Document:

Exhibit 10.4

 

LOCK-UP AGREEMENT

 

THIS LOCK-UP AGREEMENT
(this “Agreement”) is made and entered into as of May 16, 2022 by and among (i) EdtechX Holdings
Acquisition Corp. II, a Delaware corporation (together with its successors, “Parent”), (ii) zSpace, Inc., a
Delaware corporation (the “Company”), and (iii) the undersigned Persons (each, a “Holder” and
collectively, the “Holders”).

 

WHEREAS, Parent, EXHAC
Merger Sub I, Inc., a Delaware corporation “(Merger Sub I”), EXHAC Merger Sub II, LLC, a Delaware limited
liability company (“Merger Sub II” and, together with Merger Sub I, “Merger Subs”), each a
direct wholly-owned subsidiary of Parent, and the Company contemporaneously entered into that certain Merger Agreement, dated as of
May 16, 2022 (as amended from time to time in accordance with the terms thereof, the “Merger Agreement”),
pursuant to which, among other matters, upon the consummation of the transactions contemplated thereby (the
“Closing”), (i) Merger Sub I will merge with and into the Company (the “First Merger”), after
which the Company will be the surviving company (the “Surviving Corporation”) and a wholly-owned subsidiary of
Parent and (ii) immediately following the First Merger and as part of the same overall transaction as the First Merger, the
Surviving Corporation will merge with and into Merger Sub II (the “Second Merger”), with Merger Sub II being the
surviving entity of the Second Merger and a wholly-owned subsidiary of Parent, and as a result of which all of the issued and
outstanding capital stock of the Company immediately prior to the Closing shall no longer be outstanding and shall automatically be
cancelled and shall cease to exist, in exchange for the right to receive newly issued Parent Class A common stock, par value $0.0001
per share (“Parent Common Stock”), and warrants of Parent, all upon the terms and subject to the conditions set
forth in the Merger Agreement and in accordance with the applicable provisions of the Delaware General Corporation Law;

 

WHEREAS, as of the date hereof,
each Holder is a holder of equity securities of the Company or the Parent in such amounts and classes or series as set forth underneath
the Holder’s name on the signature page hereto;

 

WHEREAS, pursuant to the Merger
Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties desire
to enter into this Agreement, pursuant to which (i) the shares of Parent Common Stock, as applicable, to be received by each Holder as
such Holder’s portion of the Merger Consideration Shares (as defined in the Merger Agreement) (all such securities, together with
any securities paid as dividends or distributions with respect to such securities or into which such securities are exchanged or converted,
the “Stock Consideration”), (ii) shares of Parent Common Stock issued to a Holder at or immediately following the closing
of the Business Combination Transaction in exchange or cancellation for, or the proceeds of which are used to repay, indebtedness of Old
zSpace (the “Debt Repayment Shares”), and (iii) the shares of Parent Common Stock held as of the date of this Agreement
by each of IBIS Capital Sponsor II LLC, IBIS Capital Sponsor II EdtechX LLC, A1 Capital Advisory Asia Limited and its and their affiliated
members and investors (all such securities, together with any securities paid as dividends or distributions with respect to such securities
or into which such securities are exchanged or converted, the “Sponsor Shares” and, together with the Stock Consideration
and the Debt Repayment Shares, the “Restricted Securities”) shall become subject to limitations on disposition as set
forth herein.

 

NOW, THEREFORE, in consideration
of the premises set forth above, which are incorporated in this Agreement as if fully set forth below, and intending to be legally bound
hereby, the parties hereby agree as follows:

 

1. Definitions.

 

(a) Any
capitalized term used but not defined in this Agreement will have the meaning ascribed to such term in the Merger Agreement.

 

     

     

    

 

(b) “Permitted
Transfer” means a Transfer made: (i) in the case of an individual, as a bona fide gift to a member of such individual’s
immediate family, an estate planning vehicle or to a trust, the beneficiary of which is a member of such individual’s immediate
family, an Affiliate (as defined in the Merger Agreement) of such individual, or to a charitable organization or educational institution;
(ii) dispositions of Restricted Securities or other securities to any member of the immediate family of the Holder or any trust for the
direct or indirect benefit of the Holder or the immediate family of the Holder in a transaction not involving a disposition for value;
(iii) dispositions of Restricted Securities to any corporation, partnership, limited liability company, investment fund or other entity
all of the beneficial ownership interests of which are held, controlled or managed by the Holder or the immediate family of the Holder
in a transaction not involving a disposition for value; (iv) dispositions of Restricted Securities (A) by will, other testamentary document
or intestate succession to the legal representative, heir, beneficiary or a member of the immediate family of the Holder upon the death
of the Holder, or (B) by operation of law pursuant to orders of a court or regulatory agency, a domestic order or negotiated divorce settlement;
(v) in the event of a Liquidity Event (as defined below); (vi) or dispositions of Restricted Securities to a nominee or custodian
of a person or entity to whom a disposition or transfer would be permissible under clauses (i) through (v) above; (vii) dispositions of
Parent Common Stock or such other securities pursuant to a bona fide tender offer for shares of Parent’s capital stock, merger,
consolidation or other similar transaction made to all holders of Parent’s securities involving a change of control of Parent (including
without limitation, the entering into of any lock-up, voting or similar agreement pursuant to which the Holder may agree to transfer,
sell, tender or otherwise dispose of shares of Parent Common Stock or other securities in connection with such transaction) that has been
approved by the Board of Directors of Parent; provided, that, in the event that such change of control transaction
is not consummated, this clause (vii) shall not be applicable and the Holder’s shares and other securities shall remain subject
to the restrictions contained in this Agreement; (viii) any conversion of Parent Class B Common Stock or Parent Class A Common Stock to
Parent Common Stock in accordance with the Company’s Certificate of Incorporation, provided that the shares of Parent
Common Stock shall remain subject to the restrictions contained in this Agreement; or (ix) to current or former general or limited partners,
managers or members, stockholders, other equityholders or direct or indirect affiliates (within the meaning of Rule 405 under the Securities
Act of 1933, as amended) or to the estates of any of the foregoing.

 

(c) “Liquidity
Event” means a liquidation, merger, capital stock exchange, reorganization or other similar transaction that results in all
of Parent’s stockholders having the right to exchange their shares of Parent Common Stock for cash, securities or other property.

 

(d) “Transfer”
means (i) the sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, hedge, grant of any option to purchase or otherwise
dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position or liquidation
with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations
of the SEC promulgated thereunder, with respect to, any security; (ii) the entry into any swap or other arrangement that transfers
to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be
settled by delivery of such securities, in cash or otherwise; or (iii) public announcement of any intention to effect any transaction,
including the filing of a registration statement, specified in clause (i) or (ii).

 

(e) “Trading
Day” means (i) for so long as the Parent Common Stock is listed or admitted for trading on the NASDAQ Capital Market or any
other national securities exchange, days on which such securities exchange is open for business; (ii) when and if the Parent Common Stock
is quoted on the NASDAQ Capital Market or any similar system of automated dissemination of quotations of securities prices, days on which
trades may be made on such system; or (iii) if the Parent Common Stock is not listed or admitted to trading on any national securities
exchange or quoted on the NASDAQ Capital Market or similar system, days on which the Parent Common Stock is traded regular way in the
over-the- counter market and for which a closing bid and a closing asked price for the Parent Common Stock are available.

 

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2. Lock-up
Provisions. (a) Each Holder (other than Paul Kellenberger, Joseph Powers, Mike Harper and Ron Rheinheimer (the “Management
Holders”) hereby agrees not to Transfer any of the Restricted Securities from and after the Closing until the eighteen (18)
month anniversary of the Closing Date; provided, that, (i) 7.5% of the Restricted Securities of each such Holder (or in
the case of the Sponsors, an aggregate of 7.5% of the Restricted Securities held by the Sponsors and their affiliates) shall be freely
transferable (without any Transfer restrictions) commencing immediately upon the Closing Date of the Business Combination, (ii) one-third
(1/3rd) of the remaining Restricted Securities in respect of each such Holder (that is, 30.8% of the aggregate Restricted Securities
held by such Holder) will be released from this Agreement at the end of the six (6) month anniversary of the Closing Date, and (iii) (A)
if the volume-weighted average price (“VWAP”) of the Parent Common Stock has exceeded $12.00 over any twenty (20) Trading
Days within the thirty (30) consecutive Trading Day period immediately prior to the twelve (12) month anniversary of the Closing Date,
then all of the remaining Restricted Securities in respect of each such Holder will be released from this Agreement at the end of such
twelve (12) month anniversary of the Closing Date and (B) if VWAP of the Parent Common Stock has not exceeded $12.00 over any twenty (20)
Trading Days within the thirty (30) consecutive Trading Day period immediately prior to the twelve (12) month anniversary of the Closing
Date, then the remaining Restricted Securities in respect of each such Holder will be released from this Agreement as to half (1/2) on
each of the twelve (12) and eighteen (18) months anniversaries of the Closing Date. Each Management Holder hereby agrees not to Transfer
any of the Restricted Securities from and after the Closing until the twelve (12) month anniversary of the Closing Date; provided,
that, 50% of the Restricted Securities of each Management Holder will be released from this Agreement at the end of the six (6)
month anniversary of the Closing Date. The period of time during which the Restricted Securities are subject to this Agreement being referred
to herein as the “Lock-Up Period”.

 

(b) If, prior to the Closing
Date of the Business Combination, Parent and the Company determine, after consultation with their respective financial advisors, that
it would be desirable to release a portion of the Restricted Securities from this Agreement in order to increase the amount of its freely
tradeable securities on the Closing Date, then such number of Restricted Securities as may be agreed in writing by Parent and the Company
shall be released from this Agreement, on a pro rata basis for each Holder.

 

3. Transfer
Restrictions.

 

(a) The
restrictions set forth in Section 2 shall not apply to the Transfer of any or all of the Restricted Securities owned by a Holder
made in respect of a Permitted Transfer; provided, that, in case of a Permitted Transfer during the Lock-Up Period, it shall
be a condition to such Transfer (except for a Permitted Transfer provided for in Section 1(b)(vi)) that the transferee executes
and delivers to Parent an agreement, in substantially the same form of this Agreement, stating that the transferee is receiving and holding
the Restricted Securities subject to the provisions of this Agreement applicable to such Holder, and there shall be no further Transfer
of such Restricted Securities except in accordance with this Agreement.

 

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(b) If
any Transfer is made or attempted contrary to the provisions of this Agreement, such purported Transfer shall be null and void ab initio,
and Parent shall refuse to recognize any such purported transferee of the Restricted Securities as one of its equity holders for any purpose.

 

(c) During
the Lock-up Period, stop transfer orders shall be placed against the Restricted Securities and each certificate or book entry position
statement evidencing any Restricted Securities shall be stamped or otherwise imprinted with a legend in substantially the following form,
in addition to any other applicable legends:

 

“THE SECURITIES REPRESENTED
BY THIS CERTIFICATE ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS OF May 16, 2022, BY
AND AMONG THE ISSUER OF SUCH SECURITIES (THE “ISSUER”), THE ISSUER’S SECURITY HOLDER NAMED THEREIN AND
CERTAIN OTHER PARTIES NAMED THEREIN. A COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER
HEREOF UPON WRITTEN REQUEST.”

 

(d) For
the avoidance of any doubt, but subject to the terms of the Merger Agreement and any other agreement with Parent to which a Holder is
a party, (i) each Holder shall retain all of its rights as a stockholder of Parent during the Lock-up Period, including the right to vote,
and to receive any dividends and distributions in respect of, any Restricted Securities (provided that additional shares received as a
dividend shall be subject to the restrictions contained in Section 2), and (ii) the restrictions contained in Section 2
shall not apply to any Parent Common Stock or other securities of Parent acquired by such Holder in open market transactions or in any
public or private capital raising transactions of Parent following the Closing Date, or otherwise to any Parent Common Stock (or other
securities of Parent) other than the Restricted Securities.

 

4. Miscellaneous.

 

(a) Termination
of Merger Agreement. Notwithstanding anything to the contrary contained herein, in the event that the Merger Agreement is terminated
in accordance with its terms prior to the Closing, this Agreement and all rights and obligations of the parties hereunder shall automatically
terminate and be of no further force or effect.

 

(b) Binding
Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the parties
hereto and their respective permitted successors and assigns. This Agreement and all obligations of each Holder are personal to such Holder
and may not be transferred or delegated by such Holder at any time without the prior written consent of Parent and the Company. Each of
Parent and the Company may freely assign any or all of its respective rights under this Agreement, in whole or in part, to any successor
entity (whether by merger, consolidation, equity sale, asset sale or otherwise) without obtaining the consent or approval of any Holder.
Any purported assignment in violation of this Section 4(b) shall be void and ineffectual and shall not operate to transfer
or assign any interest or title to the purported assignee.

 

(c) Third
Parties. Nothing contained in this Agreement or in any instrument or document executed by any party in connection with the transactions
contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any person or entity that is not
a party hereto or thereto or a successor or permitted assign of such a party.

 

(d) Governing
Law; Jurisdiction; Waiver of Jury Trial; Remedies. This Agreement and all related Actions shall be governed by and construed in accordance
with the internal Laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether
of the State of Delaware or any other jurisdiction) that would cause the application of the Law of any jurisdiction other than the State
of Delaware. THE PARTIES HERETO EACH HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY LAW, ANY RIGHT TO TRIAL BY JURY OF ANY CLAIM, DEMAND,
ACTION, OR CAUSE OF ACTION (I) ARISING UNDER THIS AGREEMENT OR (II) IN ANY WAY CONNECTED WITH OR RELATED OR INCIDENTAL TO THE DEALINGS
OF THE PARTIES HERETO IN RESPECT OF THIS AGREEMENT OR ANY OF THE TRANSACTIONS RELATED HERETO, IN EACH CASE WHETHER NOW EXISTING OR HEREAFTER
ARISING, AND WHETHER IN CONTRACT, TORT, EQUITY, OR OTHERWISE. THE PARTIES HERETO EACH HEREBY AGREE AND CONSENT THAT ANY SUCH CLAIM, DEMAND,
ACTION, OR CAUSE OF ACTION SHALL BE DECIDED BY COURT TRIAL WITHOUT A JURY AND THAT THE PARTIES HERETO MAY FILE AN ORIGINAL COUNTERPART
OF A COPY OF THIS AGREEMENT WITH ANY COURT AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES HERETO TO THE WAIVER OF THEIR RIGHT TO TRIAL
BY JURY. The parties hereto expressly incorporate by reference Section 11.14 (Waiver of Jury Trial) and Section 11.15 (Submission to Jurisdiction)
of the Merger Agreement and, subject to Section 4(j) hereof, Section 11.17 (Remedies) of the Merger Agreement to apply to this
Agreement mutatis mutandis, with references to the Merger Agreement therein deemed to reference this Agreement and references to the “Parties”
thereunder deemed to reference the parties hereto.

 

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(e) Severability.
Whenever possible, each provision of this Agreement will be interpreted in such a manner as to be effective and valid under applicable
Law, but if any term or other provision of this Agreement is held to be invalid, illegal or unenforceable under applicable Law, all other
provisions of this Agreement shall remain in full force and effect 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 determination that any term or other provision of this
Agreement is invalid, illegal or unenforceable under applicable Law, the parties hereto shall negotiate in good faith to modify this Agreement
so as to effect the original intent of the parties hereto as closely as possible in an acceptable manner in order that the transactions
contemplated hereby are consummated as originally contemplated to the greatest extent possible.

 

(f) Construction;
Interpretation. The headings set forth in this Agreement are inserted for convenience only and shall not affect in any way the meaning
or interpretation of this Agreement. No party hereto, nor its respective counsel, shall be deemed the drafter of this Agreement for purposes
of construing the provisions hereof, and all provisions of this Agreement shall be construed according to their fair meaning and not strictly
for or against any such party. Unless otherwise indicated to the contrary herein by the context or use thereof: (i) the words, “herein,”
“hereto,” “hereof” and words of similar import refer to this Agreement as a whole, and not to any particular section,
subsection, paragraph, subparagraph or clause set forth in this Agreement; (ii) masculine gender shall also include the feminine and neutral
genders, and vice versa; (iii) words importing the singular shall also include the plural, and vice versa; (iv) the words “include,”
“includes” or “including” shall be deemed to be followed by the words “without limitation”; (v) references
to “$” or “dollar” or “US$” shall be references to United States dollars; (vi) the word “or”
is disjunctive but not necessarily exclusive; (vii) the words “writing”, “written” and comparable terms refer
to printing, typing and other means of reproducing words (including electronic media) in a visible form; (viii) the word “extent”
in the phrase “to the extent” means the degree to which a subject or other thing extends, and such phrase shall not mean simply
“if”; (ix) all references to Articles or Sections are to Articles or Sections of this Agreement; and (x) all references to
any Law will be to such Law as amended, supplemented or otherwise modified from time to time. The parties hereto have participated jointly
in the negotiation and drafting of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises,
this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring
or disfavoring any party by virtue of the authorship of any provision of this Agreement.

 

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(g) Notices.
All notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed
to have been duly given) when delivered in person, when delivered by e-mail (having obtained electronic delivery confirmation thereof),
or when sent by registered or certified mail (postage prepaid, return receipt requested) (upon receipt thereof) to the other parties hereto
as follows:

 

	
    If to Parent prior to the Closing, to:

     

    EdtechX Holdings Acquisition Corp. II

    22 Soho Square

    London, W1D 4NS, United Kingdom

    Attention: Benjamin Vedrenne-Cloquet

    Email: bvc@ibiscap.com
	
    With a copy (which will not constitute notice) to:

     

    Graubard Miller

    405 Lexington Avenue

    New York, NY 10174

    Attention: David Alan Miller

       Jeffrey M. Gallant

    Email:     dmiller@graubard.com

    jgallant@graubard.com

	
    If to the Company prior to the Closing, to:

     

    zSpace, Inc.

    303 Twin Dolphin Drive,

    6th Floor Suite 28,

    Redwood City, CA 94065

    Attention: Chief Executive Officer

    Email: ceo@zspace.com

    

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

     

    Fenwick & West LLP

    801 California Street

    Mountain View, CA 94041

    Attn: Lara Foster

       David Michaels

       Michael Pilo

    Email:    LFoster@fenwick.com

    DMichaels @Fenwick.com

    MPilo@Fenwick.com

	
    If to Parent or the Company after the Closing, to:

     

    zSpace Technologies, Inc.

    303 Twin Dolphin Drive,

    6th Floor Suite 28,

    Redwood City, CA 94065

    Attention: Chief Executive Officer

    Email: ceo@zspace.com
	
    With a copy (which shall not constitute notice) to:

     

    Fenwick & West LLP

    801 California Street

    Mountain View, CA 94041

    Attn: Lara Foster

       David Michaels

       Michael Pilo

    Email:    LFoster@fenwick.com

    DMichaels @Fenwick.com

    MPilo@Fenwick.com

	If to a Holder, to:  the address set forth below such Holder’s name on the signature page to this Agreement.

 

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(h) Amendments
and Waivers. This Agreement may be amended or modified only with the written consent of Parent, the Company and the applicable Holder.
The observance of any term of this Agreement may be waived (either generally or in a particular instance, and either retroactively or
prospectively) only with the written consent of the party against whom enforcement of such waiver is sought. No failure or delay by a
party in exercising any right hereunder shall operate as a waiver thereof. No waivers of or exceptions to any term, condition, or provision
of this Agreement, in any one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term,
condition, or provision. Notwithstanding anything to the contrary in this Agreement, if the Company waives, releases, terminates, shortens,
or otherwise amends or modifies the restrictions in this Agreement as to any Holder (a “Release”), then the Release
shall apply pro rata and on the same terms to the lock-up on each Holder’s Restricted Securities hereunder and the provisions of
Section 2 shall be deemed immediately and automatically waived, released, terminated, shortened, amended or modified, as the case
may be, without further action of the parties. Notwithstanding the foregoing, the provisions of Section 2 shall not be deemed waived,
released, terminated, shortened, amended or modified if any such waiver, release, termination, shortening, amendment or modification also
includes terms that would further obligate or are otherwise adverse to the Holder of Restricted Securities hereunder; provided,
however, that in any such circumstances the Holder of Restricted Securities hereunder shall be granted equal opportunity to participate
in such Release on equal terms to the parties thereto prior to the effectiveness thereof.

 

(i) Specific
Performance. Each Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in the event
of a breach of this Agreement by such Holder, money damages will be inadequate and Parent and the Company will have no adequate remedy
at law, and agrees that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by
such Holder in accordance with their specific terms or were otherwise breached. Accordingly, each of Parent and the Company shall be entitled
to an injunction or restraining order to prevent breaches of this Agreement by a Holder and to enforce specifically the terms and provisions
hereof, without the requirement to post any bond or other security or to prove that money damages would be inadequate, this being in addition
to any other right or remedy to which such party may be entitled under this Agreement, at law or in equity.

 

(j) Entire
Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties with respect to the subject
matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties is expressly
canceled; provided that, for the avoidance of doubt, the foregoing shall not affect the rights and obligations of the
parties under the Merger Agreement or any Additional Agreement. Notwithstanding the foregoing, nothing in this Agreement shall limit any
of the rights or remedies of Parent and the Company or any of the obligations of a Holder under any other agreement between such Holder
and Parent or the Company or any certificate or instrument executed by such Holder in favor of Parent or the Company, and nothing in any
other agreement, certificate or instrument shall limit any of the rights or remedies of Parent or the Company or any of the obligations
of such Holder under this Agreement.

 

(k) Further
Assurances. From time to time, at another party’s written request and without further consideration (but at the requesting party’s
reasonable cost and expense), each party shall execute and deliver such additional documents and take all such further action as may be
reasonably necessary to consummate the transactions contemplated by this Agreement.

 

(l) Counterparts;
Electronic Signatures.  This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original,
but all of which shall constitute one and the same agreement. The words “execution,” “signed,” “signature,”
and words of like import in this Agreement or in any other certificate, agreement or document related to this Agreement shall include
images of manually executed signatures transmitted by facsimile or other electronic format (including, “pdf”, “tif”
or “jpg”) and other electronic signatures (including, DocuSign and AdobeSign). The use of electronic signatures and electronic
records (including, any contract or other record created, generated, sent, communicated, received, or stored by electronic means) shall
be of the same legal effect, validity and enforceability as a manually executed signature or use of a paper-based record-keeping system
to the fullest extent permitted by applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the
Delaware Uniform Electronic Transactions Act and any other applicable law. Minor variations in the form of the signature page, including
footers from earlier versions of this Agreement or any such other document, shall be disregarded in determining the party’s intent
or the effectiveness of such signature.

 

* * * * *

 

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IN WITNESS WHEREOF,
each of the parties has caused this Lock-up Agreement to be duly executed on its behalf as of the day and year first above written.

 

	 	EDTECHX HOLDINGS ACQUISITION CORP. II
	 	 
	 	By:	/s/ Benjamin Vedrenne-Cloquet
	 	Name: 	Benjamin Vedrenne-Cloquet
	 	Title:  	Chief Executive Officer

 

[Signature page to Lock-up Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
each of the parties has caused this Lock-up Agreement to be duly executed on its behalf as of the day and year first above written.

 

	 	ZSPACE, INC. 
	 	 
	 	By:	/s/ Paul Kellenberger
	 	Name:  	Paul Kellenberger
	 	Title:	Chief Executive Officer

 

[Signature page to Lock-up Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
each of the parties has caused this Lock-up Agreement to be duly executed on its behalf as of the day and year first above written.

 

 

Holder:

 

Name of Holder: ______________________________

 

	By:	 	 
	Name:	 	 
	Title:	 	 

 

	
    Number and Type of the Company
    Securities:

     

    [Parent Class A Common Stock:]____________________________________

     

    [Parent Class B Common Stock:]____________________________________

     

    [Company Common Stock:]________________________________________

     

    [Company Preferred Stock:]________________________________________

     

    [Company Stock Options (Vested and Unvested):]
    ________________________

     

    Address for Notice:

     

    Address:_________________________________

    ________________________________________

    ________________________________________

    

     

    Facsimile No.:_____________________________

     

    Telephone No.:_____________________________

     

    Email:___________________________________:

 

[Signature page to Lock-up Agreement]Exhibit 10.5

 

PARENT STOCKHOLDER SUPPORT AGREEMENT

 

This PARENT STOCKHOLDER
SUPPORT AGREEMENT, dated as of May 16, 2022 (this “Agreement”), is entered into by and among the
stockholders listed on Exhibit A hereto (each, a “Stockholder”), zSpace Inc., a Delaware
corporation (the “Company”), and EdtechX Holdings Acquisition Corp. II, a Delaware corporation
(“Parent”). Capitalized terms used but not defined in this Agreement shall have the meanings ascribed to them in
the Merger Agreement (as defined below).

 

WHEREAS, Parent, EXHAC Merger
Sub I, Inc., a Delaware corporation and wholly owned subsidiary of Parent (“Merger Sub I”), EXHAC Merger Sub II, LLC,
a Delaware limited liability company and wholly owned subsidiary of Parent (“Merger Sub II” and together with Merger
Sub I, “Merger Subs”), and the Company are parties to that certain Merger Agreement, dated as of the date hereof (as
amended, modified or supplemented from time to time (the “Merger Agreement”), which provides, among other things, that,
upon the terms and subject to the conditions thereof, Merger Sub I will be merged with and into the Company (the “First Merger”),
with the Company surviving as a direct wholly-owned subsidiary of Parent and immediately following the First Merger and as part of the
same overall transaction as the First Merger, the Surviving Corporation will merge with and into Merger Sub II (the “Second Merger”
and, together with the First Merger, the “Mergers”), with Merger Sub II being the surviving entity of the Second Merger
and a wholly owned subsidiary of Parent;

 

WHEREAS, as of the date hereof,
each Stockholder owns the number of shares of Parent’s Class B common stock, par value $0.00001 (“Parent Class B Common
Stock”) as set forth on Exhibit A (all such shares, or any successor or additional shares of Parent of which
ownership of record or the power to vote is hereafter acquired by the Stockholder prior to the termination of this Agreement being referred
to herein as the “Stockholder Shares”); and

 

WHEREAS, in order to induce
the Company and Parent to enter into the Merger Agreement, each Stockholder is executing and delivering this Agreement to the Company.

 

NOW, THEREFORE, in consideration
of the foregoing and of the mutual covenants and agreements contained herein, and intending to be legally bound hereby, the parties hereby
agree as follows:

 

1.
Voting and Non-Redemption Agreements. Each Stockholder, in its capacity as a stockholder of Parent, agrees that, at any
meeting of Parent’s stockholders related to the transactions contemplated by the Merger Agreement (whether annual or special and
whether or not an adjourned or postponed meeting, however called and including any adjournment or postponement thereof) and/or in connection
with any written consent of Parent’s stockholders related to the transactions contemplated by the Merger Agreement (all meetings
or consents related to the Merger Agreement, including the Parent Stockholder Meeting and the Extension Stockholders’ Meeting, collectively
referred to herein as the “Meeting”), such Stockholder shall:

 

		(a)	when the Meeting is held, appear at the Meeting or otherwise
cause the Stockholder Shares to be counted as present thereat for the purpose of establishing a quorum;

 

		(b)	vote (or execute and return an action by written consent),
or cause to be voted at the Meeting (or validly execute and return and cause such consent to be granted with respect to), all of the
Stockholder Shares in favor of the Extension Proposal, the Mergers, the Merger Agreement and the transactions contemplated thereby;

 

     

     

    

 

		(c)	vote (or execute and return an action by written consent),
or cause to be voted at the Meeting (or validly execute and return and cause such consent to be granted with respect to), all of the
Stockholder Shares in favor of any proposal to adjourn a Meeting at which there is a proposal for stockholders of the Company to adopt
the Merger Agreement to a later date if there are not sufficient votes to adopt the proposal described in clause (b) above or if there
are not sufficient shares present in person or represented by proxy at such Meeting to constitute a quorum;

 

		(d)	authorize and approve  any amendment to Parent’s
Amended and Restated Certificate of Incorporation that is necessary for purposes of effecting the transactions contemplated by the Merger
Agreement;

 

		(e)	vote (or execute and return an action by written consent),
or cause to be voted at the Meeting (or validly execute and return and cause such consent to be granted with respect to), all of the
Stockholder Shares against any proposal for any amendment or modification of Parent’s Amended and Restated Certificate of Incorporation
or Bylaws that would change the voting rights or the number of votes required to approval any proposal, including the vote required to
adopt the Merger Agreement;

 

		(f)	vote (or execute and return an action by written consent),
or cause to be voted at the Meeting (or validly execute and return and cause such consent to be granted with respect to), all of the
Stockholder Shares, in any other circumstances upon which a consent or other approval is required under the Amended and Restated Certificate
of Incorporation of Parent, dated December 10, 2020, as amended (the “Parent Charter”), or otherwise sought with respect
to the Merger Agreement or the Transactions in favor thereof, including any anti-dilution waiver;

 

		(g)	vote (or execute and return an action by written consent),
or cause to be voted at the Meeting (or validly execute and return and cause such consent to be granted with respect to), all of the
Stockholder Shares against any Alternative Transaction or against any other action that would reasonably be expected to (x) impede, interfere
with, delay, postpone or materially and adversely affect the Mergers or any of the transactions contemplated by the Merger Agreement,
or (y) result in a breach of any covenant, representation or warranty or other obligation or agreement of the Stockholder contained in
this Agreement; and

 

		(h)	not elect to redeem any Stockholder Shares, or submit any
of its Stockholder Shares for redemption, in connection with the transactions contemplated by the Extension Proposal or the Merger Agreement.

 

2.
Restrictions on Transfer. - During the period commencing on the date hereof and ending on the earlier of (a) the Effective
Time and (b) such date and time as the Merger Agreement shall be terminated in accordance with Section 10.1 or Section 10.2 thereof (the
earlier of clauses (a) and (b), the “Expiration Time”), each Stockholder shall not (i) sell, offer to sell, contract
or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly,
file (or participate in the filing of) a registration statement with the SEC (other than the Offer Documents) or establish or increase
a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Exchange Act, with
respect to any Stockholder Shares, (ii) enter into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of any Stockholder Shares (clauses (i) and (ii) collectively, a “Transfer”)
or (iii) publicly announce any intention to effect any Transfer; provided that the foregoing shall not prohibit the transfer of
the Stockholder Shares by a Stockholder to an Affiliate of such Stockholder, but only if such Affiliate shall execute this Agreement or
a joinder agreeing to become a party to this Agreement. Any Transfer in violation of this Section 2 with respect to the Stockholder Shares
shall, to the fullest extent permitted by applicable Law, be null and void ab initio.

 

    2

     

    

 

3.
New Securities. During the period commencing on the date hereof and ending on the earlier to occur of (a) the Effective
Time (as defined in the Merger Agreement), and (b) such date and time as the Merger Agreement shall be terminated, in the event that,
(i) any additional shares of Parent Class B Common Stock or other equity securities of Company are issued to the Stockholder after the
date of this Agreement pursuant to any stock dividend, stock split, recapitalization, reclassification, combination or exchange of securities
owned by the Stockholder, (ii) the Stockholder purchases or otherwise acquires beneficial ownership of any shares of Parent Class A Common
Stock or other equity securities of Parent after the date of this Agreement, or (iii) the Stockholder acquires the right to vote or share
in the voting of any shares of Parent Class A Common Stock or other equity securities of Parent after the date of this Agreement (such
shares or other equity securities of Parent, collectively the “New Securities”), then such New Securities acquired
or purchased by the Stockholder shall be subject to the terms of this Agreement to the same extent as if they constituted the Stockholder
Shares as of the date hereof.

 

4.
No Challenge. Each Stockholder agrees not to commence, join in, facilitate, assist or encourage, and agrees to take all
actions necessary to opt out of any class in any class action with respect to, any claim, derivative or otherwise, against the Parent,
Merger Subs, the Company or any of their respective successors or directors (a) challenging the validity of, or seeking to enjoin
the operation of, any provision of this Agreement or the Merger Agreement or (b) alleging a breach of any fiduciary duty of any person
in connection with the evaluation, negotiation or entry into the Merger Agreement.

 

5.
Waiver of Appraisal Rights. Each Stockholder hereby irrevocably and unconditionally waives any rights of appraisal, dissenter’s
rights and any similar rights relating to the Merger Agreement and the consummation by the parties of the transactions contemplated thereby,
including the Mergers, that such Stockholder may have under applicable law (including Section 262 of the DGCL or otherwise).

 

6.
Waiver of Anti-Dilution Rights. Immediately prior to, and conditioned upon, the First Effective Time, each Stockholder shall,
automatically and without any further action by such Stockholder or Parent (for each of themselves and respective successors, heirs and
assigns), irrevocably and unconditionally waive its respective rights under the anti-dilution and conversion provisions of the Parent
Charter, with respect to each share of Parent Class B Common Stock held by such Stockholder as of the date hereof, and such shall, automatically
and without any further action by Parent or any Stockholder, be converted to and exchanged for Parent Class A Common Stock on a one-for-one
basis as provided in the Parent Charter at the First Effective Time.

 

7.
Voting Power or Proxy. No voting powers or proxies are granted in respect of any voting power held by any Stockholder in
favor of any other person by operation of this Agreement.

 

8.
Consent to Disclosure. Each Stockholder hereby consents to the publication and disclosure in the Form S-4 and the Proxy
Statement (and, as and to the extent otherwise required by applicable securities Laws or the SEC or any other securities authorities,
any other documents or communications provided by the Parent or the Company to any Authority (as defined in the Merger Agreement) or to
securityholders of the Parent) of such Stockholder’s identity and beneficial ownership of Stockholder Shares and the nature of such
Stockholder’s commitments, arrangements and understandings under and relating to this Agreement and, if deemed appropriate by the
Parent or the Company, a copy of this Agreement. Each Stockholder will promptly provide any information reasonably requested by the Parent
or the Company for any regulatory application or filing made or approval sought in connection with the transactions contemplated by the
Merger Agreement (including filings with the SEC).

 

    3

     

    

 

9.
Stockholder Representations: Each Stockholder represents and warrants to Parent and the Company, as of the date hereof,
that:

 

		(a)	such Stockholder has full right and power, without violating
any agreement to which it is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer
or former employer), to enter into this Agreement;

 

		(b)	(i) if such Stockholder is not an individual, such Stockholder
is duly organized, validly existing and in good standing under the Laws of the jurisdiction in which it is organized, and the execution,
delivery and performance of this Agreement and the consummation of the transactions contemplated hereby are within such Stockholder’s
organizational powers and have been duly authorized by all necessary organizational actions on the part of the Stockholder and (ii) if
such Stockholder is an individual, the signature on this Agreement is genuine, and such Stockholder has legal competence and capacity
to execute the same and to perform his or her obligations hereunder;

 

		(c)	this Agreement has been duly executed and delivered by such
Stockholder and, assuming due authorization, execution and delivery by the other parties to this Agreement, this Agreement constitutes
a legally valid and binding obligation of such Stockholder, enforceable against such Stockholder in accordance with the terms hereof
(except as enforceability may be limited by bankruptcy Laws, other similar Laws affecting creditors’ rights and general principles
of equity affecting the availability of specific performance and other equitable remedies);

 

		(d)	the execution and delivery of this Agreement by such Stockholder
does not, and the performance by such Stockholder of its obligations hereunder will not, (i) conflict with or result in a violation
of the organizational documents of such Stockholder, or (ii) require any consent or approval from any third party that has not been given
or other action that has not been taken by any third party, in each case, to the extent such consent, approval or other action would
prevent, enjoin or materially delay the performance by such Stockholder of its obligations under this Agreement;

 

		(e)	there are no Actions (as defined in the Merger Agreement)
pending against such Stockholder or, to the knowledge of such Stockholder, threatened against such Stockholder, before (or, in the case
of threatened Actions, that would be before) any Authority, which in any manner challenges or seeks to prevent, enjoin or materially
delay the performance by such Stockholder of such Stockholder’s obligations under this Agreement;

 

		(f)	no broker, finder, investment banker or other Person is entitled
to any brokerage fee, finders’ fee or other commission in connection with this Agreement or any of the respective transactions
contemplated hereby, based upon arrangements made by the Stockholder or, to the knowledge of such Stockholder, by Parent;

 

    4

     

    

 

		(g)	such Stockholder has had the opportunity to read the Merger
Agreement and this Agreement and has had the opportunity to consult with such Stockholder’s tax and legal advisors;

 

		(h)	such Stockholder has not entered into, and shall not enter
into, any agreement that would restrict, limit or interfere with the performance of any of such Stockholder’s obligations hereunder;

 

		(i)	such Stockholder has good title to the Stockholder Shares
opposite such Stockholder’s name on Exhibit A, free and clear of any Liens other than Permitted Liens, and such Stockholder
has the sole power to vote or cause to be voted such Stockholder Shares; and

 

		(j)	the Stockholder Shares identified in Section 2 of
this Agreement are the only shares of Parent’s outstanding capital stock owned of record or beneficially owned by the Stockholder
as of the date hereof, and none of such Stockholder Shares are subject to any proxy, voting trust or other agreement or arrangement with
respect to the voting of such Stockholder Shares that is inconsistent with such Stockholder’s obligations pursuant to this Agreement.

 

 

10.
 Damages; Remedies. Except as otherwise expressly provided herein, any and all remedies provided herein will be deemed
cumulative with and not exclusive of any other remedy conferred hereby, or by law or equity upon such party, and the exercise by a party
of any one remedy will not preclude the exercise of any other remedy. The Stockholder hereby agrees and acknowledges that (a) Parent and
the Company would be irreparably injured in the event of a breach by the Stockholder of its obligations under this Agreement, (b) monetary
damages may not be an adequate remedy for such breach and (c) the non-breaching party shall be entitled to an injunction or injunctions,
specific performance and other equitable relief to prevent breaches of this Agreement and to enforce specifically the terms and provisions
of this Agreement, in each case, without posting a bond or undertaking and without proof of damages and this being in addition to any
other remedy to which they are entitled at law or in equity. Each of the parties agrees that it will not oppose the granting of an injunction,
specific performance and other equitable relief when expressly available pursuant to the terms of this Agreement on the basis that the
other party has an adequate remedy at law or an award of specific performance is not an appropriate remedy for any reason at law or equity.

 

11.
Entire Agreement; Amendment. This Agreement and the other agreements referenced herein constitute the entire agreement and
understanding of the parties hereto in respect of the subject matter hereof and supersede all prior and contemporaneous understandings
and agreements related hereto (whether written or oral), to the extent they relate in any way to the subject matter hereof or the transactions
contemplated hereby. No provision of this Agreement may be explained or qualified by any agreement, negotiations, understanding, discussion,
conduct or course of conduct or by any trade usage. Except as otherwise expressly stated herein, there is no condition precedent to the
effectiveness of any provision hereof. This Agreement may not be changed, amended or modified as to any particular provision, except by
a written instrument executed by all parties hereto, and cannot be terminated orally or by course of conduct. No provision hereof can
be waived, except by a writing signed by the party against whom such waiver is to be enforced, and any such waiver shall apply only in
the particular instance in which such waiver shall have been given.

 

12.
Assignment. No party hereto may, except as set forth herein, assign either this Agreement or any of its rights, interests,
or obligations hereunder, including by merger, consolidation, operation of law or otherwise, without the prior written consent of the
other parties. Any purported assignment or delegation in violation of this paragraph shall be void and ineffectual, and shall not operate
to transfer or assign any interest or title to the purported assignee. This Agreement shall be binding on the Stockholder, the Parent
and the Company and each of their respective successors, heirs, personal representatives and assigns and permitted transferees.

 

    5

     

    

 

13.
Counterparts. This Agreement may be executed in any number of original, electronic or facsimile counterparts and each of
such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and
the same instrument. This Agreement shall become effective upon delivery to each party of an executed counterpart or the earlier delivery
to each party of original, photocopied, or electronically transmitted signature pages that together (but need not individually) bear the
signatures of all other parties.

 

14.
Severability. This Agreement shall be deemed severable, and a determination by a court or other legal authority that any
provision that is not of the essence of this Agreement is legally invalid shall not affect the validity or enforceability of this Agreement
or of any other term or provision hereof. Furthermore, the parties shall cooperate in good faith to substitute (or cause such court or
other legal authority to substitute) for any provision so held to be invalid a valid provision, as alike in substance to such invalid
or unenforceable provision as may be possible and be valid and enforceable.

 

15.
Governing Law; Jurisdiction; Jury Trial Waiver. Section 11.7, Section 11.15 and Section 11.16 of the Merger Agreement are
incorporated by reference herein to apply with full force to any disputes arising under this Agreement.

 

16.
Notice. Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall
be in writing and shall be sent or given in accordance with the terms of Section 11.1 of the Merger Agreement to the applicable party,
with respect to the Company and Parent, at the respective addresses set forth in Section 11.1 of the Merger Agreement, and, with respect
to Stockholder, at the address set forth on Exhibit A.

 

17.
Termination. This Agreement shall terminate on the earlier of the (i) Closing, (ii) termination of the Merger Agreement,
or (iii) failure of the Parent’s stockholders to approve an Extension Proposal (as defined in the Merger Agreement) at any special
meeting of the Parent’s stockholders required to be held in connection with such Extension Proposal. No such termination shall relieve
the Stockholder, Parent or the Company from any liability resulting from a breach of this Agreement occurring prior to such termination.

 

18.
Adjustment for Stock Split. If, and as often as, there are any changes in the Stockholder Shares by way of stock split,
stock dividend, combination or reclassification, or through merger, consolidation, reorganization, recapitalization or business combination,
or by any other means, equitable adjustment shall be made to the provisions of this Agreement as may be required so that the rights, privileges,
duties and obligations hereunder shall continue with respect to the Stockholder, Parent, the Company, the Stockholder Shares as so changed.

 

19.
Closing Date Deliverables. On the Closing Date, each of the Stockholder shall deliver to Parent and the Company a copy of
that certain Lock-Up Agreement, duly executed by the Stockholder, in substantially the form attached as Exhibit D  to the Merger
Agreement.

 

20.
Further Actions. Each of the parties hereto agrees to execute and deliver hereafter any further document, agreement or instrument
of assignment, transfer or conveyance as may reasonably be considered within the scope of such party’s obligations hereunder, as
may be necessary or desirable to effectuate the purposes hereof.

 

[remainder of page intentionally left blank]

 

    6

     

    

 

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

 

	 	ZSPACE INC.
	 	 	 
	 	By:	/s/ Paul Kellenberger
	 	 	Name: Paul Kellenberger
	 	 	Title: Chief Executive Officer
	 	 	 
	 	EDTECHX HOLDINGS ACQUISITION CORP. II
	 	 	 
	 	By:	/s/ Benjamin Vedrenne-Cloquet
	 	 	Name: Benjamin Vedrenne-Cloquet
	 	 	Title: CEO
	 	 	 
	 	IBIS CAPITAL SPONSOR II LLC
	 	 	 
	 	By:	/s/ Charles McIntyre
	 	 	
    Name: Charles McIntyre

    Title: Chairman

	 	 	 
	 	IBIS CAPITAL SPONSOR II EDTECHX LLC
	 	 	 
	 	By:	/s/ Benjamin Vedrenne-Cloquet
	 	 	Name: Benjamin Vedrenne-Cloquet
	 	 	Title: CEO

 

	 	A1 CAPITAL ADVISORY ASIA LIMITED
	 	 	 
	 	By:	/s/ Anop Chirdkiatisak
	 	 	Name: Anop Chirdkiatisak
	 	 	Title: 

 

[Signature Page to Parent Support Agreement]

 

    7

     

    

 

Exhibit A

 

	NAME	NUMBER OF SHARES
	 	 
	IBIS Capital Sponsor II EdtechX LLC	1,013,500
	22 Soho Square	 
	London, W1D 4NS	 
	United Kingdom	 
	 	 
	IBIS Capital Sponsor II LLC	1,075,475
	22 Soho Square	 
	London, W1D 4NS	 
	United Kingdom	 
	 	 
	A1 Capital Advisory Asia Limited	786,025
	22 Soho Square	 
	London, W1D 4NS	 
	United Kingdom	 

 

 

8

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