Document:

EX-10.14

 Exhibit 10.14 

FORM OF STRATEGIC INVESTOR TRANSFER AGREEMENT 

STRATEGIC INVESTOR TRANSFER AGREEMENT (this “Agreement”) dated as of [•] (the “Effective Date”), by and
among TPG Partners, LLC, a Delaware limited liability company, TPG LPCo-2, LLC, a Delaware limited liability company, TPG Operating Group I, L.P., a Delaware limited partnership formerly known as TPG Holdings
I, L.P. (“TPG OG I”), TPG Operating Group II, L.P., a Delaware limited partnership formerly known as TPG Holdings II, L.P. (“TPG OG II”), TPG Operating Group III, L.P., a Delaware limited partnership formerly known
as TPG Holdings III, L.P. (“TPG OG III”, and together with TPG OG I and TPG OG II, collectively, the “TPG OG Partnerships”, and together with PubCo (as defined below) and
LPCo-2 (as defined below), the “TPG Parties”), [[•], a [•] and holder of Common Units in TPG OG I (“Investor I”), [•], a [•] [and holder of [Common Units
in TPG OG II][and holder of stock of a Delaware corporation that is the holder of Common Units in TPG OG II] (“Investor II” [or “Blocker Shareholder”]) and [•], a [•] and holder of Common
Units in TPG OG III (“Investor III”) and together with Investor I and Investor II, the “Investor Parties”]. 

W I T N E S S E T H : 

WHEREAS, the Investor Parties hold, directly or indirectly, Common Units in the TPG OG Partnerships; 

WHEREAS, the parties to this Agreement desire to provide for: 
  

	 	(i)	 the transfer by Investor I of 100% of its TPG OG I Common Units to the Applicable OG I Subsidiary Transferee or
Applicable OG I Parent Transferee (each as defined below) in exchange for, as applicable, the Applicable OG I Cash Consideration or Applicable OG I Stock Consideration (each as defined below); 

 

	 	(ii)	 the transfer by Investor II of 100% of its [TPG OG II Common Units][Equity Securities (the “Blocker
Shares”) of [•], a [•] (the “Blocker”), an entity that holds TPG OG II Common Units], to the Applicable OG II Subsidiary Transferee or Applicable OG II Parent Transferee (each as defined below) in exchange for, as
applicable, the Applicable OG II Cash Consideration or Applicable OG II Stock Consideration (each as defined below); and 

  

	 	(iii)	 the transfer by Investor III of 100% of its TPG OG III Common Units to the Applicable OG III Subsidiary
Transferee or Applicable OG III Parent Transferee (each as defined below) in exchange for, as applicable, the Applicable OG III Cash Consideration or Applicable OG III Stock Consideration (each as defined below); 

WHEREAS, the applicable Investor Party is the record and beneficial owner of the Common Units in the TPG OG Partnerships (or, in the case of
Blocker Shareholder, the Blocker Shares) to be transferred by this Agreement and the Investor Parties desire to transfer, directly or indirectly, such Common Units (or Blocker Shares, as applicable) to the Applicable OG Transferee (as defined below)
in exchange for the Applicable OG Consideration, upon the terms and subject to the conditions hereinafter set forth; 

 The parties hereto agree as follows: 

ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. (a) As used herein, the following terms have the following meanings: 

“1934 Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder. 

“A&R TPG OG I LP Agreement” means the Amended and Restated Limited Partnership Agreement of TPG OG I, dated on or about
the Closing Date, together with the Schedules and Exhibits thereto, as the same may be amended, restated, modified, supplemented or replaced from time to time. 

“A&R TPG OG II LP Agreement” means the Amended and Restated Limited Partnership Agreement of TPG OG II, dated on or about
the Closing Date, together with the Schedules and Exhibits thereto, as the same may be amended, restated, modified, supplemented or replaced from time to time. 

“A&R TPG OG III LP Agreement” means the Amended and Restated Limited Partnership Agreement of TPG OG III, dated on or
about the Closing Date, together with the Schedules and Exhibits thereto, as the same may be amended, restated, modified, supplemented or replaced from time to time. 

“Accrued but Unpaid Blocker Taxes” means any accrued but unpaid Taxes of the Blocker as of the Closing Date, which
amount, if any, is set forth on Schedule [•] of this Agreement, as determined in accordance with Section 6.07. 

“Action” means any claim or counterclaim, hearing, audit, action, investigation, suit, litigation, proceeding (including any
civil, criminal, administrative, investigative or appellate proceeding), arbitral action or criminal prosecution. 

“Affiliate” means, with respect to any Person, any other Person who, directly or indirectly controls, is controlled by or is
under common control with such Person; provided that no Investor Party or Blocker shall be considered an Affiliate of any TPG Party. For purposes of this definition, “control” when used with respect to any Person means the
power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise, and the terms “controlling” and “controlled” have
correlative meanings. 
 “Agreement” has the meaning set forth in the preamble. 

  
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 “Allocation Percentage” means, as of the Closing Date, with respect to each
of TPG OG I, TPG OG II and TPG OG III, a percentage equal to the (a) fair market value as of such time of a Common Unit issued by such entity divided by (b) the aggregate fair market value as of such time of a Common Unit issued by each of
the TPG OG Partnerships collectively. For purposes of this definition, “fair market value” shall mean the value that would be obtained in an arms-length transaction between an informed and willing buyer and an informed and willing seller,
neither of whom is under any compulsion to buy or sell, respectively, and without regard to the particular circumstances of the buyer or seller, in each case, as determined by PubCo in good faith. 

“Applicable A&R TPG OG LP Agreement” means the Applicable A&R TPG OG I LP Agreement, Applicable A&R TPG OG II LP
Agreement, or Applicable A&R III TPG OG LP Agreement, as the context requires. 
 “Applicable OG Cash Consideration”
means the Applicable OG I Cash Consideration, the Applicable OG II Cash Consideration or the Applicable OG III Cash Consideration, as the context requires. 

“Applicable OG Consideration” means the Applicable OG I Cash Consideration, the Applicable OG I Stock Consideration, the
Applicable OG II Cash Consideration, the Applicable OG II Stock Consideration, the Applicable OG III Cash Consideration or the Applicable OG III Stock Consideration, as the context requires. 

“Applicable OG Stock Consideration” means the Applicable OG I Stock Consideration, the Applicable OG II Stock Consideration
or the Applicable OG III Stock Consideration, as the context requires. 
 “Applicable OG Transferee” means the Applicable
OG I Subsidiary Transferee, the Applicable OG I Parent Transferee, the Applicable OG II Subsidiary Transferee, the Applicable OG II Parent Transferee, the Applicable OG III Subsidiary Transferee, or the Applicable OG III Parent Transferee, as the
context requires. 
 “Applicable OG I Cash Consideration” means an amount of cash equal to the product of (v) the OG I
Cash Proportion, (w) the number of Common Units in TPG OG I being transferred, (x) the Exchange Rate, (y) the TPG OG I Allocation Percentage, and (z) the IPO Price (less any underwriters’ discount or commissions). 

“Applicable OG I Parent Transferee” means PubCo. 

“Applicable OG I Stock Consideration” means a number of Class A Shares [(or, to the extent required in order for such
Investor Party and its Affiliates to own less than 5% of the voting power, a number of non-voting Class A Shares)] equal to the product of the (w) OG I Stock Proportion, (x) number of Common
Units in TPG OG I being transferred, (y) Exchange Rate and (z) TPG OG I Allocation Percentage. 
 “Applicable OG I
Subsidiary Transferee” means LPCo-2. 
 “Applicable OG II Cash
Consideration” means an amount of cash equal to the product of (v) the OG II Cash Proportion, (w) the number of Common Units in TPG OG II being transferred, (x) the Exchange Rate, (y) the TPG OG II Allocation Percentage,
and (z) the IPO Price (less any underwriters’ discount or commissions). 
 “Applicable OG II Parent Transferee”
means PubCo. 
 “Applicable OG II Stock Consideration” means a number of Class A Shares [(or, to the extent required
in order for such Investor Party and its Affiliates to own less than 5% of the voting power, a number of non-voting Class A Shares)] equal to the product of (w) the OG II Stock Proportion,
(x) the number of Common Units in TPG OG II being transferred, (y) the Exchange Rate and (z) the TPG OG II Allocation Percentage. 

  
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 “Applicable OG II Subsidiary Transferee” means LPCo-2. 
 “Applicable OG III Cash Consideration” means an amount of cash equal to the
product of (v) the OG III Cash Proportion, (w) the number of Common Units in TPG OG III being transferred, (x) the Exchange Rate, (y) the TPG OG III Allocation Percentage, and (z) the IPO Price (less any underwriters’
discount or commissions). 
 “Applicable OG III Parent Transferee” means PubCo. 

“Applicable OG III Stock Consideration” means a number of Class A Shares [(or, to the extent required in order for such
Investor Party and its Affiliates to own less than 5% of the voting power, a number of non-voting Class A Shares)] equal to the product of (w) the OG III Stock Proportion, (x) the number of
Common Units in TPG OG II being transferred, (y) the Exchange Rate and (z) the TPG OG III Allocation Percentage. 

“Applicable OG III Subsidiary Transferee” means LPCo-2. 

“Blocker Shareholder” has the meaning set forth in the preamble. 

“Business Day” means any day except Saturday, Sunday or any other day on which commercial banks located in New York City, New
York, Fort Worth, Texas or San Francisco, California are authorized or required to be closed for business. 

“Class A Share” means a share of voting or non-voting
“Class A Common Stock” as defined in the PubCo Charter. 
 “Class B Share” means a share
of “Class B Common Stock” as defined in the PubCo Charter. 
 “Closing Date” means the pricing of the IPO.

 “Code” means the Internal Revenue Code of 1986, as amended. 

“Common Unit” means, collectively, one TPG OG I Common Unit, one TPG OG II Common Unit and one TPG OG III Common Unit. 

“Effective Date” has the meaning set forth in the preamble. 

“Equity Securities” means, with respect to any Person, any (i) partnership interests, membership interests or shares of
capital stock, (ii) equity, ownership, voting, profit or participation interests or (iii) similar rights or securities in such Person or any of its subsidiaries, or any rights or securities convertible into or exchangeable for, options or
other rights to acquire from such Person or any of its subsidiaries, or obligation on the part of such Person or any of its subsidiaries to issue, any of the foregoing. 

  
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 “Exchange Rate” means [the number of Class A Shares for which a Common
Unit would be exchanged. On the Closing Date, the Exchange Rate shall be 1-for-1.] 

“Governmental Authority” means any supranational, national, federal, state, municipal or local court, administrative body or
other governmental or quasi-governmental entity or authority with competent jurisdiction exercising legislative, judicial, regulatory or administrative functions of or pertaining to supranational, national, federal, state, municipal or local
government, including any department, commission, board, agency, bureau, subdivision, instrumentality or other regulatory, administrative or judicial authority. 

“Indemnified Pre-Closing Blocker Taxes” means (without duplication) (i) any
Taxes attributable to taxable income or gain of any Blocker for any Pre-Closing Tax Period (together with any interest, penalties or additions to Tax for a Post-Closing Tax Period attributable to Indemnified
Taxes), (ii) any liability of the Blocker for Taxes as a result of (A) having been a member of an affiliated, consolidated, combined or unitary tax group, (B) an event or transaction occurring , or (C) an agreement to which Blocker
was party or otherwise had liability, in each case, on or prior to the Closing Date (and prior to the transfer of interests in the TPG OG Partnerships hereunder), (iii) any Taxes for which Blocker is liable as a result of any Pre-Closing Blocker Restructuring, (iv) any Taxes attributable to an inclusion under Section 951 or 951A of the Code in respect of a foreign corporation (determined as though the taxable year of such
foreign corporation ended on the Closing Date), (v) any Taxes attributable to the “pushout” under Section 6226 of the Code (and any similar provision of state or local law), including pursuant to Section 6226(b)(4)(A)(ii)(I),
made by any TPG OG Partnership in respect of any Pre-Closing Tax Period, and (vi) without duplication of any of the foregoing, any liability of the Blocker to any TPG OG Partnership in respect of any
Taxes for any taxable period (or portion thereof) ending on or prior to the Closing Date; provided that, in each case, the calculation of Taxes hereunder shall take into account any Tax deductions, credits or other attributes for a Pre-Closing Tax Period to the extent actually available under applicable law to reduce the amount of particular Taxes payable in any such Pre-Closing Tax Period. 

“Indemnified Taxes” means (without duplication) (i) any withholding taxes arising from the transactions effected
pursuant to this Agreement, (ii) any Taxes attributable to any breach by the Investor Party or any of its Affiliates of any covenant under this Agreement, (iii) any transfer Taxes arising out of the transfers pursuant to this Agreement,
(iv) any Taxes attributable to an inclusion under Section 951 or 951A of the Code in respect of a foreign corporation (determined as though the taxable year of such foreign corporation ended on the Closing Date), (v) any liability of the
Investor to any TPG OG Partnership in respect of any Taxes, and (vi) Indemnified Pre-Closing Blocker Taxes; provided, however, that Indemnified Taxes, if any, shall not include such Taxes, if any,
that have already been taking into by reducing the amount otherwise payable to the Investor Parties under Section 2.02(c); provided that, in each case, the calculation of 

  
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Taxes for purposes of clauses (i)-(v) herein shall take into account any Tax deductions, credits or other Tax attributes relating to a Pre-Closing Tax
Period to the extent actually available under applicable law to reduce the amount of particular Taxes payable in any such Pre-Closing Tax Period. 

“Investor I” has the meaning set forth in the preamble. 

“Investor II” has the meaning set forth in the preamble. 

“Investor III” has the meaning set forth in the preamble. 

“Investor Parties” has the meaning set forth in the preamble. 

“Investor Rights Agreement” means the Investor Rights Agreement, dated on or about the Closing Date, by and among PubCo, the
Investors party thereto and the other parties named therein, as the same may be amended, modified, supplemented or waived from time to time. 

“IPO” means the underwritten initial public offering by PubCo. 

“IPO Price” means the public offering price per Class A Share in the IPO (as determined by PubCo in its sole discretion
and as disclosed on the cover of the final prospectus relating to the IPO). 
 “Liability” means any debt, liability,
guarantee, damage, penalty, fine, assessment, charge, cost, loss, claim, demand, expense, commitment or obligation (whether accrued, contingent, absolute, secured, unsecured, direct or indirect, liquidated or unliquidated, due or to become due,
determined, determinable or otherwise). 
 “Lien” means, with respect to any property or asset, any mortgage, lien, pledge,
charge, security interest or encumbrance in respect of such property or asset. 

“LPCo-2” means prior to its conversion into a Delaware corporation, TPG LPCo-2, LLC, and after such conversion, TPG LPCo-2, Inc. 

“OG I Cash Proportion” shall be the amount shown on Schedule A with respect to TPG OG I, under the heading “Cash
Proportion”. 
 “OG I Stock Proportion” shall be the amount shown on Schedule A with respect to TPG OG I, under the
heading “Stock Proportion”. 
 “OG II Cash Proportion” shall be the amount shown on Schedule A with respect to
TPG OG II, under the heading “Cash Proportion”. 
 “OG II Stock Proportion” shall be the amount shown on Schedule
A with respect to TPG OG II, under the heading “Stock Proportion”. 

  
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 “OG III Cash Proportion” shall be the amount shown on Schedule A with
respect to TPG OG III, under the heading “Cash Proportion” . 
 “OG III Stock Proportion” shall be the amount
shown on Schedule A with respect to TPG OG III, under the heading “Stock Proportion”. 
 “Person” means an
individual, corporation, partnership, limited liability company, association, trust or other entity or organization, including a Governmental Authority. 

“Post-Closing Tax Period” means any taxable period beginning after the Closing Date and, with respect to a Straddle Period,
the portion of such Straddle Period beginning after the Closing Date. 
 “Pre-Closing
Blocker Restructuring” means all transactions, if any, effected pursuant to Section 6.01. 
 “Pre-Closing Straddle Period” has the meaning set forth in Section 6.06. 
 “Pre-Closing Tax Period” means any taxable period ending on or before the Closing Date and, with respect to a Straddle Period, the portion of such taxable period ending on and including the Closing Date.

 “PubCo” means prior to its conversion into a Delaware corporation, TPG Partners, LLC, and after such conversion, TPG
Inc. 
 “PubCo Charter” means the Amended and Restated Certificate of Incorporation of PubCo, as the same may be amended,
restated, modified, supplemented or replaced from time to time. 
 “RemainCo Partnerships” means Tarrant Remain Co I, L.P.,
Tarrant Remain Co II, L.P. and Tarrant Remain Co III, L.P. 
 “Securities Act” means the Securities Act of 1933, as
amended, and the rules and regulations of the SEC promulgated thereunder. 
 “Straddle Period” means a taxable period that
begins on or before the Closing Date and ends thereafter. 
 “Taxes” means all federal, state, local or non-U.S. taxes, including income, franchise, capital stock, license, profits, real property, personal property, tangible, alternative or add-on minimum, estimated,
withholding, employment, payroll, social security, social contribution, occupation, premium, severance, unemployment compensation, disability, windfall profits, environmental, stamp, transfer, registration, sales, use, excise, gross receipts,
value-added, customs duties and all other taxes of any kind, any charges, interest or penalties or additions thereto imposed by any Taxing Authority. 

  
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 “Tax Return” means all returns, claim for refund, amended returns,
declarations, reports, information returns and statements required to be filed with any Taxing Authority in respect of any Taxes. 

“Taxing Authority” means, with respect to any Tax, any Governmental Authority responsible for the assessment, collection,
imposition or administration of such Tax. 
 “TPG OG I” has the meaning set forth in the preamble. 

“TPG OG I Common Unit” means a “Common Unit” as defined in, and issued under, the A&R TPG OG I LP Agreement.

 “TPG OG II” has the meaning set forth in the preamble. 

“TPG OG II Common Unit” means a “Common Unit” as defined in, and issued under, the A&R TPG OG II LP Agreement.

 “TPG OG III” has the meaning set forth in the preamble. 

“TPG OG III Common Unit” means a “Common Unit” as defined in, and issued under, the A&R TPG OG III LP
Agreement. 
 “TPG OG Partnerships” has the meaning set forth in the preamble. 

“TPG Parties” has the meaning set forth in the preamble. 

Section 1.02. Other Definitional and Interpretative Provisions. The words “hereof”, “herein” and
“hereunder” and words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement. The captions herein are included for convenience of reference only and shall be
ignored in the construction or interpretation hereof. References to Articles, Sections, Exhibits and Schedules are to Articles, Sections, Exhibits and Schedules of this Agreement unless otherwise specified. All Exhibits and Schedules annexed hereto
or referred to herein are hereby incorporated in and made a part of this Agreement as if set forth in full herein. Any capitalized terms used in any Exhibit or Schedule but not otherwise defined therein, shall have the meaning as defined in this
Agreement. Any singular term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”, “includes” or “including” are used in this Agreement, they shall be
deemed to be followed by the words “without limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”, “written” and comparable terms refer to printing, typing and other
means of reproducing words (including electronic media) in a visible form. The term “or” shall not be exclusive and shall mean “and/or”. References to any statute shall be deemed to refer to such statute as amended from time to
time and to any rules or regulations promulgated thereunder. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time to time in accordance with the terms hereof and thereof;
provided that with respect to any agreement or contract listed on any schedules 

  
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hereto, all such amendments, modifications or supplements must also be listed in the appropriate schedule. References to any Person include the successors and permitted assigns of that Person.
References from or through any date mean, unless otherwise specified, from and including or through and including, respectively. References to “law”, “laws” or to a particular statute or law shall be deemed also to include any
and all applicable law. 
 ARTICLE 2 

TPG OPERATING GROUP EXCHANGES 

Section 2.01. Exchanges. 

(a) Upon the terms and subject to the conditions of this Agreement, Investor I hereby assigns, conveys, transfers and delivers (x) the OG
I Cash Proportion of the TPG OG I Common Units held by Investor I to the Applicable OG I Subsidiary Transferee, effective as of the Closing Date, free and clear of all Liens, in exchange for the Applicable OG I Cash Consideration, and (y) the
OG I Stock Proportion of the TPG OG I Common Units held by Investor I to the Applicable OG I Parent Transferee, effective as of the Closing Date, free and clear of all Liens, in exchange for the Applicable OG I Stock Consideration. 

(b) [Upon the terms and subject to the conditions of this Agreement, Investor II hereby assigns, conveys, transfers and delivers (x) the
OG II Cash Proportion of the TPG OG II Common Units held by Investor II to the Applicable OG II Subsidiary Transferee, effective as of the Closing Date, free and clear of all Liens, in exchange for the Applicable OG II Cash Consideration, and
(y) the OG II Stock Proportion of the TPG OG II Common Units held by Investor II to the Applicable OG II Parent Transferee, effective as of the Closing Date, free and clear of all Liens, in exchange for the Applicable OG II Stock
Consideration.] 
 [or] 
 [Upon the terms and
subject to the conditions of this Agreement, Blocker Shareholder hereby assigns, conveys, transfers and delivers (x) the OG II Cash Proportion of the Blocker Shares to the Applicable OG II Subsidiary Transferee, effective as of the Closing
Date, free and clear of all Liens, in exchange for the Applicable OG II Cash Consideration, and (y) the OG II Stock Proportion of the Blocker Shares to the Applicable OG II Parent Transferee, effective as of the Closing Date, free and clear of
all Liens, in exchange for the Applicable OG II Stock Consideration.] 
 (c) Upon the terms and subject to the conditions of this Agreement,
Investor III hereby assigns, conveys, transfers and delivers (x) the OG III Cash Proportion of the TPG OG III Common Units held by Investor III to the Applicable OG III Subsidiary Transferee, effective as of the Closing Date, free and clear of
all Liens, in exchange for the Applicable OG III Cash Consideration. and (y) the OG III Stock Proportion of the TPG OG III Common Units held by Investor I to the Applicable OG III Parent Transferee, effective as of the Closing Date, free and
clear of all Liens, in exchange for the Applicable OG III Stock Consideration.. 

  
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 Section 2.02. Issuance and Payment of Consideration. 

(a) Each Applicable OG Subsidiary Transferee shall deliver on or promptly following the closing of the IPO (without the payment of any
interest thereon), to each Investor Party an amount in cash equal to the cash portion (if any) of the Applicable OG Cash Consideration payable by such Applicable OG Subsidiary Transferee to which such Investor Party is entitled pursuant to
Section 2.01, in immediately available funds by wire transfer to an account of such Investor Party with a bank in New York City designated by such Investor Party by written notice to PubCo prior to the date hereof. PubCo shall issue and deliver
on or promptly following the Closing Date, to each Investor Party a number of Class A Shares equal to the portion of the Applicable OG Stock Consideration payable in Class A Shares by PubCo to which Investor Party is entitled pursuant to
Section 2.01. 
 (b) In the event that a cash distribution is made on the Common Units under Section 5.03(g) of the Applicable
A&R TPG OG LP Agreement after the Closing Date in respect of the Common Units transferred (directly or indirectly) pursuant to this Agreement, the Applicable OG Transferee shall pay such amount to the applicable Investor Party seller of such
Common Units as consideration therefor. Such payment shall be treated as an adjustment to the consideration for such Common Units for U.S. federal income tax purposes. 

(c) Notwithstanding any other provision of this Agreement, without duplication, (i) the amount payable under this Agreement for any
Blocker Shares shall be reduced by the amount of Accrued but Unpaid Blocker Taxes, if any, excluding any such Taxes to the extent that, as of the Closing Date and in accordance with Section 6.07, the Blocker is capitalized with sufficient cash
held directly by the Blocker to satisfy such Accrued but Unpaid Blocker Taxes, and (ii) the amount payable under this Agreement for any Blocker Shares or Common Units shall be subject to further reduction under Section 6.04 on account of
withholding, if any. 
 ARTICLE 3 

REPRESENTATIONS AND WARRANTIES OF INVESTOR PARTIES

 The Investor Parties hereby represents and warrants to the TPG Parties as of the Effective Date and as of the Closing Date that: 

Section 3.01. Corporate Existence and Power. Each Investor Party is a duly organized entity, validly existing and in good standing
under the laws of its jurisdiction of formation and has all organizational powers and all material governmental licenses, authorizations, permits, consents and approvals required to carry on its business as now conducted. Each Investor Party is duly
qualified to do business as a foreign corporation and is in good standing in each jurisdiction where such qualification is necessary, except for such failure to be so qualified would not be material to the Investor Parties, taken as a whole. 

  
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 Section 3.02. Corporate Authorization. The execution, delivery and performance
by each Investor Party of this Agreement and the consummation of the transactions contemplated hereby are within such Investor Party’s organizational powers and have been duly authorized by all necessary organizational action on the part of
such Investor Party. This Agreement constitutes a valid and binding agreement of each Investor Party, enforceable against each Investor Party in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer,
reorganization, moratorium and other laws affecting creditors’ rights generally and general principles of equity). 

Section 3.03. Governmental Authorization. The execution, delivery and performance by each Investor Party of this Agreement and the
consummation of the transactions contemplated hereby require no action by or in respect of, or filing with, any Governmental Authority. 

Section 3.04. Noncontravention. The execution, delivery and performance by each Investor Party of this Agreement and the
consummation of the transactions contemplated hereby do not and will not (i) violate the certificate of organizational documents of such Investor Party, (ii) assuming compliance with the matters referred to in Section 3.03, result in
any violation of any applicable law, require any material consent or other action by any Person under, constitute a material default under, or give rise to any right of termination, cancellation or acceleration of any right or obligation of any
Investor Party or Blocker or to a loss of any material benefit to which any Investor Party or Blocker is entitled under any provision of any agreement or other instrument binding upon any Investor Party or (iv) result in the creation or
imposition of any Lien on any asset of such Investor Party or Blocker. 
 Section 3.05. Ownership of Equity. Each Investor Party
is the record and beneficial owner of the Common Units of the TPG OG Partnerships set forth on Schedule A to this Agreement, free and clear of any Lien, and is transferring and delivering to PubCo or LPCo-2
(as contemplated by Article II) valid and marketable title to such Common Units free and clear of any Lien. 
 Section 3.06. PubCo
Shares. No Investor Party and no Affiliate of any Investor party is (or on the Closing Date will be) under any obligation to transfer any Class A Shares issued pursuant to this Agreement. Each Investor Party is an “accredited
investor” as that term is defined in Rule 501(a) of Regulation D under the Securities Act. Each Investor Party acknowledges and agrees that any Class A Shares issued pursuant to this Agreement are being issued in a transaction not
involving any public offering within the meaning of the Securities Act and that the Class A Shares have not been registered under the Securities Act. Each Investor Party acknowledges and agrees that any Class A Shares it may receive may
not be offered, resold, transferred, pledged or otherwise disposed of absent an effective registration statement under the Securities Act except pursuant to an applicable exemption from the registration requirements of the Securities Act, and that

  
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the Class A Shares will be subject to a restrictive legend to such effect. As a result of these transfer restrictions and those set forth in Section 6.02 of this Agreement, each
Investor Party acknowledges that it may not be able to readily offer, resell, transfer, pledge or otherwise dispose of the Class A Shares and may be required to bear the financial risk of an investment in the Class A Shares for an
indefinite period of time. Each Investor Party acknowledges and agrees that the Class A Shares will not immediately be eligible for offer, resale, transfer, pledge or disposition pursuant to Rule 144 promulgated under the Securities Act. 

[To include following if a Blocker is being transferred] 

Section 3.07. Ownership of Blocker Shares. Blocker Shareholder is the record and beneficial owner of 100% of the Blocker Shares,
free and clear of any Lien, and on the Closing Date is transferring and delivering to PubCo (as contemplated by Article II) valid and marketable title to such Blocker Shares, free and clear of any Lien. 

Section 3.08. Blocker Capitalization; Purpose. 

(a) Set forth on Schedule A to this Agreement is the number of authorized Equity Securities of Blocker. The Blocker Shares constitute the only
Equity Interests that are issued and outstanding, or that have been issued but are no longer outstanding, by the Blocker. 
 (b) There are
no (i) issued or outstanding options, warrants, calls, rights, contracts or convertible, exercisable or exchangeable securities, in each case relating to the issuance of any Equity Securities of Blocker, (ii) other commitments pursuant to
which Blocker is or may become obligated to provide funds to, make an investment in, or contribute capital to, any Person, (iii) Equity Securities of such Blocker reserved for issuance for any purpose, (iv) contracts among current or
former holders of Equity Securities of Blocker that relate to the ownership of or transfer of any Equity Securities of Blocker, (vi) statutory or contractual preemptive rights or rights of first refusal with respect the Equity Securities of
Blocker, (vii) equity appreciation rights, security-based performance units, “phantom” units, profit participation or other similar rights or contracts with respect to Equity Securities of Blocker or (viii) outstanding contracts
of Blocker to make any distribution of any kind with respect to Blocker Shares or any securities convertible, exercisable or exchangeable into Blocker Shares. Blocker is not a party to any voting trust or other contract with respect to the issuance,
voting, repurchase, redemption, sale, transfer or other disposition or acquisition of any Blocker Shares. Blocker does not own any Equity Securities in any Person other than TPG OG II. 

(c) Blocker is a special purpose entity formed for the sole purpose of holding, directly or indirectly, interests in the TPG OG Partnerships
(or predecessor entities) and has conducted no other business. Prior to the date hereof, Blocker Shareholder has made available to the TPG Parties complete and correct copies of the organizational documents of such Blocker, as amended to the date
hereof, and such organizational documents are in full force and effect. 

  
 12 

 (d) Prior to the Closing Date, Blocker shall have transferred any and all assets (including
any equity interests in the RemainCo Partnerships) to another person that is not an Investor Party, except for the Common Units in TPG OG II held by Blocker as of the Closing Date. 

Section 3.09. Litigation. There is no Action before any Governmental Authority pending, or threatened in writing, against or by
Blocker, or any present officers, directors or employees of thereof (each only in their respective capacities as such). Blocker is not subject to any to any order, ruling, subpoena, verdict, arbitration decision, assessment, writ, judgment, award,
injunction or decree entered, issued, made or rendered by any Governmental Authority of competent jurisdiction or any arbitrator. 

Section 3.10. Tax Status. Blocker is treated as a corporation for U.S. federal income tax purposes. 

Section 3.11. Liabilities. Blocker does not have any assets, rights or obligations to acquire assets or any operations, other than
its ownership of Common Units in TPG OG II. Blocker has never incurred any indebtedness or incurred or become subject to any liabilities, or conducted any operations, other than: (x) any liabilities for income and franchise taxes relating
solely to any income or gain allocated to Blocker from TPG OG II, all of which amounts described in this clause (x) have been paid to the extent such amounts have become due and payable, (y) any liabilities for non-income taxes, fees and other charges incurred to maintain Blocker’s corporate existence, all of which amounts described in this clause (y) have been fully paid to the extent such amounts have become
due and payable, and (z) any administrative fees or expenses (other than taxes) incurred in connection with its ownership of such Common Units in TPG OG II (e.g., accounting fees, and costs and expenses related to the preparation and filing of
tax returns), all of which amounts described in this clause (z) have been fully paid. The Common Units in TPG OG II are owned beneficially and of record by Blocker, free and clear of all liens or other encumbrances. 

Section 3.12. Brokers’ Fees. There is no fee or commission payable by any Investor Party or Blocker to any investment banker,
broker, finder or other intermediary that has been retained by or is authorized to act on behalf of any Investor Party or their Affiliates in connection with the transactions contemplated hereby. 

Section 3.13. Acknowledgements. Each Investor Party hereby acknowledges that, except as otherwise expressly set forth in Article
4, each Investor Party hereby expressly disclaims any other representations or warranties of any kind or nature, legal or contractual, express or implied. 

  
 13 

 ARTICLE 4 

REPRESENTATIONS AND WARRANTIES OF TPG PARTIES 

The TPG Parties represent and warrant to the Investor Parties as of the Effective Date and the Closing Date that: 

Section 4.01. Corporate Existence and Power. Each TPG Party is duly organized, validly existing and in good standing under the laws
of its jurisdiction of formation and has all organization powers and all material governmental licenses, authorizations, permits, consents and approvals required to carry on its business as now conducted. 

Section 4.02. Corporate Authorization. The execution, delivery and performance by each TPG Party of this Agreement and the
consummation of the transactions contemplated hereby are within the organizational powers of such TPG Party and have been duly authorized by all necessary organizational action on the part of such TPG Party. This Agreement constitutes a valid and
binding agreement of each TPG Party, enforceable against each TPG Party in accordance with its terms (subject to applicable bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and other laws affecting creditors’ rights
generally and general principles of equity). 
 Section 4.03. Governmental Authorization. The execution, delivery and
performance by each TPG Party of this Agreement and the consummation of the transactions contemplated hereby require no material action by or in respect of, or material filing with, any Governmental Authority other than compliance with any
applicable requirements of the 1934 Act. 
 Section 4.04. Class A Shares. As of the Closing Date, the Class A Shares
comprising the Applicable OG Stock Consideration are duly authorized, validly issued, fully paid and non-assessable and are being delivered to the applicable Investor Party free and clear of any Liens (other
than generally applicable transfer restrictions under applicable securities laws, and the restrictions under the Investor Rights Agreement). 

ARTICLE 5 

INDEMNIFICATION 

Section 5.01. Indemnity. 

(a) Effective as of the Closing Date, without duplication, but subject to Section 5.01(b), the Investor Parties hereby, on a joint and
several basis, indemnify the TPG Parties against, and agree to hold each of them harmless from, the following: 
 (i) any
Liabilities of Blocker; and 
 (ii) any Indemnified Taxes; 

provided, that the Investor Parties are not required to indemnify the TPG Parties for Taxes of Blocker to the extent of such Taxes that were treated as
Accrued but Unpaid Blocker Taxes but for which, as of the Closing Date and in accordance with Section 6.07, the Blocker was capitalized with sufficient cash held directly by the Blocker to satisfy such Accrued but Unpaid Blocker Taxes. 

  
 14 

 (b) Notwithstanding the foregoing, the Investor Parties shall only be jointly and severally
liable pursuant to Section 5.01(a) for the Investor Parties’ pro rata portion (based upon Investor II’s ownership percentage of the Blocker) of (i) any Liabilities of Blocker and (ii) any IndemnifiedTaxes. For the
avoidance of doubt, the Investor Parties shall not be liable pursuant to Section 5.01(a) for the portion of the Liabilities of Blocker or Indemnified Taxes allocable to any investors in the Blocker that are unaffiliated with the Investor
Parties. 
 ARTICLE 6 

ADDITIONAL COVENANTS 

Section 6.01. Pre-Closing Blocker Transfers. Prior to the Closing Date, Blocker
Shareholder shall cause the Blocker to own no assets (other than Common Units) and have no Liabilities (other than Indemnified Taxes), including (i) by transferring any “RemainCo” related assets and (ii) by eliminating any debt
owed by Blocker to an Investor Party or its Affiliates. 
 Section 6.02. Limitation on Transfers of Class A
Shares. Without the prior written consent of PubCo or as may otherwise be expressly permitted under the terms of any underwriter lock-up and/or the Investor Rights Agreement with the consent of PubCo, no
Investor Party shall transfer, sell, exchange, assign, pledge, hypothecate or otherwise encumber or otherwise dispose, in each case, directly or indirectly, of any Class A Shares issued pursuant to this Agreement, including a transfer to an
Affiliate, from the Closing Date through 180 days following the date of the final prospectus relating to the IPO. 
 Section 6.03.
Certain Tax Matters. 
 (a) Intended Tax Treatment. The parties intend that, for U.S. federal income tax purposes,
(i) the transfer of [Blocker Shares and/or Common Units in one or more of the TPG OG Partnerships] to PubCo for Class A Shares set forth herein be treated as a contribution by the Investor Parties to PubCo, described in Section 351(a)
of the Code that, combined with other contemporaneous contributions to PubCo, is intended to be treated as part of a single transaction described in Section 351 of the Code, (ii) the transfer of [Blocker Shares and/or Common Units in one
or more of the TPG OG Partnerships] to LPCo-2 for cash set forth herein be treated as a taxable disposition of such equity under Section 1001 of the Code and (iii) all payments made pursuant to
Section 2.02(b) shall be treated as adjustments to the Applicable OG Consideration. The parties shall report such transaction consistently therewith and shall prepare all Tax Returns in a manner consistent therewith except upon a contrary
determination by an applicable Taxing Authority. 
 (b) Cooperation. The TPG Parties and the Investor Parties shall cooperate fully,
as and to the extent reasonably requested by the other party, in connection with the filing of Tax Returns and any audit or other proceeding with respect to any Indemnified Tax. Such cooperation shall include the prompt notification of any tax audit
or proceeding to the other party and the retention and (upon the other party’s reasonable request) the 

  
 15 

 
provision of records and information, which are reasonably relevant to any such audit or other proceeding and within such party’s possession or obtainable without material cost or expense.
The TPG Parties shall succeed and be entitled to all legal privilege with respect to any such filings or proceedings. Such cooperation shall also include making employees or other representatives available on a mutually convenient basis to provide
additional information and explanation of any material provided hereunder, including the parties responsible for previous filings of Tax Returns. 

(c) Preparation of Tax Returns. 

(i) TPG Parties will timely file (or cause to be prepared and timely filed) all Tax Returns of the Blocker for any Pre-Closing Tax Period and for any Straddle Period required to be filed after the Closing Date, and will timely pay (or cause to be timely paid) all Taxes required to be paid with respect to such Tax Returns. Unless
otherwise required by applicable Law, all such Tax Returns will be prepared in accordance with the past practices of the Blocker. Any such Tax Returns shall be made available by the TPG Parties to the Investor Parties for review and comment fourteen
(14) Business Days prior to the filing date and the TPG Parties shall consider in good faith any comments timely received from the Investor Parties. 

(ii) From and after the Closing Date, to the extent that any of the following actions would result in amounts treated as
Indemnified Taxes pursuant to this Agreement, the Blocker will not, and the Applicable OG Transferee will cause the Blocker not to, without the consent of the Investor Parties, other than any such actions which are required to give effect to any
actions undertaken with respect to the TPG OG Partnerships for the relevant taxable period, (a) file (other than in accordance with Section 6.03(c)(i)), amend, re-file, revoke, modify or otherwise
change any Tax Return, Tax election or other Tax filing or position of the Blocker for any Pre-Closing Tax Period or any Straddle Period, (b) voluntarily approach any taxing authority with respect to any Pre-Closing Tax Period or (c) extend or waive, or request or cause to be extended or waived, any statute of limitations or other period for the assessment of any Tax or deficiency related to a Pre-Closing Tax Period or any Straddle Period, in each case without the prior written consent of the Investor Parties (which consent will not be unreasonably withheld, delayed or conditioned); provided that if any
such actions are undertaken without the consent of the Investor Parties, the parties agree that the only recourse to such Investor Parties is that any actual resulting Tax liability of Blocker resulting from such actions described in (a)-(c) shall
not constitute an Indemnified Tax. None of the parties (nor any of their respective Affiliates) shall take or cause to be taken any action (or fail to take or cause to take any action) that would reasonably be expected to adversely affect the
treatment of the exchanges contemplated by Section 2.01 as described in this Section 6.03. 

  
 16 

 (d) Refunds. Tax refunds (or credits in lieu of cash Tax refunds that actually reduce
the cash Tax liability of the Blocker (or any successor thereto)) of Taxes (including estimated Taxes) of the Blocker (or any successor thereto) for any Pre-Closing Tax Period or any Pre-Closing Straddle Period (including any such refund (or credit) resulting from a carryback of any net operating loss generated in a Pre-Closing Tax Period or any Pre-Closing Straddle Period, but excluding any such refund (or credit) resulting from a carryback of a net operating loss generated in a Tax period (or portion thereof) beginning after the Closing Date) will be for
the account of the Investor Parties, and the Applicable OG Transferee will pay, or cause to be paid, to the Investor Parties an amount equal to any such refund (or credit), together with any interest paid by the applicable Governmental Body, within
five days after receipt of such refund or utilization of such credit. 
 (e) Tax Audits. 

(i) After the Closing Date, the Applicable OG Transferee, shall promptly notify the Investor Parties (as the case may be) in
writing of any written notice of a proposed assessment or claim in an audit or administrative or judicial proceeding received by them with respect to Taxes solely of the Blocker (“Tax Proceeding”) in respect of any Pre-Closing Tax Period which, if determined adversely to the Blocker, would be grounds for indemnification by the Investor Parties under Section 5.01 . Such notice shall contain factual information (to the
extent known to the TPG Parties, its Affiliates or the Blocker) describing the asserted Tax liability in reasonable detail and shall include copies of any notice or other document received from any Taxing Authority in respect of any such asserted
Tax liability; provided, however, that the failure to give such notice as provided herein shall not relieve the Investor Parties of their obligations to indemnify for any loss arising out of such asserted Tax liability, except to the
extent that the Investor Parties are actually and materially prejudiced thereby. 
 (ii) The Investor Parties may elect to
direct and control, through counsel of its own choosing, any Tax Proceeding relating solely to a Pre-Closing Tax Period involving any potential Tax liability with respect to which indemnity may be sought under
this Agreement. If the Investor Parties elect to direct a Tax Proceeding, the Investor Parties shall within thirty (30) days of receipt of the notice of asserted Tax liability notify the TPG Parties of its intent to do so, and the TPG Parties
shall cooperate and shall cause the Blocker to fully cooperate, at the Investor Parties expense, in each phase of such audit or Proceeding; provided that the Investor Parties shall keep the TPG Parties reasonably informed about any material
developments of any such Tax Proceeding and shall obtain the prior written consent (which consent shall not be unreasonably withheld, conditioned or delayed) of the TPG Parties before entering into any settlement or resolution of any such Tax
Proceeding. If the Investor Parties elect not to direct the Tax Proceeding or such Tax Proceeding relates to a Straddle Period, the TPG Parties or the Blocker shall control such Tax Proceeding (at the TPG Parties’ expense); provided that the
TPG Parties shall keep the Investor Parties reasonably informed about any material developments of any such Tax Proceeding. 

  
 17 

 Section 6.04. Withholding. Each Applicable OG Transferee shall be entitled to
deduct and withhold from any cash payable or stock issuable to an Investor Party pursuant to this Agreement such amounts as it determines in good faith are required to be deducted and withheld under the Code or any provision of state, local or
foreign applicable law; provided, however, that, prior to deducting or withholding any such amounts, each Applicable OG Transferee shall notify the Investor Parties as soon as reasonably practicable after discovering that it is required by
applicable Law to withhold from any amount payable under this Agreement and shall reasonably cooperate with the Investor Parties to minimize or eliminate such deduction or withholding to, the extent permitted by applicable Law. To the extent that
amounts are so deducted and withheld, such withheld amounts shall be treated for all purposes of this Agreement as having been paid (or issued) to the Investor Party in respect of which such deduction and withholding was made. If any such deduction
or withholding is required to be made from any consideration payable in Class A Shares, the amount of such Class A Shares shall be reduced based on the IPO Price (less any underwriters’ discount, commissions or other transaction
expenses); provided that, at the election of the Applicable OG Transferee, in lieu of reducing the amount of Class A Shares (or non-voting Class A Shares), the Investor Party may fund such
deduction or withholding in cash by making a payment to the Applicable OG Transferee or the Investor Party may be deemed to fund such deduction or withholding in cash payable in respect of other cash proceeds paid to an Investor Party in respect of
the transfers pursuant to this Agreement. 
 Section 6.05. Withholding Certificates.

(a) Prior to the Closing Date, the Investor Parties that will be transferring interests in TPG OG I pursuant to this Agreement shall each have
delivered (A) a duly executed Internal Revenue Service Form W-9 or (B) a withholding certificate described in Treasury Regulations
Section 1.1446(f)-2(b)(5) to be provided by a “transferor” and reasonably acceptable to the Applicable OG Transferee. 

(b) Prior to the Closing Date, where Investor Parties will be transferring interests in Blocker pursuant to this Agreement, Blocker shall have
delivered to the Applicable OG Transferee a certificate and notice pursuant to Treasury Regulation Sections 1.1445-2(c)(3) and 1.897-2(h)(2) certifying that Blocker has
not been a “United States real property holding corporation” within the meaning of Section 897(c)(2) of the Code during the five (5)-year prior ending on the Closing Date and notifying the U.S. Internal Revenue Service of the same.

 (c) For all other circumstances not addressed in clauses (a) and (b) of this section, prior to the Closing Date, the Investor
Parties that will be transferring interests in TPG OG II or TPG OG III pursuant to this Agreement shall each have delivered (A) a duly executed Internal Revenue Service Form W-9, (B) any other withholding
certificate described in Treasury Regulations Section 1.1446(f)-2(b) to be provided by a “transferor” and for which the conditions necessary to provide such certification have been met or
(C) such other form as the Investor Parties are legally able to provide that is reasonably acceptable to the Applicable OG Transferee; provided that if an Investor Party is unable to provide the certification described in clause (A), (B) or
(C), including by reason that a transferred interest in a TPG OG Partnership does not qualify for a relevant exception described in Treasury Regulations section 1.1446(f)-2(b), then such Investor Party shall

  
 18 

 
(if permitted by law) provide a certificate substantially in the form described in Treasury Regulations Section 1.1446(f)-2(c)(2)(ii)(B) (it being
understood that the TPG OG Partnerships, the Applicable OG Transferee and any other applicable withholding agent shall retain the discretion to determine the amount realized). 

(d) The TPG OG Partnerships shall reasonably cooperate upon the reasonable request to provide such certifications or other information that
the TPG OG Partnerships are legally permitted to provide to the extent necessary to reduce or eliminate any withholding with respect to the transactions contemplated by this Agreement (including the certificate described in Treasury Regulations Section 1.1445-11T(d)(2)) to the extent the TPG OG Partnerships can do so without unreasonable effort or expense, provided, however, that the TPG OG Partnerships shall not be required to provide the certificate
described in Treasury Regulations Section 1.1446(f)-2(b)(4) with respect to any TPG OG Partnership. 

Section 6.06. Apportionment of Taxes. For purposes of clause (i) of the definition of Indemnified Pre-Closing Blocker Taxes,
the Taxes of Blocker for the portion of a Straddle Period in the Pre-Closing Tax Period (such portion, the “Pre-Closing Straddle Period”) will be
determined as follows: (i) in the case of any real property or other ad valorem Taxes, the portion in the Pre-Closing Tax Period will be deemed to be the amount of such Tax (after giving effect to
amounts which may be deducted from or offset against such Taxes) for the entire taxable period multiplied by a fraction, the numerator of which is the number of days in the Pre-Closing Straddle Period and the
denominator of which is the number of days in the Straddle Period; and (ii) in the case of any other Taxes, the portion in the Pre-Closing Tax Period will be deemed equal to the amount that would be
payable (after giving effect to amounts which may be deducted from or offset against such Taxes) if the taxable year of the Blocker and pass-through entities in which Blocker owns an equity interest terminated on and included the Closing Date. The
portion of tax attributable to the portion of a Straddle Period in the Post-Closing Tax Period will be calculated in a corresponding manner. 

Section 6.07. Determination of Accrued but Unpaid Blocker Taxes. The TPG Parties, in coordination with the historic tax advisors
of TPG Operating Group, shall in good faith [and, with respect to taxable income attributable to pass-through income allocated to the Blocker in respect of the Blocker’s investment in TPG OG II Common Units, consistent with past practice,]
estimate the amount of “Accrued but Unpaid Blocker Taxes” attributable to such pass-through income for purposes of Schedule A. The TPG Parties shall deliver such estimate to the Investor Parties at least 5 Business Days before the Closing
Date, and the Investor Parties and TPG Parties shall collaborate in good faith to agree on the amount of Accrued but Unpaid Blocker Taxes. The TPG Parties, in coordination with the historic tax advisors of TPG Operating Group, shall also provide the
Investor Parties such information that the TPG Parties reasonably determine is necessary to assist the Investor Parties in estimating the income Tax liability resulting from transactions described in Section 6.01 with respect to the
distribution or other transfer of equity interests in the RemainCo Partnerships for purposes of determining the amount of Accrued but Unpaid Blocker Taxes. The Blocker shall be capitalized with sufficient cash held directly by the Blocker to satisfy
Accrued but Unpaid Blocker Taxes, 

  
 19 

 
including in respect of Taxes incurred in connection with the transactions described in Section 6.01. In furtherance of the foregoing, the Investor Parties hereby covenant that the Blocker
shall retain, from and after the date hereof, all cash held as of the date hereof and all cash received or generated thereafter, to meet the obligation described in the previous sentence, and shall be entitled to distribute or otherwise extract any
cash in excess of the amount of Accrued and Unpaid Blocker Taxes once such amount has been determined in accordance with the rest of this Section 6.07. 

ARTICLE 7 

MISCELLANEOUS 

Section 7.01. Addresses and Notices. All notices, demands and other communications to be given or delivered under this Agreement
shall be in writing and shall be deemed to have been given (a) when personally delivered (or, if delivery is refused, upon presentment) or received by email (with confirmation of transmission) prior to 5:00 p.m. eastern time on a Business Day
and, if otherwise, on the next Business Day, (b) one Business Day following sending by reputable overnight express courier (charges prepaid) or (c) three days following mailing by certified or registered mail, postage prepaid and return
receipt requested to the respective parties at the following addresses (or at such other address for a party as shall be as specified in a notice given in accordance with this Section 7.01): 

 

			
	 if to any TPG Party, to:

	
	 c/o TPG Inc.

	 301 Commerce Street, Suite 3300

	 Fort Worth, TX 76102

	 Attention: Office of General Counsel

	 E-mail: officeofgeneralcounsel@tpg.com

	
	 with a copy to:

	
	 Davis Polk & Wardwell LLP

	 450 Lexington Avenue

	 New York, New York 10017

	 Attention:  
	  	H. Oliver Smith
		  	Darren Schweiger
	 Email:
	  	oliver.smith@davispolk.com
		  	darren.schweiger@davispolk.com
		
	 and
	  	
	
	 Weil, Gotshal & Manges LLP

	 767 Fifth Avenue

	 New York, New York 10153

	 Attention:
	  	Harvey M. Eisenberg
		  	Brian Parness
	 Email:
	  	Harvey.Eisenberg@weil.com
		  	Brian.Parness@weil.com

  
 20 

 if to Investor, to: 

[Name of Investor] 
 [Address]

 [Address] 
 Attention: [name]

 Facsimile No.: [number] 
 [E-mail: [address]] 
 with a copy to: 

[     ] 

Section 7.02. Termination. This Agreement may be terminated at any time prior to the Closing Date (i) by the mutual written
agreement of the Parties or (ii) by either the Investor Parties or PubCo if the Closing Date shall not have occurred by December 31, 2022. If this Agreement is terminated as permitted by the preceding sentence, such termination shall be
without liability of any Party (or any of its Affiliates) to the other Parties to this Agreement. 
 Section 7.03. Amendments and
Waivers. (a) Any provision of this Agreement may be amended or waived if, but only if, such amendment or waiver is in writing and is signed, in the case of an amendment, by each party to this Agreement, or in the case of a waiver, by the
party against whom the waiver is to be effective. 
 (b) No failure or delay by any party in exercising any right, power or privilege
hereunder shall operate as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right, power or privilege. Except as set forth in Section 7.10, the rights
and remedies herein provided shall be cumulative and not exclusive of any rights or remedies provided by law. 
 Section 7.04.
Expenses. Except as otherwise provided herein, all costs and expenses incurred in connection with this Agreement shall be paid by the party incurring such cost or expense. 

Section 7.05. Successors and Assigns. The provisions of this Agreement shall be binding upon and inure to the benefit of the
parties hereto and their respective successors and assigns; provided that no party may assign, delegate or otherwise transfer any of its rights or obligations under this Agreement without the consent of each other party hereto. 

Section 7.06. Governing Law; Jurisdiction; Waiver of Jury Trial. The laws of the State of Delaware shall govern (a) all
proceedings, claims or matters related to or arising from this Agreement (including any tort or non-contractual claims) and (b) any questions concerning the construction, interpretation, validity and
enforceability of this Agreement, and the performance of the obligations imposed by this Agreement, in each 

  
 21 

 
case without giving effect to any choice of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the application of the laws of
any jurisdiction other than the State of Delaware. EACH PARTY TO THIS AGREEMENT IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES (WHETHER ARISING IN CONTRACT, TORT OR
OTHERWISE) ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS AGREEMENT, THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT AND/OR THE RELATIONSHIPS ESTABLISHED AMONG THE PARTIES UNDER THIS AGREEMENT. THE PARTIES FURTHER WARRANT AND
REPRESENT THAT EACH HAS REVIEWED THIS WAIVER WITH SUCH PARTY’S LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES SUCH PARTY’S JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. Each of the parties to this Agreement
submits to the exclusive jurisdiction of first, the Chancery Court of the State of Delaware or if such court declines jurisdiction, then to the Federal District Court for the District of Delaware, in any proceeding arising out of or relating to this
Agreement, agrees that all claims in respect of the proceeding shall be heard and determined in any such court and agrees not to bring any proceeding arising out of or relating to this Agreement in any other courts. Nothing in this
Section 7.06, however, shall affect the right of any party to this Agreement to serve legal process in any other manner permitted by law or at equity. Each party to this Agreement agrees that a final judgment in any proceeding so brought shall
be conclusive and may be enforced by suit on the judgment or in any other manner provided by law or at equity. 
 Section 7.07.
Counterparts; Effectiveness; Third Party Beneficiaries. This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same
instrument. This Agreement shall become effective when each party hereto shall have received a counterpart hereof signed by the other party hereto. Until and unless each party has received a counterpart hereof signed by the other party hereto, this
Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other oral or written agreement or other communication). No provision of this Agreement is intended to confer any rights, benefits,
remedies, obligations, or liabilities hereunder upon any Person other than the parties hereto and their respective successors and assigns. The parties irrevocably and unreservedly agree that the document(s) in question may be executed by way of
electronic signatures and the parties agree that such document(s), or any part thereof, shall not be challenged or denied any legal effect, validity and/or enforceability solely on the ground that it is in the form of an electronic record. 

Section 7.08. Entire Agreement. This Agreement constitutes the entire agreement between the parties with respect to the subject
matter of this Agreement and supersedes all prior agreements and understandings, both oral and written, between the parties with respect to the subject matter of this Agreement. 

  
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 Section 7.09. Severability. If any term, provision, covenant or restriction of
this Agreement is held by a court of competent jurisdiction or other Governmental Authority 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 so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the parties
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible in an acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to
the fullest extent possible. 
 Section 7.10. Specific Performance. The parties hereto agree that irreparable damage would occur
if any provision of this Agreement were not performed in accordance with the terms hereof and that the parties shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the
terms and provisions hereof in the courts contemplated by Section 7.05, in addition to any other remedy to which they are entitled at law or in equity. 

Section 7.11. Acknowledgment of Reorganization. In connection with the IPO and as described in the prospectus that forms part of
PubCo’s Registration Statement on Form S-1 filed with the SEC, the TPG Parties and their Affiliates have undergone the Reorganization (as defined in the Investor Rights Agreement) and each Party hereby
acknowledges, consents to and ratifies the Reorganization, the Reorganization Agreement (as defined in the Investor Rights Agreement) and the transactions contemplated thereby. Each Investor Party acknowledges that after the Closing Date, all
distributions by the TPG OG Partnerships shall be made in accordance with the Amended and Restated Limited Partnership Agreements of the TPG OG Partnerships, as in effect from time to time. 

Section 7.12. Waiver of Immunity. To the extent that an Investor Party may be or may become entitled, in any action or proceeding
relating in any way to this Agreement, to claim for itself or its properties or revenues any immunity from suit, court jurisdiction or attachment prior to judgment, attachment in aid of execution of a judgment, execution of a judgment or from any
other legal process or remedy relating to its obligations under this Agreement, and to the extent that in any such action or proceeding there may be attributed immunity (whether or not claimed), such party hereby irrevocably agrees not to claim and
hereby irrevocably waives such immunity o the fullest extent permitted by applicable law. 
 Section 7.13. Further Assurances.
(a) Subject to the terms and conditions of this Agreement, the parties hereto will use their reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all things necessary or desirable under applicable
law to consummate the transactions contemplated by this Agreement. The parties hereto agree to execute and deliver such other documents, certificates, agreements and other writings and to take such other actions as may be necessary or desirable in
order to consummate or implement expeditiously the transactions contemplated by this Agreement. 

  
 23 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed by
their respective authorized officers as of the day and year first above written. 
 [SIGNATURE PAGES TO COME] 

 Schedule A 
  

									
	 Silo
	  	 Interests to be
Transferred
	  	 Transferring Investor Party
or
Parties
	  	 Stock
Proportion
	  	 Cash
Proportion

	 TPG OG I
	  	 [     ] TPG OG I Common Units
	  	 [•] “Investor I”
	  		  	
	 TPG OG II
	  	 [     ] TPG OG II Common Units] / [Equity of [Blocker Name]]
	  	 [•] “Investor II”
	  		  	
	 TPG OG III
	  	 [     ] TPG OG III Common Units
	  	 [•] “Investor III”
	  		  	

  
 25EX-10.15

 Exhibit 10.15 

EXECUTION COPY 
 December 15, 2021 

Jon Winkelried 
 Dear Jon: 

You are party to that certain employment letter agreement, dated October 28, 2015, entered into by and among TPG Global, TPG Holdings, TPG
Partner Holdings, and TPG Partner Holdings GP (together, the “Original TPG Parties,” and such agreement, as may have been modified by any amendment, agreement, arrangement or other document entered into and fully executed by you and
the Original TPG Parties, the “2015 Employment Agreement”). 
 Pursuant to Section 10 of the 2015 Employment
Agreement, upon a Qualified PO (as such term is defined in the 2015 Employment Agreement), the Original TPG Parties agreed to review the terms of the 2015 Employment Agreement and consider any changes as would be appropriate in the context of a
Qualified PO. 
 In anticipation of the initial public offering (the “IPO”) of TPG Partners, LLC (and, following its
incorporation, TPG Inc., hereinafter defined as “TPG Inc.” or “PubCorp”), which will constitute a Qualified PO, you, the Original TPG Parties, and TPG Inc. (the Original TPG Parties and TPG Inc. being sometimes
referred to herein collectively as the “New TPG Parties”) mutually desire to continue your employment and to enter into a new employment agreement (this “Agreement”) upon the terms and conditions specified herein.
The New TPG Parties, TPG Operating Group, their Affiliates, and the successors and assigns of their Affiliates, are referred to collectively in this Agreement as “TPG” or the “TPG Entities.” Capitalized terms used
but not defined in the body of this Agreement shall be defined as set forth in Exhibit A. 
 In consideration of the premises and
mutual promises made, and for other good and sufficient consideration, the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement (individually, a “Party,” collectively, the
“Parties”) hereby agree as follows: 
 1. Effectiveness. This Agreement shall become effective upon the
consummation of the IPO (the “Effective Date”), and the effectiveness of this Agreement is contingent upon the consummation of the IPO. Until such time as the IPO is consummated, this Agreement shall have no force or effect, and all
terms of the 2015 Employment Agreement shall continue in full force and effect. 
 2. Positions; Direct Employer;
Location. During the Term (as defined below) (including, for purposes of this Section 2, through the Termination Date following your delivery of a Notice of Termination that constitutes an Orderly Retirement under Section 11(e)),
you will be the Chief Executive Officer of TPG Inc. (“CEO”) and, at your election, through the Sunset, you will also be a member of the board of directors of TPG Inc. (the “Board”). Through the Sunset (and
thereafter as determined by the Board), you will also be a voting member of the Executive Committee of the Board (the “Executive Committee”), and each other committee of the Board (unless such committee needs to be, or is intended
to be, comprised solely of independent directors as required by law or listing standards, such as the Audit Committee, the Compensation 

 
Committee, or the Conflicts Committee, or the sole purpose of such committee is to oversee the chief executive officer or to approve a transaction in which you have a conflict). During the Term,
you will report solely and exclusively to the Board. In addition, you (or an entity controlled by you) will become a member of TPG GP A, LLC (“GP LLC”) and its “Control Group” (the “Control Group”), subject to the terms
of the Amended and Restated Limited Liability Company Agreement, in substantially the form approved by the Board of Directors of TPG Partners, LLC on December 7, 2021, to be executed in connection with the IPO in 2022, of GP A LLC (the
“GP LLC Agreement”). During the Term: (a) you will be directly employed by TPG Global or another TPG Entity (as applicable, the “TPG Employer”); (b) your principal place of employment will be in San Francisco,
California (traveling as appropriate in connection with your duties for the TPG Entities); and (c) you will be paid as an employee of the TPG Employer in accordance with the payroll practices of the TPG Employer. 

3. Term. Your employment under this Agreement will commence on the Effective Date and will continue thereafter until
December 31, 2025, unless earlier terminated in accordance with the provisions of Sections 11; provided, however, that the Term, and all terms and conditions set forth in this Agreement, will be extended automatically by one or
more consecutive one-year periods unless either the New TPG Parties or you provide to the other a written notice of non-renewal at least six months prior to the
expiration of the Term then in effect (a “Non-Renewal Notice”). The period during which this Agreement and your employment hereunder remain in effect is hereinafter referred to as the
“Term”. 
 4. Authority, Duties and Responsibilities. During the Term (including, for purposes of this
Section 4, through the Termination Date following your delivery of a Notice of Termination that constitutes an Orderly Retirement under Section 11(e)), you will have the duties, responsibilities, functions and plenary authority as is
customarily associated with the chief executive officer of a U.S. public company investment firm, including, without limitation, responsibility for day-to-day operations
of TPG’s business, managing the TPG Entities, subject to, and having those responsibilities, functions and powers enumerated in, the governing documents of the TPG Entities, including the Certificate of Incorporation, Bylaws, Corporate
Governance Guidelines, Executive Committee Charter and Compensation Committee Charter of TPG Inc., and the GP LLC Agreement (the “Governance Documents”), as well as those authorities, duties and responsibilities specifically set
forth on Exhibit B. You will devote substantially all of your business time and attention to the performance of your responsibilities and duties for TPG. Notwithstanding the foregoing or anything elsewhere to the contrary, you may at all
times: (a) engage in charitable, religious and community activities; (b) accept and perform a reasonable number of speaking engagements; (c) manage your personal investments and affairs; (d) serve on the boards of a reasonable
number of charitable and educational entities; (e) engage in the activities listed on Exhibit C; and (f) engage in such additional activities as TPG Inc. may approve (such approval not to be unreasonably withheld and delayed);
provided, that, in the case of each of the foregoing, your activities do not violate any of TPG’s internal rules or policies, materially interfere with your carrying out your duties and responsibilities for TPG, or constitute a conflict
of interest with respect to TPG’s activities. You will at all times during the Term comply in all material respects with all material TPG internal policies, rules and procedures (including all legal and compliance policies, rules and
procedures) that have been disclosed or made available to you, and comply with the rules of any regulatory or self-regulatory agency or body of which any TPG Entity is a member or to which it is subject, including the rules applicable to publicly
listed companies, in all cases as they may be in effect from time to time and to the extent you are subject to them. 

  
 2 

 5. Salary. During the Term, your annualized salary will be no less than
$500,000 (your “Base Salary”), which will be paid by the TPG Employer in accordance with its customary payroll practices. Your Base Salary will be subject to annual review and potential increase by the Compensation Committee of the
Board (the “Compensation Committee”) in its discretion. 
 6. Determination of Annual Compensation.

 (a) For each Compensation Year during the Term (including, for purposes of this Section 6, any year in which you provide a
Notice of Termination that constitutes an Orderly Retirement under Section 11(e), but only if your Termination Date in connection with such Orderly Retirement occurs in the year following the year in which you deliver the Notice of Termination
for such Orderly Retirement), you will determine the annual compensation of all TPG partners (other than members of the Board who are TPG partners and members of the Executive Committee, which shall be determined by the joint approval of you and the
Executive Chairman) in accordance with the Governance Documents and customary TPG practices. Thereafter, the Chief Human Resources Officer will calculate your Baseline Total Annual Incentive Compensation and will communicate that Baseline Total
Annual Incentive Compensation to you and the Compensation Committee prior to the close of that Compensation Year. 
 (b) The
Compensation Committee, in consultation with you and in accordance with the Compensation Committee Charter (but subject to this Section 6), shall then determine your Actual Total Annual Incentive Compensation for such Compensation Year, which
you and TPG hereby acknowledge and agree may be up to 115% of your Baseline Total Annual Incentive Compensation for such Compensation Year, but may not be less than 85% of your Baseline Total Annual Incentive Compensation for such Compensation Year;
provided, however, that (x) in the event of the occurrence of extraordinary circumstances having a materially favorable impact on the business of TPG in any Compensation Year, the Compensation Committee may elect to pay you
more than 115% of your Baseline Total Annual Incentive Compensation for such Compensation Year, and (y) in the event of the occurrence of extraordinary circumstances having a materially adverse impact on the business of TPG in any given
Compensation Year, the Compensation Committee may elect to reduce (or waive entirely) the cash portion of any annual incentive award from the Carry Pool (as defined below) that would have otherwise been paid to you for such Compensation Year, even
if such reduction results in your Actual Total Annual Incentive Compensation equaling less than 85% of your Baseline Total Annual Incentive Compensation for such Compensation Year; provided, however, that any such reduction may not
exceed the Bonus Component for such Compensation Year. 
 (c) In addition, for each Compensation Year, (x) with the input
of the Chief Human Resources Officer, you will make a recommendation to the Compensation Committee as to the various components that will comprise the Actual Total Annual Incentive Compensation to be delivered to you (and the Executive Chairman) for
that Compensation Year (with the relative proportions of such components to be generally consistent with past practice), whether through participation in the Carry Pool (including Carry Pool Equity Awards related thereto and any supplemental awards
from the Carry Pool) pursuant to Section 7, grants of restricted stock units 

  
 3 

 
issued pursuant to the Omnibus Plan (“RSUs”) or other PubCorp Equity Awards, or performance allocations pursuant to Section 9, and (y) the Compensation Committee
thereafter shall consider your recommendation in making its discretionary determination as to the various components that will comprise the Actual Total Annual Incentive Compensation to be delivered to you (and the Executive Chairman) for that
Compensation Year. 
 (d) For purposes of this Section 6, your Actual Total Annual Incentive Compensation will
(x) include non-pro-rata end of year reallocations of distributions (including from vintage shares forfeited by others) and any non-pro-rata portion of another current or former TPG Partner’s 20% “cutback” that is distributed to you and (y) exclude (i) distributions,
dividends or dividend equivalents on PubCorp Equity Awards and TPG Interests previously granted to you, (ii) distributions on “downstairs” promote previously granted to you, (iii) distributed amounts included within
the definition of “DAWPY,” (iv) the TPG Partner Holdings Equity Grant, and (v) reallocations of forfeited TPG Partner Holdings units following the Effective Date that are part of a pro rata reallocation to “Active Partners”
within the meaning of the TPG Partner Holdings LPA (“Pro Rata TPH Reallocations”). 
 (e) Prior to the first
anniversary of the Effective Date, as part of the Compensation Committee’s responsibilities with respect to your and the Executive Chairman’s compensation (both annual and long-term), the Compensation Committee will evaluate and determine
whether it would be appropriate or desirable to establish a program under the Omnibus Plan pursuant to which additional PubCorp Equity Awards would be granted to you and/or the Executive Chairman, and whether such PubCorp Equity Awards should be
subject either wholly or in part to performance-based vesting or subject to any other particular terms and conditions. 
 7.
Performance Allocation Pool Program. During the Term, you will be entitled to participate in any performance allocation pool program that TPG implements in connection with the IPO and any successor annual incentive plan that may be
adopted thereafter (the “Carry Pool”), distributions from which will be paid in cash and, for 2022, RSUs as provided in any applicable deferral table. For Compensation Years after 2022, TPG may also determine to grant Carry Pool
Equity Awards. Carry Pool Equity Awards, whether in the form of RSUs or other PubCorp Equity Awards awarded in connection with any distribution from the Carry Pool, will vest in equal installments on the first, second and third anniversaries of the
date of grant and will otherwise have the terms set forth in the applicable Carry Pool award agreement (but, for the avoidance of doubt, in the event of any inconsistency between any such award agreement and this Agreement, this Agreement shall
govern and prevail). You will also be entitled to receive current cash dividend equivalents on all RSUs granted to you (whether or not vested). For each Compensation Year, your distribution from the Carry Pool shall be no less than the highest
Standard Carry Pool Award for such Compensation Year distributed to any other TPG Partner. 
 8. TPG Partner Holdings
Equity. As soon as practicable following the anticipated internal restructuring of TPG (the “Restructuring”), TPG Partner Holdings GP shall cause TPG Partner Holdings to issue to you a number of TPG Partner Units (as defined
in the Seventh Amended and Restated Limited Partnership Agreement of TPG Partner Holdings, to be entered into in connection with the IPO, and as the same may be in effect from time to time (such agreement, the “TPG Partner Holdings
LPA”)) with a value equal to $20,000,000 based on the IPO price of the TPG Inc. Class A Common Stock (such TPG Partner Units granted pursuant 

  
 4 

 
hereto, the “TPG Partner Holdings Equity Grant”). The TPG Partner Holdings Equity Grant will vest in equal annual installments on the first six anniversaries of the date of grant
and will otherwise have the terms and conditions set forth in the TPG Partner Holdings LPA and applicable grant documentation provided to you (but, for the avoidance of doubt, in the event of any inconsistency between any such grant documentation
and this Agreement, this Agreement shall govern and prevail). 
 9. Performance Allocations. During the Term, in amounts
and on terms and conditions that are consistent with TPG’s past practice as applicable to you, you will be entitled to participate in the TPG cross-platform vintage share program and will be entitled to receive investment-specific performance
fees on other platforms based on your active and direct participation in such investments. 
 10. Benefits; Expense
Reimbursement. During the Term, TPG will provide you with coverage under its employee benefit programs, plans and practices (commensurate with your position and to the extent permitted under the applicable program, plan or practice), such as
medical, dental and vision insurance coverage, life and AD&D insurance coverage, and all other TPG health and welfare benefits plans, all in accordance with the terms thereof as in effect from time to time and which TPG generally makes available
to its Founders, and will provide you with rights to co-invest in TPG Funds consistent with TPG’s co-invest policy available at the relevant time to senior Active
Partners and on the same terms and conditions as such senior Active Partners, and the right to participate in the co-invest leverage program to the extent participation complies with Section 402 or
Sarbanes-Oxley Act of 2002 (“SOX”) (the “Co-Invest Program”). You are entitled to reimbursement for all reasonable expenses for travel, lodging, entertainment, and other
business expenses at a “first class” level to the extent such expenses are consistent with TPG’s reimbursement policies. During the Term, TPG will provide you with private aircraft for business travel through NetJets. TPG will also
pay, or reimburse you for, first class travel if and when you travel on a commercial aircraft for business purposes during the Term. 

11. Termination. This Agreement generally, including the definitions set forth on Exhibit A, and specifically this
Section 11, shall be interpreted at all times in the context of, and subject to, the terms of the Governance Documents (and in particular, Sections 3.5 and 5.1 of the GP LLC Agreement); provided, however, that in the event of any
inconsistency between any provision of this Agreement (including the definitions set forth on Exhibit A), on the one hand, and any provision of any Governance Document (including the definitions set forth therein), on the other hand, the provision
of this Agreement will govern and prevail. For the avoidance of doubt, the parties acknowledge and agree that your (or your controlled entity’s) removal as a member of GP LLC by reason of resignation, termination for Cause or termination for
Disability shall not be effective until the Termination Date of the corresponding resignation or termination of your employment hereunder. Subject to the foregoing: 

(a) the Term, and your employment with TPG, may be terminated by TPG without Cause (but only if the decision to terminate your
employment without Cause is made in accordance with applicable provisions of the GP LLC Agreement) by delivery of a Notice of Termination that specifies a Termination Date that is 90 days following the Notice Date. 

  
 5 

 (b) the Term, and your employment with TPG, may be terminated by TPG for Cause;
provided, however, that no such termination shall become effective as a termination for Cause unless, before any such termination is effective: (i) you have received written notice from an authorized representative of the
Authorized Body setting forth in reasonable detail the events and circumstances purporting to constitute Cause, such notice to be delivered to you within 60 days after a majority of the members of the Authorized Body first learn of those events and
circumstances, (ii) you have had 30 days following receipt of such written notice to cure such events and circumstances if and to the extent capable of cure, and (iii) after failing to cure such events and circumstances, the Authorized
Body has actually terminated the Term and your employment with TPG for Cause by delivering a Notice of Termination within 30 days following the expiration of the cure period that specifies a Termination Date that is no more than 90 days following
the Notice Date. To the extent an event is not so cured or deemed not susceptible to cure, the Board shall provide you with an opportunity on at least ten days advance written notice to appear (with legal counsel) before the full Board to discuss
the specific circumstances alleged to constitute a Cause event. 
 (c) the Term, and your employment with TPG, may be terminated by
you with Good Reason or Enhanced Good Reason; provided, however, that before any such termination becomes effective (i) you have given written notice to the Authorized Body setting forth in reasonable detail the nature of the
events or circumstances purporting to constitute Good Reason or Enhanced Good Reason (as applicable), such notice to be given within 60 days after you first learn of those events and circumstances, (ii) those events and circumstances have not
been cured within 30 days after the Authorized Body receive such notice if and to the extent capable of cure, and (iii) you actually terminate your employment with Good Reason or Enhanced Good Reason (as applicable) by delivering a Notice of
Termination within 30 days following the expiration of the cure period that specifies a Termination Date that is 90 days following the Notice Date. 

(d) the Term, and your employment with TPG, may be terminated by you without Good Reason or Enhanced Good Reason by your delivery of a
Notice of Termination that specifies a Termination Date that is 180 days following the Notice Date. 
 (e) the Term, and your
employment with TPG, may be terminated by you as an Orderly Retirement by your delivery of a Notice of Termination on or after July 1, 2025, that specifies a Termination Date that is at least 180 days following the Notice Date. 

(f) the Term, and your employment with TPG, will terminate automatically upon your death. 

(g) the Term, and your employment with TPG, may be terminated by either you or TPG due to your Disability by delivery of a Notice of
Termination describing in reasonable detail the basis on which Disability is claimed that specifies a Termination Date that is 30 days following the Notice Date, but only if you are unable to resume your duties and responsibilities on a full-time
basis within such 30 day notice period. 

  
 6 

 12. Payments, Benefits and Obligations upon Termination. 

(a) Termination by TPG Without Cause, By Reason of TPG’s Non-Renewal, or by You for
Good Reason or Enhanced Good Reason. If the Term and your employment with TPG is terminated by TPG without Cause, by reason of TPG’s election not to renew this Agreement as described in Section 3 (as evidenced by its delivery of a Non-Renewal Notice to you), or by you for Good Reason or Enhanced Good Reason, then, subject to your satisfaction of the Release Condition (as defined below) and material compliance with the Restrictive Covenants,
you shall be entitled to the following: 
 (i) an amount equal to (A) the sum of Base Salary and the
Actual Total Annual Incentive Compensation paid to you for the two calendar years immediately preceding the year in which the Termination Date occurs (or, if “Actual Total Annual Incentive Compensation” is not determinable for any given
year because this Agreement has not been in effect long enough, base salary and the total annual incentive compensation paid to you for such year (valued in the same manner as Actual Total Annual Incentive Compensation is valued for purposes of this
Agreement)), (B) divided by two, and (C) multiplied by either (x) four, if such termination occurs prior to the Sunset and prior to the application of Section 5.2(c) of the GP LLC Agreement, or
(y) two, if such termination occurs on or after the Sunset or after the application of Section 5.2(c) of the GP LLC Agreement (the “Cash Severance”), which will be paid to you in substantially equal installments
over 24 months following the Termination Date through the TPG Employer’s regular payroll process, commencing on the first ordinary payroll date that is 60 days after the Termination Date (subject to satisfaction of the Release Condition and
subject to Section 16 below); 
 (ii) a cash payment for the year in which the Termination Date occurs in an
amount equal to the cash bonus paid to you and the grant date fair market value of the Carry Pool Equity Awards granted to you from the Carry Pool in respect of the calendar year immediately preceding the calendar year in which the Termination Date
occurs, which shall be paid in a single lump sum on the first ordinary payroll date that is 60 days after the Termination Date (the “Full Carry Pool Amount”); 

(iii) continued vesting of all unvested TPG Interests on the ordinary vesting schedule of such TPG Interests as if you
were still employed with TPG (“Continued TPG Interest Vesting”); 
 (iv) continued vesting of any
Carry Pool Equity Awards on the ordinary vesting schedule as if you were still employed with TPG (“Continued Carry Pool Equity Vesting”) on the ordinary vesting schedule; 

(v) retention of all vested TPG Interests and Carry Pool Equity Awards (“Retained Vested Equity”); 

(vi) healthcare insurance benefits (including medical, dental and vision insurance, AD&D insurance, life insurance
and any other health insurance coverage) at the same level as those offered to the Founders for you and your wife for the remainder of your respective natural lives (the “Lifetime Healthcare Coverage”); 

  
 7 

 (vii) continued right to participate in the Co-Invest Program (with such limitations as necessary or advisable for tax, regulatory, other legal, commercial or accounting reasons) (“Post-Separation Access”), subject to Section 12(e); 

(viii) continued right to indemnification, D&O, and insurance coverage that will apply for acts or omissions during
your tenure at TPG (“Indemnification”); 
 (ix) office space, personal assistant, the annual stipend
for AYCO, and IT support, in each case for five (5) years following the Termination Date, in the same manner and at the same level as those offered to the Founders (the “Post-Separation Support”); 

(x) with respect to any contractual lock-ups and liquidity tranches that limit
your ability to exchange your TPG Partner Units or sell your shares of TPG Inc. common stock, you will be treated in the same manner that the Founders are treated (i.e., you will have “most favored nation” status with respect to any such
contractual lock-ups and liquidity tranches; and, for the avoidance of doubt, if the Founders are treated differently from each other with respect to such lock-ups and
liquidity tranches, you will be treated in the same manner as the Founder with the more favorable treatment) notwithstanding the termination of your employment (the “Post-Separation Lock-Up
Treatment”); and 
 (xi) for all purposes under the TPG Partner Holdings LPA and Section 13 of this
Agreement, be deemed a Type 1 Leaver, as that term is defined in the TPG Partner Holdings LPA (“Type 1 Leaver Treatment”). 

(b) Resignation without Good Reason. If the Term and your employment with TPG are terminated by you due to your voluntary
resignation without Good Reason, without Enhanced Good Reason and without Orderly Retirement, then, subject to your satisfaction of the Release Condition and material compliance with the Restrictive Covenants, you shall be entitled to: (i) a
cash payment for the year in which the Termination Date occurs in an amount equal to the cash bonus paid to you and the grant date fair market value of the Carry Pool Equity Awards granted to you in respect of the calendar year immediately preceding
the calendar year in which the Termination Date occurs, prorated to reflect the number of days in the calendar year that you remained employed, which shall be paid in a single lump sum on the first ordinary payroll date that is 60 days after the
Termination Date; (ii) Continued Carry Pool Equity Vesting; (iii) the Retained Vested Equity; (iv) Lifetime Healthcare Coverage; (v) Post-Separation Access; (vi) Indemnification; (vii) Post-Separation Support; and
(viii) the Post-Separation Lock-Up Treatment. 
 (c) Orderly Retirement. If
the Term and your employment with TPG are terminated by reason of your Orderly Retirement (including the delivery of a Non-Renewal Notice by you to TPG), then, subject to your satisfaction of the Release
Condition and material compliance with the Restrictive Covenants, in addition to your Total Annual Incentive Compensation for the Compensation Year in which you provide notice of your intent to Orderly Retire, you shall be entitled to:
(i) an amount equal to (A) the sum of Base Salary and the Actual Total Annual Incentive Compensation paid to you for the two calendar years immediately preceding the year in which the Orderly Retirement occurs,
(B) divided by two, which will be paid 

  
 8 

 
to you in substantially equal installments over 12 months following the Termination Date through the TPG Employer’s regular payroll process, commencing on the first ordinary payroll date
that is 60 days after the Termination Date (subject to satisfaction of the Release Condition and subject to Section 16 below); (ii) the Full Carry Pool Amount; (iii) Continued TPG Interest Vesting; (iv) Continued Carry Pool Equity
Vesting; (v) the Retained Vested Equity; (vi) Lifetime Healthcare Coverage; (vii) Post-Separation Access; (viii) Indemnification; (ix) Post-Separation Support; (x) the Post-Separation
Lock-Up Treatment; and (xi) Type 1 Leaver Treatment. 
 (d) Termination Due to
Disability. If the Term and your employment with TPG are terminated by TPG Inc. or you due to your Disability, then, subject to your satisfaction of the Release Condition and material compliance with the Restrictive Covenants, you shall be
entitled to: (i) the Full Carry Pool Amount; (ii) Continued TPG Interest Vesting; (iii) Continued Carry Pool Equity Vesting; (iv) the Retained Vested Equity; (v) Lifetime Healthcare Coverage; (vi) Post-Separation
Access; (vii) Indemnification; (viii) Post-Separation Support; (ix) the Post-Separation Lock-Up Treatment; and (x) Type 1 Leaver Treatment. 

(e) Termination Due to Death. If the Term and your employment with TPG are terminated due to your death, you (or your
designated beneficiaries) shall be entitled to: (i) the Full Carry Pool Amount; (ii) Continued TPG Interest Vesting; (iii) Continued Carry Pool Equity Vesting; (iv) the Retained Vested Equity; (v) Lifetime Healthcare
Coverage; (vi) Post-Separation Access (but only for five (5) years following the Termination Date and subject to the limitations in the immediately following sentence); (vii) Post-Separation Support; (viii) Indemnification; and
(ix) the Post-Separation Lock-Up Treatment. Notwithstanding the foregoing and Section 12(a)(vii), in the event of your death, whether resulting in termination of the Term or occurring after the Term
has ended, any Post-Separation Access (w) shall apply only for five (5) years following your death, (x) may only be exercised by your estate, your direct lineal descendants and/or any investment vehicle established by and
primarily for the benefit of such descendants (y) shall be capped at an allocation of 0.5% of the aggregate commitments made to any TPG Fund, and (z) shall be subject to the terms then applicable to senior Active Partners
(with such limitations as necessary or advisable for tax, regulatory, other legal, commercial or accounting reasons). 
 (f)
Termination for Cause, Violation of Restrictive Covenants. If the Term and your employment with TPG are terminated by TPG Inc. for Cause or because you materially breach any Restrictive Covenant, then you
shall forfeit all then outstanding and unvested TPG Interests, RSUs and other PubCorp Equity Awards. 
 (g) Termination in
Connection with a Change of Control. If the Term and your employment with TPG are terminated within one year following a Change of Control (x) by TPG Inc. or its successor without Cause or by reason of TPG’s election not to
renew this Agreement as described in Section 3, (y) by you for Good Reason, Enhanced Good Reason or Orderly Retirement, or (z) by reason of your death or Disability, then, subject to your satisfaction of the Release Condition
and material compliance with the Restrictive Covenants, you shall be entitled to the payments and benefits set forth in the applicable sub-section of this Section 12, except that (i) all cash
payments otherwise due to be paid to you will be paid in a single lump sum on the first ordinary payroll date following the 60th day after the Termination Date (subject to satisfaction of the Release Condition and subject to Section 16 below);
and (ii) if any unvested TPG Interests or PubCorp Equity Awards held by you are not assumed by the successor to or ultimate parent of TPG Inc. or left outstanding following the transaction constituting a Change of Control, all such
unvested TPG Interests and PubCorp Equity Awards shall fully vest as of the date of such termination. 

  
 9 

 (h) Miscellaneous. On any termination of the Term and your employment
with TPG, you shall be entitled to: 
 (i) Accrued but unpaid Base Salary through the Termination Date, accrued but
unused vacation days through the Termination Date, and unreimbursed expenses incurred through the Termination Date, all of which will be paid to you within 30 days following the Termination Date; 

(ii) Any benefits to which you are entitled under any healthcare, pension, retirement, 401(k), profit share, or other
employee benefit plan; 
 (iii) any amounts pursuant to the Carry Pool in respect of a previously completed fiscal
year that have been earned but not yet paid, which will be paid to you on the date such amounts would have been paid had your employment continued; and 

(iv) except in the case of a termination of your employment hereunder for Cause, any TPG Interests, RSUs and other
PubCorp Equity Awards in respect of a previously completed fiscal year that were determined by the Compensation Committee and were scheduled to be granted but have not yet been granted, which shall be granted on the date such awards would have been
granted had your employment continued (and which shall thereafter be treated in accordance with the applicable provision of this Section 12). 

(i) No Mitigation; No Offset. Upon any termination of the Term and your employment with TPG, you shall be under no
obligation to seek other employment or otherwise mitigate the obligations of any of the TPG Entities, and there shall be no offset against amounts or benefits due to you under this Agreement or otherwise on account of any remuneration or other
benefit earned or received by you by a third party after such termination. Any amounts due under this Section 12 are considered to be reasonable by the Parties and not in the nature of a penalty. 

(j) Resignation from Office. Promptly upon any termination of the Term and your employment with TPG in accordance with
this Agreement, you will, upon request of the New TPG Parties, resign from any positions, duties or authorities (including any board memberships) that you hold by virtue of this Agreement or your provision of services to any of the TPG Entities.

 (k) Release Condition. You shall be entitled to the benefits provided under Sections 12(a), 12(b), 12(c), 12(d) and
12(g), and any applicable corresponding sections of your equity grant documentation only if you execute and deliver to the New TPG Parties within 40 days following the Termination Date, a Mutual Release in substantially the form attached to this
Agreement as Exhibit D, and thereafter you do not revoke the Mutual Release (the “Release Condition”). Notwithstanding the foregoing, the Mutual Release will become null and void if not countersigned by the New TPG Parties,
and returned to you, within fifteen days after it is received by the New TPG Parties, although the Release Condition will nevertheless be deemed to have been satisfied by you. 

  
 10 

 13. Confidentiality Obligations and Restrictive Covenants. From and
after the Effective Date, you will (subject to the provisions of this Section 13) be bound by the provisions of Article IX of the TPG Partner Holdings LPA as if such provisions were expressly set forth in this Agreement and shall not engage in
Competition within the meaning of the GP LLC Agreement (such obligations, the “Restrictive Covenants”). Notwithstanding anything in this Agreement, the TPG Partner Holdings LPA, the GP LLC Agreement or any other Governance Document,
any TPG Arrangement, or elsewhere to the contrary, shall (a) restrict you from soliciting for hire, or hiring, any individual who has served as your secretary or other personal assistant, (b) subject to Section 4 hereof, restrict you
from providing the services to those entities listed on Exhibit C in a substantially similar manner as you currently provide to such organizations, so long as the provision of such services does not in any way conflict with or interfere with
your obligations under Section 4 hereof and in no event will you be permitted or obligated to offer to any such organization, without the prior written consent of TPG, any investment or corporate opportunity of which you become aware,
(c) prohibit you from making reports of possible violations of federal law or regulation to any governmental agency or entity in accordance with the provisions of and rules promulgated under Section 21F of the Securities Exchange Act of
1934 (the “Exchange Act”) or Section 806 of SOX, or of any other whistleblower protection provisions of federal law or regulation, or (d) require notification or prior approval by TPG Inc. or any other TPG Entity of any
reporting described in clause (c); provided, that you are not authorized to disclose communications with counsel to TPG that were made for the purpose of receiving legal advice or that contain legal advice in connection with matters relating
to TPG or that are protected by the attorney work product or similar privilege relating to TPG. For the avoidance of doubt, the Parties agree that the provisions of this Section 13 are intended to supersede any contrary provisions in any
Governance Document or other TPG Arrangement. 
 14. Reimbursement of Legal Fees. As soon as reasonably practicable
following delivery to TPG of reasonable supporting documentation, TPG will directly pay your legal fees or charges incurred in connection with the negotiation, documentation and implementation of this Agreement and the arrangements described in it.
For the avoidance of doubt, you will not be entitled to any gross-up or other additional payment in connection with such legal fee reimbursement. 

15. Indemnification. 

(a) If you are made a party, or threatened to be made a party, or reasonably anticipate being made a party, to any Proceeding by reason
of the fact that you are or were a director, officer, member, employee, agent, manager, trustee, consultant or representative of any TPG Entity or are or were serving at the request of any TPG Entity, or in connection with your service for any TPG
Entity, as a director, officer, member, employee, agent, manager, trustee, consultant or representative of another Person, or if any Claim is made, is threatened to be made, or is reasonably anticipated to be made, that arises out of or relates to
your service in any of the foregoing capacities, then you shall promptly be indemnified and held harmless to the fullest extent permitted or authorized in any applicable Governance Document or TPG Arrangement, or if greater, by applicable law,
against any and all costs, expenses, liabilities and losses (including, without limitation, attorneys’ and other professional fees and charges, judgments, interest, expenses of investigation, penalties, fines, ERISA excise taxes or penalties
and amounts paid or to be paid in settlement, in each case to the extent permitted by law) incurred or suffered by you in 

  
 11 

 
connection therewith or in connection with seeking to enforce your rights under this Section 15(a), and such indemnification shall continue even if you have ceased to be a director, officer,
member, employee, agent, manager, trustee, consultant or representative of any TPG Entity and shall inure to the benefit of your heirs, executors and administrators. You shall be entitled to prompt advancement of any and all costs and expenses
(including, without limitation, attorneys’ and other professional fees and charges) you reasonably incur in connection with any such Proceeding or Claim, or in connection with seeking to enforce your rights under this Section 15(a), any
such advancement to be made within 15 days after you give written notice, supported by reasonable documentation, requesting such advancement to the New TPG Parties. Such notice shall include an undertaking by you to promptly repay the amount
advanced if you are ultimately determined not to be entitled to indemnification against such costs and expenses. Nothing in this Agreement shall operate to limit or extinguish any right to indemnification, advancement of expenses, or contribution
that you would otherwise have (including, without limitation, by the Reorganization Agreement or any other agreement or under applicable law). 

(b) A directors’ and officers’ liability insurance policy (or policies) providing coverage to you that is commensurate with
the coverage provided to other current and former senior leaders shall be kept in place during the Term and your employment with TPG and thereafter until the December 31st following the seventh
anniversary of your Termination Date. 
 16. Tax Matters. 

(a) Any TPG Entity may withhold from any amounts payable to you hereunder all federal, state, city or other taxes that are required to
be withheld pursuant to any applicable law or regulation (it is understood that you will be responsible for payment of all taxes in respect of the payments and benefits provided to you, except to the extent withheld pursuant to this
Section 16). This Agreement and the payments and benefits provided under it are intended to be exempt from or comply with (so as to avoid the imposition of any “additional tax”) Sections 409A and 457A of the Internal Revenue Code of
1986, as amended (the “Code”), and shall be construed and operated accordingly. Notwithstanding anything herein to the contrary, if at the time of your separation from service, as determined under Section 409A of the Code, the
New TPG Parties have determined that you are a “specified employee” as defined in Section 409A of the Code and the deferral of the commencement of any payments or benefits otherwise payable hereunder as a result of such separation is
necessary in order to prevent any accelerated or additional tax under Section 409A of the Code, then the New TPG Parties will defer the commencement of the payment of any such payments or benefits hereunder (without any reduction in such
payments or benefits ultimately paid or provided to you) until the date that is six months and one day after your separation from service (or the earliest date as is permitted under Section 409A of the Code). If payments under this Agreement
are deferred to prevent any accelerated tax or additional tax under Section 409A of the Code, then such payments shall be paid at the time specified herein without interest. In no event shall any TPG Entity be liable for the payment of, or
gross up in connection with, any taxes and or penalties owed by you pursuant to Section 409A or 457A of the Code or any other similar state or local laws. For purposes of Section 409A of the Code, the right to a series of installment
payments under this Agreement or any TPG Arrangement shall be treated as a right to a series of separate payments, and references herein to your “termination of employment” shall refer to your “separation from service” within the
meaning of Section 409A of the Code. Notwithstanding anything to the contrary herein, except to the extent any expense, reimbursement 

  
 12 

 
or in-kind benefit provided pursuant to this Agreement or any TPG Arrangement does not constitute a “deferral of compensation” within the meaning
of Section 409A of the Code: (a) the amount of expenses eligible for reimbursement or in-kind benefits provided to you during any calendar year will not affect the amount of expenses eligible for
reimbursement or in-kind benefits provided to you in any other calendar year, (b) the reimbursements for expenses for which you are entitled to be reimbursed shall be made on or before the last day of the
calendar year following the calendar year in which the applicable expense is incurred, and (c) the right to payment or reimbursement or in-kind benefits hereunder may not be liquidated or exchanged for
any other benefit. In no event shall you be obligated to provide services for any TPG Entity after the Termination Date that are inconsistent with your having had a “separation from service” from all TPG Entities on or before the
Termination Date. 
 (b) If any payment or benefit you will or may receive from TPG under this Agreement or otherwise (a “280G
Payment”) would (x) constitute a “parachute payment” within the meaning of Section 280G of the Code, and (y) but for this sentence, be subject to the excise tax imposed by Section 4999 of the Code
(the “Excise Tax”), then each such 280G Payment (collectively, the “Payments”) shall be reduced to the extent necessary for the Payments to equal, in the aggregate, the Reduced Amount. The “Reduced
Amount” shall be either (1) the largest portion of the Payments that would result in no Excise Tax on the Payments (after reduction), or (2) the total Payments, whichever amount (i.e., the amount determined by
clause (1) or by clause (2)), after taking into account all applicable federal, state, and local employment taxes, income taxes, and the Excise Tax (all computed at the highest applicable marginal rate), results in your receipt, on an after-tax basis, of the greater economic benefit notwithstanding that all or some portion of the Payments may be subject to the Excise Tax. If a reduction in the Payments is required pursuant to the preceding
sentence and the Reduced Amount is determined pursuant to clause (1) of the preceding sentence, the reduction shall occur in the manner (the “Reduction Method”) that results in the greatest economic benefit for you. If more
than one method of reduction will result in the same economic benefit, the items so reduced will be reduced pro rata (the “Pro Rata Reduction Method”). 

(c) Notwithstanding any provision of Section 16(b) to the contrary, if the Reduction Method or the Pro Rata Reduction Method would
cause any portion of the Payments to be subject to taxes pursuant to Section 409A, and any state law of similar effect that would not otherwise be subject to taxes pursuant to Section 409A, then the Reduction Method and/or the Pro Rata
Reduction Method, as the case may be, shall be modified so as to avoid the imposition of taxes pursuant to Code Section 409A, after considering the following: (x) as a first priority, the modification shall preserve to the greatest
extent possible, the greatest economic benefit for you as determined on an after-tax basis; (y) as a second priority, Payments that are contingent on future events shall be reduced (or eliminated)
before Payments that are not contingent on future events; and (z) as a third priority, Payments that are “deferred compensation” within the meaning of Section 409A shall be reduced (or eliminated) before Payments that are
not deferred compensation within the meaning of Section 409A. 

  
 13 

 (d) It is possible that after the determinations and selections under
Section 16(b) and (c) are made, you will receive Total Payments that are, in the aggregate, either more or less than the amount provided under Section 16(b) (hereafter referred to as an “Excess Payment” or
“Underpayment,” respectively). If it is established, pursuant to a final determination of an arbitrator, court or an Internal Revenue Service proceeding that has been finally and conclusively resolved, that an Excess Payment
has been made, such Excess Payment shall be deemed for all purposes to be a loan to you made on the date you received the Excess Payment, and you shall promptly repay the Excess Payment to TPG, together with interest on the Excess Payment at the
applicable federal rate (as defined in and under Section 1274(d) of the Code) from the date of your receipt of such Excess Payment until the date of such repayment. In the event that it is determined by an arbitrator, court or the Auditor
upon request by any of the parties, that an Underpayment has occurred, TPG shall promptly pay an amount equal to the Underpayment to you, together with interest on such amount at the applicable federal rate from the date such amount would have been
paid to you had the provisions of Section 16(b) not been applied until the date of payment. 
 (e) TPG shall appoint a nationally
recognized accounting firm, law firm or consultancy to make the determinations required by this Section 16 and shall, to the extent consistent with Section 280G of the Code, all reductions to the value of payments that might otherwise
qualify as a “parachute payments” under such Section (including the value of noncompetition restrictions and reasonable compensation for pre-and post-change in control services). TPG shall bear all
expenses with respect to the determinations by such accounting firm, law firm or consultancy required to be made hereunder. 
 17.
Arbitration. 
 (a) Any dispute, controversy or Claim between you (or any of your beneficiaries or transferees) and any
TPG Entity that arises out of, or relates to, this Agreement, any Governance Document or TPG Arrangement, your services for any TPG Entity or any termination of your services for any TPG Entity (a “Covered Claim”) shall, except to
the extent otherwise provided in Section 17(b) or 17(c) with respect to certain claims for provisional or injunctive relief, be settled exclusively by de novo arbitration administered by the American Arbitration Association in accordance
with its Commercial Arbitration Rules (the “AAA Rules”) and this Section 17 by a panel of three arbitrators (the “Arbitral Tribunal”) and carried out in Fort Worth, Texas. The Arbitral Tribunal shall authorize
the parties to any arbitration to conduct a reasonable amount of discovery, including (without limitation) depositions to the extent that the Arbitral Tribunal deems appropriate. Notwithstanding anything to the contrary in this Agreement or
elsewhere, the arbitration provisions set forth in this Section 17, and any arbitration conducted thereunder, shall be governed exclusively by the Federal Arbitration Act, Title 9, United States Code and the AAA Rules, to the exclusion of any
state or municipal law of arbitration. Except as set forth in Section 17(f), the parties involved in any arbitration hereunder will share all costs of such arbitration, provided that the Arbitral Tribunal may award costs to the party
prevailing on a majority of the claims from an economic perspective. 
 (b) By agreeing to arbitration, the Parties do not intend to
deprive any court with jurisdiction of its ability to issue a preliminary injunction, attachment or other form of provisional remedy in aid of the arbitration, and a request for such provisional remedies by any Person to a court shall not be deemed
a waiver of this agreement to arbitrate. The Arbitral Tribunal shall have the authority to grant provisional remedies, including, without limitation, injunctive relief, to the extent permitted under applicable law. 

  
 14 

 (c) Except as may be required by applicable law or court order, the Parties agree
that they, and their Affiliates, will maintain confidentiality as to all aspects of any arbitration or court proceeding under this Section 17, including its existence and results, except that nothing herein shall prevent any Person from
disclosing information regarding the arbitration for purposes of enforcing the award or in any court proceeding involving the parties. The Parties further agree to use their best reasonable efforts to obtain the agreement of any Arbitral Tribunal or
court, as applicable, to preserve the confidentiality of any proceedings before it. 
 (d) Any award rendered by an Arbitral Tribunal
shall be final and binding on the parties to the arbitration. Judgment on any award may be entered in any court of competent jurisdiction. The Parties hereto waive, to the fullest extent permitted by law, any rights to appeal to, or to seek review
of such award by, any court. 
 (e) Notwithstanding anything in this Section 17 to the contrary, the TPG Entities shall each, as
applicable, be entitled to seek injunctive relief from any court of competent jurisdiction for any violation of the Restrictive Covenants. 

(f) In respect of any Covered Claims that are brought within 12 months following the Termination Date, promptly following (but not later
than fifteen business days after) receiving appropriate supporting documentation, the New TPG Parties shall directly pay (or reimburse you or your beneficiaries or transferees, as applicable, for) any professional fees or other charges incurred by
you or your beneficiaries or transferees in connection with a Covered Claim or Covered Claims, subject to repayment by you or your beneficiaries or transferees, as the case may be, promptly following (but not later than fifteen days after) any final
determination by a court, company, arbitration, or arbitral panel that you or your beneficiaries or transferees, as the case may be, have not substantially prevailed (as determined based on the economic value of the Covered Claim or Covered Claims)
with respect to a majority of Covered Claims. 
 18. Representations. 

(a) You represent and warrant that as of the Effective Date: (i) neither the execution and delivery of this Agreement nor the
performance of your duties under it violates or will violate the provisions of any other written agreement to which you are a party or by which you are bound or become bound, and (ii) there are no written agreements by which you are bound that
would prevent you from performing your duties hereunder. 
 (b) The New TPG Parties each represent and warrant that as of the
Effective Date: (i) it is fully authorized by action of any Person or body whose action is required to enter into this Agreement and to perform the obligations set forth in it; (ii) the execution, delivery and performance of this Agreement
by it will not violate any applicable law, regulation, order, judgment or decree or any Governance Document or TPG Arrangement; and (iii) upon the execution and delivery of this Agreement by each of the New TPG Parties, this Agreement shall be
its valid and binding obligation, enforceable against it in accordance with its terms, except to the extent that enforceability may be limited by applicable bankruptcy, insolvency or similar laws affecting the enforcement of creditors’ rights
generally. 

  
 15 

 19. Assignability; Binding Nature. 

(a) This Agreement shall be binding upon and inure to the benefit of the Parties and their respective successors, heirs (in your case)
and permitted assigns, including any successor entities to TPG Partners, LLC. 
 (b) No rights or obligations of any TPG Entity under
this Agreement may be assigned or transferred by such TPG Entity (each a “Transferor”) except that such rights and obligations may be assigned or transferred pursuant to a merger, consolidation or other combination in which
the Transferor is not the continuing entity, or a sale or liquidation of all or substantially all of the business and assets of the Transferor; provided that the assignee or transferee is the successor to all or substantially all of the
business and assets of the Transferor and such assignee or transferee expressly assumes the liabilities, obligations and duties of the Transferor as set forth in this Agreement. In the event of any merger, consolidation, other combination, sale of
business and assets, or liquidation as described in the preceding sentence, the Transferor shall use its best reasonable efforts to cause such assignee or transferee to promptly and expressly assume the liabilities, obligations and duties of the
Transferor hereunder. 
 (c) None of your rights or obligations under this Agreement may be assigned or transferred by you other than
your rights to compensation and benefits, which may be transferred only by will or by operation of law, except to the extent otherwise provided in Section 20(e). 

20. Miscellaneous. 

(a) Entire Agreement. Subject to the terms of Section 1, this Agreement (together with the other documents expressly
referenced herein) incorporates the Parties’ entire understanding with respect to its subject matter, and supersedes all prior agreements between the Parties with respect to its subject matter including, without limitation, the employment terms
and restrictive covenants set forth in the 2015 Employment Agreement. You shall have no further rights or obligations under the 2015 Employment Agreement. 

(b) Amendment or Waiver. No provision in this Agreement may be amended unless such amendment is set forth in a writing
that expressly refers to the provision of this Agreement that is being amended and that is signed by you and by an authorized (or apparently authorized) representative of each New TPG Party. No waiver by any Person of any breach of any condition or
provision contained in this Agreement shall be deemed a waiver of any similar or dissimilar condition or provision at the same or any prior or subsequent time. To be effective, any waiver must be set forth in a writing signed by the waiving Person
and must specifically refer to the condition(s) or provision(s) of this Agreement being waived. 
 (c) Inconsistencies.
In the event of any inconsistency between any provision of this Agreement, on the one hand, and any provision of any TPG Arrangement, Governance Document, the GP LLC Agreement, any award agreement, or any other plan, program, agreement or
arrangement, whether referred to herein or not and whether entered into prior to the Effective Date or after the Effective Date, on the other hand, the provisions of this Agreement shall govern, control and prevail, unless you specifically agree in
a written acknowledgment that expressly refers to the provisions of this Agreement whose control you are waiving. 

  
 16 

 (d) Headings. The headings of the sections and sub-sections contained in this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any provision of this Agreement. 

(e) Beneficiaries/References. You shall be entitled, to the extent permitted under applicable law and any applicable
Governance Document or TPG Arrangement, to select and change a beneficiary or beneficiaries to receive any compensation or benefit under any Governance Document or TPG Arrangement following your death by giving written notice thereof to the New TPG
Parties. In the event of your death or a judicial determination of your incompetence, references in this Agreement to you shall be deemed, where appropriate, to refer to your beneficiar(ies), transferee(s), heir(s), estate, executor(s), or other
legal representative(s). 
 (f) Survivorship. Except as otherwise set forth in this Agreement, the respective rights and
obligations of the Parties hereunder shall survive any termination of the Term. 
 (g) Joint and Several Obligations.
All obligations of the New TPG Parties under this Agreement shall, except as otherwise expressly provided in this Agreement, be joint and several. TPG Holdings unconditionally guarantees prompt performance by TPG Global of its obligations to you,
whether under this Agreement or otherwise. 
 21. Notice. Any notice or other communication required or permitted to be
delivered under this Agreement shall be (a) in writing, (b) delivered personally, by facsimile, by courier service or by certified or registered mail, first class postage prepaid and return receipt requested, (c) delivered by
electronic mail, (d) deemed to have been received on the date of delivery or, if so mailed, on the third business day after the mailing thereof, and (e) addressed as follows (or to such other address as the Party entitled to notice shall
hereafter designate in accordance with the terms hereof): 
 If to a New TPG Party or the Authorized Body: 

TPG Inc. 
 301 Commerce Street,
Suite 3300 
 Fort Worth, TX 76102 

Attn: Bradford A. Berenson 

Facsimile: (817) 871-4001 

Email: BBerenson@tpg.com 
 With a copy (which
shall not constitute notice) to: 
 Shearman & Sterling LLP 

599 Lexington Avenue 
 New York,
NY 10022 
 Attn: John J. Cannon III 

         Gillian Emmett Moldowan 

Facsimile: (646) 848-8159 (John Cannon) 

         (646) 848-5356 (Gillian Emmett
Moldowan) 
 Email: jcannon@shearman.com 

gillian.moldowan@shearman.com 

  
 17 

			
	If to you:	  	To the address of your principal residence as it appears in TPG’s records, with a copy to your personal email address as it appears in TPG’s records, and with a copy to you (during the Term) at your office in San
Francisco.

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

Morrison Cohen LLP 
 909 Third
Avenue, 27th floor 
 New York, NY 10022 

Attn: Jeff Laska 

         Alan M. Levine 

Facsimile: (917) 522-3166 (Jeff Laska) 

                  (917) 522-3194 (Alan M. Levine) 
 Email: jlaska@morrisoncohen.com 

           alevine@morrisoncohen.com 

22. Applicable Law. This Agreement shall be governed by and construed in accordance with the laws of the State of
Delaware, without regard to conflicts of laws principles thereof. 
 23. Construction. The Parties each acknowledge and
agree that it has reviewed and negotiated the terms and provisions of this Agreement and has had the opportunity to contribute to its revision. Accordingly, the rule of construction to the effect that ambiguities are resolved against the drafting
party shall not be employed in the interpretation of this Agreement. Rather, the terms of this Agreement shall be construed fairly as to the Parties, and not in favor or against any Party. Words of inclusion shall not be construed as terms of
limitation herein, so that references to “include,” “includes,” and “including” shall not be limiting and shall be regarded as references to non-exclusive and non-characterizing illustrations. 

24. Severability. If any provision of this Agreement shall be determined by a court or arbitrator to be invalid or
unenforceable, the remaining provisions of this Agreement shall not be affected thereby, shall remain in full force and effect, and shall be enforceable to the fullest extent permitted by applicable law. 

25. Counterparts. This Agreement may be executed by the Parties in any number of counterparts, each of which shall be
deemed an original, but all of which together shall constitute one and the same agreement. Signatures delivered by facsimile (including, without limitation, by “pdf”) shall be deemed effective for all purposes. 

*     *    
*    *    *    *    * 
 Please indicate your agreement with the terms and
conditions of employment contained in this Agreement by signing in the space indicated below. Please keep a copy of this Agreement and return the original to my attention. 

{SIGNATURE PAGE FOLLOWS} 

  
 18 

			
	Yours very truly,
	
	TPG GLOBAL, LLC
		
	By:	 	 /s/ Michael LaGatta

		 	Name: Michael LaGatta
		 	Title: Vice President
	
	TPG HOLDINGS, L.P.
	 By: TPG Group Advisors (Cayman), Inc.,

its general partner

		
	By:	 	 /s/ Michael LaGatta

		 	Name: Michael LaGatta
		 	Title: Vice President
	
	TPG PARTNER HOLDINGS, L.P.
	 By: TPG Group Advisors (Cayman), Inc.,

its general partner

		
	By:	 	 /s/ Michael LaGatta

		 	Name: Michael LaGatta
		 	Title: Vice President
	
	TPG GROUP ADVISORS (CAYMAN), INC., in its capacity as General Partner of TPG Partner Holdings, L.P.
		
	By:	 	 /s/ Michael LaGatta

		 	Name: Michael LaGatta
		 	Title: Vice President
	
	TPG PARTNERS, LLC (on its own behalf and on behalf of its anticipated successor, TPG Inc.)
		
	By:	 	 /s/ Bradford Berenson

		 	Name: Bradford Berenson
		 	Title: General Counsel
	
	I agree to the terms and conditions set forth in this Agreement.
	
	 /s/ Jon Winkelried

	Jon Winkelried

  
  

  
 [Signature Page to
Employment Agreement – Jon Winkelried] 

 EXHIBIT A 

DEFINITIONS 
 (a)
“Actual Total Annual Incentive Compensation” with respect to any given Compensation Year shall mean the aggregate amount of your annual compensation (other than Base Salary) as determined in accordance with Section 6 of the
Agreement to which this Exhibit A is attached. 
 (b) “Affiliate” of an individual or entity shall mean any
individual or entity that directly or indirectly controls, is controlled by, or is under common control with, such individual or entity. 

(c) “Annual Equity Award Value” shall mean, with respect to an RSU or other PubCorp Equity Award granted in respect of
a Compensation Year, the grant date value of such award determined under ASC 718 as if the relevant grant date was December 31 of such Compensation Year, and in each case irrespective of whether such awards are granted in such Compensation Year or
the subsequent year. 
 (d) “ASC 718” shall mean Financial Accounting Standards Board ASC Topic 718. 

(e) “Authorized Body” shall mean (i) prior to the Sunset, the Control Group (excluding you while you are a member)
and the Compensation Committee and (ii) following the Sunset, a majority vote of the full Board. 
 (f) “Baseline Total
Annual Incentive Compensation” with respect to any given Compensation Year shall mean the sum of: 
  

	 	(i)	 the highest annual incentive award from the Carry Pool (including the Annual Equity Award Value of the Carry
Pool Equity Awards issued in connection therewith, irrespective of whether such awards are granted in such Compensation Year or the subsequent year) determined for any TPG partner (other than you and the Executive Chairman) for such Compensation
Year (including Standard Carry Pool Awards but excluding Top-Up Carry Pool Awards and Special Purpose Carry Pool Awards) (the “Bonus Component”); 

 

	 	(ii)	 120% of the average of the Benchmark Compensation of the four (4) TPG partners with the highest Benchmark
Compensation for such Compensation Year, with “Benchmark Compensation” meaning, for each TPG partner, the sum of: 

  

	 	a.	 Fifty percent (50%) of the DAWPY for such Compensation Year; 

	 	b.	 One hundred percent (100%) of the (x) Annual Equity Award Value of any annual grants of RSUs or other PubCorp
Equity Awards (including Basic IPO Grants, but excluding Special IPO Grants, Special Purpose PubCorp Equity Awards and Standard Carry Pool Equity Awards) for the Compensation Year, irrespective of whether such awards are granted in the Compensation
Year or the subsequent year, and, if applicable, (y) Deemed ASC Topic 718 Multiyear Grant Expense in the Compensation Year; 

  

	 	c.	 Any Top-Up Carry Pool Awards for the Compensation Year; and 

 

	 	(iii)	 Any other annual award paid to any TPG partner that is intended to replace or supplement DAWPY and/or the
annual incentive award from the Carry Pool, the inclusion and amounts of which shall be reasonably determined in good faith by the Chief Human Resources Officer and the Compensation Committee in consultation with you. 

(g) “Basic IPO Grants” shall mean, collectively, (i) the “Additional TPG Partner Units,” as
defined in the TPG Inc. Registration Statement on Form S-1 (the “S-1”), and (ii) the RSUs described in the
S-1 to be issued shortly following the closing of the IPO to certain TPG partners (other than “named executive officers” listed in the S-1 or directors) and
other professionals. 
 (h) “Carry Pool Equity Awards” shall mean the RSUs and other PubCorp Equity Awards granted in
connection with distributions from the Carry Pool for a given Compensation Year. 
 (i) “Cause” shall mean your
(i) indictment for a felony or other crime involving moral turpitude, (ii) a material breach by you of a material term of this Agreement (including the Restrictive Covenants) or any Governance Document; (iii) willful refusal to
perform your duties and responsibilities under this Agreement (other than as a result of death or Disability) that causes or is reasonably likely to cause material economic or reputational harm to TPG; or (iv) gross negligence in connection
with your employment that causes or is reasonably likely to cause material economic or reputational harm to TPG. For purposes of this definition, an act, or a failure to act, shall not be deemed willful or intentional, unless it is done, or omitted
to be done, in bad faith or without a reasonable belief that the action or omission was in the best interest of TPG. 
 (j)
“Change in Control” means, except as otherwise provided in an award agreement issued to you under the Omnibus Plan, the occurrence of any of the following events: 

 (i) any Person or any group of Persons acting together that would
constitute a “group” for purposes of Section 13(d) of the Exchange Act (excluding (x) a corporation or other entity owned, directly or indirectly, by the shareholders of the Company in substantially the same proportions as
their ownership of stock of the Company, (y) Permitted Investors or (z) a Person or group of Persons in which one or more Affiliates of Permitted Investors, directly or indirectly, hold Beneficial Ownership of securities
representing more than 50% of the total voting power in such Person or held by such group (including TPG GP A, LLC, collectively, “Permitted Acquirers”)) is or becomes the Beneficial Owner, directly or indirectly, of securities of
the Company representing more than 50% of the combined voting power of the Company’s then outstanding voting securities; or 

(ii) the following individuals cease for any reason to constitute a majority of the number of Directors then serving:
(x) on or before the Sunset, individuals who, on the Effective Date, constitute the Board and any new Director elected by the Company’s shareholders and (y) following the Sunset, individuals who, as of the Sunset,
constitute the Board and any new director whose appointment or election by the Board or nomination for election by the Company’s shareholders was approved or recommended by a vote of at least a majority of the Directors then still in office who
either were Directors on the Effective Date or whose appointment, election or nomination for election was previously so approved or recommended by the Directors referred to in this subclause (y); or 

(iii) there is consummated a merger or consolidation of the Company with any other corporation or other entity and,
immediately after the consummation of such merger or consolidation, either (x) the Board immediately prior to the merger or consolidation does not constitute at least a majority of the board of directors of the company surviving the
merger or, if the surviving company is a Subsidiary, the ultimate parent thereof, or (y) the voting securities of the Company (including Common Units exchangeable to any voting securities of the Company pursuant to the Exchange Agreement
on an as-exchanged basis) immediately prior to such merger or consolidation do not continue to represent or are not converted into more than 50% of the combined voting power of the then outstanding voting
securities of the Person resulting from such merger or consolidation or, if the surviving company is a Subsidiary, the ultimate parent thereof; or 

(iv) except as may otherwise be determined by the Committee, any Person or any group of Persons acting together that
would constitute a “group” for purposes of Section 13(d) of the Exchange Act, other than a Permitted Acquirer (x) becomes the Beneficial Owner of the Company’s securities, directly or indirectly, having more than 30%
of the total voting power of the then outstanding securities of the Company that may be cast for the election of Directors of the Company and (y) Beneficially Owns more of such total voting power than is Beneficially Owned by any
Permitted Acquirer; or 

 (v) the shareholders of the Company approve a plan of complete
liquidation or dissolution of the Company or there is consummated an agreement or series of related agreements for the sale, lease or other disposition, directly or indirectly, by the Company of all or substantially all of the Company’s assets,
other than such sale or other disposition by the Company of all or substantially all of the Company’s assets to an entity at least 50% of the combined voting power of the voting securities of which are owned by shareholders of the Company in
substantially the same proportions as their ownership of the Company immediately prior to such sale. 
 Notwithstanding the foregoing, (A) the
Sunset in and of itself shall not constitute a “Change in Control” and (B) except with respect to clause (ii) and clause (iii)(x) above, a “Change in Control” shall not be deemed to have occurred by virtue of the
consummation of any transaction or series of integrated transactions immediately following which the holders of the shares of the Company (including Common Units exchangeable to any shares of the Company pursuant to the Exchange Agreement on an as-exchanged basis) immediately prior to such transaction or series of transactions continue to have substantially the same proportionate ownership in, and voting control over, and own substantially all of the
shares of, an entity which owns, directly or indirectly, all or substantially all of the assets of the Company immediately following such transaction or series of transactions. For purposes of this definition of Change in Control,
(x) capitalized terms used but not defined shall have the meaning ascribed to such terms in the Omnibus Plan, and (y) references to “the Company’s stock/securities” or “stock/securities of the
Company” shall include, for the avoidance of doubt, Common Units or other securities or rights of any entity that are convertible into, or exercisable or exchangeable for, the Company’s stock or other securities. To the extent that any
payment or benefit granted under the Omnibus Plan constitutes “non-qualified deferred compensation” subject to Code Section 409A, and to the extent that such payment or benefit is payable upon
the termination of your employment, then such payments or benefits shall be payable only upon a “change in control” as defined in Code Section 409A. 

(k) “Claim” shall mean any claim, demand, request, investigation, dispute, controversy, threat, discovery request, or
request for testimony or information. 
 (l) “Compensation Year” shall mean the applicable fiscal year in respect of
which your Baseline Total Annual Incentive Compensation is calculated and your Actual Total Annual Incentive Compensation is determined and awarded. 

(m) “DAWPY” shall mean, with respect to a Compensation Year and for TPG Funds whose carried interest (if realized)
would be distributed to the recipient of such DAWPY, the actual “dollars at work” for you or another TPG Partner, as applicable, in carried interests of TPG Funds as of the end of such Compensation Year calculated in accordance with TPG
practice with respect to you as of the date hereof (it being understood and agreed that if compensation is being determined prior to the final results of the fourth quarter of a Compensation Year, DAWPY will be calculated based on the actual results
of three quarters and the best estimate of the fourth quarter). 
 (n) “Deemed ASC Topic 718 Multiyear Grant Expense”
shall mean, with respect to a Compensation Year, the accounting expense under ASC Topic 718 that would have been charged in that Compensation Year had the grant date of a Multiyear Grant for purposes of ASC Topic 718 been in the first Compensation
Year for which the Multiyear Grant was granted, irrespective of whether such Multiyear Grant was granted in such Compensation Year or the subsequent year. 

 (o) “Disability” shall mean your inability, with or without
reasonable accommodation and due to physical or mental incapacity, to substantially perform your duties and responsibilities under this Agreement, for periods aggregating to one-hundred-eighty (180) days,
whether or not continuous, in any continuous period of three-hundred-sixty-five (365) days. 
 (p) “Enhanced Good
Reason” shall mean (i) your reasonable and good faith disagreement with any decision by the Control Group under Section 4.7(b)(A) of the GP LLC Agreement, or with any decision by the Control Group to authorize any of the
actions under Section 5.2(a) of the GP LLC Agreement in accordance with Section 5.2(b) of the GP LLC Agreement (but only if such authorization occurs prior to the application of Section 5.2(c) of the GP LLC Agreement), or
(ii) the material failure of TPG or the Control Group to take any material action required under this Agreement or any Governance Document. 

(q) “Executive Chairman” shall mean James Coulter, the Executive Chairman of the Board of Directors of TPG Inc. 

(r) “Good Reason” shall mean: 

(i) any change to your title such that you cease to be CEO; 

(ii) any material diminution in your duties, responsibilities or authorities or any adverse change in your reporting
structure such that you no longer report solely and directly to the Board; 
 (iii) any relocation of your principal
office, or principal place of employment, to a location that is more than 25 miles from San Francisco or Manhattan; 

(iv) any material breach by any TPG Entity of any material obligation or representation to you, including without
limitation, the obligations and representations of the TPG Entities set forth in this Agreement (it being understood and agreed that any failure by TPG to comply with the provisions of Section 2 or Section 4 shall be deemed a material
breach of a material obligation under this Agreement); or 
 (v) any failure of any TPG Entity to obtain the
assumption in writing of its obligations under this Agreement by any successor to all or substantially all of its business or assets in connection with, and within 30 days after, any Change of Control. 

(s) “Multiyear Grant” shall mean a PubCorp Equity Award or other long-term incentive award (other than a Special IPO
Grant) that is not intended as part of annual compensation for a single Compensation Year, but rather is intended to replace or supplement annual PubCorp Equity Awards over a multi-Compensation Year period; it being understood and agreed that the
determination of whether an award is an annual award or a Multiyear Grant shall be determined in good faith by the Compensation Committee after taking into account your recommendation and, if the Compensation Committee has retained an independent
compensation consultant, also the recommendation of the consultant. 
 (t) “Notice Date” shall mean the date on which
a Notice of Termination is delivered under Section 11 in accordance with Section 21. 

 (u) “Notice of Termination” shall mean the notice delivered under
Section 11 in accordance with Section 21. 
 (v) “Omnibus Plan” shall mean the TPG Partners, Inc. Omnibus
Equity Incentive Plan, as such plan is intended to be adopted on or prior to the IPO, and as it may be amended from time to time, as well as any successor plan thereto. 

(w) “Orderly Retirement” shall mean the voluntary termination of your employment following your delivery of a Notice of
Termination on or after July 1, 2025, that specifies a Termination Date that is at least 180 days following the Notice Date. 

(x) “Person” shall mean any individual, corporation, partnership, limited liability company, joint venture, trust,
estate, board, committee, agency, body, employee benefit plan, or other person or entity. 
 (y) “Proceeding” shall
mean any actual, threatened or reasonably anticipated action, suit or proceeding, whether civil, criminal, administrative, investigative, appellate, arbitral, formal, informal or other. 

(z) “PubCorp Equity Award” means an award issued under the Omnibus Plan. 

(aa) “Reorganization Agreement” shall mean that certain Reorganization Agreement dated as of December 31, 2021 by
and among TPG Holdings I, L.P., TPG Holdings II, L.P., TPG Holdings III, L.P., TPG Group Holdings (SBS) Advisors, Inc., TPG Group Holdings (SBS) Advisors, LLC, TPG Partner Holdings Advisors, Inc., TPG Group Advisors (Cayman), LLC, TPG Partner
Holdings GP, David Bonderman, James Coulter, Jon Winkelried, and GP LLC. 
 (bb) “Special IPO Grants” shall mean the
special initial grants of PubCorp Equity Awards to the “named executive officers” listed in TPG Inc.’s Registration Statement (other than you and the Executive Chairman) on the S-1 in connection
with and shortly following the closing of the IPO (which, for the avoidance of doubt, excludes the Basic IPO Grants). 
 (cc)
“Special Purpose PubCorp Awards” shall mean, with respect to a Compensation Year, the grants of PubCorp Equity Awards to TPG partners for special contributions, new hires, significant promotions or other special non-recurring reasons or circumstances, as determined by you in your good faith discretion. 
 (dd)
“Special Purpose Carry Pool Awards” shall mean, with respect to a Compensation Year, the distributions, if any, from the Carry Pool to TPG partners (other than you and the Executive Chairman) in excess of the Standard Carry Pool
Awards and Top-Up Carry Pool Awards, if any, for such Compensation Year that have been allocated to TPG partners for special contributions, new hires, significant promotions or other special non-recurring reasons or circumstances, as determined by you in your good faith discretion. 
 (ee)
“Standard Carry Pool Awards” shall mean, with respect to a Compensation Year, the distributions from the Carry Pool to TPG partners (other than you and the Executive Chairman) in standard amounts (including typical year over year
increases) that are determined in accordance with TPG’s customary annual incentive-setting practices as of the Effective Date. 

 (ff) “Sunset” shall have the meaning set forth in TPG Inc.’s
Certificate of Incorporation. 
 (gg) “Termination Date” shall mean the date on which the Term and your employment
with TPG terminates in accordance with Section 11. 
 (hh) “Top-Up Carry Pool
Awards” shall mean, with respect to a Compensation Year, the distributions, if any, from the Carry Pool to TPG partners (other than you and the Executive Chairman) in excess of the Standard Carry Pool Awards for such Compensation Year that
have been allocated to a broad-based group of TPG partners other than you and the Executive Chairman. 
 (ii) “TPG
Arrangement” shall mean, any plan, program, agreement or other arrangement of any TPG Entity to which you are a party, in which you are a participant or to which you are otherwise subject. 

(jj) “TPG Fund” means, as used in the calculation of DAWPY, any investment fund or other vehicle or account to which
entitles its general partner (or an affiliate of such general partner) carried interest. 
 (kk) “TPG Holdings” shall
mean TPG Holdings, L.P., a Delaware limited partnership, together with its successors and assigns. 
 (ll) “TPG
Interests” shall mean all TPG Partner Units, promote interests, and PubCorp Equity Awards, other than Carry Pool Equity Awards. 

(mm) “TPG Operating Group” shall mean, collectively, TPG Operating Group I, L.P., TPG Operating Group II, L.P. and TPG
Operating Group III, L.P., together with their respective successors and assigns. 
 (nn) “TPG Partner Holdings”
shall mean TPG Partner Holdings, L.P., together with its successors and assigns. 
 (oo) “TPG Partner Holdings GP”
shall mean TPG Group Advisors (Cayman) Inc., a Cayman Islands exempted company, together with its successors and assigns. 

 EXHIBIT B 

Authorities, Duties & Responsibilities 
  

	 	•	 	 Presenting for approval by the Executive Committee a total compensation budget and total equity awards budget for
TPG partners 

  

	 	•	 	 Hiring and firing TPG partners, function and B.U. heads and other personnel 

 

	 	•	 	 Recommending to the Executive Committee a slate of partner promotions or any material contract with any TPG
partner in his capacity as such 

  

	 	•	 	 Serving on each Platform governing body 

 

	 	•	 	 Presenting an annual budget to the Executive Committee 

 

	 	•	 	 Approving all budgets for each TPG platform 

 

	 	•	 	 Determining the authority delegated to BUs, function heads and management committees or recommending to the
Executive Committee any changes to the authority of any management committee authorized to determine allocations of investments across different funds 

  

	 	•	 	 Forming or dissolving any management committee and determining the members of such management committee
(excluding any allocations committee) 

  

	 	•	 	 Commencing or terminating any fundraising for any and all TPG strategies 

 

	 	•	 	 Approving any changes of any material TPG policies, including its conflicts policy 

 

	 	•	 	 Recommending to the Executive Committee the development or pursuit of any material new lines of business and
associated arrangements 

  

	 	•	 	 Recommending to the Executive Committee any winding down / termination of Platforms 

To the extent any of the above actions require the input and procedural approval of others (such as HR and legal / compliance in the event of a decision to
terminate personnel), the CEO shall not take any such action without the necessary approval(s). 

 EXHIBIT C 

OUTSIDE ACTIVITIES 
 Advisor and Member of
the Board of Directors, Delos Living LLC 
 Advisor to Thrive Capital 

Member, Board of Trustees, Vanderbilt University 
 Trustee, The
Jon & Abby Winkelried Foundation 

 EXHIBIT D 

FORM OF MUTUAL RELEASE 

This mutual release of claims (this “Release”) is made and entered into by and between the New TPG Parties and (the
“Executive”), in connection with the termination of the Term under the letter agreement between the New TPG Parties and the Executive dated December ____, 2021, as amended from time to time in accordance with its terms (the
“Employment Agreement”). Capitalized terms that are not defined in this Release shall have the meaning ascribed to them in the Employment Agreement. 

1. Executive Release. 

(a) The Executive, on behalf of himself, his heirs, beneficiaries, transferees, executors, administrators and legal representatives
(collectively, the “Executive Parties”), irrevocably and unconditionally releases, waives, and forever discharges each of the TPG Entities, and each of the directors, officers, partners, employees, consultants, and representatives
of each of the TPG Entities (collectively, the “TPG Released Parties”), from any and all claims, actions, causes of action, rights, judgments, obligations, damages, demands, accountings or liabilities of whatever kind or character,
whether known or unknown, whether now existing or hereafter arising, at law or in equity that arise out of or relate to: the Employment Agreement; any other TPG Arrangement; your equity grant documentation; the Executive’s services for any TPG
Entity; or the termination of any such services (collectively, “Released Claims”) that the Executive may have, or may have had at any time in the past, including without limitation any such Released Claims that are based on Title
VII of the Civil Rights Act of 1964; the Americans With Disabilities Act; the Fair Labor Standards Act; the Equal Pay Act; the Family and Medical Leave Act; the Employee Retirement Income Security Act of 1974 (except as to claims pertaining to
vested benefits under employee benefit plans maintained by the TPG Released Parties); the Occupational Safety and Health Act; the Worker Adjustment and Retraining Notification Act; Texas Labor Code, including the Texas Commission on Human Rights and
Section 451.001 of the Texas Workers’ Compensation Act; the National Labor Relations Act; the Immigration Reform and Control Act; the California Constitution; the California Fair Employment and Housing Act; the California Civil Code; the
California Labor Code; any common law, public policy, contract (whether oral or written, express or implied) or tort law; and any other local, state, federal or foreign law, regulation or ordinance. In addition, the Executive expressly waives and
relinquishes all rights and benefits afforded by California Civil Code section 1542 and do so understanding and acknowledging the significance of such specific waiver of section 1542. Section 1542 states as follows: “A GENERAL RELEASE DOES
NOT EXTEND TO CLAIMS WHICH THE CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS OR HER FAVOR AT THE TIME OF EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM OR HER MUST HAVE MATERIALLY AFFECTED HIS OR HER SETTLEMENT WITH THE DEBTOR”. Thus,
notwithstanding the provisions of section 1542, and for the purpose of implementing a full and complete release and discharge of the TPG Released Parties, you expressly acknowledge that this Release is intended to include in its effect, without
limitation, all Released Claims that the Executive does not know or suspect to exist in the Executive’s favor at the time of execution hereof, and that this Release extinguishes all such Released Claims. 

 (b) Notwithstanding the foregoing, the release granted under Section 1(a)
specifically excludes: 
 (i) any rights to unemployment, state disability and/or paid family leave insurance benefits pursuant to
the terms of applicable law; 
 (ii) any violation of any federal, state or local statutory and/or public policy right or entitlement
that, by applicable law, may not be waived; 
 (iii) any rights of the Executive Parties that arise under, or are preserved by, the
Employment Agreement, the Governance Documents or any TPG Arrangement; 
 (iv) any Claim for indemnification or under any directors
and officers insurance policy; 
 (v) any Claim that is based on the rights of any of the Executive Parties as an equity holder in
TPG; and 
 (vi) any Claim that is based on criminal misconduct or willful gross misconduct; and 

(vii) any Claim that is based on any act or omission that occurs after the date the Executive executes and delivers this Release. 

(c) In addition to the foregoing, nothing in this Release shall prevent or prohibit the Executive from filing a claim with a government
agency, such as the U.S. Equal Employment Opportunity Commission, that is responsible for enforcing a law on behalf of the government. However, the Executive understands that, because he is waiving and releasing all claims “for monetary damages
and any other form of personal relief”, the Executive may only seek and receive non-personal forms of relief through any such claim. 

(d) The Executive agrees to promptly indemnify and hold each of the TPG Released Parties harmless from any liabilities, costs or
obligations with respect to any Claim that is covered by the release set forth in this Section 1 but is nonetheless brought by any Executive Party against any TPG Released Party (including, without limitation, any attorney’s fees or other
charges incurred in defending against any such Claim). 
 2. TPG Release. 

(a) The New TPG Parties, on their own behalf and on behalf of each of the other TPG Released Parties, hereby release the Executive
Parties from any and all Released Claims that any of the TPG Released Parties have, or may have had at any time in the past. 
 (b)
Notwithstanding the foregoing, the release granted under Section 2(a) specifically excludes: 

 (i) any violation of any federal, state or local statutory and/or public policy
right or entitlement that, by applicable law, may not be waived; 
 (ii) any rights of any of the TPG Released Parties to enforce
prospectively any obligation of the Executive Parties under the Employment Agreement or under any other TPG Arrangement; 
 (iii) any
obligation or requirement to seek disgorgement or recovery of compensation under applicable federal, state or local law; 
 (iv) any
Claim that is based on criminal misconduct or willful gross misconduct; and 
 (v) any Claim that is based on any act or omission
that occurs after the date that the Executive has executed, and delivered, this Release. 
 (c) The New TPG Parties agree to promptly
indemnify and hold each of the Executive Parties harmless from any liabilities, costs or obligations with respect to any Claim that is covered by the release set forth in this Section 2 but is nonetheless brought by any TPG Released Party
against any Executive Party (including, without limitation, any attorney fees or other charges incurred in defending against any such Claim). 

3. No Admission of Liability. 

(d) The Executive understands and agrees that this Release shall not in any way be construed as an admission by any of the New TPG
Parties of any unlawful or wrongful acts whatsoever against the Executive or any other Person. 
 (e) Each of the New TPG Parties
understands and agrees that this Release shall not in any way be construed as an admission by the Executive of any unlawful or wrongful acts whatsoever against the New TPG Parties or any other Person. 

4. Time to Consider Release. The Executive acknowledges that he has been advised in writing by the New TPG Parties that he should
consult an attorney before executing this Release, and he further acknowledges that he has been given a period of at least twenty-one (21) calendar days within which to review and consider the provisions
of this Release. 
 5. Revocation Period. The Executive understands and acknowledges that he has seven (7) calendar days
following his execution and delivery of this Release to revoke this Release. This Release will not become effective or enforceable until after the seven (7) day period to revoke this Release has expired without the Executive’s revocation.
Any such revocation must be made in a signed letter executed by the Executive and received by the Company at the following address no later than 5:00 p.m., New York time, on the seventh day after the Executive executed this letter: TPG Holdings,
L.P., 301 Commerce Street, Suite 3300, Fort Worth, TX 76102, Attn: General Counsel. 
 6. Automatic Revocation. This Release
shall become null and void if not countersigned by an authorized officer of each of the New TPG Parties, and returned to Executive, within ten (10) days after it is signed by Executive, and delivered to the New TPG Parties in accordance with
the notice provisions in the Employment Agreement. 

 7. Miscellaneous. The following provisions of the Employment Agreement, as in
effect on the Effective Date, shall be deemed to be incorporated into this Release as if set forth verbatim in it, except that references to the “Effective Date” in those provisions shall be deemed to be references to the date on which
this Release becomes irrevocable by the Executive, and reference to “you” shall be deemed to be reference to the Executive: Section 16 (relating to representations), Section 17 (relating to assignability), Section 18(b)
(relating to amendments and waivers), Section 18(c) (relating to inconsistencies), Section 18(d) (relating to headings), Section 18(e) (second sentence only, relating to the Executive’s death or incapacity), Section 19
(relating to notices), Section 20 (relating to applicable law), Section 21 (relating to rules of construction), Section 22 (relating to severability) and Section 23 (relating to counterparts). 

*    *    *    *    * 

 As evidenced by the signatures below, the Executive and the individuals executing this
Release for the New TPG Parties each certify that he/she has read this Release and understands and agrees to its terms. 
  

			
	TPG GLOBAL, LLC
		
	By:	 	              

	Name:	 	
	Date:	 	
	
	TPG HOLDINGS, L.P.
		
	By:	 	  

	Name:	 	
	Date:	 	
	
	TPG PARTNER HOLDINGS, L.P.
		
	By:	 	  

	Name:	 	
	Date:	 	
	
	 TPG GROUP
 ADVISORS
(CAYMAN) INC.

		
	By:	 	  

	Name:	 	
	Date	 	

  

					
	  
	 		 	Date:                                     
                                         
                
	[NAME]

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