Document:

EX-10.30

 Exhibit 10.30 

Portions of this exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation S-K on the basis that the
registrant customarily and actually treats that information as private or confidential and the omitted information is not material. Information that has been omitted has been noted in this document with a placeholder identified by the mark
“[***]”. 
 MEMBERS’ AGREEMENT 

between 

GRAB INC. 

and 
 [***] 

17 October, 2020 

 THIS MEMBERS’ AGREEMENT (the “Agreement”) is
entered into on 17 October, 2020 by and between the parties named below: 
  

	(A)	 GRAB INC. 

  

					
	Registered Address	  	:	  	PO Box 472, 2nd Floor, Habour Place, 103 South Church Street, George Town, Grand Cayman KY1-1106, Cayman Islands
			
	Establishment	  	:	  	Incorporation Certificate No. IC-296805 issued by the Registrar of Companies of Cayman Islands on February 17, 2015
			
	Authorized Representative	  	:	  	

 (Grab Inc. shall hereinafter be referred to as “GI”) 

 

	(B)	 [***] 

  

					
	Permanent Address	  	:	  	[***], Ho Chi Minh City, Vietnam
			
	ID Card	  	:	  	No. [***] issued by Police Department of Ho Chi Minh City on [***].

 ([***] shall hereinafter be referred to as “[***]”) 

RECITALS 

WHEREAS, the Parties are entering into this Agreement for the purpose of recording the terms and conditions regulating their
relationship as members of the Company (as defined below) and the affairs of the Company. 
 NOW, THEREFORE, the Parties hereby agree
as follows: 
 ARTICLE 1 DEFINITIONS AND INTERPRETATION 
  

	1.01	 Definitions 

In this Agreement, except where the context otherwise requires, the following words and expressions shall have the following meanings: 

“Affiliate” means in relation to a person, any person that is Controlled by, Controls, or is under common Control with that
person, and in the case of an individual, any Connected Person. For the purposes of this definition, “Connected Person” means those persons listed in Article 4.17 of the Law on Enterprises. 

“Agreement” has the meaning set forth in the introductory paragraph of this Agreement. 

“Agreement Date” means the date of this Agreement as provided in the first page of this Agreement. 

“Business Day” means any day (except for Saturday, Sunday and any public holidays in Vietnam) on which banks are open for
general business in Vietnam. 
 “Call Option” has the meaning provided in Section 4.02. 

“Capital Contribution” means each and every capital contribution in the charter capital of the Company. 

 “Charter” means the duly approved charter of the Company, as may be amended
from time to time. 
 “Company” means Grab Company Limited, a company established and operating under the laws of Vietnam
and the enterprise registration certificate No. 0312650437 issued by the Department of Planning and Investment of Ho Chi Minh City on February 14, 2014 as amended from time to time with its head office at Mapletree Business Center,
No. 1060 Nguyen Van Linh Boulevard, Tan Phong Ward, District 7, Ho Chi Minh City, Vietnam. 
 “Confidential
Information” means (i) the terms and conditions of this Agreement, including its existence, (ii) the identity of the Parties and the Company, and (iii) any other information disclosed or made available by a Party in the
course of the discussions, negotiations, or due diligence in connection with this Agreement and the transactions contemplated in this Agreement. 

“Encumbrances” means any mortgage, pledge, charge, privilege, priority, hypothecation, assignment, lien, attachment, set-off or security interest of any kind whatsoever, third party interest of any kind whatsoever or other encumbrance of any kind whatsoever. 

“GI” has the meaning set forth in the introductory paragraph of this Agreement. 

“Governmental Entity” means any national, provincial, regional, municipal, local or other governmental, legislative,
administrative or regulatory authority, examiner, body, agency, commission, self-regulatory organization or other similar entity (including any branch, department or official thereof) or any successor entity. 

“GPNV” means Gpay Network Viet Nam Company Limited, a company established and operating under the laws of Vietnam and the
enterprise registration certificate No. 0314736432 issued by the Department of Planning and Investment of Ho Chi Minh City on November 15, 2017 as amended from time to time with its head office at Mapletree Business Center, No. 1060
Nguyen Van Linh Boulevard, Tan Phong Ward, District 7, Ho Chi Minh City, Vietnam, which is an Affiliate of GI. 
 “Indemnified
Party” has the meaning provided in Section 9.01. 
 “Indemnifying Party” has the meaning
provided in Section 9.01. 
 “Law on Enterprises” means the Law on Enterprises No. 68/2014/QH13 adopted by the
National Assembly of Vietnam on November 26, 2014. 
 “Legal Document” means (i) any document listed in Articles
2, 4, 172.2 and 172.4 of the Law on Promulgation of Laws No. 80/2015/QH13 adopted by the National Assembly of Vietnam on June 22, 2015, and if these articles are amended, supplemented or replaced, includes any document thereafter defined as a
legal document pursuant to such amendment, supplement or replacement; and (ii) any publicly available and binding rules, regulations, requirements or guidance of any Governmental Entity. 

“MC” means the Members’ Council (“hội
đồng thành viên” in Vietnamese). 

“Members” means GI and [***], and any Person holding any Capital Contribution, and a “Member” means any of
them. 
 “[***]” has the meaning set forth in the introductory paragraph of this Agreement. 

“Parties” means the parties to this Agreement and “Party” means any of them. 

“Person” means any individual, partnership, limited liability partnership, joint venture company, limited liability company,
joint stock company, corporation, trust, fund, estate, juridical entity, association, statutory body, unincorporated organization or government or any political subdivision, instrumentality, agency or authority thereof or therein. 

 “Reserved Matters” has the meaning provided in Article 3(a). 

“VIAC” has the meaning provided in Section 9.11. 

“Vietnam” means the Socialist Republic of Vietnam. 
  

	1.02	 Interpretation 

The following rules of interpretation shall apply unless the context otherwise requires. 

 

	 	(a)	 Headings are for convenience only and do not affect interpretation; 

 

	 	(b)	 The singular includes the plural, and the converse also applies; 

 

	 	(c)	 If a word or phrase is defined, its other grammatical forms have a corresponding meaning;

  

	 	(d)	 A reference to an Article, Section or Schedule is a reference to an article of, a section of or a schedule of
this Agreement; 

  

	 	(e)	 A reference to an agreement or document (including a reference to this Agreement (including its Schedules)) is
to the agreement or document (including its schedules) as amended, supplemented, novated or replaced except to the extent prohibited by this Agreement or that other agreement or document; 

 

	 	(f)	 A reference to “writing” or “written” includes any method of representing or reproducing
words, figures, drawings, or symbols in a visible or tangible form; 

  

	 	(g)	 A reference to a party to this Agreement or another agreement or document includes the party’s successors,
permitted substitutes and permitted assigns; 

  

	 	(h)	 A reference to legislation or to a provision of legislation includes a modification or re-enactment of it, a legislative provision substituted for it and a regulation or statutory instrument issued under it; 

  

	 	(i)	 Mentioning anything after “includes”, “including”, “for example”, or similar
expressions, does not limit what else might be included; 

  

	 	(j)	 Nothing in this Agreement shall be interpreted against a Party solely on the ground that the Party put forward
this Agreement or any part of it; and 

  

	 	(k)	 The term “transfer” when used in this Agreement shall mean any direct or indirect disposal, exchange
or sale of capital contribution or securities or voting or any other interest therein and includes (i) any direct or indirect transfer, exchange or other disposition of such capital contribution or securities or voting or any other interest
therein; (ii) any direct or indirect sale, assignment, gift, donation, redemption, conversion, exchange or other disposition of such capital contribution or securities or voting or any other interest therein, pursuant to an agreement,
arrangement, instrument or understanding by which legal title to or beneficial ownership (partly or entirely) of such capital contribution or securities or voting or any other interest therein passes from one Person to another Person or to the same
Person in a different legal capacity, whether or not for value. 

 ARTICLE 2 NATURE OF THE MEMBERS’ AGREEMENT 

(a) This Agreement shall govern the Parties’ relations and the obligations of Parties regarding certain aspects of business affairs of
the Company. Resolutions passed by the MC of the Company and the rights and obligations of the Parties shall be made and exercised in accordance with the provisions of this Agreement. 

(b) The Parties undertake that they shall take all practicable steps including, without limitation, the exercise of votes they directly or
indirectly control at meetings of the MC of the Company to ensure that the terms of this Agreement are complied with and that they shall do all such other acts and things as may be necessary or desirable to implement this Agreement. 

(c) If any provision of the Charter at any time conflicts with any provision of this Agreement, this Agreement shall, to the extent permitted
by the applicable Legal Documents, prevail among the Parties and the Parties shall whenever necessary and to the fullest extent permitted by the applicable Legal Documents exercise all voting and other rights and powers available to them to procure
the amendment, waiver or suspension of the relevant provision of the Charter to the extent necessary to permit the Company and its affairs to be administered as provided in this Agreement. 

ARTICLE 3 RESERVED MATTERS 

(a) Notwithstanding any other provision to the contrary contained in this Agreement, [***] irrevocably agrees to exercise her voting rights
and other powers of control available to her and act in such manner, and shall cause the Company, the MC of the Company, the Director/Managing Director of the Company and other officers of the Company to act in such manner, so as to ensure that no
decisions or actions are taken on any and all matters as provided in Schedule 1 in relation to the Company (including all matters which [***], as a Member, is allowed to vote or decide in accordance with the applicable Legal Documents) (the
“Reserved Matters”) without the written approval of GI in any event. 
 (b) All Reserved Matters shall be subject to consent
of GI. In case GI agrees or proposes to approve any Reserved Matter, [***] agrees to personally cast a sufficient number of her votes or procure her duly appointed representatives to cast all or a sufficient number of her votes, in order to approve
and pass such Reserved Matter when the Reserved Matter is presented at the meeting of MC or through a solicitation for written consent to pass a resolution of MC. 

ARTICLE 4 TRANSFER RESTRICTIONS 
  

	4.01	 Lock-in 

So long as GI remains a member of the Company, [***] shall not be entitled to sell, transfer, assign or otherwise dispose any of her Capital
Contribution in the Company to any Person other than GI or a Person designated by GI. 
  

	4.02	 Call Option 

The Parties acknowledge that [***] has granted GPNV a call option to acquire entire Capital Contribution of [***] under the Call Option
Agreement dated 18 March 2020 (the “Call Option”). GI agrees with, and [***] is obligated to fully comply with, the Call Option in accordance with the terms thereof. 

 ARTICLE 5 COVENANTS OF [***] 

 

	5.01	 General 

(a) [***] undertakes that all representations and warranties as given under Article 7 shall remain accurate, complete, true, reliable and not
misleading at the given time as provided hereunder, and if any representations and warranties become inaccurate, incomplete, untrue, unreliable or misleading at any time after the Agreement Date, [***] shall immediately notify GI in writing. 

(b) [***] undertakes not to avoid, or seek to avoid, the observance or performance of any of the terms of this Agreement, but will at all times
in good faith assist in the carrying out of all such terms and in the taking of all such action as may be necessary or appropriate in order to protect the rights of GI hereunder and any holder of those rights against impairment. 

(c) [***] undertakes to cast her votes or perform necessary actions to nominate and elect for appointment personnel designated by GI in any key
positions in the Company (which, for avoidance of doubt, is a Reserved Matter). 
 (d) [***] undertakes that she shall, and shall procure the
Company to, promptly do, perform, sign, execute and deliver all such acts, documents and things (or procure the doing, performance, signing, execution or delivery of them) as are required, necessary and advisable to give full legal effect to this
Agreement and the transactions and matters contemplated by this Agreement. 
 (e) [***] undertakes not to delegate any aspect of her role or
duty or authorize any Person to be her authorized representative or otherwise to perform any of a Member’s role or duty. 
 (f) [***]
undertakes that her Capital Contribution shall be her separate assets (“tài sản riêng” in Vietnamese) which shall not be subject to any other Person’s consent or rights. 

 

	5.02	 Entitlements Attached to the Capital Contribution 

In any event that [***] receives any dividend or any other distribution (in cash or in kind) from payment and declaration by the Company, [***]
undertakes to either, at the sole discretion of GI, 
 (i) to use the proceeds from such distribution to pay any loan interests in
accordance with agreement between GI or GI’s affiliate and [***] as agreed, where applicable, and perform necessary actions and sign sufficient documents to give effect to such payment of interest; or 

(ii) surrender and transfer to GI or a Person designated by GI such distribution in any manner as GI deems appropriate, and to perform
necessary actions and sign sufficient documents to give effect to the transfer of such distribution. 
 ARTICLE 6 REPRESENTATIONS AND
WARRANTIES 
 [***] hereby represents and warrants to GI, as of the Agreement Date, that: 

(a) [***] has full power and authority to execute and deliver this Agreement, to perform her obligations hereunder and to consummate the
transactions contemplated hereby. [***] has duly executed and delivered this Agreement. 
 (b) [***] is of full age and sound mind, is not
under guardianship and has full legal capacity to enter into this Agreement. 
 (c) This Agreement constitutes the legal, valid and binding
obligation of [***], enforceable against [***] in accordance with its terms. The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated hereby, require no action by or in respect of, or filing
with, any regulatory consent. 

 (d) The execution, delivery and performance by [***] of this Agreement and the consummation
of the transactions contemplated hereby do not (i) conflict with or result in any violation or breach of any provision of any Legal Document or (ii) require any consent or other action by any Person under any provision of any agreement or
other instrument to which [***] is a party. 
 (e) Except for the agreements and arrangements having disclosed in writing by [***] to GI,
[***] has not entered into and/or executed any agreements or arrangements with respect to the Capital Contribution, including but not limited to agreements or arrangements with respect to the transfer, use or disposal of the Capital Contribution.

 ARTICLE 7 EFFECTIVENESS, TERM AND TERMINATION 
  

	7.01	 Effectiveness and Termination 

This Agreement shall become effective from the Agreement Date, and shall terminate upon occurrence of any of the following events: 

 

	 	(a)	 the Company is dissolved, liquidated or wound up; and 

 

	 	(b)	 the Parties agree on the termination of this Agreement in writing. 

 

	7.02	 Effect of Termination 

In the event of the termination of this Agreement in accordance with Section 7.01, this Agreement shall cease to have effect and none of
the Parties or their respective Affiliates shall have any liability of any nature whatsoever under this Agreement (except for liabilities which have occurred upon or before the termination), provided that the provisions in Article 1, Article
7 and Article 8 shall survive any termination of this Agreement. 
 ARTICLE 8 MISCELLANEOUS 

 

	8.01	 Indemnity 

Each Party (the “Indemnifying Party”) hereby irrevocably and unconditionally agree to indemnify and hold the other Party and
its respective directors, officers, employees, advisors and representatives (each, an “Indemnified Party”) harmless, on demand, from and against any and all losses (including, without limitation, legal and other professional fees
and expenses), and other charges and expenses which may be suffered or incurred by the Indemnified Parties as a result of any misrepresentation or breach of any representations and warranties made by the Indemnifying Party in this Agreement or non-fulfilment of or failure to perform any condition or covenant or obligation or agreement or undertaking contained in this Agreement by the Indemnifying Party. 

 

	8.02	 Waiver; Cumulative Rights 

The failure or delay of a Party to require performance by the other Party of any provision of this Agreement, except for the failure or delay
of a Party to comply with notice deadlines as included in this Agreement, shall not affect its right to require performance of such provision unless such performance has been waived by such Party in writing. Any right granted to a Party hereunder or
by Legal Documents shall be cumulative and may be exercised in part or in whole from time to time. 

	8.03	 Entire Agreement 

Except to the extent provided herein, this Agreement (including Schedules) contains the entire agreement among the Parties with respect to the
subject matter hereof and supersedes all prior agreements and understandings, oral or written. 
  

	8.04	 Modification 

No variation or modification of this Agreement and no waiver of any of the provisions and conditions hereof, or granting of any consent
contemplated hereby, shall be valid unless in writing and signed by the Parties. 
  

	8.05	 Severability 

Every provision and each part thereof contained in this Agreement shall be severable and distinct from the other provisions. If any provision
is invalid, illegal or unenforceable under applicable Legal Documents, the validity, legality and enforceability of the remaining provisions of this Agreement shall not in any way be affected. To the extent permitted by applicable Legal Documents,
the Parties hereby waive any provision of applicable Legal Documents that renders any provision of this Agreement prohibited or unenforceable in any respect. 
  

	8.06	 Confidentiality 

(a) No Party shall, without the prior written agreement of the other Party, disclose any Confidential Information except: 

 

	 	(i)	 the disclosure of information to the extent required to be disclosed by the applicable Legal Documents or
regulations (including any stock exchange regulation) or any binding judgment, order or requirement of any court or other competent authority, provided that if Ms. [***] is so requested to make such disclosure she shall, as far as it is lawful
to do so, first consult and cooperate with GI to give GI an opportunity to contest the disclosure and also take into account GI’s requirements about the proposed form, timing, nature, and extent of the disclosure; 

 

	 	(ii)	 GI may disclose any of the terms of this Agreement to its current or bona fide prospective investors, co-investors and its Affiliates and subsidiaries, and its and their respective directors, officers, employees, shareholders, investors, investment bankers, fund managers, lenders, accountants and attorneys;

  

	 	(iii)	 GI may disclose the terms of this Agreement to potential investors seeking to invest in the Company and its
subsidiaries or acquire, directly or indirectly, any Capital Contribution in the Company and its subsidiaries; 

  

	 	(iv)	 a press announcement regarding the investment made by GI in the Company and/or its subsidiaries and/or summary
of major achievements/improvements which have occurred in the Company and/or its subsidiaries after the investment of GI; 

  

	 	(v)	 the disclosure of information has been mutually agreed by the Parties or is reasonably necessary to each
Party’s professional advisors (including but not limited to legal, accounting and tax advisors); 

  

	 	(vi)	 information that is independently acquired from a third party to the extent that it is acquired with the right
to disclose the same and is not acquired in breach of a confidentiality agreement; and 

	 	(vii)	 information that comes within the public domain (other than as a result of a breach of this Section 8.06).

 (b) [***] further acknowledges that she is aware that the unauthorized use or disclosure of the Confidential
Information may be highly prejudicial to GI and the Company’s interests and may constitute an invasion of privacy and an improper disclosure of trade secrets. 
  

	8.07	 Transaction Expenses 

Except as otherwise expressly provided in this Agreement, each Party hereto will bear its own costs and expenses incurred in connection
with the preparation, execution and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of its agents, representatives, financial advisors, legal counsel and accountants. 

 

	8.08	 Notices 

  

(a) Any notice to be given under this Agreement shall be in writing and deemed to have been given when delivered by hand, airmail or email to a
Party. Any such notice must be given at such Party’s address as specified herein or at such other address as such Party has notified to the other Party. All documents furnished and notices given by any Party under this Agreement shall be in
English. 
 To GI: 
  

			
	 Address:
	  	Mapletree Business Center, No. 1060 Nguyen Van Linh Boulevard, Tan Phong Ward, District 7, Ho Chi Minh City, Vietnam
	 Attention:
	  	 Dao Nguyen
 Mark See

Regional Legal Counsel

	 Email:
	  	 hongdao.nguyen@grab.com

mark.see@grab.com

 To [***]: 
  

			
	 Address:
	  	[***], Ho Chi Minh City, Vietnam
	 Attention:
	  	[***]
	 Email:
	  	[***]

 (b) All notices and communications shall be effective immediately upon receipt (i) at the post office,
(ii) by hand-delivery, or (iii) via email, by the intended recipient at the address or via email address specified in Section 8.08(a) above or at such other address as shall be designated by a Party in a written notice to the other in
accordance with Section 8.08(c) below. 
 (c) Each Party shall from time to time notify the other Party of any changes of its address
and email address within three (3) days from the date of such change. 
  

	8.09	 Assignment 

None of the Parties may assign, whether by contract or otherwise, any of its rights or obligations under this Agreement without prior written
consent of the other Party. 
  

	8.10	 Governing Law 

This Agreement shall be governed by and construed in accordance with the laws of Vietnam. 

	8.11	 Dispute Resolution 

Any dispute arising out of or in connection with this Agreement, including any question regarding its existence, validity or termination, shall
be referred to and resolved by the Vietnam International Arbitration Centre beside the Vietnam Chamber of Commerce and Industry (“VIAC”) in accordance with VIAC’s arbitration rules for the time being in force, which rules shall
be deemed to be incorporated by reference in this Section 8.11. There shall be three (3) arbitrators who shall be appointed in accordance with the VIAC’s arbitration rules. The language of the arbitration shall be Vietnamese. The
physical venue of the arbitration shall be in Ho Chi Minh City. Any arbitration award granted by arbitration in Vietnam shall be final and binding on the Parties. The Parties waive any rights to appeal any arbitration award to, or to seek
determination of a preliminary point of law by, any courts. 
  

	8.12	 Originals; Languages; Counterparts 

(a) This Agreement shall be made in two (2) originals in English. Each Party shall keep one (1) original. 

(b) This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the Party actually executing such
counterparts, and all of which together shall constitute one instrument. 
 [The remainder of this page is intentionally left blank.

 Signature box to follow on the next page.] 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be signed in
their respective names as of the date first above written. 
  

			
	 For and on behalf of
 GRAB
INC.

		
	By:	 	 /s/ Artawat Udompholkul 

	Name: Artawat Udompholkul 
Title: Authorized Representative

  

	
	 [***]

  
  

Capital 
  

	(1)	 The issuance of, or agreement to issue, any equity interest, rights, options or other interests relating to the
equity interest to any party; 

  

	(2)	 The re-organization of the Company’s capital contribution in any
way, including but not limited to the reduction of the Company’s capital contribution, share premium account, capital redemption reserve or any other reserve, except where such re-organization is required
under relevant accounting principles, and provided further that the consent or approval of a capital contributing member shall not be unreasonably withheld where the re-organization is required under
applicable law or regulations; 

  

	(3)	 The alteration of any rights attaching to any class of share/equity interest in the capital contribution of the
Company; 

  

	(4)	 Any redemption of capital contribution; 

 

	(5)	 Any issuance of stock options or employee stock option plan (ESOP); 

 

	(6)	 Any issuance of new equity, equity-linked securities and/or exchangeable instruments; 

 

	(7)	 Any capital reduction; 

 

	(8)	 Any increase of the liability of capital contributing members; 

 

	(9)	 Declaring any dividend or making any dividend payment or distribution of capital; 

Restructuring 
  

	(10)	 The entry of any agreement, merger, demerger, reorganization, consolidation or similar restructuring of the
Company or incorporation or acquisition or disposal of a legal entity; 

	(11)	 Dissolution of the Company or passing a resolution to wind up the Company; 

 

	(12)	 Change in the scope of the business of the Company, including the acquisition or operation of a business
outside the scope of the Company’s business; 

  

	(13)	 Close down any business operation of the Company or dispose of or dilute the Company’s interest in any of
its subsidiary or affiliate; 

  

	(14)	 Amendment to the corporate documents of the Company, including but not limited, to enterprise
registration certificate and charter; 

 Financial matters 

 

	(15)	 Adoption the annual budget or amending annual budget, or entering into any contract or commitment not provided
for in the annual budget; decision on annual business plans and development strategies of the Company; 

  

	(16)	 Approval of the annual financial statements of the Company; appointment or change in the auditor of the
Company; 

  

	(17)	 The entry into any agreement for any sale, disposal, assignment or surrender of all or substantially
all of the assets of the Company in a single transaction, or series of related transactions within any twelve-month period; 

  

	(18)	 The entry into any contract, agreement or arrangement outside the ordinary course of its business;

  

	(19)	 Incurring debt for borrowed money, except for those under authority of the Director/Managing Director of the
Company as prescribed in its prevailing Charter; 

  

	(20)	 Making any loan, or providing any surety or security arrangement; 

 

	(21)	 The giving by the Company of any guarantee, indemnity, or security in respect of the obligations of any other
person (or the making of any amendments thereto); 

  

	(22)	 Creating or allowing to exist an encumbrance over any of the Company’s assets including the creation or
the issue of any mortgage, fixed or floating charge, lien (other than a lien arising by operation of law), security or other encumbrance over the whole or any part of the undertaking, property or assets of the Company; 

 

	(23)	 The entry into any partnership or profit-sharing arrangement or joint venture with any other person (or the
making of any amendment thereto); 

  

	(24)	 Change of accounting and tax practices unless such change is required by applicable law; 

Others 
  

	(25)	 decision on the managerial and organizational structure of the Company; the appointment and replacement of key
personnel (including, but not limited to, chairperson of the Members’ Council, legal representative, the chief executive officer, director/managing director/general director, chief finance officer or chief accountant (or equivalent positions)
of the Company; 

  

	(26)	 The compensation packages of the members of the Members’ Council, director/managing director/general
director and other senior managers of the Company, including cash or share bonuses, salaries, and other financial benefits; and 

  

	(27)	 Initiating or settling any litigation or arbitration.EX-10.31

 Exhibit 10.31 

Dated 18 October 2021 

GP NETWORK ASIA PTE LTD 

PT IDE TEKNOLOGI INDONESIA 

PT ABHIMATA ANUGRAH ABADI 

PT CAKRA FINANSINDO INVESTAMA 

SHAREHOLDERS’ AGREEMENT 

relating to 
 PT BUMI
CAKRAWALA PERKASA 

 This Agreement is made on 18 October 2021 by and between: 

 

	(1)	 GP Network Asia Pte. Ltd. (“Grab”), a limited liability company incorporated in
Singapore having its registered office at 6 Battery Road #38-04 Singapore 049909; 

  

	(2)	 PT Abhimata Anugrah Abadi (“AAA”), a company duly organized and existing under the laws
of the Republic of Indonesia, having its registered address at Menara Batavia 5th Floor, Jl. KH. Mas Mansyur Kav. 126, Karet Tengsin Sub-District, Tanah Abang District, Central Jakarta; 

 

	(3)	 PT Cakra Finansindo Investama (“CFI”), a company duly organized and existing under the
laws of Republic of Indonesia, having its registered address at Axa Tower – Kuningan City, 32nd Floor, Jl. Prof DR Satrio Kav. 18, Setia Budi, Jakarta Selatan 12930, Indonesia; and 

 

	(4)	 PT Ide Teknologi Indonesia (“ITI”), a limited liability company duly established and
existing under the laws of the Republic of Indonesia and having its domicile at RDTX Tower, Lantai 3 Zone B Jl. Prof. Dr. Satrio Kav. E IV No. 6 Mega Kuningan Kel. Karet Kuningan, Kec. Setiabudi Kota Administrasi Jakarta Selatan 12940.

 Whereas: 
  

	(A)	 PT Bumi Cakrawala Perkasa (the “Company”) is a limited liability company established under the
laws of the Republic of Indonesia; 

  

	(B)	 As of the date of this Agreement, the shareholding structure of the Company is as set out in Schedule 1.

  

	(C)	 The Parties have agreed to regulate the affairs of the Company and the respective rights and obligations of the
Shareholders on the terms and subject to the conditions of this Agreement. 

 It is agreed as follows: 

 

	1.	 Definitions and Interpretation 

 

	1.1	 Definitions 

1.1 In this Agreement, unless the context otherwise requires, the following words and expressions shall have the following meanings:

 1.2 “Affiliate” means: 
  

	 	(a)	 with respect to any Person that is a legal entity, another entity that, directly or indirectly through one or
more intermediaries, Controls, is Controlled by or is under common Control with such entity; and 

  

	 	(b)	 with respect to any individual, any of his Associates; 

“Annual Budget” has the meaning given in Clause 3.3; 

“Articles” means the Articles of Association of the Company; 

 “Associates” means, with respect to any individual: 

 

	 	(a)	 his or her (i) parent, (ii) spouse, (iii) child and (iv) siblings (collectively,
“Relatives”); and 

  

	 	(b)	 any company, trust or other entity which such individual or any of his Relatives, individually or in the
aggregate, has a majority beneficial interest in or otherwise Controls (and, for the purpose of this definition, a trust is Controlled by one or more persons if his or their wishes shall generally be adhered to by the relevant trustees);

 “Bahasa Indonesia Translation” has the meaning given in Clause 14.14; 

“BOC” means the board of Commissioners of the Company; 

“BOD” means the board of Directors of the Company; 

“Business” means the business of providing loyalty points programmes, financial services and payment services in Indonesia
through an electronic platform and the financial technology business generally; 
 “Business Day” means a day on which banks
are open for business in New York, USA; Singapore, and Jakarta, Indonesia, but excluding Saturdays, Sundays and public holidays; 

“Business Plan” has the meaning given in Clause 3.2; 

“Commissioners” means the commissioners of the Company; 

1.3 “Confidential Information” means: 
  

	 	(a)	 (whether or not designated as such) any of the following information that has been provided by or on behalf of
one Party to the other Parties or their advisers: 

  

	 	(i)	 the following types of information and other information of a similar nature (whether or not reduced to writing
or still in development): designs, concepts, drawings, ideas, inventions, specifications, techniques, discoveries, models, data, source code, object code, documentation, diagrams, flow charts, research, development, processes, procedures, know-how, new product or new technology information, marketing techniques and materials, marketing plans, timetables, strategies and development plans, proprietary rights (including prospective trade names or
trademarks or service marks), information related to customers, pricing policies, and financial information; 

  

	 	(ii)	 any information relating to the Business and the Group; or 

 

	 	(iii)	 any information relating to any Party, its direct and indirect shareholders or investors and any of their
respective Affiliates; and 

  

	 	(b)	 includes the negotiations leading to this Agreement, the existence and provisions of this Agreement and the
transactions contemplated by this Agreement; 

 1.4 “Control” means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of a Person, whether through the ownership of securities, by contract or otherwise, and “Controlled by”, “Controlling” and
“under common Control with” shall be construed accordingly; 

 “Directors” means the directors of the Company; 

“Distribution” means any dividend or other distribution, whether (a) in cash or in kind, (b) interim or final and
(c) in the nature of income or capital, including by way of a share repurchase, redemption or capital reduction; 
 “Effective
Date” means 8 October 2021. 
 “Encumbrances” means: 

 

	 	(a)	 any charge, claim, hypothecation, lien, mortgage, power of sale, retention of title or security interest of any
kind over and in respect of such asset; and 

  

	 	(b)	 any right of pre-emption, first offer, first refusal, tag-along or drag-along of any kind to which any such asset is subject or any right or option for the sale or purchase of any such asset; 

“Financial Year” means the period commencing 1 January to 31 December of the same calendar year (both dates
inclusive); 
 “Governmental Authority” means any supranational, national, federal, state, municipal or local court,
administrative body or other governmental or quasi-governmental entity or authority or any securities exchange wherever located; 

““Group” means the Company and its subsidiaries from time to time, and “Group Company” means any of
them; 
 “IDR” means Indonesian Rupiah, the lawful currency of the Republic of Indonesia; 

“Insolvency Event” occurs in relation to any Person when: 

 

	 	(a)	 it is unable to pay its debts as they fall due or all its liabilities exceed all its assets; or

  

	 	(b)	 (i)        an order is granted; 

 

	 	(ii)	 a petition or application is presented or filed with any court of competent jurisdiction; or

  

	 	(iii)	 a resolution is passed, 

for (x) it to be Wound-up, (y) any arrangement with its creditors or any group of them under
which such creditors are to receive less than the full amounts due to them, or (z) a liquidator, receiver, administrative receiver, administrator, judicial manager, compulsory manager, trustee, supervisor or other similar or analogous officer
or official to be appointed over it or any of its assets, business or undertaking, 
 and “Insolvent” shall be construed
accordingly; 
 “Law” means any statute, act, code, law (including common law and equity), regulation, rule, ordinance,
order, decree, ruling, determination, judgment or decision of any Governmental Authority; 

 “Law 24” means Law No. 24 of 2009 regarding National Flag, Language,
Coat of Arms, and Anthem of Indonesia (Undang-Undang Republik Indonesia Nomor 24 Tahun 2009 tentang Bendera, Bahasa dan Lambang Negara, Serta Lagu Kebangsaan); 

“Losses” means damages, losses, liabilities, costs, charges and expenses (including the reasonable fees and expenses of legal
advisers, experts and other consultants) and interest, fines and penalties; 
 “Notice” has the meaning given in Clause
12.2; 
 “Shares” means shares of par value IDR1,000,000 each in the capital of the Company; 

“Party” means each party to this Agreement; 

“Person” means any individual, company, corporation, general partnership, limited partnership, trust or other entity,
organisation or unincorporated association, wherever constituted or located and whether or not having separate legal personality, including any Governmental Authority; 

“President Director” means the president director of the Company; 

“Proceeding” means any action, claim, demand, appeal, litigation, arbitration or dispute resolution proceeding, or any
disciplinary or enforcement proceeding, in any jurisdiction; 
 “PSAK” means the generally accepted accounting principles
and standards in Indonesia (Pernyataan Standar Akuntansi Keuangan) as promulgated by the Financial Accounting Standards Board (Dewan Standar Akuntansi Keuangan) of the Association of Accountants of Indonesia (Ikatan Akuntan
Indonesia) and in force from time to time; 
 “Representative” means, in relation to any Person, the commissioner,
director, officer, employee and advisor of such Person and its Affiliates; 
 “Shareholder” means, as at any date of
determination, any Person who is registered as a holder of Shares in the register of shareholders of the Company; 

“Shareholders’ Meeting” means any meeting of the Shareholders voting as one and the same class (and any adjournment
thereof); 
 “Shares” means shares of any class in the capital of the Company, including the Shares; 

“SIAC” means the Singapore International Arbitration Centre; 

“SIAC Rules” has the meaning given in Clause 13.2.1; 

“Surviving Provisions” means Clauses 1, 8 and 10 to 14 

“Taxation” or “Tax” means all forms of taxation whether direct or indirect, deemed or actual, and whether
levied by reference to income, profits, gains, net wealth, asset values, turnover, value added or otherwise (whether imposed by way of a withholding or deduction for or on account of tax or otherwise), and all penalties, charges, costs and interest
relating thereto; 
 “Transfer” means, in relation to any securities issued by any Group Company, directly or indirectly,
to: 
  

	 	(a)	 sell, assign, dispose of, transfer, give or lend any such securities; 

 (b) grant, issue or sell, or accept, assume or purchase, any option, right or warrant to
purchase or (as the case may be) sell any such securities (including any right of first offer, right of first refusal or other pre-emptive right); 

(c) enter into any transaction relating to any such securities having a similar effect as any of the foregoing (including any derivative
transaction, whether settled by delivery of any securities, payment of cash or otherwise); or 
 (d) offer or agree to enter into any of the
foregoing, 
 and “Transferred” and “Transferring” shall be construed accordingly; 

“Winding-up” means, in relation to any Person, the bankruptcy, winding-up, liquidation, dissolution or striking-off of that Person or such other analogous process under applicable Laws as will result in that Person ceasing to exist (other
than pursuant to a merger, amalgamation or similar process), and “Wind-up” and “Wound-up” shall be construed accordingly. 

 

	1.2	 This Agreement 

 

	 	1.2.1	 References to “this Agreement” and any other agreement or document referred to in this
Agreement: 

  

	 	(i)	 are to this Agreement and such other agreement or document as from time to time amended; and

  

	 	(ii)	 include all Recitals, Schedules and Appendices to this Agreement and to such other agreement or document, which
shall form an integral part of this Agreement or such other agreement or document, as the case may be. 

  

	 	1.2.2	 Headings are for convenience only and shall not affect the interpretation of this Agreement.

  

	 	1.2.3	 Unless the context otherwise requires or permits: 

 

	 	(i)	 references to the singular number shall include references to the plural number and vice versa;

  

	 	(ii)	 references to natural persons shall include bodies corporate and vice versa; 

 

	 	(iii)	 words denoting any gender shall include all genders; and 

 

	 	(iv)	 references to any Party or Person shall include its successor entity. 

 

	1.3	 Statutes 

  

	 	1.5	 References to a statute or statutory provision: 

 

	 	1.3.1	 include any subsidiary legislation made from time to time under that statute or provision; and

  

	 	1.3.2	 refer to that statute or provision as from time to time modified,
re-enacted or consolidated. 

	1.4	 Reasonable Efforts 

1.6 References in this Agreement to a Party using its “reasonable efforts” or similar obligations shall be construed to
require a Party to act in accordance with the standards of a reasonable and prudent Person in its position acting properly in that Person’s interests and doing what is commercially practicable and incurring such expenditure as is commercially
reasonable in such circumstances and, for the avoidance of doubt, shall not be construed to require a Party to do or cause to be done anything outside of its control or legal power. 

 

	1.5	 Others 

  

	 	1.5.1	 Shares “outstanding” in respect of a company means all the shares of such company in
issue, but excluding any shares of such company held in treasury. 

  

	 	1.5.2	 Any reference to books, records or other information means books, records or other information in any
form, including paper, electronically stored data, magnetic media, film and microfilm. 

  

	 	1.5.3	 The word “including” shall be deemed to be followed by “without
limitation” or “but not limited to”, whether or not they are followed by such phrases or words of like import. 

  

	 	1.5.4	 The word “otherwise” shall not be construed as limited by the words with which it is
associated. 

  

	 	1.5.5	 References to time of day are to the time in Jakarta, Indonesia, unless otherwise stated.

  

	1.6	 No Contra Preferens 

1.7 No rule of construction against the draftsperson shall be applied in connection with the interpretation or enforcement of this
Agreement, as this Agreement is the product of negotiation between sophisticated Parties advised by counsel. 
  

	2.	 Effective Date and Key Principles 

 

	2.1	 When Provisions of this Agreement come into Effect 

 

	 	1.7.1	 All provisions of this Agreement shall come into effect on the Effective Date. 

 

	2.2	 Shareholding Percentage 

 

	 	1.7.2	 On the Effective Date, the shareholding structure of the Shareholders is as set out in Schedule 1.

  

	3.	 Key Management, Business Plan, Annual Budget and Funding 

 

	3.1	 To facilitate the application of Grab’s expertise and resources in directing the substantive
business activities of financial services technology companies, the Parties hereby agree that Grab, in their capacity as a shareholder of the Company, and/or any director or commissioner nominated by Grab, shall have the right to:

  

	 	3.1.1	 to propose and approve the remuneration, the removal and/or the appointment of the Chief Executive
Officer and the Chief Financial Officer, including to nominate and appoint them as member of the board of directors of the Company (including, as the president director); 

	 	3.1.2	 to propose and approve the adoption of (including revision of) the Business Plan and the Annual Budget;

  

	 	3.1.3	 to propose and approve future funding to the Company, either through debt financing or issuance of new
shares or other funding structure. 

  

	3.2	 Business Plan 

 

	 	3.2.1	 The Business shall, in all material respects, be conducted in accordance with the business plan for the
Group as approved by the shareholders, conducted in accordance with the provisions of shareholders meeting in Schedule 2 (the “Business Plan”). 

 

	 	3.2.2	 It is agreed as follows: 

 

	 	1.7.3	 (i) the BOC shall instruct the BoD to prepare and deliver to the BOC a draft Business Plan at least 3
months before the start of each financial year period, which shall attach such reasonable supporting documents as may have been used in preparing the draft Business Plan or as may be reasonably necessary to evaluate the draft Business Plan;

  

	 	1.7.4	 (ii) each Commissioner may, upon receipt of the draft Business Plan, provide his comments on the draft
Business Plan to the BOC and the BoD; 

  

	 	1.7.5	 (iii) the BOC shall, upon receipt of comments on the draft Business Plan from any Commissioner or
Director, instruct the BoD to discuss such comments with the BOC with a view to incorporating such comments as the BoD considers reasonable and to submit to the BOC a revised draft Business Plan, if any; and 

 

	 	1.7.6	 (iv) the BoD shall convene a shareholders meeting, conducted in accordance with the provisions of
shareholders meeting in Schedule 2, to approve the draft Business Plan or the revised draft Business Plan (as the case may be). 

  

	3.3	 Annual Budget 

 

	 	3.3.1	 The Business shall, in all material respects, be conducted in accordance with the annual budget of the
Group for each Financial Year as approved by the shareholders, conducted in accordance with provisions of shareholders meeting in the Schedule 2 (“Annual Budget”), which Annual Budget shall, in all material respects, be
consistent with the then approved Business Plan. 

  

	 	3.3.2	 It is agreed as follows: 

 

	 	1.7.7	 (i) the BOD shall prepare a draft Annual Budget at least 3 months before the start of each new Financial
Year, which shall: 

  

	 	1.7.8	 (a) be prepared to substantially the same level of detail as the Annual Budget for the preceding year;
and 

  

	 	1.7.9	 (b) attach such reasonable supporting documents as may have been used in preparing the draft Annual
Budget or as may be reasonably necessary to evaluate the draft Annual Budget; 

	 	1.7.10	 (ii) each Director may, upon receipt of the draft Annual Budget, provide his comments on the draft
Annual Budget to the other BOD and the BoC; 

  

	 	1.7.11	 (iii) the BOD shall, upon receipt of comments on the draft Annual Budget from any Commissioner or
Director, discuss such comments with the BOC with a view to incorporating such comments as the BoD considers reasonable; and 

  

	 	1.7.12	 (iv) the BOD shall convene a shareholders’ meeting, conducted in accordance with the provisions of
shareholders meeting in Schedule 2, to approve the draft Annual Budget or the revised draft Annual Budget (as the case may be). 

  

	4.	 Capital and Further Finance 

 

	4.1	 No Obligation to Provide Further Capital 

1.7.13 No Shareholder shall be obliged to contribute any capital to any Group Company or to provide any security or guarantee in respect
of the liabilities of any Group Company, whether in the form of equity or debt. 
  

	4.2	 Funding Hierarchy 

1.7.14 Without prejudice to Clause 4.3, if the BOD determines that the Company is required to raise further funding in order to
meet its business and operational requirements, it shall seek to raise such funding in the following order: 
  

	 	4.2.1	 first, the internal cash flows of the Company; 

 

	 	4.2.2	 second, external debt financing on a non-recourse basis to the
Shareholders or their respective Affiliates; and 

  

	 	4.2.3	 third, issuance of new Shares to the Shareholders in proportion to their respective shareholding
percentages as at the relevant record date for such issuance. 

  

	4.3	 Capital Increases 

 

	 	4.3.1	 This Clause 4.3 applies if the BOD having determined that the Company is required to raise
further funding in order to meet its business and operational requirements and having taken into account the funding hierarchy in Clause 4.2 and all other considerations, including alternative funding options available to the Group,
determines that it is in the best interests of the Company to raise such funding from the Shareholders. 

  

	 	4.3.2	 The BOD shall, if it so proposes to raise funding from the Shareholders in the form of issuance of new
Shares, propose to the shareholders such issuance by stating: 

  

	 	(i)	 that the Company is required to raise further funding, the reasons therefor, when such additional amount is
required, the implications to the Business or the Group (or part thereof) if such additional amount is not or is not timely paid to the Company and that the BOD has made the relevant determinations required under this Clause 4;

  

	 	(ii)	 the number of new Shares to be issued and the issue price per new Share; and 

 

	 	(iii)	 when such amount is to be paid to the Company. 

	 	4.3.3	 Any Share issued pursuant to this Clause 4.3 shall be: 

 

	 	(i)	 duly authorised, validly issued, fully paid-up and shall rank pari
passu in all respects with all other Shares in the relevant class of Shares as at the date of issuance; and 

  

	 	(ii)	 free from any Encumbrances and issued with all rights attaching to such Shares as at the date of issuance of
such Shares. 

  

	 	4.3.4	 For the purposes of this Clause 4.3, references to an issue of new Shares and the issue price for
such new Shares shall be construed to include transfers of treasury Shares and the transfer price for such treasury Shares (as the case may be). 

  

	4.4	 Shareholders’ approval 

1.7.15 Upon determination of the BoD that the Company is required to raise further funding, regardless of the form of funding, the BOD
shall convene a shareholders’ meeting, conducted in accordance with the provisions of shareholders meeting in Schedule 2, to seek approval from the Shareholders on the funding structure and related item thereof. 

 

	5.	 Accounts and Reports 

 

	5.1	 Minutes and Records 

1.8 The Company shall maintain proper, accurate and complete minutes of BOC and BOD meetings, accounting records, reports of key
performance indicators and reports tracking the then approved Business Plan and the then approved Annual Budget and all other records relating to the conduct of its business in compliance with: 

 

	 	5.1.1	 all applicable Laws; and 

 

	 	5.1.2	 PSAK (or equivalent applicable generally accepted accounting standards). 

 

	5.2	 Audit and Access to Records 

1.9 The accounts of the Company shall be audited by the external auditors of the Company for the time being and a set of the accounts
and other records shall be kept at the principal place of business of the Company or at such other place that the Company may notify in writing to the Shareholders. Each Shareholder and its authorised Representatives shall have full access to all
such records and accounts at all reasonable times and will have the right to inspect the same and make copies of any such records and accounts, provided that Clause 8 shall apply to such access and inspection. 

 

	6.	 Representations and Warranties 

 

	6.1	 Mutual Representations and Warranties 

1.10 Each Party represents and warrants to the other Parties as at the date hereof and on the Effective Date that: 

 

	 	6.1.1	 it is a company duly incorporated and validly existing under its laws of incorporation;

	 	6.1.2	 it has full power and authority to enter into and deliver, and perform its obligations under, this
Agreement; 

  

	 	6.1.3	 it has taken all necessary actions to authorise its entry into and delivery of, and performance of its
obligations under, this Agreement; 

  

	 	6.1.4	 all approvals, authorisations, consents, clearances, orders, registrations, qualifications, actions,
conditions and things required to be taken, fulfilled and done in order: 

  

	 	(i)	 to enable it lawfully to enter into, exercise its rights and perform and comply with its obligations under this
Agreement; and 

  

	 	(ii)	 to ensure that those obligations are valid, legally binding and enforceable, 

(i) have been taken, fulfilled and done and have been obtained and are in full force and effect; 

 

	 	6.1.5	 its obligations under this Agreement are valid, legally binding and enforceable obligations;

  

	 	6.1.6	 the entry into, exercise of the rights or performance of or compliance with its obligations under this
Agreement do not and will not: 

  

	 	(i)	 violate any law, regulation, judgment, order or decree of any court of competent jurisdiction or governmental
body having jurisdiction over it which is binding on it or its assets; 

  

	 	(ii)	 conflict with or result in a breach of or constitute a default under its constitutive documents or any
agreement to which it is a party or which is binding on it or its assets; or 

  

	 	(iii)	 result in the existence of, or oblige it to create, any security over any of its assets; 

 

	 	6.1.7	 no Proceeding is pending or, so far as it is aware, threatened against it which would reasonably be
expected to: 

  

	 	(i)	 result in the issuance of an order restraining, enjoining or otherwise prohibiting or making illegal the
performance by it of its obligations under this Agreement; or 

  

	 	(ii)	 have the effect of delaying, frustrating or preventing it from performing its obligations under this Agreement;
and 

  

	 	6.1.8	 no Insolvency Event has occurred and is continuing in relation to it. 

 

	7.	 Duration and Termination 

 

	7.1	 Duration 

1.11 This Agreement shall take effect from the Effective Date and continue thereafter without limit in point of time, but subject to
termination in accordance with Clause 7.2. 

	7.2	 Grounds of Termination 

 

	 	1.11.1	 This Agreement may be terminated: 

 

	 	7.2.1	 by the mutual agreement of all Parties and on the date specified in the relevant agreement;

  

	 	7.2.2	 upon the commencement of the Winding-up of the Company; or

  

	 	7.2.3	 with respect to any Shareholder, upon the completion of the Transfer by that Shareholder of all its
Shares in accordance with this Agreement, provided that: 

  

	 	(i)	 that Shareholder shall remain bound by the Surviving Provisions; and 

 

	 	(ii)	 If following such Transfer there remain two or more Shareholders bound by the provisions of this Agreement (in
addition to the Surviving Provisions), this Agreement shall continue in full force and effect as between such remaining Shareholders. 

  

	7.3	 Consequences of Termination 

1.11.2 Upon the termination of this Agreement, no Party shall have any claim against any other Party under this Agreement, except for
any claim arising from any breaches by such other Party of: 
  

	 	7.3.1	 this Agreement on or prior to such termination; or 

 

	 	7.3.2	 the Surviving Provisions after such termination. 

 

	8.	 Confidentiality 

 

	8.1	 Confidentiality Restrictions 

 

	 	1.11.3	 Subject to Clause 8.2, each Party shall: 

 

	 	8.1.1	 keep confidential all, and shall not disclose to any Person any, Confidential Information; and

  

	 	8.1.2	 not use any Confidential Information other than for the purpose of exercising its rights and performing
its obligations under this Agreement. 

  

	8.2	 Exceptions 

1.11.4 Clause 8.1 shall not prohibit disclosure or use of any Confidential Information if and to the extent: 

 

	 	8.2.1	 the disclosure or use is reasonably necessary or appropriate or required by such Party or its Affiliates
under applicable Laws (including the rules of any recognised stock exchange on which the disclosing Party or any of its Affiliates is listed) or in connection with such Party or its Affiliates being or becoming a publicly traded company or listing
its securities on a regulated exchange; 

  

	 	8.2.2	 the disclosure or use is required by any Governmental Authority having jurisdiction or supervisory
authority over the affairs of the disclosing Party or any of its Affiliates; 

  

	 	8.2.3	 the disclosure is made to a Tax authority in connection with the Tax affairs of the disclosing Party or
any of its Affiliates; 

	 	8.2.4	 the disclosure or use is required for the purpose of any Proceedings arising out of this Agreement or
any other agreement entered into under or pursuant to this Agreement to which the disclosing Party or any of its Affiliates is a party; 

  

	 	8.2.5	 the disclosure is made to the Representatives of the disclosing Party who have a need to know the
relevant information in the ordinary course of their duties or for the purposes of the transactions contemplated by this Agreement, provided that such disclosure is made subject to compliance by such Representatives with confidentiality obligations
on terms substantially similar to the provisions of this Clause 8; 

  

	 	8.2.6	 the disclosure is made to such Affiliate of the disclosing Party to whom information is reported in the
ordinary course for the purpose of preparing consolidated financial statements, Tax filings or risk management; 

  

	 	8.2.7	 such information is or becomes publicly available (other than by breach of this Agreement);

  

	 	8.2.8	 all other Parties have given their prior written approval to the disclosure or use; or

  

	 	8.2.9	 such information is independently developed by the relevant Party, 

provided that prior to disclosure or use of any information required pursuant to Clauses 8.2.1 to 8.2.9, the disclosing
Party shall promptly notify the other Parties of such requirement. 
  

	8.3	 Return of Confidential Information 

1.11.5 If a Shareholder ceases to be a Party to this Agreement and holds any Confidential Information belonging to any other Shareholder
or any Group Company, it shall promptly upon written request by such other Shareholder or the Company return to such Person, or, as such Person may direct, destroy (to the extent reasonably practicable) all such Confidential Information, all
materials containing such Confidential Information and all copies thereof, provided that it may retain any such information or material if so required: 
  

	 	8.3.1	 by any Laws applicable to it or any of its Affiliates; 

 

	 	8.3.2	 by any Governmental Authority having jurisdiction or supervisory authority over its or its
Affiliates’ affairs; or 

  

	 	8.3.3	 in accordance with its or its Affiliates’ internal policies as to the retention of documents,
consistently applied. 

  

	8.4	 Ownership of Confidential Information 

 

	 	8.4.1	 Any Confidential Information disclosed by one Party to any other Parties or any Group Company shall at
all times remain, as between the Parties, the property of the disclosing Party. 

  

	 	8.4.2	 Nothing in this Agreement shall be construed as granting any license or any other rights with respect to
any Party’s Confidential Information. 

  

	9.	 Assignment 

  

	9.1	 Restrictions on Assignment 

1.11.6 No Party may assign or transfer any of its rights, benefits or obligations under or in connection with this Agreement to any
other Person without the prior written consent of each Shareholder. 

	10.	 Taxes 

  

	10.1	 General 

1.11.7 Each Shareholder shall bear and pay all Taxes payable under applicable Laws in respect of any and all Shares Transferred to or by
it. 
  

	10.2	 No Gross-Up 

1.12 If any Group Company is required to make any deduction or withholding in respect of any Distribution or any other payment to be
made to such Group Company’s shareholders on account of Tax, such Group Company shall not be required to pay any additional amount to such Group Company’s shareholders, whether so as to result in the amount actually received by such Group
Company’s shareholders after such deduction or withholding being equal to the full amount of such Distributions or payments had there been no such deduction or withholding or otherwise. 

 

	11.	 Costs and Expenses 

1.13 Each Party shall bear and pay the costs and expenses (including the fees and expenses of its own advisers) incurred by it in
connection with the negotiation and entry into of this Agreement. 
  

	12.	 Notices 

  

	12.1	 Communication Mode 

1.13.1 Any notice or other communication in connection with this Agreement (each, a “Notice”): 

 

	 	12.1.1	 shall be in writing; and 

 

	 	12.1.2	 may be given or made by delivering (by hand, pre-paid registered
post or courier), e-mailing or faxing it to the following address, e-mail address or facsimile number, in each case marked for the attention of the person specified in
Clause 12.2 (or at such other address, e-mail address or facsimile number and for the attention of such other person as each Party may notify to the other Parties in writing from time to time).

  

	12.2	 Contact Details 

1.13.2 A Notice to each Party shall be sent to the following address, or such other person or address as that Party may notify to the
other Parties from time to time: 
  

	 	12.2.1	 GP Network Asia Pte Ltd 

Address:             6 Battery Road #38-04
Singapore 049909 
 E-mail address:corporate.finance@grab.com 

Attention:           Board of Directors 

	 	12.2.2	 PT Ide Teknologi Indonesia 

 

	 	1.13.3	 Address: RDTX Tower, Lantai 3 Zone B Jl. Prof. Dr. Satrio Kav. E IV No. 6 Mega Kuningan Kel.
Karet Kuningan, Kec. Setiabudi Kota Administrasi Jakarta Selatan 12940 

  

	 	12.2.3	 PT Abhimata Anugrah Abadi 

 

	 	Address:	 Menara Batavia 5th Floor, Jl. KH. Mas Mansyur Kav. 126, Karet Tengsin
Sub-District, Tanah Abang District, Central Jakarta 

 E-mail address: andya.d@gmail.com; and legaldiv.matters@gmail.com  
  

	 	Attention:	 Andya Daniswara—Director 

 

	 	12.2.4	 PT Cakra Finansindo Investama 

 

	 	Address:	 Axa Tower – Kuningan City, 32nd Floor, Jl. Prof DR Satrio Kav. 18, Setia Budi, Jakarta Selatan 12930,
Indonesia 

 E-mail address: randy@cakrafinansindo.co.id 

 

	 	Attention:	 San Verandy Herveranto Kusuma 

 

	12.3	 Delivery 

1.14 A Notice shall be effective upon receipt and shall be deemed to have been received and delivered: 

 

	 	12.3.1	 48 hours after posting, if delivered by pre-paid
registered post; 

  

	 	12.3.2	 at the time of delivery, if delivered by hand or courier; 

 

	 	12.3.3	 one calendar day following the date of transmission, if delivered by
e-mail; and 

  

	 	12.3.4	 at the time shown in the transmission report as the time that the whole facsimile has been sent, if sent
by facsimile. 

  

	13.	 Governing Law and Dispute Resolution 

 

	13.1	 Governing Law 

This Agreement shall be governed by, and construed in accordance with, the Laws of Singapore. 

 

	13.2	 Arbitration 

  

	 	13.2.1	 Any dispute arising out of or in connection with this Agreement, including any question regarding its
existence, validity or termination, shall be referred to and finally resolved by arbitration in Singapore in accordance with the Arbitration Rules of the SIAC (“SIAC Rules”) for the time being in force, which rules are deemed to be
incorporated by reference in this clause. 

  

	 	13.2.2	 The Tribunal shall consist of three arbitrators. If no agreement can be reached as to the appointment of
the presiding arbitrator within the time period required by Rules, the presiding arbitrator shall be appointed by the Chairman of the SIAC for the time being. 

	 	13.2.3	 The seat of arbitration shall be Singapore. 

 

	 	13.2.4	 The arbitral award shall be final and binding upon all parties. 

 

	 	13.2.5	 The language of the arbitration shall be English. 

 

	 	13.2.6	 Each Party irrevocably submits to the non-exclusive jurisdiction
of the courts of Singapore to support and assist any arbitration pursuant to this Clause 13, including, if necessary, the grant of interlocutory relief pending the outcome of the arbitration. 

 

	14.	 Other Provisions 

 

	14.1	 Further Assurance 

1.14.1 Each Party shall, and shall use its reasonable endeavours to procure and ensure that any other Person shall, from time to time
execute such documents and perform such acts and things as any other Party may reasonably require to give such other Party the full benefit of this Agreement. 
  

	14.2	 Remedies 

  

	 	14.2.1	 Unless otherwise provided, the rights and remedies provided in this Agreement are cumulative and not
exclusive of any right or remedy otherwise provided by Law. 

  

	 	14.2.2	 Without prejudice to any other rights or remedies which a Party may have, the Parties acknowledge and
agree that damages may not be an adequate remedy for any breach by any Party of its obligations under this Agreement and a Party is entitled to seek the remedies of injunction, specific performance and other equitable relief for any such threatened
or actual breach. 

  

	14.3	 Waiver 

  

	 	14.3.1	 No exercise or failure to exercise or delay in exercising any right, power or privilege vested in any
Party shall operate as a waiver thereof or of any other right, power or privilege, nor shall any single or partial exercise of any right, power or privilege preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. 

  

	 	14.3.2	 Any waiver by any Party of a breach of any provision of this Agreement shall not be considered as a
waiver of any subsequent breach of the same or any other provision hereof. 

  

	14.4	 Limitation of Liabilities 

 

	 	14.4.1	 To the extent permissible by Laws, and except in the case of fraud, each Party agrees and acknowledges
that its only right and remedy in relation to any representation, warranty or undertaking made or given in connection with this Agreement shall be for breach of the terms of this Agreement to the exclusion of all other rights and remedies (including
those in tort or arising under statute). 

	 	14.4.2	 No Party shall have any liability to any other Party under this Agreement for or with respect to:

  

	 	(i)	 any Loss arising out of or in connection with a breach of this Agreement that does not arise naturally or in
the ordinary course of things from that breach; or 

  

	 	(ii)	 any loss of profit, loss of reputation or goodwill, loss or denial of business or business opportunity or loss
of anticipated savings arising out of or in connection with the performance of its obligations under this Agreement. 

  

	14.5	 Obligations Several 

 

	 	1.14.2	 The obligations of the Shareholders under this Agreement are several. 

 

	14.6	 Severance 

1.14.3 If any provision of this Agreement or part thereof is rendered void, illegal or unenforceable by any legislation to which it is
subject, it shall be rendered void, illegal or unenforceable to that extent and it shall in no way affect or prejudice the enforceability of the remainder of such provision or the other provisions of this Agreement. 

 

	14.7	 Variation 

  

	 	14.7.1	 No variation of this Agreement shall be effective unless in writing and signed by or on behalf of each
Significant Shareholder. 

  

	 	14.7.2	 Notwithstanding the foregoing, no variation of any provision in this Agreement that adversely affects a
Shareholder in any manner that is materially different from the effect of such amendment on the rights of the Significant Shareholders (solely in their capacity as such) shall be effected without the prior written consent of such Shareholder.

  

	 	14.7.3	 Any variation of this Agreement shall be made in writing, be executed by each Significant Shareholder or
Shareholder (as the case may be) and be delivered by each Significant Shareholder or Shareholder to the other Significant Shareholders or Shareholders (as the case may be). 

 

	 	14.7.4	 Any purported variation of this Agreement in violation of this Clause 14.7 shall be void and
unenforceable. 

  

	14.8	 Entire Agreement 

1.14.4 This Agreement contains the whole agreement between the Parties relating to the subject matter of this Agreement: 

 

	 	14.8.1	 to the exclusion of any terms implied by Law which may be excluded by contract; and

  

	 	14.8.2	 supersedes any previous written or oral agreement between any of the Parties (or their Affiliates) in
relation to the matters dealt with in this Agreement 

  

	14.9	 No Partnership 

1.15 Nothing in this Agreement shall be deemed to create any partnership between the Shareholders. No Shareholder has the power or the
right to bind or commit any other Shareholder or the Company. 

	14.10	 No Third Party Rights 

1.16 A person who is not a Party to this Agreement has no right to enforce any term of this Agreement. 

 

	14.11	 Signing by Counterparts 

1.17 This Agreement may be entered into in any number of counterparts, all of which taken together shall constitute one and the same
document. Each Party may sign this Agreement by signing any such counterpart. 
  

	14.12	 Waiver of Requirement of any Judicial Approval for Termination 

1.18 The Parties agree to waive Article 1266 of the Indonesian Civil Code (Kitab Undang-Undang Hukum Perdata) to the extent that
prior judicial approval is required for the cancellation or termination of this Agreement. 
  

	14.13	 English Language to Prevail 

 

	 	14.13.1	 This Agreement is entered into in the English language and each Party confirms that it has read and
fully understood the content and consequences of this Agreement and has no objection to this Agreement being written, and entered into, in English. 

  

	 	14.13.2	 By no later than two months from the date of this Agreement, the Parties shall execute the Bahasa
Indonesia Translation version of this Agreement (“Bahasa Indonesia Translation”). The Bahasa Indonesia Translation will be deemed to be effective from the date the English language version was executed and, for the avoidance of
doubt, the Bahasa Indonesia Translation shall not create any duplication of the rights and obligations of the parties. The Parties acknowledge that the English version of this Agreement binds the Parties and that Law 24 does not discharge or nullify
their obligations under the English version of this Agreement. In the event of any inconsistency or difference in interpretation between the Bahasa Indonesia Translation and the English version, the English version shall prevail and the Bahasa
Indonesia Translation will be deemed to be amended to conform with and to be consistent with the relevant English version. 

  

	 	14.13.3	 The Parties further agree that the Bahasa Indonesia Translation has been prepared solely for compliance
with Law 24 and shall be for reference only among the Parties. The Parties agree and undertake that they will not (and will not allow or assist any other Parties to) in any manner or forum, challenge the validity of, or raise or file any objection
to, the transaction or this Agreement on the basis of any failure to comply with Law 24. 

 Schedule 1 

Shareholding Structure 
  

									
	On the Effective Date	 
	Name of Shareholder	  	Number of Shares	 	  	Shareholding Percentage (%)	 
	 GPNA
	  	 	108,617	 	  	 	79,57	 
	 ITI
	  	 	4,441	 	  	 	3,254	 
	 AAA
	  	 	17,000	 	  	 	12,454	 
	 CFI
	  	 	6,441	 	  	 	4,719	 
	 Total
	  	 	136,499	 	  	 	100	 

 Schedule 2 

Shareholders’ Meetings 
  

	1.	 Shareholders’ Meetings 

 

	 	(a)	 The Shareholders shall meet at least once a calendar year. 

 

	 	(b)	 (i)     Any Director or Commissioner may at any time and from time to time call; and

  

	 	(ii)	 any Director or Commissioner shall, within five Business Days upon receiving a written request by a Shareholder
holding not less than 10% of all the outstanding Shares as at the time it wishes to call a Shareholders’ Meeting, call, a Shareholders’ Meeting by giving notice in accordance with paragraph 1(c). 

 

	 	(c)	 Notice of any Shareholders’ Meeting shall (unless waived by all the Shareholders in writing):

  

	 	(i)	 be given to each Shareholder; 

 

	 	(ii)	 unless a longer notice period is required by applicable Laws, be given not less than 14 days prior to (and
excluding) the date of the relevant meeting; 

  

	 	(iii)	 specify the date, time and place of the relevant meeting; and 

 

	 	(iv)	 include an agenda or brief description of the matters to be discussed at the relevant meeting.

  

	 	(d)	 Each Shareholder shall be entitled to attend and speak at each Shareholders’ Meeting.

  

	 	(e)	 (i)      The quorum for a Shareholders’ Meeting as initially scheduled shall be:

  

	 	(x)	 subject to paragraph 1(e)(i)(y), such number of Shareholders holding or representing a simple majority
of all the outstanding Shares as at as at the date of the relevant meeting (or a higher quorum as may be required by Law); and 

  

	 	(y)	 in relation to a resolution tabled at a Shareholders’ Meeting relating to those matters listed in Clause
3.1, such number of Shareholders holding or representing a simple majority of all the outstanding Shares as at as at the date of the relevant meeting (or a higher quorum as may be required by Law) and Grab’s representative.

  

	 	(ii)	 If a quorum is not present at any initially scheduled Shareholders’ Meeting within 30 minutes after the
time specified for such meeting to commence, suh meeting shall be adjourned to the date falling no earlier than 10 calendar days and no later than 21 calendar days after the date initially scheduled for such meeting and notice of the adjourned
meeting and its date, time and place shall be given to each Shareholder in accordance with paragraph 1(c). 

	 	(f)	 The quorum for a Shareholders’ Meeting which has been adjourned in accordance with paragraph 1(e)
shall be: 

  

	 	(i)	 subject to paragraph 1(f)(ii), such number of Shareholders holding or representing any number of the
outstanding Shares as at as at the date of the relevant meeting (or a higher quorum as may be required by Law); and 

  

	 	(ii)	 in relation to a resolution tabled at a Shareholders’ Meeting relating to those matters listed in Clause
3.1, such number of Shareholders holding or representing any number of the outstanding Shares as at as at the date of the relevant meeting (or a higher quorum as may be required by Law) and Grab’s representative. 

 

	 	(g)	 At any Shareholders’ Meeting or adjourned Shareholders’ Meeting, each Shareholder present shall be
entitled to cast a vote. 

  

	 	(i)	 All resolutions and decisions of the Shareholders at any Shareholders’ Meeting or adjourned
Shareholders’ Meeting shall (unless a higher majority is required by applicable Laws): 

  

	 	(i)	 subject to paragraphs 1(i)(ii), be passed or approved by a simple majority vote of all the Shares
present and voted at the relevant meeting; 

  

	 	(ii)	 In the case where such resolution or decision relates those matters listed in Clause 3.1, be passed or approved
by a simple majority vote of all the Shares present and voted at the relevant meeting, which majority vote shall include the affirmative vote of Grab’s representative; and 

 

	 	(j)      (i)	 The Shareholders may participate in any Shareholders’ Meeting or adjourned Shareholders’ Meeting by
means of a conference telephone or a video conference telephone or similar communications equipment by which all Persons participating in the meeting are able to hear and be heard by all other participants without the need for a Shareholder to be in
the physical presence of another Shareholder. Any Shareholder so participating shall be deemed to be present in person at, and be counted as part of the quorum for, such meeting. 

 

	 	(ii)	 A meeting conducted by means of a conference telephone or a video conference telephone or similar
communications equipment as aforesaid is deemed to be held at the place agreed upon by the Shareholders attending the meeting, provided that at least one of such holder present at the meeting was at that place for the duration of the meeting.

  

	2.	 Resolutions in Writing 

A resolution in writing of the Shareholders relating to: 
  

	 	(a)	 subject to paragraph 2(b), any matter shall, if signed by all the Shareholders at the date of such
resolution; and 

  

	 	(b)	 be as valid and effectual as if it had been passed at a Shareholders’ Meeting or adjourned
Shareholders’ Meeting. Any such resolution may consist of several documents in like form, each signed by one or more Shareholders. 

  

	

 In witness whereof this Agreement has been entered into on the date stated at the beginning. 

 

			
	GP NETWORK ASIA PTE LTD
		
	By:	 	 /s/ Reuben Lai Yuen Tung

	Name: Reuben Lai Yuen Tung
	Title: Director
	
	PT IDE TEKNOLOGI INDONESIA
		
	By:	 	 /s/ Pakerti W. Sungkono

	Name: Pakerti W. Sungkono
	Title: Director
	
	PT ABHIMATA ANUGRAH ABADI
		
	By:	 	 /s/ Andya Daniswara

	Name: Andya Daniswara
	Title: Director
	
	PT CAKRA FINANSINDO INVESTAMA
		
	By:	 	 /s/ San Verandy Herveranto Kusuma

	Name: San Verandy Herveranto Kusuma
	Title: Director

 Shareholders’ Agreement

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