Document:

EX-10.22

 Exhibit 10.22 

Dated the 3rd day of December, 2018 

Full Truck Alliance Co. Ltd. 

(as Company) 
 AND

 The Core Trust Company Limited 

匯聚信託有限公司 

(as Trustee) 
 MASTER
QUALITY GROUP LIMITED 
 (as Nominee) 
  

 
 TRUST DEED
FOR 
 FULL TRUCK ALLIANCE CO. LTD. 

RULES (as defined herein) 
  

 
 (Also known
as “MASTER QUALITY TRUST”) 

  
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 THIS DEED is made the
3rd day of December, 2018 
 BETWEEN: 

 

	(1)	 Full Truck Alliance Co. Ltd., a company incorporated in the Cayman Islands as an exempted company with
limited liability with its principal offices located at 4th Floor, Building 4, No. 170-1 Software Avenue, Nanjing, China and its registered office at the offices of Walkers Corporate Limited, Cayman
Corporate Centre, 27 Hospital Road, George Town, Grand Cayman KY1-9008, Cayman Islands (the “Company”); 

 

	(2)	 The Core Trust Company Limited
匯聚信託有限公司, a trust company incorporated under the laws of Hong Kong, whose registered office is at 28th Floor, 33 Des Voeux Road
Central, Central, Hong Kong (where the context so admits includes any nominee or successor or additional trustee for the time being of this Deed) (the “Trustee”); and 

 

	(3)	 MASTER QUALITY GROUP LIMITED, a limited liability company incorporated under the laws of British Virgin
Islands, whose registered office is Vistra Corporate Services Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands (where the context so admits includes any nominee or successor or additional nominee for the time being of this
Deed) (the “Nominee”). 

 WHEREAS: 
  

	(A)	 On 29 November, 2018, the Company adopted the Rules (as defined below) for the benefit of certain persons,
including each Eligible Individual (as defined below). 

  

	(B)	 Pursuant to the Rules, the Company has granted and/or will grant the Awards (as defined below) to each Eligible
Individual. 

  

	(C)	 The Trustee has agreed to be the trustee of trust and administer such trust in accordance with this Deed and
the Rules. 

  

	(D)	 The Nominee, a wholly-owned subsidiary of the Trustee, has agreed to be a party under this Deed and to hold
Shares underlying the Awards in accordance with this Deed and the Rules. 

 NOW THIS DEED WITNESSES as follows: 

 

	1.	 DEFINITIONS 

 

	1.1	 Other than those expressly defined in this Deed, capitalized term used herein shall have the same meaning as
provided in the Rules. 

  

			
	“Administrator”	 	shall have the same meaning as provided in the Rules;

  
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	“Affiliate”	 	means, with respect to any person, any other person controlled by, controlling or under common control with such person. As used in this definition, “control” (including, with its correlative meanings,
“controlling,” “controlled by” and “under common control with”) shall mean possession, directly or indirectly, of power to direct or cause the direction of management or policies (whether through ownership of
securities, by contract or otherwise);
		
	“Articles”	 	means the articles of association of the Company (as amended from time to time);
		
	“Award”	 	means an Option, a Restricted Share award, a Restricted Share Unit award, a Dividend Equivalents award, a Deferred Share award, a Share Payment award or a Share Appreciation Right, which may be awarded or granted under the Rules
(collectively, “Awards”);
		
	“Award Date”	 	means the date on which Awards, are granted under this Rules pursuant to an Award Agreement;
		
	“Award Agreement”	 	means any written notice, agreement, terms and conditions, contract or other instrument or document evidencing an Award, including through electronic medium, which shall contain such terms and conditions with respect to an Award as
the Administrator shall determine consistent with the Rules;
		
	“Board”	 	means the board of directors of the Company or a duly authorized committee of the board of directors;
		
	 “Companies

Ordinance”
	 	means the Companies Ordinance of Hong Kong (Chapter 622 of the Laws of Hong Kong) effective from March 3, 2014, as amended, supplemented or otherwise modified from time to time.
		
	“Consultant”	 	means any consultant or adviser if: (a) the consultant or adviser renders bona fide services to a Service Recipient; (b) the services rendered by the consultant or adviser are not in connection with the offer or sale of
securities in a capital-raising transaction and do not directly or indirectly promote or maintain a market for the Company’s securities; and (c) the consultant or adviser is a natural person who has contracted directly with the Service
Recipient to render such services;

  
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	“this Deed”	  	means this Deed and the Schedule and any deed supplemental hereto and the schedules (if any) thereto, all as from time to time modified, varied, supplemented or novated in accordance with the provisions herein or therein
contained;
		
	“Eligible Individual”	  	means each of the individuals specified by the Administrator in writing to the Trustee and its Affiliates as beneficiaries under this Deed in compliance with the Rules, as may be modified, amended or supplemented from time to
time;;
		
	“Group”	  	means the Company and the Subsidiaries;
		
	“Holding Company”	  	in relation to any company means any other company of which the first mentioned company is a Subsidiary;
		
	“Hong Kong”	  	means Hong Kong Special Administrative Region of the People’s Republic of China;
		
	“liability”	  	means any loss, damage, cost, charge, claim, demand, expense, judgment, action, proceeding or other liability whatsoever (including, without limitation, in respect of taxes, duties, levies, imposts and other charges) and including
any sales tax or similar tax charged or chargeable in respect thereof, other professional expenses, disbursements and legal fees and expenses on a full indemnity basis;
		
	“Listing Rules”	  	means the rules governing the listing of securities on the Stock Exchange (as amended from time to time);
		
	“Option”	  	shall have the same meaning in the Rules;
		
	“person”	  	means any individual, company, body corporate or other juridical person, partnership, firm, joint venture or trust or any federation, state or subdivision thereof or any government or agency of any of the foregoing;
		
	“Restricted Share”	  	shall have the same meaning as provided in the Rules;
		
	“Restricted Share Units”	  	shall have the same meaning as provided in the Rules;
		
	“Rules”	  	means those written instructions and guidelines provided by the Administrator to the Trustee and its Affiliates in connection with the Trustee’s administration of the matters governed by this Deed, as modified, amended or
supplemented from time to time;

  
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	“Service Recipient”	 	means the Company, any Subsidiary of the Company and any Related Entity to which an Eligible Individual provides services as an Employee, Consultant or as a Director;
		
	“Share”	 	means ordinary share of the Company, and such other securities of the Company that may be substituted for Shares pursuant to Article 11 of the Rules;
		
	“Share Appreciation
Right”	 	means a share appreciation right granted under Article 8 of the Rules;
		
	“Shares underlying the Awards”	 	means the Shares underlying the applicable Awards (being those Awards allocated or to be allocated to the Eligible Individual subject to the terms and conditions set out in the Rules) as allotted to, and held on trust by, the
Nominee in accordance with the terms of this Deed;
		
	“Share Payment”	 	means (a) a payment in the form of Shares, or (b) an option or other right to purchase Shares, as part of a bonus, deferred compensation or other arrangement, awarded under Section 7.2 of the Rules;
		
	“Stock Exchange”	 	means the New York Stock Exchange, the NASDAQ Stock Exchange or the Main Board of the Hong Kong Stock Exchange;
		
	“Subsidiary”	 	has the meaning ascribed to this term under the Companies Ordinance (Chapter 622 of the Laws of Hong Kong) as amended or supplemented or otherwise modified from time to time;
		
	“Tax”	 	means all present and future income and other taxes, levies, imposts, deductions, charges, duties and withholdings and any charges of a similar nature which are levied in any applicable jurisdiction, together with interest thereon
and penalties with respect thereto, if any, and any payments made on or in respect thereof;
		
	“Trust”	 	means the trust for the Company constituted pursuant to this Deed;
		
	“Trust Fund”	 	means any property held on the terms of the Trust; and
		
	“Trust Period”	 	means, without prejudicing the subsisting rights of any Eligible Individual, the period beginning with the date hereof and ending upon the earlier of (a) such date as the Company and the Trustee may agree in writing;
(b) such date upon which this Trust shall terminate by reason of there ceasing to be any property or assets forming part of the trust fund or otherwise by operation of law; and (c) the date the Board terminates the Rules pursuant to the
rules of the Rules.

  
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	1.2	 Interpretation 

  

	 	(a)	 All references in this Deed to any ordinance or any provision of any ordinance shall be deemed also to refer to
any statutory modification or re-enactment thereof or any statutory instrument, order or regulation made thereunder or under any such modification or re-enactment.

  

	 	(b)	 All references in this Deed to any action, remedy or method of proceeding for the enforcement of the rights of
creditors shall be deemed to include, in respect of any jurisdiction other than Hong Kong, references to such action, remedy or method of proceeding for the enforcement of the rights of creditors available or appropriate in such jurisdiction as
shall most nearly approximate to such action, remedy or method of proceeding described or referred to in this Deed. 

  

	 	(c)	 In this Deed references to the Schedules, Clauses and Sub-Clause shall
be construed as references to the schedules to this Deed and to the Clause and sub-Clause of this Deed respectively. 

  

	 	(d)	 Words denoting the singular shall include the plural and vice versa; words denoting one gender only shall
include the other genders; and words denoting persons only shall include firms and corporations and vice versa. 

  

	 	(e)	 In this Deed, the table of contents and Clause headings are included for ease of reference and shall not affect
the construction of this Deed. 

  

	2.	 DECLARATION OF TRUST 

 

	2.1	 The Trustee shall hold on trust for the benefit of the Eligible Individuals: 

 

	 	(a)	 the Shares underlying the Awards; 

 

	 	(b)	 such assets and income transferred by the Company or derived from the Shares underlying the Awards held on
trust under Clause 2.1 on such terms as the Administrator shall direct; and 

  

	 	(c)	 such other funds or property contributed by the Company to the Trust in connection with the Rules.

  
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 For the avoidance of doubt, any Shares underlying the Awards not allotted to the Nominee
shall remain the responsibility of the Company or the applicable Eligible Individual. For further clarity, the Nominee shall have no responsibility for effecting transactions involving Awards where Shares underlying the Awards are required unless
and until such Shares underlying the Awards with respect to such aforementioned Awards have been allotted to or are in the possession of the Nominee. 
  

	2.2	 Subject to the instructions of the Administrator, the Trustee may apply funds received by the Trustee for the
purpose of paying costs and expenses to maintain and operate this Trust and the Remuneration (as defined herein). 

  

	2.3	 In execution of the Trust, the Trustee shall apply the Trust Fund for the benefit of all or any of the Eligible
Individuals in accordance with the Rules and/or instructions from the Administrator, subject to the terms of this Deed. 

  

	2.4	 Information to the Trustee 

The Board and/or the Administrator shall as soon as practicable deliver to the Trustee: 

 

	 	(a)	 All Award Agreements approved by the Company and related documents and information thereto for each Eligible
Individual; 

  

	 	(b)	 such notice(s) issued by each Eligible Individual to the Company stating that the Awards shall be exercised and
the number of Shares underlying the Awards in respect of which it is so exercised shall be sold or otherwise transferred; and 

  

	 	(c)	 such notices that the Company received in relation to the Rules. 

(collectively, the “Notices”). With respect to instructions regarding the addition or removal of an Eligible Individual, the
Administrator shall promptly provide all information requested by the Trustee in connection with Trustee’s Know Your Client (“KYC”) and Anti Money Laundering (“AML”) obligations and policies. In the event that
Administrator does not have such AML/KYC information requested by the Trustee, the Administrator shall use its best efforts to promptly obtain and deliver such AML/KYC information to Trustee. The Trustee confirms its obligation to promptly notify
the Administrator of all AML/KYC information required of or by Trustee, which information may include identity, residency and tax information. 
  

	2.5	 Liability for Transfer. Unless instructed by the Company in writing, the Trustee shall not transfer any
of the Shares underlying the Awards to any of the Eligible Individuals. 

  

	2.6	 Distribution. Upon receipt of the exercise notice by any means in the physical or electronic forms by
the Company, the Board shall issue the Shares underlying the Awards to the Nominee within two (2) days of the date that Company receives any such exercise notice from any Eligible Individuals. 

  
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	2.7	 The Trustee shall maintain a register of the Awards and Shares underlying the Awards based on the Notices
pursuant to Section 2.4 and other information provided by the Company to the Trustee; and neither the Company, its Subsidiary(ies), nor any other person shall be entitled to have recourse to any funds or assets whatsoever other than those
which, at the relevant time, shall be held by the Trustee under the terms of the Trust. The Trustee shall at all times act in accordance with the Rules and/or the instructions from the Administrator. The Company hereby undertakes to make available
to the Trustee all facilities and information necessary to ensure that full compliance is made with the provisions of the Rules. 

  

	2.8	 Trust Property. The Trustee and the Nominee shall keep all Shares underlying the Awards, monies,
securities and any other assets received or held by the Nominee pursuant to this Deed at all times separated and distinguished from any other assets of any kind of the Trustee or the Nominee and shall ensure that separate books of account and
records are kept. Upon any due and proper request from the Administrator, the Trustee and the Nominee shall return Shares underlying the Awards or other Trust Fund as specified and in accordance with instructions included in any such request by the
Administrator. 

  

	3.	 INVESTMENT POWERS 

 

	3.1	 Trustee’s power to investment 

Subject to the written consent by the Administrator, the Trustee shall not use any of the Trust Fund, or any part of it to either invest, or
invest at interest. 
  

	3.2	 No requirement to invest 

The Trustee shall not be required to invest, or to invest at interest, the Trust Fund or any part of it. 

 

	3.3	 No obligation to diversify 

The Trustee shall not be under any obligation to diversify the investment of the Trust Fund and, in particular, may retain, in their existing
condition, any investments, including Shares or other securities of the Company, or other property (including uninvested money) for the time being forming part of the Trust Fund. 

 

	4.	 INCOME 

The Trustee shall hold all dividends and distributions in whatever form received on the Shares underlying the Awards as income, which shall be
dealt with in accordance with the instruction to the Trustee from the Administrator, subject to any applicable taxes and withholdings as may be required under applicable laws and regulations. 

  
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	5.	 VOTING 

To the extent permitted under the Rules and applicable laws and regulations, the Trustee and the Nominee shall not exercise the voting rights
attached to the Shares. 
  

	6.	 RIGHTS, DUTIES AND IMMUNITY OF THE TRUSTEE 

 

	6.1	 It is expressly declared as follows: 

 

	 	(a)	 The Trustee may act on the opinion or advice of, or information obtained from, any expert engaged by the
Company and reasonably believed by the Trustee to be competent and shall not be obliged to indemnify anyone for any liability occasioned by so acting. Any such opinion, advice or information may be sent or obtained by letter, telex or facsimile or
electronic transmission and the Trustee will not be liable to anyone for acting on any opinion, advice or information purporting to be conveyed by such means even if such opinion, advice or information contains some error or is not authentic.
Notwithstanding the foregoing, when requested by the Administrator or the Company in writing, the Trustee shall, at the costs and expenses of the Company, use reasonable endeavours to assist the Company to claim against such expert for providing
wrong or erroneous advice or information to the Trustee which as a result caused any loss or damages to the Company. 

  

	 	(b)	 The Trustee shall be entitled to rely on all instructions, notices and information provided by the
Administrator in connection with this Deed in any format, including but not limited to the Rules and in connection with or related documents thereto, without being required to investigate or determine the authenticity or validity thereof or of any
signature thereto or the correctness of any fact stated therein or its compliance with the Listing Rules and any other applicable laws and regulations, and shall have no liability to the Company or any Eligible Individual for acting on the basis of
such information. Unless and until the Trustee receives any further instructions, notices or information the Trustee shall be entitled to assume that all such items received previously remain in full application without any amendment.

  

	 	(c)	 The Trustee and the Nominee shall be under no obligation to insure any of the Shares underlying the Awards and
may hold or deposit this Deed, and any other documents (in any part of the world) with any bank, custodian or entity whose business includes undertaking the safe custody of documents or shares in
de-materialized form or with any lawyer or firm of lawyers believed by the Trustee to be of good repute and may pay all sums to be paid on account of or in respect of any such deposit and shall not be
responsible for the loss of any documents so deposited, save for any fraud, willful default or gross negligence on the part of the Trustee or the Nominee and the Company shall pay the fees of any such bank or entity. 

  
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	 	(d)	 The Company shall deliver all necessary instructions and documents to the Company’s transfer agent
appointing Trustee as an authorized agent of the Company and authority to issue transfer instructions related to Shares underlying the Awards held in Trust with consent of the Company. 

 

	 	(e)	 Unless ordered to do so by a court of competent jurisdiction the Trustee shall not be required to disclose to
any Eligible Individual any financial or other information made available to the Trustee by the Company or any of the Company’s Subsidiaries or Affiliates on a confidential basis and no Eligible Individual shall be entitled to take any action
to obtain from the Trustee any such information. 

  

	 	(f)	 Pursuant to and in accordance with applicable laws and regulations, the Trustee may exercise sole discretion in
interpreting instructions received from the Administrator and may take any action the Trustee deems necessary, in its sole discretion, to clarify any such instructions with any parties that Trustee deemed necessary, in its sole discretion, which
parties shall include the Company. The parties agree that any delays in the Trustee’s execution of instructions based on such effort to clarify such instructions shall not create liability for the Trustee. 

 

	 	(g)	 The Trustee shall be entitled to rely upon the contents of any certificates, instructions, notices, notes,
documents or communications provided to it pursuant to this Deed and believed by the Trustee to be genuine and to have been presented or signed by the proper parties and shall not be liable to any Eligible Individual by reason of having accepted as
valid or not having rejected any certificate, note, document or communication purporting to be such and subsequently found to be forged, stolen or not authentic and the Trustee shall be indemnified by the Company against any loss, liability, cost,
claim, action, demand or expense which may result from its reliance on such certificates, notes, documents or communications unless such loss, liability, cost, claim, action, demand or expense arises from the Trustee’s gross negligence, willful
default or breach of duty. 

  

	 	(h)	 No provision of this Deed shall require the Trustee to do anything that may be illegal or contrary to
applicable laws or regulations. 

  

	 	(i)	 No provision of this Deed shall require the Trustee to expend or risk the Trustee’s own funds or otherwise
incur any financial liability in the performance of any of the Trustee’s duties, or in the exercise or non-exercise of any of the Trustee’s rights or powers if the Trustee shall have reasonable
grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not assured. Whenever the Trustee is under the provisions of this Deed bound to act at the request of the Company or any Eligible Individual,
the Trustee shall not be so bound unless first indemnified and/or secured to its satisfaction against any loss, liability, cost, claim, action, demand, expense or inconvenience which may result from any such acts (save as arises from the
Trustee’s gross negligence, willful default or breach of duty). 

  
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	 	(j)	 Save as arises from the Trustee’s fraud, gross negligence or willful misconduct, the Trustee shall not be
responsible for the execution, delivery, legality, effectiveness, adequacy, genuiness, validity, enforceability or admissibility in evidence of this Deed or any other document relating hereto and shall not be liable for any failure to obtain any
license, consent or other authority for the execution, delivery, legality, effectiveness, adequacy, genuineness, validity, performance, enforceability or admissibility in evidence of this Deed or any other documents. 

 

	 	(k)	 The Trustee shall be under no obligation to monitor or supervise the performance by the Company of its
obligations under this Deed or the Rules or any other agreement or document relating to the matters herein contemplated and shall be entitled to assume that the Company is properly performing and complying with the Company’s obligations. The
Trustee shall not be required or under any obligation to take any legal action or to request or require that the Company or any other person comply with any of the Company’s obligations arising under this Deed or otherwise.

  

	 	(l)	 The Trustee shall not be responsible for any losses, liabilities, damages, costs, awards, expenses (including
legal fees) or penalties occasioned to the Awards or the Shares underlying the Awards unless the same is caused by fraud, gross negligence or willful misconduct of the Trustee. 

 

	 	(m)	 If any person to which a distribution is due or a sum is payable by the Trustee is required by any law or
regulation to make a payment on account of Tax or otherwise or if such distribution or payment is subject to, to the extent required by any applicable law or statue, any deduction or withholding on account of Tax or otherwise, the Trustee shall be
at liberty to make such payment after such deduction or withholding. Furthermore, the Trustee shall have no responsibility whatsoever to the Company or any Eligible Individual as regards to any deficiency which might arise because the Trustee is
subject to any Tax obligations arising from and/or in connection with this Deed. 

  
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	 	(n)	 The Trustee shall be entitled to rely upon any calculations made, notifications given or directions given by
the Administrator pursuant to this Deed and shall not be liable for so doing and the Trustee shall be indemnified by the Company against all and any loss, liability, cost, claim, action, demand or expense which may result from such reliance unless
such loss, liability, cost, claim, action, demand or expense arises from the Trustee’s fraud, gross negligence or willful default. 

  

	 	(o)	 Notwithstanding any provision of this Deed to the contrary, including, without limitation, any indemnity made
by the Trustee herein, the Trustee shall not in any event be liable for special, indirect, punitive or consequential loss or damage of any kind whatsoever (including but not limited to lost profits), whether or not foreseeable, even if the Trustee
has been advised of the likelihood of such loss or damage and regardless of whether the claim for loss or damage is made in negligence, for breach of contract or otherwise; provided, however, that this Clause shall not be deemed to apply in the
event of a final determination of a fraud, willful misconduct or gross negligence on the part of the Trustee by a competent court having jurisdiction. 

  

	 	(p)	 The Trustee shall not be obliged (whether or not directed to do so by the Company, any Eligible Individual or
otherwise) to perfect legal title to the Shares underlying the Awards. Notwithstanding the generality of the foregoing, the Trustee shall have no responsibility or liability for the payment of any fees for the registration of any of the Shares
underlying the Awards, or for any legal, administrative or other fees, costs and expenses (including, but not limited to, any proper disbursements and any sales tax) relating thereto. Any such fees, costs or expenses shall be borne by the Company,
and the Company shall fully indemnify the Trustee for any liability that may arise as a result of or in connection with the perfection of legal title to the Shares underlying the Awards by the Trustee. 

 

	 	(q)	 Other than its obligations as expressly stated in this Deed, the Trustee shall not be responsible or liable for
any failure, omission or defect in registering or filing or procuring registration or filing of or otherwise protecting or perfecting the Shares underlying the Awards or failure in calling for delivery of documents of title to the Shares underlying
the Awards or requiring any further assurance in relation to the Shares underlying the Awards. 

  

	 	(r)	 The Trustee shall not be required to notify anyone of the execution, subsistence or termination of this Deed or
any documents comprised or referred to in this Deed. 

  
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	 	(s)	 In the event that the Company, the Board, the Administrator, or the committee of the Board or person(s) to
which the Board has delegated its authority provides directions or instructions to the Trustee and/or the Nominee, indicating specific aspects which the Trustee and/or the Nominee has sole discretion over (the “Sole Discretion
Authority”), no liability shall attach to the Trustee or the Nominee in connection with any claim in connection with the Trustee or Nominee’s decision(s) under such Sole Discretion Authority. In connection with the Sole Discretion
Authority, the Trustee and the Nominee shall be indemnified by the Company against any loss, liability, cost, claim, action, demand or expense which may result from the exercise of such Sole Discretion Authority unless such loss, liability, cost,
claim, action, demand or expense arises from the gross negligence, willful default or fraud of the Trustee or the Nominee. 

  

	6.2	 For avoidance of doubt, the Trustee shall carry and perform such obligations and duties expressly provided
herein. 

  

	7.	 TRUSTEE’S LIABILITY AND INDEMNITY 

 

	7.1	 The Company shall indemnify the Trustee and its officers and employees against any expenses, claims and
liabilities which arise out of or are incurred through acting as a Trustee in accordance with the Rules. This does not apply to expenses, claims and liabilities that are incurred or arise through fraud, gross negligence or willful wrongdoing or
breach of duty on the part of the Trustee or on the part of any of their officers or employees. This indemnity will similarly apply after the removal or retirement of a Trustee. The Trustee shall also have the benefit of any indemnities conferred on
trustee(s) by law. 

  

	7.2	 The Trustee shall not be personally liable for any breach of trust (other than through breach of this Deed,
gross negligence, fraud or willful wrongdoing). 

  

	7.3	 No liability shall attach to the Trustee in respect of any claim if such claim would not have arisen but for a
change in legislation or regulations made after the date hereof or a change in the interpretation of law after the date hereof or any legislation or regulations not in force at the date hereof. 

 

	8.	 TRUSTEE CONTRACTING WITH COMPANY 

Neither the Trustee nor any director or officer of a corporation acting as a trustee under this Deed shall by reason of their fiduciary
position be in any way precluded from: 
  

	 	(a)	 entering into or being interested in any contract or financial or other transaction or arrangement with the
Company or any Affiliate or Subsidiary or any person or body corporate associated with the Company or any Affiliate or Subsidiary (including without limitation any contract, transaction or arrangement of a banking or insurance nature or any
contract, transaction or arrangement in relation to the making of loans or the provision of financial facilities to, or the purchase, placing or underwriting of or the subscribing or procuring subscriptions for or otherwise acquiring, holding or
dealing with the Shares underlying the Awards or any other notes, Shares, shares, debenture Share, debentures, bonds or other securities of, the Company or any Affiliate or Subsidiary or any person or body corporate associated as aforesaid); or

  
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	 	(b)	 accepting or holding the trusteeship of any other trust deed constituting or securing any other securities
issued by or relating to the Company or any such person or body corporate so associated or any other office of profit under the Company or any such person or body corporate so associated in each case holding different Awards, Shares underlying the
Awards or Shares for, and owing duties in favour of, different classes of Eligible Individuals which may or may not include any Eligible Individual (or any of their respective immediate families), and shall be entitled to retain and shall not be in
any way liable to account for any profit made or share of brokerage or commission or remuneration or other benefit received thereby or in connection therewith. 

 

	9.	 APPOINTMENT AND RETIREMENT OF THE TRUSTEE 

 

	9.1	 Appointment The Company will have the power of appointing new or additional trustees. The Company may
terminate the Trustee’s appointment at any time on giving not less than thirty (30) days’ advance notice in writing to the Trustee and pay all outstanding obligations owed to Trustee together with the trust dissolution fees within
thirty (30) days after the delivery of the termination notification to Trustee; provided, however, such termination notice shall afford Trustee not less than a ninety (90) day period to complete the transfer to the successor trustee.

  

	9.2	 Retirement and Removal The Trustee may retire at any time on giving not less than ninety
(90) days’ advance notice in writing to the Company and to the remaining trustees (if any) without giving any reason and without being responsible for any costs occasioned by such retirement provided that the retirement of any sole trust
corporation will not become effective until a trust corporation is appointed as successor Trustee. The Company will use all reasonable endeavours to procure that another trust corporation be appointed as Trustee, and if the Company has not made an
appointment within ninety (90) days’ notice from the Trustee, the Trustee shall have the right (but not the obligation) to appoint a successor Trustee with the consent of the Company not unreasonably withheld or delayed. All costs properly
and reasonably incurred for appointing a successor Trustee shall be borne by the Company. 

  

	9.3	 The Trustee shall use reasonable endeavours to execute and do or make all such transfers or other documents,
acts or things as may be necessary for transferring all the shares or interests in the Nominee or the Shares underlying the Awards in the successor or continuing Trustee(s) or placing it under its/their control at the costs and expenses of the
Company. 

  

	10.	 TRUSTEE’S POWERS TO BE ADDITIONAL 

 

	10.1	 The Trustee may, to the extent permitted by law and upon consent of the Company, delegate to any person or
company powers and duties under the Rules and exercise all powers trusts and discretion vested in it hereunder. 

  
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	10.2	 The Trustee may execute and may authorise any of their directors, officers or employees to execute on their
behalf any documents in such manner as may be appropriate and not being inconsistent with the terms of the Rules or any instruction from the Administrator. 

  

	10.3	 The powers conferred upon the Trustee by this Deed shall be in addition to any powers which may from time to
time be vested in the Trustee by the general law and equities insofar as the exercise of the same shall not be inconsistent with the Trust. 

  

	11.	 NOTICES 

Any notice or demand to the Company or the Trustee to be given, made or served for any purposes under this Deed shall be given, made or served
by sending the same by prepaid post (first class airmail if overseas), facsimile transmission or by delivering it by hand as follows: 
  

					
	 To the Company:
	  		  	
			
		  	 Fax Number:
	  	
+86-025-66095856

		  	 Attention:
	  	 Company Secretary

			
	 To the Trustee:
	  		  	
			
		  	 Fax Number:
	  	 +852 3667-8800

		  	 Attention:
	  	 Fiduciary Services

 or to such other address or facsimile number as shall have been notified (in accordance with this
Clause) to the other party hereto and any notice or demand sent by post as aforesaid shall be deemed to have been given, made or served three (3) days in the case of inland post or seven (7) days in the case of overseas post after dispatch
and any notice or demand sent by facsimile transmission as aforesaid shall be deemed to have been given, made or served twenty-four (24) hours after the time of dispatch provided that in the case of a notice or demand given by facsimile
transmission such notice or demand shall forthwith be confirmed by post. The failure of the addressee to receive such confirmation shall not invalidate the relevant notice or demand given by facsimile transmission, provided that any communication or
document to be made or delivered to the Trustee shall be effective only when received by the Trustee and then only if the same is expressly marked for the attention of the department or officer as the Trustee shall from time to time specify for this
purpose. 
  

	12.	 COUNTERPARTS 

This Deed and any deed supplemental hereto may be executed and delivered in any number of counterparts, all of which, taken together, shall
constitute one and the same deed and any party to this Deed or any trust deed supplemental hereto may enter into the same by executing and delivering a counterpart. 

  
 - 15 - 

	13.	 REMUNERATION 

 

	13.1	 Normal Remuneration The Company shall pay to the Trustee remuneration for its services as trustee as
they may from time to time agree in writing. Such remuneration will accrue from day to day as from the date of this Deed (the “Remuneration”). 

 

	13.2	 Extra Remuneration In the event of the Trustee being requested by the Company to undertake duties which
the Trustee and the Company agree to be of an exceptional nature or otherwise materially outside the scope of the normal duties of the Trustee under this Deed, the Company shall pay to the Trustee such additional remuneration as shall be agreed
between them. Such exceptional duties include but not limited to the Trustee attending to the review of this Deed and the Rules in connection with such exceptional duties and revising this Deed subsequent to any further amendments made to the Rules
by the Company. 

  

	13.3	 Expenses The Company shall also pay or discharge all proper costs, Tax, charges and expenses properly
and reasonably incurred by the Trustee in relation to the preparation and execution of, the exercise of its powers and the performance of its duties under, and in any other manner in relation to, this Deed, including but not limited to legal and
travelling expenses and any stamp, issue, registration, documentary and other taxes or duties paid or payable by the Trustee in connection with any action taken or contemplated by or on behalf of the Trustee for enforcing, or resolving any doubt
concerning, or for any other purpose as may be agreed between the Company and the Trustee, in relation to this Deed. 

  

	13.4	 Payment of amounts due All amounts payable pursuant to this Deed shall be payable by the Company within
thirty (30) days of demand or on the date specified in a demand by the Trustee, whichever is later and in the case of payments actually made by the Trustee prior to such demand shall carry interest at the rate of Three per cent (3%) per annum
above the prime rate from time to time of The Hong Kong and Shanghai Banking Corporation Limited from the date specified in such demand, and in all other cases shall (if not paid on the date specified in such demand or, if later, within three days
after such demand and, in either case, if the Trustee so requires) carry interest at such rate from the date specified in such demand. All remuneration payable to the Trustee shall carry interest at such rate from the due date thereof. For the
avoidance of doubt, the Trustee may pay any and all amounts owed by the Trust out of Trust Funds as Trustee deems fit. 

  

	13.5	 Discharges Unless otherwise specifically stated in any discharge of this Deed the provisions of this
Clause 13 shall continue in full force and effect notwithstanding such discharge. 

  
 - 16 - 

	14.	 STAMP DUTIES AND OTHER TAXES 

The Company will pay stamp duties, registration taxes, capital duties and other duties or Taxes (if any) in accordance with the applicable Hong
Kong laws on (a) any action taken by the Trustee to enforce the provisions of this Deed, (b) the execution of this Deed and (c) the transfer of any Shares underlying the Awards. 

 

	15.	 EXCHANGE RATE INDEMNITY 

 

	15.1	 Currency of Account and Payment All sums payable by the Company under or in connection with this Deed,
including damages, shall be in Hong Kong dollars or such other currency as may be agreed between the Company and the Trustee from time to time (the “Contractual Currency”). 

 

	15.2	 Extent of Discharge An amount received or recovered in a currency other than the Contractual Currency
(whether as a result of, or of the enforcement of, a judgment or order of a court of any jurisdiction, in the winding up or dissolution of the Company or otherwise), by the Trustee or any Eligible Individual in respect of any sum expressed to be due
to it from the Company will only discharge the Company to the extent of the Contractual Currency amount which the recipient is able to purchase with the amount so received or recovered in that other currency on the date of that receipt or recovery
(or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so). 

  

	15.3	 Indemnity If that Contractual Currency amount is less than the Contractual Currency amount expressed to
be due to the recipient under this Deed, the Company will indemnify it against any loss sustained by it as a result. In any event, the Company will indemnify the recipient against the cost of making any such purchase. 

 

	16.	 INDEMNITIES SEPARATE 

The indemnities in this Deed constitute separate and independent obligations from the other obligations in this Deed, will give rise to
separate and independent causes of action, will apply irrespective of any indulgence granted by the Trustee and will continue in full force and effect despite any judgment, order, claim or proof for a liquidated amount in respect of any sum due
under this Deed or any other judgment or order. Any such loss arising from and/or in connection with this Deed shall be deemed to constitute a loss suffered by the Trustee and no proof or evidence of any actual loss shall be required by the Company
or its liquidator or liquidators. 
  

	17.	 SURVIVAL OF THE DEED AND TERMINATION 

 

	17.1	 This Deed shall, insofar as its terms remain to be performed or are capable of subsisting, remain in full force
and effect notwithstanding completion of the matters referred to herein. 

  
 - 17 - 

	17.2	 This Deed shall terminate automatically upon the expiry of the Trust Period provided that the Trustee has
received all fees, costs, expenses and other amounts payable to it under or in connection with the terms of this Deed. 

  

	18.	 MERGER 

 

	18.1	 Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any
corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee shall be the successor of the Trustee
hereunder, provided such corporation shall be otherwise qualified and eligible under this Deed, without the execution or filing of any paper or any further act on the part of any of the parties hereto. 

 

	18.2	 Subject to Clause 18.1, no party shall assign any of its rights, benefits and obligations hereunder unless with
the written consent of the other party to this Deed. 

  

	19.	 WARRANTIES AND UNDERTAKINGS 

 

	19.1	 The Company represents and warrants to the Trustee that: 

 

	 	(a)	 it has the necessary power and capacity to enter into and has taken all necessary steps to authorize the
execution of this Deed; 

  

	 	(b)	 this Deed when executed and delivered will constitute legal, valid and binding obligations of the Company
enforceable in accordance with its terms; 

  

	 	(c)	 the execution and delivery by the Company and the performance of its obligation in this Deed and the Rules will
not violate its constitutional documents and any applicable law (which include but not limited to the data privacy laws); and 

  

	 	(d)	 the Trustee is authorized and directed to take administrative actions in relation to the Rules under the
instruction and supervision of the Administrator, pursuant to the terms of this Deed and the Rules. 

  

	19.2	 The Company acknowledges that it is the Company’s obligation to obtain tax and legal counsel in connection
with the establishment of the MASTER QUALITY TRUST from its tax and legal advisors. The Company confirms to Trustee and Nominee that it understands neither Trustee nor Nominee provides any tax or legal advice to the Company. The Company further
confirms that it has obtained tax and legal counsel in connection with the Company’s establishment of the MASTER QUALITY TRUST from its tax and legal advisors. 

 

	19.3	 The Company represents and warrants to the Trustee that all Shares made available to the Awards are or will, on
issue, be fully paid. 

  
 - 18 - 

	19.4	 In order not to create a false market when the Trustee is dealing in the Shares pursuant to this Deed and the
Rules, the Company undertakes to the Trustee that it will disclose information relating to the Rules in accordance with the Listing Rules, and make any other appropriate announcements pursuant to the Listing Rules as required. 

 

	19.5	 Each of the Trustee and the Nominee represents and warrants to the Company that it has the necessary power and
capacity to enter into and has taken all necessary steps to authorize the execution of this Deed and that this Deed when executed and delivered will constitute legal, valid and binding obligations of the Trustee enforceable in accordance with its
terms. 

  

	19.6	 The Trustee undertakes that for so long as this Deed remains in effect and until all the Shares underlying the
Awards held by the Nominee are transferred to such person designated by the Company, the Nominee shall remain a wholly-owned subsidiary of the Trustee. 

  

	19.7	 Each of the Trustee and the Nominee represents and warrants that at all times the Nominee has no assets and
liabilities other than the Shares underlying the Awards and any distributions or income or payments received pursuant to this Deed. 

  

	19.8	 Each of the Trustee and the Nominee undertakes and agrees not to sell, part with possession or otherwise deal
with the Shares underlying the Awards, any part thereof, any accretions thereto or any related rights or interests save and except with the consent of the Administrator or as may be required by applicable laws or regulations. 

 

	19.9	 Each of the Trustee and the Nominee shall act in good faith and with due diligence in respect of all matters
relating to the Shares underlying the Awards and the Company. 

  

	19.10	 Each of the Trustee and the Nominee shall take steps within its respective power to protect the interests in
the Shares underlying the Awards, all accretions thereto and all related rights and interests. 

  

	20.	 FORCE MAJEURE 

The Trustee shall not be liable or deemed to be in default for any failure or delay in performance of any duty in whole or in part arising out
of or caused by circumstances beyond its direct and reasonable control including, without limitation, acts of God; interruption, delay in or loss due to partial or complete failure of electrical power or of computer (hardware or software) or
communication services; acts of civil or military authority; sabotage; terrorism, war, pandemic or other government action; civil disturbance or riot; strike or other industrial dispute; national emergency; typhoon or rainstorm affecting the normal
conduct of business and/or the provision of commercial services generally; flood, earthquake, fire or other catastrophe; government, judicial or self-regulatory organizational order, rule or regulation; or energy or natural resource difficulty or
shortage. 

  
 - 19 - 

	21.	 FURTHER ASSURANCE 

 

	21.1	 If so requested by the Trustee, the Company shall execute such documents necessary for the execution of the
matters set out in this Deed. 

  

	21.2	 The Company further covenants with and undertakes to the Trustee, from time to time upon demand to execute, at
the cost of the Company, any document or to do any act or thing which the Trustee may reasonably specify with a view to facilitating the exercise, or the proposed exercise of any of the Trustee’s powers. 

 

	21.3	 If the Company is notified of a change of address of any Eligible Individual to that previously notified to the
Trustee, the Company shall within thirty (30) days of such notification notify the Trustee of the new address. 

  

	21.4	 If any amendment, variation or modification is made to the Rules, the Company shall within fourteen
(14) days of the date on which such amendment, variation or modification is determined notify the Trustee of the same. 

  

	22.	 POWER OF ATTORNEY 

The Company irrevocably appoints the Trustee to be its attorney and in its name, on its behalf and as its act and deed to execute, deliver and
perfect all documents (including any Share transfer forms and other instruments of transfer) and do all things that the Trustee may consider to be requisite for (a) carrying out any obligation imposed on the Company under this Deed or any other
document relating to the Trust; or (b) exercising any of the rights conferred on the Trustee by this Deed or any other document relating to the Trust or by law. The Company shall ratify and confirm all things lawfully, properly and reasonably
done in good faith and all documents executed by the Trustee in good faith in the exercise of that power of attorney. 
  

	23.	 SEVERABILITY 

In case any provision in or obligation under this Deed shall be invalid, illegal or unenforceable in any jurisdiction, the validity, legality
and enforceability of the remaining provisions or obligations, or of such provision or obligation in any other jurisdiction, shall not in any way be affected or impaired thereby. 

 

	24.	 CHANGES TO THIS DEED 

This Deed may be supplemented or varied by further agreement in writing between the parties from time to time. 

  
 - 20 - 

	25.	 ANNOUNCEMENTS 

 

	25.1	 Subject to Clause 25.2, no party may make or publicize or distribute any public announcement, communication or
circular concerning the transactions referred to in this Deed unless it has first consulted with the other party. Each party agrees to instruct its respective knowledgeable staff to such confidentiality and agrees to hereafter limit disclosure of
such information to its/his respective employees and affiliates and to any third parties who have a need to know such information, including each party’s attorneys and accountants. 

 

	25.2	 Clause 25.1 does not apply to a public announcement, communication or circular required by law, by a
governmental authority or other authority with relevant powers to which any party is subject or submits, whether or not the requirement has the force of law, provided that the public announcement, communication or circular shall so far as is
practicable be made after consultation with the other party and after taking into account the reasonable requirements of the other party as to its timing, content and manner of making or dispatch. 

 

	26.	 TRUST DEED PREVAILS OVER RULES 

To the extent that the provisions of this Deed are inconsistent with the provisions of the Rules (if at all), the provisions of this Deed shall
govern the Trustee in connection with the execution of the trusts and powers of this Deed. 
  

	27.	 GOVERNING LAW AND JURISDICTION 

 

	27.1	 This Deed shall be governed by and construed in accordance with the laws of Hong Kong and the parties hereby
irrevocably submit to the non-exclusive jurisdiction of the courts of Hong Kong. 

  

	27.2	 Each party irrevocably and unconditionally waives any objection which it may now or hereafter have to the
choice of Hong Kong as the venue of any legal action arising out of or relating to this Deed and agrees not to claim that any court thereof is not a convenient or appropriate forum. Each party also agrees that a final judgment against it in any such
legal action shall be final and conclusive and may be enforced in any other jurisdiction. 

  

	27.3	 Each party irrevocably and unconditionally waives any immunity to which it or its property may at any time be
or become entitled, whether characterized as sovereign immunity or otherwise, from any set off or legal action in Hong Kong or elsewhere, including immunity from service of process, immunity from jurisdiction of any court or tribunal, and immunity
of any of its property from attachment prior to judgment or from execution of a judgment. 

 [the remainder of this
page is intentionally left blank] 

  
 - 21 - 

 Executed and delivered as a Deed by the parties on the day and year first above written. 

 

					
	THE COMMON SEAL of	  	)	  	
	Full Truck Alliance Co. Ltd.	  	)	  	
	was affixed to this Deed	  	)	  	
	in the presence of:	  	)	  	

 The above signature has been executed in the presence of: 

 

			
	WITNESS:	 	 

  

		 	Name:
		 	ID:

  

					
	THE COMMON SEAL of	  	)	  	
	The Core Trust Company Limited	  	)	  	
	was affixed to this Deed	  	)	  	
	in the presence of:	  	)	  	

 The above signature has been executed in the presence of: 

 

			
	WITNESS:	 	 

  

	 	 	Name:
	 	 	ID:

  

					
	THE COMMON SEAL of	  	)	  	
	MASTER QUALITY GROUP LIMITED	  	)	  	
	was affixed to this Deed	  	)	  	
	in the presence of:	  	)	  	

 The above signature has been executed in the presence of: 

 

			
	WITNESS:	 	 

  

	 	 	Name:
	 	 	ID:

  
 - 22 -EX-10.23

 Exhibit 10.23 

THIS AMENDMENT is executed as a deed on 25 February, 2021 (this “Amendment”) by and between Full Truck Alliance Co. Ltd. (the
“Company”), THE CORE TRUST COMPANY LIMITED (匯聚信託有限公司) ( the
“Trustee”) and MASTER QUALITY GROUP LIMITED (the “Nominee”, together the Company and the Trustee, the “Parties”). 

Reference is made to (i) the trust deed (the “Trust Deed”) made as of December 3, 2018 by and between the Parties, pursuant to
which the Trustee shall serve as the trustee for the Trust and the Nominee shall hold Shares underlying the Awards under the Trust; (ii) Settlor Instruction Letter dated 1 July 2020 (the “Instruction Letter”); and
(iii) Proxy Appointment and Limited Power of Attorney dated 1 July 2020 (the “PoA”). For purposes of this Amendment, unless defined elsewhere in this Amendment, capitalized terms shall have the meanings specified in the
Trust Deed. 
 In consideration of the promises and the mutual covenants and agreements hereinafter contained, and for other good and valuable
consideration, the receipt and sufficiency of which is hereby acknowledged, and intending to be legally bound, the Parties hereby agree as follows:     
  

	 	1.	 Clause 5 titled “Voting” in the Trust Deed is hereby replaced in its entirety with the following:

 “5. VOTING 

To the extent permitted under the Rules and applicable laws and regulations, the voting rights attached to the Shares shall be exercised by
the chairman of the Board.” 
  

	 	2.	 This Amendment shall become effective from the date hereof. 

 

	 	3.	 Except expressly and specifically amended by this Amendment, the Trust Deed shall remain in full force and
effect. 

  

	 	4.	 Save for Clause 5 of the Trust Deed, the other clauses contained in the Trust Deed shall apply mutatis
mutandis to this Amendment. 

  

	 	5.	 This Amendment shall supersede and replace the instructions as stated in the Instruction Letter and PoA.

 [Signature Page Follows] 

 IN WITNESS WHEREOF, this Deed has been executed and delivered on the date first before written. 

 

					
	THE COMMON SEAL OF	 	)	 	
	Full Truck Alliance Co. Ltd.	 	)	 	
		 	)	 	
	was affixed to this Deed	 	)	 	
	in the presence of:	 	)	 	

   The above signature has been executed in the presence of: 

 

			
	  Signature of witness:	 	 /s/ Shi Xiao Xiao

	  Name of witness:	 	Shi Xiao Xiao

  
 [Signature Page to the
Deed of Amendment] 

 IN WITNESS WHEREOF, this Deed has been executed and delivered on the date first before written. 

 

							
	 THE COMMON SEAL OF
	 	 	)	 	  	
	 THE CORE TRUST
	 	 	)	 	  	
	 COMPANY LIMITED
	 	 	)	 	  	
	 was affixed to this Deed
	 	 	)	 	  	
	 in the presence of:
	 	 	)	 	  	

   The above signature has been executed in the presence of: 

 

			
	  Signature of witness:	 	 /s/ Su Yu Ning

	  Name of witness:	 	Su Yu Ning

  
 [Signature Page to the
Deed of Amendment] 

 IN WITNESS WHEREOF, this Deed has been executed and delivered on the date first before written. 

 

					
	THE COMMON SEAL OF	 	)	  	
	MASTER QUALITY GROUP LIMITED	 	)	  	
		 	)	  	
	was affixed to this Deed	 	)	  	
	in the presence of:	 	)	  	

   The above signature has been executed in the presence of: 

 

			
	  Signature of witness:	 	 /s/ Su Yu Ning

	  Name of witness:	 	Su Yu Ning

  
 [Signature Page to the
Deed of Amendment]

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