Document:

Employment Agreement between Skype Inc. and Jonathan Chadwick dated 7 April 2011

 Exhibit 10.47 
 Execution Version 
 EMPLOYMENT AGREEMENT 

EMPLOYMENT AGREEMENT (this “Agreement”), dated as of April 7, 2011, by and among Skype Inc., a Delaware corporation
(the “Company”), and Jonathan Chadwick (the “Executive”). 
 WHEREAS, the Company desires to
employ the Executive on a full-time basis and the Executive desires to be so employed by the Company on the terms and conditions set forth below; and 
 WHEREAS, the Company and the Executive desire to enter into this Agreement as to the terms of the Executive’s employment with the Company. 

NOW, THEREFORE, in consideration of the premises and mutual covenants contained herein (including, without limitation, the Company’s
employment of the Executive and the advantages and benefits thereby inuring to the Executive) and for other good and valuable consideration, the receipt, adequacy and sufficiency of which are hereby acknowledged by each party hereto, the parties
hereby agree as follows: 
 1. Effectiveness of Agreement and Employment of the Executive. 

1.1 Effectiveness of Agreement. This Agreement shall be effective as of the date first written above (the “Effective
Date”). 
 1.2 Employment by the Company. 

(a) Position and Duties. During the Employment Period (as defined in Section 3 hereof), except as otherwise mutually agreed
by the Executive and Skype Global S.à r.l., a Societee à reponsibilite limitee incorporated under the laws of Luxembourg (the “Parent”), the Executive shall serve as the Chief Financial Officer of the
Parent’s entire group of businesses. In this capacity, the Executive shall have the duties, authorities and responsibilities commensurate with the duties, authorities and responsibilities of persons in similar capacities in similarly sized
companies, and such other duties, authorities and responsibilities as the Chief Executive Officer or the Parent’s Board of Directors (the “Parent’s Board”) shall designate from time to time that are not inconsistent with
the Executive’s position as the Chief Financial Officer. The Executive also agrees to serve, without additional compensation, as a director of any of the Company’s parents, subsidiaries and affiliates (such parents, subsidiaries and
affiliates, collectively, but excluding any person or entity that is an investor in the Parent or any person or entity related to such investor that is not wholly-owned in the same proportion by the investors of the Parent and of which the Executive
is the Chief Financial Officer (except as otherwise mutually agreed by the Executive and the Parent), “Affiliates”) if so requested by the Parent’s Board. The Executive shall report directly and exclusively to the Chief
Executive Officer of the Parent’s entire group of businesses. 
 (b) Permissible Activities. During the Employment
Period, the Executive shall devote all of his business time and attention to his employment under this Agreement; provided, however, that, subject to the provisions of Sections 5.1 and 5.4, the Executive may: (i) subject to the
prior written consent of the Parent’s Board, serve as a non-executive director on the boards of directors of not more than two for-profit companies (other than the Company and its Affiliates)

 
during the Employment Period; (ii) serve on the boards of directors of non-profit organizations; (iii) participate in charitable, civic, educational, professional, community or industry
affairs; and (iv) manage the Executive’s passive personal investments, so long as such activities, individually or in the aggregate, do not materially interfere or conflict with the Executive’s duties hereunder, create a potential
business or fiduciary conflict or otherwise violate the Company’s written code of conduct or code of ethics. 
 1.3
Office Location. The Executive’s principal place of business shall be in Palo Alto, California, however the Executive acknowledges that the Company may request that the Executive relocate to a new location outside of the United States (a
“Relocation Request”). In the event the Company reasonably requests that the Executive relocate to a location outside the United States, the Company and the Executive will work together in good faith to agree on the location and the
relocation package (which is to be commensurate with the relocation packages provided to similarly situated employees of the Company and its Affiliates). The Executive further acknowledges that he shall be required to travel on business in
connection with the performance of his duties hereunder. 
 2. Compensation and Benefits. 

2.1 (a) Salary. During the Employment Period, the Company shall pay the Executive for services during his employment under this
Agreement a base salary of no less than the annual rate of $600,000 (as increased from time to time, the “Base Salary”), payable in accordance with the Company’s customary payroll policies in force at the time of payment. The
Base Salary received by the Executive shall be reviewed by the Parent’s Board (or an authorized committee thereof) no less frequently than annually. 
 (b) Annual Bonus. 
 The Executive shall be eligible to receive an annual
bonus from the Company during the Employment Period, with a target bonus amount of no less than fifty percent (50%) of his Base Salary (the “Annual Bonus”), pro-rated for the partial year as a result of commencing employment
after January 1, 2011 based on the number of days employed as compared to 365 days; provided, however, that the Annual Bonus for 2011 shall not be less than 50% of his Base Salary, pro-rated for the partial year as a result of commencing
employment after January 1, 2011. Except as provided herein, the Annual Bonus shall be subject to satisfaction of corporate and individual performance criteria (including, without limitation, the budgeted business plan) that have been
established by the Parent’s Board (or an authorized committee thereof) following consultation with the Executive. The Parent’s Board (or an authorized committee thereof) shall also establish bonus amounts and criteria for bonuses below and
above target. Except for a termination of employment described in Sections 4.1 or 4.7 hereof, all bonuses, if any, shall be deemed “earned” if the Executive is employed on the last business day of the applicable fiscal year to which such
bonus relates. All bonuses, to the extent earned for a particular year, shall be paid in the following calendar year but prior to March 15th of such following calendar year. Notwithstanding anything herein to the contrary, the Company may in
its sole discretion establish bonus amounts and criteria for the Annual Bonus on a semi-annual basis and pay the semi-annual bonus within two months following the close of the performance period; provided, however, to be eligible to receive payment
of any semi-annual bonus, the Executive must be employed for the full 

  
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calendar quarter preceding the payout. The Executive acknowledges and agrees that if the Company or an Affiliate becomes a “publicly held corporation” within the meaning of
Section 162(m)(2) of the Internal Revenue Code of 1986, as amended (the “Code”), that all annual bonuses described in this Section 2.1(b) may, in the Company’s or the Affiliate’s discretion, be payable pursuant
to a “qualified performance based compensation” bonus plan established by the Company or the Affiliate in accordance with Code Section 162(m) and the regulations thereunder. 

2.2 Benefits. 
 During the Employment Period, the Executive shall be eligible to participate, in all employee benefit programs and perquisites, including any group insurance, hospitalization, medical, dental, vision,
health and accident, disability, life insurance, deferred compensation, fringe benefit and retirement plans or programs of the Company to the extent that he is eligible under the general provisions thereof and to the extent that all other similarly
situated senior executives of the Company and its Affiliates participate in such plans or programs and on the same basis and at the same levels as other similarly situated senior executives of the Company and its Affiliates generally. The Executive
will be eligible to receive grants of equity at the same time as other similarly situated senior executives of the Company and its Affiliates if the Company adopts a practice of making periodic equity grants. 

2.3 Expenses. During the Employment Period, pursuant to the Company’s customary reimbursement policies in force at the time
of payment, the Executive shall be promptly reimbursed, subject to the Executive’s presentation of vouchers or receipts therefor, for all reasonable business and entertainment expenses incurred by the Executive on behalf of the Company or any
of its Affiliates in the performance of the Executive’s duties hereunder. Any reimbursement that is taxable income to the Executive shall be paid pursuant to Section 8.3 hereof. 

2.4 Stock Option Grant. Parent granted to the Executive on March 29, 2011 (the “Grant Date”), a
non-qualified stock option to purchase 22,500 of the Parent’s ordinary shares (the “Ordinary Shares”) at an exercise price equal to the fair market value (as defined in the Skype Global S.à r.l. Equity Incentive
Plan (the “Equity Plan”)) of the Ordinary Shares on the Grant Date (the “Sign-On Option Grant”). The Sign-On Option Grant vests 40% (9,000 Ordinary Shares) based solely on the passage of time and 60% (13,500
Ordinary Shares) based on the initial equity investor’s “multiple of money” return. The vesting commencement date for the Sign-On Option Grant is the Employment Commencement Date. The Sign-On Option Grant is granted pursuant to, and
is subject to all of the terms and conditions of, the Equity Plan and the form of award agreement used for similarly situated senior executives of the Company and its Affiliates, including the Executive’s right to “net exercise” the
Sign-On Option Grant to satisfy both the exercise price and any related taxes. Any suspension of the Executive’s right to “net-exercise” the Sign-On Option Grant shall apply equally to all similarly situated senior executives of the
Company. If, prior to an initial public offering, the Parent delays the Executive’s Sign-On Option Grant exercise date, the Sign-On Option Grant exercise period will be extended until a date later in the same calendar quarter as the delay (but
not beyond the stated term of the option). 
 2.5 Co-Invest. In connection with the commencement of his employment with
the Company, the Executive subscribed on March 29, 2011 to acquire beneficial ownership of 590 Ordinary Shares for $340.07 per share, the fair market value, for an aggregate purchase price of $200,641. 

  
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 3. Employment Period. The Executive’s employment under this Agreement commenced
as of March 19, 2011 (the “Employment Commencement Date”), and shall terminate on the third anniversary thereof, unless terminated earlier pursuant to Section 4 (the “Initial Employment Period”). Unless
written notice of either party’s desire to terminate this Agreement has been given to the other party at least 60 days prior to the expiration of the Initial Employment Period (or any renewal thereof contemplated by this sentence), the term of
the Executive’s employment hereunder shall be automatically renewed for successive one-year periods (such term, including the Initial Employment Period, as it may be extended, the “Employment Period”). A notice of non-renewal
provided by the Company shall be treated as a termination by the Company without Cause (including for purposes of Section 4.4 hereof), and a notice of non-renewal provided by the Executive shall be treated as a termination by the Executive
without Good Reason (including for purposes of Section 4.6 hereof). 
 4. Termination and Forfeiture of Payments and
Benefits. 
 4.1 Termination by the Company for Cause. The Executive’s employment with the Company may be
terminated at any time by the Company for Cause. 
 (a) Upon a termination for Cause, the Company shall have no obligation to
the Executive other than to pay the Executive (i) the Executive’s then current accrued and unpaid Base Salary through his date of termination in accordance with the Company’s payroll practices, (ii) any unreimbursed business and
entertainment expenses incurred prior to the date of termination in accordance with Section 2.3 hereof, (iii) any accrued but unused vacation time in accordance with Company policy and (iv) any other amounts and benefits the Executive
is entitled to receive required by law or under any employee benefit plan and programs or equity plan or grant in accordance with the terms and provisions of such plans, programs, equity plan and grants. Collectively, Sections 4.1(a)(i) through
4.1(a)(iv) hereof shall be hereafter referred to as the “Accrued Amounts”. 
 (b) For purposes of this
Agreement, the term “Cause” shall mean any of the following: (i) the Executive’s failure to attempt in good faith to perform his duties under this Agreement (other than by reason of illness or disability); (ii) the
Executive’s indictment for, conviction of, or plea of no contest to, a felony or his indictment for, conviction of, or plea of no contest to, any other crime involving moral turpitude or his indictment for or conviction of a material dishonest
act or fraud against the Company or any of its Affiliates; (iii) any act or omission by the Executive that is the result of his misconduct or gross negligence and that is, or may reasonably be expected to be, materially injurious to the
financial condition, business or reputation of the Company or any of its Affiliates; or (iv) the Executive’s material breach of any material provision of this Agreement or willful breach of any of the Company’s written code of
conduct, code of ethics or any other written policy or a material breach by the Executive of a fiduciary duty or responsibility to the Company and its Affiliates. Any such occurrence described in clause (i) or (iv) of the preceding
sentence that is curable shall constitute “Cause” only after the Company has given the Executive written notice of, and 20 business days’ opportunity to cure, such violation, and then only if such occurrence is not cured. 

  
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 4.2 Disability. If, during the Employment Period, the Executive becomes Disabled, the
Company shall have the right to terminate the Executive’s employment with the Company upon written notice to the Executive. For purposes of this Agreement, “Disability” or “Disabled” shall be defined as the
inability of the Executive to have performed the Executive’s material duties hereunder due to a physical or mental injury, infirmity or incapacity for one hundred eighty (180) days (including weekends and holidays) in any 365-day period.
The existence or non-existence of a Disability shall be determined by an independent physician selected by the Company and reasonably acceptable to the Executive. Notwithstanding the foregoing, in the event that as a result of absence because of
mental or physical incapacity Executive incurs a “separation from service” within the meaning of such term under Code Section 409A (as defined in Section 8 hereof), Executive shall on such date automatically be terminated from
employment because of Disability. Upon such a termination, the Company shall have no obligation to the Executive other than to pay the Executive (i) the Accrued Amounts, (ii) any accrued but unpaid bonus for the calendar year preceding the
calendar year of termination or, if the Annual Bonus is paid on a semi-annual basis, for any completed performance period preceding the date of termination, payable in accordance with Section 2.1 (the “Earned Bonus”) and
(iii) a pro-rata Annual Bonus payment for the year of termination based on actual results and the portion of the fiscal year the Executive was employed by the Company through the effective date of such termination, payable in the calendar year
following such termination at such time bonuses are paid to the Company’s other similarly situated senior executives but prior to March 15th of such following calendar year; provided, however, that if the Annual Bonus is paid on a
semi-annual basis, the pro-rata bonus payment will be the bonus for the performance period in which such termination occurs based on the actual results for the performance period in which such termination occurs and the portion of the performance
period the Executive was employed by the Company through the effective date of such termination, payable at the time bonuses for such performance period are paid to the Company’s other senior executives (the “Pro-Rata Bonus”).

 4.3 Death. The Executive’s employment with the Company shall terminate automatically upon the death of the
Executive and the Company shall have no obligation to the Executive or the Executive’s estate other than to pay the Executive (i) the Accrued Amounts, (ii) the Earned Bonus and (iii) the Pro-Rata Bonus. 

4.4 Termination by the Company Without Cause. The Executive’s employment with the Company may be
terminated at any time by the Company without Cause upon prior written notice. Subject to the Executive’s continued compliance with his obligations under this Agreement and except as otherwise required by law or by the terms of the
Company’s benefit plans (excluding severance plans) the Company shall have no obligation to the Executive other than to pay or provide the Executive: (i) the Accrued Amounts; (ii) the Earned Bonus; (iii) the Pro-Rata Bonus;
(iv) subject to Section 8.2 hereof, an amount equal to two times the sum of (x) the Executive’s annual Base Salary (as in effect as of the date of termination) plus (y) the target Annual Bonus payable in approximately equal
installments in accordance with the Company’s regular payroll practices (but off employee payroll) during the 12 month period following the Executive’s date of termination; provided, however, that no installment shall be paid
prior to the first payroll coincident with or next following the sixtieth (60th) day after the Executive’s date of termination (or the first business day thereafter) and any installment that would have been paid during such 60 day period shall be paid with the first
installment paid to the 

  
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Executive; (v) with respect to any outstanding stock option held by the Executive as of the date of termination that vests based solely on the passage of time, any such stock options that
would have become vested and exercisable if the Executive had continued to be employed with the Company during the 24-month period commencing on the date of termination shall vest and become exercisable; provided that if the Executive’s
termination occurs during the 24-month period following a “change of control” (as defined in the Equity Plan), in lieu of the preceding vesting acceleration, all outstanding stock options that vest based solely on the passage of time shall
immediately vest and become exercisable as of the date of the Executive’s termination, consistent with a “qualifying termination” as set forth in Section 4.4.1.2 of the Equity Plan; and (vi) the benefits triggered by a
termination without Cause under Sections 4.4.2.3 and 4.5 of the Equity Plan, providing for accelerated vesting of stock options with performance-based vesting based on the vesting schedule for liquidity events on or after November 19, 2012 and
a 12-month post-termination exercise period for all vested stock options, respectively. In the event that the Executive is eligible to receive the severance benefits provided for by this Section 4.4, the Executive shall not be eligible to
receive severance benefits under any other Company plan, policy, or agreement. 
 In addition, the right under Section 8.01
of the Amended and Restated Exempted Limited Partnership Agreement of Skype Management, L.P., dated September 22, 2010 (the “Management Partnership Agreement”), to repurchase ordinary shares subject to the time-based stock
options and the performance-based stock options (but there is no right at all to repurchase the co-invest stock option or any co-invest shares except as provided in Section 8.01(a) of the Management Partnership Agreement) (the
“Repurchase Right”) during the 12-month period following the date of termination will be suspended and deferred until the 12-month period commencing on the first anniversary of the date of termination so long as the Executive
(x) reasonably cooperates with the Parent in facilitating the Parent’s transition to a new chief financial officer and (y) does not engage in any conduct intended or that a reasonable person in a like position and under like
circumstances could expect to cause meaningful harm to the Parent and its subsidiaries (the obligations in subsections (x) and (y) shall collectively be referred herein as the “Conditions”). In the event that the Executive
materially violates the Condition in subsection (x) or violates the Condition in subsection (y), then the Repurchase Right shall be exercisable during the 12-month period following the date the Executive receives such written notice that the
Executive has materially violated or violated the Conditions, as the case may be. To the extent that any material violation of the Condition in subsection (x) is reasonably curable in the good faith discretion of the Parent’s Board, the
Parent’s Board shall give the Executive the opportunity to cure such material violation. Notwithstanding anything else herein, no violation of subsection (y) of the Conditions shall be deemed to have occurred with respect to any matters
covered by the restrictive covenants and post-termination obligations described in Sections 5.1 through 5.6 of the Employment Agreement unless the Executive has materially violated the terms thereof during the applicable coverage period of such
restrictive covenant or post-termination obligation. The Repurchase Right will remain subject to all of the terms and conditions set forth in the Management Partnership Agreement, including that it may not be exercised after an “initial public
offering” or a “change of control” (each as defined in the Management Partnership Agreement). 
 4.5
Termination by the Executive for Good Reason. (a) During the Employment Period, the Executive’s employment with the Company may be terminated by the Executive for Good Reason. In the event that the Executive terminates his
employment with the 

  
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Company for Good Reason, the Executive shall be entitled to the same payments and benefits that he would have been entitled to receive under Section 4.4 if his employment had been terminated
by the Company without Cause. 
 (b) For purposes of this Agreement, the term “Good Reason” shall mean any of
the following conditions or events without the Executive’s prior consent: (i) a material diminution in the Executive’s Base Salary or target Annual Bonus opportunity, other than a decrease of less than 10% that applies to employees of
the Company and its Affiliates generally; (ii) a material diminution in the Executive’s authorities, duties or responsibilities; (iii) requiring the Executive to report to another person other than the Chief Executive Officer of the
Parent’s entire group of businesses; (iv) a material breach by the Company or Parent of any material term of this Agreement, equity award agreement or any other written agreement between the Company or Parent and the Executive; or
(v) the relocation of Executive’s principle place of employment more than 50 miles from the Executive’s principal place of employment provided for in Section 1.3 (other than a relocation pursuant to a Relocation Request). Any
such occurrence of a condition or event set forth in clauses (i) through (v) above shall constitute “Good Reason” only if the Executive provides the Company with written notice within 90 days following the first occurrence of the
event constituting Good Reason detailing the specific circumstances alleged to constitute Good Reason, and 30 business days’ opportunity to cure such violation(s). Any termination of employment as a result of Good Reason shall occur within 180
days following the occurrence of the Good Reason event. 
 4.6 Termination for a Relocation Reason.
In the event the Company makes a Relocation Request in accordance with Section 1.3 and the Executive and the Company cannot agree on a mutually acceptable new location or relocation package or the executive refuses to relocate, the Executive or
the Company may terminate the Executive’s employment (a “Termination for a Relocation Reason”). In the event of a Termination for a Relocation Reason, in lieu of any payments or benefits that might otherwise be due under
Section 4.5, the Executive shall only be entitled to receive (i) the Accrued Amounts; (ii) the Earned Bonus; (iii) the Pro-Rata Bonus; (iv) subject to Section 8.2 hereof, an amount equal to one times the sum of
(x) the Executive’s annual Base Salary (as in effect as of the date of termination) plus (y) the target Annual Bonus payable in approximately equal installments in accordance with the Company’s regular payroll practices (but off
employee payroll) during the 12 month period following the Executive’s date of termination; provided, however, that no installment shall be paid prior to the first payroll coincident with or next following the sixtieth (60th) day after the Executive’s date of termination (or the
first business day thereafter) and any installment that would have been paid during such 60 day period shall be paid with the first installment paid to the Executive; (v) if the Executive’s Termination for a Relocation Reason occurs within
12 months after the Executive’s Employment Commencement Date, pro-rata vesting of the first year tranche of any outstanding stock option held by the Executive as of the date of termination that vests based solely on the passage of time;
(vi) with respect to any outstanding stock option held by the Executive as of the date of termination that vests based solely on the passage of time, any such stock options that would have become vested and exercisable if the Executive had
continued to be employed with the Company during the 12-month period commencing on the date of termination shall vest and become exercisable; (vii) suspension of the Repurchase Right during the 12-month period following the date of termination
until the 12-month period commencing on the first anniversary of the date of termination so long as the Executive does not breach the Conditions. For the 

  
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avoidance of doubt, a Termination for a Relocation Reason will not trigger any vesting of stock options that vest based on the achievement of investor return thresholds and will constitute a
termination without Cause for purposes of Section 4.5 of the Equity Plan. 
 4.7 Termination by the Executive Without
Good Reason. The Executive may voluntarily resign from his employment with the Company without Good Reason, provided that the Executive shall provide the Company with 60 days’ advance written notice (which notice requirement may be
waived, in whole or in part, by the Company in its sole discretion) of his intent to terminate. Upon such a termination, the Company shall have no obligation to the Executive other than to pay the Executive the Accrued Amounts through the effective
date of such termination as initially specified by the Executive (without giving effect to any waiver of the 60-day notice requirement), provided that the Company’s obligation shall not extend beyond 60 days from the date of the
Executive’s notice of termination. 
 4.8 Release of Claims. Any and all amounts payable and benefits or additional
rights provided pursuant to Sections 4.2, 4.4, 4.5 and 4.6 beyond the Accrued Amounts shall only be payable if the Executive delivers to the Company and does not revoke a waiver and release of claims in the form attached hereto as Exhibit A
(with such changes therein as may be necessary to make it valid and encompassing under applicable law) and such waiver and release of claims shall have become effective in accordance with its terms. Such waiver and release of claims shall be
executed and delivered (and no longer subject to revocation, if applicable) within 60 days following termination. Not later than seven business days after the termination of employment, the Company shall deliver the waiver and release to the
Executive duly executed by the Company. 
 4.9 Resignation. Except as may be requested by the Company in writing,
Executive’s termination of employment for any reason shall constitute a resignation from (i) all boards of directors, committees and officer or other positions of the Company and any of its Affiliates and (ii) all fiduciary positions
(including as trustee) held by the Executive with respect to any pension plans or trusts established by the Company or any of its Affiliates. Upon request of the Company, the Executive agrees to promptly execute and deliver to the Company a written
resignation in a form reasonably acceptable to the Company. 
 4.10 No Mitigation; No Set Off. In no event shall the
Executive be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Executive under any of the provisions of this Agreement, nor shall the amount of any payment hereunder be reduced by any
compensation earned by the Executive as a result of employment by a subsequent employer. Except as expressly provided in this Agreement or required by law, the Company’s obligation to pay the Executive the amounts provided and to make the
arrangements provided hereunder shall not be subject to set off, counterclaim or recoupment. 
 4.11 Beneficiary. In the
event the Executive dies after termination of employment, but prior to the payment of any amounts due under Section 4, such amounts shall be paid to the Executive’s estate or legal representative. 

4.12 Golden Parachute Considerations. In the event that any amount or benefit that may be paid or otherwise provided to or in
respect of the Executive by the Company or any 

  
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Affiliate, whether pursuant to this Agreement or otherwise, is or may become subject to the tax imposed under Code Section 4999, the provisions of Exhibit B attached hereto shall be
applicable. 
 4.13 Recoupment. 
 (a) In the event of a restatement of the Parent’s consolidated financial statements (beginning with the financial statements for the first full quarterly period ending after the Employment
Commencement Date), subject to the Parent’s Board’s good faith determination that recoupment from the Executive is appropriate and justified based on the facts, the Parent’s Board shall have the right, in a manner consistent with
other senior executives of the Company and its Affiliates, to take appropriate action to recoup from the Executive any portion of any bonus received by the Executive (net of any federal, state, local or other taxes that the Executive has paid on
such annual bonus if such repayment does not occur in the same taxable year as the original bonus payment; otherwise on a gross basis), with respect to the period for which such financial statements are or will be restated (“Recoupment
Amount”), but in no event more than three years after such payment unless the Executive engaged in any misconduct or was at fault or responsible in any way for causing the restatement, if, as a result of such restatement, the Executive
otherwise would not have received such annual bonus (or portion thereof). In the event the Company and its Affiliates are entitled to, and seek, recoupment under this Section 4.13, the Executive shall promptly reimburse the Recoupment Amount to
which the Company and its Affiliates are entitled to recoup hereunder. In the event the Executive fails to make prompt reimbursement of any such Recoupment Amount to which the Company and its Affiliates are entitled to recoup and as to which the
Company and its Affiliates seek recoupment hereunder, the Executive acknowledges and agrees that the Company and its Affiliates shall have the right to (i) deduct such Recoupment Amount from the compensation or other payments due to the
Executive from the Company and its Affiliates (other than from amounts subject to Code Section 409A) or (ii) to take any other appropriate action to recoup such Recoupment Amount. 

(b) The rights contained in this Section 4.13 shall be in addition to, and shall not limit, any other rights or remedies that the
Company and its Affiliates may have under law or in equity, including, without limitation, any rights the Company and its Affiliates may have under any other agreement or arrangement with the Executive to which the Executive has consented, or as
permitted by law. 
 5. Covenants. 
 5.1 Confidentiality. The Executive understands that, in the course of his employment with the Company, he will be given access to confidential information and trade secrets including, but not
limited to, discoveries, ideas, concepts, software in various stages of development, designs, drawings, specifications, techniques, models, data, source code, object code, documentation, diagrams, flowcharts, research, development, processes,
procedures, “know-how,” marketing techniques and materials, marketing and development plans, business plans, merger or acquisition investigations, customer names and other information relating to customers, price lists, pricing policies,
financial information, organizational matters and personnel matters (including information about the nature, quality or quantity of work, or any special knowledge or personal characteristics of any person employed by the Company)

  
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(“Confidential Information”). Confidential Information also includes any information described above which the Company obtains from another party and which the Company treats as
proprietary or designates as Confidential information, whether or not owned or developed by the Company. Notwithstanding the foregoing, “Confidential Information” shall not apply to information that (i) was known to the public prior
to its disclosure to the Executive; (ii) becomes generally known to the public subsequent to disclosure to the Executive through no wrongful act of the Executive or any representative of the Executive; or (iii) the Executive is required to
disclose by applicable law, regulation or legal process (provided that the Executive provides the Company with prior notice of the contemplated disclosure and reasonably cooperates with the Company at its expense in seeking a protective order
or other appropriate protection of such information). The Executive agrees that during his employment by the Company and thereafter he will hold in confidence and not directly or indirectly reveal, report, publish, disclose, or transfer any
Confidential Information to any person or entity, or utilize any Confidential Information for any purpose, except in the course of the Executive’s good faith work for the Company. The Executive agrees to turn over all copies of Confidential
Information in his control to the Company upon request or upon termination of his employment with the Company. For purposes of this Section 5.1, the “Company” shall include Affiliates of the Company. 

5.2 Non-Solicitation of Employees. The Executive agrees that, during his employment with the Company and for 12 months
thereafter (the “Restricted Period”), he will not, either directly or indirectly, hire employees or former employees of the Company (which shall for this purpose only include individuals employed by the Company at any point during
the six months preceding such hiring), induce, persuade, solicit or attempt to induce, persuade, or solicit any of the Company’s employees to leave the Company’s employ, nor will he help others to do so except to the extent that any such
inducement, persuasion or solicitation or attempt to induce, persuade or solicit a Company employee to leave the Company’s employ during his employment is necessary or desirable as determined by the Executive’s good faith judgment in
connection with the performance of the Executive’s duties to the Company as set forth in this Agreement. This means, among other things, that if the Executive’s employment with the Company terminates (whether voluntarily or involuntarily),
he shall refrain for 12 months from in any way helping any person or entity hire any of his former (as defined above), fellow employees away from the Company, provided that the Executive may serve as a reference for such employees and former
employees, and that actions taken by any person or entity with which the Executive is associated if the Executive is not, directly or indirectly, involved in such solicitation and has not identified such Company employee for soliciting or hiring
will not be considered a violation for purposes of this Section 5.2. This shall not be construed to prohibit general solicitations of employment through the placing of advertisements. For purposes of this Section 5.2, the
“Company” shall include Affiliates of the Company. 
 5.3 Non-Solicitation of Clients. The Executive agrees
that, during the Restricted Period, he will not, either directly or indirectly, induce, persuade, solicit or attempt to induce, persuade, or solicit any business partner, vendor or corporate client (provided that, with respect to such
corporate client, revenues from such client are projected to exceed $500,000 over the next 12 months) of the Company, to terminate the business relationship of such person with the Company, to materially reduce the amount of business conducted with
the Company or in any way interfere with the relationship between any such business partner, vendor or corporate client and the Company (which interference may be expected to cause significant and meaningful

  
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monetary damage to the Company), provided, that actions taken by any person or entity with which the Executive is associated, if the Executive is not, directly or indirectly, involved in
any manner in the solicitation or negotiation of such matter, or otherwise involved in the taking of such action, and has not identified such business partner, vendor or corporate client for soliciting will not be considered a violation for purposes
of this Section 5.3. This shall not be construed to prohibit general solicitations through the placing of advertisements. For purposes of this Section 5.3, the “Company” shall include Affiliates of the Company. 

5.4 Non-Competition. The Executive agrees that, during the Restricted Period, he will not, without the prior written consent of
the Parent’s Board, whether as an employee, officer, director, consultant, partner, principal, agent, distributor, representative, stockholder, lender, investor or in any other individual or representative capacity with any individual,
partnership, corporation or other organization, engage in any activities on behalf of (i) any business or division of each of Microsoft Corporation, Google Inc., AOL LLC, Tencent Holdings Limited or Yahoo! Inc. which is primarily engaged in the
business of providing IM/chat, or video or voice calling over the internet (the “Competing Business”); or (ii) any stand-alone company that is primarily engaged in the Competing Business; or (iii) any stand-alone company
that is primarily engaged in the business of providing conventional voice telecommunication services, including but not limited to British Telecom, France Telecom or AT&T Inc. With respect to (i) above, the Executive will not be deemed to
be providing services to a business/division whose primary offering is a Competing Business if the Executive: (x) is employed by an entity in a supervisory position where less than 15% of the annual revenues (on the date of his hire by that
entity) under the Executive’s supervision is generated from the Competing Business; (y) is a director of an entity whose annual revenues from the Competing Business is less than 15% of the entity’s total annual revenues; or
(z) holds any compensatory equity award or makes or retains passive investments in less than one percent of the equity of any entity, if such equity is listed on a national securities exchange or regularly traded in an over-the-counter market.

 5.5 Mutual Non-Disparagement. During the Employment Period and for five years following the Executive’s
termination of employment for any reason, (i) the Executive covenants and agrees that he will not, nor induce others to, disparage the Company, its past and present officers, directors, investors, employees or products and (ii) the
Parent’s Board and the senior executive officers of the Company will not, nor induce others to, disparage the Executive. Nothing herein shall prohibit any party (i) from disclosing that the Executive is no longer employed by the Company,
(ii) from responding truthfully to any governmental investigation, legal process or inquiry related thereto, (iii) from making traditional competitive statements in the course of promoting a Competing Business, so long as any statements
described in this clause (iii) do not intentionally disparage, defame, or otherwise damage or assail the reputation, integrity or professionalism of the other and, for the Executive, are not based on Confidential Information obtained during the
course of the Executive’s employment by the Company or (iv) good faith rebuttal of the other party’s untrue or misleading statement. For purposes of this Agreement, the term “disparage” means any statements, whether orally,
in writing or through any medium (including, but not limited to, the press or other media, computer networks or bulletin boards, or any other form of communication), that intentionally disparage, defame, or otherwise damage or assail the reputation,
integrity or professionalism of the other party. For purposes of this Section 5.3, the “Company” shall include Affiliates of the Company. 

  
 -11-

 5.6 Cooperation. The Executive agrees that during his employment by the Company and
thereafter, the Executive will reasonably assist the Company and its Affiliates in the defense of any claims, or potential claims that may be made or threatened to be made against the Company or any of its Affiliates in any action, suit or
proceeding, whether civil, criminal, administrative, investigative or otherwise (a “Proceeding”), and will reasonably assist the Company and its Affiliates in the prosecution of any claims that may be made by the Company or any of
its Affiliates in any Proceeding, to the extent that such claims may relate to matters in which the Executive has knowledge as a result of the Executive’s employment by the Company and its Affiliates or his serving as an officer or director of
the Company and its Affiliates. Without limiting the generality of the foregoing, to the extent that the Company seeks such assistance, the Company will use reasonable business efforts, whenever possible, to provide the Executive with reasonable
advance notice of its need for the Executive’s assistance and will attempt to coordinate with the Executive the time and place at which the Executive’s assistance will be provided with the goal of minimizing the impact of such assistance
on any other material pre-scheduled business commitment that the Executive may have. The Executive agrees, unless precluded by law, to use reasonable efforts to promptly inform the Company if the Executive is asked to participate (or otherwise
become involved) in any Proceeding involving such claims or potential claims. The Executive also agrees, unless precluded by law, to promptly inform the Company if the Executive is asked to assist in any investigation (whether governmental or
otherwise) of the Company or any of its Affiliates (or their actions), regardless of whether a lawsuit has then been filed against the Company or any of its Affiliates with respect to such investigation. The Executive’s cooperation described in
this Section 5.6 shall be subject to the maintenance of the indemnification and D&O insurance policy provided under Section 7.10 hereof. The Company agrees to reimburse the Executive for all of the Executive’s reasonable
out-of-pocket expenses associated with such assistance, including travel expenses, and to compensate the Executive at a rate equal to $500 per hour. Any reimbursement that is taxable income to the Executive shall be paid pursuant to Section 8.3
hereof. 
 5.7 Scope; Equitable Relief; Other Remedies. The Company and the Executive acknowledge that the time, scope,
geographic area and other provisions of this Section 5 have been specifically negotiated by sophisticated commercial parties and agree that all such provisions are reasonable under the circumstances of the activities contemplated by this
Agreement. The Executive and the Company acknowledge and agree that the terms of this Section 5: (i) are reasonable in light of all of the circumstances; (ii) are sufficiently limited to protect the legitimate interests of the
Executive, the Company and its Affiliates; (iii) impose no undue hardship on the Executive, the Company or its Affiliates; and (iv) are not injurious to the public. Each party hereto further acknowledges and agrees that (x) a breach
of the provisions of this Section 5 may cause irreparable harm to the other party(ies), which cannot be adequately compensated by money damages, and (y) if a party elects to prevent any of the other parties from breaching such provisions
by obtaining an injunction against such party, there is a reasonable probability of enjoining party’s eventual success on the merits. Each party consents and agrees that (x) if any party commits any such breach or threatens to commit any
breach, the other party(ies) shall be entitled to temporary and permanent injunctive relief from a court of competent jurisdiction, without posting any bond or other security and without the necessity of proof of actual damage, in addition to, and
not in lieu of, such other remedies as may be available to such party for such breach, including the recovery of money damages or recoupment in accordance with Section 4.13 and (y) if the Executive materially violates the provisions of
Sections 5.1-5.4 

  
 -12-

 
during the Restricted Period, and, if such violation is curable and is not promptly cured after written notice, any severance being paid to the Executive pursuant to this Agreement shall
immediately cease and the Company will have the rights set forth in Section 4.13. The parties hereto acknowledge and agree that (A) this Agreement is entered into in the State of California, (B) as of the Effective Date, the State of
California will have a substantial relationship to the parties hereto, (C) the use of California law provides certainty to the parties hereto in any covenant litigation in the United States, and (D) enforcement of the provisions of this
Section 5 would not violate any fundamental public policy of the State of California or any other jurisdiction. In the event that the agreements in this Section 5 shall be determined by any court of competent jurisdiction to be
unenforceable by reason of their extending for too great a period of time or over too great a geographical area or by reason of their being too extensive in any other respect, they shall be interpreted to extend only over the maximum period of time
for which they may be enforceable and/or over the maximum geographical area as to which they may be enforceable and/or to the maximum extent in all other respects as to which they may be enforceable, all as determined by such court in such action.

 5.8 Tolling. In the event of any violation of the provisions of this Section 5, the Executive acknowledges and
agrees that the post-termination restrictions contained in this Section 5 shall be extended by a period of time equal to the period of such violation, it being the intention of the parties hereto that the running of the applicable
post-termination restriction period shall be tolled during any period of such violation. 
 5.9 Survival. The obligations
contained in this Section 5 shall survive the termination of the Employment Period and the Executive’s employment with the Company for any reason and shall be fully enforceable thereafter. 

5.10 Thirty Party Beneficiaries. The Executive acknowledges and agrees that the Company’s Affiliates and any person or entity
that is an investor in the Parent, or any person or entity related to such investor, shall be third party beneficiaries of this Section 5. 
 6. Notices. Any notice or communication given by either party hereto to the other shall be in writing and personally delivered; mailed by registered or certified mail, return receipt requested,
postage prepaid; delivered by an internationally recognized delivery or courier service (such as FedEx or DHL); or delivered by facsimile or electronic mail (with a notice contemporaneously given by another method specified in this Section 6),
to the following addresses: 
 If to the Company: 
 Skype Inc. 
 c/o Skype Global S.à r.l. 

23-29 Rives de Clausen 
 L-2165 Luxembourg 
 Telecopy: +352 2663-9130 

Attention: Chief Legal and Regulatory Officer 

  
 -13-

 With a copy (which shall not constitute notice) to: 

Sullivan & Cromwell LLP 
 1 New Fetter Lane 
 London EC4A 1AN 

United Kingdom 

Telecopy: +44 20 7959 8950 
 Attention: Richard C. Morrissey, Esq. 
 Richard A. Pollack, Esq. 

Matthew M. Friestedt, Esq. 
 If to the Executive: 
 The most recent address on file for the Executive at the
Company. 
 With a copy (which shall not constitute notice) to: 

Orrick, Herrington & Sutcliffe LLP 
 405 Howard Street 
 San Francisco, CA 94105 

Telecopy: 415.773.5961 
 Attention: Juliano Banuelos, Esq. 
 Any notice shall be deemed given when actually
delivered to such party at the designated address, or five days after such notice has been mailed or sent by overnight courier or when sent by facsimile or electronic mail with printed or other proof of delivery confirmation, whichever comes
earliest. Any person entitled to receive notice may designate in writing, by notice to the other, such other address to which notices to such person shall thereafter be sent. 
 7. Miscellaneous. 
 7.1 Representation. The Executive hereby
represents to the Company that: (i) he has the legal right to enter into this Agreement and to perform all of the obligations on his part to be performed hereunder in accordance with its terms; (ii) no agreements or obligations exist to
which the Executive is a party or otherwise bound, in writing or otherwise, that in any way interfere with, impede or preclude him from entering into this Agreement or fulfilling all of the terms and conditions of this Agreement; and (iii) the
execution and delivery of this Agreement by the Executive and the performance by the Executive of the Executive’s duties hereunder shall not constitute a breach or violation of, or a default under, any existing obligation, commitment or
agreement to which Executive is a party or otherwise bound. 
 7.2 Entire Agreement. This Agreement, any equity award
agreements, and the documents incorporated by reference herein (including without limitation Exhibits A and B), or therein, contain the entire understanding of the parties in respect of their subject matter and supersede upon their
effectiveness all other prior plans, arrangements, agreements and understandings, including the Binding Term Sheet for Employment Agreement. 

  
 -14-

 7.3 Amendment; Waiver. This Agreement may not be amended, supplemented, canceled or
discharged, except by written instrument executed by the party against whom enforcement is sought. No failure to exercise, and no delay in exercising, any right, power or privilege hereunder shall operate as a waiver thereof. No waiver of any breach
of any provision of this Agreement shall be deemed to be a waiver of any preceding or succeeding breach of the same or any other provision. 
 7.4 Binding Effect; Assignment. The rights and obligations of this Agreement shall bind and inure to the benefit of any successor of the Company by reorganization, merger or consolidation, or any
assignee of all or substantially all of the Company’s business and/or assets. The Company may only assign this Agreement to a successor to all or substantially all of the business and/or assets of the Company, provided that the Company
shall require such successor to expressly assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to perform it if no such succession had taken place. As used in this Agreement,
“Company” shall mean the Company and any successor to its business and/or assets, which assumes and agrees to perform the duties and obligations of the Company under this Agreement by operation of law or otherwise. The Executive’s
rights or obligations under this Agreement may not be assigned by the Executive other than to the Executive’s estate or designated beneficiary in the event of the Executive’s death. 

7.5 Headings. The headings contained in this Agreement are for reference purposes only and shall not affect the meaning or
interpretation of this Agreement. 
 7.6 Governing Law; Interpretation. This Agreement shall be construed in accordance
with and governed for all purposes by the laws and public policy of the State of California applicable to contracts executed and to be wholly performed therein. 
 7.7 Severability. The parties have carefully reviewed the provisions of this Agreement and agree that they are fair and equitable. However, in light of the possibility of differing interpretations
of law and changes in circumstances, the parties agree that if any one or more of the provisions of this Agreement shall be determined by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the provisions of this
Agreement shall, to the extent permitted by law, remain in full force and effect and shall in no way be affected, impaired or invalidated. Moreover, if any of the provisions contained in this Agreement are determined by a court of competent
jurisdiction to be excessively broad as to duration, activity, geographic application or subject, this Agreement shall be construed, by limiting or reducing any such provisions to the extent legally permitted, so as to be enforceable to the extent
compatible with then applicable law. 
 7.8 Dispute Resolution. Except as otherwise provided in this Section 7.8,
arbitration will be the method of resolving disputes under this Agreement (including any waiver and release of claims entered into in connection with the Executive’s termination of employment), other than injunctive relief arising under
Section 5. All arbitrations arising out of this Agreement shall be conducted in the San Francisco Bay Area, California. Subject to the following provisions, the arbitration shall be conducted in accordance with the Commercial Arbitration Rules
of the American Arbitration Association (the “Association”) then in effect. Any award entered by the arbitrators shall be final, binding and non-appealable and judgment 

  
 -15-

 
may be entered thereon by either party in accordance with applicable law in any court of competent jurisdiction. This arbitration provision shall be specifically enforceable. The arbitrators
shall have no authority to modify any provision of this Agreement or to award a remedy for a dispute involving this Agreement other than a benefit specifically provided under or by virtue of this Agreement. Subject to Section 7.9, each party
shall be responsible for its own expenses (including any petitioner’s filing fees) relating to the conduct of the arbitration (including reasonable attorneys’ fees and expenses) and the parties shall share the fees of the Association
equally. Notwithstanding the foregoing, in the event either party elects to prevent the other party from breaching the provisions of Section 5 by seeking temporary and permanent injunctive relief from a court of competent jurisdiction, the
parties each hereby agree to and hereby do submit to the exclusive jurisdiction of any state or federal court of record in the San Francisco Bay Area, California and hereby waive any and all objections to such jurisdiction or venue that they may
have. The provisions of this Section 7.8 shall survive the termination of the Employment Period and the Executive’s employment with the Company for any reason and shall continue to apply to any disputes arising thereafter. 

7.9 Legal Fees. The Company will promptly pay or reimburse the Executive for all reasonable and documented legal fees and related
expenses incurred in connection with the drafting, negotiation and execution of this Agreement and any related equity award agreements. Any reimbursement that is taxable income to the Executive shall be paid pursuant to Section 8.3 hereof.

 7.10 Indemnification. The Company and the Parent will, to a degree no less favorable than would be applicable under
its policies and contractual obligations to similarly situated senior executives and directors of the Parent, the Company and its Affiliates, indemnify and hold the Executive harmless from any and all liability arising from his good faith
performance of services pursuant to this Agreement as an employee, officer, or director of the Company, its subsidiaries and any of its Affiliates, to the extent permitted by law. In addition, the Executive will have the benefit of coverage under
any D&O insurance policy that the Company and the Parent may have in place for its directors and officers. This Section 7.10 shall survive the termination of the Executive’s employment with the Company for any reason. 

7.11 Withholding Taxes. All payments hereunder shall be subject to any and all applicable federal, state, local and foreign
withholding taxes and all other applicable withholding amounts. 
 7.12 Counterparts. This Agreement may be executed in
or more counterparts, each of which shall be deemed an original but all of which together shall constitute the same instrument. 

8. Section 409A Compliance. 
 8.1 The intent of the parties is that payments and benefits under this Agreement comply with, or be exempt from, Code Section 409A and the regulations and guidance promulgated thereunder
(collectively “Code Section 409A”) and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in accordance with such intent. The provisions of this Section 8 shall qualify and supersede
all other provisions of this Agreement as 

  
 -16-

 
necessary to fulfill the foregoing intention while to the maximum possible extent preserving the economic benefits otherwise intended hereunder. If the Executive notifies the Company (with
specificity as to the reason therefor) that the Executive believes that any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause the Executive to incur any additional tax or interest
under Code Section 409A and the Company concurs with such belief or the Company independently makes such determination, the Company shall, after consulting with the Executive, reform such provision to attempt to comply with Code
Section 409A through good faith modifications to the minimum extent reasonably appropriate to conform with Code Section 409A; provided that the Company shall not reform any such provisions if such action would or could reasonably be
expected to result in any material increased costs or material liability to the Company. To the extent that any provision hereof is modified in order to comply with or be exempt from Code Section 409A, such modification shall be made in good
faith and shall, to the maximum extent reasonably possible, maintain the original intent and economic benefit to the Executive and the Company of the applicable provision without violating the provisions of Code Section 409A. The Company shall
have no liability to the Executive if any amounts paid or payable to the Executive are subject to the additional tax and penalties under Code Section 409A. 
 8.2 A termination of employment shall not be deemed to have occurred for purposes of any provision of this Agreement providing for the payment of any amounts or benefits that constitute a “deferral
of compensation” within the meaning of and subject to Code Section 409A upon or following a termination of employment unless such termination is also a “separation from service” within the meaning of Code Section 409A and,
for purposes of any such provision of this Agreement, references to a “termination,” “termination of employment” or like terms shall mean “separation from service.” If the Executive is deemed on the date of termination
to be a “specified employee” within the meaning of that term under Code Section 409A(a)(2)(B), then with regard to any payment or the provision of any benefit that is specified as subject to this Section or that is otherwise
considered deferred compensation under Code Section 409A payable on account of a “separation from service,” such payment or benefit shall be made or provided at the date which is the earlier of (i) the first day of the seventh
month following such “separation from service” of the Executive, and (ii) the date of the Executive’s death (the “Delayed Payment Date”). On the first business day following the Delayed Payment Date, all payments
and benefits delayed pursuant to this Section 8.2 (whether they would have otherwise been payable in a single sum or in installments in the absence of such delay) shall be paid or reimbursed to the Executive in a lump sum with interest at the
prime rate as published in the Wall Street Journal on such date, and any remaining payments and benefits due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein. Each payment,
installment and benefit payable under this Agreement is intended to constitute a separate payment for purposes of Section 1.409A-2(b)(2) of the Treasury Regulations. 
 8.3 All expenses or other reimbursements paid pursuant to Sections 2.3, 5.6 and 7.9 hereof or otherwise provided herein that are taxable income to the Executive shall in no event be paid later than
the end of the calendar year next following the calendar year in which Executive incurs such expense. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by Code
Section 409A, (i) the right to payment or reimbursement or in-kind benefits shall not be subject to liquidation or exchange for 

  
 -17-

 
any other benefit, (ii) the amount of expenses eligible for reimbursement, of in-kind benefits, provided during any taxable year shall not affect the expenses eligible for reimbursement, or
in-kind benefits to be provided, in any other taxable year, provided that the foregoing clause (ii) shall not be violated by any lifetime and other annual limits provided under the Company’s health plans and (iii) such payments
shall be made on or before the last day of Executive’s taxable year following the taxable year in which the expense occurred. Any tax gross-up payment as provided herein shall be made in any event no later than the end of the calendar year
immediately following the calendar year in which the Executive remits the related taxes, and any reimbursement of expenses incurred due to a tax audit or litigation shall be made no later than the end of the calendar year immediately following the
calendar year in which the taxes that are the subject of the audit or litigation are remitted to the taxing authority, or, if no taxes are to be remitted, the end of the calendar year following the calendar year in which the audit or litigation is
completed. 
 8.4 Whenever a payment under this Agreement specifies a payment period with reference to a number of days
(e.g., “payment shall be made within 30 days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company. 

[Signature Page to Follow] 

  
 -18-

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

			
	SKYPE INC.
		
	By:	 	 /S/ NEAL GOLDMAN

	Name:	 	Neal Goldman
	Title:	 	Chief Legal and Regulatory Officer
	
	EXECUTIVE
	
	 /S/ JONATHAN CHADWICK

	Jonathan Chadwick

  

			
	 Acknowledged and agreed (solely for purposes
 of Sections 1.2, 2.4, 2.5, 5.5 and 7.10 hereof):

	
	Skype Global S.à r.l.
		
	By:	 	 /S/ EGON DURBAN

	Name:	 	Egon Durban
	Title:	 	Class “A” Manager

  

			
	By:	 	 /S/ JEAN-LOUIS
SCHILTZ

	Name:	 	Jean-Louis Schiltz
	Title:	 	Class “G” Manager

  
 -19-

 EXHIBIT A 

FORM OF SEPARATION AGREEMENT AND RELEASE 
 This Separation Agreement and Release of Claims (the “Agreement”) is made by and among Jonathan Chadwick (the “Employee”), an individual, and Skype Inc., a Delaware
corporation (the “Company”). 
 WHEREAS, the Employee is a party to an Employment Agreement with the Company,
dated as of March 6, 2011 (the “Employment Agreement”); and 
 WHEREAS, the Employee’s employment
with the Company will cease as of                      and the Company desires to provide Employee with the benefits set forth in his
Employment Agreement to assist Employee in the period of transition following Employee’s separation; 
 NOW THEREFORE, in
consideration of the mutual promises and releases contained herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties agree as follows: 

 

	1)	Separation Benefits. 

  

	 	(a)	Separation Date and Final Paycheck. Employee’s employment with the Company will cease effective
                     (the “Separation Date”). The Employee shall receive normal compensation up to and including that date,
including a lump sum payment for all earned but unused vacation less all required tax withholdings and other authorized deductions. 

  

	 	(b)	Post Employment Payments. Following and contingent upon Employee’s execution and non-revocation of this Agreement, the Company will pay to Employee the
severance amounts in accordance with the terms of the Employment Agreement, less all required tax withholdings and other authorized deductions. 

  

	 	(c)	Except as set forth in this Agreement or as required by federal, state or local law, Employee shall not be entitled to any additional benefits relating to
Employee’s separation of employment. 

  

	2)	Employee Release. 

  

	 	(a)	Employee, on Employee’s own part and on behalf of Employee’s dependents, heirs, executors, administrators, assigns, and successors, and each of them, hereby
covenants not to sue and fully releases, acquits, and discharges the Company, and its parent, subsidiaries, affiliates, and in such capacities, owners, trustees, directors, officers, agents, employees, stockholders, representatives, assigns, and
successors (collectively referred to as “Company Releasees”) with respect to and from any and all claims, wages, agreements, contracts, covenants, actions, suits, causes of action, expenses, attorneys’ fees, damages, and
liabilities of whatever kind or nature in law, equity or otherwise, whether known or unknown, suspected or unsuspected, and whether or not concealed or hidden, which Employee has at any time 

  
 A-1

 heretofore owned or held against said Company Releasees, including, without limitation,
those arising out of or in any way connected with Employee’s employment relationship with the Company or Employee’s separation from employment with the Company, except with respect to those benefits set forth in Paragraph 1(b) of this
Agreement. 
  

	 	(b)	Notwithstanding the foregoing, nothing in this Agreement shall be a waiver of claims: (1) that may arise after the date on which Employee signs this Agreement;
(2) with respect to Employee’s right to enforce his rights that survive separation under the Employment Agreement or any other written agreement entered into between Employee and the Company (including, without limitation, any equity
grants or agreements); (3) regarding rights of indemnification, reimbursement of legal fees and directors and officers liability insurance to which Employee is entitled under the Employment Agreement; (4) relating to any claims for
accrued, vested benefits under any employee benefit plan or pension plan of the Company Releasees subject to the terms and conditions of such plan and applicable law; or (5) as a stockholder of the Company Releasees. 

 

	3)	Time to Consider Agreement. 

  

	 	(a)	Employee acknowledges that Employee: (1) has carefully read this Agreement in its entirety; (2) has had an opportunity to consider for at least [21 /
45] days the terms of this Agreement; (3) is hereby advised by the Company in writing to consult with an attorney of Employee’s choice in connection with this Agreement; (4) fully understands the significance of all of the
terms and conditions of this Agreement and has discussed them with Employee’s independent legal counsel, or has had a reasonable opportunity to do so; (5) has had answered to Employee’s satisfaction by Employee’s independent
legal counsel any questions Employee has asked with regard to the meaning and significance of any of the provisions of this Agreement; and (6) is signing this Agreement voluntarily and of Employee’s own free will and agrees to abide by all
the terms and conditions contained herein. 

  

	 	(b)	Employee understands that Employee will have at least [21 / 45] days from the date of receipt of this Agreement to consider the terms and conditions of
this Agreement. Employee may accept this Agreement by signing it and returning it to the Company at the address specified pursuant to Section 6 of the Employment Agreement. After executing this Agreement, Employee shall have seven days (the
“Revocation Period”) to revoke this Agreement by indicating Employee’s desire to do so in writing delivered to the Company’s Chief Legal and Regulatory Officer at the address listed in the Employment Agreement (or such
other address as he may provide to Employee) by no later than 5:00 p.m. CET on the last day of the Revocation Period. Provided he has not revoked this Agreement before then, the effective date of this Agreement shall be the day after the last day of
the Revocation Period (the “Agreement Effective Date”). If the last day of the Revocation Period falls on a Saturday, Sunday or holiday, the last day of the Revocation Period will be deemed to be the next business day. In the event
Employee does not accept this Agreement as set forth above, or in the event Employee revokes this Agreement 

  
 A-2

 during the Revocation Period, this Agreement, including but not limited to the obligation of
the Company to provide the payments and benefits provided in Paragraph 1 above, shall be deemed automatically null and void. 
  

	 	(c)	This Agreement shall not affect Employee’s rights under the Older Workers Benefit Protection Act to have a judicial determination of the validity of this Agreement
and does not purport to limit any right that Employee may have to file a charge under the Age Discrimination in Employment Act or other civil rights statute or to participate in an investigation or proceeding conducted by the Equal Employment
Opportunity Commission or other investigative agency. This Agreement does, however, waive and release any right to recover damages under the Age Discrimination in Employment Act or other civil rights statute. 

 

	4)	Restrictive Covenants; Survival. Employee hereby acknowledges the existence, continuing validity and enforceability of the terms of the Employment
Agreement intended to survive separation of employment (including without limitation the confidentiality, nonsolicitation, noncompetition, nondisparagement and cooperation covenants of Section 5 and the recoupment provisions in
Section 4.13), and/or any confidentiality agreement or restrictive covenant that Employee signed during Employee’s employment with the Company. Employee hereby affirms his understanding that Employee must remain in compliance with those
terms following the Separation Date. Employee hereby further acknowledges that, upon Employee’s material breach of certain restrictive covenants, the Company and/or the Company Releasees may have the right to cease making severance payments in
accordance with the terms of the Employment Agreement and to terminate any outstanding equity awards or recapture shares, or proceeds from Employee’s sale of shares, acquired under an equity award in accordance with the terms of the applicable
equity plan, equity award agreement or any other agreement between Employee and the Company and/or the Company Releasees. 

  

	5)	Confidentiality. Employee and the Company agree that the existence and terms of this Agreement are strictly confidential and that neither party shall
disclose the existence or terms of this Agreement except to its counsel or as required by law or regulation. 

  

	6)	Acknowledgement. This Agreement covers both claims that the Employee knows about and those the Employee may not know about. The Employee expressly waives
all rights afforded by any statute which limits the effect of a release with respect to unknown claims. The Employee understands the significance of the Employee’s release of unknown claims and the Employee’s waiver of statutory protection
against a release of unknown claims. Notwithstanding the provisions of any statute, the Employee expressly acknowledges that this Agreement is intended to include both claims that the Employee knows about and those the Employee does not know or
suspect to exist. 

  

	7)	References. All inquiries to the Company concerning Employee’s employment shall be directed to the Global Human Resources Director, who shall confirm
dates of employment and level of compensation of the Employee during Employee’s employment with the Company. 

  
 A-3

	8)	Miscellaneous. 

  

	 	(a)	This Agreement is binding upon, and shall inure to the benefit of, the parties and their respective heirs, executors, administrators, successors and assigns.

  

	 	(b)	This Agreement shall be construed in accordance with and governed for all purposes by the laws and public policy (other than conflict of laws principles) of the State
of California applicable to contracts executed and to be wholly performed therein. If any of the provisions of this Agreement are held to be illegal or unenforceable, in whole or in part, the Agreement shall be revised only to the extent necessary
to make such provision(s) legal and enforceable. 

  

	 	(c)	The Employee represents and warrants that, as of the Agreement Effective Date, he has not filed or commenced any suit, claim, charge, complaint, action, arbitration, or
legal proceeding of any kind against the Company or its affiliates with regard to matters released hereunder. The Employee agrees that if he hereafter commences, joins in, or in any manner seeks relief through any suit arising out of, based upon, or
relating to any of the claims released hereunder, or in any manner asserts against the Company Releasees any of the claims released hereunder, including through any motion to reconsider, reopen or appeal the dismissal of the action, then he will pay
to the Company Releasees against whom such claim(s) is asserted, in addition to any other damages caused thereby, all attorneys’ fees incurred by such Company Releasees in defending or otherwise responding to said suit or claim. Provided
however, that the requirement that the Employee pay the Company Releasees attorneys’ fees will not be applicable to a claim or portion of a claim that the release is not valid under the Older Workers Benefit Protection Act, or any claim
asserted under the Age Discrimination in Employment Act. 

  

	 	(d)	The Employee agrees and promises not to voluntarily participate, without receiving the prior written approval of the Company, in any pending or future civil case,
arbitration, agency proceeding, or other legal proceeding brought against the Company (or any of its affiliates) by a third party (“Third Party Civil Litigation”) with respect to any issues released hereunder. The Employee also
agrees that he will not intentionally cause, encourage, or participate in any Third Party Civil Litigation maintained or instituted against the Company (or any of its affiliates) with regard to matters released hereunder. Specifically, among other
things, this Paragraph 8(d) is intended to preclude the Employee from, with regard to matters released hereunder (a) voluntarily providing any party involved in a Third Party Civil Litigation, as defined above, against the Company (or any of
its affiliates) with any statement, oral or written, sworn or unsworn, to be used in connection with that Third Party Civil Litigation, and/or (b) voluntarily appearing for the purpose of providing deposition or trial testimony at such
party’s request without the prior written approval of the Company. 

  

	9)	 Return of Property. Employee hereby represents to the Company that all property belonging to the Company has been returned, including,
without limitation, all keys, access cards, passwords, access codes, and other information necessary to access any computer or 

  
 A-4

 
electronic database; all books, files, documents, and electronic media; and all Company property of any kind that Employee has in his possession or control, or that Employee obtained from the
Company. Employee may retain his rolodex and similar address books, including electronic address books, provided that such items only include contact information. To the extent that Employee is provided with a cell phone number by the Company during
employment, the Company shall cooperate with Employee in transferring such cell phone number to Employee’s individual name following separation. 
  

	10)	Resignations. Employee hereby confirms, effective as of the Separation Date, his resignation from his position as Chief Financial Officer of Skype Global
S.à r.l.’s entire group of businesses and from all other offices, directorships, trusteeships, committee memberships and fiduciary capacities held with, or on behalf of, the Company or any of its affiliates or any benefit plans of
the Company or any of its affiliates. Employee further acknowledges and agrees that, after the Separation Date, he will not represent himself as being a director, employee, officer, trustee, agent or representative of the Company or any of its
affiliates for any purpose and will not make any statements as an agent or representative of the Company or any of its affiliates. 

  

	11)	Entire Agreement. Employee agrees that this Agreement contains and comprises the entire agreement and understanding between Employee and the Company
regarding Employee’s separation of employment; that there are no additional promises between Employee and/or the Company other than those contained in this Agreement or any continuing obligations as described in Paragraphs 1(b), 2(b) and 8(d);
and that this Agreement shall not be changed or modified in any way except through a writing that is signed by both the Employee and the Company; provided, that the obligations of Employee and the Company under any applicable shareholders’
agreement or equity arrangement remain in effect without amendment by this Agreement. 

 [Signature Page to
Follow] 

  
 A-5

 The parties acknowledge that they have read the foregoing Agreement, understand its
contents, and accept and agree to the provisions it contains voluntarily and knowingly, and with full understanding of its consequences. 
  

	
	  

	EMPLOYEE NAME:
	
	Date:                     

 

			
	Skype Inc.
		
	 By:
	 	  

			
	 [NAME]
	 	

			
	 [TITLE]
	 	
	
	 Date:
                    

  
 A-6

 EXHIBIT B 

GOLDEN PARACHUTE PROVISIONS 
 This Exhibit B sets forth the terms and provisions applicable to the Executive pursuant to the provisions of Section 4.12 of the Agreement. This Exhibit B shall be subject in
all respects to the terms and conditions of the Agreement. Capitalized terms used without definition in this Exhibit B shall have the meanings set forth in the Agreement. 

(a) To the extent that the Executive would otherwise be eligible to receive a payment or benefit pursuant to the terms of this Agreement
or otherwise in connection with, or arising out of, the Executive’s employment with the Company or a change in ownership or effective control of the Company or of a substantial portion of its assets (any such payment or benefit, a
“Parachute Payment”), that a nationally recognized United States public accounting firm selected by the Company and approved by the Executive (which approval shall not be unreasonably withheld) (the “Accountants”)
determines would be subject to excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then (x) if the Parent is a corporation described in Section 280G(b)(5)(A)(ii)(I) of the Code, if the Executive
executes a waiver of the portion of such excess parachute payments such that all non-waived payments would not be subject to the Excise Tax, the Company shall agree to seek approval of its stockholders in a manner that complies with
Section 280G(b)(5)(B) of the Code and Treasury Regulation Section 1.280G-1 such that if such stockholder approval is obtained the waived payments shall be restored and (y) if the Parent ceases to be a corporation described in
Section 280G(b)(5)(A)(ii)(I) of the Code, the Company will pay the greatest of the following, whichever gives the Executive the highest net after-tax amount (after taking into account U.S. federal, state, local and social security taxes):
(1) the Parachute Payments or (2) one dollar less than the amount of the Parachute Payments that would result in the imposition of the Excise Tax (the “Safe Harbor Amount”). If a reduction in the Parachute Payments is
necessary, then the reduction shall occur in the following order: (1) cancellation of acceleration of vesting on any equity awards for which the exercise price exceeds the then fair market value of the underlying equity (“Underwater
Equity”); (2) Full Credit Payments (as defined below) that are payable in cash; (3) non-cash Full Credit Payments that are taxable; (4) non-cash Full Credit Payments that are not taxable; (5) Partial Credit Payments (as
defined below); and (6) non-cash employee welfare benefits; provided, however, that in each case, reductions shall be made in reverse chronological order such that the payment or benefit owed on the latest date following the occurrence of the
event triggering the excise tax will be the first payment or benefit to be reduced (with reductions made pro-rata in the event payments or benefits are owed at the same time); and further provided, that to the extent permitted by Code
Section 409A and Sections 280G and 4999 of the Code, if a different reduction procedure would be permitted without violating Code Section 409A or losing the benefit of the reduction under Sections 280G and 4999 of the Code, the Executive
may designate a different order of reduction. “Full Credit Payment” means a payment, distribution or benefit, whether paid or payable or distributed or distributable pursuant to the terms of this Agreement or otherwise, that if
reduced in value by one dollar reduces the amount of the parachute payment (as defined in Section 280G of the Code) by one dollar, determined as if such payment, distribution or benefit had been paid or distributed on the date of the event
triggering the excise tax. “Partial Credit Payment” means any payment, distribution or benefit that is not a Full Credit Payment. 

  
 B-1

 (b) For purposes of determining whether any of the Parachute Payments will be subject to the
Excise Tax and the amount of such Excise Tax, (i) the Parachute Payments shall be treated as “parachute payments” within the meaning of Section 280G(b)(2) of the Code, and all “parachute payments” in excess of the
“base amount” (as defined under Section 280G(b)(3) of the Code) shall be treated as subject to the Excise Tax, unless and except to the extent that, in the opinion of the Accountants, such Parachute Payments (in whole or in part):
(1) do not constitute “parachute payments,” including giving effect to the recalculation of stock options in accordance with Treasury Regulation Section 1.280G-1, Q&A 33, (2) represent reasonable compensation for
services actually rendered within the meaning of Section 280G(b)(4) of the Code in excess of the “base amount” or (3) are otherwise not subject to the Excise Tax, and (ii) the value of any non-cash benefits or any deferred
payment or benefit shall be determined by the Accountants in accordance with the principles of Section 280G of the Code. 

(c) All determinations hereunder, including whether and when Parachute Payments are to be reduced to the Safe Harbor Amount and the
amount of such reduction and the assumptions to be utilized in arriving at such determination, shall be made by the Accountants which shall provide detailed supporting calculations both to the Company and the Executive at such time as it is
requested by the Company or the Executive. The determination of the Accountants shall be final and binding upon the Company and the Executive. The Company shall be responsible for all charges of the Accountants. 

  
 B-2Management Partnership Agreement, dated September 22,2010

 Exhibit 10.48 

 
  
 AMENDED AND RESTATED EXEMPTED LIMITED PARTNERSHIP AGREEMENT 

OF 
 SKYPE MANAGEMENT, L.P. 

DATED SEPTEMBER 22nd, 2010 
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	DEFINED TERMS	  
			
	 SECTION 1.01.
	 	 Certain Definitions
	  	 	7	  
			
	 SECTION 1.02.
	 	 Other Interpretive Provisions
	  	 	11	  
	
	ARTICLE II	  
	ORGANIZATION	  
			
	 SECTION 2.01.
	 	 Partnership Name
	  	 	11	  
			
	 SECTION 2.02.
	 	 Withdrawal of Initial Limited Partner
	  	 	12	  
			
	 SECTION 2.03.
	 	 Office of the Partnership
	  	 	12	  
			
	 SECTION 2.04.
	 	 Purposes of the Partnership; Investments
	  	 	12	  
			
	 SECTION 2.05.
	 	 Term of the Partnership
	  	 	12	  
	
	ARTICLE III	  
	MANAGEMENT	  
			
	 SECTION 3.01.
	 	 Management Generally
	  	 	12	  
			
	 SECTION 3.02.
	 	 General Partner
	  	 	12	  
	
	ARTICLE IV	  
	 CAPITAL CONTRIBUTIONS, PARTNERSHIP UNITS

AND CAPITAL ACCOUNTS
	   

  

			
	 SECTION 4.01.
	 	 Capital Contributions
	  	 	12	  
			
	 SECTION 4.02.
	 	 Capital Accounts
	  	 	13	  
			
	 SECTION 4.03.
	 	 Return of Capital
	  	 	14	  
			
	 SECTION 4.04.
	 	 No Interest on Capital Contribution
	  	 	14	  
			
	 SECTION 4.05.
	 	 Receipt of Non-Cash Assets Other than Ordinary Shares of Skype
	  	 	14	  
	
	ARTICLE V	  
	DISTRIBUTIONS	  
			
	 SECTION 5.01.
	 	 Distributions
	  	 	14	  
			
	 SECTION 5.02.
	 	 Limitations on Distribution
	  	 	16	  
			
	 SECTION 5.03.
	 	 Extraordinary Redemption
	  	 	16	  
			
	 SECTION 5.04.
	 	 Offset
	  	 	17	  

  
 -2-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	
	ARTICLE VI	  
	ALLOCATIONS	  
			
	 SECTION 6.01.
	  	 Calculation of Profits and Losses
	  	 	17	  
			
	 SECTION 6.02.
	  	 Allocation of Profits and Losses
	  	 	17	  
			
	 SECTION 6.03.
	  	 No Negative Capital Account Obligation
	  	 	19	  
			
	 SECTION 6.04.
	  	 Share Numbering
	  	 	19	  
	
	ARTICLE VII	  
	TRANSFERS	  
			
	 SECTION 7.01.
	  	 Transfer Restrictions
	  	 	19	  
			
	 SECTION 7.02.
	  	 Transfers of Securities
	  	 	20	  
			
	 SECTION 7.03.
	  	 Registered Public Offerings
	  	 	23	  
			
	 SECTION 7.04.
	  	 Initial Public Offering Exchange
	  	 	25	  
			
	 SECTION 7.05.
	  	 Preemptive Rights and Rights of Last Refusal Waivers
	  	 	26	  
	
	ARTICLE VIII	  
	CALL RIGHTS AND PLEDGE ENFORCEMENT	  
			
	 SECTION 8.01.
	  	 Call Right
	  	 	26	  
			
	 SECTION 8.02.
	  	 Mechanism for Repurchase
	  	 	27	  
			
	 SECTION 8.03.
	  	 Restrictions on Repurchase
	  	 	28	  
			
	 SECTION 8.04.
	  	 Six Month Limitation
	  	 	29	  
			
	 SECTION 8.05.
	  	 Termination of the Call Right
	  	 	29	  
			
	 SECTION 8.06.
	  	 Enforcement of Pledge
	  	 	29	  
	
	ARTICLE IX	  
	 COMPANY EXPENSES, BOOKS AND RECORDS,

TAX MATTERS
	   

  

			
	 SECTION 9.01.
	  	 Fees and Expenses
	  	 	29	  
			
	 SECTION 9.02.
	  	 Fiscal Year and Method of Accounting
	  	 	29	  
			
	 SECTION 9.03.
	  	 Records and Information
	  	 	29	  
			
	 SECTION 9.04.
	  	 Financial Statements and Reports
	  	 	30	  
			
	 SECTION 9.05.
	  	 U.S. Tax Classification
	  	 	30	  
			
	 SECTION 9.06.
	  	 Tax Matters Partner
	  	 	30	  

  
 -3-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
	
	ARTICLE X	  
	LIABILITY AND INDEMNIFICATION	  
			
	 SECTION 10.01.
	  	 Liability of Partners
	  	 	30	  
			
	 SECTION 10.02.
	  	 Indemnification
	  	 	31	  
			
	 SECTION 10.03.
	  	 Exclusivity
	  	 	32	  
	
	ARTICLE XI	  
	TERMINATION, LIQUIDATION AND DISSOLUTION	  
			
	 SECTION 11.01.
	  	 Termination
	  	 	32	  
			
	 SECTION 11.02.
	  	 Cancellation of Certificate
	  	 	33	  
			
	 SECTION 11.03.
	  	 Liquidation
	  	 	33	  
			
	 SECTION 11.04.
	  	 Accounting on Liquidation
	  	 	33	  
			
	 SECTION 11.05.
	  	 Return of Partners’ Capital Contribution
	  	 	33	  
			
	 SECTION 11.06.
	  	 Dissolution
	  	 	34	  
	
	ARTICLE XII	  
	REPRESENTATIONS AND WARRANTIES	  
			
	 SECTION 12.01.
	  	 Representations and Warranties
	  	 	34	  
			
	 SECTION 12.02.
	  	 Additional Representations and Warranties
	  	 	36	  
	
	ARTICLE XIII	  
	MISCELLANEOUS PROVISIONS	  
			
	 SECTION 13.01.
	  	 Notices
	  	 	37	  
			
	 SECTION 13.02.
	  	 Entire Agreement
	  	 	38	  
			
	 SECTION 13.03.
	  	 Amendments
	  	 	39	  
			
	 SECTION 13.04.
	  	 Confidentiality
	  	 	40	  
			
	 SECTION 13.05.
	  	 Governing Law; Jurisdiction
	  	 	40	  
			
	 SECTION 13.06.
	  	 Consent to Jurisdiction
	  	 	40	  
			
	 SECTION 13.07.
	  	 Severability
	  	 	41	  
			
	 SECTION 13.08.
	  	 Further Assurances
	  	 	41	  
			
	 SECTION 13.09.
	  	 Binding Effect
	  	 	41	  
			
	 SECTION 13.10.
	  	 Waivers
	  	 	41	  

  
 -4-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	  	 	  	Page	 
			
	 SECTION 13.11.
	  	 Conflicts of Interest
	  	 	41	  
			
	 SECTION 13.12.
	  	 Third Parties
	  	 	42	  
			
	 SECTION 13.13.
	  	 Counterparts
	  	 	42	  
			
	 SECTION 13.14.
	  	 Exculpation Among Partners
	  	 	42	  

  

  
 -5-

 THIS AMENDED AND RESTATED EXEMPTED LIMITED PARTNERSHIP AGREEMENT (this
“Agreement”) is made on September 22nd, 2010,

 AMONG 
  

	(1)	Skype Management GP, Ltd., as general partner (the “General Partner”); 

 

	(2)	Springboard Acquisitions S.à r.l., a Luxembourg private limited liability company (société à responsabilité limitée),
as the initial limited partner (the “Initial Limited Partner”); 

  

	(3)	Skype Global S.à r.l., a Luxembourg private limited liability company (société à responsabilité limitée)
(“Skype”), and Skype Technologies S.A., a société anonyme organized under the laws of Luxembourg (“Skype Technologies”), each of which, for the avoidance of doubt, is entering into this
Agreement not as, and shall not be admitted as, a partner; and 

  

	(4)	the parties whose names and addresses are set forth on the partnership register of the Partnership in the Cayman Islands (the “Partnership Register”),
and such other parties that are admitted as limited partners in accordance with the terms hereof, each referred to herein as the “Limited Partners” (and together with the General Partner, the “Partners”).

 WHEREAS, the employees, directors, service providers and consultants of the Skype Group may be granted options to purchase
ordinary shares of Skype (the “Options”), pursuant to the Skype Equity Incentive Plan, as amended from time to time (the “Equity Incentive Plan”), may receive loans with which to purchase or subscribe for (or direct
the issuance to the Partnership of) ordinary shares of Skype pursuant to the Skype Management Co-Invest Program (the “Management Co-Invest Program”) or may otherwise purchase or acquire (or direct the issuance to the Partnership of)
ordinary shares of Skype (any such employee, director, service provider or consultant, whether or not remaining so, receiving a grant of Options pursuant to the Equity Incentive Plan, receiving a loan pursuant to the Management Co-Invest Program, or
intended to become a Limited Partner under this Agreement and otherwise purchasing or acquiring ordinary shares from time to time, a “Grantee”); 
 WHEREAS, prior to an Initial Public Offering, no ordinary shares shall be issued to or recorded in the name of any Grantee, and, in the event Skype becomes required to issue any ordinary shares pursuant
to the exercise of any Option or otherwise to a Grantee, Skype will issue such ordinary shares to the Partnership which will receive them in place of such Grantee in consideration for the issuance of Partnership Units to such Grantee; 

WHEREAS, the Grantees and Skype desire to enter into this Agreement and to have this Agreement apply to any Securities issued to the Partnership in
connection with the exercise of any Options under the Equity Incentive Plan by the Grantees, any Securities issued to the Partnership under the Management Co-Invest Program and any Securities acquired by the Grantees in any other manner from
whatever source, now or at any time prior to the termination of the Partnership; and 

  
 -6-

 WHEREAS, the General Partner and the Initial Limited Partner established Skype Management, L.P. (the
“Partnership”) pursuant to the initial limited partnership agreement dated April 1, 2010 made between the General Partner and the Initial Limited Partner (the “Initial Limited Partnership Agreement”), and the
General Partner has registered the Partnership as an exempted limited partnership under the Exempted Limited Partnership Law (2007 Revision) as amended from time to time (the “Law”); and 

WHEREAS, the Partners wish to amend and restate the Initial Limited Partnership Agreement in its entirety and to continue the business of the Partnership
in accordance with the terms hereof. 
 IT IS AGREED: 
 ARTICLE I 
 DEFINED TERMS 

Section 1.01. Certain Definitions. As used in this Agreement, the following terms have the following meanings: 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly Controls, is Controlled by,
or is under common Control with, such Person; provided that, for purposes of this Agreement, (i) the Partnership shall not be considered an Affiliate of the General Partner or any Limited Partner, and (ii) no Partner shall be deemed
an Affiliate of any member of the Skype Group. 
 “Agreement” has the meaning set forth in the Preamble.

 “Base Rate” at any time shall mean the base or prime rate then offered by J.P. Morgan Chase & Co.,
or its successors, plus two percent (2.00%). 
 “Breaching Partners” has the meaning set forth in
Section 10.02. 
 “Business Day” has the meaning set forth in the Shareholders Agreement. 

“Call Closing” has the meaning set forth in Section 8.02. 

“Call Notice” has the meaning set forth in Section 8.02. 

“Call Price” has the meaning set forth in Section 8.01. 

“Call Right” has the meaning set forth in Section 8.01. 

“Capital Account” has the meaning set forth in Section 4.02. 

“Capital Contribution” means, with respect to any Partner, Securities received by the Partnership in place of such
Partner or contributed to the Partnership, in either case, in accordance with Section 4.01. 
 “Cause” has the
meaning set forth in the Equity Incentive Plan. 

  
 -7-

 “Change of Control” has the meaning set forth in the Equity Incentive Plan.

 “Co-Invest Securities” has the meaning set forth in Section 4.01. 

“Co-Invest Shares” has the meaning set forth in Section 4.01. 

“Code” means the U.S. Internal Revenue Code of 1986, as amended. Any reference to a section of the Code shall include a
reference to any successor provision thereto. 
 “Completion Date” means November 19, 2009. 

“Confidential Information” has the meaning set forth in Section 13.04. 

“Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting securities, by contract or otherwise, and “Controlled” has a correlative meaning. 
 “Disability” has the meaning set forth in the Equity Incentive Plan. 
 “Dissolution Date” has the meaning set forth in Section 11.06(a). 
 “Drag Along Transfer” has the meaning set forth in Section 7.02(b). 
 “Dragging Entities” has the meaning set forth in Section 7.02(b). 
 “Dragging Transferee” has the meaning set forth in Section 7.02(b). 
 “EIP Securities” has the meaning set forth in Section 4.01. 

“EIP Shares” has the meaning set forth in Section 4.01. 

“Employment” has the meaning set forth in the Equity Incentive Plan. 

“Equity Incentive Plan” has the meaning set forth in the Recitals. 

“ERISA” means the U.S. Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated
thereunder. Any reference to a section of ERISA shall include a reference to any successor provision thereto. 
 “Fair
Market Value” has the meaning set forth in the Equity Incentive Plan. 
 “Family Group” means an
individual’s spouse and immediate descendants (whether natural or adopted), and any trust whose primary beneficiary shall be such individual and/or such individual’s spouse and/or immediate descendants (whether natural or adopted).

 “Family Transfer” means, with respect to an individual, a Transfer (a) to the Transferor’s Family
Group pursuant to applicable laws of descent and distribution or (b) to a revocable trust of which the Transferor is a trustee and of which the primary beneficiaries are the Transferor and/or the Transferor’s Family Group. 

  
 -8-

 “Financing Agreement” has the meaning set forth in Section 8.03.

 “GAAP” means U.S. GAAP or international accounting standards, or similar standards, as may be determined by
the General Partner from time to time. 
 “General Partner” has the meaning set forth in the Preamble.

 “Grantee” has the meaning set forth in the Recitals. 

“Indemnifiable Event” has the meaning set forth in Section 10.02. 

“Indemnified Person” has the meaning set forth in Section 10.02. 

“Initial Limited Partner” has the meaning set forth in the Preamble. 

“Initial Limited Partnership Agreement” has the meaning set forth in the Recitals. 

“Initial Public Offering” has the meaning set forth in the Shareholders Agreement. 

“Initiating Shareholder” has the meaning set forth in Section 7.03. 

“Investment Company Act” means the U.S. Investment Company Act of 1940, as amended from time to time. 

“IPO Acceptance Notice” has the meaning set forth in Section 7.03. 

“IPO Acceptance Period” has the meaning set forth in Section 7.03. 

“IPO Transferring Portion” has the meaning set forth in Section 7.03. 

“Law” has the meaning set forth in the Recitals. 

“Limited Partner” has the meaning set forth in the Preamble. 

“Management Co-Invest Program” has the meaning set forth in the Recitals. 

“Non-U.S. Persons” has the meaning set forth in Section 12.02(a). 

“OFAC” has the meaning set forth in Section 12.01(l). 

“Options” has the meaning set forth in the Recitals. 

“Partner” has the meaning set forth in the Recitals. 

“Partnership” has the meaning set forth in the Recitals. 

“Partnership Register” has the meaning set forth in the Preamble. 

  
 -9-

 “Partnership Units” means the partnership units representing the limited
partner interests in the Partnership, as issued in accordance with the terms of this Agreement. 
 “Person”
means any individual, partnership, corporation, limited liability company, unincorporated organization, trust or joint venture, or a governmental agency or political subdivision thereof. 

“Plan” has the meaning set forth in Section 12.01(j). 

“Plan Assets” has the meaning set forth in Section 12.01(j). 

“Pro Rata Portion” means, with respect to a Limited Partner’s election to participate in a Tag Along Transfer
pursuant to Section 7.02 or an Initial Public Offering pursuant to Section 7.03 or Section 7.04, a percentage of the Partnership’s Securities determined by multiplying (i) the number of Securities that the Partnership is
entitled to sell pursuant to the Shareholders Agreement in relation to such transaction by (ii) a fraction, the numerator of which is the number of Partnership Units held by such Limited Partner and the denominator of which is the number of
Partnership Units held by all Limited Partners. 
 “Proposed Transferee” has the meaning set forth in
Section 7.02(a). 
 “Purchased Securities” has the meaning set forth in Section 4.01. 

“Purchased Shares” has the meaning set forth in Section 4.01. 

“Section 9 Statement” means the statement required pursuant to Section 9 of the Law in order to register the
Partnership as an exempted limited partnership. 
 “Securities” means any interest in ordinary shares or other
share capital of Skype (or its successor or subsidiaries). 
 “Securities Act” means the U.S. Securities Act of
1933, as amended from time to time. 
 “Shareholders Agreement” means the Shareholders Agreement by and among
Andreessen Horowitz Fund I, L.P., CPP Investment Board Private Holdings Inc., eBay International AG, Joltid Limited, Silver Lake Partners III Cayman (AIV III), L.P., Silver Lake Technology Investors III Cayman, L.P., SLP Springboard Co-Invest L.P.,
Skype and the Partnership, dated November 19, 2009 as amended as of December 23, 2009 and February 2, 2010 and on or about the date hereof and as may be further amended from time to time. 

“Skype” has the meaning set forth in the Preamble. 

“Skype Group” means Skype and its direct and indirect subsidiaries. 

“Skype Technologies” has the meaning set forth in the Preamble. 

“Subject Partnership Units” has the meaning set forth in Section 8.01. 

  
 -10-

 “Tag Along Acceptance Notice” has the meaning set forth in
Section 7.02(a). 
 “Tag Along Acceptance Period” has the meaning set forth in Section 7.02(a).

 “Tag Along Transfer” has the meaning set forth in Section 7.02(a). 

“Tag Along Transferring Portion” has the meaning set forth in Section 7.02(a). 

“Tax Advances” has the meaning set forth in Section 6.02(h). 

“Third Party” has the meaning set forth in Section 10.02. 

“Transfer” means, with respect to any Partnership Units or Securities, a transfer, sale (including any sales made
pursuant to a registration statement on Form S-1 or S-3 (or any successor form thereto)), exchange, redemption, assignment, pledge, hypothecation, charge or other encumbrance or disposition, including the grant of an option or other right, whether
voluntarily, involuntarily or by operation of law, of such Partnership Units or Securities, and “Transferred”, “Transferor” and “Transferee” each have a correlative meaning. 

“Transferring Entity” has the meaning set forth in Section 7.02(a). 

“Treasury Regulations” shall mean the income tax regulations promulgated under the Code, as amended from time to time
(including any successor regulations). 
 Section 1.02. Other Interpretive Provisions. The meanings of defined terms are
equally applicable to the singular and plural forms thereof. 
 (a) The words “hereof”,
“herein”, “hereunder” and similar words refer to this Agreement as a whole and not to any particular provision of this Agreement; and any Section and Clause references are to this Agreement unless otherwise
specified. 
 (b) The term “including” is not limiting and means “including, without
limitation.” 
 (c) The captions and headings of this Agreement are for convenience of reference only and shall not
affect the interpretation of this Agreement. 
 (d) Whenever the context requires, any pronouns used herein shall include the
corresponding masculine, feminine or neuter forms. 
 (e) Unless the context otherwise requires, any reference to any of Skype,
Skype Technologies or the Partners shall mean such party or parties and any of its or their successors and permitted assigns. 

ARTICLE II 

ORGANIZATION 
 Section 2.01. Partnership Name. The name of the Partnership is Skype Management, L.P. 

  
 -11-

 Section 2.02. Withdrawal of Initial Limited Partner. The Initial Limited Partner
shall withdraw as a Limited Partner without compensation immediately following the admission of a further Limited Partner and thereafter shall have no further rights, liabilities or obligations under or in respect of this Agreement. For the
avoidance of doubt, each of the parties hereto acknowledges and agrees that neither Skype nor Skype Technologies shall be admitted as a Partner to the Partnership and that each is a party hereto solely for the purpose of enforcing certain provisions
of this Agreement. 
 Section 2.03. Office of the Partnership. The Partnership shall maintain its registered office at
c/o Maples Corporate Services Limited, PO Box 309, Ugland House, Grand Cayman, KY1-1104, Cayman Islands. The principal place of business of the Partnership shall be in such place as the General Partner may determine from time to time in its sole
discretion. 
 Section 2.04. Purposes of the Partnership; Investments. The purposes of the Partnership shall be, subject
to the terms of this Agreement, to (a) hold the Securities issued pursuant to the exercise of Options in accordance with the Equity Incentive Plan, issued in connection with the Management Co-Invest Program or otherwise purchased or acquired by
any Grantee and contributed to the Partnership, (b) engage in activities ancillary thereto (including, among other things, filing tax returns, selling and/or pledging Securities and receiving dividends) and (c) engage in any other lawful
activities related to the activities described in the foregoing clauses (a) and (b). 
 Section 2.05. Term of the
Partnership. The Partnership was established on the filing of the Section 9 Statement on March 18, 2010 and shall continue until terminated in accordance with this Agreement as amended from time to time in accordance with its terms.

 ARTICLE III 
 MANAGEMENT 
 Section 3.01. Management Generally. Except as expressly
set forth herein, the full and exclusive right, power and authority to manage the Partnership is vested in, and reserved to, the General Partner. The business and affairs of the Partnership shall be conducted, and its capital, assets and funds shall
be managed, dealt with and disposed of exclusively by the General Partner and, except as expressly set forth herein, all decisions to be made by or on behalf of the Partnership shall be made solely by the General Partner. The General Partner shall
be paid an annual fee of $100 per annum as consideration for the services performed hereunder, which shall be payable out of the assets of the Partnership and reimbursed to the Partnership by Skype. 

Section 3.02. General Partner. Skype Management GP, Ltd. shall be the General Partner. The General Partner shall have the right to
select its own replacement. Such replacement shall be either an Affiliate of the General Partner or any third party selected by the General Partner within its reasonable discretion. 

ARTICLE IV 

CAPITAL CONTRIBUTIONS, PARTNERSHIP UNITS 
 AND CAPITAL ACCOUNTS 
 Section 4.01. Capital Contributions. Upon any
Grantee’s exercise of any 

  
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Options in accordance with the Equity Incentive Plan (and payment of any amounts required in connection with such exercise), purchase or acquisition (or direction of an issuance to the
Partnership) of any Securities under the Management Co-Invest Program or other purchase or acquisition of any Securities, (a) Skype shall issue to the Partnership the appropriate number of Securities (i) required under such Options (to the
extent permitted by, and as adjusted to the extent required to comply with, applicable law, the terms and conditions of the Shareholders Agreement and the articles of association of Skype, and as adjusted for any net physical settlement of the
Options and to ensure the Partnership does not own ordinary shares of Skype (and no Limited Partner holds Partnership Units) other than in an exact multiple of the number of classes of ordinary shares of Skype then outstanding, in each case as
determined, and except as waived, by the General Partner in its good faith discretion), which shall be received by the Partnership in place of such Grantee (such Securities, “EIP Securities”), or (ii) required in connection
with such Grantee’s participation in the Management Co-Invest Program (such Securities, “Co-Invest Securities”), or such Grantee shall contribute to the Partnership such Securities (such Securities, “Purchased
Securities”), as applicable, (b) in consideration for such issuance or contribution, the General Partner shall cause the Partnership to issue to such Grantee a number of Partnership Units equal to the number of ordinary shares of Skype
comprised within the EIP Securities so issued (the ordinary shares so issued and any shares derived from the ownership thereof from time to time following such issuance, the “EIP Shares”), the Co-Invest Securities so issued (the
ordinary shares so contributed and any shares derived from the ownership thereof from time to time following such issuance, the “Co-Invest Shares”) and the Purchased Securities so contributed (the ordinary shares so contributed and
any shares derived from the ownership thereof from time to time following such contribution, the “Purchased Shares”), and (c) if such Grantee is not already a Limited Partner, such Grantee shall become a Limited Partner. In the
event that any other Securities are comprised within such Issued Securities, Co-Invest Securities or Purchased Securities, the General Partner shall take any action necessary and permitted under Section 4.05 (within the General Partner’s
reasonable discretion). Each Grantee to be admitted to the Partnership as a Limited Partner shall execute a counterpart to this Agreement and any other document reasonably required by the General Partner to admit such person to the Partnership as a
Limited Partner. Immediately following the receipt by the Partnership of any Co-Invest Shares subject to (or which are to be made subject to) a pledge and/or charge in favor of Skype Technologies, such Co-Invest Shares, and any Partnership Units so
issued in respect thereof, shall be required to be pledged and/or charged to Skype Technologies as security (in addition to any existing security) for the loan granted to purchase or subscribe for such Co-Invest Shares. The General Partner shall
amend the Partnership Register to reflect the admission of any additional Limited Partners or the issuance of additional Partnership Units to any existing Limited Partner. Unless otherwise agreed between the General Partner and such Limited Partner
in each instance, no Limited Partner shall otherwise be obligated or permitted to make any additional Capital Contributions to the Partnership; provided that this sentence shall not limit the obligations of Limited Partners to make any
payments required under Section 6.02(h), Section 7.01(c) or Section 9.01. 
 Section 4.02. Capital
Accounts. The General Partner shall cause the Partnership to maintain separate capital accounts (a “Capital Account”) for each Partner and the Capital Accounts shall be maintained in accordance with Treasury Regulations
Section 1.704-1(b)(2)(iv). 

  
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 Section 4.03. Return of Capital. Except as provided in Section 5.01(c) or upon
the dissolution of the Partnership or with the written consent of the General Partner or as otherwise provided herein, no Limited Partner may withdraw from the Partnership or demand or receive the return of all or any part of its Capital Account or
its Capital Contributions. 
 Section 4.04. No Interest on Capital Contribution. No Limited Partner shall be paid
interest on any of its Capital Contributions or on its Capital Accounts. 
 Section 4.05. Receipt of Non-Cash Assets Other
than Ordinary Shares of Skype. In the event the Partnership receives any non-cash assets other than ordinary shares of Skype (whether by way of contribution or dividend or otherwise), the General Partner, in its reasonable discretion, shall
determine the number and class of new partnership interests in the Partnership to be issued in respect of any such receipt and the terms and conditions applicable to such partnership interests and cause the Partnership to issue such new interests;
provided that the terms and conditions applicable to each Limited Partner receiving the new partnership interests shall be the same for all such Limited Partners and the terms of the new partnership interests shall be designed, to the extent
possible, to reflect the terms and conditions of the assets received by the Partnership. In addition, the General Partner shall amend the Partnership Register to reflect the issuance of any new partnership interests and, if necessary, make
appropriate adjustments to Section 6.02 and any other section of this Agreement as may be reasonably required (within the General Partner’s reasonable discretion) to account for the issuance of such new partnership interests. 

ARTICLE V 

DISTRIBUTIONS 
 Section 5.01. Distributions. In the event the Partnership actually receives any distributions in respect of its direct or indirect ownership interest in Skype (including, without limitation, on
account of any redemption of the Partnership’s Securities by Skype) or any short-term income in respect of its cash reserves, 
 (i) except as provided in Section 5.01(c), to the extent such distributions are cash, the General Partner shall cause the Partnership promptly to distribute such cash to the Limited Partners
pro rata in accordance with their respective Partnership Units corresponding to Securities held by the Partnership on the record date of such distribution or the date such short-term income is paid, as applicable (except that any
distributions on Co-Invest Shares subject to a pledge and/or charge in favor of Skype Technologies or short-term income that would otherwise be paid in respect of Partnership Units issued in respect of Co-Invest Shares subject to a pledge and/or
charge in favor of Skype Technologies (minus any tax required to be, and actually, withheld by the Partnership in respect of such distributions or income and the lesser of (a) thirty-three percent (33%) of such distributions
or income and (b) the General Partner’s good faith estimate of the amount of additional income tax that will be incurred by the relevant Limited Partners on such distributions or income considering such Limited Partners’ nationality
and/or tax residence and/or the jurisdiction applicable to such distribution or income) shall be paid by the Partnership directly to Skype Technologies in repayment of the loan granted to purchase or subscribe for such Co-Invest Shares but shall be
deemed to have been distributed to the Limited Partners who would otherwise have received such amounts), and, in the event such distribution is 

  
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received on account of any redemption by Skype of the Partnership’s Securities, the General Partner shall cause the Partnership to redeem from the Limited Partners without further
consideration (pro rata in accordance with their respective Partnership Units corresponding to Securities held by the Partnership on the date of such redemption) a number of Partnership Units equal to the number of ordinary shares or Skype
redeemed from the Partnership in such redemption and shall correspondingly update the Partnership Register; 
 (ii) except as
provided in Section 5.01(c), to the extent such distributions are comprised of ordinary shares of Skype, the General Partner shall cause the Partnership promptly to issue a number of Partnership Units equal to the number of ordinary shares
received by the Partnership to the Limited Partners pro rata in accordance with their respective Partnership Units corresponding to Securities held by the Partnership on the record date of such distribution (to the extent permitted by,
and as adjusted to the extent required to comply with, applicable law, the terms and conditions of the Shareholders Agreement and the articles of association of Skype, and as adjusted to ensure the Partnership does not own ordinary shares of Skype
(and no Limited Partner holds Partnership Units) other than in an exact multiple of the number of classes of ordinary shares of Skype then outstanding, in each case as determined, and except as waived, by the General Partner in its good faith
discretion) (provided that any Securities received in respect of Co-Invest Shares subject to a pledge and/or charge in favor of Skype Technologies, and any Partnership Units so issued in respect of thereof, shall be required to be pledged
and/or charged to Skype Technologies as additional security for the loan granted to purchase or subscribe for such Co-Invest Shares); and 
 (iii) to the extent such distributions are comprised of assets other than cash or ordinary shares of Skype, the General Partner shall take any action necessary and permitted under Section 4.05
(within the General Partner’s reasonable discretion) to account for the receipt by the Partnership of assets other than cash or ordinary shares of Skype. 
 Notwithstanding the foregoing, upon the termination of the Partnership, the General Partner shall distribute to the Limited Partners on a pro rata basis in accordance with the Limited
Partners’ respective Partnership Units, all assets held by the Partnership (to the extent permitted by, and as adjusted to the extent required to comply with, applicable law, the terms and conditions of the Shareholders Agreement and the
articles of association of Skype, and as adjusted to ensure that no shareholder of Skype owns ordinary shares of Skype other than in an exact multiple of the number of classes of ordinary shares of Skype then outstanding, in each case as determined,
and except as waived, by the General Partner in its good faith discretion). 
 (a) Except as otherwise provided herein,
distributions to the Limited Partners shall be made at such times and in such amounts as the General Partner shall determine in its good faith discretion; provided that, except as provided in Section 5.01(c), any such distributions shall
be made pro rata in accordance with the Limited Partners’ respective Partnership Units. Distributions may be made in cash, Securities or other property received by the Partnership as a result of holding an interest in the
Securities, as determined by the General Partner in its good faith discretion; provided that any distributions to the Limited Partners shall consist of the same relative composition of cash and/or property for each Limited Partner receiving a
similar distribution, except as otherwise expressly permitted herein. 

  
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 (b) In the event that Securities are distributed to any Limited Partner pursuant to the
terms hereof (including by way of a redemption of Partnership Units or upon a winding up of the Partnership), such Limited Partner shall enter into an agreement with Skype (or an Affiliate thereof designated by the General Partner) and the other
shareholders of Skype (or any successor or applicable Affiliate) designated by the General Partner in respect of such Securities which shall contain substantially the same terms and conditions set forth in the Shareholders Agreement (as amended and
in effect at the time of such distribution), including with respect to any agreement contemplated therein to be entered into in connection with or contemplation of an Initial Public Offering (but without bestowing rights under such agreement to any
of the Limited Partners not expressly provided for in this Agreement, including, without limitation, any pre-emptive rights, voting rights or rights of first refusal), and, to the extent not so provided for in such agreement, Skype and the Limited
Partner shall enter into an agreement providing such Limited Partner with piggyback registration rights substantially similar to the piggyback registration rights such Limited Partner would have if it were a direct party to the Shareholders
Agreement (but no greater than the piggyback registration rights such Limited Partner holds through the Partnership immediately prior to such distribution). Any Securities so distributed that are subject to a pledge and/or charge in favor of Skype
Technologies shall remain subject to such pledge and/or charge, and any Limited Partner receiving such Securities hereby agrees to execute and deliver any additional documents and instruments and perform any additional acts that the General Partner
determines to be reasonably necessary or appropriate to ensure such Securities remain subject to such pledge and/or charge. 

(c) In the event that Skype undertakes a reduction in capital that applies exclusively to the Securities attributable to a relevant
Limited Partner, such Limited Partner shall have the right to request that the General Partner redeem such Limited Partner’s Partnership Units against the assignment or transfer to such Limited Partner of any consideration received by the
Partnership from Skype as a result of such capital reduction and the General Partner shall not unreasonably withhold its consent to such request. Notwithstanding any other provision of this Agreement, assignments or transfers under this
Section 5.01(c) and limited to the consideration received in respect of the Securities attributable to the relevant Limited Partner need not be distributed to the Limited Partners on a pro rata basis but will be assigned or transferred to the
redeeming Limited Partner in satisfaction of the redemption proceeds payable in respect of any Partnership Units being redeemed at the request of such Limited Partner. 
 Section 5.02. Limitations on Distribution. Notwithstanding any provision to the contrary contained in this Agreement, the General Partner shall not be required to cause the Partnership to make any
distribution to any Partner except to the extent permitted by, and as adjusted to the extent required to comply with, applicable law, the terms and conditions of the Shareholders Agreement and the articles of association of Skype, and as adjusted to
ensure no shareholder of Skype owns ordinary shares of Skype (and no Limited Partner holds Partnership Units) other than in an exact multiple of the number of classes of ordinary shares of Skype then outstanding, in each case as determined, and
except as waived, by the General Partner in its good faith discretion. 
 Section 5.03. Extraordinary Redemption. If at
any time the Partnership, for any reason, becomes or is about to become subject to the registration requirements of the Investment Company Act, the General Partner may take any action it considers necessary or

  
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advisable in its good faith discretion (including, without limitation, causing the Partnership to redeem Partnership Units of Limited Partners in exchange for Partnership assets or other
compensation determined by the General Partner) in order to avoid, or prevent the Partnership from becoming subject to, such requirements. 
 Section 5.04. Offset. Notwithstanding anything to the contrary herein, whenever the Partnership is to pay any sum to any Partner, any amounts such Partner owes the Partnership or any member of the
Skype Group (and which is not subject to any reasonable dispute) may be deducted from such sum before payment to the extent permitted by applicable law, and in the event any amounts owed to any member of the Skype Group are so deducted, such
deducted amounts shall be paid by the Partnership to the applicable member of the Skype Group. 
 ARTICLE VI 

ALLOCATIONS 
 Section 6.01. Calculation of Profits and Losses. For financial accounting purposes, the profits and losses, and other accounting, of the Partnership shall be determined for each fiscal year in
accordance with GAAP. 
 Section 6.02. Allocation of Profits and Losses. 

(a) Except as otherwise set forth in this Section 6.02, for Capital Account purposes, all items of income, gain, loss and deduction
determined in accordance with Treasury Regulation 1.704-1(b)(2)(iv) and the accounting method used by the Partnership for U.S. federal income tax purposes shall be allocated among the Partners pro rata in accordance with the
Partners’ respective Partnership Units; provided, however, that any items of income, gain, loss and deduction realized by the Partnership with respect to the Transfer, by way of a Tag Along Transfer of a Limited Partner’s Pro
Rata Portion of the Securities held by the Partnership pursuant to Section 7.02 or the sale of such Securities in an Initial Public Offering pursuant to Section 7.03 or Section 7.04 shall be allocated to such Limited Partner; and
provided further that any costs, expenses or losses for which a specific Limited Partner is responsible pursuant to this Agreement shall be allocated to such Limited Partner. 

(b) For federal, state and local income tax purposes, items of income, gain, loss, deduction and credit shall be allocated to the
Partners in accordance with the allocations of the corresponding items for Capital Account purposes under this Section 6.02, except that items with respect to which there is a difference between tax and book basis will be allocated in
accordance with Section 704(c) of the Code and the Treasury Regulations thereunder. For the purposes of this Section 6.02, each Limited Partner shall be deemed to have acquired the shares of Skype received by the Partnership on such
Limited Partner’s behalf pursuant to Section 4.01 and then contributed such shares to the Partnership in exchange for the Partnership Units issued to such Limited Partner pursuant to Section 4.01. 

(c) Notwithstanding any provision of this Section 6.02, no item of deduction or loss shall be allocated to a Partner to the extent
that such allocation would cause a negative balance in such Partner’s Capital Account (after taking into account the adjustments, allocations 

  
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and distributions described in Treasury Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6)) that exceeds the sum of (i) the amount that such Partner would be required
to reimburse the Partnership pursuant to this Agreement or under applicable law and (ii) the amount that such Partner is deemed obligated to reimburse pursuant to the penultimate sentences of Treasury Regulations Sections 1.704-2(g)(1) and
1.704-2(i)(5). In the event that some but not all of the Partners would have such excess Capital Account deficits as a consequence of such allocation of loss or deduction, the limitation set forth in this Section 6.02(c) shall be applied on a
Partner-by-Partner basis so as to allocate the maximum permissible deduction or loss to each Partner under Section 1.704-1(b)(2)(ii)(d) of the Treasury Regulations. Any special allocations of items of loss or deduction pursuant to this
Section 6.02(c) shall be taken into account in computing subsequent allocations pursuant to this Section 6.02 so that the net amount of any items so allocated and all other items allocated to each Partner pursuant to this Section 6.02
shall, to the extent possible, be equal to the net amount that would have been allocated to each such Partner pursuant to the provisions of this Section 6.02 if such special allocations of items of loss or deduction had not occurred.

 (d) In the event any Partner unexpectedly receives any adjustments, allocations, or distributions described in Treasury
Regulations Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6), items of Partnership income and gain shall be specially allocated to such Partner in an amount and manner sufficient to eliminate as quickly as possible any deficit balance in its
Capital Accounts in excess of that permitted under Section 6.02(c) created by such adjustments, allocations or distributions. Any special allocations of items of income or gain pursuant to this Section 6.02(d) shall be taken into account
in computing subsequent allocations pursuant to this Section 6.02 so that the net amount of any items so allocated and all other items allocated to each Partner pursuant to this Section 6.02 shall, to the extent possible, be equal to the
net amount that would have been allocated to each such Partner pursuant to the provisions of this Section 6.02 if such unexpected adjustments, allocations or distributions had not occurred. 

(e) In the event the Partnership incurs any nonrecourse liabilities, income and gain shall be allocated in accordance with the
“minimum gain chargeback” provisions of Section 1.704-1(b)(4)(iv) and 1.704-2 of the Treasury Regulations. 
 (f)
The Capital Accounts of the Partners shall be adjusted to reflect the fair market value (as determined by the General Partner in its good faith judgment) of Partnership property in accordance with Treasury Regulations
Section 1.704-1(b)(2)(iv)(f) and shall be adjusted in accordance with Treasury Regulations Section 1.704-1(b)(2)(iv)(e) in the case of a distribution of any property (other than cash). 

(g) All elections, decisions and other matters concerning the allocation of profits, gains and losses among the Partners, and accounting
procedures, not specifically and expressly provided for by the terms of this Agreement, shall be determined by the General Partner in good faith. Such determination made in good faith by the General Partner shall, absent manifest error, be final and
conclusive as to all Partners. 
 (h) To the extent the Partnership is required by law to withhold or to make tax payments on
behalf of or with respect to any Partner (“Tax Advances”), the General Partner may cause such amounts to be withheld and such tax payments to be made as so required. All Tax 

  
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Advances made on behalf of a Partner, plus interest thereon at a rate equal to the Base Rate, as of the date of such Tax Advances, shall, at the option of the General Partner, (i) be
promptly paid to the Partnership by the Partner on whose behalf such Tax Advances were made (such payment not to constitute a Capital Contribution for purposes of this Agreement) or (ii) be repaid by reducing the amount of the current or next
succeeding distribution or distributions which would otherwise have been made to such Partner or, if such distributions are not sufficient for that purpose, by so reducing the proceeds upon liquidation otherwise payable to such Partner. Whenever the
General Partner selects option (ii) pursuant to the preceding sentence for repayment of a Tax Advance by a Partner, for all other purposes of this Agreement such Partner shall be treated as having received all distributions (whether before or
upon liquidation) unreduced by the amount of such Tax Advance and interest thereon. Each Partner hereby agrees, to the extent permitted by applicable state and federal law, to reimburse the Partnership for any liability with respect to Tax Advances
required on behalf of or with respect to such Partner. The General Partner will notify a Limited Partner promptly in writing if it determines that the Partnership is required to withhold any amount or make any tax payment purportedly representing a
tax liability of such Limited Partner. In addition, the General Partner agrees that it will make or cause the Partnership to make any filings, applications or elections reasonably requested by the Limited Partner to obtain any available exemption
from or any available refund of any withholding or other taxes imposed by any taxing authority with respect to amounts distributable or items of income allocable to a Limited Partner pursuant to this Agreement; provided that such Limited
Partner shall bear the cost of any such filings, applications or elections. 
 Section 6.03. No Negative Capital Account
Obligation. For the avoidance of doubt and notwithstanding any other provision of this Agreement, in no event shall any Partner who has a negative capital account upon final distribution of all cash and other property of the Partnership be
required to restore such negative account to zero; provided that this sentence shall not limit the obligations of Partners to make any payments required under Section 6.02(h), Section 7.01(c) or Section 9.01. 

Section 6.04. Share Numbering. The Partners hereby acknowledge that the Securities are numbered securities and that, upon any
issuance or contribution of Securities to the Partnership and issuance of Partnership Units in respect thereof, the General Partner shall record the numbers of such Securities and maintain a record of which numbers of Securities correspond to which
Partnership Units. Upon any redemption or Transfer of Partnership Units, the General Partner shall update its record accordingly. In the event of an election by a Limited Partner to distribute, sell or otherwise Transfer any Securities held by the
Partnership, the General Partner shall use commercially reasonable efforts to ensure that the Securities corresponding to the Partnership Units held by such Limited Partner are those Securities which are so distributed, sold or otherwise
Transferred. 
 ARTICLE VII 
 TRANSFERS 
 Section 7.01. Transfer Restrictions. 

  
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 (a) No Limited Partner shall be entitled to Transfer any Partnership Units to any Transferee
other than (i) with the written consent of the General Partner, (ii) in a Family Transfer or (iii) where the Limited Partner is required to pledge and/or charge such Partnership Units in favor of Skype Technologies as security for a
loan extended by Skype Technologies to a Grantee for the purchase of Securities; provided that, in any case, except to the extent waived in writing by the General Partner, each of the representations and warranties under Section 12.01
and Section 12.02 (as well as any other representations and warranties reasonably required by the General Partner) must be true and correct as made by the Transferee at the time of such Transfer, and the General Partner must confirm that it is
reasonably satisfied that such Transfer would not: 
 (i) violate the Securities Act or any state (or other jurisdiction’s)
securities or “Blue Sky” laws applicable to the Partnership or the Partnership Units; 
 (ii) require the registration
of the Partnership Units under the Securities Act or under the laws of any non-U.S. or other jurisdiction; 
 (iii) cause the
Partnership to become subject to the registration requirements of the Investment Company Act; 
 (iv) be a “non-exempt
prohibited transaction” under ERISA or the Code or cause all or any portion of the assets of the Partnership to constitute “plan assets” under ERISA or Section 4975 of the Code; or 

(v) cause the Partnership to become a “publicly traded partnership” as such term is defined in Section 7704(b) of the Code.

 (b) Any purported Transfer of Partnership Units other than in accordance with this Agreement shall be null and void, and the
Partnership shall refuse to recognize any such Transfer for any purpose and shall not reflect in its records any change in record ownership of Partnership Units pursuant to any such Transfer. 

(c) Any Limited Partner that proposes to Transfer Partnership Units in accordance with the terms and conditions hereof shall be
responsible for any reasonable expenses incurred by the Partnership in connection with such Transfer. Any payments by the Limited Partners pursuant to this Section 7.01(c) shall not be considered “Capital Contributions” for purposes
of this Agreement. 
 (d) Any Transferee of Partnership Units (including pursuant to a Family Transfer) shall be required, at
the time of and as a condition to the validity and recognition of such Transfer, to become a party to this Agreement by executing and delivering such documents as may be necessary, in the reasonable opinion of the General Partner, to make such
Person a party thereto, whereupon such Transferee will be treated as a Limited Partner for all purposes of this Agreement. 

Section 7.02. Transfers of Securities. 

  
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 (a) The Partners hereby acknowledge that the Partnership holds certain “tag along”
rights (which, for the avoidance of doubt, will expire upon an Initial Public Offering and/or Change of Control) in respect of certain sales of Securities and that such rights are subject to, and exercisable in accordance with, the terms of the
Shareholders Agreement and the articles of association of Skype. Prior to an Initial Public Offering, if a shareholder of Skype other than the Partnership (the “Transferring Entity”) proposes to Transfer to any Transferee (the
“Proposed Transferee”) any of its Securities in, and gives valid notice under the Shareholders Agreement of, a transaction giving rise to “tag along” rights of the Partnership pursuant to Section 5.1 of the
Shareholders Agreement (each such proposed Transfer, a “Tag Along Transfer”), the General Partner shall promptly provide written notice to each Limited Partner of the proposed Tag Along Transfer setting forth the principal terms and
conditions of the proposed Tag Along Transfer, including the relevant information (including, without limitation, any pricing information) set forth in the notice with respect thereto issued pursuant to the Shareholders Agreement. Each Limited
Partner shall have five (5) days from the effective date of such notice (or two (2) Business Days from the effective date of such notice if a shorter notice period is permitted under Section 5.1.5 of the Shareholders Agreement) (the
“Tag Along Acceptance Period”) within which to provide written notice (the “Tag Along Acceptance Notice”) to the General Partner to include all or a portion of such Limited Partner’s Pro Rata Portion of the
Partnership’s Securities in the Tag Along Transfer. Following the expiry of the Tag Along Acceptance Period, the General Partner shall cause the Partnership to Transfer to the Proposed Transferee the same portion (the “Tag Along
Transferring Portion”) of the Partnership’s Securities as are being Transferred by the Transferring Entity in the Tag Along Transfer (except to the extent any Limited Partner(s) do not timely and validly return a Tag Along Acceptance
Notice to include the entire Pro Rata Portion(s) of such Limited Partner(s) and only to the extent permitted by, and as adjusted to the extent required to comply with, applicable law, the terms and conditions of the Shareholders Agreement and the
articles of association of Skype, and as adjusted to ensure the Partnership does not own ordinary shares of Skype (and no Limited Partner holds Partnership Units) other than in an exact multiple of the number of classes of ordinary shares of Skype
then outstanding, in each case as determined, and except as waived, by the General Partner in its good faith discretion), subject to the terms of the Shareholders Agreement, and cause the Partnership to redeem from each of the participating Limited
Partners the Tag Along Transferring Portion of such Limited Partner’s Partnership Units (except to the extent such Limited Partner has delivered a Tag Along Acceptance Notice opting to include less than such Limited Partner’s entire Pro
Rata Portion and only to the extent permitted by, and as adjusted to the extent required to comply with, applicable law, the terms and conditions of the Shareholders Agreement and the articles of association of Skype, and as adjusted to ensure the
Partnership does not own ordinary shares of Skype (and no Limited Partner holds Partnership Units) other than in an exact multiple of the number of classes of ordinary shares of Skype then outstanding, in each case as determined, and except as
waived, by the General Partner in its good faith discretion) in consideration for the proceeds received by the Partnership from the sale of those Securities (which shall be distributed pro rata to the participating Limited Partners in
accordance with the number of Partnership Units redeemed from each of them (except that any proceeds received by the Partnership in respect of the sale of Co-Invest Shares subject to a pledge and/or charge in favor of Skype Technologies
(minus any tax required to be withheld by the Partnership in respect of such proceeds and the lesser of (a) thirty-three percent (33%) of the capital gain realized from the sale of such Co-Invest Shares and (b) the
General Partner’s good faith estimate of the amount of additional 

  
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 income tax that will be incurred by the relevant Limited Partners on the capital gain realized from the sale
of such Co-Invest Shares considering such Limited Partners’ nationality and/or tax residence and/or the jurisdiction applicable to such capital gain) shall be paid by the Partnership directly to Skype Technologies in repayment of the loan
granted to purchase or subscribe for such Co-Invest Shares, but shall be deemed to have been distributed to the Limited Partners who would otherwise have received such proceeds)). Notwithstanding the foregoing provisions of this Section 7.02,
in the event that the terms of the Tag Along Transfer change such that the notice delivered by the Transferring Entity becomes null and void pursuant to Section 5.1.5 of the Shareholders Agreement, the Partnership shall not sell any of its
Securities in such Tag Along Transfer except in accordance with the terms of Section 5.1.5 of the Shareholders Agreement. Appropriate adjustments shall be made to Section 6.02 so that allocations pursuant thereto shall take into account
the transactions described in this Section 7.02. 
 (b) The Partners hereby acknowledge that the Partnership holds its
Securities subject to certain “drag along” rights (which, for the avoidance of doubt, will expire upon an Initial Public Offering and/or Change of Control) of other shareholders of Skype in respect of certain sales of Securities by other
shareholders of Skype and that such rights are more fully described in the Shareholders Agreement. If any shareholder or group of shareholders of Skype other than the Partnership (the “Dragging Entities”) proposes to Transfer
Securities to any Transferee (the “Dragging Transferee”) in a transaction giving rise to, and in which the Dragging Entities give notice of their intention to exercise their, “drag along” rights (any such proposed
Transfer, a “Drag Along Transfer”), the General Partner shall promptly provide to each Limited Partner written notice (which shall be for information only) of the Drag Along Transfer setting forth the principal terms and conditions
of the proposed Drag Along Transfer, including the relevant information (including, without limitation, any pricing information) set forth in the notice with respect thereto issued pursuant to the Shareholders Agreement. In the event the Partnership
becomes obligated to sell all or any portion of its Securities in connection with such Drag Along Transfer, the General Partner shall cause the Partnership to Transfer to the Dragging Transferee the required portion of the Partnership’s
Securities and shall redeem from the Limited Partners (pro rata in accordance with the Partnership Units held by them at the time of the closing of the Drag Along Transfer) (to the extent permitted by, and as adjusted to the extent
required to comply with, applicable law, the terms and conditions of the Shareholders Agreement and the articles of association of Skype, and as adjusted to ensure the Partnership does not own ordinary shares of Skype (and no Limited Partner holds
Partnership Units) other than in an exact multiple of the number of classes of ordinary shares of Skype then outstanding, in each case as determined, and except as waived, by the General Partner in its good faith discretion) a number of Partnership
Units equal to the number of ordinary shares of Skype sold by the Partnership in such Drag Along Transfer using the proceeds received by the Partnership for those ordinary shares; provided that any proceeds received by the Partnership in
respect of the sale of Co-Invest Shares subject to a pledge and/or charge in favor of Skype Technologies (minus any tax required to be withheld by the Partnership in respect of such proceeds and the lesser of (a) thirty-three
percent (33%) of the capital gain realized from the sale of such Co-Invest Shares and (b) the General Partner’s good faith estimate of the amount of additional income tax that will be incurred by the relevant Limited Partners on the
capital gain realized from the sale of such Co-Invest Shares considering such Limited Partners’ nationality and/or tax residence and/or the jurisdiction applicable to such capital gain) shall be paid by the Partnership directly to Skype
Technologies in repayment of the loan granted to purchase or subscribe for such Co-Invest 

  
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Shares, but shall be deemed to have been paid to the Limited Partners who would otherwise have received such proceeds. For the avoidance of doubt, any party becoming a Limited Partner on or after
the date of the notice of the Drag Along Transfer and on or before the date of its consummation, and any Partnership Units issued during this period, shall be subject to the provisions of this Section 7.02 in respect of such Drag Along Transfer
as though such Limited Partner had held such Partnership Units on or prior to the date of the notice of the Drag Along Transfer. Appropriate adjustments shall be made to Section 6.02 so that allocations pursuant thereto shall take into account
the transactions described in this Section 7.02. 
 (c) To the extent that the Partnership incurs any liability or loss as
a result of the representations, warranties, covenants, indemnities and agreements that the Partnership is required pursuant to the Shareholders Agreement to agree to in connection with a Transfer of Securities, such liability or loss shall be the
responsibility of, and shall be withheld from any required payments to be made to, the Limited Partners pro rata in accordance with the Partnership Units of theirs redeemed in such Tag Along Transfer or Drag Along Transfer (unless such
liability or loss is caused by one or more Limited Partners, in which case such liability or loss will be the responsibility of, and shall be withheld from any required payments to be made to, the Limited Partner(s) causing such liability or loss
pro rata in accordance with the Partnership Units of theirs redeemed in such Tag Along Transfer or Drag Along Transfer). Each Limited Partner participating in a Tag Along Transfer or Drag Along Transfer shall also represent to the
Partnership (on a several basis) at the time such Limited Partner’s Partnership Units are redeemed that it has unencumbered title to its Partnership Units. 
 (d) All reasonable costs and expenses incurred by the Partnership in connection with any proposed Transfer of Securities (whether or not consummated), including all attorney fees and charges, all
accounting fees and charges and all finder’s, brokerage and/or investment banking fees, charges or commissions, shall be withheld from the cash proceeds attributable to the Partnership Units by the Limited Partners who participate (or would
have participated) indirectly in such Transfer pro rata in accordance with the amount of cash that each Limited Partner would receive (or would have received) (either by way of distribution or redemption payment) out of the cash
proceeds resulting from such Transfer or a related Transfer; provided that the Limited Partners shall not be responsible for any costs and expenses in excess of the costs and expenses that they could reasonably have incurred in connection
with such actual or proposed Transfer if they had directly owned the Securities in accordance with the Shareholders Agreement and, in the event there are insufficient cash proceeds resulting from such Transfer and any related Transfer, the General
Partner shall be responsible for any shortfall. 
 (e) Following a redemption of Partnership Units of any Limited Partner as a
result of a Tag Along Transfer or Drag Along Transfer, the General Partner will correspondingly update the Partnership Register. 
 Section 7.03. Registered Public Offerings. To the extent that any shareholder of Skype (the “Initiating Shareholder”) delivers notice to the Partnership of its demand or piggyback
registration rights to register its Securities in an Initial Public Offering pursuant to Section 6.1 or Section 6.2 of the Shareholders Agreement, the General Partner shall promptly provide written notice to each Limited Partner of the
proposed Initial Public Offering, setting forth all of the principal terms and conditions of the proposed Initial Public Offering and 

  
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including the relevant information (including the expected price range or minimum price per Security to be sold in such proposed Initial Public Offering) set forth in any notice with respect
thereto issued pursuant to the Shareholders Agreement. Each Limited Partner shall have ten (10) days from the effective date of such notice (or such shorter period reasonably specified by the General Partner based on the period of time
specified by the Initiating Shareholder but in any event no less than two (2) Business Days) (the “IPO Acceptance Period”) within which to provide written notice (the “IPO Acceptance Notice”) to the General
Partner to include all or a portion of such Limited Partner’s Pro Rata Portion of the Partnership’s Securities in the Initial Public Offering. Following the expiry of the IPO Acceptance Period, to the extent permitted by the underwriters
acting in relation to any such Initial Public Offering (which Skype shall make a good faith reasonable effort to obtain), the General Partner shall cause the Partnership to exercise its registration rights under the Shareholders Agreement to sell
the same portion (the “IPO Transferring Portion”) of its Securities as the Initiating Shareholder is selling in such offering (except to the extent any Limited Partner(s) do not timely and validly return a IPO Acceptance Notice to
include the entire Pro Rata Portion(s) of such Limited Partner(s) and only to the extent permitted by, and as adjusted to the extent required to comply with, applicable law, the terms and conditions of the Shareholders Agreement and the articles of
association of Skype, and as adjusted to ensure the Partnership does not own ordinary shares of Skype (and no Limited Partner holds Partnership Units) other than in an exact multiple of the number of classes of ordinary shares of Skype then
outstanding, in each case as determined, and except as waived, by the General Partner in its good faith discretion), subject to the terms of the Shareholders Agreement; provided that if the General Partner is informed that the expected
minimum price or low end of the expected price range has decreased more than three (3) Business Days prior to the expected pricing of the Initial Public Offering, the General Partner shall use commercially reasonable efforts to notify each
Limited Partner who returned a valid and timely IPO Acceptance Notice and, if and to the extent that the Partnership is permitted at such time to withdraw Securities from the Initial Public Offering under the terms of the Shareholders Agreement,
each such Limited Partner shall have two (2) Business Days from the delivery of such notice within which to withdraw the IPO Acceptance Notice previously submitted by it. The General Partner shall cause the Partnership to redeem from each of
the participating Limited Partners the IPO Transferring Portion of such Limited Partner’s Partnership Units (except to the extent such Limited Partner has delivered an IPO Acceptance Notice opting to include less than such Limited
Partner’s entire Pro Rata Portion and only to the extent permitted by, and as adjusted to the extent required to comply with, applicable law, the terms and conditions of the Shareholders Agreement and the articles of association of Skype, and
as adjusted to ensure the Partnership does not own ordinary shares of Skype (and no Limited Partner holds Partnership Units) other than in an exact multiple of the number of classes of ordinary shares of Skype then outstanding, in each case as
determined, and except as waived, by the General Partner in its good faith discretion) in consideration for the proceeds received by the Partnership from the sale of Securities in the Initial Public Offering (which shall be distributed pro
rata to the participating Limited Partners in accordance with the number of Partnership Units redeemed from each of them (except that any proceeds received by the Partnership in respect of the sale of Co-Invest Shares subject to a pledge
and/or charge in favor of Skype Technologies (minus any tax required to be withheld by the Partnership in respect of such proceeds and the lesser of (a) thirty-three percent (33%) of the capital gain realized from the sale of
such Co-Invest Shares and (b) the General Partner’s good faith estimate of the amount of additional income tax that will be 

  
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incurred by the relevant Limited Partners on the capital gain realized from the sale of such Co-Invest Shares considering such Limited Partners’ nationality and/or tax residence and/or the
jurisdiction applicable to such capital gain) shall be paid by the Partnership directly to Skype Technologies in repayment of the loan granted to purchase or subscribe for such Co-Invest Shares, but shall be deemed to have been paid to the Limited
Partners who would otherwise have received such proceeds)). 
 Section 7.04. Initial Public Offering Exchange. The
Limited Partners hereby acknowledge that the Partnership has been granted certain rights pursuant to Section 2.13 of the Shareholders Agreement in relation to a potential restructuring in connection with an Initial Public Offering and that such
rights are subject to, and exercisable in accordance with, the terms of the Shareholders Agreement. At any time the Partnership becomes entitled to exercise those rights under the Shareholders Agreement, the General Partner shall provide written
notice to each Limited Partner setting forth all of the principal terms and conditions of the proposed restructuring that the Partnership has received, in its capacity as a shareholder of Skype, from Skype under the Shareholders Agreement, as well
as, if applicable, specifying the period during which the Limited Partners may deliver a notice in respect of the exercise of such rights. Each Limited Partner shall have no less than five (5) Business Days from the effective date of such
notice within which to elect, in its sole discretion, by way of notice to the General Partner to request that the Partnership exercise the Partnership’s rights in relation to all or a portion of such Limited Partner’s Pro Rata Portion of
the Securities held by the Partnership to have Skype use its reasonable efforts to deliver to the Partnership for distribution to such Limited Partner and/or have sold all or a portion of the Subject Securities having a value equal to such Limited
Partner’s Pro Rata Portion of the Securities held by the Partnership (to the extent permitted by, and as adjusted to the extent required to comply with, applicable law, the terms and conditions of the Shareholders Agreement and the articles of
association of Skype, and as adjusted to ensure that no shareholder of Skype owns ordinary shares of Skype (and no Limited Partner holds Partnership Units) other than in an exact multiple of the number of classes of ordinary shares of Skype then
outstanding, in each case as determined, and except as waived, by the General Partner in its good faith discretion). The General Partner shall cause the Partnership to redeem from the requesting Limited Partners (pro rata in accordance
with the number of Partnership Units in respect of which each Limited Partner elects to exercise such rights) a number of Partnership Units equal to the number of ordinary shares of Skype in respect of which such rights were exercised using the
proceeds and/or Subject Securities received by the Partnership from such exercise under the Shareholders Agreement (such proceeds and/or Subject Securities to be apportioned among such Limited Partners in accordance with the requests set forth in
their notices delivered pursuant to this Section 7.04, to the extent such requests have been fulfilled); provided that (i) the General Partner shall not be required to entertain or satisfy any request for the delivery of Subject
Securities pursuant to any notice delivered under this Section 7.04 from any Limited Partner unless either (a) the loan granted to purchase or subscribe for such Limited Partner’s Co-Invest Shares has been repaid in full or
(b) Skype Technologies provides its written consent and the General Partner reasonably determines that such loan will be repaid in full at or before the time such Subject Securities are expected to be delivered to such Limited Partner and
(ii) any proceeds received by the Partnership in respect of the exchange of Co-Invest Shares subject to a pledge and/or charge in favor of Skype Technologies (minus any tax required to be withheld by the Partnership in respect of such
proceeds and the lesser of (a) thirty-three percent (33%) of the capital gain realized from the sale of such Co-Invest Shares and (b) the General 

  
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Partner’s good faith estimate of the amount of additional income tax that will be incurred by the relevant Limited Partners on the capital gain realized from the sale of such Co-Invest
Shares considering such Limited Partners’ nationality and/or tax residence and/or the jurisdiction applicable to such capital gain) shall be paid by the Partnership directly to Skype Technologies in repayment of the loan granted to purchase or
subscribe for such Co-Invest Shares, but shall be deemed to have been paid to the Limited Partners who would otherwise have received such proceeds. 
 Section 7.05. Preemptive Rights and Rights of Last Refusal Waivers. The Limited Partners hereby acknowledge that the Partnership may accrue or hold certain preemptive rights under Section 3 of
the Shareholders Agreement or otherwise and/or certain rights of last refusal under Section 5.4 of the Shareholders Agreement and hereby agrees that the General Partner may cause the Partnership to waive any such rights at any time and from
time to time. 
 ARTICLE VIII 
 CALL RIGHTS AND PLEDGE ENFORCEMENT 
 Section 8.01. Call Right.

 (a) In accordance with the mechanism described in Section 8.02, Skype (and/or its designee(s)) shall have the right (the
“Call Right”), within one (1) year following the effective date of any voluntary or involuntary termination of any Grantee’s Employment (or, if later, the date of any material violation by such Grantee of Section 5.1
of the Equity Incentive Plan within 18 months following the Grantee’s termination of Employment or any of Sections 5.2 to 5.4 of the Equity Incentive Plan), to purchase in one or more tranches directly or indirectly from the Limited Partner(s)
holding from time to time (x) any Partnership Units issued to such Grantee (other than any Partnership Units issued in respect of any Co-Invest Shares if such Grantee’s Employment is terminated by the Skype Group without Cause or as a
result of such Grantee’s death or Disability (which Partnership Units shall not be included in this clause (x) unless at any time such Grantee materially violates Section 5.1 of the Equity Incentive Plan within 18 months following the
Grantee’s termination of Employment or any of Sections 5.2 to 5.4 of the Equity Incentive Plan or becomes deemed (pursuant to Section 2(c) of the Equity Incentive Plan) to have been terminated for Cause)) (including any Partnership Units
issued to such Grantee in connection with any mandatory exercise pursuant to Section 4.14 of the Equity Incentive Plan), and/or (y) any Partnership Units issued to Limited Partners as a result of holding the Partnership Units described in
clause (x) (collectively, the “Subject Partnership Units”), and, upon any exercise of the Call Right, such Limited Partner(s) shall sell to Skype (and/or its designee(s)), an amount of Securities (as specified by Skype (and/or
its designee(s)) in a Call Notice) up to the number of Subject Partnership Units, at a per share price (the “Call Price”) determined as follows: 
 (i) In respect of any EIP Shares and/or Purchased Shares, if the Grantee’s Employment is terminated (A) by the Skype Group without Cause, (B) by the Grantee for any reason after the fifth
(5th) anniversary of the Completion Date or (C) upon the Grantee’s death or Disability, and, in respect of all Co-Invest Shares subject to the Call Right, the Call Price shall be equal to the Fair Market

  
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Value of an ordinary share of Skype, determined as of the date as of which the Call Right is exercised pursuant to the relevant Call Notice. 

(ii) In respect of any EIP Shares and/or Purchased Shares, if the Grantee’s Employment is terminated by the Skype Group for Cause or
by the Grantee for any reason prior to the fifth (5th) anniversary of the Completion Date, the Call Price shall be equal to the lesser of (A) the Fair Market Value of an ordinary share of Skype, determined as of the date as of which the
Call Right is exercised pursuant to the relevant Call Notice and (B) the price paid, if any, by such Grantee for such Securities; provided that, if a Grantee exercised all or any portion of his or her Options through net-physical
settlement, the price paid for any Securities acquired pursuant to such exercise shall be deemed to be zero. 
 Notwithstanding anything herein
to the contrary, in the event that Skype has exercised its Call Right pursuant to this Article VIII in respect of which one or more Limited Partner(s) have received payment(s) in respect of the relevant Grantee’s EIP Shares and/or Purchased
Shares and the relevant Grantee is thereafter deemed (pursuant to Section 2(c) of the Equity Incentive Plan) to have been terminated for Cause or materially violates Section 5.1 of the Equity Incentive Plan within 18 months following the
Grantee’s termination of Employment or any of Sections 5.2 to 5.4 of the Equity Incentive Plan, to the extent applicable to such Grantee, each such Limited Partner shall be obligated to deliver to Skype (and/or its designee(s)), within five
(5) days of being notified, the excess, if any, of the amount of such payment received by such Limited Partner over the amount Skype would have been required to pay such Limited Partner in respect of the relevant EIP Shares and/or
Purchased Shares if the Call Price had been calculated under Section 8.01(a)(ii). 
 (b) Notwithstanding anything herein to
the contrary, to the extent that the terms of this Section 8.01 are inconsistent with or varied by a separate agreement between any Grantee and any member of the Skype Group, such inconsistent or varied terms shall take precedence over the
terms of this Section 8.01. 
 Section 8.02. Mechanism for Repurchase. Skype (and/or its designee(s)) shall be
permitted to exercise its Call Right under Section 8.01 by delivering to the Partnership and each of the relevant Limited Partner(s) a written notice (such notice to contain an express acknowledgement from Skype (and/or its designees)) that the
relevant Limited Partner is not acting on behalf of the Partnership or in the capacity as a general partner) (each, a “Call Notice”) specifying its intent to purchase, directly or indirectly, an amount of Securities up to the number
of Subject Partnership Units and the date (which date shall not be later than sixty (60) days after the end of the fiscal quarter during which the Call Notice is effective) and place for consummation of such repurchase transaction (the
“Call Closing”) and directing the relevant Limited Partner(s) to sell such Securities to Skype (and/or its designee(s)) at the applicable price determined under Section 8.01. Immediately prior to, and subject to, the Call
Closing, the General Partner shall cause the Partnership, in order to effectuate the Call Right in accordance with this Article VIII, to redeem a number of Partnership Units of the relevant Limited Partner equal to the number of Securities specified
in the Call Notice at an exchange rate of one ordinary share of Skype per Partnership Unit. The amount to be paid for such Securities shall be delivered in the form of a certified check or bank draft denominated in U.S. dollars and payable

  
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to the relevant Limited Partner(s) or by a U.S. dollar wire transfer of immediately available funds to an account designated by such Limited Partner(s). Each Limited Partner selling Securities to
Skype (and/or its designee(s)) shall make customary representations and warranties regarding the sale of such Securities in the form reasonably required by Skype, including that such Limited Partner(s) have good and marketable title to the
Securities to be Transferred and that they shall be Transferred free and clear of all liens, claims and other encumbrances, and Skype (and/or its designee(s)) shall be entitled to require the signatures of such Limited Partners be guaranteed by a
national bank or reputable securities broker and/or confirmed by a notary public (as determined by Skype in its sole discretion). Any amounts that would otherwise be payable to a Limited Partner in connection with any transaction contemplated by
this Section 8.02 or by Section 8.03 as consideration for any Co-Invest Shares subject to a pledge and/or charge in favor of Skype Technologies shall be paid directly to Skype Technologies in repayment of (or, if payable by Skype
Technologies, set off by Skype Technologies against) the loan granted to purchase or subscribe for such Co-Invest Shares, but shall be deemed to have been paid to the Limited Partner who would otherwise have received such amounts. 

Section 8.03. Restrictions on Repurchase. Notwithstanding anything herein to the contrary, all repurchases of Securities by Skype
(and/or its designee(s)) pursuant to the exercise of a Call Right shall be made subject to and only if permitted under all applicable legal restrictions and any restrictions contained in any guarantee, financing or security agreement or other
document entered into by Skype or any of its Affiliates and in effect on the date as of which Skype’s Call Right is exercised and/or on the date of the Call Closing (a “Financing Agreement”). Without limiting the foregoing, if
any restrictions imposed by a Financing Agreement, in the reasonable view of any legal counsel advising the General Partner and/or Skype, prohibit or restrict the repurchase of any Securities, Skype (and/or its designee(s)) shall have the right (but
not the obligation) to deliver at the Call Closing, as payment of the purchase price for such Securities, a subordinated note (along with any ancillary documents) with a principal amount equal to such purchase price payable in a single lump sum not
later than twenty (20) Business Days after any such restrictions are no longer applicable and bearing interest (accruing quarterly) at a rate per annum equal to the prime interest rate as disclosed in The Wall Street Journal on the date
of the applicable Call Notice. If any such restrictions imposed by a Financing Agreement prohibit or restrict the repurchase of Securities by issuance of such a subordinated note or if Skype determines in its reasonably discretion that there is
reason to doubt the enforceability of any of the terms (including, without limitation, the subordination clause) of the subordinated note (and/or any ancillary documents), the time periods provided in this Article VIII shall be suspended, and Skype
(and/or its designee(s)) shall have the right to make such repurchase as soon as permitted without restriction under any Financing Agreement according to the same terms specified in the original Call Notice(s). In the event that any restrictions
imposed by a Financing Agreement prohibit or restrict any such repurchase of Securities for cash or a subordinated note as contemplated by this Section 8.03, Skype shall make a good faith request for a waiver of such prohibition or restriction,
if Skype in good faith determines that such a request would not have any adverse effect on its relations with the counterparties under such Financing Agreement or otherwise on any member of the Skype Group; provided that Skype shall not in
any event be required to pay any waiver or consent fee or otherwise incur more than nominal costs to make such request or obtain any such waiver. 

  
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 Section 8.04. Six Month Limitation. Notwithstanding anything to the contrary in this
Article VIII, to the extent necessary to ensure that the Options are not classified as liability awards under GAAP, the Call Right cannot be exercised by Skype until six (6) months after the date of exercise of the Options, it being understood
that the window in which the Call Right is exercisable shall be extended by the amount of any period during which the Call Right was not exercisable as a result of this Section 8.04. 

Section 8.05. Termination of the Call Right. Notwithstanding any other provision contained in Sections 8.01 through 8.04, the Call
Right cannot be exercised by Skype (and/or its designee(s)) at or after the closing of an Initial Public Offering or a Change of Control. 
 Section 8.06. Enforcement of Pledge. At any time while Skype Technologies has a right to enforce a pledge and/or charge over Securities held by the Partnership or over any Partnership Units, in
either case securing a loan granted by Skype Technologies to a Grantee, the General Partner shall cause the Partnership to cooperate with Skype Technologies in any attempt Skype Technologies may make to enforce its rights under any such pledge
and/or charge, including, without limitation, to force the sale of such Securities, to require the Transfer of such Securities to Skype Technologies (and/or its designee(s)) and/or to redeem or force the sale of any such Partnership Units issued to
such Grantee and/or any Partnership Units issued as a result of holding such Partnership Units. 
 ARTICLE IX 

COMPANY EXPENSES, BOOKS AND RECORDS, 
 TAX MATTERS 
 Section 9.01. Fees and Expenses. The
Partnership’s organizational, administrative and general operating expenses shall be paid by the General Partner. 

Section 9.02. Fiscal Year and Method of Accounting. The fiscal year of the Partnership shall begin on January 1 of each year
(except for the first fiscal year of the Partnership, which shall begin on the date on which the Section 9 Statement was filed) and end on the following December 31 (except for the last fiscal year of the Partnership, which shall end on
the date on which the Partnership is terminated). Subject to Section 6.01, the General Partner shall select the appropriate method of accounting for the Partnership. For U.S. federal income tax purposes, the Partnership’s taxable year
shall be determined in accordance with Section 706 of the Code and Treasury Regulations promulgated thereunder. 
 Section
9.03. Records and Information. The books and records of the Partnership shall be maintained at the principal office and place of business of the Partnership and the General Partner shall cause such records to be maintained at the registered
office as required under the Law. Each Partner shall have access to such books and records and a right to copy the same, provided that, unless otherwise consented to by the General Partner, (a) such Partner shall provide written notice
to the General Partner of its request at least ten (10) Business Days prior to the date on which it wishes to have access, (b) such books and records shall only be available for inspection at the principal office of the Partnership and
(c) any information received by a Partner shall be considered “Confidential Information” under Section 13.04. 

  
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 Section 9.04. Financial Statements and Reports. The General Partner shall oversee the
accounting, tax and recordkeeping matters of the Partnership. The General Partner shall cause the Partnership to deliver to each Partner within a reasonable time after the close of each fiscal quarter and fiscal year, the unaudited financial
statements of the Partnership for such period. Each Partner will receive a Form K-1 from the Partnership within a reasonable time after the end of each fiscal year, and the General Partner will use commercially reasonable efforts to cause the
Partnership to provide such other information as such Partner may reasonably request for tax purposes. To the extent that a Limited Partner is required to file tax returns or forms that it would not have been required to file had it held the
Securities directly, the General Partner will use commercially reasonable efforts (at its own cost) to prepare or assist in the preparation of such filings as may be reasonably requested by such Limited Partner. 

Section 9.05. U.S. Tax Classification. The Partners intend that the Partnership shall be classified as a partnership for U.S.
federal income tax purposes. Neither the Partnership nor any Partner shall take any action so as to cause the Partnership to be treated as an association taxable as a corporation for U.S. federal income tax purposes. 

Section 9.06. Tax Matters Partner. Pursuant to Section 6231(a)(7) of the Code, the General Partner is hereby designated as
the tax matters partner, and shall assume and be responsible for duties provided in the Code for the “tax matters partner.” 
 ARTICLE X 
 LIABILITY AND INDEMNIFICATION 

Section 10.01. Liability of Partners. 
 (a) Liability to the Partnership and Other Partners. No Partner (or any of its Affiliates), or any direct or indirect partner, member, employee, director, officer or agent of such Partner or any of
its Affiliates shall be liable, responsible or accountable in damages or otherwise to the Partnership or to any of the other Partners, their successors or assigns except (i) in connection with any material breach of this Agreement by such
Partner or (ii) by reason of acts or omissions related to the Partnership which are found by a court of competent jurisdiction upon entry of a final judgment to be the result of such Partner’s actual fraud, gross negligence (as such term
is construed in accordance with Delaware law) or willful misconduct. 
 (b) Conduct of the Partnership. In conformity
with the provisions of the Law, no Limited Partner shall take any part in the conduct of the Partnership’s business nor have any right or authority to act for or on behalf of the Partnership. 

(c) Liability to Third Parties. No Partner of the Partnership shall be liable under a judgment, decree, or order of a court, or in
any other manner, for a debt, obligation, or liability of the Partnership or of any other Partner. No Limited Partner shall be liable for any debts or obligations of the Partnership in excess of its contribution to the capital of the Partnership and
its share of profits, unless such Limited Partner takes part in the conduct of the business of the Partnership, in which event such Limited Partner shall be liable to the extent provided in Section 7 of the Law. Notwithstanding anything to the
contrary herein contained, a Limited Partner who receives a payment representing a return of any part of its capital 

  
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contribution within a period of six (6) months before an insolvency of the Partnership shall be liable to repay such payment, without interest, to the extent that such contribution or part
thereof is necessary to discharge a debt or obligation of the Partnership incurred during the period that the contribution represented an asset of the Partnership. 
 Section 10.02. Indemnification. To the fullest extent permitted by law, the Partnership shall indemnify, defend and hold harmless the General Partner (and its Affiliates), and any direct or
indirect partner, member, employee, director, officer or agent of the General Partner or any of its Affiliates (each, an “Indemnified Person”) from and against any loss, liability, damages, cost or expense (including legal fees and
expenses and any amounts paid in settlement) resulting from a claim, demand, lawsuit, action or proceeding (an “Indemnifiable Event”) arising out of any breach of this Agreement by, or any wrongful act on the part of, any one or
more Limited Partners (any such Limited Partner, a “Breaching Partners”); provided that (a) the total amount payable to any Indemnified Person(s) pursuant to this or the following sentence in respect of any Indemnifiable
Event shall be payable solely with recourse to the Securities or other assets held by the Partnership corresponding to the Partnership Units held by the Breaching Partners having committed the breach(es) and/or wrongful act(s) out of which such
Indemnifiable Event arose and (b) following or concurrently with any payment (in cash or otherwise) by the Partnership to an Indemnified Person pursuant to this or the following sentence, the General Partner may redeem from the Breaching
Partners without further consideration (pro rata in accordance with the respective number of Partnership Units held by them) any number of Partnership Units up to the number of Securities whose collective Fair Market Value is no
greater than the sum of such payment plus any other payment pursuant to this or the following sentence to the extent no Partnership Units have been redeemed in respect of all or part of such other payment and shall, in each case,
correspondingly update the Partnership Register. Expenses, including legal fees, incurred by an Indemnified Person and relating to any claim, demand, lawsuit, action or proceeding for which indemnification may be sought under this Section 10.02
shall be paid by the Partnership upon demand by the Indemnified Person; provided that the Indemnified Person shall have entered into an undertaking to reimburse the Partnership for such expenses if it is ultimately determined by a court of
competent jurisdiction that such Indemnified Person is not entitled to indemnification hereunder. For the avoidance of doubt, the indemnification provided for by this Section 10.02 shall not be an exclusive remedy to the Indemnified Persons,
but is in addition to any other rights or remedies available to any Indemnified Person, and nothing in this Agreement shall preclude or prevent any Indemnified Person from bringing any claim, demand, lawsuit, action or proceeding arising out of any
breach of this Agreement by, or any wrongful act on the part of, any Breaching Partners on any other basis. 
 To the extent
that any provisions of this Agreement, including, without limitation, this Article X, are not enforceable under applicable law by virtue of any person not being party to this Agreement (each such person, a “Third Party”), each
Limited Partner hereby agrees that the General Partner (acting on behalf of each Limited Partner and/or the Partnership) may enter into one or more separate agreements with any such Third Party on terms identical to those set forth in this Agreement
and take all further actions as may be necessary or desirable, in the sole opinion of the General Partner, to give effect to such provisions (without expanding or altering their scope). Each Limited Partner hereby irrevocably appoints the General
Partner as its agent and attorney-in-fact in connection with the foregoing. 

  
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 The above power of attorney shall be irrevocable and deemed to be given to secure a
proprietary interest in the donee of the power or the performance of an obligation owed to the donee. 
 Section 10.03.
Exclusivity. The remedies provided for in Section 10.02 are not exclusive and shall not limit any rights or remedies that may otherwise be available to any Indemnified Person. 

ARTICLE XI 

TERMINATION, LIQUIDATION AND DISSOLUTION 
 Section 11.01. Termination. 
 (a) The Partnership shall be terminated and
its affairs shall be wound up upon the first of the following to occur: 
 (i) an Initial Public Offering (unless the General
Partner determines in good faith that such termination and/or the resulting liquidation of the Partnership’s assets is reasonably likely to result in a conflict with applicable law, the terms and conditions of the Shareholders Agreement and/or
the articles of association of Skype, and/or cause any shareholder of Skype to own ordinary shares of Skype other than in an exact multiple of the number of classes of ordinary shares of Skype then outstanding and decides not to terminate the
Partnership); 
 (ii) a determination by the General Partner to dissolve the Partnership; 

(iii) the disposition by the Partnership of all or substantially all of its assets pursuant to the terms of this Agreement; 

(iv) the occurrence of an event set out in Section 15(5) of the Law in respect of the General Partner (unless a simple majority of
the Limited Partners resolve to continue the business of the Partnership and elect a new general partner) in accordance with Section 15(6) of the Law; or 
 (v) any dissolution required by operation of law. 
 (b) Termination of the
Partnership shall be effective as of the day on which the event giving rise to the termination occurs, but the Partnership shall not dissolve until there has been a winding up of the Partnership’s business and affairs, the Partnership’s
assets have been distributed as provided in Section 11.03 and such notices have been filed in accordance with the Law. 

(c) Notwithstanding any other provision of this Agreement, the bankruptcy of a Limited Partner shall not cause such Partner to cease to
be a Partner of the Partnership (except where required by applicable mandatory law or regulation) and despite the occurrence of such an event, the business of the Partnership shall continue without dissolution. 

  
 -32-

 (d) Notwithstanding any other provision of this Agreement, but subject to the Law and other
applicable mandatory law and regulation, each Partner waives any right it might have to (i) agree in writing to dissolve the Partnership upon such Partner’s bankruptcy, or upon the occurrence of an event that causes such Partner to cease
to be a partner of the Partnership, and (ii) apply for judicial dissolution of the Partnership. 
 Section 11.02.
Cancellation of Certificate. Upon the termination and completion of the winding up of the Partnership and the termination of this Agreement, the Partners shall be promptly notified of such termination. 

Section 11.03. Liquidation. Upon termination of the Partnership, as expeditiously as is reasonable, the General Partner (or if
there is no General Partner, a liquidator appointed by the Limited Partners) shall pay the Partnership’s liabilities and make distributions in the following order of priority: 

(a) to creditors, including Partners who are creditors (solely in their capacities as creditors other than pursuant to this Agreement),
to the extent permitted by law, in satisfaction of liabilities of the Partnership (whether by payment or by establishment of reserves); and 
 (b) to the Limited Partners, pro rata in accordance with their respective Partnership Units (after taking into account any redemptions or proceeds required to be made pursuant to Article
VII); provided that (i) any amounts to be distributed in respect of the sale of Co-Invest Shares subject to a pledge and/or charge in favor of Skype Technologies shall be paid by the Partnership directly to Skype Technologies in
repayment of the loan granted to purchase or subscribe for such Co-Invest Shares, but shall be deemed to have been paid to the Limited Partners who would otherwise have received such proceeds and (ii) any Securities to be distributed that are
subject to a pledge and/or charge in favor of Skype Technologies shall remain subject to such pledge and/or charge, and any Limited Partner receiving such Securities hereby agrees to execute and deliver any additional documents and instruments and
perform any additional acts that the General Partner determines to be necessary or appropriate to ensure such Securities remain subject to such pledge and/or charge; and provided further that any distributions shall be made only to the
extent permitted by, and as adjusted to the extent required to comply with, applicable law, the terms and conditions of the Shareholders Agreement and the articles of association of Skype, and as adjusted to ensure that no shareholder of Skype owns
ordinary shares of Skype other than in an exact multiple of the number of classes of ordinary shares of Skype then outstanding, in each case as determined, and except as waived, by the General Partner in its good faith discretion. 

Section 11.04. Accounting on Liquidation. Upon liquidation, a proper accounting shall be made by the Partnership’s
accountants of the Partnership’s assets, liabilities and results of operations through the last day of the month in which the Partnership is terminated. 
 Section 11.05. Return of Partners’ Capital Contribution. A Partner shall look solely to the Partnership’s assets for the return of such Partner’s Capital Contribution. If the assets
remaining after payment or discharge of all debts and liabilities of the Partnership are insufficient to return such Partner’s Capital Contribution, the Partner shall have no recourse 

  
 -33-

 
against any other Partner except to the extent of any due and required Capital Contribution of any other Partner which has not been paid. 

Section 11.06. Dissolution. 
 (a) On such date (the “Dissolution Date”) as the distributions provided for in Section 11.03 have been made and the notice of dissolution has been filed in accordance with the Law,
the Partnership and this Agreement shall dissolve. 
 (b) Upon the termination of this Agreement, no party shall have any
liability or obligation to any other party hereunder; provided that (i) the termination of this Agreement shall not relieve a party from liability for any breach of this Agreement on or prior to the Dissolution Date, and
(ii) Section 5.01(c), Article X and Article XIII shall survive termination of this Agreement in accordance with its terms. 

ARTICLE XII 

REPRESENTATIONS AND WARRANTIES 
 Section 12.01. Representations and Warranties. Except to the extent expressly waived in writing by the General Partner in respect of any Limited Partner, each Limited Partner hereby represents,
warrants and agrees, solely as to itself and on a several and not joint basis, to the General Partner and the Partnership as follows: 
 (a) The Limited Partner has legal competence, power and authority to become a Limited Partner subject to the terms and conditions of this Agreement; this Agreement constitutes a valid and legally binding
agreement of the Limited Partner, enforceable in accordance with its terms against the Limited Partner, subject to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of general applicability relating to or
affecting creditors’ rights and to general equity principles; and the execution, delivery and performance of this Agreement by the Limited Partner does not and will not result in a breach in any material respect of any of the terms, conditions
or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, credit agreement, note or other evidence of indebtedness, or any lease or other agreement, or any license, permit, franchise or certificate, to which the
Limited Partner is a party or by which it is bound or to which any of its properties are subject, or require any authorization or approval under or pursuant to any of the foregoing which has not been obtained, or violate the organizational documents
of the Limited Partner, or violate in any material respect any statute, regulation, law, order, writ, injunction or decree to which the Limited Partner is subject; 
 (b) If the Limited Partner would be an “investment company” but for the exclusions from the Investment Company Act provided by Section 3(c)(1) or Section 3(c)(7) thereof, all direct
and indirect beneficial owners of such Limited Partner’s outstanding securities (as such term is defined in the Investment Company Act) that acquired such securities on or before April 30, 1996 have consented to such Limited Partner’s
treatment as a “qualified purchaser” as defined in Section 2(a)(51)(A) of the Investment Company Act; 
 (c) The
Limited Partner agrees to deliver to the General Partner such information as to certain matters under the Securities Act and the Investment Company Act as 

  
 -34-

 
the General Partner may reasonably request in order to ensure compliance with the Securities Act and the Investment Company Act and the availability of any exemptions thereunder (or, if such
delivery would violate the Limited Partner’s confidentiality obligations or policies, to provide the General Partner with reasonable assurances of such compliance); 
 (d) Either the Limited Partner or each beneficial owner of such Limited Partner is acquiring Partnership Units for the Limited Partner’s own account as principal for investment and not with a view to
the distribution or sale thereof; 
 (e) The Limited Partner has such knowledge and experience in financial and business matters
that it is capable of evaluating the merits and risks of its investment in the Partnership Units; 
 (f) The Limited Partner has
been given the opportunity to ask questions of, and receive answers from, the Partnership or any member of the Skype Group concerning the terms and conditions of, and other matters pertaining to, this investment, and has had access to such financial
and other information concerning the Partnership or the Skype Group as it has considered necessary to make a decision to invest in the Partnership and has availed itself of this opportunity to the full extent desired, and the Limited Partner is not
relying on its awareness that any other party conducted a due diligence review of the Skype Group; 
 (g) The Limited Partner
has no need for liquidity in this investment, has the ability to bear the economic risk of this investment, and at the present time and in the foreseeable future can afford a complete loss of this investment; 

(h) The Limited Partner acknowledges that neither the Partnership, the General Partner, Skype nor any Affiliate of any of such parties
has rendered any investment advice or securities valuation advice to the Limited Partner, and that the Limited Partner is neither subscribing for nor acquiring any interest in the Partnership in reliance upon, or with the expectation of, any such
advice; 
 (i) No representations or warranties have been made to the Limited Partner by the Partnership, the General Partner,
Skype or any of their respective Affiliates with respect to the investment in the Partnership Units or the Partnership other than the representations set forth herein, and the Limited Partner has not relied upon any representation or warranty by the
Partnership, the General Partner, Skype or any of their respective Affiliates not provided herein in making its investment in the Partnership; 
 (j) (i) If any of the funds the Limited Partner is using to acquire Partnership Units are assets of an employee benefit plan as defined in Section 3(3) of ERISA and subject to Title I of ERISA, or a
plan to which Section 4975 of the Code applies, or an entity whose underlying assets include plan assets for purposes of ERISA by reason of a plan’s investment in the entity (any such plan under ERISA or the Code or any such entity
collectively referred to as a “Plan” and any such assets referred to as “Plan Assets”), the Limited Partner has informed the General Partner as to what percentage of funds it is using to acquired Partnership Units
are Plan Assets, and (ii) to the extent that some or all of the funds that the Limited Partner is using or will use to fund its purchase are assets of one or more Plans and assuming that the Partnership is not a

  
 -35-

 
“party in interest” (within the meaning of Section 3(14) of ERISA) or a “disqualified person” (within the meaning of Section 4975 of the Code) with respect to any
Plan other than those Plans previously identified by the Partnership to the Limited Partner in writing, the purchase of the Partnership Units by the Limited Partner does not and will not constitute or result in a non-exempt “prohibited
transaction” within the meaning of Section 406 of ERISA or Section 4975(c) of the Code; 
 (k) The Limited
Partner acknowledges that the Partnership has relied and will rely upon the representations and warranties of the Limited Partner set forth in this Agreement and that all such representations and warranties shall survive the date of signing of this
Agreement. Without limiting the foregoing, each Limited Partner agrees to give the Partnership prompt written notice in the event that any representation of such Limited Partner contained in this Section 12.01 or Section 12.02 ceases to be
true at any time following the date hereof; and 
 (l) Neither the Limited Partner (acting on its individual behalf and not on
behalf of any other Limited Partners), nor any person having a direct or indirect beneficial interest in the Partnership Units being acquired, appears on the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets
Control of the United States Department of the Treasury (“OFAC”). The Limited Partner (acting on its individual behalf and not on behalf of any other Limited Partners) further represents and warrants that the monies used to fund the
investment in the Partnership Units are not derived from, invested for the benefit of, or related in any way to, the governments of, or persons within any country (i) under a U.S. embargo enforced by OFAC, (ii) that has been designated as
a “non-cooperative country or territory” by the Financial Action Task Force on Money Laundering or (iii) that has been designated by the U.S. Secretary of the Treasury as a “primary money laundering concern.” The Limited
Partner (acting on its individual behalf and not on behalf of any other Limited Partners) further represents that it does not know or have any reason to suspect that the monies used to fund its investment in the Partnership Units have been or will
be derived from or related to any illegal activities, including but not limited to, money laundering activities. Each Limited Partner further agrees and acknowledges on its own behalf only that, among other remedial measures, the Partnership may
take such steps in compliance with governmental regulations and make such disclosures to regulatory authorities as it deems necessary or otherwise in the best interests of the Partnership in its sole discretion. 

Section 12.02. Additional Representations and Warranties. Further, each Limited Partner hereby agrees that the General Partner may
require, in connection with such Limited Partner’s admission to the Partnership or otherwise, such Limited Partner to represent, warrant and agree, solely as to itself and on a several and not joint basis, to the General Partner and the
Partnership any or all of the following: 
 (a) The Limited Partner understands that the offering and sale of the Partnership
Units are intended to be exempt from registration under the Securities Act and applicable U.S. state securities laws (A) in the case of “U.S. persons” (as defined in Rule 
 902(k) of Regulation S of the Securities Act), in reliance on the private placement exemption from registration provided in Section 4(2) of the Securities Act and Regulation D promulgated thereunder
and exemptions under applicable U.S. state securities laws, and (B) in the case of persons that are not U.S. persons (“Non-U.S. Persons”), in reliance on Regulation S promulgated

  
 -36-

 
under the Securities Act and exemptions under the applicable laws of the non-U.S. jurisdiction in which the Partnership Units are being offered and sold, and that the Partnership has not been
registered as an investment company under the Investment Company Act in reliance upon an exemption from such registration; 

(b) Either the Limited Partner or each beneficial owner of such Limited Partner is (A) an “accredited investor” within the
meaning of Regulation D of the Securities Act; or (B) if the Limited Partner is not an accredited investor, the Limited Partner is a Non-U.S. Person; and 
 (c) If the Limited Partner is a Non-U.S. Person, the Limited Partner has not been solicited to purchase and has not and shall not acquire its Partnership Units, directly or indirectly, while present in
the United States unless such Limited Partner or each of its beneficial owners is an “accredited investor” within the meaning of Regulation D of the Securities Act; and, if the Limited Partner is a Non-U.S. Person when it is admitted as a
Limited Partner to the Partnership or becomes a Non-U.S. Person at anytime thereafter, the Limited Partner shall notify the General Partner promptly after it ceases to be a Non-U.S. Person. 

ARTICLE XIII 

MISCELLANEOUS PROVISIONS 
 Section 13.01. Notices. Any notices and other communications required or permitted in this Agreement shall be effective if in writing and (a) delivered personally, (b) sent by facsimile
or e-mail (provided the recipient acknowledges receipt thereof by reply e-mail or otherwise), or (c) sent by overnight courier, in each case, addressed as follows: 
 If to a Partner, sent to the Partner at the address given for such Partner on the Partnership Register or such other address as such Partner may specify by notice to the Partnership. 

If to the Partnership, to it at: 
 Skype Management, L.P. 
 Marked for the attention of Karen King 

c/o Silver Lake Partners 
 2775 Sand Hill Road, Suite 100 
 Menlo Park, California 94025 

United States 

Telephone No.: +1 (650) 233-8120 
 Facsimile No.: +1 (650) 233-8125 
 Karen.King@SilverLake.com 

with copies (which shall not constitute notice) to: 
 Marked for the attention of Richard A. Pollack 
 Sullivan & Cromwell LLP

 125 Broad Street 
 New York, New York 10004 

  
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 United States 
 Telephone No.: +1 (212) 558 4000 
 Facsimile No.: +1 (212) 291 9116

 pollackr@sullcrom.com 
 Marked for the attention of Richard C. Morrissey 
 Sullivan & Cromwell LLP

 1 New Fetter Lane 
 London EC4A 1AN 
 England 

Telephone No.: +44 20 7959 8900 
 Facsimile No.: +44 20 7959 8950 
 morrisseyr@sullcrom.com 

If to Skype, to it at: 
 Marked for the attention of the Board of Managers 
 Skype Global S.a r.l.

 23-29 Rives de Clausen 
 L-2165 Luxembourg 
 Luxembourg 

Facsimile: +352 274 78 703 
 If to Skype Technologies, to it at: 
 Marked for the attention of General Counsel
and Euan Hutchinson 
 Skype Technologies S.A. 
 23-29 Rives de Clausen 
 L-2165 Luxembourg 

Luxembourg 

Facsimile: +352 274 78 703 
 Unless otherwise specified herein, such notices or other communications shall be deemed delivered (x) on the date received, if personally delivered, (y) on the date received if delivered by
facsimile or e-mail (subject to the recipient confirming receipt thereof in the case of e-mail) on a Business Day, or if not delivered on a Business Day, on the first Business Day thereafter and (z) two (2) Business Days after being sent
by internationally recognized overnight courier. Each of the parties hereto shall be entitled to specify a different address by giving notice as aforesaid to the General Partner and the Partnership. 

Section 13.02. Entire Agreement. This Agreement, the Shareholders Agreement, the Equity Incentive Plan, the Options and any
employment agreement between any Grantee and any member of the Skype Group (including each of their annexes, exhibits, scheduled and/or other attachments and as any of the same may be amended pursuant to their terms) embody the entire agreement and
understanding of the parties, and supersede all prior 

  
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agreements and understandings between the parties with respect to the subject matter hereof and thereof, including any letter agreement entered into between the General Partner (or any of its
Affiliates) and any other Partner prior to the date hereof. 
 Section 13.03. Amendments. The terms and provisions of
this Agreement may be modified or amended at any time and from time to time by the General Partner; provided that (a) any amendment that by its express terms would have an adverse effect on all of the Limited Partners shall also require
the written consent of the Limited Partners holding a majority of the Partnership Units then held by the Limited Partners in the aggregate (disregarding any Partnership Units held by the General Partner or its Affiliates), (b) any amendment
(other than amendments made to admit additional Limited Partners to it or to the Partnership Register in accordance with the terms of this Agreement) that by its express terms would have a disproportionate and adverse effect on a Limited Partner or
certain Limited Partners (other than as a result of such Limited Partner or Limited Partners electing not to exercise any rights granted to such Limited Partner pursuant to the terms of this Agreement) relative to the other Limited Partners shall
also require the written consent of that Limited Partner or the Limited Partners holding a majority of the Partnership Units then held by the affected Limited Partners, as applicable, and (c) any amendment that would have an adverse effect on
Skype and/or Skype Technologies shall also require the written consent of Skype and/or Skype Technologies, as applicable. All Limited Partners shall receive written notice of any amendment to this Agreement. 

Each of the Limited Partners, Skype and Skype Technologies hereby appoints the General Partner from time to time, with power of
substitution, as his lawful attorney in his name to execute, acknowledge, swear to (and deliver as may be appropriate) on his behalf and (as may in the reasonable judgment of the General Partner be required by law) file and record in the appropriate
public offices and publish: 
 (a) any amendments to this Agreement that would be permitted in accordance with the terms of this
Section 13.03; and 
 (b) any instruments or documents which the General Partner, acting reasonably and in good faith,
determines in its sole discretion are required to admit any new Limited Partners subject to, and in accordance, with the terms hereof. 
 The above power of attorney shall be irrevocable and deemed to be given to secure a proprietary interest in the donee of the power or the performance of an obligation owed to the donee. 

For the avoidance of doubt, the Shareholders Agreement may be amended at any time by the Partnership and the other parties thereto in
accordance with its terms without the consent and/or consultation of any of the Limited Partners, and, except to the extent any Limited Partner is also a party to the Shareholders Agreement, no Limited Partner shall hold any rights under, or accrue
any rights as a result of an amendment of, the Shareholders Agreement other than as expressly stated in this Agreement. However, the General Partner shall not consent to any amendment of the Shareholders Agreement which by its terms would have a
materially adverse and disproportionate effect on both the Partnership and the rights of the Limited Partners, unless 

  
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such amendment is approved by the Limited Partners then holding a majority of the Partnership Units. 
 Section 13.04. Confidentiality. Each Limited Partner agrees that Confidential Information has been and will be made available to it in connection with its interest in the Partnership. Furthermore,
each Limited Partner agrees that it will not at any time disclose or use any Confidential Information (as defined below) of which such Limited Partner is or becomes aware, except to the extent that such disclosure or use is directly related to and
required by (a) such Limited Partner’s performance of duties, if any, assigned to such Limited Partner by the Partnership, (b) such Limited Partner’s holding, managing or disposing of Partnership Units or (c) the reporting
or regulatory requirements from time to time of such Limited Partner or its direct or indirect shareholders, members, partners or managing board; provided that, prior to any such disclosure of Confidential Information as permitted hereby,
such Limited Partner shall inform the person to whom such disclosure is to be made of the confidential nature of such information and obtain the undertaking of such person to be bound by the provisions of this Section 13.04. As used in this
Agreement, the term “Confidential Information” means any and all information (in any form or media) concerning any of Skype’s or its Affiliates’ customers, prospective customers (including lists of customers and
prospective customers), methods of operation, manufacturing processes, trade secrets, research and development activities, know-how, designs, computer software, business or financial plans, contracts, distributors, distribution channels, pricing
information, billing rates or procedures, suppliers, vendor lists, business methods, management, employees, employee compensation, acquisition opportunities, books and records, or any other business information relating to Skype or its Affiliates
(whether constituting a trade secret or proprietary or otherwise); provided that Confidential Information shall not include any information that (i) has been published (through no breach by any Limited Partner of its obligations
hereunder) in a form generally available to the public, (ii) becomes known to any Limited Partner from other sources under circumstances not involving any breach to the knowledge of such Limited Partner of any confidentiality obligation by such
source, (iii) is independently developed by a Limited Partner or (iv) is required to be disclosed by law; provided further that in the event that any employment agreement, or any policy governing the relationship between, a
Limited Partner and any member of the Skype Group, contains any restrictions on the confidentiality or use of Confidential Information, such restrictions shall supplement or preside over any restrictions included in this Section 13.04 to the
extent of any conflict. 
 Section 13.05. Governing Law; Jurisdiction. This Agreement shall be governed by and construed
in accordance with the laws of the Cayman Islands. 
 Section 13.06. Consent to Jurisdiction. Each Limited Partner, by
its execution hereof, (a) hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in the State of New York in New York City, and any appellate court from any thereof, for the purpose of any action,
claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the subject matter hereof, (b) hereby waives to the extent not prohibited by
applicable law, and agrees not to assert, and agrees not to allow any of its subsidiaries to assert, by way of motion, as a defense or otherwise, in any such action, any claim that it is not subject personally to the jurisdiction of the above-named
courts, that its property is exempt or immune from 

  
 -40-

 
attachment or execution, that any such proceeding brought in one of the above-named courts is improper, or that this Agreement or the subject matter hereof or thereof may not be enforced in or by
such court and (c) hereby agrees not to commence or maintain any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon this Agreement or relating to the
subject matter hereof or thereof other than before one of the above-named courts nor to make any motion or take any other action seeking or intending to cause the transfer or removal of any such action, claim, cause of action or suit (in contract,
tort or otherwise), inquiry, proceeding or investigation to any court other than one of the above-named courts whether on the grounds of inconvenient forum or otherwise. Notwithstanding the foregoing, any party to this Agreement may commence and
maintain an action to enforce a judgment of any of the above-named courts in any court of competent jurisdiction. Each party hereto hereby consents to service of process in any such proceeding in any manner permitted by New York Law, and agrees that
service of process by registered or certified mail, return receipt requested, at its address specified pursuant to Section 13.01 is reasonably calculated to give actual notice. For the avoidance of doubt, this Section 13.06 shall not
preclude any party from bringing any action, claim, cause of action or suit (in contract, tort or otherwise), inquiry, proceeding or investigation arising out of or based upon any loan agreement with a Grantee in relation to a purchase or
subscription for Co-Invest Shares or relating to the subject matter thereof in any court permitted thereby. 
 Section 13.07.
Severability. If any provision of this Agreement shall be held to be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 13.08. Further Assurances. In connection with this Agreement and the transactions contemplated hereby, each Partner shall
execute and deliver any additional documents and instruments and perform any additional acts that the General Partner determines to be necessary or appropriate to effectuate and perform the provisions of this Agreement and those transactions
(including, without limitation, any documents required to effect any Transfer any Securities held by any Partner or the Partnership). 
 Section 13.09. Binding Effect. Except as otherwise provided in this Agreement to the contrary, this Agreement shall be binding upon and inure to the benefit of Skype, Skype Technologies, the
Partners, their distributees, heirs, legal representatives, executors, administrators, successors and permitted assigns. 

Section 13.10. Waivers. No waiver of any breach of any of the terms of this Agreement shall be effective unless such waiver is
made expressly in writing and executed and delivered by the party against whom such waiver is claimed. No waiver of any breach shall be deemed to be a further or continuing waiver of such breach or a waiver of any other or subsequent breach. Except
as otherwise expressly provided herein, no failure on the part of any party to exercise, and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect hereof at law or in equity, shall operate as a waiver
thereof, nor shall any single or partial exercise of such right, power or remedy by such party preclude any other or further exercise thereof, or the exercise of any other right, power or remedy. 

Section 13.11. Conflicts of Interest. 

  
 -41-

 (a) Subject to the other express provisions of this Agreement or except as otherwise
expressly agreed in writing, the General Partner at any time and from time to time shall be permitted to engage in and possess interests in other business ventures of any and every type and description, independently or with others, including ones
in competition with the Partnership, with no obligation to offer to the Partnership or any Partner the right to participate therein. The General Partner shall be permitted to invest in, or provide services to, any Person that directly or indirectly
competes with the Partnership and shall have no obligation to present any business opportunity to the Partnership or any of its Partners, even if the opportunity is one that the Partnership might reasonably be deemed to have pursued or had the
ability or desire to pursue if granted the opportunity to do so. The General Partner shall not be liable to the Partnership or any other Partner for breach of any fiduciary or other duty solely by reason of the fact that the General Partner pursues
or acquires such business opportunity, directs such business opportunity to another Person or fails to present such business opportunity to the Partnership (unless such business opportunity was offered expressly to the General Partner expressly in
its capacity as such). 
 (b) Notwithstanding anything to the contrary herein, the Limited Partners hereby acknowledge and agree
that Affiliates of the General Partner may receive transaction (including acquisition or disposition fees), financing, monitoring or similar fees in respect of the Partnership’s direct or indirect investment in the securities of Skype,
including fees paid by members of the Skype Group, and that no other Limited Partners shall share or have any interest in any such fees. 
 Section 13.12. Third Parties. This Agreement does not create any rights, claims or benefits inuring to any Person that is not a party hereto, and it does not create or establish any third party
beneficiary hereto. 
 Section 13.13. Counterparts. This Agreement may be executed in multiple counterparts, each of
which shall be deemed to be an original and shall be binding upon the Partner who executed the same, but all of such counterparts shall constitute the same Agreement. 
 Section 13.14. Exculpation Among Partners. Each Partner acknowledges that it is not relying upon any person, firm or corporation (including without limitation any other Partner), other than the
Partnership and its representatives (acting solely in their capacity as representatives of the Partnership) to the extent explicitly provided herein, in deciding to invest and in making its investment in the Partnership. Each Partner agrees that no
other Partner nor the respective controlling persons, officers, directors, partners, members, agents or employees of any other Partner shall be liable to such Partner for any losses incurred by such Partner in connection with its investment in the
Partnership. Without limitation to the foregoing, no one other than the parties hereto shall have any obligations under this Agreement. 
 [Remainder of page intentionally left blank] 

  
 -42-

 IN WITNESS WHEREOF, the undersigned parties have executed and unconditionally delivered this
Exempted Limited Partnership Agreement as a deed on the day and year first above written. 
  

			
	SKYPE MANAGEMENT GP, LTD.
	
	 By its sole director: Springboard Investments S.à r.l.

		
	By:	 	/S/ CHUCK STOOPS
		 	 Name: Chuck Stoops
 Title:
  Director

  

	
	 WITNESS:

	
	/S/ KATHYA WRIGHT
	 Name: Kathya Wright

            
Paralegal

 [Signature Page to EIP Limited Partnership Agreement – Executed as a Deed]

	
	SKYPE GLOBAL S.À R.L.
	
	By Skype Management GP, Ltd.
	 as lawful attorney for Skype Global S.à r.l. pursuant to Section 13.03(a) of the Amended and Restated Exempted Limited Partnership
Agreement of Skype Management, L.P. dated April 1, 2010

	
	 By its sole director: Springboard Investments S.à r.l.

 

			
		
	By:	 	/S/ CHUCK STOOPS
		 	 Name: Chuck Stoops

Title:   Director

	
	 Witness:

	
	 /s/ KATHYA WRIGHT

		 	 Name: Kathya Wright

            
Paralegal

 [Signature Page to EIP Limited Partnership Agreement – Executed as a Deed]

 
	
	SKYPE TECHNOLOGIES S.A.
	
	By Skype Management GP, Ltd.
	 as lawful attorney for Skype Technologies S.A. pursuant to Section 13.03(a) of the Amended and Restated Exempted Limited Partnership Agreement
of Skype Management, L.P. dated April 1, 2010

	
	 By its sole director: Springboard Investments S.à r.l.

 

			
		
	By:	 	/S/ CHUCK STOOPS
		 	 Name: Chuck Stoops

Title:   Director

	
	 Witness:

	
	 /s/ KATHYA WRIGHT

		 	 Name: Kathya Wright

            
Paralegal

 [Signature Page to EIP Limited Partnership Agreement – Executed as a Deed]

	
	THE LIMITED PARTNERS
	
	By Skype Management GP, Ltd.
	 as lawful attorney for each of the Limited Partners pursuant to Section 13.03(a) of the Amended and Restated Exempted Limited Partnership
Agreement of Skype Management, L.P. dated April 1, 2010

	
	 By its sole director: Springboard Investments S.à r.l.

 

			
		
	By:	 	/S/ CHUCK STOOPS
		 	 Name: Chuck Stoops

Title:   Director

	
	 Witness:

	
	 /s/ KATHYA WRIGHT

		 	 Name: Kathya Wright

            
Paralegal

 [Signature Page to EIP Limited Partnership Agreement – Executed as a Deed]

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