 6 months prior to the effective date of
exercise and valued at their fair market value on the effective date of such exercise as determined at the discretion of the Board, or partly in stock with the balance in cash remittance; 

 

	 	(c)	other property acceptable to the Board with a fair market value; 

  

	 	(d)	through a Brokerage, if any is made available to the Optionee by the Company and in accordance with Section 8.3 below; or 

 

	 	(e)	any combination of the foregoing Section 8.1 (a) to Section 8.1 (d). 

  

	8.2	Brokerage. Where the Optionee is not able to pay for the Subscription Price either adopting payment forms in Section 8.1 (a) to (c) above, for example if
the Optionee is a citizen of the People’s Republic of China whose exercise of Option is subject to PRC legal restrictions including without limitation those concerning foreign exchange control, the Optionee may adopt the payment form in
Section 8.1 (d), for which purpose the Company may designate a Brokerage to finance and handle the exercise of the Option in one of the following ways: 

 

	 	(a)	where the Shares subscribed upon exercise is permitted to be sold immediately after subscription, the Brokerage shall pay the Subscription Price, and may sell a portion of the
Shares subscribed and use the proceeds from such sale to compensate for the Subscription Price that such Brokerage has paid for the Shares subscribed, or 

  
 7 

  

	 	(b)	where the Shares subscribed upon exercise may not be sold immediately after subscription due to restrictions in connection with the IPO on the assign, transfer, sale, mortgage,
encumber, creation of third party interest or disposal of the Shares covered by the Options, the Brokerage shall pay the Subscription Price, and may hold the Shares subscribed as collateral for the compensation for the Subscription Price that the
Brokerage has paid and deliver the Shares (or sales proceeds thereof where applicable) to the Optionee after the Brokerage has been fully compensated for the Subscription Price that it has paid for the Shares subscribed and other costs and expenses
in connection with the brokerage service, either from the cash dividends in respect of the Shares and/or from the cash proceeds upon sale of all or part of the Shares. 

In both cases (a) and (b) above the Optionee may opt for receipt of the net amount of Shares in stock and/or in cash after deduction of
the Subscription Price and the costs and expenses for the brokerage service. 
 The illustration of subscription for Shares using brokerage
service in (a) and (b) above are for reference only and is not intended to serve as a definitive or exclusive method by which the subscription of Shares may be structured using brokerage services. The specific method for the subscription
of Shares are ultimately subject to the agreement between the Brokerage and the Optionee. 
  

	9.	TREATMENT OF OPTIONS IN CERTAIN SITUATIONS 

  

	9.1	With respect to an Optionee who is an employee (including any officer) of the Company, subject to other provisions in this Scheme, 

 

	 	(a)	in the event of the termination of the employment of the Optionee with the Company for any reason other than his death, disability or retirement or for cause, then

  

	 	(i)	Options granted to such Optionee, to the extent that they were vested at the time of such termination, shall be exercised by such Optionee within ninety (90) days following
the termination of his/her employment. The Company, however, can extend this ninety (90) day period for selected Optionees as needed, and Options granted to such Optionee, to the extent they were not vested at the time of such termination,
shall expire and become null and void at the close of business on the date of such termination, 

 unless at the time of
such termination the Optionee has continuing membership on the Board of the Company or continuing Consulting Relationship with the Company in which case(s) none of the provisions in this Section 9.1(a) shall apply; 

 

	 	(b)	in the event that the employment of the Optionee with the Company shall terminate on account of the death, disability or retirement (at the official PRC retirement age) of the
Optionee and not for cause, then 

  

	 	(i)	Options granted to such Optionee, to the extent that they were vested at the time of such termination or would have become vested had his employment continued for another one
(1) year after such termination, shall remain vested or become vested for his or, where applicable, for the benefit of his estate or beneficiary until the expiry of the Option Period, and 

 

	 	(ii)	Options granted to such Optionee, to the extent they are not vested at the time of such termination and would not become vested had his employment continued for another one
(1) year after such termination, shall expire and become null and void upon such termination. 

  
 8 

  

	 	(c)	In the event of the termination of an Optionee’s employment on any ground 

  

	 	(i)	that he has been guilty of wilful misconduct or gross negligence, or has been convicted of any criminal offence involving his integrity or honesty; 

 

	 	(ii)	that he has committed an act of bankruptcy or has become insolvent or has made any arrangement or composition with his creditors generally; 

 

	 	(iii)	on which an employer would be entitled to terminate his employment for cause pursuant to any applicable laws or provided in the Optionee’s service or employment contract,
but excluding termination of the service or employment contract without cause by giving of notice or for expiry of the service or employment contract; or 

  

	 	(iv)	that he voluntarily resigns from the Company by notice or departs from the Company without notice, in each case without the prior written consent by the Company or completion of
requisite procedures for such resignation/departure, 

 then all outstanding Options granted to such Optionee, to the extent
not exercised, shall expire and become null and void at the close of business on the date of such termination of his employment. 
 For
purpose of this Section 9.1 (c), a resolution of the Board of the Company to the effect that the employment of the Optionee has or has not been terminated on one or more of the grounds specified in this Section 9.1 (c) shall be
conclusive in the absence of manifest error. 
  

	9.2	With respect to an Optionee as a Director of the Company and not as an employee of the Company, subject to provisions elsewhere in this Scheme, 

 

	 	(a)	in the event that the Optionee’s membership on the Board of Directors is terminated because the Optionee resigns from the Board (as consented by the shareholder(s) entitled
to appoint the Optionee as Director and the Company) or fails to seek re-election to the Board other than on account of his disability or death or for cause, then 

 

	 	(i)	Options granted to such Optionee, to the extent that they were vested at the time of such termination shall remain vested until the expiry of the Option Period, and

  

	 	(ii)	Options granted to such Optionee, to the extent they were not vested at the time of such termination, shall expire and become null and void at the close of business on the date
of such termination, 

 unless at the time of such termination the Optionee has continuing employment or continuing
Consulting Relationship with the Company in which case(s) none of the provisions in this Section 9.2(a) shall apply; 
  

	 	(b)	in the event that the Optionee’s membership on the Board of Directors is terminated because of his death or disability and other than for cause, then

  

	 	(i)	Options granted to such Optionee, to the extent that they were vested at the time of such termination or would have become vested had his membership on the Board continued for
another one (1) year of such termination, shall remain vested or become vested for himself or, where applicable, for the benefit of his estate or beneficiary, until the expiry of the Option Period, and 

  
 9 

  

	 	(ii)	Options granted to such Optionee, to the extent they are not vested at the time of such termination and would not become vested had his membership continued for another one
(1) year of such termination, shall expire and become null and void upon such termination. 

  

	 	(c)	In the event that the Optionee is removed from the Board by the shareholders of the Company for any reason including without limitation on the grounds: 

 

	 	(i)	that he has been guilty of willful misconduct or gross negligence, or has been convicted of any criminal offence involving his integrity or honesty; 

 

	 	(ii)	that he has committed an act of bankruptcy or has become insolvent or has made any arrangement or composition with his creditors generally, 

 

	 	(iii)	on which one or more shareholders would be entitled to terminate his membership on the Board employment for cause pursuant to any applicable laws or provided in the by-laws or
internal directives of the Company, including without limitation his breach of duty of loyalty and duty of care in discharging his duty as a Director, but excluding termination of the membership without cause by giving of notice or for expiry of his
membership term on the Board, or 

  

	 	(iv)	that he voluntarily resigns from the Board with notice or depart from his duty on the Board without notice, in each case without prior written consent of the Company and the
shareholders entitled to the designation of the Optionee as a Director or completion of requisite procedures for such resignation/departure, 

 then all outstanding Options granted to such Director, to the extent not exercised, shall expire and become null and void at the close of business on the date of such removal. 

For purpose of this Section 9.2 (c), the decision by the one or more shareholders entitled to remove the Optionee from the Board as to whether
such removal is justified on the grounds including without limitation those specified in this 9.2 (c), shall be conclusive in the absence of manifest error. 
  

	 	(d)	For purpose of this Section 9.2, for avoidance of the conflict of interest, the Optionee shall excuse himself from the Board, and such Optionee shall be excused by the rest
of the Board, from any decision regarding the treatment of the Options granted to him. 

  

	9.3	With respect to an Optionee as an outside consultant (including advisor, counsel, specialist or the like) and not as an employee or Director of the Company, unless otherwise
decided at the sole discretion by the Board of the Company and subject to other provisions of this Scheme: 

  

	 	(a)	in the event that the Optionee’s Consulting Relationship with the Company expires without renewal or is terminated for any reason other than specified in Section 9.3(b)
and (c) below, then 

  

	 	(i)	Options granted to such Optionee, to the extent that they were vested at the time of such expiry or termination, shall remain vested until the expiry of the Option Period, and

  

	 	(ii)	Options granted to such Optionee, to the extent that they were not vested at the time of such termination, shall expire and become null and void at the close of business on the
date of such expiry or termination, 

  
 10 

  
 unless at the time of such
termination the Optionee has continuing employment with the Company or continuing membership on the Board of the Company in which case(s) none of the provisions in this Section 9.3 (a) shall apply; 

 

	 	(b)	in the event that the Optionee’s Consulting Relationship with the Company is terminated because of the Optionee’s disability, death, or loss of competence, capacity,
qualification, permission or approval that are necessary for the full discharge of the Optionee’s obligations under the Consulting Relationship with the Company, or due to Force Majeure, in each instance without any of the situation in
Section 9.3 (c) below, and except where the maintenance of such competence, capacity, qualification, permission or approval is the obligation of such Optionee under his Consulting Relationship with the Company, then

  

	 	(i)	Options granted to such Optionee, to the extent that they were vested at the time of termination or would have become vested had the Consulting Relationship with the Company
continued for another one (1) year of such termination, shall remain vested or become vested for himself or, where applicable, for the benefit of his estate or beneficiary, until the expiry of the Option Period, and 

 

	 	(ii)	Options granted to such Optionee, to the extent they are not vested at the time of termination and would not become vested had his Consulting Relationship with the Company
continued for another one (1) year of such termination, shall expire and become null and void upon such termination. 

  

	 	(c)	In the event that the Consulting Relationship of the Optionee with the Company is either voluntarily terminated by the Optionee without prior consent of the Company or terminated
by the Company on one or more of the following grounds: 

  

	 	(i)	that he has committed wilful misconduct or gross negligence, or has been convicted of any criminal offence involving his integrity or honesty; 

 

	 	(ii)	that he has committed an act of bankruptcy or has become insolvent or has made any arrangement or composition with his creditors generally; or 

 

	 	(iii)	on which the Company would be entitled to terminate the Consulting Relationship pursuant to any applicable laws or as provided in the contract or other documents governing such
Consulting Relationship, including without limitation his material breach of, failure to discharge his obligation under, or other default of his contract with the Company in connection with the Consulting Relationship; 

then all outstanding Options granted to such Optionee, to the extent not exercised, shall expire and become null and void at the close of business
on the date of such termination. 
 For purpose of this Section 9.3 (c), unless otherwise provided in the agreement governing the
Consulting Relationship, the decision by the Company as to whether such termination is justified on the grounds including without limitation those specified in this 9.3 (c) shall be conclusive in the absence of manifest error. 

 

	9.4	Notwithstanding anything to the contrary in this Scheme or in the offer letter of the Option at the time of grant, and regardless of the status of the relationship between the
Optoinee and the Company, in the event where the Optionee: 

  

	 	(a)	has committed any fraudulence or deceit or satisfaction of vesting schedule or vesting conditions, or on the payment of subscription price in full, 

 

	 	(b)	has breached Section 5.6 hereof regarding restrictions on transfer of Options, or 

  
 11 

  

	 	(c)	has failed to perform, observe or comply with fully and in a timely manner any undertakings, obligations, agreements, conditions, or arrangements in relation to confidentiality,
non-solicitation, non-competition or of similar nature, whether before or after termination of his employment by, membership on the Board of, or Consulting Relationship with the Company in accordance with their respective terms, regardless of
whether or not such undertakings, obligations, agreements, conditions, or arrangements has been voided, avoided or rendered unenforceable in any way or to any extent, 

then all outstanding Options granted to such Optionee, to the extent not exercised, shall expire and become null and void immediately upon finding
of such incidents in (a) (b) and (c) above, for which purpose the decision by the Board (in the case of the Optionee as an employee of the Company) or the entitled shareholders (in the case of the Optionee as a Director of the
Company) or otherwise by the Company (in the case of the Optionee as a consultant of the Company) shall be conclusively final and binding. 
  

	10.	REORGANISATION OF CAPITAL STRUCTURE 

In the event of any alteration in the capital structure of the Company whilst any Option remains outstanding (whether vested or unvested,
exercisable or unexercisable), whether by way of capitalisation of profits or reserves, rights issue, consolidation, subdivision or reduction of the share capital of the Company (other than an issue of Shares as consideration in respect of a
transaction to which the Company is a party), such corresponding alterations (if any) shall be made in: 
  

	 	i.	the number of Shares subject to the Option so far as unexercised; 

  

	 	ii.	the Subscription Price; and/or 

  

	 	iii.	the vesting conditions and method of exercise of the Option, 

 as the Auditors shall certify in writing to the Board to be in their opinion fair and reasonable, provided that any alteration shall be made on the basis that the proportion of the issued share capital of the
Company to which a Optionee is entitled after such alteration shall remain the same as that to which he was entitled before such alteration, but so that no such alteration shall be made the effect of which would be to enable any Share to be issued
at less than its par value. The capacity of the Auditors in this Section 10 is that of experts and not of arbitrators and their certification shall be for reference by the Board. 

 

	11.	RIGHTS AS A SHAREHOLDER; RESTRICTION ON SHARE TRANSFER 

  

	11.1	Rights as Shareholders. The Shares to be allotted upon the exercise of an Option will be subject to all the provisions of the Memorandum and Articles of Association of the
Company for the time being in force and will rank pari passu with the fully paid Shares in issue on the date of allotment and accordingly will entitle the holders to all rights, powers, interests or benefits including without limitation
participation in all dividends or other distributions paid or made on or after the date of allotment other than any dividend or other distribution previously declared or recommended or resolved to be paid or made with respect to a record date which
shall be before the date of allotment. 

  

	11.2	Restriction on Share Transfer. Without prejudice to any restrictions on the transfer of Shares as may from time to time be contained in the Memorandum and Articles of
Association of the Company and subject to Section 5.6 of this Scheme, the Optionee shall not sell, transfer, charge, mortgage, encumber or create any interest in favour of any third party over or in relation to any Shares that may be allotted
to him pursuant to the exercise of an Option without the prior written approval of the Board, and the Board may approve or disapprove any such sale, transfer, change, mortgage, encumbrance or creation of interest at its sole and absolute discretion
without assigning any reason therefor. 

  
 12 

  

	12.	ALTERATION AND TERMINATION OF THIS SCHEME 

  

	12.1	Alteration. Subject to Section 12.2, this Scheme may be altered in any respect by resolution of the Board except that the provisions of this Scheme as to

  

	 	(a)	the definitions of “Optionee”, “Vesting”, “Option Period” and “Scheme Period” and 

 

	 	(b)	provisions hereunder concerning procedures of offer and acceptance of Options, vesting and exercise of Options, determination of Subscription Price, treatment of options in
certain situations, maximum number of shares available for Options under this Scheme, and reorganisation of the capital structure of the Company, 

 shall not be altered to the advantage of Optionees or prospective Optionees except with the prior sanction of an ordinary resolution of the shareholders of the Company. 

 

	12.2	Alternation for IPO. Notwithstanding anything herein contained, in the event of a IPO of the Company, this Scheme may be altered by an ordinary resolution of the
shareholders of the Company as necessary for this Scheme to comply with the rules, requirements or requests of the government authority, stock exchange, underwriter or transacting parties involved in or in relation to the IPO provided that no such
alternation shall deprive or reduce the rights, benefits and entitlements of the Optionees in respect of Options granted (whether vested or unvested, exercisable or unexercisable) without compensation to be certified by the Auditors in writing to
the Company to be in their opinion fair and reasonable. The capacity of the Auditors for the said purpose is that of experts and not of arbitrators and their certification shall be for the reference by the Board. 

 

	12.3	Termination. Without prejudice to other provisions in this Scheme, the Company by an ordinary resolution of the shareholders or the Board may at any time terminate the
operation of this Scheme before the expiry of the Scheme Period and in such event no further Options will be offered but the provisions of this Scheme shall remain in force in all other respects. 

 

	13	COSTS AND EXPENSES; TAXES 

  

	13.1	The costs and expenses in connection with the general establishment and administration of this Scheme shall be borne by the Company. 

 

	13.2	Notwithstanding the foregoing, all costs, expenses, fees, taxes, levies or charges in connection with the exercise of the Option granted to an Optionee and the sale of Shares
covered by such Option shall be borne by the Optionee. For such purpose, the Company reserves the absolute right, and the Optionee shall give irrevocable authorization to the Company upon acceptance of the Option for the Company, to take any
necessary actions, including without limitation deduction, withholding, offsetting or retaining of appropriate amount from the value of the Shares issued to the Optionee under the Scheme, in order for the payment of any such costs, expenses, fees,
taxes, levies or charges, or to otherwise comply with relevant statutory or administrative requirements. 

  

	14	DISPUTE RESOLUTION; GOVERNING LAW 

  

	14.1	Arbitration. Any dispute arising in connection with this Scheme and any Options granted hereunder shall be referred to the decision of China International Economic and
Trade Arbitration Commission (“CIETAC”) in Beijing in accordance with its arbitration rules. 

  
 13 

  

	14.2	Governing Law. This Scheme and all Options granted hereunder shall be governed by and construed in accordance with the laws of New York State. 

 

	15.	DISCLAIMERS 

  

	15.1	An Optionee, solely in his capacity as Optionee, shall not be entitled to receive copies of any notices and other documents sent by the Company to holders of Shares.

  

	15.2	Any notice or other communication between the Company and a Optionee may be given by sending the same by prepaid post or by personal delivery to, in the case of the Company, 5th
Floor, Sinosteel Plaza, 8 Haidian Street, Haidian District, Beijing, China, 100080 or as notified to the Optionees from time to time and, in the case of the Optionee, his address as last maintained in his personnel record with the Company.

  

	15.3	Any notice or other communication served by post: 

  

	 	(a)	by the Company shall be deemed to have been served 48 hours after the same was put in the post; and 

 

	 	(b)	by the Optionee shall not be deemed to have been received until the same have actually been received by the Company. 

 

	15.4	An Optionee shall be responsible for obtaining any governmental or other official consent that may be required by any country or jurisdiction in order to permit the grant or
exercise of the Option. Unless otherwise agreed by the Board, the Company shall not be responsible for any failure by an Optionee to obtain any such consent or for any tax or other liability to which an Optionee may become subject as a result of his
or her participation in this Scheme, all of which shall be the sole responsibility of the Optionee. 

  

	15.5	Participation in this Scheme by an Optionee shall be a matter entirely separate from any pension right or entitlement he may have and from his terms or conditions of employment
by, membership on the Board of or Consulting Relationship with the Company. In particular (but without limiting the generality of the foregoing) any Optionee or Optionee who terminates his relationship with the Company for any reason whatsoever
shall not be entitled to any compensation for any loss of any right or benefit or prospective right or benefit under this Scheme which he might otherwise have enjoyed whether such compensation is claimed by way of damages for wrongful dismissal or
breach of contract or by way of compensation for loss of office or otherwise howsoever. 

  

	15.6	Nothing contained in this Scheme shall confer upon any Optionee any right with respect to the continuation of his employment by, membership on the Board of or Consulting
Relationship with the Company or interfere in any way with the right of the Company at any time to terminate such relationship or to increase or decrease the compensation of the Optionee. 

 

	15.7	No person, whether as a current, past or prospective employee, officer, Director, consultant or advisor shall have any claim or right to receive Options under this Scheme. The
Board’s granting of an Option to an Optionee at any time shall neither require the Board to grant to such Optionee or any other person at any time nor preclude the Board from making subsequent grants to such Optionee or any other person.

 [THE REMAINDER OF THIS PAGE IS INTENTIONALLY LEFT BLANK] 

  
 14 

  
 SCHEDULE A 

LETTER OF OFFER 
  

			
	[Optionee’s Name and Position]	  	PRIVATE AND CONFIDENTIAL
	[Optionee’s Address]	  	

 [Date] 
 Dear
[Optionee’s Name], 
 The Board of Directors of Youku.com Inc. (the “Company”) would like to invite you to participate in the 2006
Stock Option Scheme of the Company (the “Scheme”). The terms used in this letter shall have the same meaning given to them in the Scheme and the rules of construction contained in the Scheme shall apply to this Letter of Offer.

 Accordingly, an offer is hereby made to grant you an Option to subscribe for and be allotted [  ] Shares of US$0.00001 par value each in the
capital of the Company at the Subscription Price of US$ [  ] per Share. The Option shall be subject to the terms and conditions of this Letter of Offer and the Scheme (as the same may be amended from time to time pursuant to the terms and
conditions of the Scheme), a copy of which is enclosed herewith. 
 The Option Period shall be [  ] and the Option may be exercised during the
Option Period in accordance with the vesting schedule and vesting conditions as prescribed in the here below and subject to other provision in the Scheme: 
  

					
	 No. of Shares Vested
	  	 Vesting Schedule
	  	 Vesting Conditions

	  	  	  	  	  
	  	  	  	  	  
	  	  	  	  	  

 The Option is personal to you and may not be sold, mortgaged, transferred, charged,
assigned, pledged or otherwise disposed of, or encumbered in whole or in part or in any way whatsoever without prior written consent by the Company. 
 If
you wish to accept the offer, please sign and return the enclosed Acceptance Form not later than              a.m./p.m. on
                                 failing which this offer will forthwith lapse.

 Yours faithfully 
 For and on behalf of 

Youku.com Inc. 
  

	
	  

	Name: Victor Koo
	Designation:

  
 15 

  
 SCHEDULE B 

ACCEPTANCE FORM 
  

	To:	Board of Directors 

 Youku.com Inc. 

Dear Sir, 
 I have read your Letter of Offer dated [  ]
(the “Offer Date”) and agree to be bound by the terms and conditions thereof and of the 2006 Stock Option Scheme (the “Scheme”) of Youku.com Inc. (the “Company”) enclosed therewith. The terms used
in this Acceptance Form shall have the same meaning given to them in the Scheme and the rules of construction contained in the Scheme shall apply to this Acceptance Form. I confirm that my acceptance of the Option will not result in the
contravention of any applicable law or regulation in relation to the ownership of Shares in the Company or Options to subscribe for such Shares. 
 I
hereby accept the Option to subscribe for [  ] Shares of US$0.00001 par value each in the capital of the Company at the Subscription Price of US$ [  ] per Share. I hereby further acknowledge that you have not made any
representation or warranty or given me any expectation of new or continued employment by, membership on the Board of or Consulting Relationship with the Company, whichever is applicable, to induce me to accept the offer and that the terms of the
Letter of Offer and this Acceptance Form constitute the entire agreement between us relating to the offer. 
 I agree to keep all information pertaining
to the grant of the Option to me confidential. 
 Any action taken or decision made by the Company, the Board, or its delegates arising out of or in
connection with the construction, administration, interpretation or effect of the Scheme or this Acceptance Form shall lie within its sole and absolute discretion, as the case may be, and shall be final, conclusive and binding on me. By accepting
this grant or other benefit under the Scheme, I shall be conclusively deemed to have indicated acceptance and ratification of, and consent to, any action taken under the Scheme by the Company, the Board or its delegates. 

I acknowledge: (i) that the Scheme is discretionary in nature and may be suspended or terminated by the Company at any time; (ii) that the grant of the
Options under the Scheme is a one-time benefit which does not create any contractual or other right to receive future grants of Options, or benefits in lieu of options; (iii) that all determinations with respect to any such future grants,
including, but not limited to, the times when rights shall be granted, the Subscription Price, and the time or times when each right shall be exercisable, will be at the sole discretion of the Company; (iv) that my participation in the Scheme
is voluntary; (v) that the value of the Option is an extraordinary item of compensation which is outside the scope of my employment by, membership on the Board of or Consulting Relationship with the Company, whichever is applicable;
(vi) that the Option is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension or retirement benefits or similar payments;
(vii) that the right to purchase Shares ceases upon termination of employment by, membership on the Board of or Consulting Relationship with the Company and other situations described in the Scheme and in the offer letter to him, whichever is
applicable, for any reason except as may otherwise be explicitly provided in the Scheme or in the offer letter; (viii) that the future value of the Shares purchased under the Scheme is unknown and cannot be predicted with certainty; and
(ix) that if the underlying Shares do not increase in value, the Option will have no value. 

  
 16 

  
 As a condition of the grant of the Option, I
consent to the collection, use and transfer of personal data as described in this paragraph. I understand that the Company would hold certain personal information about me, including but not limited to my name, home address and telephone number,
date of birth, identification document number, salary, nationality, job title, any Shares or directorships held in the Company, details of all Options or any other entitlement to Shares awarded, cancelled, exercised, vested, unvested or outstanding
in my favour, for the purpose of managing and administering the Scheme (“Data”). I further understand that the Company will transfer Data amongst themselves for purposes of implementation, administration and management of my
participation in the Scheme, and the Company may each further transfer Data to any third parties assisting the implementation, administration and management of the Scheme and who has a duty of confidentiality to the Company. I understand that these
recipients may be located in Beijing or other overseas places. I authorise them to receive, possess, use, retain and transfer the Data, in electronic or other form, for purposes of implementing, administering and managing our participation in the
Scheme, as may be required for the administration of the Scheme and/or the subsequent holding of Shares on my behalf. I understand that I may, at any time, view Data, require any necessary and accurate amendments to it or withdraw the consent herein
in writing by contacting the designated officer of the Company I understand that if I withdraw the consent herein the Company is entitled to terminate my participation in the Scheme. 
 PLEASE PRINT IN BLOCK LETTERS 
  

							
	Name in full	 	:	 	  
	  	
				
	Designation	 	:	 	  
	  	

							
				
	Address	 	:	 	  
	  	

							
				
	Nationality	 	:	 	  
	  	
				
	Passport (or ID) No.	 	:	 	  
	  	
				
	Signature	 	:	 	  
	  	
				
	Date	 	:	 	  
	  	

 Notes: 
 This
Acceptance Form must be forwarded to the Company in an envelope marked “Private and Confidential”. 

  
 17 

  
 SCHEDULE C 

STOCK OPTION CERTIFICATE (THE “CERTIFICATE”) 
 of 
 Youku.com Inc. (the “Company”) 

for the benefit of 
 [name of the
Optionee] (the “Optionee”) 
 OPTION CERTIFICATE NUMBER 
 [    ] 
 DATE OF GRANT 
 [    ] 
 NUMBER OF ORDINARY SHARES, AT US$ 0.00001 PAR VALUE EACH 

[    ] 
 SUBSCRIPTION PRICE PER
ORDINARY SHARE 
 [    ] 
 THIS IS TO CERTIFY that, on the date shown above, the under-mentioned was granted, subject to and with the benefit of the rules of the Company’s 2006 Stock Option Scheme (the “Scheme”), an
option to acquire at the price shown above the number of ordinary shares in the Company, subject to the Memorandum and Articles of Association of the Company (the “Option”). The Option is personal to the Optionee named in this
Certificate and may not be transferred, assigned or charged without the prior written consent of the Company. 
 This Option may be exercised
(a) subject to the vesting schedule and vesting conditions as set out in the Option; and (b) subject to and within the vesting schedule and other terms and conditions specified in the Scheme by completing the notice in the form as Schedule
D attached to the Scheme and sending or delivering it to [name of the Optionee] at the address below. 
 Name of the Optionee 

[            ] 
 THE COMMON SEAL of Youku.com Inc. 
 Was affixed in the presence of: 

[Director] 
 [Secretary] 

THIS CERTIFICATE IS IMPORTANT AND SHOULD BE KEPT IN A SAFE PLACE AS IT WILL BE REQURESTED UPON YOUR EXERCISE OF THE OPTION 

  
 18 

  
 SCHEDULE D 

NOTICE OF EXERCISE 
 The Board of Directors

 Youku.com Inc. 

                           
     , 
 Cayman Islands 
 Attn:
Company Secretary 
 Dear Sir, 
  

	Re:	Exercise of Stock Option 

 I, [  ](Name),
hereby exercise [all] [part] of my Option in the Youku.com Inc. (the “Company”) Stock Option Scheme (the “Scheme”) and enclose my remittance for the aggregate Subscription Price for the relevant Shares as follows:

  

					
	 Number of Shares subject
	 		  	
	 to Option granted :
	 	  
	  	

					
			
	 Number of Shares subscribed for:
	 	  
	  	

					
			
	 Subscription Price:
	 	US$                    	  	
	 (per Share)
	 		  	
			
	 Subscription Price:
	 	US$                    	  	
	 (total)
	 		  	

  

					
	Payment Form:	 	(  )	    	Cash remittance
		 	(  )	    	Cashless subscription (through Brokerage)
		 	(  )	    	Stock swap
		 	(  )	    	Property

 I enclose for your record a Deed of Undertaking in the prescribed
form and a remittance or (as consented by the Board) a verification for payment. 
  

									
		 	  
	 		 	  
	 	
		 	Signature of Optionee	 		 	Date	 	

  
 19 

  
 SCHEDULE E 

DEED OF UNDERTAKING 
 THIS DEED OF
UNDERTAKING is made this [  ] day of [  ] 
 BY [  ], holder of [  ] (Passport No. [  ]
Personal Identification Number [  ]) (the “Optionee”) IN FAVOUR OF Youku.com Inc., a company incorporated under the laws of the Cayman Islands (the “Company”). 

WHEREAS the Company has established the Scheme and has granted Option to the Optionee. It is a condition for the Optionee exercising the Option to execute
and deliver this Deed in favour of the Company. 
 NOW THIS DEED WITNESSES as follows: 

 

	1.	Interpretation 

 Unless the context requires
otherwise, 
  

	 	(a)	“Scheme” means the stock option scheme of the Company adopted by resolution of the Board of the Company on December 1, 2005, in its present or any amended form;

  

	 	(b)	the terms used in this Deed shall have the same meaning given to them in the Scheme; and 

 

	 	(c)	the rules of construction contained in the Scheme shall apply to this Deed. 

  

	2.	Undertaking 

 The Optionee hereby
unconditionally and irrevocably undertakes and covenants to the Company that the Optionee will: 
  

	 	(a)	at the cost of the Company, take all necessary actions, do all necessary things and execute all necessary documents as the Company may from time to time require for the
preparation, implementation and execution of any plan or scheme for a IPO, including but not limited to transferring any or all Shares owned by or registered in the name of the Optionee to another entity in exchange for the securities of that entity
which are or may become listed securities through the IPO; 

  

	 	(b)	agree to and accept such terms and conditions for the IPO as the Board of Directors of the Company may approve, including but not limited to the price for the issue or sale of
the Shares or securities resulting from the IPO and the number of Shares or securities to be issued or sold; and 

  

	 	(c)	without limiting the generality of Paragraph (b) above, agree to and comply with such restriction on disposal of the Shares or securities resulting from the IPO as the
exchange (on which the Shares or resulting securities will be listed) or the financial advisor, sponsor or underwriters of the IPO may require. 

  

	3.	Authorization 

 The Optionee hereby
unconditionally and irrevocably authorizes the Company to take all necessary actions, do all necessary things and execute all necessary documents and deeds as the Company shall think fit in the name and on behalf of the Optionee to fulfill the
obligations of the Optionee under this Deed in the event that the Optionee fails to perform any such obligations fully and punctually. 

  
 20 

  

	4.	Term 

 This Deed shall commence from the date
hereof and shall remain in full force and effect until completion of the IPO of the Company. 
  

	5.	Binding Effect 

 This Deed shall be binding on
the personal representative of the Optionee. 
  

	6.	General 

 Sections Dispute Resolution,
Governing Law and Disclaimers of the Scheme shall apply to this Deed mutatis mutandis. 
 IN WITNESS the Optionee has executed this Deed the
day and year first above written. 
  

							
	SIGNED SEALED and DELIVERED	 	)	 		 	
	by	 	)	 		 	
	In the presence of:	 	)	 	  
	 	

  
 21

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