Document:

EX-10.25

 Exhibit 10.25 
 EXECUTION VERSION 
 INTELLECTUAL PROPERTY LICENSE 

AND 

SOFTWARE TECHNOLOGY SERVICES AGREEMENT 
 THIS INTELLECTUAL PROPERTY LICENSE AND SOFTWARE TECHNOLOGY SERVICES AGREEMENT (this “Agreement”) is entered into as of July 29, 2011, by and between ALIBABA GROUP HOLDING
LIMITED, a Cayman Island registered company (“Alibaba”), on the one hand, and 支付宝(中国)网络技术有限公司 (Alipay.com
Co., Ltd.), a Chinese limited liability company (“Opco”). 
 RECITALS 

WHEREAS, Opco was formerly a Subsidiary (defined below) of Alibaba, during which time technology and other intellectual property
necessary or useful for the operation of the Business (as defined herein) were developed by Alibaba and its Subsidiaries, including Opco; 
 WHEREAS, 浙江阿里巴巴电子商务有限公司 (Zhejiang Alibaba E-Commerce Co., Ltd.) (“HoldCo”),
the corporation known to the parties as of the date hereof as Z51, now owns all of the equity of Opco; 
 WHEREAS,
Alibaba, Holdco, Opco and certain other parties are entering into that certain Framework Agreement of even date herewith (the “Framework Agreement”), setting forth such parties’ agreements as to Opco’s continued operation
of the Business and other matters; and 
 WHEREAS, in connection with the Framework Agreement, Alibaba, on behalf of
itself and its Subsidiaries, has agreed to license to Opco certain technology and other intellectual property and to perform various software technology services for Opco and its Subsidiaries, effective as of the Effective Time (as defined herein).

 NOW, THEREFORE, the parties to this Agreement, intending to be legally bound, agree as follows: 

AGREEMENT 
 1.
DEFINITIONS AND CONSTRUCTION 
 1.1 Definitions. For the purposes of this Agreement, in addition to the capitalized
terms defined elsewhere in this Agreement, the following capitalized terms will have the meanings ascribed to them below. All other capitalized terms not otherwise defined in this Agreement have the meaning ascribed to them in the Framework
Agreement. 
 (a) “Affiliate” means, with respect to any Person, any other Person directly or indirectly
controlling, controlled by, or under common control with, such Person; provided that, for the purposes of this definition, “controlling” (including with correlative meanings, the terms “controlled by” and “under
common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting
Securities, by Contract or otherwise. 

 (b) “Alipay Software Ltd.” means
支付宝软件(上海)有限公司 (Alipay Software (Shanghai) Co. Ltd.), the corporation known to the parties as of the date hereof as Z52 which will become a wholly owned subsidiary of Opco
IT on or before the Effective Time. 
 (c) “Subsidiary Sublicensee” has the meaning set forth in
Section 2.4(a). 
 (d) “Alibaba Group” means Alibaba and its Subsidiaries. 

(e) “Alibaba IT” means 阿里巴巴(中国)有限公司
(Alibaba (China) Co. Ltd.), the corporation known to the parties as of the date hereof as A50 and a wholly-owned Subsidiary of Alibaba. 
 (f) “Business” means the business of providing payment and escrow services, including: provision of payment accounts, processing, clearing, settlement, network and merchant
acquisition services; pre-paid, credit or debit cards or accounts; escrow accounts and processing; and cash on delivery services, whether provided through online, mobile, electronic or physical means. 

(g) “Business Product” means any product or service solely within the Business offered by Opco Group to its
customers. 
 (h) “Confidential Information” has the meaning set forth in Section 9.1. 

(i) “Dedicated Employees” means any employees of Opco IT and its Subsidiaries that, in each case, are dedicated
on a full-time basis solely to the provision of the Software Technology Services and other technologies hereunder, in each such case to the extent that: (i) such employees are employed by Opco IT or any of its Subsidiaries, (ii) Opco IT
and its Subsidiaries remain entities that are legally distinct from Alibaba and its other Subsidiaries, (iii) Opco IT and its Subsidiaries are under management separate and independent from the management of Alibaba and its other Subsidiaries
(provided that the fact that a limited number of executives hold positions in both Opco IT and Alibaba will not, of itself, mean that management is not separate and independent), (iv) Opco IT and its Subsidiaries occupy premises physically
distinct from those of Alibaba and its other Affiliates, (v) Opco IT’s and its Subsidiaries’ networks, electronic and physical document storage and email and similar systems remain segregated from those of Alibaba and its other
Affiliates (other than systems used by Alibaba or its Affiliates to provide Alibaba Services (as defined in the Shared Services Agreement) pursuant to the Shared Services Agreement), and (vi) Opco IT and its Subsidiaries remain solely dedicated
to the provision of Software Technology Services and other technologies to the Opco Group, the results of which Software Technology Services, and which other technologies, are not provided to Alibaba or any of its Subsidiaries, other than Opco IT
and its Subsidiaries (provided that, for clarity, for purposes of this clause (vi), the use of such results and other technologies by Opco Group in providing Services (as defined in the Commercial Agreement) to Alibaba or its Subsidiaries under the
Commercial Agreement shall not be deemed to be the provision of such results of Software Technology Services and other technologies). “Dedicated Employees” also means individual contractors of Opco IT and its Subsidiaries to the extent
that such contractors, and Opco IT and the Subsidiaries engaging them, meet the foregoing criteria for Dedicated Employees, except that (A) such contractors are engaged as contractors, rather than employees, of Opco IT and its Subsidiaries and
(B) such contractors will not be disqualified from meeting the requirement of being dedicated on a full-time basis solely to the provision of the Software Technology Services and other technologies hereunder merely because they engage in
unrelated work for clients that are not Related Parties (as defined in the Framework Agreement) of Alibaba, Opco, Holdco or their Affiliates. 

  
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 (j) “Effective Time” has the meaning set forth in the Framework
Agreement. 
 (k) “End User License” has the meaning set forth in Section 2.4(c). 

(l) “Enforcement Action” has the meaning set forth in Section 6.2(a). 

(m) “Final Payment Date” has the meaning set forth in the Framework Agreement. 

(n) “Governmental Authority” means any instrumentality, subdivision, court, administrative agency, commission,
official or other authority of any country, state, province, prefect, municipality, locality or other government or political subdivision thereof, or any stock or securities exchange, or any multi-national, quasi-governmental or self-regulatory or
private body exercising any regulatory, taxing, importing or other governmental or quasi-governmental authority. 
 (o)
“Highly Sensitive Information” means information confidential to Opco, Opco IT or each of their Subsidiaries in the following categories: (i) user data, including Personal Information, that is not anonymized or aggregated;
and (ii) algorithms, Source Code, Object Code, specifications, and technical documentation regarding system security, fraud and abuse protection systems and detection of illegal or unusual activities that, in each case, relate primarily to the
Business. “Highly Sensitive Information” shall not, however, include any information which: (a) is or becomes commonly known within the public domain other than by breach of this Agreement or any other agreement that Opco, Opco IT or
any of their Subsidiaries has with any Person; (b) is obtained from a third Person (other than Opco, Opco IT or any of their Subsidiaries) who is lawfully authorized to disclose such information free from any obligation of confidentiality;
(c) is independently developed without reference to or use of any Highly Sensitive Information; or (d) is known to Alibaba or any of its Subsidiaries (other than Opco IT or any of its Subsidiaries) without any obligation of confidentiality
prior to its receipt from Opco, Opco IT or any of their Subsidiaries). 
 (p) “Intellectual Property
Rights” means all rights of the following types, which may exist or be created under the Laws of any jurisdiction in the world: 
 (i) rights associated with works of authorship, including exclusive exploitation rights, copyrights and moral rights, and all extensions, renewals, registrations and applications therefor
(“Copyrights”); 

  
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 (ii) rights in trademarks, trade names, service marks, service names and similar
rights, and all registrations and applications therefor, as well as all goodwill embodied therein (“Trademarks”); 
 (iii) rights in domain names and uniform resource locators, and all registrations and applications therefor (“Domain Names”); 

(iv) trade secret rights (“Trade Secrets”); 

(v) patents and patent applications, including any continuations, divisions, reissues, and re-examinations, and other industrial
property rights (“Patents”); and 
 (vi) all other proprietary rights in Technology. 

(q) “IP Function Separation” has the meaning set forth in Section 6.1(c). 

(r) “IP Termination Date” means the earlier to occur of (a) the completion of the IPO Transfer, if any,
pursuant to Section 2.10(b) of the Framework Agreement, and (b) the Final Payment Date. 
 (s)
“Laws” means any federal, state, territorial, foreign or local law, common law, statute, ordinance, rule, regulation, code, measure, notice, circular, opinion or executive order of any Governmental Authority. 

(t) “Licensed IP” means, collectively, the Opco-Exclusive IP and Opco-Related IP. 

(u) “Object Code” means the fully compiled, machine-readable version of a software program that can be executed
by a computer and used by an end user without further compilation. 
 (v) “Opco-Exclusive Copyrights”
means the Copyrights solely in the Opco-Exclusive Software or the Opco-Exclusive Other Materials. 
 (w)
“Opco-Exclusive Domain Names” means the Domain Names registered in the name of Alibaba or a Subsidiary of Alibaba that are set forth in Exhibit B, as well as any Domain Name that is a New Opco Trademark/Domain Name
registered or applied for in the name of Alibaba during the Term pursuant to Section 4.4 and that is added to Exhibit B, in each case that relate solely to the Business. 

(x) “Opco-Exclusive IP” means, collectively, the Opco-Exclusive Copyrights, the Opco-Exclusive Software, the
Opco-Exclusive Other Materials, the Opco-Exclusive Patents, the Opco-Exclusive Trademarks and the Opco-Exclusive Domain Names. 

  
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 (y) “Opco-Exclusive Other Materials” means documentation,
promotional materials, handbooks, and other copyrightable materials (other than software code) relating solely to the Business as of the Effective Time, owned by Alibaba or a Subsidiary of Alibaba and not used in the business of, and not in the
possession of, Alibaba or any of its Subsidiaries (other than Opco IT and its Subsidiaries) at any time between January 1, 2009 and the Effective Time, as well as other documentation, promotional materials, handbooks, and other copyrightable
materials (other than software code) authored solely by Dedicated Employees, or by Dedicated Employees and employees or Permitted Subcontractors of Opco and its Subsidiaries, during the Term in the course of the Dedicated Employees’ providing
the Software Technology Services hereunder. 
 (z) “Opco-Exclusive Patents” means: 

(i) the Patents owned by Alibaba set forth in Exhibits C-1, C-2 and C-3 that are based on inventions made
solely by employees of the Opco Group, Opco IT, and/or any of their Subsidiaries; 
 (ii) any Patent owned by Alibaba
that is subsequently filed or issued during the Term that claims an effective filing date based upon any of the Patents described in the foregoing clause (i), but only those claims in any such subsequently filed or issued Patent that are fully
supported by the disclosure of one or more of the Patents described by the foregoing clause (i); 
 (iii) any Patent
filed during the Term based on any invention made solely by Dedicated Employees during the Term in the course of providing the Software Technology Services hereunder; 
 (iv) any New Opco Patent filed during the Term based on any invention made solely by employees or contractors of Opco and/or an Opco Subsidiary and assigned to Alibaba pursuant to Section 4.4;
and 
 (v) any Patent filed during the Term based on any invention made jointly by Dedicated Employees during the Term
in the course of providing the Software Technology Services hereunder and at least one employee or contractor of Opco or an Opco Subsidiary. 
 (aa) “Opco-Exclusive Prosecution Function” has the meaning set forth in Section 6.1(b). 
 (bb) “Opco-Exclusive Software” means the software programs, in Source Code and Object Code form, (i) set forth in Exhibit A relating solely to the Business as of
the Effective Time that are owned by Alibaba, Opco IT or their respective Subsidiaries and not used in the business of, and not in the possession of, Alibaba or any of its Subsidiaries (other than Opco IT and its Subsidiaries) at any time between
January 1, 2009 and the Effective Time, and (ii) any new software code, authored solely by Dedicated Employees, or by Dedicated Employees and employees or Permitted Subcontractors of Opco and its Subsidiaries, during the Term in the course
of the Dedicated Employees’ providing the Software Technology Services hereunder that is added to Exhibit A. 

(cc) “Opco-Exclusive Trademarks” means the Trademarks owned by Alibaba or its Subsidiaries that are set forth in
Exhibit D, as well as any Trademark that is a New Opco Trademark/Domain Name registered or applied for in the name of Alibaba during the Term pursuant to Section 4.4 that is added to Exhibit D, in each case that relate solely to
the Business. 

  
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 (dd) “Opco Group” means Opco and its Subsidiaries. 

(ee) “Opco IT” means
支付宝(中国)信息技术有限公司 Alipay (China) Information Technology Co. Ltd., the corporation known to the parties as of the date hereof as Z53 and a wholly-owned
Subsidiary of Alibaba. 
 (ff) “Opco Materials” has the meaning set forth in Section 3.3.

 (gg) “Opco Non-Core IP” means software programs and other materials owned or licensable by Opco and
its Subsidiaries of which copies (in Source Code or Object Code form) (i) are held by Alibaba or its Subsidiaries (other than Opco IT and its Subsidiaries) on or before the Effective Time, or (ii) are provided by Opco or its Subsidiaries
(including Opco IT) to Alibaba or its Subsidiaries (other than Opco IT and its Subsidiaries) during the Term, but in either (i) or (ii), does not include software programs and related materials that are at the core of the business of Opco and
its Subsidiaries of providing payment and escrow services to its customers. 
 (hh) “Opco-Related
Copyrights” means the Copyrights, other than the Opco-Exclusive Copyrights, owned by Alibaba IT or its Subsidiaries in the Opco-Related Software and Opco-Related Other Materials. 

(ii) “Opco-Related IP” means, collectively, the Opco-Related Copyrights, the Opco-Related Software, the
Opco-Related Other Materials, and the Opco-Related Patents. 
 (jj) “Opco-Related Other Materials” means
any documentation, promotional materials, handbooks, data, and other materials, other than the Opco-Exclusive Other Materials, that are owned by Alibaba, Alibaba IT or their Subsidiaries as of the Effective Time and that are used in or necessary for
the operation of the Business as of the Effective Time. 
 (kk) “Opco-Related Patents” means the
Patents, other than the Opco-Exclusive Patents, (i) owned by Alibaba or an Alibaba Subsidiary as of the Effective Time that are used in or necessary for the operation of the Business, or (ii) filed by Alibaba or an Alibaba Subsidiary
during the Term that are used in or necessary for the operation of the Business. 
 (ll) “Opco-Related
Software” means (i) the software programs set forth in Exhibit G that are owned by Alibaba IT as of the Effective Time, and (ii) any bug fixes, error corrections, updates and upgrades (including improvements) to the
software programs set forth in clause (i) authored by employees or contractors of Alibaba IT or its Subsidiaries (or owned by Alibaba IT or its Subsidiaries) that Alibaba or its Subsidiaries deploy generally for use by Alibaba or its
Subsidiaries. 
 (mm) “Opco IP/Technology Providers” means Alibaba IT and Opco IT and their respective
Subsidiaries. 

  
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 (nn) “Opco IP/Technology Providers Addendum” mean one or more
agreements, in the forms mutually agreed to by the parties hereto prior to the Effective Time and when agreed to attached hereto as Exhibit F, between Alibaba and/or an Opco IP/Technology Provider, on the one hand, and Opco and/or an Opco
Subsidiary, on the other, whereby, as contemplated by this Agreement, Alibaba and/or the Opco IP/Technology Provider: (a) grants to Opco or an Opco Subsidiary a license to the Opco-Exclusive IP and Opco-Related IP owned by Alibaba or such Opco
IP/Technology Provider; and/or (b) agrees to provide Software Technology Services to Opco or an Opco Subsidiary. 
 (oo)
“Permitted Subcontractors” has the meaning set forth in Section 2.4(b). 
 (pp)
“Person” means an individual, a partnership, a corporation, an association, a limited liability company, a joint stock company, a trust, a joint venture, an unincorporated organization, a group, a Governmental Authority or any
other type of entity. 
 (qq) “Personal Information” means any information that identifies, or could
reasonably be used by or on behalf of the recipient of such information to identify, any natural person as an individual, including names, addresses, bank or other account numbers, and national identification numbers, but excludes anonymized and
aggregated information that cannot be used to identify any Person or individual. 
 (rr) “PRC” has the
meaning set forth in the Framework Agreement. 
 (ss) “Qualified IPO” has the meaning set forth in the
Framework Agreement. 
 (tt) “Renminbi” means the lawful currency of the People’s Republic of
China. 
 (uu) “Royalty” has the meaning set forth in Section 5.1. 

(vv) “Shared Services Agreement” has the meaning set forth in the Framework Agreement. 

(ww) “Source Code” means the human-readable version of a software program that can be compiled into Object Code,
including programmer’s notes and materials and documentation, sufficient to allow a reasonably skilled programmer to understand the design, logic, structure, functionality, operation and features of such software program and to use, operate,
maintain, modify, support and diagnose errors pertaining to such software program. 
 (xx) “Software Technology
Services” means the services described in Exhibit E, or as otherwise mutually agreed to in writing by the parties. 
 (yy) “Software Technology Services Fee” has the meaning set forth in Section 5.2. 
 (zz) “Subsidiary” means, with respect to any Person, each other Person in which the first Person (i) owns or controls, directly or indirectly, share capital or other equity interests
representing more than fifty percent (50%) of the outstanding voting stock or other equity interests, (ii) holds the rights to more than fifty percent (50%) of the economic interest of such other Person, including interest held
through a VIE Structure or other contractual arrangements, or (iii) has a relationship such that the financial statements of the other Person may be consolidated into the financial statements of the first Person under applicable accounting
conventions. 

  
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 (aaa) “Technology” means any or all of the following: 

(i) works of authorship including computer programs, whether in Source Code and Object Code, and whether embodied in software,
firmware or otherwise, documentation, designs, files, net lists, records and data; 
 (ii) inventions (whether or not
patentable), improvements and technology; 
 (iii) proprietary and confidential information, including technical data
and customer and supplier lists, trade secrets and know how; 
 (iv) databases, data compilations and collections and
technical data; and 
 (v) all instantiations of the foregoing in any form and embodied in any media. 

(bbb) “Term” has the meaning set forth in Section 13.1. 

(ccc) “Transaction Documents” means, collectively, (i) this Intellectual Property License and Software
Technology Services Agreement; (ii) the Framework Agreement; and (iii) the Commercial Agreement, the Shared Services Agreement, the IPCo Note Agreement, the Ratification and Release Agreement, the Legal Mortgages, and the Real Estate
Option Agreement, each as defined in the Framework Agreement. 
 (ddd) “Unrelated Third Parties” has the
meaning set forth in the Framework Agreement. 
 (eee) “VIE Structure” means the investment structure a
non-PRC investor uses when investing in a PRC company or business that typically operates in a regulated industry. Under such investment structure, the onshore PRC operating entity and its PRC shareholders enter into a number of Contracts with the
non-PRC investor (or a foreign invested enterprise incorporated in the PRC) and/or its onshore WFOE pursuant to which the non-PRC investor achieves control of the onshore PRC operating entity and also consolidates the financials of the onshore PRC
entity with those of the offshore non-PRC investor. 
 (fff) “WFOE” means wholly foreign owned
enterprise formed under the Laws of the PRC. 

  
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 1.2 Construction 

(a) For purposes of this Agreement, whenever the context requires: the singular number will include the plural, and vice versa;
the masculine gender will include the feminine and neuter genders; the feminine gender will include the masculine and neuter genders; and the neuter gender will include the masculine and feminine genders. 

(b) The Parties agree that no rule of construction to the effect that any ambiguities are to be resolved against the drafter shall
be employed in the interpretation of this Agreement and in the event an ambiguity or question of intent or interpretation arises, the Agreement shall be construed as if drafted jointly by the Parties. 

(c) As used in this Agreement, the words “include” and “including,” and variations thereof, will not be deemed
to be terms of limitation, but rather will be deemed to be followed by the words “without limitation.” 
 (d)
Except as otherwise indicated, all references in this Agreement to “Sections” and “Exhibits” are intended to refer to Sections of this Agreement and Exhibits to this Agreement. 

2. LICENSE GRANTS 

2.1 Opco-Exclusive IP. 
 (a) Subject to the terms and conditions of this Agreement, Alibaba hereby grants to Opco, and shall cause Opco IT and its Subsidiaries to grant to Opco, pursuant to an Opco IP/Technology Providers
Addendum, the following worldwide, non-transferable and non-assignable (except pursuant to Section 15.8), non-sublicensable (except pursuant to Section 2.4) rights and licenses during the Term: 

(i) under the Opco-Exclusive Patents it owns, (a) to make, have made (subject to Section 2.4(e)), use, sell, offer for
sale, import, export and otherwise commercialize Business Products solely in the course of conducting the Business, and (b) to make, have made and use any device or process, in each case solely internally and solely in the course of conducting
the Business; 
 (ii) under the Opco-Exclusive Trademarks it owns, and subject to Section 2.6, to use the
Opco-Exclusive Trademarks solely in connection with the sale, offer for sale, license and provision of Business Products in the course of conducting the Business; 
 (iii) under the Opco-Exclusive Domain Names it owns, to use the Opco-Exclusive Domain Names solely in connection with the sale, license, offer for sale or license and provision of Business Products
in the course of conducting the Business; and 
 (iv) under the Opco-Exclusive Copyrights it owns, to reproduce,
distribute, modify, prepare derivative works of, perform and display the Opco-Exclusive Software and Opco-Exclusive Other Materials, solely in connection with the sale, offer for sale or license, license, making, using and provision of Business
Products in the course of conducting the Business. 

  
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 (b) The rights and licenses granted to Opco pursuant to Section 2.1(a) are
exclusive to the following (but only to the following) extent: 
 (i) The rights and licenses granted to Opco pursuant
to Section 2.1(a)(ii) and (iii) are exclusive (even as to Alibaba and its Subsidiaries) throughout the world. 

(ii) The exclusivity of the rights and licenses granted to Opco pursuant to Section 2.1(a)(i) and (iv) is co-extensive
with, and in no case broader than, the scope of the activities that Alibaba and its Subsidiaries are expressly prohibited by Section 7.13 of the Framework Agreement from performing, but only if and to the extent that, and only for as long as,
Alibaba and its Subsidiaries are so prohibited. The exclusivity of rights and licenses under Section 2.1(a)(i) and (iv) shall not preclude Alibaba or its Subsidiaries from engaging in any activities not expressly prohibited by
Section 7.13 of the Framework Agreement, including engaging third Persons for the procurement or provision of (and having such third Persons provide) services in accordance with Section 2.6 of the Commercial Agreement. Nonetheless, other
than in connection with engaging such third Persons, Alibaba and its Subsidiaries shall not have the right to grant to any third Person a license within the scope of Section 2.1(a)(i) or (iv). For the avoidance of doubt, the foregoing shall not
affect any obligations or rights of Alibaba or its Subsidiaries pursuant to Section 7.13 of the Framework Agreement. 

2.2 Opco-Related IP. Subject to the terms and conditions of this Agreement, Alibaba hereby grants to Opco, and shall cause its
relevant Subsidiaries to grant to Opco, pursuant to an Opco IP/Technology Providers Addendum, the following worldwide, non-exclusive, non-transferable and non-assignable, non-sublicensable (except pursuant to Section 2.4) rights and licenses
during the Term: 
 (a) under the Opco-Related Patents it owns, (i) to make, have made (subject to
Section 2.4), use, sell, offer for sale, import, export and otherwise commercialize Business Products solely in the course of conducting the Business, and (ii) to make, have made and use any device or process, in each case solely
internally and solely in the course of conducting the Business; and 
 (b) under the Opco-Related Copyrights its owns, to
(i) reproduce, distribute, modify, prepare derivative works, perform and display, in each case solely internally, the Opco-Related Software and the Opco-Related Other Materials, and (ii) to distribute, perform and display the Opco-Related
Software, solely in Object Code format, and the Opco-Related Other Materials, in each case solely to the extent permitted pursuant to Section 2.4, and, with respect to both of clauses (i) and (ii), solely in connection with the sale,
license or other provision of Business Products in the course of conducting the Business. 

  
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 2.3 Alibaba Delivery Obligation. At any time during the Term, upon Opco’s
reasonable request in writing, Alibaba, Alibaba IT or a Subsidiary of Alibaba IT will deliver to Opco copies of the Opco-Related Software (in both Source Code and Object Code form) and bug fixes, error corrections, updates and upgrades (including
improvements) developed after the Effective Time and included in the Opco-Related Software licensed under Section 2.2, in the form actually developed or owned by Alibaba, Alibaba IT or a Subsidiary of Alibaba IT. For clarity, any such bug
fixes, error corrections, updates or upgrades (including improvements) provided hereunder will be provided “as-is” and “as available.” 
 2.4 Sublicensing 
 (a) Opco Subsidiaries. Subject to this
Section 2.4(a), Opco may sublicense its rights under Sections 2.1 and 2.2 to the Opco-Exclusive IP and the Opco-Related IP to an Opco Subsidiary (a “Subsidiary Sublicensee”). Any such sublicense of rights to a Subsidiary
Sublicensee must be granted pursuant to an enforceable, written agreement with such Subsidiary Sublicensee that (i) requires, to the extent necessary to enable Opco to comply with the ownership provisions set forth in this Agreement, each such
Subsidiary Sublicensee to assign to Opco all right, title and interest in and to any Intellectual Property Rights arising from or related to the exercise of such Subsidiary Sublicensee’s rights thereunder, and (ii) contains terms that are
at least as protective of Alibaba’s or the applicable Opco IP/Technology Provider’s rights in, and confidentiality and Source Code security with respect to, the Opco-Exclusive IP and the Opco-Related IP as those contained in this Agreement
(each a “Sublicense Agreement”). Opco shall provide Alibaba with complete and accurate copies of all Sublicense Agreements. 
 (b) Subcontractors. Subject to Opco’s compliance with Sections 7.03(c) and 7.13(b) of the Framework Agreement and with Section 3.3 of the Commercial Agreement, Opco may sublicense any of
its rights to the Opco-Exclusive Patents, the Opco-Exclusive Trademarks, the Opco-Exclusive Software, the Opco-Exclusive Other Materials, and the Opco-Related Other Materials to third Person subcontractors engaged by Opco or an Opco Subsidiary in
connection with the conduct of the Business (“Permitted Subcontractors”), solely to the extent necessary to permit the Permitted Subcontractors to perform on behalf of Opco or an Opco Subsidiary the services for which the Permitted
Subcontractors were engaged. Any such engagement of Permitted Subcontractors shall be pursuant to an arm’s-length agreement that (i) requires, to the extent necessary to enable Opco to comply with the ownership provisions set forth in this
Agreement, each such Permitted Subcontractor to assign to Opco all right, title and interest in and to any Intellectual Property Rights arising from or related to the exercise of such Permitted Subcontractor’s rights thereunder, and
(ii) contains terms that are at least as protective of Alibaba’s or the applicable Opco IP/Technology Provider’s rights in, and confidentiality and Source Code security with respect to, the Opco-Exclusive Patents, the Opco-Exclusive
Trademarks, the Opco-Exclusive Software, the Opco-Exclusive Other Materials, and the Opco-Related Other Materials as those contained in this Agreement (each a “Subcontractor Agreement”). Any Subcontractor Agreement permitting any
use of an Opco-Exclusive Trademark by a Permitted Subcontractor shall obligate the Permitted Subcontractor to comply with the applicable trademark and brand usage guidelines for such Opco-Exclusive Trademarks and shall provide that all goodwill
arising from that Permitted Subcontractor’s use of any Opco-Exclusive Trademarks inures to the benefit of Alibaba or a designated Alibaba Affiliate, and Opco shall enforce these terms against any Permitted Subcontractor. 

  
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 (c) End Users. Opco and Opco Subsidiaries may distribute certain elements of the
Opco-Exclusive Software, the Opco-Related Software, the Opco-Exclusive Other Materials and the Opco-Related Other Materials comprising client-side end user software and related documentation and materials to Opco’s and its Subsidiaries’
end user customers (“Opco End Users”) and sublicense to Opco End Users the limited right to use or reproduce such Opco-Exclusive Software, Opco-Related Software, Opco-Exclusive Other Materials and Opco-Related Other Materials,
solely in Object Code in the case of software and solely as incorporated in or otherwise a part of a Business Product. Any distribution or sublicense to an Opco End User of the Opco-Exclusive Software, the Opco-Related Software, the Opco-Exclusive
Other Materials and/or the Opco-Related Other Materials must be pursuant to an enforceable agreement with such Opco End User containing terms that are at least as protective of Alibaba’s or the applicable Opco IP/Technology Provider’s
rights in the Opco-Exclusive Software, Opco-Related Software, the Opco-Exclusive Other Materials and/or the Opco-Related Other Materials as those contained in this Agreement (each, an “End User License”). In addition, in an End User
License, Opco may grant Opco End Users who are merchants a non-exclusive, non-transferable, non-assignable and revocable sublicense to use the Opco-Exclusive Trademarks in connection with such Opco End User’s use of Business Products, solely in
connection with Opco’s or the Opco Subsidiary’s conduct of the Business. Opco and its Subsidiaries shall require that all Opco End Users comply with all applicable trademark and brand usage guidelines and that all goodwill arising from any
Opco End User’s use of the Opco-Exclusive Trademarks inures to the benefit of Alibaba or a designated Alibaba Subsidiary, and Opco or the applicable Opco Subsidiary shall enforce these terms against any Opco End User. 

(d) Opco’s Rights and Obligations. Each Sublicense Agreement, Subcontractor Agreement and End User License entered into by
Opco or an Opco Subsidiary in connection with the exercise of its rights and obligations under this Agreement shall not contain any provision that is inconsistent with the terms of this Agreement. For the avoidance of doubt, (i) any rights and
responsibilities performed or provided by Subsidiary Sublicensees, Permitted Subcontractors or Opco End Users shall be deemed to be performed by Opco, and (ii) Opco shall be responsible and liable for any breach of the terms and conditions of
any Sublicense Agreement, Subcontractor Agreement or End User License by any Subsidiary Sublicensee, Permitted Subcontractor or Opco End User, as applicable, to the same extent as if breach were committed by Opco. 

(e) Have Made Rights. The “have made” rights granted in Section 2.2(a) shall apply only to Business Products which
(i) have designs originating with and owned by Opco or an Opco Subsidiary and (ii) are sold or otherwise transferred or disposed of by the “have made” manufacturer only to Opco or its Subsidiaries. 

2.5 Restrictions. Opco acknowledges that the Source Code of the Opco-Exclusive Software and the Opco-Related Software constitutes
and contains Trade Secrets of Alibaba and its Subsidiaries, and, in order to protect such Trade Secrets and other interests that Alibaba or its Subsidiaries may have in the Opco-Exclusive Software or the Opco-Related Software, Opco shall not, and
shall not permit any third Person to, except as expressly authorized in this Agreement: 
 (a) transfer, sublicense
(other than pursuant to Section 2.4), disclose, distribute or otherwise expose the Source Code of the Opco-Exclusive Software or the Opco-Related Software to any third Person other than an Subsidiary Sublicensee or a Permitted Subcontractor in
accordance with Section 2.4; or 
 (b) disassemble, decompile or reverse engineer any of the Opco-Exclusive Software
or the Opco-Related Software provided to Opco only in Object Code form, nor permit any third Person to do so, except to the extent such restrictions are prohibited by Law. 

  
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 Alibaba’s and its relevant Subsidiaries’ license of Intellectual Property Rights pursuant to this
Section 2 is granted:  
 (x) only if such Intellectual Property Rights are owned exclusively by Alibaba
and/or its relevant Subsidiaries, as applicable, and may be licensed under applicable Law pursuant to this Section 2 without the need to obtain the consent or approval of any co- or joint owner of such Intellectual Property Rights; 

(y) solely to the extent of Alibaba’s and/or its relevant Subsidiary’s right to grant such license; and 

(z) only if Alibaba’s and/or its relevant Subsidiary’s grant of such license does not incur any obligation to pay
royalties or other consideration to any third Person (except for payments between Alibaba and its relevant Subsidiary, or payments from Alibaba or its relevant Subsidiary to their respective employees or contractors for the use of the Intellectual
Property Rights made or created by or for Alibaba, the relevant Alibaba Subsidiary, or such employees or contractors while employed or retained by Alibaba or its relevant Subsidiary). 

2.6 Use of Trademarks 
 (a) Trademark Usage Guidelines. The use by Opco and any Subsidiary Sublicensee of the Opco-Exclusive Trademarks shall at all times adhere to Alibaba’s, the Opco IP/Technology Provider’s
or Opco’s, as applicable, then-current trademark or brand usage guidelines, as such guidelines may be revised during the Term by Alibaba, an Opco IP/Technology Provider or Opco. Upon Alibaba’s request, Opco shall provide Alibaba with
samples of advertising and promotional materials developed by or for Opco or an Opco Subsidiary and using the Opco-Exclusive Trademarks in order for Alibaba to assess compliance with this Section 2.6(a). In the event of any breach with respect
to Opco’s or a Subsidiary Sublicensee’s failure to adhere to the then-current applicable Alibaba, Opco IP/Technology Provider or Opco trademark or brand usage guidelines, Opco or its Subsidiary, as applicable, shall immediately cease all
use of the materials not conforming with such brand usage guidelines and shall cure, or cause to be cured, within thirty (30) days, any breach with respect to Opco’s or a Subsidiary Sublicensee’s use thereof. Opco shall not use, nor
permit the use of, the Opco-Exclusive Trademarks in any manner that could otherwise reasonably be expected to impair, tarnish, dilute or otherwise damage the value and goodwill associated with Opco-Exclusive Trademarks. 

(b) No Adverse Claim. Opco shall not, and shall not authorize any third Person to, at any time during the Term, assert any claim
or interest in, or take any action which may in any way: 
 (i) adversely affect the validity or enforceability of,

  
 13 

 (ii) result in the harm or misuse of, bring into disrepute, or adversely affect
Alibaba’s or any Alibaba Subsidiary’s rights or interest in and to, or 
 (iii) result in obtaining
registrations in or otherwise challenge the validity of, or Alibaba’s or any Alibaba Subsidiary’s ownership of or rights in: 
 the
Opco-Exclusive Trademarks and/or any other Trademarks that are derivative of or similar to any Trademarks (including the Opco-Exclusive Trademarks) owned, held, or licensed by Alibaba or any Alibaba Subsidiary, both prior to and after the Effective
Time, including any Trademarks commencing with the letters “ALI.” 
 (c) Goodwill. All goodwill arising from
Opco’s or a Subsidiary Sublicensee’s use of the Opco-Exclusive Trademarks will inure solely to the benefit of Alibaba or the applicable Alibaba Subsidiary, and Opco and any applicable Opco Sublicensee shall transfer and assign and do
hereby transfer and assign to Alibaba or the applicable Alibaba Affiliate designated by Alibaba on an ongoing basis all such goodwill arising from the use of the Opco-Exclusive Trademarks permitted hereunder. 

2.7 Grant Back. 
 (a) Subject to the terms and conditions of this Agreement, Opco, on behalf of itself and its Subsidiaries, hereby grants (and agrees to grant and cause Opco and its Subsidiaries to grant) to
Alibaba and its Subsidiaries during the Term a non-exclusive, irrevocable, worldwide, royalty-free, non-transferable (except to a successor of Alibaba in connection with a merger or consolidation, or to a transferee of Alibaba in connection with the
transfer of all or any substantial portion of the assets of Alibaba and its Subsidiaries), right and license, under all Patents, if any, owned or licensable by Opco or any of Opco’s Subsidiaries during the Term (“Opco-Retained
IP”) to make, have made, use, sell, offer for sale, import, export and otherwise commercialize any products and services, including engaging third Persons by Alibaba or its Subsidiaries for the procurement by Alibaba or its Subsidiaries of
(and having such third Persons provide) services for the benefit of Alibaba and/or its Subsidiaries. For avoidance of doubt, such third Persons will have immunity under such Patents only to the extent they are providing services for the benefit of
Alibaba and/or its Subsidiaries and not for services provided to other customers of such third Persons. For clarity, the parties acknowledge that any New Opco Patents, if they are owned solely by Alibaba or assigned to Alibaba as required by
Section 4.4(a), and not owned by Opco or any of Opco’s Subsidiaries, will be subject to the provisions of this Agreement relating to Opco-Exclusive Patents and not to this Section 2.7. 

  
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 (b) Subject to the terms and conditions of this Agreement, Opco, on behalf of itself
and its Subsidiaries, hereby grant (and agree to grant and cause Opco and its Subsidiaries to grant) to Alibaba and its Subsidiaries during the Term a non-exclusive, irrevocable, worldwide, royalty-free, non-transferable (except to a successor of
Alibaba in connection with a merger or consolidation, or to a transferee of Alibaba in connection with the transfer of all or any substantial portion of the assets of Alibaba and its Subsidiaries), right and license to reproduce, distribute, modify,
prepare derivative works, perform and display the Opco Non-Core IP, in each case solely in connection with the sale, license or provision of products and services of Alibaba and its Subsidiaries. Such right and license (x) includes the right to
have such activities performed on behalf of Alibaba and its Subsidiaries by third Persons and (y) includes the rights to perform, display and distribute to merchants, distributors, customers, and other participants in the businesses of Alibaba
and Alibaba Subsidiaries the portions, if any, of the Opco Non-Core IP intended for use by such merchants, distributors, customers, or other participants. Any such license to merchants, distributors, customers, and other participants shall be on the
same terms that Alibaba and its Subsidiaries use for the licensing of their own accompanying software and other materials. Notwithstanding anything to the contrary set forth in this Section 2.7(b), Alibaba and its Subsidiaries shall not
disclose any Highly Sensitive Information to any third Persons, except user data to the extent that (i) disclosure of such data is required for the purpose of engaging a third Person to provide services comparable to the Services (as defined in
the Commercial Agreement) (provided that such third Person shall not use such data for any other purpose), (ii) disclosure of such data to such third Person in accordance with this Agreement does not violate applicable Law, and
(iii) disclosure of such data to such third Person in accordance with this Agreement does not violate the terms of use or terms of service under which such data was collected. 

(c) This Section 2.7: (i) does not require that Opco or any Opco Subsidiary deliver any Technology, including Opco
Non-Core IP, to Alibaba or its Subsidiaries and (ii) does not relieve Alibaba or its Subsidiaries from its obligations under Section 7.13 of the Framework Agreement. 
 2.8 No Other Grant. Except as otherwise expressly provided herein, nothing in this Agreement shall be deemed to grant, directly or by implication, estoppel or otherwise, any right, license or
covenant from Alibaba or any Alibaba Subsidiary to Opco or any Opco Subsidiary, or from Opco or any Opco Subsidiary to Alibaba or any Alibaba Subsidiary. 
 2.9 Injunctive Relief. Opco acknowledges that any material breach of the provisions of this Section 2 may result in irreparable harm to Alibaba and Alibaba’s Subsidiaries, and in
such event the exact amount of damages will be difficult to ascertain and the remedies at law for such breach may not be adequate. Accordingly, in the event of any material breach of the provisions of this Section 2 by Opco or any Opco
Subsidiaries, Alibaba, in addition to any other relief available to it at law, in equity or otherwise, shall be entitled to seek temporary and permanent injunctive relief restraining Opco or any Opco Subsidiaries from engaging in the conduct
constituting such material breach, without the necessity of proving actual damages or posting a bond or other security. 
 3. SERVICES

 3.1 Performance of Software Technology Services. Opco IT and its Subsidiaries shall perform the Software
Technology Services for the Opco Group. Except as provided for in Section 3.3, Opco IT and its Subsidiaries shall, at their sole cost and expense, provide all tools, equipment, personnel and physical facilities required for the performance of
the Software Technology Services, unless otherwise agreed to by the parties in writing. To the extent that Opco IT or any of its Subsidiaries requires access to the sites, facilities, network or computer systems of Opco or an Opco Subsidiary in
order to perform the Software Technology Services, Opco IT and its Subsidiaries shall comply and cause its personnel to comply with Opco’s or the applicable Opco Subsidiary’s standard health and safety, security, privacy, and
other policies and procedures that are provided by Opco or the applicable Opco Subsidiary to Opco IT or its Subsidiaries. 

  
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 3.2 Reports. At Opco’s reasonable request, Opco IT shall provide periodic
written reports to Opco with respect to Opco IT’s and its Subsidiaries’ performance of the Software Technology Services. In addition, Opco IT shall promptly notify Opco of any material technical or developmental problems
which may arise in the performance of Opco IT’s or its Subsidiaries’ duties under this Section 3. 

3.3 Opco Responsibilities. In connection with the Software Technology Services, Opco and the applicable Opco Subsidiaries shall
perform such duties and tasks as may be reasonably required to allow Opco IT and its Subsidiaries to perform the Software Technology Services. Opco and the applicable Opco Subsidiaries shall provide Opco IT and its Subsidiaries with access to
Opco’s or the applicable Opco Subsidiaries’ sites, facilities, network or computer systems as reasonably required by Opco IT and its Subsidiaries to perform the Software Technology Services. Subject to Section 9.4, Opco
and the applicable Opco Subsidiaries shall also make available to Opco IT and its Subsidiaries any data, information and any other materials required by Opco IT or its Subsidiaries to perform Software Technology Services (collectively, “Opco
Materials”). 
 3.4 No Further Obligations. Opco IT and its Subsidiaries shall have no obligation during the
Term to provide any services other than the Software Technology Services, and no other obligation to provide any such services except as expressly set forth in this Section 3, unless otherwise agreed by the parties in writing. 

4. OWNERSHIP 
 4.1
Licensed IP. Subject to the express licenses granted in this Agreement, as between the parties, Alibaba or its Subsidiaries will retain exclusive right, title and interest in and to the Licensed IP, and all Intellectual Property Rights
subsisting therein. There are no implied licenses under this Agreement, and all rights not expressly granted hereunder are reserved. Opco and Opco’s Subsidiaries shall not delete or in any manner alter any Copyright, Trademark, Patent,
confidentiality or other proprietary rights notices appearing on the Licensed IP as delivered to Opco or an Opco Subsidiary. Opco and Opco’s Subsidiaries shall reproduce such notices on all copies they make of the Licensed IP.

 4.2 By Alibaba. As between the parties, Opco IT or its Subsidiaries will exclusively own all right, title and interest
in and to any Technology of any kind developed solely by the Dedicated Employees of Opco IT or its Subsidiaries in connection with performing the Software Technology Services (collectively “Opco IT Materials”), including all
Intellectual Property Rights subsisting therein. If the Opco IT Materials include or constitute modifications, customizations, enhancements or extensions to the Opco-Exclusive Software, the Opco-Related Software, the Opco-Exclusive Other Materials
and the Opco-Related Other Materials, Opco will have rights and licenses to such modifications, customizations, enhancements or extensions to the same extent that it has rights and licenses to the underlying Opco-Exclusive Software, Opco-Related
Software, Opco-Exclusive Other Materials and the Opco-Related Other Materials, respectively. 

  
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 4.3 Ownership of Enhancements. Subject to Section 4.4, the parties agree that,
as between the parties, all modifications, enhancements and derivative works of the Opco-Exclusive Software, the Opco-Related Software, the Opco-Exclusive Other Materials and the Opco-Related Other Materials created by (or by a third Person on
behalf of) Opco or a Subsidiary Sublicensee under the licenses granted in Section 2.1 or 2.2 and otherwise in accordance with this Agreement will be exclusively owned by Opco or the relevant Subsidiary Sublicensee. 

4.4 New Patents, Trademarks and Domain Names. 
 (a) Any new Patents applied for or issued during the Term based on any invention made solely by employees or contractors of Opco and/or employees or contractors of an Opco Subsidiary during the
Term (“New Opco Patents”) will be owned by Alibaba and for the purposes of this Agreement will be deemed Opco-Exclusive Patents. 
 (b) Opco shall not, and shall cause all Subsidiaries of Opco not to, adopt, use (except for any use of the Opco-Exclusive Trademarks expressly authorized by Section 2.1), create, file,
register, seek to register, cause to be registered, or conduct any business using any Trademarks or Domain Names that are derivative of or confusingly similar to any Trademarks (including the Opco-Exclusive Trademarks) or Domain Names owned, held,
or licensed by Alibaba or any Alibaba Subsidiary, or otherwise used in connection with any conduct of any business by Alibaba or any Subsidiary of Alibaba, both prior to and after the Effective Time (the “Alibaba Marks”).
Notwithstanding the foregoing, if any Alibaba Mark, Opco-Exclusive Trademark, or any Trademark or Domain Name that is derivative of or confusingly similar to any Alibaba Mark, Opco-Exclusive Trademark or Opco-Exclusive Domain Name (each, a
“Similar Mark/Domain Name”), other than any Trademark or Domain Name required by applicable Law to be held or registered in the name of Opco or an Opco Subsidiary, or any application therefor, is filed or registered by Opco or any
Opco Subsidiary during the Term, then such Similar Mark/Domain Name shall be assigned by Opco or the applicable Opco Subsidiary to Alibaba pursuant to this Section 4.4 and shall be exclusively owned by Alibaba. Opco hereby assigns, and causes
each Opco Subsidiary to assign, to Alibaba, all of Opco’s and such Opco Subsidiary’s rights, title and interest in and to any and all Similar Marks/Domain Names, whether now existing or in the future created. The provisions of this
Section 4.4(b) apply during the Term and, after the Term, shall survive but only with respect to the creation, filing, registration, seeking to register, causing to be registered, use and assignment of Trademarks or Domain Names that
(1) commence with the letters “ALI” (other than Trademarks and Domain Names that contain the word “ALIPAY” and make no other use of the letters “ALI”) or (2) contain the word “TAOBAO,” or
(3) contain the word “KOUBEI,” or (4) are derivative of or confusingly similar to any of the foregoing. 

  
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 (c) If during the Term Opco or an Opco Subsidiary desires to have filed or registered
any new Trademark or Domain Name that (i) includes the word “ALIPAY” or (ii) is derivative of any other Opco-Exclusive Trademark set forth in Exhibit D (each such Trademark or Domain Name within the scope of clause (i) or
(ii), a “New Opco Trademarks/Domain Name”), in each case to the extent any such Trademark or Domain Name is not required by applicable Law to be held or registered in the name of Opco or an Opco Subsidiary, then, subject to
Alibaba’s agreement, such New Opco Trademark/Domain Name will be filed, registered (at Opco’s expense) and solely owned by Alibaba during the Term of this Agreement, and for the purposes of this Agreement will be deemed to be an
Opco-Exclusive Trademark or Opco-Exclusive Domain Name, as applicable, upon being added to the applicable Exhibit hereto. For purposes of the foregoing, Alibaba’s agreement shall not be unreasonably withheld or delayed to the extent such
desired New Opco Trademark/Domain Name does not contain any component (other than the word “ALIPAY” or product marks included in the Opco-Exclusive Trademarks set forth in Exhibit D that are not confusingly similar to or derivative
of other Trademarks owned, held or licensed by Alibaba or any Alibaba Subsidiary) that is derivative of or confusingly similar to any Trademarks or Domain Names owned, held, or licensed by Alibaba or any Alibaba Subsidiary (including any Trademarks
or Domain Names commencing with the letters “ALI”, other than as used in “ALIPAY”), or otherwise used in connection with any conduct of any business by Alibaba or an Alibaba Subsidiary, prior to and after the Effective Time.

 (d) Opco and each Opco Subsidiary shall assist Alibaba in every reasonable way, at Opco’s expense (except with
respect to maintaining Similar Mark/Domain Names), to obtain, secure, perfect, maintain, defend and enforce all Intellectual Property Rights with respect to the New Opco Patents, Similar Mark/Domain Name and New Opco Trademark/Domain Names. The
prosecution of and registration for any New Opco Patent or New Opco Trademark/Domain Name will be executed pursuant to Section 6.1. The enforcement of any New Opco Patent will be executed pursuant to Section 6.2. Every twelve
(12) months during the Term, or upon either party’s reasonable request, the parties shall amend this Agreement by updating Exhibits B, C-1, C-2, C-3 or D, as applicable, to add such newly issued, filed or registered New Opco Patents and
New Opco Trademark/Domain Name. 
 (e) Except to the extent Alibaba is acting at the request of Opco or an Opco
Subsidiary in filing, registering, seeking to register, or causing to be registered a Trademark or Domain Name, Alibaba shall not, and shall cause all its Subsidiaries not to, file, register, seek to register, or cause to be registered, or conduct
any business using any Trademarks or Domain Names that contain the word “ALIPAY.” 
 4.5 Amendment of
Opco-Exclusive IP. Exhibits A, B, C-1, C-2 and C-3 and D of this Agreement shall be amended and/or supplemented as follows: 
 (a) Every twelve (12) months, or more frequently from time to time as reasonably requested by Opco or Alibaba, to add any Opco-Exclusive Software, Opco-Exclusive Other Materials or
Opco-Exclusive Patents authored or made (as applicable) by Dedicated Employees during the preceding twelve (12) months; and 
 (b) As set forth in Section 4.4(d). 

  
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 4.6 By Opco. As between Alibaba and Opco, Opco will retain its right, title and
interest in and to any Opco Materials owned by Opco, including all Intellectual Property Rights of Opco subsisting therein; provided, however, that Opco agrees to grant and does hereby grant to Alibaba and any applicable Alibaba Subsidiary a
limited, royalty-free, non-exclusive, non-transferable (except to a successor in connection with a merger or consolidation of Alibaba or the applicable Alibaba Subsidiary, or to a transferee in connection with the transfer of all or any substantial
portion of the assets of Alibaba) right and license to use such Opco Materials if and for so long as, and only to the extent, such right and license is necessary in order for Alibaba or any of its Subsidiaries to carry out any obligations pursuant
to this Agreement. 
 5. FEES AND PAYMENT 
 5.1 Royalties for Licensed IP. Opco-Exclusive IP and Opco-Related IP owned by Alibaba is licensed royalty-free until such time as Alibaba, in its sole discretion, decides to charge a royalty. In
consideration for the licenses granted pursuant to Section 2 with respect to Opco-Related IP owned by Alibaba IT, Opco-Exclusive IP and Opco-Related IP owned by Alibaba or any of its other Subsidiaries, if Alibaba in its sole discretion decides
to charge an aggregate royalty therefor, Opco shall pay to Alibaba IT and to Alibaba, if Alibaba, in its sole discretion, decides to charge a royalty, ongoing royalties calculated pursuant to the following formula (the “Royalty”) in
accordance with this Section 5: 
 Royalty = consolidated revenue of the Opco Group multiplied by R, where 

“R” means a percentage to be agreed between Opco and Alibaba IT (and Alibaba, if in its sole discretion it decides to charge a royalty).

 5.2 Fees and Expenses for Software Technology Services. 

(a) In consideration for Opco IT’s and its Subsidiaries’ performance of the Software Technology Services and for the
licenses of Opco-Exclusive IP and Opco-Related IP owned by Opco IT and its Subsidiaries, Opco shall pay to Opco IT and its Subsidiaries an aggregate fee calculated in accordance with the following formula (the “Software Technology Services
Fee”) in accordance with this Section 5: 
 Software Technology Services Fee = Alibaba Costs plus Income Share
(each as defined below) minus the Royalty. 
 (b) “Alibaba Costs” and “Income Share”
shall have the meanings and shall be determined as set forth below: 
 (i) “Alibaba Costs” means the
consolidated pre-tax costs and expenses of Opco IT and its Subsidiaries incurred in the course of providing the Software Technology Services. 
 (ii) “Income Share” means an amount equal to the product of the Income Multiplier multiplied by (the consolidated pre-tax income of the Opco Group before taking into account the
Royalty and the Software Technology Services Fee minus the Alibaba Costs). Notwithstanding the foregoing, in no event shall the Income Share be less than zero. 

  
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 (iii) The “Income Multiplier” shall initially be equal to 0.499
(reflecting the existing relative function/risk/asset profile of the parties) and shall be subject to downward adjustment as calculated in Subsection (v) as a result of, and effective from and after the date of, one or more Adjustment Events.

 (iv) “Adjustment Event” means the issuance of new equity capital: 

(A) by Holdco, solely for cash, but solely to the extent that Holdco contributes the cash proceeds raised in such issuance to Opco as
equity capital, in which case only the amount so contributed shall be counted for purposes of the calculations in Subsection (d), or 
 (B) by Opco, for cash or as consideration for strategic acquisitions or other commercial arrangements, 
 in each case to Unrelated Third Parties on arm’s-length, commercial terms or on terms otherwise approved in writing by the Independent Directors pursuant to the procedures set forth in
Section 7.11 of the Framework Agreement. 
 (v) (A) If an Adjustment Event results from Opco’s issuance
of new equity capital pursuant to Subsection (iv)(B) above, the Income Multiplier in effect before giving effect to the Adjustment Event shall be reduced to equal: 
  

					
	New Income Multiplier = Old IM – (Old IM * (New Capital/Total Capital)), where:
			
	New Income Multiplier	 	=	    	the Income Multiplier after giving effect to the Adjustment Event
			
	Old IM	 	=	    	the Income Multiplier before giving effect to the Adjustment Event
			
	New Capital	 	=	    	the equity capital of Opco issued in the Adjustment Event
			
	Total Capital	 	=	    	the total equity capital of Opco outstanding after giving effect to the Adjustment Event.

 For example, if the Income Multiplier before the Adjustment Event is 0.499, Opco has 100 units of equity capital
outstanding before the Adjustment Event and it issues 20 new units in the Adjustment Event, the new Income Multiplier would be (0.499 – (0.499 * (20/120)) = 0.416. 

  
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 (B) If an Adjustment Event results from Holdco’s issuance of new equity capital
pursuant to Subsection (iv)(A) above, the Income Multiplier in effect before giving effect to the Adjustment Event shall be reduced to equal: 
  

					
	New Income Multiplier = Old IM – (Old IM * (New Capital/Total Capital)), where:
			
	New Income Multiplier	 	=	    	the Income Multiplier after giving effect to the Adjustment Event
			
	Old IM	 	=	    	the Income Multiplier before giving effect to the Adjustment Event
			
	New Capital	 	=	    	the cash proceeds from the Adjustment Event that are contributed by Holdco to Opco
			
	Total Capital	 	=	    	the Equity Value of Opco prior to the Adjustment Event plus the amount of New Capital so contributed.

 For example, if the Income Multiplier is 0.499, Opco has an Equity Value of US$2 billion prior to the Adjustment Event
and Holdco contributes cash proceeds of $100 million from the Adjustment Event to Opco, the new Income Multiplier would be (0.499 – (0.499 * ($100 million/$2.1 billion)) = 0.475. 

(C) All calculations of the Income Multiplier shall be rounded to the third decimal point (i.e., 0.xxx). 

(vi) Notwithstanding the foregoing or the occurrence of one or more Adjustment Events, the Income Multiplier shall never be
reduced below 0.3 during the Term. For the avoidance of doubt, in no event will the issuance of any new equity capital by either Holdco or Opco to officers, directors, management, employees or consultants of Holdco, Opco or any of their respective
Subsidiaries result in any adjustment to the Software Technology Services Fee hereunder. 
 (vii) All income statement
items of the Opco Group, Opco IT and its Subsidiaries will be determined in accordance with International Financial Reporting Standards and will be subject to audit pursuant to Section 5.5. 

5.3 Royalty and Service Fee Reporting and Payment Terms. Within sixty (60) days of the end of each Opco fiscal year, Opco IT
shall provide to Opco (a) a report detailing with reasonable specificity the basis for the Alibaba Costs, and (b) such additional information as Opco may reasonably request describing and further evidencing the calculation of the Alibaba
Costs. Within ninety (90) days after the end of each Opco fiscal year, Opco shall pay to Alibaba IT the Royalty owed during such fiscal year, and Opco shall pay to Opco IT the Software Technology Services Fee owed during such fiscal year.
Concurrently with such payments, Opco shall provide to Alibaba, Alibaba IT and Opco IT (a) a report detailing with reasonable specificity the basis for the Royalty payment, (b) a report detailing with reasonable specificity the basis for
the Software Technology Services Fee, (c) true and complete income statements of the revenues and expenses of the Opco Group reflecting the consolidated pre-tax income of the Opco Group during the applicable fiscal year, and (d) such
additional information as Alibaba, Alibaba IT or Opco IT may reasonably request describing and further evidencing the calculation of the Royalty payment and/or Software Technology Fee, as applicable. Opco shall pay all amounts due under this
Agreement in Renminbi in the manner to be further agreed by the parties. 

  
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 5.4 Taxes. Each party shall bear the taxes applicable to it in connection with this
Agreement, including but not limited to turnover tax, business tax, value-added tax, income tax, profits tax or other taxes. 

5.5 Books and Records; Audit Rights. 
 (a) Opco, the other members of the Opco Group and Opco IT shall each maintain (and cause to be maintained) complete and accurate books and records, in accordance with International Financial
Reporting Standards, for the purpose of supporting and documenting the Royalty and the Software Technology Services Fee payable by Opco, and as otherwise reasonably necessary to confirm Opco’s and Opco IT’s compliance with the terms and
conditions of this Agreement. All such books and records will be retained at each respective company’s, or its applicable Subsidiary’s, principal place of business for a period of at least three (3) years after the payments to which
they pertain have been made. Opco’s and Opco IT’s books and records will be open for inspection and audit during such three (3) year period for the purpose of verifying the accuracy of the payments and charges made hereunder.

 (b) The parties shall conduct, once per fiscal year upon reasonable advance written notice to Opco and Opco IT
respectively, a joint audit of the consolidated financials of Opco, the other members of the Opco Group and Opco IT for the purposes of calculating the Software Technology Services Fee and the Royalty. The auditor for such audit will be
Ernst & Young or another internationally recognized auditor agreed to by the parties (Ernst & Young or such other agreed auditor, the “Auditor”), and the Auditor shall generate a reasonably detailed report,
sufficient to document the accuracy of the applicable payments and charges made by Opco, the other members of the Opco Group and Opco IT, and any over- or under-payments or charges. The report will be simultaneously provided to Opco, Opco IT and
Alibaba. 
 (c) If any audit discloses a shortfall in Royalty payments or Software Technology Services Fee payments made
during the period audited, Opco shall pay Alibaba IT such underpaid Royalty or Opco IT such underpaid Software Technology Services Fee promptly thereafter. 
 (d) If any audit discloses that Opco IT overcharged Opco for the Software Technology Services, Alibaba IT shall credit the excess amount against the following year’s Royalty or Opco IT shall
credit the excess amount against future Software Technology Services Fee, as agreed by the parties. 

  
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 (e) Each entity’s books and records for any applicable period may be audited or
investigated only once, provided that in the event any such audit or investigation reveals an underpayment of Royalty or any miscalculation of the Software Technology Service Fee hereunder, Alibaba or Opco may, in its discretion, conduct one
(1) additional audit or investigation of such entity’s books and records, according to the procedures set forth in this Section 5.5, in the twelve (12) months following the audit or investigation that revealed the underpayment or
miscalculation. For clarity, neither party shall be required to disclose to the other, its auditors, pursuant to this Section 5.5, any Source Code, any materials or information protected by attorney client, work product or similar privileges,
or any information that the other Person or its auditors or investigators, as the case may be, is not permitted to access pursuant to applicable Law. Before beginning its investigation, the Auditor shall execute a confidentiality agreement with Opco
that (A) limits the disclosure to Alibaba of information obtained by the firm as part of the audit or investigation, to the results of the audit or investigation, the determinations of the firm in connection therewith, and the basis for such
determinations, but (B) does not permit the disclosure to Alibaba of any Personal Information, any Source Code or information that Alibaba is not permitted to access in accordance with this Agreement pursuant to applicable Law. 

5.6 Disputed Royalty or Charges. In the event Alibaba and Opco, or their applicable Subsidiaries, after reasonable consultation
between representatives of each party, cannot agree on the proper amounts to be paid and/or credited between Opco IT, Opco and Alibaba IT, after conducting any audit as described in Section 5.5, the dispute will be finally settled in accordance
with the dispute resolution procedures set forth in Section 15.6. 
 5.7 Conduct of Business. Without limitation to
any provision of the Framework Agreement, Opco shall ensure that, during the Term, in no event will any aspects of the Business (other than any Software Technology Services provided by Opco IT and its Subsidiaries pursuant to this Agreement) be
conducted by any Person that is not included in the Opco Group. 
 5.8 Independent Directors. Recipient shall elect to
have the Auditor conduct a joint audit, and shall exercise Recipient’s other rights under this Section 5, if and to the extent so requested by the Independent Directors. 
 6. INTELLECTUAL PROPERTY PROSECUTION AND ENFORCEMENT 
 6.1 IP
Prosecution and Registration. 
 (a) Alibaba shall have the sole control and discretion over the filing for,
prosecution and maintenance of any Opco-Related IP. 
 (b) Alibaba shall have the first right, at its option, but subject
to the exceptions set forth in Section 6.1(c), to control at its own expense the filing for, and prosecution and maintenance of, any Opco-Exclusive IP (“Opco-Exclusive Prosecution Function”). For so long as there are personnel
employed or engaged by Alibaba or its Subsidiaries (or operating under the management or supervision of a manager or supervisor employed or engaged by Alibaba or its Subsidiaries) who have responsibility for patent applications, domain name
registrations, and/or trademark registrations of Opco or its Subsidiaries, or that comprise Opco-Exclusive IP (as the parties acknowledge to be the case as of the Effective Time), such personnel will (i) continue to have access to the
prosecution files and docket system to review the status of any filings for, and prosecution of the, Opco Exclusive IP and (ii) have the responsibility and an obligation to raise with Opco and Alibaba any objections to the manner in which any
Opco-Exclusive IP is being handled, including whether and how any Opco-Exclusive Patents, Opco-Exclusive Domain Names or Opco-Exclusive Trademarks are being filed for, prosecuted and/or maintained. Alibaba shall, at Opco’s request and at
reasonable intervals, provide Opco with information reasonably requested by Opco regarding the status of filing, prosecution and maintenance of any Opco-Exclusive Patents, Opco-Exclusive Domain Names or Opco-Exclusive Trademarks, or allow
appropriate Opco personnel to directly access such information (in either event, permitting the appropriate Opco personnel’s or Opco’s outside counsel reasonable access to the files, or copies of the files, of the Opco-Exclusive Patents,
Opco-Exclusive Domain Names and Opco-Exclusive Trademarks) and considering, in good faith, any suggestions or recommendations such personnel or counsel may have with respect to the conduct of the prosecution and maintenance of such Opco
Exclusive-Patents, Opco-Exclusive Domain Names, and Opco-Exclusive Trademarks. 

  
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 (c) If Opco establishes its own Intellectual Property Rights group capable of
handling the filing for, or prosecution or maintenance of, patent applications, domain names, and/or trademark registrations (“IP Function Separation”), the parties shall, at the request of Opco or Alibaba, discuss in good faith a
process and procedures by which such group will assume responsibility for the Opco-Exclusive Prosecution Function. The parties acknowledge that if such process and procedures authorize Opco to take actions in the name of Alibaba or its Affiliates,
such process and procedures will include reasonable protections for Alibaba and its Affiliates. 
 (d) If, after but
notwithstanding the IP Function Separation, Opco elects not to assume responsibility for the Prosecution Function, Alibaba will (i) at Opco’s request, at reasonable intervals, provide Opco with information reasonably requested by Opco
regarding the status of filing, prosecution and maintenance of any Opco-Exclusive Patents, Opco-Exclusive Domain Names or Opco-Exclusive Trademarks, or (ii) allow appropriate Opco personnel to access such information (e.g., through access to
Alibaba’s docket). If Opco personnel do not have such access, and Alibaba then elects to abandon, dedicate to the public, or otherwise allow to lapse any Opco-Exclusive Patent, Opco-Exclusive Domain Name or Opco-Exclusive Trademark, Alibaba
shall use commercially reasonable efforts to notify Opco of such election, and Opco shall then have the right, at Alibaba’s election, (i) to undertake the prosecution and maintenance of such Opco-Exclusive Patent, Opco-Exclusive Domain
Name or Opco-Exclusive Trademark, at Opco’s own expense, in the name of Alibaba, or (ii) to receive an assignment to Opco, subject to Section 2.7(a), of Alibaba’s entire right, title and interest in and to such Opco-Exclusive
Patent, Opco-Exclusive Domain Name or Opco-Exclusive Trademark, together with the right to recover any damages for past infringement of any such Opco-Exclusive Patent. If Alibaba elects to allow Opco to prosecute an Opco-Exclusive Patent,
Opco-Exclusive Domain Name or Opco-Exclusive Trademark in the name of Alibaba, such prosecution shall be subject to Alibaba’s approval, which approval shall not be unreasonably withheld. In any event, Opco shall, at Alibaba’s reasonable
request, provide Alibaba with reasonable information regarding the status of any applications or registrations for which Opco has undertaken the prosecution or maintenance or which Alibaba has assigned to Opco. Until such time as Alibaba elects to
abandon, dedicate to the public, or otherwise allow to lapse any Opco-Exclusive Patent, Opco-Exclusive Domain Name or Opco-Exclusive Trademark, Alibaba will, at Opco’s reasonable request, use commercially reasonable efforts to include
notifications in its applicable Intellectual Property dockets, and to instruct its outside counsel responsible for Intellectual Property prosecution to include in its applicable Intellectual Property dockets maintained on behalf of Alibaba, that no
Opco-Exclusive Patent, Opco-Exclusive Domain Name or Opco-Exclusive Trademark expressly identified as such in the applicable docket should be abandoned, dedicated to the public or otherwise allowed to lapse without providing advanced notice to Opco.

  
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 (e) Notwithstanding the foregoing, no failure of Alibaba to provide to Opco any
notice or other information contemplated, or of Alibaba or its outside counsel to include any notifications in any Intellectual Property docket pursuant to this Section 6 shall create any liability on the part of Alibaba or any of its
Affiliates in excess of Twenty-Five Thousand United States Dollars (US$25,000) per patent or patent application, not to exceed One Hundred Twenty Five Thousand United States Dollars (US$125,000) per patent family. 

6.2 Patent Enforcement. Alibaba will have the sole control and discretion over the enforcement or defense of any Opco-Related
Patent. In the event that Opco reasonably believes that any Opco-Exclusive Patent is being infringed by a third Person, Opco shall promptly notify Alibaba in writing, or in the event that a declaratory judgment action is brought against Opco with
respect to an Opco-Exclusive Patent (or a reexamination request if filed against an Opco-Exclusive Patent), it shall promptly notify Alibaba in writing. 
 (a) As between the parties hereto, Alibaba shall have the initial right (but not the obligation) to control the enforcement of the Opco-Exclusive Patents, or defend any declaratory judgment action
against Opco (or reexamination request) with respect thereto (each, for purposes of this Section 6.2, an “Enforcement Action”). All recoveries obtained by Alibaba from an Enforcement Action pursuant to this Section 6.2(a)
will be first used to reimburse Alibaba for its out-of-pocket litigation expenses (including but not limited to any attorneys’ fees and court costs) in connection with the Enforcement Action and one hundred percent (100%) of any remaining
recoveries will go to Opco. For clarity, any such recoveries shall be included in the consolidated pre-tax income of the Opco Group for the applicable fiscal year in which they are accrued for the purposes of the calculation of the Royalty and
Software Technology Services Fee pursuant to Section 5. At Opco’s request, Alibaba shall keep Opco reasonably informed of the progress of any such Enforcement Action brought or defended by Alibaba pursuant to this Section 6.2(a).

  
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 (b) In the event that Alibaba does not initiate an Enforcement Action to enforce the
Opco-Exclusive Patents against a commercially significant infringement by a third Person in the field of the Business (“Qualifying Infringement”), within ninety (90) days after a formal, written request by Opco to initiate such
Enforcement Action, Opco may initiate an Enforcement Action against such infringement. In the event that Alibaba does not promptly undertake, at Alibaba’s expense, the defense of a declaratory judgment action against Opco (or a reexamination
request) with respect to any of the Opco Exclusive Patents, Opco shall have the right to do so at its own expense. Opco must consult with Alibaba prior to initiating any Enforcement Action or defending any declaratory judgment action (or
reexamination) pursuant to this Section 6.2(b) with respect to an Opco-Exclusive Patent, and shall not assert any Opco-Exclusive Patent against any third Person if, in the written opinion of outside patent counsel mutually agreed to by the
parties, it is more likely than not that such third Person is not infringing the Opco Exclusive Patent in the field of the Business. Alibaba shall have the right (but not the obligation) to cooperate, at Opco’s expense, in any Enforcement
Action initiated or defended by Opco under this Section 6.2(b) (including joining such Enforcement Action as a party plaintiff if necessary or desirable for initiation or continuation of such Enforcement Action) and shall have the right (but
not the obligation) to participate and be represented in any such Enforcement Action with counsel of its choice at Alibaba’s own expense. In any event, Opco shall keep Alibaba reasonably informed of the progress of any such Enforcement Action
initiated or defended by Opco pursuant to this Section 6.2(b) and, upon Alibaba’s request, shall seek Alibaba’s input on any substantive submissions or positions it takes in the litigation regarding the scope, validity and
enforceability of the Opco-Exclusive Patents. Opco shall have the right to enter into an agreement in settlement of any Enforcement Action brought or defended pursuant to this Section 6.2(b), including the grant of a license within the field of
the Business, but shall not enter into any settlement agreement which would impose any obligation or cost on, or otherwise adversely affect, Alibaba or any of its Subsidiaries (for clarity, for purposes or the foregoing, the parties acknowledge that
a non-exclusive license consistent with this Agreement that is granted to the defendant in any such Enforcement Action shall not be regarded as adversely affecting Alibaba or its Subsidiaries), or make any admission relating to the validity or
enforceability of any Opco-Exclusive Patents, without the prior written consent of Alibaba, such consent not to be unreasonably withheld or delayed. All recoveries obtained by Opco from an Enforcement Action pursuant to this Section 6.2(b) will
be first used to reimburse Alibaba for its out-of-pocket litigation-related expenses (including reasonable attorneys’ fees and court costs) in connection with the Enforcement Action and any remaining recoveries will be retained one hundred
percent (100%) by Opco and included in the consolidated pre-tax income of the Opco Group in the fiscal year in which such recoveries are accrued. 
 (c) Notwithstanding anything set forth in Section 6.2(b), Alibaba may, in its sole discretion, refuse to cooperate with Opco in connection with, or otherwise participate in, any Enforcement
Action (“Right of Refusal”), and Opco shall not seek to join Alibaba or any Alibaba Subsidiary as a party in any Enforcement Action. In the event Alibaba exercises its Right of Refusal with respect to any Opco-Exclusive Patents,
then, upon Opco’s written request, Alibaba agrees to cooperate with Opco to determine if the assignment of any Opco-Exclusive Patent to Opco or waiver of Alibaba’s right to enforce the subject Opco-Exclusive Patent would be necessary for
the purposes of Opco to pursue or defend the applicable Enforcement Action. If Alibaba and Opco determine that such an assignment of any Opco-Exclusive Patent(s) or waiver of Alibaba’s rights is necessary, then Alibaba will elect, in its sole
discretion and subject to the unanimous approval of the Independent Directors (which approval is given pursuant to the procedures set forth in Section 7.11 of the Framework Agreement) as to which option to elect: (i) to join in the
applicable Enforcement Action, (ii) file appropriate papers with the applicable court confirming that it waives its rights to enforce the applicable Opco-Exclusive Patent and agrees that Opco may enforce such Opco-Exclusive Patent, or
(iii) to assign to Opco, at Alibaba’s sole cost and expense and subject to Section 2.7(a), Alibaba’s entire right, title and interest in and to such Opco-Exclusive Patent(s), together with the right to recover any damages for
past infringement of such Opco-Exclusive Patent(s). For clarity, any Opco-Exclusive Patent assigned to Opco pursuant to this Section 6.2(c) will constitute Opco-Retained IP licensed to Alibaba and its Subsidiaries pursuant to
Section 2.7(a). 

  
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 7. WARRANTIES 
 7.1 Limited Software Technology Services Warranty. Alibaba warrants that the Software Technology Services shall be performed in a manner consistent with similar services historically provided by
the Opco IP/Technology Providers to other Subsidiaries of the Alibaba Group (including Opco and its Subsidiaries). This warranty will be in effect for a period of thirty (30) days from the completion of any Software Technology Services. As
Opco’s and the Opco Subsidiaries’ sole and exclusive remedy and Alibaba’s and the Opco IP/Technology Provider’s entire liability for any breach of the foregoing warranty, Alibaba shall, at its sole
option and expense, promptly re-perform, or caused to be re-performed, any Software Technology Services that fail to meet this limited warranty or refund to Opco the fees paid for the non-conforming Software Technology Services. 

7.2 Opco-Exclusive IP Warranty. Opco represents and warrants to Alibaba as of the Effective Time that (a) each of the
Opco-Exclusive Copyrights (including the Opco-Exclusive Software and Opco-Exclusive Other Materials) set forth Exhibit A, the Opco-Exclusive Domain Names set forth in Exhibit B and the Opco-Exclusive Trademarks set forth in Exhibit
D is exclusively used in and relates solely to the Business as conducted by Opco and its Subsidiaries and is not used in, or necessary for use by, Alibaba or its Affiliates in connection with the conduct of the Alibaba Business, and
(b) each of the Opco-Exclusive Patents set forth in Exhibit C is based only on inventions made solely by employees or contractors of Opco IT, Alipay Software Ltd., Opco or Opco’s Subsidiaries. 

7.3 Warranty Disclaimer. THE EXPRESS WARRANTIES IN SECTION 7.1 ARE IN LIEU OF, AND ALIBABA AND THE OPCO IP/TECHNOLOGY PROVIDERS
HEREBY DISCLAIM, ALL OTHER WARRANTIES, REPRESENTATIONS OR CONDITIONS OF ANY KIND, WHETHER EXPRESS, IMPLIED OR STATUTORY, INCLUDING ANY IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NONINFRINGEMENT. WITHOUT
LIMITATION TO THE GENERALITY OF THE FOREGOING, EXCEPT AS EXPRESSLY PROVIDED IN SECTION 7.1, THE LICENSED IP IS LICENSED BY ALIBABA AND THE OPCO IP/TECHNOLOGY PROVIDERS TO OPCO, AND THE SOFTWARE TECHNOLOGY SERVICES AND ANY RELATED WORK PRODUCT ARE
PROVIDED “AS IS,” WITHOUT WARRANTY OF ANY KIND, AND SHALL NOT BE SUBJECT TO ANY STANDARDS, SERVICE LEVELS, REVIEWS, MODIFICATIONS OR ACCEPTANCE CRITERIA OF ANY KIND UNLESS OTHERWISE EXPRESSLY AGREED BY THE PARTIES IN WRITING.

 8. INDEMNIFICATION. 
 8.1 Opco Indemnification of Alibaba. Opco agrees on behalf of itself and its Subsidiaries, to defend, indemnify, and hold harmless Alibaba, the Opco IP/Technology Providers, and Alibaba’s
other Affiliates, and each of their respective directors, officers, employees, representatives and agents (the “Alibaba Indemnitees”) from and against any and all claims, actions, causes of action, judgment, awards, liabilities,
losses, costs or damages (including reasonably attorneys’ fees and expenses) (collectively, “Losses”) arising out of or relating to any claim by any third Person arising out of or relating to Opco’s and/or the Opco
Subsidiaries’ use of, or the exercise of its rights in and to, the Licensed IP. For clarity, the parties acknowledge that to the extent that a claim arises out of or relates to the Services (as defined in the Commercial Agreement) provided to
Alibaba or its Subsidiaries under the Commercial Agreement, the indemnification provisions of the Commercial Agreement (rather than this Section 8.1) shall apply. 

  
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 8.2 Indemnification Procedures. 

(a) Promptly after receipt by Alibaba of notice of the commencement or threatened commencement of any action, suit, proceeding,
claim, arbitration, investigation or litigation, whether civil or criminal, at Law or in equity, made or brought by a third Person (each a “Third Party Claim”), in respect of which Alibaba will seek indemnification pursuant to
Section 8.1, Alibaba shall notify Opco of such Third Party Claim in writing. No failure to so notify Opco shall relieve it of its obligations under this Agreement, except to the extent that it can demonstrate that it was materially prejudiced
by such failure. 
 (b) Opco shall have thirty (30) days after receipt of notice to elect, at its option, to assume
and control the defense of, at its own expense and by its own counsel, any such Third Party Claim, and shall be entitled to assert any and all defenses available to Alibaba, Alibaba’s Subsidiaries, including the Opco IP/Technology Providers to
the fullest extent permitted under applicable Law; provided, however, that Opco shall have no right to assume and control, and Alibaba shall at all times remain in sole control of (including selecting counsel), the defense of any Third
Party Claim related to taxes. If Opco shall undertake to compromise or defend any such Third Party Claim, it shall promptly, but in any event within ten (10) days of the receipt of notice from Alibaba of such Third Party Claim, notify Alibaba
of its intention to do so, and Alibaba shall cooperate fully with Opco and its counsel in the compromise of, or defense against, any such Third Party Claim; provided, however, that (A) Opco shall not settle, compromise or
discharge, with respect to, any such Third Party Claim without Alibaba’s prior written consent (which consent shall not be unreasonably withheld, delayed, or conditioned) and (B) Opco shall not admit any liability with respect to any such
Third Party Claim without Alibaba’s prior written consent, which consent shall not be unreasonably withheld, delayed, or conditioned. 
 (i) Notwithstanding an election by Opco to assume the defense of any Third Party Claim, Alibaba and/or the applicable member of the Alibaba Indemnitees shall have the right to employ separate
counsel and to participate in the defense of such Third Party Claim, and Opco shall bear the reasonable fees, costs and expenses of such separate counsel if (1) Alibaba shall have determined in good faith that an actual or potential conflict of
interest makes representation by the same counsel or the counsel selected by Opco inappropriate, or (2) Opco shall have authorized Alibaba to employ separate counsel at Opco’s expense. 

(ii) Alibaba, Opco, and their respective counsel shall cooperate in the defense of any Third Party Claim subject to
Section 8.1, keep such persons informed of all developments relating to any such Third Party Claims, and provide copies of all relevant correspondence and documentation relating thereto, except as necessary to preserve attorney-client, work
product and other applicable privileges. All reasonable costs and expenses incurred in connection with Alibaba’s cooperation shall be borne by Opco. In any event, Alibaba and/or the applicable member of the Alibaba Indemnitees shall have the
right at its own expense to participate in the defense of such asserted liability. 

  
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 (c) If Opco does not elect to defend a Third Party Claim pursuant to Section 8.2(b),
or does not defend such Third Party Claim in good faith, Alibaba and/or the applicable Opco IP/Technology Provider shall have the right, in addition to any other right or remedy it may have hereunder, at Opco’s expense, to defend such Third
Party Claim; provided, however, that Alibaba and/or the applicable Opco IP/Technology Provider shall not settle, compromise or discharge, or admit any liability with respect to, any such Third Party Claim without Opco’s prior
written consent, which consent shall not be unreasonably withheld, delayed, or conditioned. 
 9. CONFIDENTIALITY 

9.1 Confidential Information. Each party (the “Receiving Party”) shall use the same standard of care to prevent
the public disclosure and dissemination of the Confidential Information of the other party (the “Disclosing Party”) as the Receiving Party uses to protect its own comparable Confidential Information. “Confidential
Information” of a party means confidential, non-public marketing plans, product plans, business strategies, financial information, forecasts, Personal Information, Highly Sensitive Information, customer lists and customer data, technical
documents and information and any similar confidential, non-public materials and information, regarding such party and its Affiliates, or their representatives or customers, disclosed by the Disclosing Party to the Receiving Party under or in
connection with this Agreement, whether orally, electronically, in writing, or otherwise, including copies thereof, in each case to the extent expressly marked in writing as “Confidential,” or, if disclosed orally, identified
as confidential at the time of disclosure and set forth or summarized in a written document expressly marked as “Confidential” delivered to the Receiving Party no later than thirty (30) days after the date of the initial
oral disclosure thereof, or, if not so marked or identified as “Confidential,” shall nevertheless be regarded as Confidential Information if a reasonable person under the circumstances would know the information is considered
confidential by the Disclosing Party. Confidential Information of Alibaba includes the Source Code of the Opco-Exclusive Software and the source Code and Object Code of the Opco-Related Software. Notwithstanding the foregoing, (a) Confidential
Information may be disclosed on an as needed basis to personnel or subcontractors (in the case of Opco, solely to Permitted Subcontractors) of the Receiving Party and its Subsidiaries solely as and to the extent required for the purpose of
fulfilling the Receiving Party’s obligations or exercising the Receiving Party’s rights under any Transaction Document (including, in the case Alibaba and its Subsidiaries, its rights to contract with other Persons for the
procurement by Alibaba or its Subsidiaries of services comparable to the Services (as defined in the Commercial Agreement)), and (b) nothing in this Section 9.1 shall be deemed to prevent Opco and its Subsidiaries from engaging in the
Business or Alibaba and its Subsidiaries from engaging in the business of Alibaba and its Subsidiaries or otherwise preventing Opco or Alibaba and their respective Subsidiaries from exercising their rights in and to the Licensed IP, Opco-Retained IP
or Opco Non-Core IP. Nonetheless, each Receiving Party (x) shall limit the disclosure of the Disclosing Party’s Confidential Information to third Persons to what is necessary for a reasonable purpose in the conduct of the business
of the Receiving Party (including its Subsidiaries), and (y) Alibaba and its Subsidiaries shall not disclose any Highly Sensitive Information to any third Persons, except user data to the extent that (i) disclosure of such data is required
for the purpose of engaging a third Person to provide services comparable to the Services (as defined in the Commercial Agreement) (provided that such third Person shall not use such data for any other purpose), (ii) disclosure of such data to
such third Person in accordance with this Agreement does not violate applicable Law, and (iii) disclosure of such data to such third Person in accordance with this Agreement does not violate the terms of use or terms of service under which such
data was collected. Each Receiving Party shall take all reasonable steps to ensure that any such Confidential Information disclosed to any Personnel or subcontractors in accordance with this Sections 9.1 is treated as confidential by the personnel,
Subsidiary Sublicensees, Permitted Subcontractors, and Opco End Users to whom it is disclosed, and shall require the foregoing to enter into an agreement which imposes confidentiality obligations no less protective of the Confidential Information
than those imposed under this Agreement. 

  
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 9.2 Permitted Disclosures. The provisions of this Article 9 shall not apply to any
Confidential Information which: (a) is or becomes commonly known within the public domain other than by breach of this Agreement or any other agreement that the Disclosing Party has with any Person; (b) is obtained from a third Person who
is lawfully authorized to disclose such information free from any obligation of confidentiality; (c) is independently developed without reference to or use of any Confidential Information of the Disclosing Party; or (d) is known to the
Receiving Party without any obligation of confidentiality prior to its receipt from the Disclosing Party. 
 9.3 Disclosure
in Compliance With Law. Nothing in this Article 9 shall prevent the Receiving Party from disclosing Confidential Information where it is required to be disclosed by judicial, administrative, governmental, or regulatory process in connection with
any action, suit, proceeding or claim, or otherwise by applicable Law; provided, however, that the Receiving Party shall, if legally permitted, give the Disclosing Party prior reasonable notice as soon as possible of such required
disclosure so as to enable the Disclosing Party to seek relief from such disclosure requirement or measures to protect the confidentiality of the disclosure. 
 9.4 Restricted Data. Notwithstanding anything to the contrary set forth herein, nothing in this Agreement shall require Opco to disclose to Alibaba or its Subsidiaries any information,
communications or documents that are protected by attorney-client privilege, work product privilege or is protected under similar legal principles in foreign jurisdictions, or Personal Information of any person, or any other information or data
where such disclosure would be prohibited by applicable Law, including Chinese Laws relating to payment data security or state economic security. 
 9.5 Confidentiality of the Licensed IP. In addition to the obligations set forth in Section 9.3 and Section 2.4(c), Opco shall comply with the obligations set forth in this
Section 9.5 with respect to the Opco-Exclusive Software and Opco-Related Software. Opco and the Subsidiary Sublicensees shall take reasonable steps, during the Term with respect to Opco-Exclusive Software, and both during and after the Term
with respect to Opco-Related Software, to ensure that no unauthorized copy, in whole or in part, of the Opco-Exclusive Software or Opco-Related Software will be made available to any third Person. Opco and the Subsidiary Sublicensees shall use the
Opco-Exclusive Software and Opco-Related Software disclosed to each of them hereunder under carefully controlled conditions, shall distribute such Opco-Exclusive Software and Opco-Related Software only to each of its respective employees with a need
to have access thereto, and solely to the extent necessary to exercise their license or sublicense rights set forth in this Agreement, and Opco and each Subsidiary Sublicensee shall observe, at a minimum, the same level of security, copy
restrictions and non-disclosure as it exercises with respect to confidential Opco-Exclusive Software and Opco-Related Software and related documentation for each of their own products, which in no event shall be less than a reasonable degree of
care. Opco shall be fully responsible for the conduct of its employees, agents, representatives, Subsidiary Sublicensees and Permitted Subcontractors who may in any way breach this Agreement, and Opco shall immediately notify Alibaba of any known
breach of this Agreement including any act or omission by any Opco Affiliate that, if committed by Opco, would constitute a breach of this Agreement. 

  
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 9.6 Residuals. Notwithstanding anything to the contrary herein, the Receiving Party
shall be free to use for any purpose the Residual Information resulting from access to any Confidential Information disclosed to it under this Agreement. “Residual Information” means information in non-tangible form which may be
retained in the memory of employees of the Receiving Party who have had access to the Confidential Information of the Disclosing Party. Receiving Party’s receipt of Confidential Information under this Agreement shall not create any
obligation that in any way limits or restricts the assignment and/or reassignment of the Receiving Party’s employees. For the avoidance of doubt, the foregoing does not constitute a license under any Patent or otherwise affect any
party’s (or its Subsidiaries’) rights or obligations under Section 7.13 of the Framework Agreement. 
 10.
LIMITATION OF LIABILITY. IN NO EVENT WILL ALIBABA, ANY ALIBABA AFFILIATE OR AN OPCO IP/TECHNOLOGY PROVIDER BE LIABLE TO OPCO, ANY OPCO AFFILIATE OR TO ANY THIRD PERSON FOR ANY SPECIAL, INCIDENTAL, PUNITIVE, EXEMPLARY OR CONSEQUENTIAL DAMAGES
(INCLUDING LOSS OF USE, DATA, BUSINESS OR PROFITS) ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, THE LICENSED IP OR THE SOFTWARE TECHNOLOGY SERVICES OR ANY RESULTS OR WORK PRODUCT ARISING FROM THE SOFTWARE TECHNOLOGY SERVICES, HOWEVER CAUSED
AND REGARDLESS OF THE THEORY OF LIABILITY, EVEN IF ALIBABA OR AN OPCO IP/TECHNOLOGY PROVIDER HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. ALIBABA’S AND THE OPCO IP/TECHNOLOGY PROVIDERS’ TOTAL LIABILITY TO OPCO AND OPCO AFFILIATES,
FROM ALL CAUSES OF ACTION AND ALL THEORIES OF LIABILITY UNDER THIS AGREEMENT, WILL BE LIMITED TO AND WILL NOT EXCEED THE TOTAL AMOUNTS ACTUALLY PAID TO ALIBABA AND THE OPCO IP/TECHNOLOGY PROVIDERS BY THE OPCO GROUP UNDER THIS AGREEMENT DURING THE
TWELVE (12) MONTHS IMMEDIATELY PRECEDING THE DATE OF THE EVENT GIVING RISE TO THE MOST RECENT CLAIM OF LIABILITY; PROVIDED, HOWEVER, THAT DURING THE PERIOD COMMENCING ON THE EFFECTIVE TIME AND ENDING ON A DATE ONE (1) YEAR THEREAFTER,
ALIBABA’S AND THE OPCO IP/TECHNOLOGY PROVIDERS’ TOTAL LIABILITY HEREUNDER SHALL NOT EXCEED THE GREATER OF (1) TEN MILLION ($10,000,000) U.S. DOLLARS AND (2) THE TOTAL AMOUNTS ACTUALLY PAID TO ALIBABA AND THE OPCO IP/TECHNOLOGY
PROVIDERS BY THE OPCO GROUP UNDER THIS AGREEMENT DURING THE TWELVE (12) MONTHS IMMEDIATELY PRECEDING THE DATE OF THE EVENT GIVING RISE TO THE MOST RECENT CLAIM OF LIABILITY. 

  
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 11. NO EFFECT ON ACQUIRER’S SEPARATE INTELLECTUAL PROPERTY RIGHTS. Notwithstanding
anything to the contrary set forth herein, in the event Alibaba merges with or acquires a third Person, or assigns or transfer this Agreement to a third Person (any such third Person, “Transferee”), whether by merger, assignment,
transfer of assets (including but not limited to this Agreement) or otherwise, the licenses granted pursuant to Section 2.2 will extend only to the Opco-Related IP owned by Alibaba or an Opco IP/Technology Provider immediately prior to such
merger, acquisition, assignment or transfer and will not affect or otherwise encumber in any manner the Transferee’s Intellectual Property Rights, except only any Opco-Related IP owned by Alibaba or an Opco IP/Technology Provider immediately
prior to such merger, acquisition, assignment or transfer and acquired by the Transferee from Alibaba or an Opco IP/Technology Provider and any subsequently filed patents and patent applications that claim an effective filing date based upon
Opco-Related Patents that were owned by Alibaba or an Opco IP/Technology Provider immediately prior to such assignment or transfer. 
 12.
COMPLIANCE WITH LAWS. At all times during the Term, Opco shall comply, and shall cause its Subsidiaries to comply, with all Laws applicable to Opco and Opco’s Subsidiaries concerning the Business and any Business Product. Without limiting
the foregoing, Opco acknowledges that the Licensed IP and all related technical data and materials may be subject to export controls under the applicable export, import and/or use control Law in any territory where the Licensed IP is used.
Notwithstanding anything in this Agreement to the contrary, Alibaba and the Opco IP/Technology Providers shall not be required to supply to Opco, any Opco Subsidiaries or any third Persons, and Opco and Opco Affiliates shall not export or re-export,
any Licensed IP or technical data supplied by Alibaba or the Opco IP/Technology Providers, directly or through third Persons, to any source for use in any country or countries in contravention of any Laws. 

13. TERM AND TERMINATION 

13.1 Term. This Agreement will enter into effect upon the Effective Time and continue in full force and effect until the IP
Termination Date, unless earlier terminated in accordance with this Section 13 (the “Term”). 
 13.2
Termination by Alibaba for Opco Bankruptcy. Alibaba shall have the right to terminate this Agreement on the occurrence of any of the following events if: 
 (a) Opco files a petition for bankruptcy or is adjudicated a bankrupt; 

(b) Opco becomes insolvent and makes an assignment for the benefit of its creditors or an arrangement for its creditors pursuant
to any bankruptcy Law; 
 (c) Opco discontinues the Business; or 

(d) an administrator is appointed for Opco or its business. 

13.3 No Termination by Opco. Opco shall have no right to terminate this Agreement, or any of the Software Technology Services,
based on any breach hereof or for any other reason, and Opco’s sole and exclusive remedy with respect to any breach hereof by Alibaba or an Opco IP/Technology Provider will be to seek monetary damages for the breach and, in the case of
Alibaba’s or an Opco IP/Technology Provider’s breach of its obligations under Section 9, injunctive or other equitable remedies to cure, limit and restrain any such breach or threatened breach. 

  
 32 

 13.4 Injunctive Relief. The Parties have agreed that the Software Technology Services
will be provided to Opco and its Subsidiaries in accordance with this Agreement and it is an essential element of the bargain between the parties that Opco IT and its Subsidiaries will provide the Software Technology Services described in this
Agreement except in the case of a rightful termination as set forth in Section 13. Therefore, Opco and its Subsidiaries shall be entitled to equitable relief, including injunctive relief, in addition to all of its other rights and remedies
hereunder, at Law or in equity, to enforce the provisions of this Agreement related to the performance of Software Technology Services. 
 13.5 Non-payment. If Opco fails to make payment of any amounts due and payable to Opco IT or Alibaba IT under this Agreement by the date such payment is due, the parties agree that Opco IT or
Alibaba IT, as applicable, is entitled to charge interest on such unpaid amounts at twelve percent (12%) annual rate, commencing from the date on which payment was due. Opco’s failure to pay the Royalty or the Software Technology
Fee due under this Agreement will not entitle Alibaba to terminate this Agreement. Notwithstanding the foregoing, Alibaba may terminate this Agreement upon notice to Opco if Holdco (i) fails to pay, or caused to be paid, any or all of the IPCo
Note Amount, the Increase Payment, the Liquidity Event Payment, the Make-Whole Payment or the Impact Payment, in each case as set forth in and in accordance with the Framework Agreement, and (ii) does not cure such payment failure pursuant to
the terms of Section 9.01(a)(vii) of the Framework Agreement. 
 13.6 Effects of Termination. 

(a) Licenses. All licenses and sublicenses granted under this Agreement will terminate upon the termination or expiration of this
Agreement; provided, however, that the termination of such licenses and sublicenses pursuant to this Section 13.6 shall have no effect on any license of rights in and to any Intellectual Property or Intellectual Property Rights in accordance
with Section 2.10 of the Framework Agreement or as otherwise agreed to by the parties. 
 (b) Return of Confidential
Material. Within thirty (30) days after the termination or expiration of this Agreement, each party shall either deliver to the other, or destroy, all copies of any tangible Confidential Information of the other party provided hereunder in
its possession or under its control, and shall furnish to the other party an affidavit signed by an officer of its company certifying that such delivery or destruction has been fully effected. 

(c) Payment of Unpaid Royalty and Fee. Within sixty (60) days of the expiration or termination of this Agreement, Opco shall
pay, or caused to be paid, to Alibaba or an Alibaba Affiliate designated by Alibaba, all sums, if any, due and owing pursuant to the terms of this Agreement as of the date of expiration or termination of this Agreement. 

13.7 Survival. The respective rights and obligations of the parties under Sections 1, 4.4(b) (to the extent set forth therein),
5.5, 5.6, 7, 8, 9, 10, 13.6, 13.7, 14 and 15 of this Agreement will survive expiration or termination of this Agreement. No termination or expiration of this Agreement shall relieve any party for any liability for any breach of or liability accruing
prior to the effective date of termination. 

  
 33 

 14. OBLIGATION OF THE PARTIES REGARDING SUBSIDIARIES. Each party shall require its respective
Subsidiaries to fulfill each such Subsidiary’s duties and comply with its obligations, all as set forth in this Agreement. Without limiting the generality of the foregoing, Opco shall cause its Subsidiaries to carry out all obligations, duties
and responsibilities of Opco set forth in this Agreement, including without limitation all obligations to take any actions or refrain from taking any actions, and any act or failure to act by any Subsidiary of Opco shall be deemed an act or failure
to act of Opco. Opco shall be liable for the performance of all obligations, duties and responsibilities of its Subsidiaries in this Agreement and for all actions or failures to act of its Subsidiaries, and any failure of Opco Subsidiaries to
perform any obligation, duty or responsibility set forth in this Agreement, or to take or fail to take any action in accordance with this Agreement, shall be deemed a breach of this Agreement by Opco. 

15. GENERAL. 
 15.1
Relationship of the Parties as Independent Contractors. The parties are and at all times will be and remain independent contractors as to each other, and at no time will either party be deemed to be the agent or employee of the other. No joint
venture, partnership, agency, or other relationship will be created or implied as a result of this Agreement. Alibaba and the Opco IP/Technology Providers are performing the Software Technology Services as independent contractors of Opco or
Opco’s Subsidiaries and nothing in this Agreement will be construed as establishing an employment, agency, partnership or joint venture relationship between Opco or any Opco Subsidiary, on the one hand, and Alibaba, an Opco IP/Technology
Provider or any of their personnel, on the other. Alibaba and the Opco IP/Technology Providers have no authority to bind Opco or Opco’s Subsidiaries by contract or otherwise, and Opco and Opco’s Subsidiaries have no authority
to bind Alibaba or the Alibaba Group (including the Opco IP/Technology Providers) by contract or otherwise. Alibaba and the Opco IP/Technology Providers acknowledge and agree that their personnel are not eligible for or entitled to receive any
compensation, benefits or other incidents of employment that Opco and Opco’s Subsidiaries makes available to any employees of Opco or any Opco Subsidiaries. Except as explicitly set forth herein, Alibaba and the Opco IP/Technology
Providers are solely responsible for all taxes, expenses, withholdings and other similar statutory obligations arising out of the relationship between Alibaba and the Opco IP/Technology Providers and their personnel and the performance of Software
Technology Services by such personnel. 
 15.2 Opco IP/Technology Providers Addenda. Each Opco IP/Technology Providers
Addendum shall be in the form set forth in Exhibit F. In the event of any conflict between any Opco IP/Technology Providers Addendum and any term or condition of this Agreement, this Agreement will control. 

  
 34 

 15.3 Notices. All notices and other communications hereunder
shall be in writing and shall be deemed received (i) on the date of delivery if delivered personally and/or by messenger service, (ii) on the date of receipt of transmission by facsimile (or, the first (1st) Business Day following such receipt if (a) the date is
not a Business Day or (b) receipt occurs after 5:00 p.m., local time of the recipient) or (iii) on the date of confirmation of receipt if delivered by a nationally recognized courier service (or, the first (1st) Business Day following such receipt if (a) the date is
not a Business Day or (b) receipt occurs after 5:00 p.m., local time of the recipient), to the Parties at the following address or facsimile numbers (or at such other address or facsimile number for a Party as shall be specified by like
notice): 
 To Alibaba: 
 c/o Alibaba Group Services Limited 
 24th Floor, Jubilee 

18 Fenwick Street 

Wanchai 
 Hong
Kong 
 Attention: General Counsel 
 Facsimile No.: +852 2215 5200 
 with a copy to the Independent Directors at their
addresses set forth below. 
 To Yahoo!: 
 Yahoo! Inc. 
 701 First Avenue 

Sunnyvale, CA 94089 
 Attention: General Counsel 
 Facsimile No: (408) 349-3650 

with a copy (not notice) to: 
  

			
	Skadden, Arps, Slate, Meagher & Flom LLP
	525 University Avenue, Suite 1100
	Palo Alto, CA 94301
	Attention:	  	Kenton J. King
		  	Leif B. King
	Facsimile No.: (650) 470-4570

 To Softbank: 
 SOFTBANK CORP. 
 1-9-1 Higashi Shinbashi, Minato-ku, 

Tokyo 105-7303, Japan 
 Attention: Mr. Katsumasa Niki, Finance 
 Facsimile No: +81-3-6215-5001

  
 35 

 with a copy (not notice) to: 

Morrison & Foerster LLP 
 Shin-Marunouchi Building 29F, 1-5-1 Marunouchi, Chiyoda-ku 
 Tokyo 100-6529, Japan

 Attention: Kenneth Siegel 
 Facsimile No: +81-3-3214-6512 
 To Opco: 

Alibaba Group Services Limited 
 24th Floor,
Jubilee 
 18 Fenwick Street 
 Wanchai 
 Hong Kong 

Attention: General Counsel 
 Facsimile No.: +852 2215 5200 
 with a copy (not notice) to: 

Wachtell, Lipton, Rosen & Katz 
 51 West 52nd Street 
 New York, NY 10023 

Attention: Mark Gordon 
 Facsimile No: (212) 403-2343 
 and 

Fenwick & West LLP 
 Silicon Valley Center 
 801 California Street 

Mountain View, CA 94041 
 Attention: Larry Granatelli 
 Facsimile No.: (650) 938-5200 

and 
 Fangda
Partners 
 20/F, Kerry Center 
 1515 Nan Jing West Road 
 Shanghai 200040, China 

Attention: Jonathan Zhou 
 Facsimile No: +8621-5298-5577 

  
 36 

 15.4 Headings. The bold-faced headings contained in this Agreement are for
convenience of reference only, will not be deemed to be a part of this Agreement and will not be referred to in connection with the construction or interpretation of this Agreement. 

15.5 Counterparts and Exchanges by Electronic Transmission or Facsimile. This Agreement may be executed in several counterparts,
each of which will constitute an original and all of which, when taken together, will constitute one agreement. The exchange of a fully executed Agreement (in counterparts or otherwise) by electronic transmission or facsimile will be sufficient to
bind the parties to the terms and conditions of this Agreement. 
 15.6 Arbitration. 

(a) Any dispute, controversy or claim arising out of, relating to, or in connection with this Agreement, including the breach,
termination or validity hereof, shall be finally resolved exclusively by arbitration. The arbitration shall be administered by, and conducted in accordance with the rules of the International Chamber of Commerce (the “ICC”) in
effect at the time of the arbitration, except as they may be modified by mutual agreement of the parties. The seat of the arbitration shall be Singapore, provided, that, the arbitrators may hold hearings in such other locations as the arbitrators
determine to be most convenient and efficient for all of the Parties to such arbitration under the circumstances. The arbitration shall be conducted in the English language. 
 (b) The arbitration shall be conducted by three arbitrators. The party (or the parties, acting jointly, if there are more than one) initiating arbitration (the “Claimant”) shall
appoint an arbitrator in its request for arbitration (the “Request”). The other party (or the other parties, acting jointly, if there are more than one) to the arbitration (the “Respondent”) shall appoint an
arbitrator within thirty (30) days of receipt of the Request and shall notify the Claimant of such appointment in writing. If within thirty (30) days of receipt of the Request by the Respondent, either party has not appointed an
arbitrator, then that arbitrator shall be appointed by the ICC. The first two arbitrators appointed in accordance with this provision shall appoint a third arbitrator within thirty (30) days after the Respondent has notified Claimant of the
appointment of the Respondent’s arbitrator or, in the event of a failure by a party to appoint, within thirty (30) days after the ICC has notified the parties and any arbitrator already appointed of the appointment of an arbitrator on
behalf of the party failing to appoint. When the third arbitrator has accepted the appointment, the two arbitrators making the appointment shall promptly notify the parties of the appointment. If the first two arbitrators appointed fail to appoint a
third arbitrator or so to notify the parties within the time period prescribed above, then the ICC shall appoint the third arbitrator and shall promptly notify the parties of the appointment. The third arbitrator shall act as Chair of the tribunal.

 (c) The arbitral award shall be in writing, state the reasons for the award, and be final and binding on the parties.
The award may include an award of costs, including reasonable attorneys’ fees and disbursements. In addition to monetary damages, the arbitral tribunal shall be empowered to award equitable relief, including, but not limited to, an injunction
and specific performance of any obligation under this Agreement. The arbitral tribunal is not empowered to award damages in excess of compensatory damages, and each party hereby irrevocably waives any right to recover punitive, exemplary or similar
damages with respect to any dispute, except insofar as a claim is for indemnification for an award of punitive damages awarded against a party in an action brought against it by an independent third Person. The arbitral tribunal shall be authorized
in its discretion to grant pre-award and post-award interest at commercial rates. Any costs, fees or taxes incident to enforcing the award shall, to the maximum extent permitted by Law, be charged against the party resisting such enforcement.
Judgment upon the award may be entered by any court having jurisdiction thereof or having jurisdiction over the relevant party or its assets. 

  
 37 

 (d) In order to facilitate the comprehensive resolution of related disputes, and upon
request of any party to the arbitration proceeding, the arbitration tribunal may, within ninety (90) days of its appointment, consolidate the arbitration proceeding with any other arbitration proceeding involving any of the parties relating to
the Transaction Documents. The arbitration tribunal shall not consolidate such arbitrations unless it determines that (i) there are issues of fact or law common to the proceedings, so that a consolidated proceeding would be more efficient than
separate proceedings, and (i) no party would be prejudiced as a result of such consolidation through undue delay or otherwise. In the event of different rulings on this question by the arbitration tribunal constituted hereunder and any tribunal
constituted under the Transaction Documents (other than this Agreement), the ruling of the tribunal constituted under this Agreement will govern, and that tribunal will decide all disputes in the consolidated proceeding. 

(e) The Parties agree that the arbitration shall be kept confidential and that the existence of the proceeding and any element of
it (including but not limited to any pleadings, briefs or other documents submitted or exchanged, any testimony or other oral submissions, and any awards) shall not be disclosed beyond the tribunal, the ICC, the Parties, their counsel and any person
necessary to the conduct of the proceeding, except as may be lawfully required in judicial proceedings relating to the arbitration or otherwise, or as required by NASDAQ rules or the rules of any other quotation system or exchange on which the
disclosing Party’s securities are listed or applicable Law. 
 (f) The costs of arbitration shall be borne by the
losing party unless otherwise determined by the arbitration award. 
 (g) All payments made pursuant to the arbitration
decision or award and any judgment entered thereon shall be made in United States dollars (or, if a payment in United States dollars is not permitted by Law and if mutually agreed upon by the Parties, in the currency of the People’s Republic of
China), free from any deduction, offset or withholding for taxes. 
 (h) Notwithstanding this Section 15.6 or any
other provision to the contrary in this Agreement, no party shall be obligated to follow the foregoing arbitration procedures where such party intends to apply to any court of competent jurisdiction for an interim injunction or similar equitable
relief against any other party, provided there is no unreasonable delay in the prosecution of that application. 
 15.7
Governing Law. THIS AGREEMENT SHALL BE GOVERNED IN ALL RESPECTS, INCLUDING AS TO VALIDITY, INTERPRETATION AND EFFECT, BY THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO ANY CONFLICTS OF LAW PRINCIPLES THAT COULD LEAD TO THE APPLICATION OF
ANY LAW OTHER THAN THE LAWS OF THE STATE OF NEW YORK. 

  
 38 

 15.8 Assignment. Neither party shall transfer this Agreement, or assign any rights or
delegate any obligations hereunder, in whole or in part, whether voluntarily or by operation of Law, without the prior written consent of the other party. Any purported transfer, assignment or delegation by either party without the appropriate prior
written approval will be null and void and of no force or effect. Subject to the foregoing, this Agreement is binding upon the parties’ successors, heirs and assigns. 

15.9 No Assignment of Opco-Exclusive IP. Alibaba, on behalf of itself and its Subsidiaries, agrees not to assign or transfer any
ownership interest in or to any Opco-Exclusive IP to any third Person, except as explicitly permitted by Section 6.2(c) of this Agreement. 
 15.10 Remedies Cumulative; Specific Performance. The rights and remedies of the parties hereto will be cumulative (and not alternative). Each party agrees that: (a) in the event of any breach
or threatened breach by the other party of any covenant, obligation or other provision set forth in this Agreement, such party will be entitled (in addition to any other remedy that may be available to it) to seek: (i) a decree or order of
specific performance or mandamus to enforce the observance and performance of such covenant, obligation or other provision; and (ii) an injunction restraining such breach or threatened breach; and (b) no party will be required to provide
any bond or other security in connection with any such decree, order or injunction or in connection with any related proceeding. 
 15.11 Waiver. No failure on the part of either party to exercise any power, right, privilege or remedy under this Agreement, and no delay on the part of any party in exercising any power, right,
privilege or remedy under this Agreement, will operate as a waiver of such power, right, privilege or remedy; and no single or partial exercise of any such power, right, privilege or remedy will preclude any other or further exercise thereof or of
any other power, right, privilege or remedy. No party will be deemed to have waived any claim arising out of this Agreement, or any power, right, privilege or remedy under this Agreement, unless the waiver of such claim, power, right, privilege or
remedy is expressly set forth in a written instrument duly executed and delivered on behalf of such party; and any such waiver will not be applicable or have any effect except in the specific instance in which it is given. 

15.12 Amendments. No amendment, waiver, or discharge hereof (including any exhibit or schedule hereto) shall be valid unless in
writing and signed (a) by the party against which such amendment, waiver or discharge is sought to be enforced, and (b) in the case of Alibaba, by the Independent Directors or their designees, wherein the signatures of the Independent
Directors or their designees are obtained pursuant to the procedures set forth in Section 7.11 of the Framework Agreement, but, in any event, only with respect to amendments of this Agreement and waiver or discharge of any material rights of
Alibaba or obligations of Opco under this Agreement. 

  
 39 

 15.13 Severability. Each provision of this Agreement shall be deemed a material and
integral part hereof. Except as otherwise provided in this Section 15.13, in the event of a final determination of invalidity, illegality or unenforceability of any provision of this Agreement, the parties shall negotiate in good faith to amend
this Agreement (and any other Transaction Documents, as applicable) or to enter into new agreements to replace such invalid, illegal or unenforceable provision(s) with valid, legal and enforceable provisions providing the parties with benefits,
rights and obligations that are equivalent in all material respects as provided by the Agreement (and any other Transaction Documents, as applicable) as if the invalid, illegal or unenforceable provision(s) had been valid, legal and enforceable. In
the event the parties are not able to reach agreement on such amendments or new agreements, then the arbitrators (pursuant to the procedures set forth in Section 15.6 of this Agreement) shall determine, as part of their arbitral award, such
amendments or new agreements such to provide the parties with benefits, rights and obligations that are equivalent in all material respect as provided by the Agreement as if the stricken provision(s) had been valid, legal and enforceable.

 15.14 Entire Agreement. This Agreement and all provisions of any Transaction Documents referred to herein,
including all schedules and exhibits hereto and thereto, sets forth the entire understanding of the parties relating to the subject matter thereof and supersedes all prior agreements and understandings among or between any of the parties relating to
the subject matter thereof. 
 15.15 English Language Only. This Agreement is in the English language only, which
language will be controlling in all respects, and all versions hereof in any other language will be for accommodation only and will not be binding upon the parties hereto. All communications to be made or given pursuant to this Agreement will be in
the English language. 
 15.16 Further Assurances. During and after the Term, a party shall, at the request of the
other party: (i) execute, deliver, or cause to be executed or delivered, all such assignments, consents, documents or further instruments of transfer or license consistent with the provisions of this Agreement; and (ii) take, or cause to
be taken, all such other actions that the requesting party may reasonably deem necessary or desirable in order for such party to obtain the full benefits of this Agreement and the transactions contemplated hereby. 

[Remainder of page intentionally blank] 

  
 40 

 The parties to this Agreement have caused this Agreement to be executed and delivered as of the date first
written above. 
  

					
	 ALIBABA GROUP HOLDING LIMITED,
 a Cayman Islands registered company

		
	By:	 	 /s/ Jack Ma Yun

		
	Name:	 	Jack Ma Yun
		
	Title:	 	Chairman & Chief Executive Officer
		
	
支付宝(中国)网络技术有限公司(盖章)

 ALIPAY.COM CO., LTD.,
 a Chinese limited
liability company
	 	

		
	Seal:	 	 /s/ Yun Ma

		
	Name:	 	Yun Ma (马云)
		
	Title:	 	Legal Representative

 [Signature Page to the Intellectual Property License and Software Technology Services
Agreement] 

 Table of Contents 

 

									
	 	 	 	  	 	  	Page	 
			
	1.	 	DEFINITIONS AND CONSTRUCTION	  	 	1	  
				
		 	1.1	  	 Definitions
	  	 	1	  
				
		 	1.2	  	 Construction
	  	 	9	  
			
	2.	 	LICENSE GRANTS	  	 	9	  
				
		 	2.1	  	 Opco-Exclusive IP
	  	 	9	  
				
		 	2.2	  	 Opco-Related IP
	  	 	10	  
				
		 	2.3	  	 Sublicensing
	  	 	11	  
				
		 	2.4	  	 Restrictions
	  	 	12	  
				
		 	2.5	  	 Use of Trademarks
	  	 	13	  
				
		 	2.6	  	 Grant Back
	  	 	14	  
				
		 	2.7	  	 No Other Grant
	  	 	15	  
				
		 	2.8	  	 Injunctive Relief
	  	 	15	  
			
	3.	 	SERVICES	  	 	15	  
				
		 	3.1	  	 Performance of Software Technology Services
	  	 	15	  
				
		 	3.2	  	 Reports
	  	 	16	  
				
		 	3.3	  	 Opco Responsibilities
	  	 	16	  
				
		 	3.4	  	 No Further Obligations
	  	 	16	  
			
	4.	 	OWNERSHIP	  	 	16	  
				
		 	4.1	  	 Licensed IP
	  	 	16	  
				
		 	4.2	  	 By Alibaba
	  	 	16	  
				
		 	4.3	  	 Ownership of Enhancements
	  	 	17	  
				
		 	4.4	  	 New Patents, Trademarks and Domain Names
	  	 	17	  
				
		 	4.5	  	 Amendment of Opco-Exclusive IP
	  	 	18	  
				
		 	4.6	  	 By Opco
	  	 	19	  
			
	5.	 	FEES AND PAYMENT	  	 	19	  
				
		 	5.1	  	 Royalty for Licensed IP
	  	 	19	  
				
		 	5.2	  	 Fees and Expenses for Software Technology Services
	  	 	19	  
				
		 	5.3	  	 Royalty Reporting and Payment Terms
	  	 	21	  
				
		 	5.4	  	 Taxes
	  	 	22	  
				
		 	5.5	  	 Books and Records; Audit Rights
	  	 	22	  

  
 i 

									
				
		 	5.6	  	 Disputed Royalty or Charges
	  	 	23	  
				
		 	5.7	  	 Conduct of Business
	  	 	23	  
			
	6.	 	INTELLECTUAL PROPERTY PROSECUTION AND ENFORCEMENT	  	 	23	  
				
		 	6.1	  	 IP Prosecution and Registration
	  	 	23	  
				
		 	6.2	  	 Patent Enforcement
	  	 	25	  
			
	7.	 	WARRANTIES	  	 	27	  
				
		 	7.1	  	 Limited Software Technology Services Warranty
	  	 	27	  
				
		 	7.2	  	 Opco-Exclusive IP Warranty
	  	 	27	  
				
		 	7.3	  	 Warranty Disclaimer
	  	 	27	  
			
	8.	 	INDEMNIFICATION	  	 	27	  
				
		 	8.1	  	 Holdco Indemnification of Alibaba
	  	 	27	  
				
		 	8.2	  	 Indemnification Procedures
	  	 	28	  
			
	9.	 	CONFIDENTIALITY	  	 	29	  
				
		 	9.1	  	 Confidential Information
	  	 	29	  
				
		 	9.2	  	 Permitted Disclosures
	  	 	30	  
				
		 	9.3	  	 Disclosure in Compliance With Law
	  	 	30	  
				
		 	9.4	  	 Restricted Data
	  	 	30	  
				
		 	9.5	  	 Confidentiality of the Licensed IP
	  	 	30	  
				
		 	9.6	  	 Residuals
	  	 	31	  
			
	10.	 	LIMITATION OF LIABILITY	  	 	31	  
			
	11.	 	NO EFFECT ON ACQUIRER’S SEPARATE INTELLECTUAL PROPERTY RIGHTS	  	 	32	  
			
	12.	 	COMPLIANCE WITH LAWS	  	 	32	  
			
	13.	 	TERM AND TERMINATION	  	 	32	  
				
		 	13.1	  	 Term
	  	 	32	  
				
		 	13.2	  	 Termination by Alibaba for Opco Bankruptcy
	  	 	32	  
				
		 	13.3	  	 No Termination by Holdco or Opco
	  	 	32	  
				
		 	13.4	  	 Injunctive Relief
	  	 	33	  
				
		 	13.5	  	 Non-payment
	  	 	33	  
				
		 	13.6	  	 Effects of Termination
	  	 	33	  
				
		 	13.7	  	 Survival
	  	 	33	  
			
	14.	 	OBLIGATION OF THE PARTIES REGARDING AFFILIATES	  	 	34	  

  
 ii 

									
			
	15.	 	GENERAL	  	 	34	  
				
		 	15.1	  	 Relationship of the Parties as Independent Contractors
	  	 	34	  
				
		 	15.2	  	 Opco IP/Technology Providers Addenda
	  	 	34	  
				
		 	15.3	  	 Notices
	  	 	35	  
				
		 	15.4	  	 Headings
	  	 	37	  
				
		 	15.5	  	 Counterparts and Exchanges by Electronic Transmission or Facsimile
	  	 	37	  
				
		 	15.6	  	 Arbitration
	  	 	37	  
				
		 	15.7	  	 Governing Law
	  	 	38	  
				
		 	15.8	  	 Assignment
	  	 	39	  
				
		 	15.9	  	 Remedies Cumulative; Specific Performance
	  	 	39	  
				
		 	15.10	  	 Third Party Beneficiaries
	  	 	39	  
				
		 	15.11	  	 Waiver
	  	 	39	  
				
		 	15.12	  	 Amendments
	  	 	39	  
				
		 	15.13	  	 Severability
	  	 	40	  
				
		 	15.14	  	 Entire Agreement
	  	 	40	  
				
		 	15.15	  	 English Language Only
	  	 	40	  
				
		 	15.16	  	 Further Assurances
	  	 	40	  

  
 iii

 EXHIBIT A 
 OPCO-EXCLUSIVE COPYRIGHTS AND OPCO-EXCLUSIVE SOFTWARE 
 [Note:
Schedule 6n-3 to be attached – including unregistered copyrights] 

  
 A-1

 CONFIDENTIAL 
  

 Schedule 6n-3 

Intellectual Property to be Licensed or Sub-licensed under the IP License and Software Technology Services Agreement and

 Later Transferred to Opco [Z50] as Provided Therein as of May 25, 2011 

Schedule of Computer Software Copyrights Held by Alibaba Group Holding Limited and Its Subsidiaries 

 
 

 

  
 1 

 CONFIDENTIAL 
  

 

 

  
 2 

 EXHIBIT B 
 OPCO-EXCLUSIVE DOMAIN NAMES 
 [Note: Schedule 6n-1 to be attached]

  
 B-1

 Confidential 
  

 Schedule 6n-1 

Intellectual Property to be Licensed or Sub-licensed under the IP License and Software Technology Services Agreement and

 Later Transferred to Opco [Z50] as Provided Therein as of July 16, 2011 

Schedule of Domain Names Held by Alibaba Group Holding Limited and Its Subsidiaries 

 
 

 

 Confidential 
  

 

 

 Confidential 
  

 

 

 Confidential 
  

 

 

 Confidential 
  

 

 

 EXHIBIT C-1 
 OPCO-EXCLUSIVE PATENTS (CHINA) 
 [Note: Schedule 6n-5 to be attached]

  
 C-1-1

 CONFIDENTIAL 
  

 Schedule 6n-5 

Intellectual Property to be Licensed or Sub-licensed under the IP License and Software Technology Services Agreement and Later

 Transferred to Opco [Z50] as Provided Therein as of July 14, 2011 

Schedule of China-Registered Patents Held by Alibaba Group Holding Limited and Its Subsidiaries 

 
 

 

  
 1 

 CONFIDENTIAL 
  

 

 

  
 2 

 CONFIDENTIAL 
  

 

 

  
 3 

 CONFIDENTIAL 
  

 

 

  
 4 

 CONFIDENTIAL 
  

 

 

  
 5 

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 6 

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 7 

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 8 

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 11 

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 12 

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 13 

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 14 

 CONFIDENTIAL 
  

 

 

  
 15 

 EXHIBIT C-2 
 OPCO-EXCLUSIVE PATENTS (HONG KONG) 
 [Note: Schedule 6n-6 to be
attached] 

  
 C-2-1

 CONFIDENTIAL 
  

 Schedule 6n-6 

Intellectual Property to be Licensed or Sub-licensed under the IP License and Software Technology Services Agreement and

 Later Transferred to Opco [Z50] as Provided Therein as of July 14, 2011 

Schedule of Hong Kong-Registered Patents Held by Alibaba Group Holding Limited and Its Subsidiaries 

 
 

 

  
 1 

 CONFIDENTIAL 
  

 

 

  
 2 

 CONFIDENTIAL 
  

 

 

  
 3 

 CONFIDENTIAL 
  

 

 

  
 4 

 CONFIDENTIAL 
  

 

 

  
 5 

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 6 

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 7 

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 8 

 CONFIDENTIAL 
  

 

 

  
 9 

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 10 

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 11 

 CONFIDENTIAL 
  

 

 

  
 12 

 EXHIBIT C-3 

OPCO-EXCLUSIVE PATENTS (NON-CHINA AND
NON-HONG KONG) 
 [Note: Schedule 6n-4 to be attached] 

  
 C-3-1

 CONFIDENTIAL 
  

 Schedule 6n-4 

Intellectual Property to be Licensed or Sub-licensed under the IP License and Software Technology Services Agreement and Later

 Transferred to Opco [Z50] as Provided Therein as of July 12, 2011 

Schedule of Internationally-Registered Patents Held by Alibaba Group Holding Limited and Its Subsidiaries 

 
 

 

  
 1 

 CONFIDENTIAL 
  

 

 

  
 2 

 CONFIDENTIAL 
  

 

 

  
 3 

 CONFIDENTIAL 
  

 

 

  
 4 

 CONFIDENTIAL 
  

 

 

  
 5 

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 6 

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 7 

 CONFIDENTIAL 
  

 

 

  
 8 

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 9 

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 10 

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 11 

 CONFIDENTIAL 
  

 

 

  
 12 

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 13 

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 14 

 CONFIDENTIAL 
  

 

 

  
 15 

 CONFIDENTIAL 
  

 

 

  
 16 

 CONFIDENTIAL 
  

 

 

  
 17 

 CONFIDENTIAL 
  

 

 

  
 18 

 EXHIBIT D 
 OPCO-EXCLUSIVE TRADEMARKS 
 [Note: Schedule 6n-2 to be attached]

  
 D-1

 Confidential 
  

 Schedule 6n-2 

Intellectual Property to be Licensed or Sub-licensed under the IP License and Software Technology Services Agreement and Later
Transferred to Opco [Z50] as Provided Therein as of July 16, 2011 
 Schedule of Trade Marks Held by Alibaba Group
Holding Limited and Its Subsidiaries 

  
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 EXHIBIT E 
 SOFTWARE TECHNOLOGY SERVICES SCHEDULE 
 Software Technology Services: 

Software development planning and requirements identification 
 Software design and coding 
 Software testing and quality assurance 

Software documentation 
 Software delivery

 Consultation 
 Customer support

 Merchant acquisition 
 Other services
that Parties may agree to from time to time 

  
 E-1

 EXHIBIT F 
 OPCO IP/TECHNOLOGY PROVIDERS ADDENDUM 

  
 F-1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 EXHIBIT G 
 OPCO-RELATED SOFTWARE 
 The security monitoring software for anti-phishing and anti-hacking
known as AliCloud security monitoring software. 
 The elastic computing software for handling variable server load, known as AliCloud elastic
computing software. 
 The instant messaging software known as AliWangWang, software used for instant messaging. 

The customer relationship management software for managing online customer services and relationships known as Taobao CRM software. 

  
 G-1EX-10.26

 Exhibit 10.26 
 EXECUTION COPY 
  
  

 
 SHARE SUBSCRIPTION AND PURCHASE
AGREEMENT 
 among 
 ALI WB INVESTMENT HOLDING LIMITED, 
 SINA CORPORATION 

and 
 WEIBO
CORPORATION 
 Dated as of April 29, 2013 
  

 
  

 CONFIDENTIAL 

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINITIONS	 
			
	SECTION 1.01.	 	 Certain Defined Terms
	  	 	2	 
	SECTION 1.02.	 	 Definitions
	  	 	9	 
	SECTION 1.03.	 	 Interpretation and Rules of Construction
	  	 	10	 
	
	ARTICLE II	  
		
	SUBSCRIPTION, PURCHASE AND SALE	  			
			
	SECTION 2.01.	 	 Subscription for the Subscription Shares and the Employee Shares; Purchase and Sale of the Officer Shares
	  	 	11	 
	SECTION 2.02.	 	 Closing
	  	 	11	 
	SECTION 2.03.	 	 Closing Deliveries by Parent and the Company
	  	 	11	 
	SECTION 2.04.	 	 Closing Deliveries by Investor
	  	 	12	 
	SECTION 2.05.	 	 Distribution of the Purchase Price
	  	 	12	 
	SECTION 2.06.	 	 Withholding
	  	 	12	 
	SECTION 2.07.	 	 Cancellation of Officers Share Certificates
	  	 	12	 
	
	ARTICLE III	  
	
	 REPRESENTATIONS AND WARRANTIES

OF PARENT
	   

 

			
	SECTION 3.01.	 	 Organization, Authority and Qualification of Parent and the Company
	  	 	13	 
	SECTION 3.02.	 	 Capitalization; Ownership of Shares; Subsidiaries
	  	 	13	 
	SECTION 3.03.	 	 Valid Issuance and Title
	  	 	15	 
	SECTION 3.04.	 	 No Conflict
	  	 	15	 
	SECTION 3.05.	 	 Governmental Consents and Approvals
	  	 	15	 
	SECTION 3.06.	 	 Financial Information
	  	 	16	 
	SECTION 3.07.	 	 Absence of Undisclosed Material Liabilities
	  	 	16	 
	SECTION 3.08.	 	 Conduct in the Ordinary Course
	  	 	16	 
	SECTION 3.09.	 	 Litigation
	  	 	18	 
	SECTION 3.10.	 	 Compliance with Laws
	  	 	19	 
	SECTION 3.11.	 	 Intellectual Property
	  	 	19	 
	SECTION 3.12.	 	 Real Property
	  	 	19	 
	SECTION 3.13.	 	 Assets
	  	 	20	 
	SECTION 3.14.	 	 Employee Benefit Matters
	  	 	20	 
	SECTION 3.15.	 	 Labor Matters
	  	 	21	 
	SECTION 3.16.	 	 Taxes
	  	 	22	 
	SECTION 3.17.	 	 Material Contracts
	  	 	22	 

  
 i 

 CONFIDENTIAL 

 

							
	SECTION 3.18.	 	 SEC Reports
	  	 	25	 
	SECTION 3.19.	 	 Insurance
	  	 	25	 
	SECTION 3.20.	 	 Brokers
	  	 	25	 
	
	ARTICLE IV	  
	
	 REPRESENTATIONS AND WARRANTIES

OF INVESTOR
	   

 

			
	SECTION 4.01.	 	 Organization, Authority and Qualification of Investor
	  	 	25	 
	SECTION 4.02.	 	 No Conflict
	  	 	26	 
	SECTION 4.03.	 	 Governmental Consents and Approvals
	  	 	26	 
	SECTION 4.04.	 	 Investment Purpose
	  	 	26	 
	SECTION 4.05.	 	 Financing
	  	 	26	 
	SECTION 4.06.	 	 Litigation
	  	 	27	 
	SECTION 4.07.	 	 Brokers
	  	 	27	 
	SECTION 4.08.	 	 Independent Investigation
	  	 	27	 
	
	ARTICLE V	  
	
	ADDITIONAL AGREEMENTS	 
			
	SECTION 5.01.	 	 Redemption of Options
	  	 	27	 
	SECTION 5.02.	 	 Confidentiality
	  	 	27	 
	SECTION 5.03.	 	 Target Business IP and Assets
	  	 	28	 
	SECTION 5.04.	 	 Subject IP and Specified IP
	  	 	28	 
	SECTION 5.05.	 	 Target Business Employees
	  	 	29	 
	SECTION 5.06.	 	 Post-Closing Parent Support
	  	 	29	 
	SECTION 5.07.	 	 Allocation
	  	 	29	 
	SECTION 5.08.	 	 Further Action
	  	 	30	 
	
	ARTICLE VI	  
	
	TAX MATTERS	 
			
	SECTION 6.01.	 	 Indemnities
	  	 	30	 
	SECTION 6.02.	 	 Conveyance Taxes
	  	 	32	 
	SECTION 6.03.	 	 Miscellaneous
	  	 	32	 
	
	ARTICLE VII	  
	
	INDEMNIFICATION	 
			
	SECTION 7.01.	 	 Survival of Representations and Warranties
	  	 	32	 
	SECTION 7.02.	 	 Indemnification by Parent
	  	 	33	 
	SECTION 7.03.	 	 Limits on Liability
	  	 	33	 
	SECTION 7.04.	 	 Notice of Claim; Third Party Claims
	  	 	34	 
	SECTION 7.05.	 	 Remedies
	  	 	35	 

  
 ii 

 CONFIDENTIAL 

 

							
	
	ARTICLE VIII	  
	
	GENERAL PROVISIONS	 
			
	SECTION 8.01.	 	 Expenses
	  	 	35	 
	SECTION 8.02.	 	 Notices
	  	 	36	 
	SECTION 8.03.	 	 Public Announcements
	  	 	36	 
	SECTION 8.04.	 	 Severability
	  	 	37	 
	SECTION 8.05.	 	 Entire Agreement
	  	 	37	 
	SECTION 8.06.	 	 Assignment
	  	 	37	 
	SECTION 8.07.	 	 Amendment
	  	 	37	 
	SECTION 8.08.	 	 Waiver
	  	 	37	 
	SECTION 8.09.	 	 No Third Party Beneficiaries
	  	 	37	 
	SECTION 8.10.	 	 Specific Performance
	  	 	38	 
	SECTION 8.11.	 	 Governing Law
	  	 	38	 
	SECTION 8.12.	 	 Dispute Resolution
	  	 	38	 
	SECTION 8.13.	 	 Counterparts
	  	 	39	 

  
 iii

 CONFIDENTIAL 

 

 EXHIBITS 
  

			
	A.	 	Guarantee and Undertaking
	B.	 	Shareholders’ Agreement
	C.	 	Intellectual Property License Agreement
	D.	 	Amended and Restated Memorandum and Articles of Association
	E.	 	Cayman Legal Opinion
	F.	 	PRC Legal Opinion

 SCHEDULES 
  

			
	1.	 	Knowledge
	2.	 	Allocation Rules
	3.	 	Subject IP
	4.	 	Specified IP
	5.	 	Disclosure Schedule
	6.	 	Pro Forma Financial Statements Agreed Upon Procedures
	7.	 	Shared Assets
	8.	 	Shared Services
	9.	 	Third Party Services

  
 iv 

 SHARE SUBSCRIPTION AND PURCHASE AGREEMENT, dated as of April 29, 2013, among Ali WB
Investment Holding Limited, an exempted company incorporated under the laws of the Cayman Islands (“Investor”), SINA Corporation, an exempted company incorporated under the laws of the Cayman Islands (“Parent”), and
Weibo Corporation, an exempted company incorporated under the laws of the Cayman Islands (the “Company”). 

WHEREAS, as of the date hereof, Parent and certain individuals own, in the aggregate, all of the issued and outstanding ordinary shares
of the Company, par value $0.00025 per share (the “Ordinary Shares”); 
 WHEREAS, Investor is an indirect
wholly-owned subsidiary of Alibaba Group Holding Limited (“Alibaba”); 
 WHEREAS, the Company wishes to issue
and allot to Investor, and Investor wishes to subscribe for and purchase from the Company, the Subscription Shares (as defined below) representing, on an initial as-converted basis, 15.5% of the fully diluted equity of the Company immediately after
the Closing (as defined below) determined based on the Pre-Money Fully-Diluted Equity (as defined below) and taking into account the Redemption (as defined below) (the “Post-Money Fully-Diluted Equity”) for aggregate consideration
equal to the Subscription Price (as defined below), upon the terms and subject to the conditions set forth herein; 
 WHEREAS,
simultaneously with the Closing, upon the terms and subject to the conditions set forth herein, (a) the Company shall issue and allot to Investor, and Investor shall subscribe for and purchase from the Company, the Employee Shares (as defined
below), for aggregate consideration equal to the Employees Purchase Price (as defined below), and (b) the Selling Officers (as defined below) shall sell to Investor, and Investor will purchase from the Selling Officers, the Officer Shares (as
defined below), for aggregate consideration equal to the Officers Purchase Price (as defined below); 
 WHEREAS, the Employee
Shares and the Officer Shares shall, in the aggregate, represent 2.5% of the Post-Money Fully Diluted Equity, taking into account the Subscription Shares and the Redemption; 
 WHEREAS, the Subscription Price and Purchase Price (as defined below) are based on an agreed total pre-money equity valuation (based on the Pre-Money Fully-Diluted Equity) of the Company equal to
$2,750,000,000 and assumes, among other things, that at immediately prior to the Closing, the Fully-Diluted Equity (as defined below) does not exceed 164,000,000 Ordinary Shares (without taking into account the number of Employee Shares issued to
Investor at the Closing); 
 WHEREAS, Alibaba has executed as of the date hereof a guarantee and undertaking in favor of Parent
and the Company, attached hereto as Exhibit A (the “Guarantee and Undertaking”); and 
 WHEREAS, as
of the date hereof, the parties hereto shall have entered into (a) a shareholders’ agreement in relation to the Company, attached hereto as Exhibit B (the “Shareholders’ Agreement”), and (b) an
intellectual property license agreement, attached hereto as Exhibit C (the “Intellectual Property License Agreement”). 

  
 1 

 NOW, THEREFORE, in consideration of the foregoing and the respective representations,
warranties, and covenants and agreements contained in this Agreement, and intending to be legally bound hereby, the parties hereto hereby agree as follows: 
 ARTICLE I 
 DEFINITIONS 

SECTION 1.01. Certain Defined Terms. For purposes of this Agreement: 

“Action” means any claim, complaint, litigation, hearing, audit, action, suit, arbitration, inquiry, proceeding (whether
civil, criminal or administrative) or investigation by or before any Governmental Authority. 
 “Affiliate”
means, with respect to any specified Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person. 

“Aggregate Purchase Price” means the sum of the Subscription Price and the Purchase Price. 

“Agreement” or “this Agreement” means this Share Subscription and Purchase Agreement among the parties
hereto (including all Exhibits and Schedules hereto) and all amendments hereto made in accordance with the provisions of Section 8.07. 
 “Allocation Rules” means the rules and procedures to be applied for the allocation of revenues and costs, assets, services, employees and any other item appearing on the financial
statements, between members of the Company Group, on the one hand, and members of the Parent Group, on the other hand, a copy of which is attached hereto as Schedule 2, as amended from time to time. 

“Articles of Association” means the Amended and Restated Memorandum and Articles of Association of the Company, attached
hereto as Exhibit D. 
 “Balance Sheet Date” means December 31, 2012. 

“Business” means (a) the microblogging and social networking platforms, products, applications and services in
online and mobile formats of the nature operated, managed, developed or serviced as of the date hereof by the WFOE, WM, Parent and/or any other Affiliate of Parent, excluding such platforms, products, applications and services (other than those
operated, developed or serviced by the Company, its Subsidiaries or WM) operated by members of the Parent Group as of the date hereof; and (b) any business developed by the Company or its Subsidiaries operating under either the Weibo domain
name (other than applications owned and controlled by Parent or an unaffiliated third party) or the SINA-Weibo brand. 

  
 2 

 “Business Day” means any day that is not a Saturday, a Sunday or other day
on which banks are required or authorized by Law to be closed in Beijing or Hong Kong. 
 “Claim” means any
claim, action, suit, arbitration or proceeding that may be asserted by a party hereto for breach of any representation, warranty, covenant or agreement contained in this Agreement, including any claim, action, suit, arbitration or proceeding in
respect of any Losses. 
 “Code” means the U.S. Internal Revenue Code of 1986, as amended, and the rules and
regulations promulgated thereunder. 
 “Company Group” means the Company and each of its Subsidiaries.

 “Company Intellectual Property” means the Owned Intellectual Property and the Licensed Intellectual
Property. 
 “Company IP Agreements” means all agreements granting rights in or to Intellectual Property
(a) from the Company or any of its Subsidiaries, to any third party, excluding non-exclusive licenses to customers and end users granted in the ordinary course of business; and (b) to the Company or any of its Subsidiaries from any third
party, excluding Shrink-Wrap Agreements, but including source code escrow agreements in respect of any proprietary software. 

“Confidential Information” means all information delivered by a party hereto to another party hereto in connection with
the transactions contemplated by this Agreement and any other Transaction Document that is proprietary or confidential in nature and marked or labeled or otherwise adequately identified when received by such party as being confidential information
of such delivering party or is of a nature that the receiving party would reasonably consider as being confidential, provided that such term does not include information that (a) was publicly known or otherwise lawfully known to such
receiving party prior to the time of such disclosure, (b) subsequently becomes publicly known through no act or omission by such receiving party or any Person acting on such party’s behalf, or (c) otherwise becomes known to such
receiving party other than through disclosure by the delivering party or any Person with a duty to keep such information confidential. 
 “control” (including the terms “controlled by” and “under common control with”), with respect to the relationship between or among two or more Persons,
means the possession, directly or indirectly or as trustee, personal representative or executor, of the power to direct or cause the direction of the affairs or management of a Person, whether through the ownership of voting securities, as trustee,
personal representative or executor, by contract, credit arrangement or otherwise. 
 “Conveyance Taxes” means
sales, use, value added, goods and services, transfer, stamp, stock transfer, real property transfer and similar taxes, fees or charges (together with any interest, penalties or additions in respect thereof) imposed by any Governmental Authority in
respect of the issue and subscription of the Subscription Shares and the Employee Shares and the sale and purchase of the Officer Shares pursuant to this Agreement. 

  
 3 

 “Disclosure Schedule” means the Disclosure Schedule, dated as of the date
of this Agreement, delivered by Parent to Investor in connection with this Agreement and attached hereto as Schedule 5. 

“Employee” means each individual who is an employee of Parent whose employment is primarily related to the Business or
an employee of the Company or any of its Subsidiaries. 
 “Encumbrance” means any security interest, pledge,
charge, claim, hypothecation, title defect, mortgage, right of first option or refusal, right of pre-emption, third-party right or interest, put or call right, lien or encumbrance. For the avoidance of doubt, the foregoing shall not include licenses
of or other grants of rights to use Intellectual Property. 
 “Excluded Taxes” means (a) Taxes imposed on
the Company or any of its Subsidiaries for any Taxable Period that ends on or before the date hereof; (b) with respect to a Straddle Period, Taxes imposed on the Company or any of its Subsidiaries which are allocable, pursuant to
Section 6.01(b), to the portion of such period ending on the date hereof; (c) Taxes of any Person imposed on the Company or any of its Subsidiaries as a result of the Company or any of its Subsidiaries having been a member of an
affiliated, consolidated, combined or unitary group on or prior to the date hereof or as a transferee or successor in connection with an event or transaction occurring on or before the date hereof; and (d) any payments required to be made after
the date hereof under any Tax sharing, Tax indemnity, Tax allocation or similar contracts (whether or not written) to which the Company or any of its Subsidiaries was obligated, or was a party, on or prior to the date hereof. 

“Fully-Diluted Equity” means the number of Ordinary Shares on an as-converted and fully diluted equity basis, as
determined pursuant to the treasury method in accordance with GAAP. 
 “Fundamental Representations” means the
representations and warranties set forth in Sections 3.01 (Organization, Authority and Qualification of Parent and the Company), 3.02 (Capitalization; Ownership of Shares; Subsidiaries), 3.03 (Valid Issuance and
Title), 3.20 (Brokers), 4.01 (Organization, Authority and Qualification of Investor) and 4.07 (Brokers). 
 “GAAP” means United States generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified
Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession that are in effect from
time to time, as codified and described in FASB Statement No. 18, the FASB Accounting Standards Codification and the Hierarchy of Generally Accepted Accounting Principles, and applied consistently throughout the periods involved. 

“Governmental Authority” means any federal, national, foreign, supranational, state, provincial, local, municipal or
other political subdivision or other government, governmental, regulatory or administrative authority, agency, board, bureau, department, instrumentality or commission or any court, tribunal, judicial or arbitral body of competent jurisdiction or
stock exchange. 

  
 4 

 “Governmental Order” means any order, writ, judgment, injunction, decree,
stipulation, determination, award, ruling, decision, verdict, subpoena, consent, injunction or other similar determination or finding entered by or with any Governmental Authority. 

“Improvements” means any modification, derivative work or enhancement. 

“Indebtedness” of any Person means, without duplication (a) all indebtedness of such Person for borrowed money,
including accrued interest expense, pursuant to a financing arrangement, (b) all indebtedness of such Person evidenced by notes, bonds, debentures or other similar instruments pursuant to a financing arrangement, and (c) all indebtedness
of others referred to in clauses (a) through (b) above guaranteed directly or indirectly by such Person through an agreement to pay or purchase such indebtedness or to advance or supply funds for the payment or purchase of such
indebtedness (which agreement is entered into primarily for the purpose of enabling the debtor to make payment of such indebtedness or to assure the holder of such indebtedness against loss); provided that Indebtedness shall not include any
accrued liabilities arising out of business operations (including any trade payables, accrued expenses or deferred or prepaid revenue) of such Person. 
 “Intellectual Property” means all worldwide intellectual property rights, including (a) inventions, patents and patent applications; (b) trademarks, service marks, trade names,
trade dress, Internet domain names and other source indicators, together with the goodwill associated exclusively therewith; (c) copyrights, Software, websites; (d) registrations and applications for registration of any of the foregoing in
(a) – (c); and (e) trade secrets, know-how and proprietary or confidential information. 
 “Law”
means any federal, national, foreign, supranational, state, provincial or local statute, law, ordinance, regulation, rule, code, order, requirement or rule of law (including common law), official policy or interpretation of any Governmental
Authority and including any Governmental Order. 
 “Leased Real Property” means the real property leased by
Parent (in relation to the Business), the Company or any of its Subsidiaries, in each case, as tenant, together with, to the extent leased by Parent (in relation to the Business), the Company or any of its Subsidiaries, all buildings and other
structures, facilities or improvements located thereon, all fixtures, systems, equipment and items of personal property of Parent (in relation to the Business), the Company or any of its Subsidiaries attached or appurtenant thereto and all
easements, licenses, rights and appurtenances relating to the foregoing. 
 “Licensed Intellectual Property”
means all third-party Intellectual Property that the Company or any of its Subsidiaries is authorized to use pursuant to the Company IP Agreements. 

  
 5 

 “Material Adverse Effect” means any event, circumstance, development,
change in or effect that, individually or in the aggregate, is or would reasonably be expected to be materially adverse to the business, assets, liabilities and prospects, taken as a whole, of the Company and its Subsidiaries, taken as a whole, or
the Business; provided, however, that none of the following, either alone or in combination, shall be taken into account in determining whether there has been a “Material Adverse Effect”: (a) events, circumstances,
developments, changes or effects occurring after the date of this Agreement that generally affect the microblogging and social networking industry in the PRC (including legal and regulatory changes); (b) general changes after the date of this
Agreement in global business, economic or political conditions; (c) events, circumstances, developments, changes or effects after the date of this Agreement generally affecting the financial, credit or securities markets, including changes in
interest rates or foreign exchange rates, in the United States or the PRC or in any other country or region in the world in which the Company or its Subsidiaries have material operations or revenues; (d) events, circumstances, developments,
changes or effects attributable to the consummation of the transactions contemplated by, or the announcement of the execution of, this Agreement or any other Transaction Document, including any actions of competitors or any Action resulting
therefrom or with respect thereto; (e) any event, circumstance, development, change or effect after the date of this Agreement caused by acts of armed hostility, sabotage, terrorism or war (whether or not declared), including any escalation or
worsening thereof; (f) earthquakes, hurricanes, tsunamis, tornadoes, floods, mudslides or other natural disasters, weather conditions, explosions or fires or other force majeure events, in each case, occurring after the date of this Agreement;
(g) changes or modifications in GAAP or applicable Law occurring after the date of this Agreement; (h) any event, circumstance, development, change or effect that results from any actions taken that are expressly required by this Agreement
or any other Transaction Document; and (i) the failure by Parent, the Company or any of its Subsidiaries to meet any internal or industry estimates, expectations, forecasts, projections or budgets for any period; provided that with
respect to clauses (a), (b), (c), (e), (f) and (g), any such event, circumstance, change or effect shall be included to the extent such event, circumstance, change or effect, individually or in the aggregate, has or would reasonably be expected
to have a disproportionate effect on the Company and its Subsidiaries, taken as a whole, or the Business, as compared to other participants in the microblogging and social networking industry in the PRC, provided further that clauses
(d) and (h) shall not be taken into account with respect to Sections 3.01 (Organization, Authority and Qualification of Parent and the Company), 3.04 (No Conflict) and 3.05 (Governmental Consents
and Approvals); and provided further that with respect to clause (i), the underlying causes of any failure by Parent, the Company or any of its Subsidiaries to meet any internal or industry estimates, expectations, forecasts, projections or
budgets for any period shall be taken into account in determining whether there has been a “Material Adverse Effect”. 

“Option Plan” means the Weibo Corporation 2010 Share Incentive Plan, as of the date of this Agreement. 

“Owned Intellectual Property” means all Intellectual Property owned by the Company or any of its Subsidiaries.

 “Parent Group” means Parent and each of its Subsidiaries, other than members of the Company Group.

 “Parent’s Knowledge”, “Knowledge of Parent” or similar terms used in this Agreement
mean the actual knowledge of any of the Persons identified on Schedule 1 of this Agreement and knowledge that such Persons would reasonably be expected to have after due inquiry. 

  
 6 

 “Permits” means all permits, licenses, franchises, registrations,
certificates, clearances, exemptions, variances, approvals, waivers and other authorizations obtained from or required by any Governmental Authority. 
 “Person” means any individual, partnership, firm, corporation, limited liability company, association, trust, unincorporated organization or other entity, as well as any syndicate or
group that would be deemed to be a person under Section 13(d)(3) of the Securities Exchange Act of 1934, as amended. 
 “PRC” means the People’s Republic of China. 

“Pre-Money Fully-Diluted Equity” means a total of 163,800,000 outstanding Ordinary Shares and Ordinary Shares issuable
upon the exercise, conversion or exchange of all authorized and issued options, warrants or other rights to acquire Ordinary Shares immediately prior to the Closing, without taking into account the number of Employee Shares issued to Investor at the
Closing. 
 “Preferred Shares” means convertible participating preferred shares of the Company, par value
$0.00025 per share, with rights attached to such shares as are set out in Exhibit A to the Articles of Association. 

“Purchase Price” means the sum of the Employees Purchase Price and the Officers Purchase Price. 

“Purchase Price Bank Account” means a bank account in Hong Kong designated by Parent in a written notice to Investor
prior to the date hereof. 
 “Registered” means issued by, registered or filed with, renewed by or the subject
of a pending application before any Governmental Authority or Internet domain name registrar. 
 “RMB” means
Renminbi, the lawful currency of the PRC. 
 “SAFE” means the State Administration of Foreign Exchange.

 “SAFE Rules and Regulations” means, collectively, the Notice on Issues Relating to the Administration of
Foreign Exchange in Fund-raising and Reverse Investment Activities of Domestic Residents Conducted via Offshore Special Purpose Companies issued by SAFE on October 21, 2005 and any other guidelines, implementing rules, reporting and
registration requirements in respect thereof issued by SAFE. 
 “SEC” means the U.S. Securities and Exchange
Commission. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder. 

  
 7 

 “Shrink-Wrap Agreements” means “shrink-wrap”,
“click-wrap” and non-exclusive licenses concerning generally commercially available or off-the-shelf Software. 

“Software” means any and all computer programs, software (in object and source code), firmware, middleware,
applications, APIs, web widgets, code and related algorithms, models and methodologies, files, documentation and all other tangible embodiments thereof. 
 “Specified IP” means the Intellectual Property set forth in Schedule 4. 
 “Straddle Period” means any Taxable Period beginning on or before the date hereof and ending after the date hereof. 

“Subject IP” means the Intellectual Property set forth in Schedule 3. 

“Subsidiary” of any Person means any corporation, partnership, limited liability company, or other organization, whether
incorporated or unincorporated, which is controlled by such Person. For the avoidance of doubt, the Subsidiaries of the Company shall include WM, WFOE and Weibo Hong Kong Limited and their respective Subsidiaries and any other VIE. 

“Tax” or “Taxes” means any and all taxes, charges, fees or other assessments, including any and all
income, capital, capital gains, franchise, windfall profits, transfer, stamp, property, excise, net worth and similar taxes of any kind (together with any and all interest, penalties, additions to tax and additional amounts imposed with respect
thereto) imposed by any Governmental Authority. 
 “Tax Returns” means any and all returns, reports and forms
(including elections, declarations, amendments, schedules, information returns or attachments thereto) required to be filed with a Governmental Authority, or provided for under applicable Law, with respect to Taxes. 

“Taxable Period” means a taxable year or any other period of time which forms the basis on which any liability for Tax
is determined under any applicable Law. 
 “Transaction Documents” means this Agreement, the Guarantee and
Undertaking, the Shareholders’ Agreement, the Intellectual Property License Agreement and the Articles of Association. 

“VIE” means any variable interest entity over which the Company or a Subsidiary effects control pursuant to Control
Documents and which is consolidated with the Company in accordance with GAAP. 
 “WFOE” means Weibo Internet
Technology (China) Co., Ltd., a wholly foreign-owned enterprise registered in Haidian, Beijing. 
 “WM” means
Beijing WM Technology Co., Ltd., a variable interest entity. 

  
 8 

 SECTION 1.02. Definitions. The following terms have the meanings set forth in the
Sections set forth below: 
  

			
	 Definition
	  	 Location

		
	“Alibaba”	  	Recitals
	“Assets”	  	3.13
	“Closing”	  	2.02
	“Company”	  	Preamble
	“Control Documents”	  	3.17(c)
	“Employee Shares”	  	2.01
	“Employees Purchase Price”	  	2.01
	“Existing Employees”	  	5.05(a)
	“Guarantee and Undertaking”	  	Recitals
	“ICC”	  	8.12
	“ICC Rules”	  	8.12
	“Indemnified Party”	  	7.02
	“Indemnifying Party”	  	7.02
	“Initial Shares”	  	2.01
	“Intellectual Property License Agreement”	  	Recitals
	“Investor”	  	Preamble
	“Lease Agreements”	  	3.12(b)
	“Loss”	  	7.02
	“Material Contracts”	  	3.17(a)
	“Officer Shares”	  	2.01
	“Officers Purchase Price”	  	2.01
	“Ordinary Shares”	  	Recitals
	“Parent”	  	Preamble
	“Parent Support Obligations”	  	3.13
	“Plans”	  	3.14(a)
	“Post-Closing Reduction”	  	6.01(c)
	“Post-Money Fully-Diluted Equity”	  	Recitals
	“PRC Governmental Authorization”	  	3.17(b)(ii)
	“Pro Forma Financial Statements”	  	3.06
	“Redemption”	  	5.01
	“Representatives”	  	4.08
	“Selling Employees”	  	5.01
	“Selling Officers”	  	2.01
	“Shared Assets”	  	5.06(a)
	“Shared Services”	  	5.06(a)
	“Shareholders’ Agreement”	  	Recitals
	“Subscription Price”	  	2.01
	“Subscription Shares”	  	2.01
	“Target Business Assets”	  	5.03(a)
	“Target Business Employees”	  	5.05(a)
	“Target Business IP”	  	5.03(a)
	“Third Party Claim”	  	7.05(b)
	“Third Party Services”	  	5.06(a)

  
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 SECTION 1.03. Interpretation and Rules of Construction. (a) In this Agreement,
except to the extent otherwise provided or that the context otherwise requires: 
 (i) when a reference is made
in this Agreement to an Article, Section, Exhibit or Schedule, such reference is to an Article or Section of, or an Exhibit or Schedule to, this Agreement; 
 (ii) the table of contents and headings for this Agreement are for reference purposes only and do not affect in any way the meaning or interpretation of this Agreement; 

(iii) whenever the words “include,” “includes” or “including” are used in this Agreement,
they are deemed to be followed by the words “without limitation”; 
 (iv) the words “hereof,”
“herein” and “hereunder” and words of similar import, when used in this Agreement, refer to this Agreement as a whole and not to any particular provision of this Agreement; 

(v) all terms defined in this Agreement have the defined meanings when used in any certificate or other document made or
delivered pursuant hereto, unless otherwise defined therein; 
 (vi) the definitions contained in this Agreement
are applicable to the singular as well as the plural forms of such terms; 
 (vii) references to a Person are
also to its successors and permitted assigns; 
 (viii) references to sums of money are expressed in lawful
currency of the United States of America, and “$” refers to U.S. dollars; and 
 (ix) the use of the
term “or” is not intended to be exclusive. 
 (b) Notwithstanding anything to the contrary contained in the Disclosure
Schedule, in this Agreement or in the Transaction Documents, the information and disclosures contained in any Section of the Disclosure Schedule shall be deemed to be disclosed and incorporated by reference in each other Section of such Disclosure
Schedule as though fully set forth in such other Section to the extent the relevance of such information to such other Section is reasonably apparent on the face of such information. Certain items and matters are listed in the Disclosure Schedule
for informational purposes only and may not be required to be listed therein by the terms of this Agreement. In no event shall the listing of items or matters in the Disclosure Schedule be deemed or interpreted to broaden, or otherwise expand the
scope of, the representations and warranties or covenants contained in this Agreement. No reference to, or disclosure of, any item or matter in any Section of this Agreement or any Section of the Disclosure Schedule shall be construed as an
admission or indication that such item or matter is material or that such item or matter is required to be referred to or disclosed in this Agreement or in the Disclosure Schedule. Without limiting the foregoing, no reference to or disclosure of a
possible breach or violation of any contract or agreement, Law or Governmental Order shall be construed as an admission or indication that a breach or violation exists or has actually occurred. 

  
 10 

 ARTICLE II 
 SUBSCRIPTION, PURCHASE AND SALE 
 SECTION 2.01. Subscription for the
Subscription Shares and the Employee Shares; Purchase and Sale of the Officer Shares. Upon the terms and subject to the conditions of this Agreement, at the Closing, (a) the Company shall issue and allot to Investor, and Investor shall
subscribe for and purchase from the Company, an aggregate of 30,046,154 Preferred Shares (the “Subscription Shares”) for aggregate consideration of $504,437,873 (the “Subscription Price”); (b) the Company shall
issue and allot to Investor, and Investor shall subscribe for and purchase from the Company, an aggregate of 3,498,099 Ordinary Shares (the “Employee Shares”) for aggregate consideration of $58,728,768 (the “Employees
Purchase Price”); and (c) Parent shall cause certain individuals (the “Selling Officers”) to sell to Investor, and Investor will purchase from the Selling Officers, an aggregate of 1,348,055 Ordinary Shares (the
“Officer Shares”, and together with the Employee Shares and the Subscription Shares, the “Initial Shares”) for aggregate consideration of $22,632,181 (the “Officers Purchase Price”). 

SECTION 2.02. Closing. Subject to the terms and conditions of this Agreement, the subscription for the Subscription Shares and the
Employee Shares and the sale and purchase of the Officer Shares contemplated by this Agreement (the “Closing”) shall take place at the offices of Shearman & Sterling, 12/F Gloucester Tower, The Landmark, 15 Queen’s
Road Central, Hong Kong, at 11:00 a.m. Hong Kong time on the date of this Agreement or at such other place or at such other time or on such other date as Parent and Investor may mutually agree upon in writing. 

SECTION 2.03. Closing Deliveries by Parent and the Company. At the Closing, Parent and the Company shall deliver or cause to be
delivered to Investor: 
 (a) share certificates in the name of Investor representing the Subscription Shares and
the Employee Shares; 
 (b) relevant instruments of transfer for the Officer Shares, duly executed in blank;

 (c) newly issued share certificates in the name of Investor representing the Officer Shares; 

(d) a certified true copy of the Register of Members of the Company indicating that Investor is the registered holder of
the Subscription Shares, the Employee Shares and the Officer Shares; 
 (e) executed counterparts of each
Transaction Document to which Parent or the Company is a party; 

  
 11 

 (f) a receipt for each of the Subscription Price, the Employees Purchase
Price and the Officers Purchase Price; 
 (g) true and complete copies of the resolutions duly and validly
adopted by the board of directors of each of Parent and the Company evidencing their authorization of the execution and delivery of this Agreement and the other Transaction Documents; 

(h) the opinion addressed to Investor from Cayman Islands counsel to the Company, dated the date hereof, attached hereto
as Exhibit E; and 
 (i) the opinion addressed to Investor from PRC counsel to the Company, dated the date
hereof, attached hereto as Exhibit F. 
 SECTION 2.04. Closing Deliveries by Investor. At the Closing,
Investor shall deliver to Parent and the Company: 
 (a) the Subscription Price by wire transfer in immediately
available funds to the Purchase Price Bank Account; 
 (b) the Purchase Price by wire transfer in immediately
available funds to the Purchase Price Bank Account; and 
 (c) executed counterparts of each Transaction Document
to which Investor is a party. 
 SECTION 2.05. Distribution of the Purchase Price. Parent shall remit, net of any
applicable withholding Taxes and any applicable exercise consideration and other costs and expenses payable by the relevant Selling Employee or Selling Officer, as the case may be, (a) the portion of the Employees Purchase Price to each Selling
Employee in respect of such portion of the Ordinary Shares and/or options issued under the Option Plan owned by such Selling Employee and redeemed or repurchased by the Company pursuant to the Redemption; and (b) the portion of the Officers
Purchase Price to each Selling Officer in respect of such portion of the Officer Shares sold by such Selling Officer at the Closing. 
 SECTION 2.06. Withholding. Investor shall not deduct or withhold Taxes in respect of the Purchase Price, such withholding to be the sole responsibility of Parent. 

SECTION 2.07. Cancellation of Officers Share Certificates. Parent shall cause each of the Selling Officers to surrender to the
Company for cancellation, as soon as practicable but in any event within five (5) Business Days following the date hereof, each of the share certificates evidencing the Officers Shares, and the Company shall cancel such share certificates and
within five (5) Business Days thereafter, deliver such canceled share certificates to Investor. 

  
 12 

 ARTICLE III 
 REPRESENTATIONS AND WARRANTIES 
 OF PARENT 

Parent hereby represents and warrants to Investor, subject to such exceptions as are disclosed in the Disclosure Schedule, as follows:

 SECTION 3.01. Organization, Authority and Qualification of Parent and the Company. Each of Parent and the Company is
an exempted company duly incorporated, validly existing and in good standing under the laws of the Cayman Islands and has all necessary corporate power and authority to enter into this Agreement and the other Transaction Documents to which it is a
party, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. Each of Parent and the Company is duly licensed or qualified to do business and is in good standing (to the extent such
concepts are recognized under applicable Law) in each jurisdiction in which the nature of the properties owned or leased by it or the operation of its business makes such licensing or qualification necessary, except to the extent that the failure to
be so licensed, qualified or in good standing, individually or in the aggregate, would not (a) adversely affect the ability of Parent or the Company to carry out its obligations under, or to consummate (without material delay) the transactions
contemplated by, this Agreement and the other Transaction Documents to which it is a party; or (b) otherwise have a Material Adverse Effect. Each of Parent (in relation to the Business) and the Company has all necessary power and authority to
own, operate or lease the properties, rights and assets now owned, operated or leased by Parent (in relation to the Business) or the Company, as applicable, and to carry on the Business as it has been and is currently conducted. The execution and
delivery by Parent and the Company of this Agreement and the other Transaction Documents to which Parent or the Company is a party, the performance by Parent and the Company of their respective obligations hereunder and thereunder and the
consummation by Parent and the Company of the transactions contemplated hereby and thereby have been duly authorized by all requisite action on the part of Parent and the Company. This Agreement has been, and upon their execution, the other
Transaction Documents to which Parent or the Company is a party shall have been, duly executed and delivered by Parent and the Company, and (assuming due authorization, execution and delivery by Investor) this Agreement constitutes, and upon their
execution the other Transaction Documents to which Parent or the Company is a party shall constitute, legal, valid and binding obligations of Parent and the Company, enforceable against Parent and the Company in accordance with their respective
terms, subject to the effect of any applicable bankruptcy, insolvency (including Laws relating to fraudulent transfers), reorganization, moratorium or similar Laws affecting creditors’ rights generally and subject to the effect of general
principles of equity (regardless of whether considered in a proceeding at law or in equity). 
 SECTION 3.02. Capitalization;
Ownership of Shares; Subsidiaries. (a) The authorized share capital of the Company consists of 200,000,000 Ordinary Shares. As of the date hereof, 143,062,500 Ordinary Shares are issued and outstanding, all of which are validly issued,
fully paid and nonassessable and were not issued in violation of any preemptive rights. As of the date hereof, 35,000,000 Ordinary Shares are authorized for issuance under the Option Plan, of which up to 28,405,776 Ordinary Shares may be issued
pursuant to outstanding options and other equity-based incentive awards granted under the Option Plan. Except for options or other equity-based incentive awards authorized or issued under the Option Plan, there are no options, warrants, convertible
securities or other rights, agreements, arrangements or commitments relating to the Ordinary Shares or obligating either Parent or the Company to issue, transfer, sell, redeem, repurchase or acquire any Ordinary Shares, or any other equity interest
in, the Company. The Ordinary Shares constitute all of the issued and outstanding share capital of the Company and, as of the date hereof, are owned of record and beneficially by Parent free and clear of all Encumbrances. 

  
 13 

 (b) The Officer Shares shall be, immediately prior to the Closing, (i) validly issued,
fully paid and nonassessable, (ii) not issued in violation of, and not subject to, any preemptive or similar rights, and (iii) owned of record and beneficially by the Selling Officers free and clear of all Encumbrances. 

(c) Section 3.02(c) of the Disclosure Schedule sets forth a list of each Subsidiary of the Company, and for each
Subsidiary of the Company, (i) its name and jurisdiction of formation; (ii) the number and type of all issued and outstanding equity interests; and (iii) the holders of such equity interests. All equity interests in the Subsidiaries
of the Company that are owned, directly or indirectly, by the Company are free and clear of all Encumbrances, have been duly authorized and validly issued, and none of such equity interests has been issued in violation of, and is not subject to, any
preemptive or similar rights. Each Subsidiary of the Company is duly organized or incorporated, validly existing and in good standing under the laws of the jurisdiction of formation, duly licensed or qualified to do business and is in good standing
(to the extent such concepts are recognized under applicable Law) in each jurisdiction in which the nature of the properties owned, leased by it or the operation of its business makes such licensing or qualification necessary, except to the extent
that the failure to be so licensed, qualified or in good standing, individually or in the aggregate, would not (a) adversely affect the ability of Parent or the Company to carry out its obligations under, or to consummate (without material
delay) the transactions contemplated by, this Agreement and the other Transaction Documents to which Parent or the Company is a party; or (b) otherwise have a Material Adverse Effect. Except as set forth in Section 3.02(c) of the
Disclosure Schedule, each Subsidiary of the Company has all necessary power and authority to own, operate or lease the properties, rights and assets now owned, operated or leased by it and to carry on its business as it has been and is currently
conducted. 
 (d) Except as set forth in Section 3.02(d) of the Disclosure Schedule, there are no options, warrants,
convertible securities or other rights, agreements, arrangements or commitments relating to the equity interest in any Subsidiary of the Company or obligating Parent, the Company or any Subsidiary of the Company to issue, transfer, sell, redeem,
repurchase or acquire any equity interest in any Subsidiary of the Company. None of the Company or any of its Subsidiaries is a member of (nor is any part of its business conducted through) any partnership nor do any of them directly or indirectly
own any equity interests in any Person other than a Subsidiary of the Company. 
 (e) As at immediately prior to the Closing,
(i) the Fully-Diluted Equity shall not exceed 164,000,000 Ordinary Shares (without taking into account the number of Employee Shares issued to Investor at the Closing) and (ii) except as set forth in Section 3.02(e) of the
Disclosure Schedule, there shall be no Indebtedness of the Company or any of its Subsidiaries. 

  
 14 

 SECTION 3.03. Valid Issuance and Title. 

(a) The Subscription Shares and the Employee Shares, when issued, sold and transferred to Investor in accordance with this Agreement and
the requirements of the Articles of Association and when Investor is entered into the Company’s Register of Members as the holder of the Subscription Shares and the Employee Shares, will be validly issued, fully paid and nonassessable and not
subject to any preemptive or similar rights, and except as set forth in the Transaction Documents, Investor will acquire legal and beneficial ownership of the Subscription Shares and the Employee Shares free and clear of all Encumbrances. All
Ordinary Shares issuable upon conversion of the Subscription Shares will be duly and validly issued, fully paid and nonassessable, and, except as set forth in the Transaction Documents, free and clear of all Encumbrances. The offer, sale and
issuance of the Subscription Shares and the Employee Shares in accordance with this Agreement are exempt from the registration and prospectus delivery requirements of the Securities Act and each other analogous provision of applicable securities
Law. 
 (b) Upon transfer of the Officer Shares to Investor and payment therefor in accordance with this Agreement, Investor
will acquire full legal and beneficial ownership of the Officer Shares free and clear of all Encumbrances, and there will be no agreement, arrangement or obligation to create or give any Encumbrances in relation to any of the Officer Shares, other
than as set forth in the Transaction Documents. 
 SECTION 3.04. No Conflict. The execution, delivery and performance by
Parent and the Company of this Agreement and the other Transaction Documents to which Parent or the Company is a party, and the consummation of the transactions contemplated hereby or thereby, do not and will not (a) violate, conflict with or
result in the breach of any provision of the organizational or constitutional documents of Parent, the Company or any of their Subsidiaries; (b) conflict with or violate in any material respect any Law or Governmental Order applicable to Parent
or the Company or any of its Subsidiaries; (c) conflict with, result in any breach of, constitute a default (or an event which, with the giving of notice or lapse of time, or both, would become a default) under, require any consent under, or
give to others any rights of termination, acceleration or cancellation of, any contract, agreement or other arrangement to which Parent or the Company is a party; or (d) give rise to any right of first offer, right of first refusal, preemptive
right or similar rights on behalf of any Person with respect to the Business, the Company or its Subsidiaries; except, in the case of clause (c), as would not (i) materially and adversely affect the ability of Parent or the Company to carry out
its obligations under, and to consummate the transactions contemplated by, this Agreement and the other Transaction Documents or (ii) otherwise have a Material Adverse Effect. 

SECTION 3.05. Governmental Consents and Approvals. The execution, delivery and performance by Parent and the Company of this
Agreement and each Transaction Document to which Parent or the Company is a party, and the consummation of the transactions contemplated hereby or thereby, do not and will not require any consent, approval, authorization or other order or
declaration of, action by, filing with or notification to any Governmental Authority, other than where failure to obtain such consent, approval, authorization or action, or to make such filing or notification, individually or in the aggregate, would
not, and would not reasonably be expected to, have a Material Adverse Effect or prevent or materially delay the consummation by Parent or the Company of the transactions contemplated by this Agreement or the other Transaction Documents. 

  
 15 

 SECTION 3.06. Financial Information. The consolidated balance sheet of the Business
as of December 31, 2012 and the related pro forma consolidated statement of income of the Business for the year then ended made available by Parent to Investor (collectively, the “Pro Forma Financial Statements”) (a) were
prepared in good faith based on the reasonable judgment of management of Parent and the Company; (b) were derived from the books and records of Parent (in relation to the Business), the Company and its Subsidiaries; (c) were prepared in
accordance with the Allocation Rules, with all revenues and costs, assets, services, employees and any other item appearing on the financial statements, between members of the Company Group, on the one hand, members of the Parent Group, on the other
hand, having been allocated and accrued in accordance with the Allocation Rules; (d) were reviewed, based on, to the Knowledge of Parent, procedures set forth in Schedule 6 by PricewaterhouseCoopers, which issued a status report in
connection therewith; and (e) to the Knowledge of Parent, present fairly, in all material respects, the consolidated financial position or pro forma financial position (as applicable) of the Business as of the date thereof and the results of
operations for the period covered thereby. 
 SECTION 3.07. Absence of Undisclosed Material Liabilities. Except as set
forth in Section 3.07 of the Disclosure Schedule, there are no liabilities or obligations of the Business, the Company or any of its Subsidiaries of any kind, whether disclosed or undisclosed, matured or unmatured, accrued, absolute,
contingent or otherwise, that are material to the Business, other than liabilities or obligations (a) reflected, reserved against or disclosed in the Pro Forma Financial Statements; (b) incurred since the Balance Sheet Date in the ordinary
course of business of the Company and its Subsidiaries consistent with past practice; or (c) of a nature not required to be reflected on a balance sheet prepared (i) in accordance with GAAP and (ii) not in violation of, or
inconsistent with, the Allocation Rules. 
 SECTION 3.08. Conduct in the Ordinary Course. Since the Balance Sheet Date,
the Business has been conducted in the ordinary course consistent with past practice and there has not occurred any Material Adverse Effect. From the Balance Sheet Date to the date of this Agreement, except as set forth in Section 3.08
of the Disclosure Schedule, none of Parent, the Company or any of its Subsidiaries, as applicable, has taken any action with respect to the following matters relating to the Company or any of its Subsidiaries: 

(a) any issuance, transfer or sale of any capital stock, notes, bonds or other securities of the Company or any of its
Subsidiaries (or any option, warrant or other right to acquire the same), except in connection with (A) the exercise of any option, or settlement of any other equity-based incentive award issued under the Option Plan or (B) the issuance of
any option or other equity-based incentive award authorized under the Option Plan, provided that such issuance shall not result in a breach of Section 3.02(e); 

  
 16 

 (b) any adjustment, split, subdivision, combination, reclassification or
other amendment of any material term of any securities of the Company or any of its Subsidiaries (in each case, whether by merger, consolidation or otherwise); 
 (c) any amendment or restatement of the organizational documents of the Company or any of its Subsidiaries; 
 (d) entry into any proposed transaction or series of related transactions involving a change of control, merger, consolidation, share exchange, recapitalization, reorganization or other business
combination, or liquidation, dissolution or winding up in each case, involving the Business, the Company or its Subsidiaries; 
 (e) any disposition (including the amendment or termination of any organization documents of, or contractual arrangements with, a VIE that prevents the consolidation of such VIE with the Company) that
exceeds $30 million in any single transaction or series of related transactions or an amount that on an annualized basis, would exceed $100 million in the aggregate over a 12-month period (in each case, whether such amounts are the consideration
received or the fair value of assets disposed or a VIE no longer consolidated with the Company); 
 (f) any
payments (including repayments of any Indebtedness) to be made by any member of the Company Group to any member of the Parent Group that exceed $30 million in any single transaction or series of related transactions, or an amount that on an
annualized basis, would exceed $100 million in the aggregate over a 12-month period; 
 (g) any incurrence of
Indebtedness by any member of the Company Group to any member of the Parent Group that exceeds $30 million in any single transaction or series of related transactions, or an amount that on an annualized basis, would exceed $100 million in the
aggregate over a 12-month period, provided that such incurrence shall not result in a breach of Section 3.02(e); 
 (h) any grant of any rights or licenses by any member of the Company Group to any member of the Parent Group with a value that exceeds $30 million in any single transaction or series of related
transactions, or an amount that on an annualized basis, would exceed $100 million in the aggregate over a 12-month period (in each case, whether such amounts are the consideration received or the fair value of such rights or licenses); 

(i) any allocation of material revenue or costs between any member of the Company Group, on the one hand, and any member
of the Parent Group, on the other hand, except in accordance with the Allocation Rules, provided that such allocation shall not result in a breach of Section 3.02(e); 

(j) any allocation of material assets, services or employees (including assets or services owned or provided by third
parties) between any member of the Company Group, on the one hand, and any member of the Parent Group, on the other hand, except in accordance with the Allocation Rules, provided that such allocation shall not result in a breach of
Section 3.02(e); 

  
 17 

 (k) any transaction or agreement between any senior executive officer of the
Company or any Affiliate thereof or any member of the Parent Group, on the one hand, and any member of the Company Group, on the other hand, that involves any payment or exchange or transfer of value exceeding $1 million for any single transaction
or agreement or series of related transactions or agreements, or an amount that on an annualized basis, would result in any payment, exchange or transfer of value in excess of $5 million in the aggregate over a 12-month period (in each case, whether
such amounts are the payments to be made or the fair value of the subject matter of such transactions or agreements), other than for amounts in relation to compensation, equity-based incentive grants or similar remuneration to such senior executive
officer under agreements that have been previously authorized by the compensation committee of the board of directors of Parent; 
 (l) any declaration, making or payment of any dividend or distribution (whether in cash, securities or other property) or other than pursuant to the Option Plan, any buy back of securities or reduction of
share capital; 
 (m) any establishment of, or amendment to, any equity-based incentive plan that would result
(whether in any one transaction or together with all other transactions) in the equity securities of the Company issuable upon the exercise, conversion or exchange of the options and other equity awards authorized under all equity-based incentive
plans of the Company (including the Option Plan and other existing equity-based incentive plans of the Company), in the aggregate, exceeding 43,750,000 Ordinary Shares (as adjusted for share splits, share dividends, combinations, reclassifications,
recapitalizations and the like); 
 (n) any creation of any Encumbrances in respect of any Indebtedness of an
amount that on an annualized basis, would exceed $100 million in the aggregate over a 12-month period; 
 (o) any
incurrence of Indebtedness of an amount that on an annualized basis, would exceed $100 million in the aggregate over a 12-month period provided that such incurrence shall not result in a breach of Section 3.02(e); 

(p) any entry into, or termination or amendment of any non-ordinary course exclusive license or other contract that
primarily relates to, or whose principal value is derived from, an exclusive license, or any sale or other transfer to a third party of any material Intellectual Property owned by the Company or any of its Subsidiaries; or 

(q) any agreement to take any of the actions specified in Sections 3.08(a) – (p). 

SECTION 3.09. Litigation. There is no Action by or against the Company or any of its Subsidiaries or any of their respective
assets or properties, or by or against Parent or any of its other Subsidiaries or its assets or properties relating to the Business, pending, or, to Parent’s Knowledge, threatened, before any Governmental Authority that, individually or in the
aggregate, is or would reasonably be expected to be, material to the Business or, as of the date of this Agreement, that relates to the transactions contemplated by this Agreement or the other Transaction Documents. 

  
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 SECTION 3.10. Compliance with Laws. Except as would not be material to the Business,
as of the date of this Agreement, Parent, the Company and their Subsidiaries have conducted the Business in accordance with all Laws and Governmental Orders applicable to Parent (in relation to the Business), the Company or any of its Subsidiaries
and each is in compliance with all posted or internal agreements or policies with respect to customer, user, private or personal data and the SAFE Rules and Regulations and none of Parent, the Company, or any of their Subsidiaries is in violation of
any such Law or Governmental Order. Except as would not be material to the Business and as set forth in Section 3.10 of the Disclosure Schedule, (a) Parent, the Company and their Subsidiaries have all Permits necessary for the
conduct and operation of the Business as it is currently conducted and (b) each such Permit is in full force and effect and each of Parent, the Company and their Subsidiaries is in compliance with all its obligations with respect thereto.

 SECTION 3.11. Intellectual Property. (a) Section 3.11(a) of the Disclosure Schedule sets forth a true
and complete list of all Registered Owned Intellectual Property. The Company or one of its Subsidiaries is the owner of each item of Registered Owned Intellectual Property and of all other material Owned Intellectual Property of the Business, free
and clear of all Encumbrances. The use of the Company Intellectual Property by the Company and its Subsidiaries and the operation of the Business as currently conducted does not, in any material respect, infringe, misappropriate or otherwise violate
the Intellectual Property rights (other than patents, for which this representation is being made to the Knowledge of Parent) of any other Person, and as of the date of this Agreement, there is no Action (including cease and desist letters or
invitations to take a patent license) initiated by any other Person pending or threatened in writing, against Parent (in relation to the Business), the Company or any of its Subsidiaries concerning any such infringement, misappropriation or
violation. To the Knowledge of Parent, no Person is engaging in any activity that infringes, misappropriates or otherwise violates any Owned Intellectual Property in any material respect. The Company and its Subsidiaries have taken commercially
reasonable steps to protect and maintain (x) their material confidential information and material trade secrets and (y) their exclusive ownership of material Owned Intellectual Property. 

(b) Except as would not be material to the Business, the Software, solutions, products or services of Parent (in relation to the
Business), the Company and its Subsidiaries are fully operational, functional and free of bugs, defects, errors, viruses and other contaminants. To the Knowledge of Parent, except as would not be material to the Business, the Software owned by
Parent (in relation to the Business), the Company or its Subsidiaries and that has been submitted for patent protection does not incorporate or is not derived from any Software subject to an “open source” or similar third party license in
a manner that requires any proprietary source code of Parent (in relation to the Business), the Company or its Subsidiaries to be licensed, disclosed or conveyed to others. 
 SECTION 3.12. Real Property. (a) None of the Company or its Subsidiaries owns any real property. 

  
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 (b) Section 3.12(b) of the Disclosure Schedule lists the street address of each
parcel of Leased Real Property and the identity of the lessor, lessee and current occupant (if different from lessee) of each such parcel of Leased Real Property. Parent has made available to Investor true and complete copies of the leases in effect
at the date hereof relating to the Leased Real Property. There has not been any sublease or assignment entered into by Parent, the Company or any of their Subsidiaries in respect of the leases relating to the Leased Real Property (the “Lease
Agreements”). 
 (c) To the Knowledge of Parent, there are no conditions or defects, latent or otherwise, to the Leased
Real Property materially impacting the Company’s or its Subsidiary’s use of such property in the manner in which it is currently being used. Except as would not have a Material Adverse Effect, either the Company or a Subsidiary of the
Company, as the case may be, is in peaceful and undisturbed possession of each parcel of Leased Real Property and there are no contractual or legal restrictions that preclude or restrict the ability to use the Leased Real Property for the purposes
for which it is currently being used. 
 SECTION 3.13. Assets. Except as set forth in Section 3.13 of the
Disclosure Schedule, the Company or a Subsidiary of the Company, as the case may be, shall, in conjunction with the rights of the Company and its Subsidiaries and the obligations of Parent and its other Affiliates set forth in Sections
5.04, 5.05 and 5.06 (the “Parent Support Obligations”) and under the Intellectual Property License Agreement, as of and following the Closing, own, lease or have the legal right to use all the properties, rights
and assets, including the Company Intellectual Property, the Licensed Intellectual Property, the Company IP Agreements, the Subject IP and the Leased Real Property, primarily related or necessary to the Business and otherwise shall own, lease or
use, and, with respect to contract rights, shall be a party to and enjoy the right to the benefits of all contracts, agreements and other arrangements primarily related or necessary to the conduct of the Business, all of which properties, assets and
rights constitute the “Assets”. The Assets and the right to the benefit of the Parent Support Obligations and the Intellectual Property License Agreement constitute all the properties, assets and rights forming a part of, used, held
or intended to be used in, and all the properties, assets and rights as are necessary in the conduct of, the Business. 

SECTION 3.14. Employee Benefit Matters. (a) Section 3.14(a) of the Disclosure Schedule lists (i) all
material compensation, benefit or fringe benefit plans, programs, arrangements and agreements providing for cash or equity compensation, housing funds, fringe benefits, perquisites, profit-sharing, incentive or deferred compensation, vacation
benefits, insurance (including any self-insured arrangements), health or medical benefits, disability or sick leave benefits and post-employment, retirement benefits, superannuation funds or pension schemes, (A) to which the Company or any of
its Subsidiaries is a party; or (B) that are maintained, administered or contributed to or sponsored by Parent, the Company or any of its Affiliates for the benefit of any current or former employee, officer, director or individual consultant
of Parent (in relation to the Business) or the Company or a Subsidiary of the Company; and (ii) all material contracts, arrangements, agreements and understandings between Parent (in relation to the Business), the Company or any of its
Affiliates, on the one hand, and any current or former employee, officer, director or individual consultant of Parent (in relation to the Business) or the Company or a Subsidiary of the Company, on the other hand (collectively, the
“Plans”). Each Plan is in writing, and Parent has made available to Investor a complete and accurate copy of each Plan and complete copies of the plan document and all amendments thereto, any related trust-documents or other funding
mechanism and the most recent summary plan description, if applicable. None of the Plans is subject to the U.S. Employee Retirement Income Security Act of 1974, as amended, or covers any current or former employee, director or individual consultant
of Parent (in relation to the Business) or the Company or a Subsidiary of the Company who is resident in the United States. 

  
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 (b) Except as would not have a Material Adverse Effect, each Plan has been operated in
accordance with its terms and the requirements of all applicable Laws. Except as would not have a Material Adverse Effect, each of Parent (in relation to the Employees), the Company and its Subsidiaries, as applicable, has performed all obligations
required to be performed by it under, is not in default under or in violation of, and Parent has no Knowledge of, any default or violation by any party to, any Plan. Except as would not have a Material Adverse Effect, no Action is pending or, to the
Knowledge of Parent, threatened with respect to any Plan (other than claims for benefits in the ordinary course) and, to the Knowledge of Parent, no fact or event exists that could give rise to any such Action. 

(c) Except as would not have a Material Adverse Effect, all employer and employee contributions to each Plan required by applicable Law
or by the terms of such Plan have been made, or, if applicable, accrued in accordance with GAAP. Except as would not have a Material Adverse Effect, each Plan required to be registered has been registered and has been maintained in good standing
with applicable regulatory authorities and Parent, the Company or its Subsidiaries, as applicable, has obtained all necessary approvals in connection therewith. 
 (d) The transactions contemplated by this Agreement or the other Transaction Documents (alone or in combination with any other event) will not (i) cause the acceleration of vesting in, or payment of,
any benefits or other compensation under any Plan with respect to any Employee, or (ii) result in the receipt of any excess parachute payments under Section 280G of the Code by any Employee. 

SECTION 3.15. Labor Matters. (a) None of Parent, the Company or any of its Subsidiaries is a party to any collective
bargaining contract applicable to any Employee, and, to Parent’s Knowledge, there are no organizational campaigns, petitions or other unionization activities seeking recognition of a collective bargaining unit relating to any Employee and
(b) except as would not have a Material Adverse Effect, Parent (in relation to the Employees), the Company and each of its Subsidiaries are currently in compliance in all respects with all Laws related to the employment of labor, including
those related to wages, hours, collective bargaining, overtime, social security benefits, social insurance and housing fund contributions, holidays, leave and conditions of employment. Except as would not have a Material Adverse Effect, there is no
pending or, to the Knowledge of Parent, threatened unfair labor practice complaint, and, to the Knowledge of Parent, no labor or employment-related Action has been brought against Parent (in relation to the Business), the Company or any of its
Subsidiaries before any Governmental Authority. Except as would not have a Material Adverse Effect, within the past three years, there has been no work stoppage, strike or other material labor dispute by or with Employees (or their representatives),
nor, to the Knowledge of Parent, is any such dispute threatened. 

  
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 SECTION 3.16. Taxes. Except as would not be material to the Business, (a) all
Tax Returns required to have been filed by or with respect to the Company or any of its Subsidiaries have been timely filed (taking into account any extension of time to file granted or obtained) and all such Tax Returns are complete and correct (it
being understood that no representation is being made as to the amount of any net operating loss); (b) all Taxes due and payable by the Company or any of its Subsidiaries (whether or not shown to be payable on such Tax Returns) have been timely
paid; (c) with respect to any Taxes not yet due and payable, adequate reserves have been established on the Pro Forma Financial Statements; (d) no deficiency for any amount of Tax has been asserted or assessed by a Governmental Authority
in writing against the Company or any of its Subsidiaries that has not been satisfied by payment, settled or withdrawn; (e) there are no Tax liens on any assets of the Company or any of its Subsidiaries, other than statutory liens for current
Taxes not yet due or delinquent (or which may be paid without interest or penalties) or the validity or amount of which is being contested in good faith by appropriate proceedings and which have been fully reflected on the Pro Forma Financial
Statements; (f) no examination or audit by any Governmental Authority with respect to any Tax Return or Taxes of the Company or any of its Subsidiaries is currently in progress or, to the Knowledge of Parent, threatened or contemplated;
(g) there are no outstanding agreements, waivers or arrangements extending the statutory period of limitation applicable to any claim for, or the period for the collection or assessment of, Taxes due from or with respect to the Company or any
of its Subsidiaries for any Taxable Period; (h) the Company and its Subsidiaries have withheld and paid all Taxes required to have been withheld and paid in connection with any amounts due or owing to any Person; (i) none of the Company
nor any of its Subsidiaries will be required to include amounts in income, or exclude items of deduction, in a taxable period beginning after the date hereof as a result of a change in method of accounting occurring prior to the date hereof;
(j) no written claim has ever been made by a Government Authority in a jurisdiction where the Company or its applicable Subsidiary does not file Tax Returns that the Company or such Subsidiary is or may be subject to taxation by that
jurisdiction; (k) none of the Company and any of its Subsidiaries is responsible for any amount of Taxes of any other Person by reason of contract, successor liability, operation of Law or otherwise; and (l) none of the Company and any of
its Subsidiaries is a party to, or bound by, or has any obligation under, any Tax allocation or sharing agreement or similar contract or arrangement. 
 SECTION 3.17. Material Contracts. (a) Section 3.17(a) of the Disclosure Schedule lists each of the following contracts, agreements or arrangements of Parent relating to the
Business, or of the Company and their Subsidiaries (such contracts, agreements and arrangements being “Material Contracts”): 
 (i) all contracts, agreements and arrangements for capital expenditures or the purchase, lease, license or sale of equipment, materials, products, supplies, or services (other than purchase orders)
involving payments in excess of RMB15,000,000 in the aggregate during the year ended December 31, 2012 or reasonably expected to involve payments in excess of RMB15,000,000 in the aggregate during the year ending December 31, 2013;

 (ii) all contracts, agreements and arrangements relating to Indebtedness of the Company and its Subsidiaries
or any other Person guaranteed by the Company or any of its Subsidiaries, in each case having an outstanding principal amount in excess of RMB15,000,000; 

  
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 (iii) all contracts, agreements and arrangements that materially limit or
purport to limit materially the ability of Parent (relating to the Business), the Company or any of its Subsidiaries to compete in any material line of business or with any Person or in any geographic area or during any material period of time;

 (iv) all contracts, agreements and arrangements with any Governmental Authority relating to the Business
involving total annual payments in excess of RMB15,000,000; 
 (v) all partnership, joint venture, revenue or
profit sharing, expense sharing or other similar contracts, agreements and arrangements involving total annual payments in excess of RMB15,000,000; 
 (vi) all contracts, agreements and other arrangements providing for the pending acquisition (whether by merger, sale of stock, sale of assets or otherwise) by the Company or its Subsidiaries of any
assets, properties or rights in excess of RMB15,000,000; 
 (vii) all contracts, agreements and other
arrangements providing for the pending dispositions (whether by merger, sale of stock, sale of assets or otherwise) by the Company or its Subsidiaries of any assets, properties or rights in excess of RMB15,000,000; 

(viii) all contracts, agreements or arrangements that relate to any settlement of disputes or Actions in excess of
RMB15,000,000; 
 (ix) the top 10 contracts, agreements or arrangements for the year ended December 31, 2012
in terms of revenue of the Company attributed to such contracts, agreements or arrangements for such periods; 

(x) the top 10 contracts, agreements or arrangements for the year ended December 31, 2012 in terms of the amount of
liability incurred by the Company attributed to such contracts, agreements or arrangements for such periods; 

(xi) all material Company IP Agreements; 

(xii) all Lease Agreements; and 
 (xiii) all material contracts, agreements or arrangements between or among the Company or any of its Subsidiaries, on the one hand, and Parent or any Affiliate of Parent, on the other hand, in excess of
RMB15,000,000, other than contracts or agreements with Employees described in Section 3.14(a) of the Disclosure Schedule. 

  
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 (b) Parent has made available to Investor, true and complete copies of each Material
Contract. Each Material Contract (i) is valid and binding on Parent, the Company or one of its Subsidiaries, as the case may be, and, to the Knowledge of Parent, the counterparty thereto, and is in full force and effect; and (ii) upon
consummation of the transactions contemplated by this Agreement, shall continue in full force and effect without material penalty or other adverse consequence. Except as would not have a Material Adverse Effect, (w) none of Parent, the Company
or any of their Subsidiaries is in breach of, or default under, any Material Contract to which it is a party; (x) to the Knowledge of Parent, no other party is in material breach or violation of, or default under, any Material Contract;
(y) none of Parent, the Company and its Subsidiaries has received any written claim of any breach or violation of or default under any such Material Contract; and (z) to the Knowledge of Parent, no fact or event exists that could give rise
to any claim of breach, violation of or default under any Material Contract. 
 (c) Section 3.17(c) of the
Disclosure Schedule set forth all of the contracts, agreements or arrangements enabling the Company to effect control over and consolidate with its financial statements each of the Company’s Subsidiaries (collectively, the “Control
Documents”). 
 (i) The contractual arrangements under the Control Documents do not violate, breach,
contravene or otherwise conflict with any applicable PRC Law. To the Knowledge of Parent, none of WFOE or WM has, to date, encountered any interference or encumbrance from any Governmental Authority in operating their business through the
contractual arrangements under the Control Documents. 
 (ii) Each of the Control Documents has been authorized,
executed and delivered by the parties thereto, and each of the Control Documents is legal, valid and enforceable. Each party to the Control Documents has the power and capacity (corporate or otherwise) to enter into and to perform his/its
obligations under such Control Documents. Each of the Control Documents constitutes a legal, valid and binding obligation of the parties thereto, enforceable against such parties in accordance with its terms and does not violate any requirements of
PRC Law. No PRC Governmental Authorizations are required under PRC Law in connection with the execution, delivery and due performance of each of the Control Documents by the parties thereto. “PRC Governmental Authorization” means
any approval, consent, permit, authorization, filing, registration, exemption, waiver, endorsement, annual inspection, qualification and license required by applicable PRC Law to be obtained from any Governmental Authority. 

(iii) The execution, delivery and due performance of each of the Control Documents by the parties thereto and the due
consummation of the transaction contemplated under each of the Control Documents, do not (i) result in any violation of the business license, articles of association, other constituent documents (if any) or PRC Governmental Authorizations of
WFOE or WM; (ii) result in any violation of, or penalty under, any PRC Law; or (iii) to the Knowledge of Parent, conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, any
agreement or contract or other instrument or document, which is governed by PRC Law, to which WFOE or WM is a party or by which WFOE or WM is bound or by which any of the assets or business of WFOE or WM are bound. 

  
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 SECTION 3.18. SEC Reports. As of their respective dates of filing by Parent with the
SEC, except as and to the extent modified or superseded in any subsequent filing filed with or furnished to the SEC by Parent prior to the date hereof, none of the forms, statements, reports or documents filed with or furnished to the SEC by Parent,
including any amendments thereto, contain any untrue statement of material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they
were made, not misleading, in respect of the Business, Parent (in relation to the Business), the Company or any of its Subsidiaries. 
 SECTION 3.19. Insurance. Except as would not have a Material Adverse Effect, none of Parent (in relation to the Business), the Company or any of its Subsidiaries is in default under any of its
insurance policies and none of Parent (in relation to the Business), the Company or any of its Subsidiaries has been refused any insurance coverage sought or applied for, or notified in writing that it will be unable to renew its existing insurance
coverage. None of such policies will be materially affected by, or terminate or lapse by reason of, any transaction contemplated in this Agreement or the other Transaction Documents. 

SECTION 3.20. Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee or
commission in connection with the transactions contemplated by this Agreement or the other Transaction Documents based upon arrangements made by or on behalf of Parent, the Company or its Subsidiaries. 

ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 
 OF INVESTOR 
 Investor hereby represents and warrants to Parent and the Company as
follows: 
 SECTION 4.01. Organization, Authority and Qualification of Investor. As of the Closing, Investor is an
indirect wholly-owned subsidiary of Alibaba. Investor is a company duly incorporated, validly existing and in good standing under the laws of the Cayman Islands and has all necessary corporate power and authority to enter into this Agreement and the
other Transaction Documents to which it is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. Investor is duly licensed or qualified to do business and is in good
standing (to the extent such concepts are recognized under applicable Law) in each jurisdiction in which the properties owned or leased by it or the operation of its business makes such licensing or qualification necessary, except to the extent that
the failure to be so licensed, qualified or in good standing, individually or in the aggregate, would not adversely affect the ability of Investor to carry out its obligations under, or to consummate (without material delay) the transactions
contemplated by, this Agreement and the other Transaction Documents to which it is a party. The execution and delivery by Investor of this Agreement and the other Transaction Documents to which it is a party, the performance by Investor of its
obligations hereunder and thereunder and the consummation by Investor of the transactions contemplated hereby and thereby have been duly authorized by all requisite action on the part of Investor. This Agreement has been, and upon their execution,
the other Transaction Documents to which Investor is a party shall have been, duly executed and delivered by Investor, and (assuming due authorization, execution and delivery by Parent and the Company) this Agreement constitutes, and upon their
execution, the other Transaction Documents to which Investor is a party, shall constitute, a legal, valid and binding obligation of Investor, enforceable against Investor in accordance with their respective terms, subject to the effect of any
applicable bankruptcy, insolvency (including Laws relating to fraudulent transfers), reorganization, moratorium or similar Laws affecting creditors’ rights generally and subject to the effect of general principles of equity (regardless of
whether considered in a proceeding at law or in equity). 

  
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 SECTION 4.02. No Conflict. The execution, delivery and performance by Investor of
this Agreement and the other Transaction Documents to which Investor is a party, and the consummation of the transactions contemplated hereby or thereby, do not and will not (a) violate, conflict with or result in the breach of any provision of
the organizational documents of Investor; (b) conflict with or violate in any material respect any Law or Governmental Order applicable to Investor; or (c) conflict with, result in any breach of, constitute a default (or an event which,
with the giving of notice or lapse of time, or both, would become a default) under, require any consent under, or give to others any rights of termination, acceleration or cancellation of, any contract, agreement or other arrangement to which
Investor is a party, except, in the case of this clause (c), as would not materially and adversely affect the ability of Investor to carry out its obligations under, and to consummate the transactions contemplated by, this Agreement and the other
Transaction Documents. 
 SECTION 4.03. Governmental Consents and Approvals. The execution, delivery and performance by
Investor of this Agreement and each Transaction Document to which Investor is a party, and the consummation of the transactions contemplated hereby or thereby, do not and will not require any consent, approval, authorization or other order or
declaration of, action by, filing with or notification to, any Governmental Authority, other than where failure to obtain such consent, approval, authorization or action, or to make such filing or notification, individually or in the aggregate,
would not prevent or materially delay the consummation by Investor of the transactions contemplated by this Agreement or the other Transaction Documents. 
 SECTION 4.04. Investment Purpose. Investor is acquiring the Initial Shares solely for the purpose of investment and not with a view to, or for offer or sale in connection with, any distribution
thereof other than in compliance with all applicable Laws, including United States federal securities laws. Investor agrees that the Initial Shares may not be sold, transferred, offered for sale, pledged, hypothecated or otherwise disposed of
without registration under the Securities Act and any applicable state securities laws, except pursuant to an exemption from such registration under the Securities Act and such laws. Investor is able to bear the economic risk of holding the Initial
Shares for an indefinite period (including total loss of its investment), and (either alone or together with its advisors) has sufficient knowledge and experience in financial and business matters so as to be capable of evaluating the merits and
risk of its investment. 
 SECTION 4.05. Financing. At the Closing, Investor will have available all funds necessary to
(a) pay the Aggregate Purchase Price and all other amounts payable hereunder and (b) pay any fees and expenses payable by Investor in connection with the transactions contemplated hereby. 

  
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 SECTION 4.06. Litigation. As of the date of this Agreement, there is no Action by or
against Investor or any of its Affiliates pending or, to the knowledge of Investor after due inquiry, threatened before any Governmental Authority, that relates to the transactions contemplated by this Agreement or the other Transaction Documents.

 SECTION 4.07. Brokers. No broker, finder or investment banker is entitled to any brokerage, finder’s or other fee
or commission in connection with the transactions contemplated by this Agreement or the other Transaction Documents based upon arrangements made by or on behalf of Investor. 
 SECTION 4.08. Independent Investigation. Investor has conducted its own independent investigation, review and analysis of the business, operations, assets, liabilities, results of operations,
financial condition and prospects of the Business, Parent (in relation to the Business), the Company and its Subsidiaries, which investigation, review and analysis was performed by Investor, its Affiliates and their respective directors, officers,
employees, agents, advisors or other representatives (collectively, “Representatives”). In entering into this Agreement, Investor acknowledges that the sole representations and warranties made by any of Parent, the Company, their
respective Affiliates or their respective Representatives are the representations and warranties of Parent set forth in Article III. Notwithstanding the foregoing, nothing in this Section 4.08 shall be deemed to modify or limit
the representations and warranties of Parent contained in this Agreement or any right to indemnification, payment for Losses or other remedy based on such representations and warranties. 

ARTICLE V 

ADDITIONAL AGREEMENTS 
 SECTION 5.01. Redemption of Options. As soon as reasonably practicable after the date hereof but in any event within 90 days following the Closing, the Company shall, and Parent shall cause the
Company to, effect a redemption or repurchase of Ordinary Shares and/or a redemption of options issued under the Option Plan to certain individuals employed by Parent, the Company or any of its Subsidiaries (the “Selling Employees”)
equal to 3,498,099 Ordinary Shares (on an as-converted basis) in an amount equal to the Employees Purchase Price, net of any applicable withholding Taxes and any applicable exercise consideration and other costs and expenses payable by the relevant
Selling Employee (the “Redemption”). 
 SECTION 5.02. Confidentiality. Each party hereto shall maintain
the confidentiality of Confidential Information in accordance with procedures adopted by such party in good faith to protect confidential information of third parties delivered to such party, provided that such party may deliver or disclose
Confidential Information to (a) such party’s officers, directors, employees, investors, agents, representatives, accountants and counsel who agree to hold confidential the Confidential Information; (b) any Governmental Authority
having jurisdiction over such party to the extent required by Law; or (c) any other Person to which such delivery or disclosure may be necessary or appropriate (i) to effect compliance with any Law applicable to such party, (ii) in
response to any subpoena or other legal process, or (iii) in connection with any litigation to which such party is a party; provided further that, in the cases of clauses (b) or (c), such party shall provide each other party
hereto with prompt written notice thereof so that the appropriate party may seek (with the cooperation and reasonable efforts of each other party) a protective order, confidential treatment or other appropriate remedy, and shall provide each other
party with copies of any communication received from such Governmental Authority or such other Person and consult in good faith with each other party prior to any response to such Governmental Authority or such other Person. 

  
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 SECTION 5.03. Target Business IP and Assets. (a) Parent shall use reasonable
endeavors and judgment to transfer to the Company and its Subsidiaries, to the extent reasonably practicable, at or prior to the Closing, all Intellectual Property that is primarily related or necessary to the Business, other than the Specified IP
and the Subject IP (collectively, the “Target Business IP”) and all other assets that are primarily related or necessary to the Business (collectively, the “Target Business Assets”). Following the Closing, in the
event that Investor or Parent identifies any Target Business IP or Target Business Assets that have not been transferred to the Company or its Subsidiaries at or prior to the Closing, Parent shall transfer or cause to be transferred such Target
Business IP or Target Business Assets as soon as reasonably practicable and prior to such transfer, shall license or caused to be licensed such Target Business IP to, or enable the use of such Target Business Assets by, the Company and its
Subsidiaries pursuant to the Intellectual Property License Agreement. 
 (b) To the extent that any Target Business IP or Target
Business Asset is used by any member of the Parent Group prior to the Closing, the Company and its Subsidiaries shall, effective as of the Closing, license back such Target Business IP (and any Improvements thereon) or Target Business Asset to such
member of the Parent Group pursuant to the Intellectual Property License Agreement. 
 (c) Notwithstanding anything to the
contrary contained in this Agreement, Parent shall ensure that at or prior to the commencement of a Qualified IPO (as defined in the Shareholders’ Agreement), (i) all Target Business IP and Target Business Assets not transferred to the
Company or its Subsidiaries at or prior to the Closing shall have been transferred to and be owned by the Company or its Subsidiaries and (ii) all Employees (including all Target Business Employees) shall be employed by the Company or a
Subsidiary of the Company. 
 SECTION 5.04. Subject IP and Specified IP. (a) Investor hereby acknowledges that all
Subject IP will be owned, as of the Closing, and following the Closing will continue to be owned, by members of the Parent Group until such Subject IP is transferred to a member of the Company Group as provided in this Section 5.04.
Parent shall use reasonable endeavors to transfer each item of Subject IP to a member of the Company Group as soon as practicable following the Closing, provided that all applications, filings, notifications, consents, approvals,
authorizations and other actions pending before any Governmental Authority in respect of such Subject IP shall have been received, obtained or resolved, as applicable. Prior to the transfer of such Subject IP by the relevant member of the Parent
Group to a member of the Company Group, Parent shall license or cause to be licensed such Subject IP to such member of the Company Group pursuant to the Intellectual Property License Agreement. 

(b) Investor hereby acknowledges that all Specified IP and all Improvements thereon are owned, and following the Closing shall continue
to be owned, exclusively by members of the Parent Group. Effective as of the Closing, members of the Parent Group shall, pursuant to the Intellectual Property License Agreement, license to the Company and its Subsidiaries (i) the Specified IP,
(ii) all Improvements thereon and (iii) all other Intellectual Property that is used in the Business but is not primarily or necessarily related to the Business. 

  
 28 

 SECTION 5.05. Target Business Employees. Parent shall ensure that any Person that
commences employment after the date hereof and whose employment is primarily related to the Business (collectively, the “Target Business Employees”) shall be employed by the Company or its Subsidiaries and not by Parent or any of
its other Affiliates; it being understood and acknowledged by Investor that (i) any Employee that is employed by a member of the Parent Group as at the date hereof (an “Existing Employee”) may continue to be employed by such
member of the Parent Group, provided that Parent shall ensure that any such Existing Employees shall be employed by a member of the Company Group at or prior to the commencement of a Qualified IPO, and (ii) so long as an Existing Employee is
employed by a member of the Parent Group, any services to be provided by an Existing Employee to the Company and its Subsidiaries shall be charged by Parent to the Company and its Subsidiaries at reasonably allocated costs in accordance with the
Allocation Rules and on fair and reasonable terms. 
 SECTION 5.06. Post-Closing Parent Support. (a) Parent shall,
following the Closing, continue to provide or cause to be provided to the Company and its Subsidiaries the following assets, services, employees and licenses (including licenses of Subject IP and Specified IP) that members of the Parent Group
provided to the Company and its Subsidiaries prior to the Closing: (i) assets that are primarily used in the business of the Parent Group that will continue to be owned by the Parent Group and are intended to be used in the Business following
the Closing, as set forth in Schedule 7 (collectively, the “Shared Assets”), (ii) services to be performed by members of the Parent Group that shall be provided to the Business following the Closing, as set forth in
Schedule 8 (collectively, the “Shared Services”), and (iii) services provided by unaffiliated third parties to and retained by members of the Parent Group that are to be shared with the Company and its Subsidiaries
following the Closing, as set forth in Schedule 9 (collectively, the “Third Party Services”). 
 (b)
Subject to Section 5.04 in respect of the Subject IP and Specified IP and Section 5.05 in respect of Existing Employees, all Shared Assets, Shared Services and Third Party Services to be provided to the Company and its
Subsidiaries by members of the Parent Group shall be charged at reasonably allocated costs in accordance with the Allocation Rules and on fair and reasonable terms. 
 SECTION 5.07. Allocation. 
 (a) Other than for the operating losses of
Parent relating to any period on or prior to the Closing which, subject to Section 5.07(b), shall be allocated to the Company on a pro rata basis based on the amount of the total net operating losses incurred and accumulated by Parent
over the relevant fiscal quarters, Parent shall not retroactively allocate or charge any costs, expenses, fees and other amounts related to the Business that were recorded as operating losses of Parent or otherwise reflected in the financial
statements, books or records of Parent in respect of any period on or prior to the Closing. 

  
 29 

 (b) Any ordinary course item occurring from the Closing until June 30, 2013 shall be
allocated on a pro rata basis based on the amount of the total net operating losses incurred and accumulated by Parent over the relevant fiscal quarter. Any non-ordinary course item occurring from the Closing until June 30, 2013 shall be
allocated to (i) the period prior to the Closing if such non-ordinary course item occurred prior to the Closing and (ii) the period following the Closing if such non-ordinary course item occurred at or following the Closing, 

(c) Notwithstanding anything in Sections 5.07(a) and 5.07(b), no allocation pursuant to this Section 5.07 shall result
in a breach of Section 3.02(e). 
 SECTION 5.08. Further Action. The parties hereto shall, and shall cause
their respective Affiliates to, use commercially reasonable efforts to take, or cause to be taken, all appropriate action, to do or cause to be done all things necessary, proper or advisable under applicable Law as may be required to carry out the
provisions of this Agreement and the other Transaction Documents and consummate and make effective the transactions contemplated hereby and thereby. 
 ARTICLE VI 
 TAX MATTERS 

SECTION 6.01. Indemnities. (a) From and after the date hereof, Parent shall indemnify Investor for, and hold it harmless from
and against, an amount equal to the product of any and all Excluded Taxes (except to the extent that such Excluded Taxes are reflected on the Pro Forma Financial Statements) and Investor’s percentage shareholding (represented in decimal form)
in the Company on a Fully-Diluted Equity basis. 
 (b) In the case of Taxes that are payable with respect to a Straddle Period,
the portion of any such Tax that is allocable to the portion of such period ending on the date hereof shall be: 

(i) in the case of Taxes that are either (A) based upon or related to income or receipts; (B) imposed in
connection with any sale or other transfer or assignment of property (real or personal, tangible or intangible) (other than Conveyance Taxes allocated as provided under Section 6.02); or (C) not described in
Section 6.01(b)(ii), deemed equal to the amount of such Taxes which would be payable if the period ended at the close of business on the date hereof; and 

(ii) in the case of Taxes imposed on a periodic basis, deemed to be the amount of such Taxes for the entire Straddle
Period (or, in the case of such Taxes determined on an arrears basis, the amount of such Taxes for the immediately preceding period), multiplied by a fraction the numerator of which is the number of days in the period ending on (and including) the
date hereof and the denominator of which is the number of days in the entire Straddle Period. 

  
 30 

 Any credit or refund resulting from an overpayment of Taxes for a Straddle Period shall be
prorated based upon the method employed in this Section 6.01(b) taking into account the type of Tax to which the refund relates. In the case of any Tax based upon or measured by capital (including net worth or long term debt) or
intangibles, any amount thereof required to be allocated under this Section 6.01(b) shall be computed by reference to the levels of such items immediately prior to the Closing. All determinations necessary to effect the foregoing
allocations shall be made in a manner consistent with the prior practice of the Company and its Subsidiaries. 
 (c) If an
indemnification obligation of Parent under Section 6.01(a) in respect of Taxes described in clause (a) or (b) of Excluded Taxes arises in respect of, or as a result of, an adjustment or other item that results in a reduction of
the amount of Tax that would otherwise be payable by the Company and its Subsidiaries on an aggregate basis for any Taxable Period beginning after the date hereof or the portion of any Straddle Period beginning after the date hereof (determined
pursuant to Section 6.01(b)) (determined on a with-and-without basis) (a “Post-Closing Reduction”), then the amount of such indemnification obligation shall be reduced by the amount equal to the product of
(x) Investor’s percentage shareholding (represented in decimal form) in the Company on a Fully-Diluted Equity basis and (y) such Post-Closing Reduction. If an indemnity payment is made by Parent in accordance with
Section 6.01(a), and if, subsequently, a Post-Closing Reduction that was not previously taken into account pursuant to this Section 6.01(c) to reduce the amount of such payment is realized by the Company and its Subsidiaries,
then, to the extent that the Post-Closing Reduction would have resulted in a reduction in the indemnification amount payable by Parent had the Post-Closing Reduction been realized in the year the indemnity payment was made, Investor shall pay to
Parent at the time of such Post-Closing Reduction an amount equal to the amount by which the indemnity payment would have been so reduced had the Post-Closing Reduction been realized in the year of the indemnity payment. A reduction in Tax will be
considered to be realized for purposes of this Section 6.01(c) at the time that it is taken into account on a Tax Return of the Company or its applicable Subsidiary. In the event any Post-Closing Reduction is subsequently reduced or
disallowed, Parent shall pay to Investor an amount equal to the product of (i) Investor’s percentage shareholding (represented in decimal form) in the Company on a Fully-Diluted Equity basis and (ii) the amount of such Post-Closing
Reduction if it is disallowed or the amount by which it is reduced together with any interest or penalties assessed against the Company or its Subsidiaries by reason of the reduction or disallowance. 

(d) Notwithstanding any provision in this Agreement to the contrary, (i) Parent and the Company shall notify the Investor upon
receiving notice of any claim or other proceeding that could result in an indemnification claim under Section 6.01(a) in respect of Excluded Taxes, (ii) the Company and its Subsidiaries shall control any audit or other proceeding in
respect of such Taxes and (iii) Parent and the Company shall keep Investor reasonably informed regarding the status of any such audit or proceeding. 
 (e) Any payment of estimated Taxes, or any other prepayment of Taxes, made by, or on behalf of or for the account of, the Company or any of its Subsidiaries before the date hereof (including any deposit
made in respect of Taxes) that relates to any Taxable Period beginning after the date hereof or the portion of any Straddle Period beginning after the date hereof (determined pursuant to Section 6.01(b)) shall, except to the extent it
was included as an asset in the Pro Forma Financial Statements, reduce the amount of any indemnity payment that would otherwise be payable by Parent pursuant to this Agreement by an amount equal to the product of (x) Investor’s percentage
shareholding (represented in decimal form) in the Company on a Fully-Diluted Equity basis and (y) the amount of any such payment or prepayment of Taxes. 

  
 31 

 SECTION 6.02. Conveyance Taxes. All Conveyance Taxes shall be paid when due by the
party legally responsible to pay such amount, but shall be borne fifty percent (50%) by Parent and fifty percent (50%) by Investor. Each party responsible to pay such amount will, at its own expense, file all necessary Tax Returns and
other documentation with respect to all such Conveyance Taxes and, if required by applicable Law, the other party will, and will cause its Affiliates to, join in the execution of any such Tax Returns and other documentation. The parties agree to
cooperate in the execution and delivery of all instruments and certificates necessary to minimize the Conveyance Taxes and to enable any party to comply with any filing requirements in respect of Conveyance Taxes. 

SECTION 6.03. Miscellaneous. (a) For Tax purposes, the parties agree to treat all payments made under this Article VI,
under any other indemnity provisions contained in this Agreement, or for any breaches of representations, warranties, covenants or agreements, as adjustments to the Aggregate Purchase Price or as capital contributions, as applicable, except to the
extent required by Law. 
 (b) Notwithstanding any provision in this Agreement to the contrary, the covenants and agreements of
the parties hereto contained in this Article VI shall survive the Closing and shall remain in full force until the expiration of the applicable statutes of limitations for the Taxes in question (taking into account any extensions or waivers
thereof). 
 ARTICLE VII 
 INDEMNIFICATION 
 SECTION 7.01. Survival of Representations and Warranties.
The representations and warranties of the parties hereto contained in this Agreement shall survive the Closing for a period of 18 months after the Closing, provided, however, that (a) the Fundamental Representations shall survive
until 60 days after the expiration of the relevant statute of limitations; (b) the representations and warranties set forth in Section 3.16 (Taxes) shall survive for a period of five years after the Closing; and (c) any
Claim made with reasonable specificity and in good faith by the party seeking to be indemnified within the time periods set forth in this Section 7.01 shall survive until such Claim is finally resolved. The covenants or agreements
contained in this Agreement (a) which by their terms contemplate performance on or prior to the Closing shall survive for a period of 18 months after the Closing and (b) which by their terms contemplate performance after the Closing shall
survive indefinitely, provided that such post-Closing covenants or agreements that set forth a specified term of undertaking shall survive the Closing only until the expiration of such term. 

  
 32 

 SECTION 7.02. Indemnification by Parent. Investor and its Affiliates, officers,
directors, employees and agents (each an “Indemnified Party”) shall from and after the Closing be indemnified and held harmless by Parent (the “Indemnifying Party”) for and against all losses, damages, claims, costs
and expenses, interest, awards, judgments and penalties (including reasonable attorneys’ and consultants’ fees and expenses) actually suffered or incurred by them (hereinafter a “Loss”), arising out of or resulting from
(a) the breach of any representation or warranty made by Parent contained in this Agreement; (b) the breach of any covenant or agreement by Parent or the Company contained in this Agreement; (c) any liability or obligation of the
Company or any of its Subsidiaries to the extent not related to the Business or any Action of any third party to the extent arising out of any action, inaction, event, condition, liability or obligation of Parent or any of its Affiliates that is not
related to the Business; or (d) any Taxes that (i) any Selling Employee or Selling Officer is obligated to pay with respect to the Purchase Price or (ii) that were or should have been withheld in respect of the payment of any amount
of the Aggregate Purchase Price or under the Redemption. 
 SECTION 7.03. Limits on Liability. (a) No Claim may be
asserted nor may any Action be commenced against a party hereto, in each case, pursuant to this Article VII, unless written notice of such Claim or Action is received by such party describing in reasonable detail the facts and circumstances
with respect to the subject matter of such Claim or Action on or prior to the date on which the representation, warranty, covenant or agreement on which such Claim or Action is based ceases to survive as set forth in Section 7.01, as
applicable. 
 (b) Notwithstanding anything to the contrary contained in this Agreement: (i) Parent shall not be liable for
any Claims pursuant to Section 7.02(a) unless and until the aggregate amount of indemnifiable Claims which may be recovered from Parent exceeds $7,500,000, whereupon Investor shall be entitled to indemnification for the full amount of
such Claims; and (ii) the maximum amount of indemnifiable Claims pursuant to Section 7.02(a) which may be recovered from Parent shall be an amount equal to $100,000,000; provided, that this Section 7.03(b)
shall not apply with respect to any Claim arising out of or resulting from any breach of any Fundamental Representations or the representations and warranties set forth in Section 3.16 (Taxes). 

(c) Notwithstanding anything to the contrary contained in this Agreement, after the Closing, none of the parties hereto shall have any
liability under any provision of this Agreement for any punitive, exemplary, treble, incidental, consequential, special or indirect damages (except, in each case, to the extent payable by an Indemnified Party to a third party), including loss of
business reputation or opportunity relating to the breach or alleged breach of this Agreement, regardless of whether such damages were foreseeable; provided that nothing herein shall preclude the recovery for diminution of value or similar
damages that may be suffered by Investor in respect of the Subscription Shares, the Employee Shares and the Officer Shares acquired hereunder. 
 (d) For all purposes of this Article VII, “Losses” shall be determined net of (i) any amounts actually received by the Indemnified Party or any of its Affiliates in connection with
the facts giving rise to the right of indemnification and after deduction of any reasonable costs and expenses (including any increase in premiums) incurred in connection with such recovery, and, if the Indemnified Party or any of its Affiliates
receives such recovery after receipt of payment from the Indemnifying Party, then the amount of such recovery, net of reasonable costs and expenses (including any increase in premiums) incurred in obtaining such recovery, shall be paid to the
Indemnifying Party; and (ii) any net Tax benefit actually realized by the Indemnified Party or any of its Affiliates in the taxable year of the Loss (determined on a with-and-without basis) arising as a result of the accrual, incurrence or
payment of any such Losses. 
 (e) Each party hereto shall, and shall cause its respective Affiliates to, take all reasonable
steps to mitigate its Claims upon and after becoming aware of any event that could reasonably be expected to give rise to any Claims, and no party shall be entitled to any payment, adjustment or indemnification more than once with respect to the
same matter. 

  
 33 

 SECTION 7.04. Notice of Claim; Third Party Claims. (a) An Indemnified Party
shall give the Indemnifying Party notice in reasonable detail (to the extent known to the Indemnified Party) of any matter which an Indemnified Party has determined has given or could give rise to a right of indemnification pursuant to this
Article VII, within 30 days of such determination, stating the amount of the Claim, if known, and method of computation thereof, and containing a reference to the provisions of this Agreement in respect of which such right of indemnification
is claimed or arises. 
 (b) If an Indemnified Party shall receive written notice of any Action, audit, claim, demand or
assessment against it, which may give rise to a Claim under this Article VII (each, a “Third Party Claim”), within 30 days of the receipt of such notice (or within such shorter period as may be required to permit the
Indemnifying Party to respond to any such claim), the Indemnified Party shall give the Indemnifying Party notice of such Third Party Claim together with copies of all notices and documents served on or received by the Indemnified Party in respect
thereof. The Indemnifying Party shall be entitled to assume and control the defense of such Third Party Claim at its expense and through counsel consented to by the Indemnified Party (such consent not to be unreasonably withheld, delayed or
conditioned) if it gives written notice of its intention to do so to the Indemnified Party within 10 Business Days of the receipt of such notice from the Indemnified Party, it being understood that such election shall be without prejudice to the
rights of the Indemnifying Party to dispute whether such claim involves recoverable or indemnifiable Claims under this Article VII. If the Indemnifying Party elects to undertake any such defense against a Third Party Claim, the Indemnifying
Party shall (i) conduct such defense in good faith and on a timely basis, (ii) promptly keep the Indemnified Party reasonably informed of material developments in such claim or demand at all stages thereof and (iii) permit the
Indemnified Party to participate in such defense at its own expense, provided, however, that if there is a potential conflict of interest between the interest of the Indemnified Party and the Indemnifying Party, the reasonable fees and
expenses of such separate counsel shall be paid by the Indemnifying Party. The Indemnified Party shall cooperate with the Indemnifying Party in such defense and make available to the Indemnifying Party, at the Indemnifying Party’s expense, all
witnesses, pertinent records, materials and information in the Indemnified Party’s possession or under the Indemnified Party’s control relating thereto (or in the possession or control of any of its Affiliates or its or their
Representatives) as is reasonably requested by the Indemnifying Party or its counsel. If the Indemnifying Party elects to direct the defense of any such Third Party Claim, the Indemnified Party shall not pay, or permit to be paid, any part of such
Third Party Claim unless the Indemnifying Party consents in writing to such payment (such consent not to be unreasonably withheld, delayed or conditioned), the Indemnifying Party withdraws from the defense of such Third Party Claim, the Indemnifying
Party fails to conduct such defense in good faith on a timely basis, or a final judgment from which no appeal may be taken by or on behalf of the Indemnifying Party is entered against the Indemnified Party for such Third Party Claim. If the
Indemnified Party assumes the defense of any such Third Party Claim pursuant to this Section 7.04 and proposes to settle such Third Party Claim prior to a final judgment thereon or to forgo any appeal with respect thereto, then the
Indemnified Party shall give the Indemnifying Party prompt written notice thereof and the Indemnifying Party shall have the right to participate in the settlement of such Third Party Claim. The Indemnified Party shall not admit any liability with
respect to, or settle, compromise or discharge any Third Party Claim without the Indemnifying Party’s prior written consent, such consent not to be unreasonably withheld or delayed. The Indemnifying Party shall have the right to settle any
Third Party Claim for which it obtains a full release of the Indemnified Party in respect of such Third Party Claim that does not require the Indemnified Party to admit to any liability or imposes injunctive or other relief (other than monetary
damages to be paid solely by the Indemnifying Party) or to which settlement the Indemnified Party consents in writing, such consent not to be unreasonably withheld or delayed (it being agreed that the Indemnified Party shall be entitled to withhold
consent if such settlement requires the Indemnified Party to admit to any liability or imposes injunctive or other relief (other than monetary damages to be paid solely by the Indemnifying Party)). 

  
 34 

 SECTION 7.05. Remedies. Each of the parties hereto acknowledges and agrees that
following the Closing (a) except with respect to matters covered by Article VI and other than as provided in Section 8.10, (i) the indemnification provisions of this Article VII shall be the sole and
exclusive monetary remedies of Investor against Parent for any Claim, other than in respect of fraud; and (ii) any and all Claims must be brought under and in accordance with the terms of this Agreement; and (b) notwithstanding anything
herein to the contrary, absent fraud, no breach of any representation, warranty, covenant or agreement contained herein shall give rise to any right on the part of any party hereto to rescind this Agreement or any of the transactions contemplated
hereby. Notwithstanding anything to the contrary contained in this Agreement, the limitations in this Article VII shall not apply to the matters covered by Article VI or be deemed to modify or limit the rights and remedies of the
Investor under Section 8.10. 
 ARTICLE VIII 
 GENERAL PROVISIONS 
 SECTION 8.01. Expenses. Except as otherwise specified
in this Agreement, all costs and expenses, including fees and disbursements of counsel, financial advisors and accountants, incurred in connection with this Agreement and the transactions contemplated by this Agreement shall be borne by the party
incurring such costs and expenses, whether or not the Closing shall have occurred. 

  
 35 

 SECTION 8.02. Notices. All notices, requests, claims, demands and other
communications under this Agreement shall be in writing and shall be given or made (and shall be deemed to have been duly given or made upon receipt) by delivery in person, by an internationally recognized overnight courier service, or by facsimile
to the respective parties hereto at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this Section 8.02): 

 

	 	(a)	if to Parent or the Company: 

SINA Corporation 
 20F Beijing Ideal International Plaza 
 No.58 Northwest 4th Ring Road 

Haidian, Beijing 100080 
 People’s Republic of China 
 Facsimile: +86 10 8260 7167 

Attention: Herman Yu 
 with a copy to: 
 Shearman & Sterling LLP 

12th Floor East Tower, Twin Towers 
 B-12 Jianguomenwai Dajie 
 Beijing 100022 

People’s Republic of China 
 Facsimile: +86 10 6563 6001 
 Attention: Lee Edwards 

 

	 	(b)	if to Investor: 

 26/F, Tower
One, Times Square 
 1 Matheson Street, Causeway Bay 
 Hong Kong 
 Facsimile: +852 2215 5200 

Attention: Mr. Joseph Tsai / Mr. Tim Steinert 
 with a copy to: 
 Simpson Thacher & Bartlett 

35/F ICBC Tower 

3 Garden Road 

Central, Hong Kong 
 Facsimile: +1 212 455 2502 
 Attention: Kathryn K. Sudol 

SECTION 8.03. Public Announcements. Except as required by Law or by the requirements of any securities exchange on which the
securities of such party are listed, no party to this Agreement shall make, or cause to be made, any press release or public announcement in respect of this Agreement or otherwise communicate with any news media without the prior written consent of
the other parties, and the parties shall cooperate as to the timing and contents of any such press release or public announcement; provided that nothing in this Agreement shall be construed as preventing or restricting any party from making
any disclosures, announcements or communications in respect of any material information in relation to the Company or its Subsidiaries, or the Business, in a manner consistent with its generally applicable compliance and public disclosure policies,
including any communications with securities research analysts or investors of information typically disclosed in an investors’ meeting or analyst call. 

  
 36 

 SECTION 8.04. Severability. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced by any Law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect for so long as the economic or legal substance of the transactions
contemplated by this Agreement is not affected in any manner materially adverse to any party hereto. Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the parties hereto as closely as possible in a mutually acceptable manner in order that the transactions contemplated by this Agreement are consummated as originally
contemplated to the greatest extent possible. 
 SECTION 8.05. Entire Agreement. This Agreement, the other Transaction
Documents and the Disclosure Schedule constitute the entire agreement of the parties hereto as of the date hereof with respect to the subject matter hereof and thereof and supersede all prior agreements and undertakings, both written and oral, among
the parties hereto with respect to the subject matter hereof and thereof. 
 SECTION 8.06. Assignment. This Agreement may
not be assigned by operation of Law or otherwise without the express written consent of Parent and Investor (which consent may be granted or withheld in the sole discretion of Parent or Investor), as the case may be, and any attempted assignment
without such consent shall be null and void. 
 SECTION 8.07. Amendment. This Agreement may not be amended or modified
except (a) by an instrument in writing signed by, or on behalf of, Parent and Investor that expressly references the section of this Agreement to be amended; or (b) by a waiver in accordance with Section 8.08. 

SECTION 8.08. Waiver. Any party to this Agreement may (a) extend the time for the performance of any of the obligations or
other acts of the other party; (b) waive any inaccuracies in the representations and warranties of the other party contained herein or in any document delivered by the other party pursuant to this Agreement; or (c) waive compliance with
any of the agreements of the other party or conditions to such obligations contained herein. Any such extension or waiver shall be valid only if set forth in an instrument in writing signed by the parties to be bound thereby. Notwithstanding the
foregoing, no failure or delay by any party hereto in exercising any right hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or future exercise of any other right hereunder. The failure
of any party hereto to assert any of its rights hereunder shall not constitute a waiver of any of such rights. 
 SECTION 8.09.
No Third Party Beneficiaries. This Agreement shall be binding upon and inure solely to the benefit of, and be enforceable by, only the parties hereto and their respective successors and permitted assigns and nothing herein, express or
implied, is intended to or shall confer upon any other Person (other than an Indemnified Party solely with respect to Article VII) any right, benefit or remedy of any nature whatsoever, including any rights of employment for any specified
period, under or by reason of this Agreement. 

  
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 SECTION 8.10. Specific Performance. The parties hereto acknowledge and agree that the
parties hereto would be irreparably damaged if any of the provisions of this Agreement are not performed in accordance with their specific terms or are otherwise breached and that any non-performance or breach of this Agreement by any party hereto
could not be adequately compensated by monetary damages alone and that the parties hereto would not have any adequate remedy at law. Accordingly, in addition to any other right or remedy to which any party hereto may be entitled, at law or in equity
(including monetary damages), such party shall be entitled to enforce any provision of this Agreement by a decree of specific performance and to temporary, preliminary and permanent injunctive relief to prevent breaches or threatened breaches of any
of the provisions of this Agreement without posting any bond or other undertaking. 
 SECTION 8.11. Governing Law. Other
than for Section 3.18 (SEC Reports), which shall be governed by, and construed in accordance with, the laws of the State of New York without regard to the conflict of laws rules stated therein, this Agreement shall be governed by,
and construed in accordance with, the laws of Hong Kong without regard to the conflict of laws rules stated therein. 
 SECTION
8.12. Dispute Resolution. Any dispute, controversy or claim arising out of or relating to this Agreement, including, but not limited to, any question regarding the breach, termination or invalidity thereof shall be finally resolved by
arbitration in Hong Kong in accordance with the rules (the “ICC Rules”) of the International Chamber of Commerce (the “ICC”) in force at the time of commencement of the arbitration. 

(a) The arbitral tribunal shall consist of three arbitrators. The arbitrators shall be appointed in accordance with the ICC Rules.

 (b) The language to be used in the arbitration proceedings shall be English. 

(c) Any arbitration award shall be (i) in writing and shall contain the reasons for the decision, (ii) final and binding on the
parties hereto and (iii) enforceable in any court of competent jurisdiction, and the parties hereto agree to be bound thereby and to act accordingly. 
 (d) The parties hereto expressly consent to the consolidation of arbitration proceedings commenced hereunder with arbitration proceedings commenced pursuant to the arbitration agreements contained in the
other Transaction Documents. In addition, the parties hereto expressly agree that any disputes arising out of or in connection with this Agreement and the other Transaction Documents concern the same transaction or series of transactions.

 (e) In the event a dispute is referred to arbitration hereunder, the parties hereto shall continue to exercise their
remaining respective rights and fulfill their remaining respective obligations under this Agreement. 
 (f) It shall not be
incompatible with this arbitration agreement for any party to seek interim or conservatory relief from courts of competent jurisdiction before the constitution of the arbitral tribunal. 

  
 38 

 SECTION 8.13. Counterparts. This Agreement may be executed and delivered (including
by facsimile or other means of electronic transmission, such as by electronic mail in “pdf” form) in one or more counterparts, and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be
an original, but all of which taken together shall constitute one and the same agreement. 
 [SIGNATURE PAGE FOLLOWS] 

  
 39 

 IN WITNESS WHEREOF, each of the parties hereto have caused this Agreement to be executed as
of the date first written above by its respective Representative thereunto duly authorized. 
  

					
	ALI WB INVESTMENT HOLDING LIMITED
		
	By:	 	/s/ Joseph C. Tsai
		 	  

		 	Name:	 	Joseph C. Tsai
		 	Title:	 	Authorized Signatory

  

[Signature Page to Share Subscription and Purchase Agreement] 

 
			
	SINA CORPORATION
		
	By:	 	

		 	  

		 	Name:
		 	Title:
	
	WEIBO CORPORATION
		
	By:	 	

		 	  

		 	Name:
		 	Title:

  

[Signature Page to Share Subscription and Purchase Agreement] 

 CONFIDENTIAL 

 

 SCHEDULE 1 

Knowledge 

Charles Chao 

Herman Yu 
 Hong
Du 
 Gaofei Wang 
 Dachen Chu 

 CONFIDENTIAL 

 

 SCHEDULE 2 

Allocation Rules 
 All
the P/L accounts were carved out based on direct or indirect basis. For the revenues and expenses that were separately tracked for Weibo business, they were allocated based on the actual amount or direct basis. For the items that were not separately
tracked in the past, they were allocated based on the nature of the respective expense items using a consistent methodology. The allocation basis for P/L accounts is summarized as below: 

 

					
	 Type
	  	 P/L Accounts
	  	 Allocation Basis

	Direct	  	Most P/L accounts except for items listed as indirect	  	Directly picked up from related cost centers, legal entities or based on manual tagging in the system
			
	Indirect	  	Cost/Operating Expenses – depreciation for equipment used by employees, rental and office supplies	  	Proportion of headcount
	  	Infrastructure costs	  	Proportion of relative usage
	  	Sales rebate, business tax, sales commission expense, sales/admin staff related expenses and bad debt expense	  	Proportion of revenue

 Any items accounted for as intangible support or benefits by any member of the Parent Group, and which intangible support
or benefits are provided to any member of the Company Group, shall not be allocated by Parent to any member of the Company Group. Any items accounted for as intangible support or benefits by any member of the Company Group, and which intangible
support or benefits are provided to any member of the Parent Group, shall not be allocated by the Company to any member of the Parent Group. 

 CONFIDENTIAL 

 

 SCHEDULE 3 

Subject IP 
 Patent

  
 

 
 Trademarks 

 
 

 

 CONFIDENTIAL 

 

 

 
 Domain Names 

 
 

 

 CONFIDENTIAL 

 

 SCHEDULE 4 

Specified IP 

Software - Basic software 
  

			
	 No.
	  	 Name/Description

		
	1	  	Advertising Publishing: A platform that schedules the booking and publishes the advertisement on online media platforms.
		
	2	  	Sales Management: A platform that streamlines the sales process and manages the customer relationship.
		
	3	  	Procurement Reimbursement: A platform that manages the purchase and reimbursement process, with budget and inventory control.
		
	4	  	Financial Management: Financial management platform with accounting processing, financial control and analytics.
		
	5	  	Flow Statistics: A statistics platform that supports online analytics on web traffic and user behavior.
		
	6	  	Monitoring and Censoring: A control platform that monitors and censors the online content published by operator and operator’s users.

 CONFIDENTIAL 

 

 Trademarks 
  

 
 

 

 CONFIDENTIAL 

 

 

 

 CONFIDENTIAL 

 

 

 

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 SCHEDULE 5 

Disclosure Schedule 

 CONFIDENTIAL 

 

 SCHEDULE 6 

Pro Forma Financial Statements Agreed Upon Procedures 

 

	1.	Understand Weibo business and assess the appropriateness of current accounting policies and estimates 

 

	2.	Assess and test key controls over Weibo’s financial reporting process 

 

	3.	Assess the basis of preparation for the B/S and P/L 

  

	4.	Test key controls over Weibo advertising and W-dollar systems 

  

	5.	Send bank confirmations 

  

	6.	Send accounts receivable confirmations on a sample basis 

  

	7.	Send game revenue confirmations on a sample basis 

  

	8.	Perform detailed testing on Weibo revenues, including advertising, game and membership revenues, by tracing to supporting contracts or system data

  

	9.	Review accounts receivable aging report and subsequent collection 

  

	10.	Perform cut off testing on major P/L accounts 

  

	11.	Perform detailed testing on major cost and expense items by tracing to supporting documents 

 

	12.	Review supporting documents and agreements for significant equity transactions and assess the accounting treatment 

 

	13.	Review the valuation report for Weibo stock options 

  

	14.	Test the elimination entries and related party 

  

	15.	Assessment of income tax position 

  

	16.	Subsequent event review and search for unrecorded liabilities 

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 SCHEDULE 7 

Shared Assets 
  

			
	Shared intangible assets	  	Subject IP – see Schedule 3
	  	Specified IP – see Schedule 4
		
	Fixed assets	  	Office equipment
	  	Furniture

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 SCHEDULE 8 

Shared Services 
  

	1.	Sales and Sale support team 

  

	2.	Admin team (administration and purchasing team) 

  

	3.	Back office including legal/finance/information system 

  

	4.	Media cooperation team and content purchasing team 

  

	5.	Architecture engineers 

  

	6.	Program engineers 

 CONFIDENTIAL 

 

 SCHEDULE 9 

Third Party Services 

Professional services

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