Exhibit 10.2


 


[●], 2021


 


TPG Pace Tech Opportunities II Corp.


301 Commerce St., Suite 3300


Fort Worth, TX 76102


 


		Re:	Initial Public Offering



 


Gentlemen:


 


This letter (this “Letter Agreement”)
is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
entered into or proposed to be entered into by and among TPG Pace Tech Opportunities II Corp., a Cayman Islands exempted company
(the “Company”), and Deutsche Bank Securities Inc., J.P. Morgan Securities LLC and Goldman Sachs &
Co. LLC, as representatives (the “Representatives”) of the several underwriters (each, an “Underwriter”
and collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public
Offering”), of 45,000,000 of the Company’s Class A ordinary shares, par value $0.0001 per share (the “Class
A Ordinary Shares”) (including up to 6,750,000 Class A Ordinary Shares that may be purchased to cover over-allotments,
if any). The Class A Ordinary Shares shall be sold in the Public Offering pursuant to a registration statement on Form S-1 and
prospectus (the “Prospectus”) filed by the Company with the Securities and Exchange Commission (the “Commission”)
and the Company shall apply to have the Class A Ordinary Shares listed on the New York Stock Exchange. Certain capitalized terms
used herein are defined in paragraph 11 hereof.


 


In order to induce the Company and the Underwriters
to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, TPG Pace Tech Opportunities II Sponsor, Series LLC, a Delaware series
limited liability company (the “Sponsor”), and each of the undersigned individuals, each of whom is a
director or member of the Company’s management team (each, an “Insider” and collectively, the “Insiders”),
hereby agrees with the Company as follows:


 


1. The Sponsor and each Insider agrees that
if the Company seeks shareholder approval of a proposed Business Combination, then in connection with such proposed Business Combination,
it or he shall (i) vote any Shares (as defined below) owned by it or him in favor of any proposed Business Combination and (ii)
not redeem any Shares owned by it or him in connection with such shareholder approval.


 






    


     


    

 


2. The Sponsor and each Insider hereby
agrees that in the event that the Company fails to consummate a Business Combination within 24 months from the closing of the
Public Offering, or such later period approved by the Company’s shareholders in accordance with the Company’s
amended and restated memorandum and articles of association, the Sponsor and each Insider shall take all reasonable steps to
cause the Company to (i) cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible
but not more than 10 business days thereafter, subject to lawfully available funds therefor, redeem 100% of the Class A
Ordinary Shares sold in the Public Offering (the “Offering Shares”), at a per-share price, payable
in cash, equal to the aggregate amount then on deposit in the Trust Account, including interest (less up to $100,000 of
interest to pay dissolution expenses), divided by the number of then outstanding public shares, which redemption will
completely extinguish all Public Shareholders’ rights as shareholders (including the right to receive further
liquidating distributions, if any), subject to applicable law, and (iii) as promptly as reasonably possible following such
redemption, subject to the approval of the Company’s remaining shareholders and the Company’s board of directors,
dissolve and liquidate, subject in each case to the Company’s obligations under Cayman Islands law to provide for
claims of creditors and the requirements of other applicable law. The Sponsor and each Insider agrees to not propose any
amendment to the Company’s amended and restated memorandum and articles of association that would affect the substance
or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company does not complete a Business
Combination within 24 months from the closing of the Public Offering, unless the Company provides its public shareholders
with the opportunity to redeem their Offering Shares upon approval of any such amendment at a per-share price, payable in
cash, equal to the aggregate amount then on deposit in the Trust Account, including interest earned on the funds held in the
Trust Account and not previously released to the Company to pay its taxes, divided by the number of then outstanding Offering
Shares.


 


The Sponsor and
each Insider acknowledges that it or he has no right, title, interest or claim of any kind in or to any monies held in the
Trust Account or any other asset of the Company as a result of any liquidation of the Company with respect to the Founder
Shares and Private Placement Shares held by it. The Sponsor and each Insider hereby further waives, with respect to any Class
A Ordinary Shares, Founder Shares and Private Placement Shares held by it or him, if any, any redemption rights it or he
may have in connection with the consummation of a Business Combination, including, without limitation, any such rights
available in the context of a shareholder vote to approve such Business Combination or in the context of a tender offer made
by the Company to purchase Class A Ordinary Shares (although the Sponsor and the Insiders shall be entitled to redemption and
liquidation rights with respect to any Class A Ordinary Shares,
but not including any Private Placement Shares, it or they hold if the Company fails to consummate a Business Combination
within 24 months from the date of the closing of the Public Offering).


 


3. Notwithstanding the provisions set
forth in paragraphs 7(a) and (b) below, during the period commencing on the effective date of the Underwriting Agreement and
ending 180 days after such date, the Sponsor and each Insider shall not, without the prior written consent of the
Representatives, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or
otherwise dispose of or agree to dispose of, directly or indirectly, or establish or increase a put equivalent position or
liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”) and the rules and regulations of the Commission promulgated
thereunder, with respect to any Class A Ordinary Shares or any securities convertible into, or exercisable, or exchangeable
for, Class A Ordinary Shares owned by it or him, (ii) enter into any swap or other arrangement that transfers to another, in
whole or in part, any of the economic consequences of ownership of any Class A Ordinary Shares or any securities convertible
into, or exercisable, or exchangeable for, Class A Ordinary Shares owned by it, whether any such transaction is to be settled
by delivery of such securities, in cash or otherwise, or (iii) publicly announce any intention to effect any transaction,
including the filing of a registration statement, specified in clause (i) or (ii). Each of the Insiders and the Sponsor
acknowledges and agrees that, prior to the effective date of any release or waiver, of the restrictions set forth in this
paragraph 3 or paragraph 7 below, the Company shall announce the impending release or waiver by press release through a major
news service at least two business days before the effective date of the release or waiver. Any release or waiver granted
shall only be effective two business days after the publication date of such press release. The provisions of this paragraph
will not apply if the release or waiver is effected solely to permit a transfer not for consideration and the transferee has
agreed in writing to be bound by the same terms described in this Letter Agreement to the extent and for the duration that
such terms remain in effect at the time of the transfer.


 






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4. In the event of the liquidation of the
Trust Account, the Sponsor (which for purposes of clarification shall not extend to any other shareholders, members or managers
of the Sponsor) agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense
whatsoever (including, but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing
or defending against any litigation, whether pending or threatened, or any claim whatsoever) to which the Company may become subject
as a result of any claim by (i) any third party (other than the Company’s independent accountants) for services rendered
or products sold to the Company or (ii) a prospective target business with which the Company has discussed entering into a transaction
agreement (a “Target”); provided, however, that such indemnification of the Company by
the Sponsor shall apply only to the extent necessary to ensure that such claims by a third party for services rendered (other than
the Company’s independent public accountants) or products sold to the Company or a Target do not reduce the amount of funds
in the Trust Account to below (i) $10.00 per share of the Offering Shares or (ii) such lesser amount per share of the Offering
Shares held in the Trust Account due to reductions in the value of the trust assets as of the date of the liquidation of the Trust
Account, in each case, net of the amount of interest earned on the property in the Trust Account which may be withdrawn to pay
taxes, except as to any claims by a third party (including a Target) who executed a waiver of any and all rights to seek access
to the Trust Account and except as to any claims under the Company’s indemnity of the Underwriters against certain liabilities,
including liabilities under the Securities Act of 1933, as amended. In the event that any such executed waiver is deemed to be
unenforceable against such third party, the Sponsor shall not be responsible to the extent of any liability for such third party
claims. The Sponsor shall have the right to defend against any such claim with counsel of its choice reasonably satisfactory to
the Company if, within 15 days following written receipt of notice of the claim to the Sponsor, the Sponsor notifies the Company
in writing that it shall undertake such defense. For the avoidance of doubt, none of the Company’s officers or directors
will indemnify the Company for claims by third parties, including, without limitation, claims by vendors and prospective target
businesses.


 


5. To the extent that the size of the
Public Offering is increased or decreased, the Company will effect a capitalization or share repurchase or redemption or
other appropriate mechanism, as applicable, immediately prior to the consummation of the Public Offering in such amount as to
maintain the percentage ownership of the Class F Founder Shares (as defined below) and Class G Founder Shares (as defined
below), as applicable, of the Initial Shareholders prior to the Public Offering at the percentage ownership of the
Company’s issued and outstanding shares set forth in the Prospectus upon the consummation of the Public Offering.


 






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6. The Sponsor and each Insider hereby agrees
and acknowledges that (i) the Underwriters and the Company would be irreparably injured in the event of a breach by such Sponsor
or Insider of its or his obligations under paragraphs 1, 2, 3, 4, 5, 7(a), 7(b), and 9 of this Letter Agreement; (ii) monetary
damages may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief,
in addition to any other remedy that such party may have in law or in equity, in the event of such breach.


 


7. (a) The Sponsor and each Insider agrees
that it or he shall not Transfer any Class F Founder Shares (or Class A Ordinary Shares issuable upon conversion thereof) until
the earlier of (i) one year after the completion of the Company’s initial Business Combination or (ii) subsequent to the
initial Business Combination, if (x) the last sale price of the Class A Ordinary Shares equals or exceeds $12.00 per share (as
adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any 20 trading days within any
30-trading day period commencing at least 150 days after the Company’s initial Business Combination, or (y) the date following
the completion of the Company’s initial Business Combination on which the Company completes a liquidation, merger, share
exchange, reorganization or other similar transaction that results in all of the Company’s shareholders having the right
to exchange their Class A Ordinary Shares for cash, securities or other property (the “Class F Founder Shares Lock-up
Period”).


 


(b)  The Sponsor and each Insider agrees
that it or he shall not Transfer any Class G Founder Shares for any reason, other than to specified permitted transferees
or subsequent to the initial Business Combination in connection with a liquidation, merger, capital stock exchange, reorganization
or other similar transaction that results in all of the Company’s shareholders having the right to exchange their Class A
Ordinary Shares for cash, securities or other property transfer (the “Class G Founder Shares Lock-up Period”),
provided that any Class A Ordinary Shares issued upon conversion of any shares of Class G Founder Shares will not be subject
to such restrictions.


 


(c) The Sponsor and each Insider agrees
that it or he shall not Transfer any Private Placement Shares (as defined below) until 30 days after the completion of a Business
Combination (the “Private Placement Shares Lock-up Period”`).


 






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(d) Notwithstanding the provisions set
forth in paragraphs 7(a), (b) and (c), Transfers of the Founder Shares or Private Placement Shares that are held by the
Sponsor, any Insider or any of their permitted transferees (that have complied with this paragraph 7(d)), are permitted (a)
to the Company’s officers or directors, any affiliates or family members of any of the Company’s officers or
directors, any members of the Sponsor, or any affiliates of the Sponsor; (b) in the case of an individual, Transfers by gift
to a member of the individual’s immediate family, to a trust, the beneficiary of which is a member of the
individual’s immediate family or an affiliate of such person, or to a charitable organization; (c) in the case of an
individual, Transfers by virtue of laws of descent and distribution upon death of the individual; (d) in the case of an
individual, Transfers pursuant to a qualified domestic relations order; (e) by private sales or Transfers made in connection
with any forward purchase agreement or similar arrangement or in connection with the consummation of a Business Combination
at prices no greater than the price at which the securities were originally purchased; (f) by virtue of the limited
partnership agreements or other applicable organizational documents of the Sponsor upon dissolution of the Sponsor; (g) as
distributions to limited partners or members of the Sponsor (h) by virtue of the laws of the Cayman Islands or the
Sponsor’s limited liability company agreement upon dissolution of the Sponsor; (i) to the Company for no value for
cancellation in connection with the completion of an initial Business Combination; (j) in the event of the Company’s
liquidation, prior to the completion of an initial Business Combination; or (k) in the event of the Company’s
completion of a liquidation, merger, share exchange, reorganization or other similar transaction which results in all of the
Company’s shareholders having the right to exchange their Class A Ordinary Shares for cash, securities or other
property subsequent to the completion of the Company’s initial Business Combination; provided, however, that in the
case of clauses (a) through (h) these permitted transferees must enter into a written agreement agreeing to be bound by the
restrictions herein.


 


8. The Sponsor and each Insider represents
and warrants that it or he has never been suspended or expelled from membership in any securities or commodities exchange or association
or had a securities or commodities license or registration denied, suspended or revoked. Each Insider’s biographical information
furnished to the Company (including any such information included in the Prospectus) is true and accurate in all respects and does
not omit any material information with respect to the undersigned’s background. Each Insider’s questionnaire furnished
to the Company is true and accurate in all respects. Each Insider represents and warrants that: it or he is not subject to or a
respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any
act or practice relating to the offering of securities in any jurisdiction; it or he has never been convicted of, or pleaded guilty
to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii)
pertaining to any dealings in any securities and it or he is not currently a defendant in any such criminal proceeding.


 


9. Except as disclosed
in the Prospectus, neither the Sponsor nor any Insider nor any affiliate of the Sponsor or any Insider, nor any director or officer
of the Company, shall receive from the Company any finder’s fee, reimbursement, consulting fee, monies in respect of any
repayment of a loan or other compensation prior to, or in connection with any services rendered in order to effectuate the consummation
of the Company’s initial Business Combination (regardless of the type of transaction that it is), other than the following,
none of which will be made from the proceeds held in the Trust Account prior to the completion of the initial Business Combination:
repayment of a loan and advances of up to $[●] made to the Company by the Sponsor to cover expenses related to the organization
of the Company and the Public Offering; payment to an affiliate of the Sponsor for office space, administrative and support services
for a total of $50,000 per month; reimbursement for any reasonable out-of-pocket expenses related to identifying, investigating
and consummating an initial Business Combination, fees and expenses for services that may be provided by TPG Capital BD, LLC and
other entities affiliated with TPG Global, LLC in connection with identifying, investigating and consummating an initial Business
Combination, and repayment of loans, if any, and on such terms as to be determined by the Company from time to time, made by the
Sponsor or certain of the Company’s officers and directors to finance transaction costs in connection with an intended initial
Business Combination, provided, that, if the Company does not consummate an initial Business Combination, a portion of the working
capital held outside the Trust Account may be used by the Company to repay such loaned amounts so long as no proceeds from the
Trust Account are used for such repayment.


 






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10. The Sponsor and each Insider has full
right and power, without violating any agreement to which it is bound (including, without limitation, any non-competition or non-solicitation
agreement with any employer or former employer), to enter into this Letter Agreement and, as applicable, to serve as a director
on the board of directors of the Company and hereby consents to being named in the Prospectus as a director of the Company.


 


11. As used herein, (i) “Business
Combination” shall mean a merger, share exchange, asset acquisition, share purchase, reorganization or similar business
combination, involving the Company and one or more businesses; (ii) “Shares” shall mean, collectively,
the Class A Ordinary Shares and the Founder Shares; (iii) “Class F Founder Shares” shall mean the Class
F Ordinary Shares, par value $0.0001 per share, purchased by the Sponsor prior to the consummation of the Public Offering; (iv)
 “Class G Founder Shares” shall mean the Class G Ordinary Shares, par value $0.0001 per share, purchased
by the Sponsor prior to the consummation of the Public Offering; (v) “Founder Shares” shall mean the
Class F Founder Shares and the Class G Founder Shares; (vi) “Initial Shareholders” shall mean the Sponsor
and any other holder of Founder Shares; (vii) “ “Private Placement Shares” shall mean the Ordinary
Shares that the Sponsor has agreed to purchase in a private placement that shall occur simultaneously with the consummation of
the Public Offering; (viii) “Public Shareholders” shall mean the holders of Class A Ordinary Shares issued
in the Public Offering; (ix) “Trust Account” shall mean the trust fund into which a portion of the net
proceeds of the Public Offering and the sale of the Private Placement Shares shall be deposited; and (x) “Transfer”
shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase
or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position
or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act and
the rules and regulations of the Commission promulgated thereunder with respect to, any security, (b) entry into any swap or other
arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether
any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (c) public announcement of any intention
to effect any transaction specified in clause (a) or (b).


 


12. This Letter Agreement constitutes the
entire agreement and understanding of the parties hereto in respect of the subject matter hereof and supersedes all prior understandings,
agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in any way to the subject
matter hereof or the transactions contemplated hereby. This Letter Agreement may not be changed, amended, modified or waived (other
than to correct a typographical error) as to any particular provision, except by a written instrument executed by all parties hereto.


 






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13. No party hereto may assign either this
Letter Agreement or any of its rights, interests, or obligations hereunder without the prior written consent of the other party.
Any purported assignment in violation of this paragraph shall be void and ineffectual and shall not operate to transfer or assign
any interest or title to the purported assignee. This Letter Agreement shall be binding on the Sponsor and each Insider and their
respective successors, heirs and assigns and permitted transferees.


 


14. This Letter Agreement shall be governed
by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflicts of law principles
that would result in the application of the substantive laws of another jurisdiction. The parties hereto (i) all agree that any
action, proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced
in the courts of New York City, in the State of New York, and irrevocably submit to such jurisdiction and venue, which jurisdiction
and venue shall be exclusive and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent
an inconvenient forum.


 


15. Any notice, consent or request to be
given in connection with any of the terms or provisions of this Letter Agreement shall be in writing and shall be sent by express
mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or facsimile transmission.


 


16. This Letter Agreement shall terminate
on the earlier of (i) the expiration of the Lock-up Periods or (ii) the liquidation of the Company; provided, however,
that this Letter Agreement shall earlier terminate in the event that the Public Offering is not consummated and closed by December
31, 2021; provided further that paragraph 4 of this Letter Agreement shall survive such liquidation.


 


[Signature Page follows]


 






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	 	Sincerely,
	 	 
	 	[●]
	 	 
	 	By: 	 
	 	 	Name of Insider3:



 





 



3 NTD: To be executed separately
by each D&O and the sponsor.


 






    


     


    

 


	Acknowledged and Agreed:	 
	 	 
	TPG PACE TECH OPPORTUNITIES II CORP.	 
	 	 
	By: 	 	 
	 	Name:	 
	 	Title: