Document:

EX-10.3

 Exhibit 10.3 

ZOOM VIDEO COMMUNICATIONS, INC. 

2019 EMPLOYEE STOCK PURCHASE PLAN 

ADOPTED BY THE BOARD OF DIRECTORS:
APRIL 4, 2019 
 APPROVED BY THE STOCKHOLDERS:
APRIL         , 2019 
 1. GENERAL; PURPOSE. 

(a) The Plan provides a means by which Eligible Employees of the Company and certain designated Related Corporations may be given an
opportunity to purchase shares of Common Stock. The Plan permits the Company to grant a series of Purchase Rights to Eligible Employees under an Employee Stock Purchase Plan. In addition, the Plan permits the Company to grant a series of Purchase
Rights to Eligible Employees that do not meet the requirements of an Employee Stock Purchase Plan. 
 (b) The Plan includes two
components: a 423 Component and a Non-423 Component. The Company intends (but makes no undertaking or representation to maintain) the 423 Component to qualify as an Employee Stock Purchase Plan. The provisions
of the 423 Component, accordingly, will be construed in a manner that is consistent with the requirements of Section 423 of the Code. Except as otherwise provided in the Plan or determined by the Board, the
Non-423 Component will operate and be administered in the same manner as the 423 Component. 

(c) The Company, by means of the Plan, seeks to retain the services of such Employees, to secure and retain the services of new
Employees and to provide incentives for such persons to exert maximum efforts for the success of the Company and its Related Corporations. 
 2.
ADMINISTRATION. 
 (a) The Board or the Committee will administer the Plan. References herein to the Board shall be
deemed to refer to the Committee except where context dictates otherwise. 
 (b) The Board will have the power, subject to, and within
the limitations of, the express provisions of the Plan: 
 (i) To determine how and when Purchase Rights will be granted and the
provisions of each Offering (which need not be identical). 
 (ii) To designate from time to time (A) which Related Corporations
of the Company will be eligible to participate in the Plan, (B) whether such Related Corporations will participate in the 423 Component or the Non-423 Component, and (C) to the extent that the
Company makes separate Offerings under the 423 Component, in which Offering the Related Corporations in the 423 Component will participate. 

(iii) To construe and interpret the Plan and Purchase Rights, and to establish, amend and revoke rules and regulations for its
administration. The Board, in the exercise of this power, may correct any defect, omission or inconsistency in the Plan, in a manner and to the extent it deems necessary or expedient to make the Plan fully effective. 

(iv) To settle all controversies regarding the Plan and Purchase Rights granted under the Plan. 

  
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 (v) To suspend or terminate the Plan at any time as provided in Section 12. 

(vi) To amend the Plan at any time as provided in Section 12. 

(vii) Generally, to exercise such powers and to perform such acts as it deems necessary or expedient to promote the best interests of
the Company and its Related Corporations and to carry out the intent that the Plan be treated as an Employee Stock Purchase Plan with respect to the 423 Component. 

(viii) To adopt such procedures and sub-plans as are necessary or appropriate to permit
participation in the Plan by Employees who are foreign nationals or employed outside the United States. Without limiting the generality of, and consistent with, the foregoing, the Board specifically is authorized to adopt rules, procedures, and sub-plans regarding, without limitation, eligibility to participate in the Plan, the definition of eligible “earnings,” handling and making of Contributions, establishment of bank or trust accounts to hold
Contributions, payment of interest, conversion of local currency, obligations to pay payroll tax, determination of beneficiary designation requirements, withholding procedures and handling of share issuances, any of which may vary according to
applicable requirements, and which, if applicable to a Related Corporation designated for participation in the Non-423 Component, do not have to comply with the requirements of Section 423 of the Code.

 (c) If administration is conducted by the Committee, the Committee will have, in connection with the administration of the Plan,
the powers of the Board, including the power to delegate to a subcommittee any of the administrative powers the Committee is authorized to exercise (and references to the Board in this Plan and in any applicable Offering Document will thereafter be
to the Committee or subcommittee, as applicable, except where context dictates otherwise), subject, however, to such resolutions, not inconsistent with the provisions of the Plan, as may be adopted from time to time. The Board retains the authority
to concurrently administer the Plan with the Committee. The Board will have the final power to determine all questions of policy and expediency that may arise in the administration of the Plan. 

(d) All determinations, interpretations and constructions made by the Board in good faith will not be subject to review by any person
and will be final, binding and conclusive on all persons. 
 3. SHARES OF COMMON STOCK
SUBJECT TO THE PLAN. 
 (a) Subject to the provisions of
Section 11(a) relating to Capitalization Adjustments, the maximum number of shares of Common Stock that may be issued under the Plan will not exceed 9,000,000 shares of Common Stock, plus the number of shares of Common Stock that are
automatically added on February 1st of each fiscal year for a period of up to ten years, commencing on February 1, 2020 and ending on (and including) February 1, 2029, in an amount equal to the lesser of (i) 1% of the total number of
shares of Capital Stock outstanding on January 31st of the preceding fiscal year, and (ii) 7,500,000 shares of Common Stock. Notwithstanding the foregoing, the Board may act prior to the first day of any fiscal year to provide that there will be no
February 1st increase in the share reserve for such fiscal year or that the increase in the share reserve for such fiscal year will be a lesser number of shares of Common Stock than would
otherwise occur pursuant to the preceding sentence. For the avoidance of doubt, up to the maximum number of shares of Common Stock reserved under this Section 3(a) may be used to satisfy purchases of Common Stock under the 423 Component and any
remaining portion of such maximum number of shares may be used to satisfy purchases of Common Stock under the Non-423 Component. 

  
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 (b) If any Purchase Right granted under the Plan terminates without having been
exercised in full, the shares of Common Stock not purchased under such Purchase Right will again become available for issuance under the Plan. 

(c) The stock purchasable under the Plan will be shares of authorized but unissued or reacquired Common Stock, including shares
repurchased by the Company on the open market. 
 4. GRANT OF PURCHASE RIGHTS;
OFFERING. 
 (a) The Board may from time to time grant or provide for the grant of Purchase Rights to Eligible
Employees under an Offering (consisting of one or more Purchase Periods) on an Offering Date or Offering Dates selected by the Board. Each Offering will be in such form and will contain such terms and conditions as the Board will deem appropriate,
and, with respect to the 423 Component, will comply with the requirement of Section 423(b)(5) of the Code that all Employees granted Purchase Rights will have the same rights and privileges. The terms and conditions of an Offering shall be
incorporated by reference into the Plan and treated as part of the Plan. The provisions of separate Offerings need not be identical, but each Offering will include (through incorporation of the provisions of this Plan by reference in the document
comprising the Offering or otherwise) the period during which the Offering will be effective, which period will not exceed 27 months beginning with the Offering Date, and the substance of the provisions contained in Sections 5 through 8, inclusive.

 (b) If a Participant has more than one Purchase Right outstanding under the Plan, unless he or she otherwise indicates in forms
delivered to the Company: (i) each form will apply to all of his or her Purchase Rights under the Plan, and (ii) a Purchase Right with a lower exercise price (or an earlier-granted Purchase Right, if different Purchase Rights have
identical exercise prices) will be exercised to the fullest possible extent before a Purchase Right with a higher exercise price (or a later-granted Purchase Right if different Purchase Rights have identical exercise prices) will be exercised. 

(c) The Board will have the discretion to structure an Offering so that if the Fair Market Value of a share of Common Stock on the first
Trading Day of a new Purchase Period within that Offering is less than or equal to the Fair Market Value of a share of Common Stock on the Offering Date for that Offering, then (i) that Offering will terminate immediately as of that first
Trading Day, and (ii) the Participants in such terminated Offering will be automatically enrolled in a new Offering beginning on the first Trading Day of such new Purchase Period. 

5. ELIGIBILITY. 

(a) Purchase Rights may be granted only to Employees of the Company or, as the Board may designate in accordance with Section 2(b),
to Employees of a Related Corporation. Except as provided in Section 5(b) or as required by Applicable Law, an Employee will not be eligible to be granted Purchase Rights unless, on the Offering Date, the Employee has been in the employ of the
Company or the Related Corporation, as the case may be, for such continuous period preceding such Offering Date as the Board may require, but in no event will the required period of continuous employment be equal to or greater than two years. In
addition, the Board may provide that no Employee will be eligible to be granted Purchase Rights under the Plan unless, on the Offering Date, such Employee’s customary employment with the Company or the Related Corporation is more than 20 hours
per week and more than five months per calendar year or such other criteria as the Board may determine consistent with Section 423 of the Code with respect to the 423 Component.  

  
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 (b) The Board may provide that each person who, during the course of an Offering,
first becomes an Eligible Employee will, on a date or dates specified in the Offering which coincides with the day on which such person becomes an Eligible Employee or which occurs thereafter, receive a Purchase Right under that Offering, which
Purchase Right will thereafter be deemed to be a part of that Offering. Such Purchase Right will have the same characteristics as any Purchase Rights originally granted under that Offering, as described herein, except that: 

(i) the date on which such Purchase Right is granted will be the “Offering Date” of such Purchase Right for all purposes,
including determination of the exercise price of such Purchase Right; 
 (ii) the period of the Offering with respect to such Purchase
Right will begin on its Offering Date and end coincident with the end of such Offering; and 
 (iii) the Board may provide that if
such person first becomes an Eligible Employee within a specified period of time before the end of the Offering, he or she will not receive any Purchase Right under that Offering. 

(c) No Employee will be eligible for the grant of any Purchase Rights if, immediately after any such Purchase Rights are granted, such
Employee owns stock possessing five percent or more of the total combined voting power or value of all classes of stock of the Company or of any Related Corporation. For purposes of this Section 5(c), the rules of Section 424(d) of the
Code will apply in determining the stock ownership of any Employee, and stock which such Employee may purchase under all outstanding Purchase Rights and options will be treated as stock owned by such Employee. 

(d) As specified by Section 423(b)(8) of the Code, an Eligible Employee may be granted Purchase Rights only if such Purchase
Rights, together with any other rights granted under all Employee Stock Purchase Plans of the Company and any Related Corporations, do not permit such Eligible Employee’s rights to purchase stock of the Company or any Related Corporation to
accrue at a rate which, when aggregated, exceeds U.S. $25,000 of Fair Market Value of such stock (determined at the time such rights are granted, and which, with respect to the Plan, will be determined as of their respective Offering Dates) for each
calendar year in which such rights are outstanding at any time. 
 (e) Officers of the Company and any designated Related Corporation,
if they are otherwise Eligible Employees, will be eligible to participate in Offerings under the Plan. Notwithstanding the foregoing, the Board may provide in an Offering that Employees who are highly compensated Employees within the meaning of
Section 423(b)(4)(D) of the Code will not be eligible to participate. 
 (f) Notwithstanding anything in this Section 5 to
the contrary, in the case of an Offering under the Non-423 Component, an Eligible Employee (or group of Eligible Employees) may be excluded from participation in the Plan or an Offering if the Board has
determined, in its sole discretion, that participation of such Eligible Employee(s) is not advisable or practical for any reason. 
 6.
PURCHASE RIGHTS; PURCHASE PRICE. 
 (a) On each Offering Date, each
Eligible Employee, pursuant to an Offering made under the Plan, will be granted a Purchase Right to purchase up to that number of shares of Common Stock purchasable either with a percentage or with a maximum dollar amount, as designated by the
Board, but in either case not exceeding 20% of such Employee’s earnings (as defined by the Board in each Offering) during the period that begins on the Offering Date (or such later date as the Board determines for a particular Offering) and
ends on the date stated in the Offering, which date will be no later than the end of the Offering. 

  
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 (b) The Board will establish one or more Purchase Dates during an Offering on which
Purchase Rights granted for that Offering will be exercised and shares of Common Stock will be purchased in accordance with such Offering. 

(c) In connection with each Offering made under the Plan, the Board may specify (i) a maximum number of shares of Common Stock that
may be purchased by any Participant on any Purchase Date during such Offering, (ii) a maximum aggregate number of shares of Common Stock that may be purchased by all Participants pursuant to such Offering and/or (iii) a maximum aggregate
number of shares of Common Stock that may be purchased by all Participants on any Purchase Date under the Offering. If the aggregate purchase of shares of Common Stock issuable upon exercise of Purchase Rights granted under the Offering would exceed
any such maximum aggregate number, then, in the absence of any Board action otherwise, a pro rata (based on each Participant’s accumulated Contributions) allocation of the shares of Common Stock available will be made in as nearly a uniform
manner as will be practicable and equitable. 
 (d) The purchase price of shares of Common Stock acquired pursuant to Purchase Rights
will be not less than the lesser of: 
 (i) an amount equal to 85% of the Fair Market Value of the shares of Common Stock on the
Offering Date; or 
 (ii) an amount equal to 85% of the Fair Market Value of the shares of Common Stock on the applicable Purchase
Date. 
 7. PARTICIPATION; WITHDRAWAL; TERMINATION. 

(a) An Eligible Employee may elect to participate in an Offering and authorize payroll deductions as the means of making Contributions
by completing and delivering to the Company, within the time specified in the Offering, an enrollment form provided by the Company. The enrollment form will specify the amount of Contributions not to exceed the maximum amount specified by the Board.
Each Participant’s Contributions will be credited to a bookkeeping account for such Participant under the Plan and will be deposited with the general funds of the Company except where Applicable Law requires that Contributions be deposited with
a third party. If permitted in the Offering, a Participant may begin such Contributions with the first practicable payroll occurring on or after the Offering Date (or, in the case of a payroll date that occurs after the end of the prior Offering but
before the Offering Date of the next new Offering, Contributions from such payroll will be included in the new Offering). If permitted in the Offering, a Participant may thereafter reduce (including to zero) or increase his or her Contributions. If
specifically provided in the Offering, in addition to or instead of making Contributions by payroll deductions, a Participant may make Contributions through the payment by cash or check prior to a Purchase Date. 

(b) During an Offering, a Participant may cease making Contributions and withdraw from the Offering by delivering to the Company a
withdrawal form provided by the Company. The Company may impose a deadline before a Purchase Date for withdrawing. Upon such withdrawal, such Participant’s Purchase Right in that Offering will immediately terminate and the Company will
distribute as soon as practicable to such Participant all of his or her accumulated but unused Contributions and such Participant’s Purchase Right in that Offering shall thereupon terminate. A Participant’s withdrawal from that Offering
will have no effect upon his or her eligibility to participate in any other Offerings under the Plan, but such Participant will be required to deliver a new enrollment form to participate in subsequent Offerings. 

  
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 (c) Unless otherwise required by Applicable Law, Purchase Rights granted pursuant to
any Offering under the Plan will terminate immediately if the Participant either (i) is no longer an Employee for any reason or for no reason (subject to any post-employment participation period required by law) or (ii) is otherwise no
longer eligible to participate. The Company will distribute to such individual as soon as practicable all of his or her accumulated but unused Contributions. 

(d) Unless otherwise determined by the Board, a Participant whose employment transfers or whose employment terminates with an immediate
rehire (with no break in service) by or between the Company and a Related Corporation that has been designated for participation in the Plan will not be treated as having terminated employment for purposes of participating in the Plan or an
Offering; however, if a Participant transfers from an Offering under the 423 Component to an Offering under the Non-423 Component, the exercise of the Participant’s Purchase Right will be qualified under
the 423 Component only to the extent such exercise complies with Section 423 of the Code. If a Participant transfers from an Offering under the Non-423 Component to an Offering under the 423 Component,
the exercise of the Purchase Right will remain non-qualified under the Non-423 Component. The Board may establish different and additional rules governing transfers
between separate Offerings within the 423 Component and between Offerings under the 423 Component and Offerings under the Non-423 Component. 

(e) During a Participant’s lifetime, Purchase Rights will be exercisable only by such Participant. Purchase Rights are not
transferable by a Participant, except by will, by the laws of descent and distribution, or, if permitted by the Company, by a beneficiary designation as described in Section 10. 

(f) Unless otherwise specified in the Offering or required by Applicable Law, the Company will have no obligation to pay interest on
Contributions. 
 8. EXERCISE OF PURCHASE RIGHTS. 

(a) On each Purchase Date, each Participant’s accumulated Contributions will be applied to the purchase of shares of Common Stock,
up to the maximum number of shares of Common Stock permitted by the Plan and the applicable Offering, at the purchase price specified in the Offering. No fractional shares will be issued unless specifically provided for in the Offering. 

(b) Unless otherwise provided in the Offering, if any amount of accumulated Contributions remains in a Participant’s account after
the purchase of shares of Common Stock and such remaining amount is less than the amount required to purchase one share of Common Stock on the final Purchase Date of an Offering, then such remaining amount will be held in such Participant’s
account for the purchase of shares of Common Stock under the next Offering under the Plan, unless such Participant withdraws from or is not eligible to participate in such next Offering, in which case such amount will be distributed to such
Participant after the final Purchase Date without interest (unless the payment of interest is otherwise required by Applicable Law). If the amount of Contributions remaining in a Participant’s account after the purchase of shares of Common
Stock is at least equal to the amount required to purchase one (1) whole share of Common Stock on the final Purchase Date of an Offering, then such remaining amount will be distributed in full to such Participant after the final Purchase Date
of such Offering without interest (unless the payment of interest is otherwise required by Applicable Law). 
 (c) No Purchase Rights
may be exercised to any extent unless the shares of Common Stock to be issued upon such exercise under the Plan are covered by an effective registration statement pursuant to the Securities Act and the Plan is in material compliance with all
applicable U.S. federal and state, foreign and other securities, exchange control and other laws applicable to the Plan. If on a Purchase Date the shares of Common Stock are not so registered or the Plan is not in such compliance, no Purchase

  
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Rights will be exercised on such Purchase Date, and the Purchase Date will be delayed until the shares of Common Stock are subject to such an effective registration statement and the Plan is in
material compliance, except that the Purchase Date will in no event be more than 6 months from the Offering Date. If, on the Purchase Date, as delayed to the maximum extent permissible, the shares of Common Stock are not registered and the Plan is
not in material compliance with all Applicable Laws, as determined by the Company in its sole discretion, no Purchase Rights will be exercised and all accumulated but unused Contributions will be distributed as soon as practicable to the
Participants without interest (unless the payment of interest is otherwise required by Applicable Law). 
 9. COVENANTS OF
THE COMPANY. 
 The Company will seek to obtain from each U.S. federal or state, foreign or other
regulatory commission or agency having jurisdiction over the Plan such authority as may be required to grant Purchase Rights and issue and sell shares of Common Stock thereunder unless the Company determines, in its sole discretion, that doing so
would cause the Company to incur costs that are unreasonable. If, after commercially reasonable efforts, the Company is unable to obtain the authority that counsel for the Company deems necessary for the grant of Purchase Rights or the lawful
issuance and sale of Common Stock under the Plan, and at a commercially reasonable cost, the Company will be relieved from any liability for failure to grant Purchase Rights and/or to issue and sell Common Stock upon exercise of such Purchase
Rights. 
 10. DESIGNATION OF BENEFICIARY. 

(a) The Company may, but is not obligated to, permit a Participant to submit a form designating a beneficiary who will receive any
shares of Common Stock and/or Contributions from the Participant’s account under the Plan if the Participant dies before such shares and/or Contributions are delivered to the Participant. The Company may, but is not obligated to, permit the
Participant to change such designation of beneficiary. Any such designation and/or change must be on a form approved by the Company. 

(b) If a Participant dies, and in the absence of a valid beneficiary designation, the Company will deliver any shares of Common Stock
and/or Contributions to the executor or administrator of the estate of the Participant. If no executor or administrator has been appointed (to the knowledge of the Company), the Company, in its sole discretion, may deliver such shares of Common
Stock and/or Contributions without interest (unless the payment of interest is otherwise required by Applicable Law), to the Participant’s spouse, dependents or relatives, or if no spouse, dependent or relative is known to the Company, then to
such other person as the Company may designate. 
 11. ADJUSTMENTS UPON CHANGES IN
COMMON STOCK; CORPORATE TRANSACTIONS. 
 (a) In the event of a
Capitalization Adjustment, the Board will appropriately and proportionately adjust: (i) the class(es) and maximum number of securities subject to the Plan pursuant to Section 3(a), (ii) the class(es) and maximum number of securities by
which the share reserve is to increase automatically each year pursuant to Section 3(a), (iii) the class(es) and number of securities subject to, and the purchase price applicable to outstanding Offerings and Purchase Rights, and (iv) the
class(es) and number of securities that are the subject of the purchase limits under each ongoing Offering. The Board will make these adjustments, and its determination will be final, binding and conclusive. 

  
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 (b) In the event of a Corporate Transaction, then: (i) any surviving corporation
or acquiring corporation (or the surviving or acquiring corporation’s parent company) may assume or continue outstanding Purchase Rights or may substitute similar rights (including a right to acquire the same consideration paid to the
stockholders in the Corporate Transaction) for outstanding Purchase Rights, or (ii) if any surviving or acquiring corporation (or its parent company) does not assume or continue such Purchase Rights or does not substitute similar rights
for such Purchase Rights, then the Participants’ accumulated Contributions will be used to purchase shares of Common Stock within ten business days prior to the Corporate Transaction under the outstanding Purchase Rights, and the Purchase
Rights will terminate immediately after such purchase. 
 12. AMENDMENT, TERMINATION OR
SUSPENSION OF THE PLAN. 
 (a) The Board may amend the Plan at any
time in any respect the Board deems necessary or advisable. However, except as provided in Section 11(a) relating to Capitalization Adjustments, stockholder approval will be required for any amendment of the Plan for which stockholder approval
is required by Applicable Law. 
 (b) The Board may suspend or terminate the Plan at any time. No Purchase Rights may be granted under
the Plan while the Plan is suspended or after it is terminated. 
 (c) Any benefits, privileges, entitlements and obligations under
any outstanding Purchase Rights granted before an amendment, suspension or termination of the Plan will not be materially impaired by any such amendment, suspension or termination except (i) with the consent of the person to whom such Purchase
Rights were granted, (ii) as necessary to comply with any laws, listing requirements, or governmental regulations (including, without limitation, the provisions of Section 423 of the Code and the regulations and other interpretive guidance
issued thereunder relating to Employee Stock Purchase Plans) including without limitation any such regulations or other guidance that may be issued or amended after the date the Plan is adopted by the Board, or (iii) as necessary to obtain or
maintain favorable tax, listing, or regulatory treatment. To be clear, the Board may amend outstanding Purchase Rights without a Participant’s consent if such amendment is necessary to ensure that the Purchase Right and/or the Plan complies
with the requirements of Section 423 of the Code with respect to the 423 Component or with respect to other Applicable Laws. 

Notwithstanding anything in the Plan or any Offering Document to the contrary, the Board will be entitled to: (i) establish the exchange
ratio applicable to amounts withheld in a currency other than U.S. dollars; (ii) permit Contributions in excess of the amount designated by a Participant in order to adjust for mistakes in the Company’s processing of properly completed
Contribution elections; (iii) establish reasonable waiting and adjustment periods and/or accounting and crediting procedures to ensure that amounts applied toward the purchase of Common Stock for each Participant properly correspond with
amounts withheld from the Participant’s Contributions; (iv) amend any outstanding Purchase Rights or clarify any ambiguities regarding the terms of any Offering to enable the Purchase Rights to qualify under and/or comply with
Section 423 of the Code with respect to the 423 Component; and (v) establish other limitations or procedures as the Board determines in its sole discretion advisable that are consistent with the Plan. The actions of the Board pursuant to
this paragraph will not be considered to alter or impair any Purchase Rights granted under an Offering as they are part of the initial terms of each Offering and the Purchase Rights granted under each Offering. 

13. TAX QUALIFICATION; TAX WITHHOLDING. 

(a) Although the Company may endeavor to (i) qualify a Purchase Right for special tax treatment under the laws of the United States
or jurisdictions outside of the United States or (ii) avoid adverse tax treatment, the Company makes no representation to that effect and expressly disavows any covenant to maintain special or to avoid unfavorable tax treatment, notwithstanding
anything to the contrary in this Plan. The Company will be unconstrained in its corporate activities without regard to the potential negative tax impact on Participants. 

  
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 (b) Each Participant will make arrangements, satisfactory to the Company and any
applicable Related Corporation, to enable the Company or the Related Corporation to fulfill any withholding obligation for Tax-Related Items. Without limitation to the foregoing, the amount necessary to
satisfy such withholding obligation may be withheld (i) from the Participant’s salary or any other cash payment due to the Participant from the Company or a Related Corporation or (ii) from the proceeds of the sale of shares of Common
Stock acquired under the Plan. 
 14. EFFECTIVE DATE OF PLAN. 

The Plan will become effective immediately prior to and contingent upon the IPO Date. No Purchase Rights will be exercised unless and until the
Plan has been approved by the stockholders of the Company, which approval must be within 12 months before or after the date the Plan is adopted (or if required under Section 12(a) above, materially amended) by the Board. 

15. MISCELLANEOUS PROVISIONS. 

(a) Proceeds from the sale of shares of Common Stock pursuant to Purchase Rights will constitute general funds of the Company. 

(b) A Participant will not be deemed to be the holder of, or to have any of the rights of a holder with respect to, shares of Common
Stock subject to Purchase Rights unless and until the Participant’s shares of Common Stock acquired upon exercise of Purchase Rights are recorded in the books of the Company (or its transfer agent). 

(c) The Plan and Offering do not constitute an employment contract. Nothing in the Plan or in the Offering will in any way alter the at
will nature of a Participant’s employment or be deemed to create in any way whatsoever any obligation on the part of any Participant to continue in the employ of the Company or a Related Corporation, or on the part of the Company or a Related
Corporation to continue the employment of a Participant. 
 (d) The provisions of the Plan will be governed by the laws of the State
of California without resort to that state’s conflict of laws rules. 
 16. DEFINITIONS. 

As used in the Plan, the following definitions will apply to the capitalized terms indicated below: 

(a) “423 Component” means the part of the Plan, which excludes the
Non-423 Component, pursuant to which Purchase Rights that satisfy the requirements for an Employee Stock Purchase Plan may be granted to Eligible Employees. 

(b) “Applicable Law” means shall mean any applicable securities, federal, state, foreign, material local or
municipal or other law, statute, constitution, principle of common law, resolution, ordinance, code, edict, decree, rule, listing rule, regulation, judicial decision, ruling or requirement issued, enacted, adopted, promulgated, implemented or
otherwise put into effect by or under the authority of any Governmental Body (or under the authority of the NASDAQ Stock Market or the Financial Industry Regulatory Authority). 

  
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 (c) “Board” means the Board of Directors of the
Company. 
 (d) “Capital Stock” means each and every class of common stock of the Company, regardless
of the number of votes per share. 
 (e) “Capitalization Adjustment” means any change that is made in, or
other events that occur with respect to, the Common Stock subject to the Plan or subject to any Purchase Right after the date the Plan is adopted by the Board without the receipt of consideration by the Company through merger, consolidation,
reorganization, recapitalization, reincorporation, stock dividend, dividend in property other than cash, large nonrecurring cash dividend, stock split, liquidating dividend, combination of shares, exchange of shares, change in corporate structure or
other similar equity restructuring transaction, as that term is used in Financial Accounting Standards Board Accounting Standards Codification Topic 718 (or any successor thereto). Notwithstanding the foregoing, the conversion of any convertible
securities of the Company will not be treated as a Capitalization Adjustment. 
 (f) “Code” means the
U.S. Internal Revenue Code of 1986, as amended, including any applicable regulations and guidance thereunder. 
 (g)
“Committee” means a committee of one or more members of the Board to whom authority has been delegated by the Board in accordance with Section 2(c). 

(h) “Common Stock” means, as of the IPO Date, the Class A common stock of the Company. 

(i) “Company” means Zoom Video Communications, Inc., a Delaware corporation. 

(j) “Contributions” means the payroll deductions and other additional payments specifically provided for in the
Offering that a Participant contributes to fund the exercise of a Purchase Right. A Participant may make additional payments into his or her account if specifically provided for in the Offering, and then only if the Participant has not already had
the maximum permitted amount withheld during the Offering through payroll deductions. 
 (k) “Corporate
Transaction” means the consummation, in a single transaction or in a series of related transactions, of any one or more of the following events: 

(i) a sale or other disposition of all or substantially all, as determined by the Board in its sole discretion, of the
consolidated assets of the Company and its subsidiaries; 
 (ii) a sale or other disposition of more than 50% of the outstanding
securities of the Company; 
 (iii) a merger, consolidation or similar transaction following which the Company is not the surviving
corporation; or 
 (iv) a merger, consolidation or similar transaction following which the Company is the surviving corporation but
the shares of Common Stock outstanding immediately preceding the merger, consolidation or similar transaction are converted or exchanged by virtue of the merger, consolidation or similar transaction into other property, whether in the form of
securities, cash or otherwise. 
 (l) “Director” means a member of the Board. 

  
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 (m) “Eligible Employee” means an Employee who meets
the requirements set forth in the document(s) governing the Offering for eligibility to participate in the Offering, provided that such Employee also meets the requirements for eligibility to participate set forth in the Plan. 

(n) “Employee” means any person, including an Officer or Director, who is “employed” for
purposes of Section 423(b)(4) of the Code by the Company or a Related Corporation. However, service solely as a Director, or payment of a fee for such services, will not cause a Director to be considered an “Employee” for purposes of
the Plan. 
 (o) “Employee Stock Purchase Plan” means a plan that grants Purchase Rights intended to be
options issued under an “employee stock purchase plan,” as that term is defined in Section 423(b) of the Code. 
 (p)
“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended and the rules and regulations promulgated thereunder. 

(q) “Fair Market Value” means, as of any date, the value of the Common Stock determined as follows: 

(i) If the Common Stock is listed on any established stock exchange or traded on any established market, the Fair Market Value of a
share of Common Stock will be, unless otherwise determined by the Board, the closing sales price for such stock as quoted on such exchange or market (or the exchange or market with the greatest volume of trading in the Common Stock)
on the date of determination, as reported in such source as the Board deems reliable. Unless otherwise provided by the Board, if there is no closing sales price for the Common Stock on the date of determination, then the Fair Market
Value will be the closing sales price on the last preceding date for which such quotation exists. 
 (ii) In the absence of such
markets for the Common Stock, the Fair Market Value will be determined by the Board in good faith in compliance with Applicable Laws and in a manner that complies with Sections 409A of the Code. 

(iii) Notwithstanding the foregoing, for any Offering that commences on the IPO Date, the Fair Market Value of the shares of Common
Stock on the Offering Date will be the price per share at which shares are first sold to the public in the Company’s initial public offering as specified in the final prospectus for that initial public offering. 

(r) “Governmental Body” means any: (a) nation, state, commonwealth, province,
territory, county, municipality, district or other jurisdiction of any nature; (b) federal, state, local, municipal, foreign or other government; (c) governmental or regulatory body, or quasi-governmental body of any nature (including any
governmental division, department, administrative agency or bureau, commission, authority, instrumentality, official, ministry, fund, foundation, center, organization, unit, body or Entity and any court or other tribunal, and for the avoidance of
doubt, any Tax authority) or other body exercising similar powers or authority; or (d) self-regulatory organization (including the NASDAQ Stock Market and the Financial Industry Regulatory Authority). 

(s) “IPO Date” means the date of the underwriting agreement between the Company and the underwriter(s)
managing the initial public offering of the Common Stock, pursuant to which the Common Stock is priced for the initial public offering. 

  
 11 

 (t) “Non-423
Component” means the part of the Plan, which excludes the 423 Component, pursuant to which Purchase Rights that are not intended to satisfy the requirements for an Employee Stock Purchase Plan may be granted to Eligible Employees. 

(u) “Offering” means the grant to Eligible Employees of Purchase Rights, with the exercise of those
Purchase Rights automatically occurring at the end of one or more Purchase Periods. The terms and conditions of an Offering will generally be set forth in the “Offering Document” approved by the Board for that Offering. 

(v) “Offering Date” means a date selected by the Board for an Offering to commence. 

(w) “Officer” means a person who is an officer of the Company or a Related Corporation within the
meaning of Section 16 of the Exchange Act. 
 (x) “Participant” means an Eligible Employee who
holds an outstanding Purchase Right. 
 (y) “Plan” means this Zoom Video Communications, Inc. 2019
Employee Stock Purchase Plan, as amended from time to time, including both the 423 Component and the Non-423 Component. 

(z) “Purchase Date” means one or more dates during an Offering selected by the Board on which Purchase
Rights will be exercised and on which purchases of shares of Common Stock will be carried out in accordance with such Offering. 

(aa) “Purchase Period” means a period of time specified within an Offering, generally beginning on the Offering
Date or on the first Trading Day following a Purchase Date, and ending on a Purchase Date. An Offering may consist of one or more Purchase Periods. 

(bb) “Purchase Right” means an option to purchase shares of Common Stock granted pursuant to the Plan.

 (cc) “Related Corporation” means any “parent corporation” or “subsidiary
corporation” of the Company whether now or subsequently established, as those terms are defined in Sections 424(e) and (f), respectively, of the Code. 

(dd) “Securities Act” means the U.S. Securities Act of 1933, as amended. 

(ee) “Subsidiary” means, with respect to the Company, (i) any corporation of which more than fifty percent
(50%) of the outstanding capital stock having ordinary voting power to elect a majority of the board of directors of such corporation (irrespective of whether, at the time, stock of any other class or classes of such corporation will have or might
have voting power by reason of the happening of any contingency) is at the time, directly or indirectly, Owned by the Company, and (ii) any partnership, limited liability company or other entity in which the Company has a direct or indirect
interest (whether in the form of voting or participation in profits or capital contribution) of more than fifty percent (50%). For purposes of the foregoing clause (i), the Company will be deemed to “Own” or have “Owned” such
securities if the Company, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power, which includes the power to vote or to direct the voting, with respect to such securities.

 (ff) “Tax-Related Items” means ny income tax, social insurance,
payroll tax, fringe benefit tax, payment on account or other tax-related items arising out of or in relation to a Participant’s participation in the Plan, including, but not limited to, the exercise of a
Purchase Right and the receipt of shares of Common Stock or the sale or other disposition of shares of Common Stock acquired under the Plan. 

  
 12 

 (gg) “Trading Day” means any day on which the
exchange(s) or market(s) on which shares of Common Stock are listed, including but not limited to the NYSE, Nasdaq Global Select Market, the Nasdaq Global Market, the Nasdaq Capital Market or any successors thereto, is open for trading. 

  
 13EX-10.11

 Exhibit 10.11 

EXECUTION VERSION 
 ZOOM VIDEO
COMMUNICATIONS, INC. 
 COMMON STOCK PURCHASE AGREEMENT 

April 5, 2019 
  

 TABLE OF CONTENTS 

 

									
		 		  		  	 	Page	 
	 1.
	 	Purchase and Sale of Stock	  	 	1	 
		 	1.1	  	Sale and Issuance of Common Stock	  	 	1	 
		 	1.2	  	Closing	  	 	1	 
			
	 2.
	 	Registration Rights	  	 	1	 
			
	 3.
	 	Representations and Warranties of the Company	  	 	1	 
		 	3.1	  	Organization, Good Standing and Qualification	  	 	1	 
		 	3.2	  	Authorization	  	 	2	 
		 	3.3	  	Valid Issuance of Common Stock	  	 	2	 
		 	3.4	  	Compliance with Other Instruments	  	 	2	 
		 	3.5	  	Description of Capital Stock	  	 	2	 
		 	3.6	  	Registration Statement	  	 	3	 
		 	3.7	  	Brokers or Finders	  	 	3	 
		 	3.8	  	Private Placement	  	 	3	 
			
	 4.
	 	Representations, Warranties and Covenants of the Investor	  	 	3	 
		 	4.1	  	Organization, Good Standing and Qualification	  	 	3	 
		 	4.2	  	Authorization	  	 	3	 
		 	4.3	  	Purchase Entirely for Own Account	  	 	4	 
		 	4.4	  	Disclosure of Information	  	 	4	 
		 	4.5	  	Investment Experience	  	 	4	 
		 	4.6	  	Accredited Investor	  	 	4	 
		 	4.7	  	Brokers or Finders	  	 	4	 
		 	4.8	  	Restricted Securities	  	 	4	 
		 	4.9	  	Legends	  	 	4	 
		 	4.10	  	Market Stand-Off Agreement; Lock-Up Agreement	  	 	5	 
		 	4.11	  	Standstill	  	 	5	 
			
	 5.
	 	Conditions of the Investor’s Obligations at Closing	  	 	6	 
		 	5.1	  	Representations and Warranties	  	 	6	 
		 	5.2	  	Public Offering Shares	  	 	6	 
		 	5.3	  	Rights Agreement Amendment	  	 	6	 
		 	5.4	  	Absence of Injunctions, Decrees, Etc.	  	 	6	 
			
	 6.
	 	Conditions of the Company’s Obligations at Closing	  	 	7	 
		 	6.1	  	Representations, Warranties and Covenants	  	 	7	 
		 	6.2	  	Public Offering Shares	  	 	7	 
		 	6.3	  	Absence of Injunctions, Decrees, Etc.	  	 	7	 
			
	 7.
	 	Termination	  	 	7	 
			
	 8.
	 	Miscellaneous	  	 	7	 
		 	8.1	  	Publicity	  	 	7	 
		 	8.2	  	Survival of Warranties	  	 	7	 
		 	8.3	  	Successors and Assigns	  	 	7	 
		 	8.4	  	Governing Law	  	 	8	 

  
 i 

									
	    	 	8.5	  	Counterparts	  	 	8	 
		 	8.6	  	Notices	  	 	8	 
		 	8.7	  	Brokers or Finders	  	 	8	 
		 	8.8	  	Amendments and Waivers	  	 	9	 
		 	8.9	  	Severability	  	 	9	 
		 	8.10	  	Corporate Securities Law	  	 	9	 
		 	8.11	  	Entire Agreement	  	 	9	 
		 	8.12	  	Specific Performance	  	 	9	 

  

  
 ii 

 ZOOM VIDEO COMMUNICATIONS, INC. 

COMMON STOCK PURCHASE AGREEMENT 

THIS COMMON STOCK PURCHASE AGREEMENT (this “Agreement”) is made as of April 5, 2019, by and among Zoom Video
Communications, Inc., a Delaware corporation (the “Company”), Salesforce Ventures LLC, a Delaware limited liability company (the “Investor”), and salesforce.com, inc., a Delaware corporation (the
“Parent”). 
 THE PARTIES HEREBY AGREE AS FOLLOWS: 

1. Purchase and Sale of Stock. 

1.1 Sale and Issuance of Common Stock. Subject to the terms and conditions of this Agreement, the Investor agrees to purchase from the
Company, and the Company agrees to sell and issue to the Investor, the Shares (as defined below) at a price per share equal to the per share initial public offering price (before underwriting discounts and expenses) in the Qualified IPO (as defined
below) (the “IPO Price”). “Shares” shall mean the number of shares of Class A Common Stock of the Company (the “Common Stock”), equal to $100,000,000.00 divided by the IPO Price, rounded down
to the nearest whole share (with the total purchase price correspondingly reduced for such fractional share amount). “Qualified IPO” shall mean the issuance and sale of shares of the Common Stock by the Company, pursuant to an
Underwriting Agreement to be entered into by and among the Company and certain underwriters (the “Underwriters”), in connection with the Company’s initial public offering pursuant to the Company’s Registration Statement on
Form S-1 (File No. 333-230444) (the “Registration Statement”) and/or any related registration statements (the “Underwriting
Agreement”). 
 1.2 Closing. The purchase and sale of the Shares shall take place at the location and at the time immediately
subsequent to the closing of the Qualified IPO (which time and place are designated as the “Closing”). At the Closing, the Investor shall make payment of the purchase price of the Shares by wire transfer in immediately available
funds to the account specified by the Company against delivery to the Investor of the Shares registered in the name of the Investor, which Shares shall be uncertificated shares. 

2. Registration Rights. At the Closing, in connection with the purchase of the Shares, the Company’s Third Amended and Restated
Investors’ Rights Agreement, dated December 1, 2016, by and among the Company and the stockholders of the Company listed thereto (the “Existing Rights Agreement”), shall, pursuant to Section 5.1 of the Existing Rights
Agreement, be amended, in substantially the form attached hereto as Exhibit A (the “Rights Agreement Amendment” and, together with the Existing Rights Agreement, the “Rights Agreement”), solely for the purpose of
providing the Investor with piggyback registration rights under Section 2.2 of the Rights Agreement. 
 3. Representations and
Warranties of the Company. The Company hereby represents and warrants to the Investor and the Parent that as of the date hereof and as of the date of the Closing: 

3.1 Organization, Good Standing and Qualification. 

(a) The Company is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware and has all
requisite corporate power and authority to carry on its business as now conducted. 

 (b) The Company is duly qualified to transact business and is in good standing in each
jurisdiction in which it is required to be so qualified or in good standing, except where the failure to so qualify or be in good standing would not be material and adverse to the Company. 

3.2 Authorization. All corporate action on the part of the Company, its officers, directors and stockholders necessary for the
authorization, execution and delivery of this Agreement and , subject to obtaining the requisite stockholder approval for the Rights Agreement Amendment, the Rights Agreement Amendment, the performance of all obligations of the Company under this
Agreement and the Rights Agreement Amendment, and the authorization, issuance, sale and delivery of the Shares being sold hereunder has been taken, and this Agreement constitutes, and as of the Closing the Rights Agreement Amendment shall
constitute, valid and legally binding obligations of the Company, enforceable in accordance with their respective terms, except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, and other laws of general
application affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies and (iii) to the extent the indemnification
provisions contained in the Rights Agreement may be limited by applicable federal or state securities laws. 
 3.3 Valid Issuance of
Common Stock. The Shares being purchased by the Investor hereunder, when issued, sold and delivered in accordance with the terms of this Agreement for the consideration expressed herein, will be duly and validly issued, fully paid and
nonassessable and will be free of restrictions on transfer other than restrictions on transfer under applicable state and federal securities laws or as contemplated hereby or by the Rights Agreement. 

3.4 Compliance with Other Instruments. 

(a) The Company is not in violation or default of any provision of its Amended and Restated Certificate of Incorporation, or Amended and
Restated Bylaws. 
 (b) Except as would not be material to the Company, the Company is not in violation or default in any material respect
of any instrument, judgment, order, writ, decree or contract to which it is a party or by which it is bound, or, to its knowledge, of any provision of any federal or state statute, rule or regulation applicable to the Company. The execution,
delivery and performance of this Agreement and the Rights Agreement Amendment, and the consummation of the transactions contemplated by this Agreement and the Rights Agreement Amendment will not result in any material violation or default or be in
conflict with or constitute, with or without the passage of time and giving of notice, either a material default under any such provision, instrument, judgment, order, writ, decree or contract or an event that results in the creation of any material
lien, charge or encumbrance upon any assets of the Company or the suspension, revocation, impairment, forfeiture, or nonrenewal of any material permit, license, authorization, or approval applicable to the Company, its business or operations or any
of its assets or properties. 
 (c) The Company hereby represents, warrants and covenants to Investor and Parent that the Shares will not
represent more than 10% of the outstanding voting securities of the Company immediately following the consummation of the transaction contemplated under Section 1 of this Agreement. 

3.5 Description of Capital Stock. As of the date of the Closing, the statements set forth in the Time of Sale Prospectus (as defined in
the Underwriting Agreement) and Prospectus (as defined in the Underwriting Agreement) under the caption “Description of Capital Stock,” insofar as they purport to constitute a summary of the terms of the Company’s capital stock, are
accurate, complete and fair in all material respects. 

  
 2 

 3.6 Registration Statement. The Registration Statement, and any amendment thereto,
including any information deemed to be included therein pursuant to the rules and regulations of the United States Securities and Exchange Commission (the “SEC”) promulgated under the Securities Act of 1933, as amended (the
“Securities Act”), complied (or, in the case of amendments filed after the date of this Agreement, will comply) as of its filing date in all material respects with the requirements of the Securities Act and the rules and regulations
of the SEC promulgated thereunder, and did not (or, in the case of amendments filed after the date hereof, will not) contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading. As of the date it is declared effective by the SEC, the Registration Statement, as so amended, and any related registration statements, will
comply in all material respects with the requirements of the Securities Act and the rules and regulations of the SEC promulgated thereunder, and will not contain any untrue statement of a material fact or omit to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. Any preliminary prospectus included in the Registration Statement or any amendment thereto, any free
writing prospectus related to the Registration Statement and any final prospectus related to the Registration Statement filed pursuant to Rule 424 promulgated under the Securities Act, in each case as of its date, will comply in all material
respects with the requirements of the Securities Act and the rules and regulations promulgated thereunder, and will not contain any untrue statement of a material fact or omit to state a material fact necessary in order to make the statements
therein, in light of the circumstances under which they were made, not misleading. 
 3.7 Brokers or Finders. The Company
has not engaged any brokers, finders or agents such that the Investor or the Parent will incur, directly or indirectly, as a result of any action taken by the Company, any liability for brokerage or finders’ fees or agents’ commissions or
any similar charges in connection with the sale of the Shares contemplated by this Agreement. 
 3.8 Private Placement. Assuming the
accuracy of the representations, warranties and covenants of the Investor and the Parent set forth in Section 4 of this Agreement, no registration under the Securities Act is required for the offer and sale of the Shares by the Company to the
Investor under this Agreement. 
 4. Representations, Warranties and Covenants of the Investor and the Parent. Each of
the Investor and the Parent, on behalf of itself and as applicable, hereby represents and warrants that as of the date hereof and as of the date of the Closing: 

4.1 Organization, Good Standing and Qualification. The Investor is a limited liability company duly organized, validly existing and in
good standing under the laws of the State of Delaware. The Parent is a corporation duly organized, validly existing and in good standing under the laws of the State of Delaware. 

4.2 Authorization. The Investor has full power and authority to enter into this Agreement and the Rights Agreement, and each such
agreement constitutes a valid and legally binding obligation of the Investor, enforceable in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application
affecting enforcement of creditors’ rights generally, (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies and (iii) to the extent the indemnification provisions
contained in the Rights Agreement may be limited by applicable federal or state securities laws. The Parent has full power and authority to enter into this Agreement, which constitutes a valid and legally binding obligation of the Parent,
enforceable in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights generally and (ii) as
limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. 

  
 3 

 4.3 Purchase Entirely for Own Account. By the Investor’s execution of this
Agreement, the Investor hereby confirms, that the Shares to be received by the Investor will be acquired for investment for the Investor’s own account, not as a nominee or agent, and not with a view to the distribution of any part thereof, and
that the Investor has no present intention of selling, granting any participation in, or otherwise distributing the same, except as permitted by applicable federal or state securities laws. By executing this Agreement, the Investor further
represents that the Investor does not have any contract, undertaking, agreement or arrangement with any person to sell, transfer or grant participations to such person or to any third person, with respect to any of the Shares. 

4.4 Disclosure of Information. The Investor believes it has received all the information it considers necessary or appropriate for
deciding whether to purchase the Shares. The Investor further represents that it has had an opportunity to ask questions and receive answers from the Company regarding the terms and conditions of the offering of the Shares and the business,
properties, prospects and financial condition of the Company. The foregoing, however, does not limit or modify the representations and warranties of the Company in Section 3 of this Agreement or the right of the Investor to rely thereon. 

4.5 Investment Experience. The Investor is an investor in securities of companies in the development stage and acknowledges that it is
able to fend for itself, can bear the economic risk of its investment, and has such knowledge and experience in financial or business matters that it is capable of evaluating the merits and risks of the investment in the Shares. Investor also
represents it has not been organized for the purpose of acquiring the Shares. 
 4.6 Accredited Investor. The Investor is an
“accredited investor” within the meaning of Regulation D, Rule 501(a), promulgated by the SEC under the Securities Act, as presently in effect. 

4.7 Brokers or Finders. The Investor and the Parent have not engaged any brokers, finders or agents such that the Company
will incur, directly or indirectly, as a result of any action taken by the Investor or the Parent, any liability for brokerage or finders’ fees or agents’ commissions or any similar charges in connection with the sale of the Shares
contemplated by this Agreement. 
 4.8 Restricted Securities. The Investor understands that the Shares will be characterized as
“restricted securities” under the federal securities laws inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be
resold without registration under the Securities Act, only in certain limited circumstances. In this connection, the Investor represents that it is familiar with Rule 144 promulgated under the Securities Act, as presently in effect, and
understands the resale limitations imposed thereby and by the Securities Act. 
 4.9 Legends. The Investor understands that the Shares
may bear one or all of the following legends: 
 (a) “THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933, AS AMENDED (THE “ACT”), OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTIONS. THESE SECURITIES MAY NOT BE TRANSFERRED OR RESOLD EXCEPT AS PERMITTED UNDER THE ACT, APPLICABLE STATE SECURITIES LAWS (PURSUANT TO REGISTRATION
OR EXEMPTION THEREFROM). INVESTORS SHOULD BE AWARE THAT THEY MAY BE REQUIRED TO BEAR 

  
 4 

 
THE FINANCIAL RISKS OF THIS INVESTMENT FOR AN INDEFINITE PERIOD OF TIME. THE ISSUER OF THESE SECURITIES MAY REQUIRE AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER TO THE
EFFECT THAT ANY PROPOSED TRANSFER OR RESALE IS IN COMPLIANCE WITH THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS.” 
 (b) “THE
SECURITIES REPRESENTED HEREBY ARE SUBJECT TO A 365 DAY MARKET STANDOFF RESTRICTION AS SET FORTH IN AN AGREEMENT BETWEEN THE ISSUER AND THE ORIGINAL HOLDER OF THESE SECURITIES, A COPY OF WHICH MAY BE OBTAINED AT THE ISSUER’S PRINCIPAL OFFICE. AS
A RESULT OF SUCH AGREEMENT, THESE SECURITIES MAY NOT BE TRADED PRIOR TO 365 DAYS AFTER THE EFFECTIVE DATE OF ANY PUBLIC OFFERING OF THE COMMON STOCK OF THE ISSUER HEREOF. SUCH RESTRICTION IS BINDING ON TRANSFEREES OF THESE SHARES.” 

(c) Any legend required by applicable state “blue sky” securities laws, rules and regulations. 

4.10 Market Stand-Off Agreement; Lock-Up Agreement. The
Investor and the Parent hereby agree that they shall not sell or otherwise transfer or dispose of the Shares, other than to donees, partners or Affiliates (as defined below) of the Investor or the Parent who agree to be similarly bound, for up to
365 days following the effective date of the Qualified IPO. In order to enforce this covenant, the Company shall have the right to place restrictive legends on the book-entry accounts representing the Shares and to impose stop transfer instructions
with respect to the Shares until the end of such period. The provisions of this Section 4.10 shall not apply to shares acquired in market purchases (subject to Section 4.11) following the Qualified IPO, unless otherwise required by the
underwriters of securities of the Company. In addition, the Investor hereby confirms that it has executed and delivered to the Underwriters the lock-up agreement provided by the Company (the “Lock-Up Agreement”). The Lock-Up Agreement is in full force and effect, and following the consummation of the transactions contemplated by this Agreement will remain
in full force and effect, including with respect to the Shares. For purposes of this Agreement, the term “Affiliates” means any individual or entity that directly or indirectly controls, is controlled by, or is under common control with
the individual or entity in question. 
 4.11 Standstill. Unless approved in advance in writing by the board of directors of the
Company, the Investor and the Parent agree that, neither they nor any of their Representatives (as defined below) acting on behalf of or in concert with the Investor or the Parent will, until 12 months following the Closing (“Standstill
Expiration”), directly or indirectly: 
 (a) Make any statement or proposal to any of the Company’s directors, officers,
employees, attorneys, or financial advisors or any persons known to the Investor or the Parent to be one of the Company’s stockholders (other than a private communication with one or more members of the board of directors of the Company)
regarding, or make any public announcement, proposal, or offer (including any “solicitation” of “proxies” as such terms are defined or used in Regulation 14A of the Securities Exchange Act of 1934, as amended) with respect to, or
otherwise solicit, seek, or offer to effect (including, for the avoidance of doubt, indirectly by means of communication with the press or media) (i) any business combination, merger, tender offer, exchange offer, or similar transaction
involving the Company or any of its subsidiaries, including any restructuring, recapitalization, liquidation, or similar transaction undertaken in connection with any of the foregoing, (ii) any acquisition of any of the Company’s loans,
debt securities, equity securities or assets, or rights or options to acquire interests in any of the Company’s loans, debt securities, equity securities, or assets, (iii) any proposal to seek representation on the board of directors of
the Company or otherwise seek to control or influence the management, board of directors, or policies of the Company, or (iv) any proposal, arrangement, or other statement that is inconsistent with the terms of this Agreement, including this
Section 4.11; 

  
 5 

 (b) knowingly instigate, encourage, or assist any third party (including forming a
“group” with any such third party) to do, or enter into any discussions or agreements with any third party with respect to, any of the actions set forth in Section 4.11(a); or 

(c) take any action that would reasonably be expected to require the Company or any of its Affiliates to make a public announcement regarding
any of the actions set forth in Section 4.11(a). 
 In addition, until the Standstill Expiration, unless approved in advance in writing
by the board of directors of the Company, the Investor and the Parent agree that, neither the Investor nor the Parent, nor any of the direct and indirect subsidiaries of the Parent or the Investor, nor any officer of Parent (within the meaning of Section 3b-2 of the Securities Exchange Act of 1934, as determined by the Board of Directors of the Parent) (each, an “Officer”) acting on behalf of or in concert with the Investor or the
Parent, will acquire (or propose or agree to acquire), of record or beneficially, by purchase or otherwise, any loans, debt securities, equity securities, or assets of the Company or any of its subsidiaries, or rights or options to acquire interests
in any of the Company’s loans, debt securities, equity securities, or assets, other than (i) equity securities acquired from the Company in exchange for equity securities of the Company currently held by the Investor, the Parent, any of
the direct and indirect subsidiaries of the Parent and the Investor or any of such officers and (ii) the acquisition of the Shares as contemplated by this Agreement. 

For purposes of this Section 4.11, the term “Representatives” means the direct and indirect subsidiaries of Parent or
the Investor, the directors of Parent, the Officers, the managers of the Investor, and all agents acting at the direction of an officer or director of Parent, or manager of the Investor, including, without limitation, attorneys, financial advisors
and accountants. 
 5. Conditions of the Investor’s Obligations at Closing. The obligations of the Investor under
subsection 1.1 of this Agreement are subject to the fulfillment on or before the Closing of each of the following conditions. 
 5.1
Representations and Warranties. The representations and warranties of the Company contained in Sections 3.1(b), 3.4(b), 3.7 and 3.8 shall be true on and as of the Closing, except as would not reasonably be expected to have a material
adverse effect on the Company. The representations and warranties of the Company contained in Sections 3.1(a), 3.2, 3.3, 3.4(a), 3.5 and 3.6 shall be true on and as of the Closing. 

5.2 Public Offering Shares. The Underwriters shall have purchased, immediately prior to the purchase of the Shares by the Investor
hereunder, the Firm Shares (as defined in the Underwriting Agreement) pursuant to the Registration Statement and Underwriting Agreement. 

5.3 Rights Agreement Amendment. The Rights Agreement Amendment shall have been executed and delivered by the Company and the other
parties to the Existing Rights Agreement sufficient to amend the Existing Rights Agreement pursuant to Section 5.1 thereof. 
 5.4
Absence of Injunctions, Decrees, Etc. During this period from the date of this Agreement to immediately prior to the Closing, no governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any
decision, injunction, decree, ruling, law or order permanently enjoining or otherwise prohibiting or making illegal the consummation of the transactions contemplated at the Closing. 

  
 6 

 6. Conditions of the Company’s Obligations at Closing. The
obligations of the Company under subsection 1.1 of this Agreement are subject to the fulfillment on or before the Closing of each of the following conditions. 

6.1 Representations, Warranties and Covenants. The representations, warranties and covenants of the Investor and the Parent contained in
Section 4 shall be true on and as of the Closing. 
 6.2 Public Offering Shares. The Underwriters shall have purchased,
immediately prior to the purchase of the Shares by the Investor hereunder, shares of Common Stock from the Company and selling stockholders (if any) pursuant to the Registration Statement and Underwriting Agreement, with an aggregate initial
offering price to the public (before underwriting discount and commissions) of at least $400,000,000. 
 6.3 Absence of Injunctions,
Decrees, Etc. During this period from the date of this Agreement to immediately prior to the Closing, no governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any decision, injunction,
decree, ruling, law or order permanently enjoining or otherwise prohibiting or making illegal the consummation of the transactions contemplated at the Closing. 

7. Termination. This Agreement shall terminate (i) at any time upon the written consent of the Company, the Investor and the
Parent, (ii) upon the withdrawal by the Company of the Registration Statement, or (iii) on May 31, 2019 if the Closing has not occurred. 

8. Miscellaneous. 
 8.1
Publicity. No party shall issue any press release or make any other public announcement, including any website posting or social media post, that includes the name or any logo or brand name of any party, or discloses the terms of this
Agreement or the fact that the Investor has made or proposes to make an investment in the Company, except as may be required by law or with the prior written consent of the other parties. Each party will provide reasonable advance notice to the
other parties prior to making any disclosure of this Agreement or the terms hereof in any filings made with the SEC, and will provide the other parties with reasonable opportunity to review and comment on such proposed disclosures. Notwithstanding
the foregoing, the parties may use the other parties’ current logo or logos in connection with describing their portfolio or this investment on their webpages and in their promotional materials. 

8.2 Survival of Warranties. The warranties, representations and covenants of the Company, the Investor and the Parent contained in or
made pursuant to this Agreement shall survive the execution and delivery of this Agreement and the Closing and shall in no way be affected by any investigation of the subject matter thereof made by or on behalf of the Investor, the Parent or the
Company. 
 8.3 Successors and Assigns. This Agreement, and any and all rights, duties and obligations hereunder, shall not be
assigned, transferred, delegated or sublicensed by the Investor without the prior written consent of the Company; provided, however, that after the Closing, the Shares and the rights, duties and obligations of the Investor hereunder may be assigned
to an Affiliate of the Investor without the prior written consent of the Company. Any attempt by the Investor without such permission to assign, transfer, delegate or sublicense any rights, duties or obligations that arise under this Agreement

  
 7 

 
in a manner that is not permitted by the foregoing sentence to be made without such permission shall be void. Subject to the foregoing and except as otherwise provided herein, the provisions of
this Agreement shall inure to the benefit of, and be binding upon, the successors, assigns, heirs, executors and administrators of the parties hereto. Notwithstanding the foregoing, the Investor, the Parent and their Representatives shall remain
subject to Section 4.11 of this Agreement until the Standstill Expiration. 
 8.4 Governing Law. This Agreement shall be governed
in all respects by the internal laws of the State of California as applied to agreements entered into among California residents to be performed entirely within California, without regard to principles of conflicts of law. 

8.5 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be enforceable against the parties
actually executing such counterparts, and all of which together shall constitute one instrument. 
 8.6 Notices. All notices and other
communications required or permitted hereunder shall be in writing and shall be mailed by registered or certified mail, postage prepaid, sent by facsimile or electronic mail (if to the Investor, the Parent or any other holder of Company securities)
or otherwise delivered by hand, messenger or courier service addressed: 
 (a) if to the Investor, to the Investor’s address or
electronic mail address as shown on the Investor’s signature page to this Agreement, with a copy (which shall not constitute notice) to Bradley Chernin, Covington & Burling LLP, One Front Street, San Francisco, California 94111. 

(b) if to the Parent, to the Parent’s address or electronic mail address as shown on the Parent’s signature page to this Agreement,
with a copy (which shall not constitute notice) to Bradley Chernin, Covington & Burling LLP, One Front Street, San Francisco, California 94111. 

(c) if to the Company, to the attention of the General Counsel of the Company at 55 Almaden Boulevard, 6th Floor, San Jose, California 95113, or at such other current address or electronic mail address as the Company shall have furnished to the Investor and the Parent, with a copy (which shall not
constitute notice) to Jon Avina and Calise Cheng, Cooley LLP, 3175 Hanover Street, Palo Alto, California 94304. 
 Each such notice or other
communication shall for all purposes of this Agreement be treated as effective or having been given (i) if delivered by hand, messenger or courier service, when delivered (or if sent via a nationally-recognized overnight courier service,
freight prepaid, specifying next-business-day delivery, one business day after deposit with the courier), or (ii) if sent via mail, at the earlier of its receipt or five days after the same has been
deposited in a regularly-maintained receptacle for the deposit of the United States mail, addressed and mailed as aforesaid, or (iii) if sent via electronic mail, when directed to the relevant electronic mail address, if sent during normal
business hours of the recipient, or if not sent during normal business hours of the recipient, then on the recipient’s next business day. In the event of any conflict between the Company’s books and records and this Agreement or any notice
delivered hereunder, the Company’s books and records will control absent fraud or error. 
 8.7 Brokers or Finders. The Company
shall indemnify and hold harmless the Investor and the Parent from any liability for any commission or compensation in the nature of a brokerage or finder’s fee or agent’s commission (and the costs and expenses of defending against such
liability or asserted liability) for which the Investor and the Parent or any of their constituent partners, members, officers, directors, employees or representatives is responsible to the extent such liability is attributable to any inaccuracy or
breach of the representations and warranties contained in Section 3.7, and the Investor and the Parent agree to indemnify and hold harmless the Company and the Investor and 

  
 8 

 
the Parent from any liability for any commission or compensation in the nature of a brokerage or finder’s fee or agent’s commission (and the costs and expenses of defending against such
liability or asserted liability) for which the Company, the Investor, the Parent or any of their constituent partners, members, officers, directors, employees or representatives is responsible to the extent such liability is attributable to any
inaccuracy or breach of the representations and warranties contained in Section 4.7. 
 8.8 Amendments and Waivers. Any term of
this Agreement may be amended and the observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company, the Investor and the
Parent. 
 8.9 Severability. If any provision of this Agreement becomes or is declared by a court of competent jurisdiction to be
illegal, unenforceable or void, portions of such provision, or such provision in its entirety, to the extent necessary, shall be severed from this Agreement, and such court will replace such illegal, void or unenforceable provision of this Agreement
with a valid and enforceable provision that will achieve, to the extent possible, the same economic, business and other purposes of the illegal, void or unenforceable provision. The balance of this Agreement shall be enforceable in accordance with
its terms. 
 8.10 Corporate Securities Law. THE SALE OF THE SECURITIES THAT ARE THE SUBJECT OF THIS AGREEMENT HAS NOT BEEN QUALIFIED
WITH THE COMMISSIONER OF CORPORATIONS OF THE STATE OF CALIFORNIA AND THE ISSUANCE OF SUCH SECURITIES OR THE PAYMENT OR RECEIPT OF ANY PART OF THE CONSIDERATION THEREFOR PRIOR TO SUCH QUALIFICATION IS UNLAWFUL, UNLESS THE SALE OF SECURITIES IS EXEMPT
FROM QUALIFICATION BY SECTION 25100, 25102, OR 25105 OF THE CALIFORNIA CORPORATIONS CODE. THE RIGHTS OF ALL PARTIES TO THIS AGREEMENT ARE EXPRESSLY CONDITIONED UPON THE QUALIFICATION BEING OBTAINED, UNLESS THE SALE IS SO EXEMPT. 

8.11 Entire Agreement. This Agreement and the documents referred to herein constitute the entire agreement among the parties. No party
shall be liable or bound to any other party in any manner with regard to the subjects hereof or thereof by any warranties, representations or covenants except as specifically set forth herein or therein. 

8.12 Specific Performance. The parties to this Agreement hereby acknowledge and agree that the Company would be irreparably injured by a
breach of this Agreement by the Investor and the Parent, and the Investor and the Parent would be irreparably injured by a breach of this Agreement by the Company, and that money damages are an inadequate remedy for an actual or threatened breach of
this Agreement because of the difficulty of ascertaining the amount of damage that will be suffered by the aggrieved party in the event that this agreement is breached. Therefore, each of the parties to this Agreement agree to the granting of
specific performance of this Agreement and injunctive or other equitable relief in favor of the aggrieved party as a remedy for any such breach, without proof of actual damages, and the parties to this Agreement further waive any requirement for the
securing or posting of any bond in connection with any such remedy. Such remedy shall not be deemed to be the exclusive remedy for breach of this Agreement, but shall be in addition to all other remedies available at law or in equity to the
aggrieved party. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this
Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated. 
 [Remainder of page
intentionally left blank] 

  
 9 

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

			
	ZOOM VIDEO COMMUNICATIONS, INC.
		
	By:	 	 /s/ Aparna Bawa

	Name:	 	Aparna Bawa
	Title:	 	General Counsel

 
			
		
	Address:	 	55 Almaden Blvd #600
		 	San Jose, CA 95113

 SIGNATURE PAGE TO COMMON
STOCK PURCHASE AGREEMENT 

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

			
	INVESTOR:
	
	SALESFORCE VENTURES LLC
		
	By:	 	 /s/ John Somorjai

	Name:	 	 John Somorjai

	Title:	 	 President

	Address:	 	Salesforce Tower, 415 Mission St, 3rd Fl.
		 	San Francisco, CA 94105
	Email:	 	
	
	PARENT:
	
	SALESFORCE.COM, INC.
		
	By:	 	 /s/ John Somorjai

	Name:	 	 John Somorjai

	Title:	 	 EVP, Corporate Development & Salesforce Ventures

	Address:	 	Salesforce Tower, 415 Mission St, 3rd Fl.
		 	San Francisco, CA 94105
	Email: 	 	

 SIGNATURE PAGE TO COMMON
STOCK PURCHASE AGREEMENT 

 Exhibit A 

Amendment to the Existing Rights Agreement 

 ZOOM VIDEO COMMUNICATIONS, INC. 

AMENDMENT TO THE 

THIRD AMENDED AND RESTATED INVESTORS’ RIGHTS 

AGREEMENT 
 This
Amendment to the Third Amended and Restated Investors’ Rights Agreement, as amended (this “Amendment”), is made as of April [•], 2019 by and among Zoom Video Communications, Inc., a Delaware corporation (the
“Company”) and the Investors set forth on the signature pages hereto. Capitalized terms not herein defined shall have the meanings ascribed to them in the Third Amended and Restated Investors’ Rights Agreement by and
among the Company, the Investors and the Founder dated as of December 1, 2016, as amended (the “Existing Rights Agreement”). 

RECITALS 

WHEREAS, the Company has entered into that certain Common Stock Purchase Agreement, dated April [•], 2019, with Salesforce
Ventures LLC, a Delaware limited liability company (“Salesforce”), and salesforce.com, inc., a Delaware corporation (the “Purchase Agreement”), pursuant to which Salesforce will purchase shares of the
Company’s Class A Common Stock (the “Shares”), immediately subsequent to the closing of the Qualified IPO (as defined in the Purchase Agreement). 

WHEREAS, the Company and the undersigned parties desire to amend the terms of the Existing Rights Agreement for the limited purpose of
providing Salesforce with certain registration rights under Section 2.2 of the Existing Rights Agreement with respect to the Shares. 

WHEREAS, pursuant to Section 5.1 of the Existing Rights Agreement, the Existing Rights Agreement may be amended only with the
written consent of the Company and Holders holding a majority of the Registrable Securities then outstanding (collectively, the “Requisite Consent”). 

WHEREAS, the undersigned parties constitute the Requisite Consent and consent to this Amendment. 

AGREEMENT 
 NOW, THEREFORE,
the undersigned parties hereby agree as follows: 
 1. Grant of Registration Rights and Assumption of Obligations Related Thereto.
Upon the consummation of the transaction contemplated by the Purchase Agreement, Salesforce (i) shall become a party to the Existing Rights Agreement only with respect to the registration rights set forth in Section 2.2 of the Existing
Rights Agreement (“Piggyback Registration Rights”) and the Related Provisions (as defined below) and (ii) shall be deemed a Holder (as defined in the Existing Rights Agreement) only for the purposes of Section 2.2
and the Related Provisions. In connection with the grant of such Piggyback Registration Rights, Salesforce hereby assumes the rights, obligations and restrictions on Holders as set forth in Sections 2.4 through Section 2.14 inclusive and
Section 5.1 of the Existing Rights Agreement (collectively, the “Related Provisions”). With respect to the Shares purchased by Salesforce in connection with the Purchase Agreement, Salesforce shall not be deemed to
possess any rights set forth in the Existing Rights Agreement (including, without limitation, any demand or Form S-3 registration rights, information rights, preemptive rights, rights of first refusal, or
rights of co-sale) other than the Piggyback Registration Rights. 

 2. Registrable Securities. Solely for purposes of Section 2.2 of the
Existing Rights Agreement and the Related Provisions, the Shares purchased by Salesforce in connection with the Purchase Agreement shall be deemed “Registrable Securities” as such term is defined in Section 1.1(q) of the Existing
Rights Agreement. 
 3. Consent. The undersigned parties hereby consent to the addition of Salesforce as an
“Investor” party to the Existing Rights Agreement, as amended, solely for the purposes set forth in this Amendment. Salesforce shall become a party to the Existing Rights Agreement, as amended, solely for the purposes set forth in this
Amendment by executing and delivering a counterpart signature to this Amendment. 
 4. Full Force and Effect. Except as
expressly modified by this Amendment, the terms of the Existing Rights Agreement shall remain in full force and effect. 
 5. Governing
Law. This Amendment shall be governed in all respects by the internal laws of the State of California as applied to agreements entered into among California residents to be performed entirely within California, without regard to
principles of conflicts of law. 
 6. Integration. This Amendment and the Existing Rights Agreement, and the documents referred
to herein and therein and the exhibits and schedules thereto, constitute the entire agreement among the parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof
existing between the parties hereto are expressly canceled. 
 7. Counterparts. This Amendment may be executed in two or more
counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument. A facsimile, telecopy, PDF or other reproduction of this Amendment may be executed by one or more parties hereto and delivered by such
party by electronic mail, facsimile or any similar electronic transmission device pursuant to which the signature of or on behalf of such party can be seen. Such execution and delivery shall be considered valid, binding and effective for all
purposes. 
 [SIGNATURE PAGE FOLLOWS] 

 IN WITNESS WHEREOF, the parties have executed this Amendment to the Existing Rights
Agreement as of the date first above written. 
  

			
	ZOOM VIDEO COMMUNICATIONS, INC.
		
	By:	 	  

	Name:	 	Aparna Bawa
	Title:	 	General Counsel

 
			
		
	Address:	 	55 Almaden Blvd #600
		 	San Jose, CA 95113

 IN WITNESS WHEREOF, the parties have executed this Amendment to the Existing Rights
Agreement as of the date first above written. 
  

			
	INVESTOR:
	
	SALESFORCE VENTURES LLC
		
	By:	 	          

	Name:	 	  

	Title:	 	  

 
			
	Address:	 	Salesforce Tower, 415 Mission St, 3rd Fl.
		 	San Francisco, CA 94105
	Email:

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