[gojomo]

What if Lee wasn't shown and hadn't independently agreed to the 'Management Partnership Agreement'? [1] What if that Agreement – whose text as far as I know hasn't yet been publicly released – isn't itself clear and enforceable on the repurchase rights?

Even the part you quote is unclear; the clause which makes the Ordinary Shares 'subject to repurchase' is conditioned on the leading "If... the Ordinary Shares... are to be repurchased" clause. That may imply some other trigger or prior notification is necessary first, before the Management Partnership Agreement repurchase-at-cost (which would be contrary to the usual meaning of 'vesting') comes into play.

At this point any definitive interpretation – without the text of all agreements between Lee and Skype, and professional familiarity with the terms and precedents involved – is premature judgement.

[1] edit addition: I see in a BusinessWeek article that Lee did sign but did not carefully review the 'Management Partnership Agreement'. That's a screwup, but the interplay between the exact language of all the agreements could still give him daylight.