Document:

EX-10.5

 Exhibit 10.5 

LETTER AGREEMENT 

[●], 2022 
 Cartesian
Growth Corporation II 
 505 Fifth Avenue, 15th Floor 

New York, New York 10017 
 Cantor Fitzgerald & Co. 

499 Park Avenue 
 New York, New York 10022 

Re: Initial Public Offering. 
 Ladies and
Gentlemen: 
 This letter agreement (this “Letter Agreement”) is being delivered to you in accordance with the Underwriting
Agreement (the “Underwriting Agreement”) entered into by and between Cartesian Growth Corporation II, a Cayman Islands exempted company (the “Company”), and Cantor Fitzgerald & Co. as representative (the
“Representative”) of the Underwriters (the “Underwriters”), relating to the underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”), each
comprised of one Class A ordinary share of the Company, $0.0001 par value per share (the “Ordinary Shares”), and one-third of one warrant. Each whole warrant (each, a
“Warrant”) entitles the holder thereof to purchase one Ordinary Share at a price of $11.50 per share, subject to adjustment. The Units shall be sold in the IPO pursuant to a Registration Statement on Form S-1 and prospectus (the “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”). Certain capitalized terms used herein are defined in
paragraph 12 hereof.
 In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the
IPO and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned, each of which owns Founder Shares or is a member of the Company’s board of directors and/or management team (each,
an “Insider” and collectively, the “Insiders”), hereby agrees with the Company as follows: 

1.    If the Company solicits approval of its shareholders of a Business Combination, the undersigned will vote all
Ordinary Shares and Founder Shares, beneficially owned by him, her or it, whether acquired before, in or after the IPO, in favor of such Business Combination. 

2.    In the event that the Company fails to consummate a Business Combination within 18 months from the closing of the
IPO, or such later period approved by the Company’s shareholders in accordance with the Memorandum and Articles of Association, the undersigned shall take all reasonable steps as a shareholder or officer and/or director of the Company, as
applicable, to (i) cause the Company to cease all operations except for the purpose of winding up, (ii) as promptly as reasonably possible, but no more than ten business days after the expiration of such period, subject to applicable
Cayman Islands law, redeem the IPO Shares, at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Fund including interest earned on the funds held in the Trust Fund
(which interest shall be net of taxes payable and less up to $100,000 of interest to pay dissolution expenses) divided by the number of then-outstanding IPO Shares, which redemption will completely extinguish public shareholders’ rights as
shareholders (including the right to receive further liquidation distributions, if any) and (iii) as promptly as reasonably possible following such redemption, subject to the approval of the Company’s remaining holders of Ordinary Shares
and the Board of Directors, cause the Company to dissolve and liquidate, subject in the case of (ii) and (iii) above to the Company’s obligations under Cayman Islands law to provide for claims of creditors and the requirements of other
applicable laws. The undersigned agrees not to propose any amendment to the Memorandum and Articles of Association that would affect the substance or timing of the Company’s obligation to provide holders of the IPO Shares the right to have
their shares redeemed in connection with an initial Business Combination or to redeem 100% of the IPO Shares if the Company does not complete an initial Business Combination 

 
within 18 months from the consummation of the IPO unless the Company provides holders of the IPO Shares with the opportunity to redeem their IPO Shares upon approval of any such amendment at a per-share price, payable in cash, equal to the aggregate amount then on deposit in the Trust Fund, including interest earned on the funds held in the Trust Fund and not previously released to the Company to pay
taxes, if any, divided by the number of then-outstanding IPO Shares. 
 3.    The undersigned hereby waives any and all
right, title, interest or claim of any kind in or to any distribution of the Trust Fund and any remaining net assets of the Company as a result of such liquidation with respect to any Ordinary Shares acquired by the undersigned
(“Claim”) and hereby waives any Claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company and will not seek recourse against the Trust Fund for any reason
whatsoever. 
 4.    (a) Each Insider agrees that he shall not effectuate a Transfer of any Founder Shares until the
earlier to occur of (i) one year after the date of the consummation of a Business Combination or (ii) such time, at least 150 days after the Business Combination, that the closing price of the Company’s Ordinary Shares equals or
exceeds $12.00 per Ordinary Share (as adjusted for share splits, share dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period (the “Lock-up”). 
 (b)    Notwithstanding the foregoing, the Lock-up restrictions will be removed earlier if, after a Business Combination, the Company consummates a subsequent liquidation, merger, capital stock exchange or other similar transaction which results in all of
the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property. 

(c)    Notwithstanding the provisions set forth in this paragraph 4, Transfers of the Founder Shares are permitted
(i) to the Insider’s affiliates, members, shareholders or partners, as applicable, or by gift to a member of an Insider’s immediate family, or to a trust, the beneficiary of which is a member of an Insider’s immediate family or
an affiliate of such person, or to a charitable organization, as applicable; (ii) by virtue of laws of descent and distribution upon death of an Insider; (iii) pursuant to a qualified domestic relations order; (iv) in the event of the
Company’s liquidation prior to the completion of a Business Combination; and (v) in the event of the Company’s liquidation, merger, capital share exchange, reorganization or other similar transaction which results in all of the
Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property subsequent to the completion of a Business Combination; provided that in clauses (i) through (iii), the transferee must enter
into a written agreement agreeing to be bound by the terms of the Lock-up. If dividends are declared and payable in Ordinary Shares, such dividends will also be subject to the
Lock-up. 
 5.    The undersigned acknowledges and agrees that prior to entering
into a Business Combination with a target business that is affiliated with the undersigned or any Insiders of the Company or their affiliates, including any company that is a portfolio company of, or otherwise affiliated with, or has received
financial investment from, an entity with which the undersigned or any Insider or their affiliates is affiliated, such transaction must be approved by a majority of the Company’s disinterested independent directors and the Company must obtain
an opinion from an independent investment banking firm that is a member of the Financial Regulatory Authority or an independent accounting firm that such Business Combination is fair to the Company’s unaffiliated shareholders from a financial
point of view. 
 6.    During the period commencing on the effective date of the Underwriting Agreement and ending 180
days after such date, the undersigned will not, without the prior written consent of the Representative pursuant to the Underwriting Agreement, (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, hedge or otherwise dispose
of or agree to dispose of (or enter into any transaction that is designed to, or might reasonably be expected to, result in the disposition (whether by actual disposition or effective economic disposition due to cash settlement or otherwise) by the
undersigned or any affiliate of the undersigned or any person in privity with the undersigned or any affiliate of the undersigned), directly or indirectly, including the filing (or participation in the filing) of a registration statement with the
SEC in respect of, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended, and the rules and regulations of the
SEC promulgated thereunder with respect to, any Units, Ordinary Shares or Warrants or any securities convertible into, or exercisable, or exchangeable for, Ordinary Shares owned by him, her or it, (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 Units, Ordinary Shares, Warrants or any securities convertible into, or exercisable, or 

  
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exchangeable for, Ordinary Shares owned by him, her or it, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise, or (iii) publicly announce any
intention to effect any transaction, including the filing of a registration statement, specified in clause (i) or (ii). The undersigned acknowledges and agrees that, prior to the effective date of any release or waiver of the restrictions set
forth in this paragraph 6, the Company shall announce the impending release or waiver by press release through a major news service at least two business days before the effective date of the release or waiver. Any release or waiver granted shall
only be effective two business days after the publication of such press release. The provisions of this paragraph will not apply to any transfer not for consideration provided that the transferee in each case has agreed in writing to be bound by the
same terms described in this Letter Agreement to the extent and for the duration that such terms remain in effect at the time of the transfer. 

7.    Neither the undersigned, nor any member of the family of the undersigned, nor any affiliate of the undersigned, will
be entitled to receive or accept a finder’s fee, reimbursement, cash payment, or any other compensation in connection with any services rendered prior to or in connection with the completion of the Business Combination; provided that the
Company shall be allowed to make the payments set forth in the Prospectus adjacent to the caption “Summary—The Offering—Limited payments to insiders.” 

8.    In the case of Insiders who are individuals, the undersigned’s biographical information previously furnished to
the Company and the Representative is true and accurate in all material respects, does not omit any material information with respect to the undersigned’s biography and contains all of the information required to be disclosed pursuant to Item
401 of Regulation S-K, promulgated under the Securities Act of 1933, as amended. In the case of Insiders who are individuals each undersigned’s Director and Officer General Questionnaire previously
furnished to the Company is true and accurate in all material respects. 
 9.    The undersigned has full right and
power, without violating any agreement by which the undersigned is bound (including, without limitation, any non-competition or non-solicitation with any employer or
former employer), to enter into this Letter Agreement and to serve and hold the current position/title of the Company, as applicable. 

10.    The undersigned hereby waives his right to exercise redemption rights with respect to any Ordinary Shares owned or
to be owned by the undersigned, directly or indirectly, whether purchased prior to the IPO, in the IPO or in the aftermarket, and agrees that he will not seek redemption with respect to or otherwise sell such shares to the Company in connection with
any Business Combination. 
 11.    This Letter Agreement shall be governed by and construed and enforced in accordance
with the laws of the State of New York, without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. Each of the parties hereto (i) agrees that any action,
proceeding, claim or dispute arising out of, or relating in any way to, this Letter Agreement shall be brought and enforced in the courts of New York City, in the State of New York, and irrevocably submits to such jurisdiction and venue, which
jurisdiction and venue shall be exclusive, and (ii) waives any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum. 

12.    As used herein, (i) a “Business Combination” shall mean an acquisition, share exchange, share
reconstruction and amalgamation, contractual control arrangement with, purchasing all or substantially all of the assets of, or engaging in any other similar business combination with one or more businesses or entities; (ii) “Founder
Shares” shall mean all of the Class B ordinary shares of the Company, par value $0.0001 per share, acquired by an Insider prior to the consummation of the IPO; (iii) “Memorandum and Articles of Association” shall mean
the Company’s Amended and Restated Memorandum and Articles of Association, as the same shall be amended from time to time; (iv) “Insiders” shall mean (a) CGC II Sponsor DirectorCo LLC, a Cayman Islands limited liability
company, and (b) all officers and directors of the Company immediately prior to the closing of the IPO; (iv) “IPO Shares” shall mean the Ordinary Shares issued in the Company’s IPO; (v) “Transfer”
shall mean the (a) sale of, offer to sell, contract or agreement to sell, hypothecate, pledge, grant of any option to purchase or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put
equivalent position or liquidation with respect to or decrease of a call equivalent position within the meaning of Section 16 of the Exchange Act, and the rules and regulations of the SEC promulgated thereunder with respect to, any security,
(b) entry into any swap or other arrangement that transfers to another, in whole or in part, any of the economic consequences of ownership of any security, whether any such transaction is to be settled by delivery of such securities, in cash or
otherwise, or (c) public announcement of any intention to effect any transaction specified in clause (a) or (b); and (vi) “Trust Fund” shall mean the trust fund into which a portion of the net proceeds of the
Company’s IPO will be deposited. 

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

 14.    No party hereto may assign either this Letter Agreement or any of its rights, interests, or obligations
hereunder without the prior written consent of the other party. Any purported assignment in violation of this paragraph 13 shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported assignee.
This Letter Agreement shall be binding on the parties hereto and any successors and assigns thereof. 
 15.    This
Letter Agreement shall terminate on the earlier of (i) the expiration of the Lock-up or (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall earlier terminate in
the event that the IPO is not consummated and closed by June 30, 2022. 
 16.    The undersigned acknowledge
and understand that the Underwriters and the Company will rely upon the agreements, representations and warranties set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render any Underwriter a representative of,
or a fiduciary with respect to, the Company, its shareholders or any creditor or vendor of the Company with respect to the subject matter hereof. 

[SIGNATURE PAGE FOLLOWS] 

  
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	Sincerely,
	
	CGC II SPONSOR DIRECTORCO LLC
		
	By:	 	  

	Name: Peter Yu
	Title: Manager
		
	By:	 	  

	Name of Insider: Peter Yu
		
	By:	 	  

	Name of Insider: Beth Michelson
		
	By:	 	  

	Name of Insider: Bertrand Grabowski
		
	By:	 	  

	Name of Insider: Daniel Karp
		
	By:	 	  

	Name of Insider: Allan Leighton
		
	By:	 	  

	Name of Insider: Sheryl Schwartz

  

			
	Acknowledged and Agreed:
	
	CARTESIAN GROWTH CORPORATION II
		
	By:	 	  

	Name: Peter Yu
	Title: Chief Executive Officer

 [Signature Page to Letter Agreement (Insiders)] 

  
 5EX-10.6

 Exhibit 10.6 

FORM OF INVESTMENT MANAGEMENT TRUST AGREEMENT 

This Investment Management Trust Agreement (this “Agreement”) is made as of [●], 2022 by and between Cartesian Growth
Corporation II, a Cayman Islands exempted company (the “Company”) and Continental Stock Transfer & Trust Company, a New York corporation (the “Trustee”). 

WHEREAS, the Registration Statement on Form S-1 (File
No. 333-261866) (the “Registration Statement”), and prospectus for the Company’s initial public offering of 20,000,000 units (or 23,000,000 units in the aggregate if the
Underwriter’s (as defined below) option to purchase additional units is exercised in full), at a price of $10.00 per unit (the “Units”), each Unit consisting of one Class A ordinary share of the Company, par value $0.0001
per share (the “Ordinary Share(s)”), and one-third of one warrant, each whole warrant entitling the holder thereof to purchase one Ordinary Share at an exercise price of $11.50 per share
(each, a “Warrant” and collectively, the “Warrants”) (such initial public offering hereinafter referred to as the “Offering”), has been declared effective as of the date hereof by the U.S.
Securities and Exchange Commission (capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement); and 

WHEREAS, Cantor Fitzgerald & Co. (the “Underwriter”) is acting as the sole book-running manager and as the
representative of the underwriters in the Offering pursuant to an underwriting agreement between the Company and the Underwriter (the “Underwriting Agreement”); and 

WHEREAS, simultaneously with the closing of the Offering, (a) the Company’s sponsor will be purchasing an aggregate of
6,000,000 Warrants (or 6,600,000 Warrants if the Underwriter’s option to purchase additional Units is exercised in full) at a price of $1.00 per warrant for a total purchase price of $6,000,000 (or $6,600,000 if the Underwriter’s option to
purchase additional Units is exercised in full) in a private placement and (b) the Underwriter will be purchasing an aggregate of 2,000,000 Warrants (or 2,300,000 Warrants if the Underwriter’s option to purchase additional Units is
exercised in full) at a price of $1.00 per warrant for a total purchase price of $2,000,000 (or $2,300,000 if the Underwriter’s option to purchase additional Units is exercised in full) in a private placement (collectively (a) and (b), the
“Warrant Private Placement”); and 
 WHEREAS, as described in the Registration Statement, and in accordance with the
Company’s Amended and Restated Memorandum and Articles of Association, as the same may be amended from time to time, $204,000,000 of the proceeds of the Offering, the Sponsor Loan (as defined in the Underwriting Agreement) and the Warrant
Private Placement (or $234,600,000 if the Underwriter’s option to purchase additional Units is exercised in full) will be delivered to the Trustee to be deposited and held in a segregated trust account located at all times in the United States
(the “Trust Account”) for the benefit of the Company and the holders of the Ordinary Shares included in the Units issued in the Offering as hereinafter provided (the amount to be delivered to the Trustee (and any interest
subsequently earned thereon) is referred to herein as the “Property,” the shareholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,” and the Public
Shareholders and the Company will be referred to together as the “Beneficiaries”); and 
 WHEREAS, pursuant to the
Underwriting Agreement, a portion of the Property equal to $10,000,000 (or $11,500,000, if the Underwriter’s option to purchase additional Units is exercised in full) is attributable to deferred underwriting discounts and commissions that may
be payable by the Company to the Underwriter upon and concurrently with the consummation of the Business Combination (as defined below) (the “Deferred Discount”); and 

WHEREAS, the Company and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the
Trustee shall hold the Property. 
 NOW, THEREFORE, IT IS AGREED: 

1.    Agreements and Covenants of Trustee. The Trustee hereby agrees and covenants to: 

(a)    Hold the Property in trust for the Beneficiaries in accordance with the terms of this Agreement in the Trust
Account established by the Trustee located in the United States at JPMorgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion) and at a brokerage institution in the United States selected by the
Trustee that is reasonably satisfactory to the Company; 

 (b)    Manage, supervise and administer the Trust Account subject to the
terms and conditions set forth herein; 
 (c)    In a timely manner, upon the written instruction of the Company, invest
and reinvest the Property only in U.S. government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 185 days or less or in money market funds meeting the conditions of
paragraph (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 under the Investment Company Act of 1940, as amended, which invest only in direct U.S. government treasury obligations; it being understood that the
Trust Account will earn no interest while account funds are uninvested awaiting the Company’s instructions hereunder; and while account funds are invested or uninvested, the Trustee may earn bank credits or other consideration; 

(d)    Collect and receive, when due, all principal, interest or other income arising from the Property, which shall
become part of the “Property,” as such term is used herein; 
 (e)    Promptly notify the Company and the
Underwriter of all communications received by the Trustee with respect to any Property requiring action by the Company; 

(f)    Supply any necessary information or documents as may be requested by the Company (or its authorized agents) in
connection with the Company’s preparation of its tax returns relating to assets held in the Trust Account or in connection with the preparation or completion of the Company’s financial statements by the Company’s auditors; 

(g)    Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property
if, as and when instructed by the Company to do so; 
 (h)    Render to the Company monthly written statements of the
activities of and amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account; 

(i)    Commence liquidation of the Trust Account only after and promptly after (i) receipt of, and only in accordance
with, the terms of a letter from the Company (a “Termination Letter”), in a form substantially similar to that attached hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company
by its Chief Executive Officer, President, Chief Financial Officer or Chairman of the board of directors of the Company (the “Board”) or other authorized officer of the Company, and, in the case of a Termination Letter in a form
substantially similar to the attached hereto as Exhibit A, acknowledged and agreed to by the Underwriter and complete the liquidation of the Trust Account and distribute the Property in the Trust Account, including interest earned on the
funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest that may be released to the Company to pay dissolution expenses), only as directed in the Termination Letter and the other
documents referred to therein or (ii) upon the date which is the later of (A) 18 months after the closing of the Offering and (B) such later date as may be approved by the Company’s shareholders in accordance with the Company’s
Amended and Restated Memorandum and Articles of Association, if a Termination Letter has not been received by the Trustee prior to such date, in which case the Trust Account shall be liquidated in accordance with the procedures set forth in the
Termination Letter attached as Exhibit B and the Property in the Trust Account, including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less up to $100,000 of interest to pay
dissolution expenses), shall be distributed to the Public Shareholders of record as of such date; 
 (j)    Upon written
request from the Company, which may be given from time to time in a form substantially similar to that attached hereto as Exhibit C (a “Tax Payment Withdrawal Instruction”), withdraw from the Trust Account and distribute
to the Company the amount of interest earned on the Trust Account requested by the Company to cover any taxes owed by the Company as a result of assets of the Company or interest or other income earned on the Property, which amount shall be
delivered directly to the Company by electronic funds transfer or other method of prompt payment, and the Company shall forward such payment to the relevant taxing authority; provided, however, that to the extent there is not sufficient cash in the
Trust Account to pay such tax obligation, the Trustee shall liquidate such assets held in the Trust Account as shall be designated by the Company in writing to make such distribution, so long as there is no reduction in the principal amount
initially deposited in the Trust Account. The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility to look beyond said request;

  
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 (k)    Upon written request from the Company, which may be given from
time to time in a form substantially similar to that attached hereto as Exhibit D (a “Shareholder Redemption Withdrawal Instruction”), the Trustee shall distribute on behalf of the Company the amount requested by the Company
to be used to redeem Ordinary Shares from Public Shareholders properly submitted in connection with a shareholder vote to approve an amendment to the Company’s Amended and Restated Memorandum and Articles of Association (i) to modify the
substance or timing of the Company’ obligation to redeem 100% of its Ordinary Shares if it does not complete its initial merger, capital share exchange, asset acquisition, share purchase, or reorganization or engaging in any other similar
business combination with one or more businesses or entities (a “Business Combination”) within 18 months from the closing of the Offering or (ii) with respect to any other provision relating to shareholders’ rights or pre-Business Combination activity (in each case, an “Amendment”). The written request of the Company referenced above shall constitute presumptive evidence that the Company is entitled to distribute
said funds, and the Trustee shall have no responsibility to look beyond said request; and 
 (l)    Not make any
withdrawals or distributions from the Trust Account other than pursuant to Section 1(i), (j) or (k) above. 

2.    Agreements and Covenants of the Company. The Company hereby agrees and covenants to: 

(a)    Give all instructions to the Trustee hereunder in writing, signed by the Company’s Chairman of the Board,
Chief Executive Officer, President, Chief Financial Officer, or other authorized officer of the Company. In addition, except with respect to its duties under Sections 1(i), (j) or (k) hereof, the Trustee shall be entitled to rely on, and shall
be protected in relying on, any verbal or telephonic advice or instruction which it, in good faith and with reasonable care, believes to be given by any one of the persons authorized above to give written instructions, provided that the Company
shall promptly confirm such instructions in writing; 
 (b)    Subject to Section 4 hereof, hold the Trustee
harmless and indemnify the Trustee from and against, any and all reasonable and documented out-of-pocket expenses, including reasonable outside counsel fees and
disbursements, or losses suffered by the Trustee in connection with any action taken by it hereunder and in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or
demand, which in any way arises out of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any interest earned on the Property, except for expenses and losses resulting from the Trustee’s gross negligence,
fraud or willful misconduct. Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this Section 2(b), it
shall notify the Company in writing of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such Indemnified Claim; provided that the Trustee
shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be unreasonably withheld. The Trustee may not agree to settle any Indemnified Claim without the prior written consent of the Company, which
such consent shall not be unreasonably withheld. The Company may participate in such action with its own counsel; 

(c)    Pay the Trustee the fees set forth on Schedule A hereto, including an initial acceptance fee, annual administration
fee, and transaction processing fee which fees shall be subject to modification by the parties from time to time. It is expressly understood that the Property shall not be used to pay such fees unless and until it is distributed to the Company
pursuant to Sections 1(i) through 1(k) hereof. The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the Offering. The Company shall not be responsible for any other fees or
charges of the Trustee except as set forth in this Section 2(c), Schedule A and as may be provided in Section 2(b) hereof; 

(d)    In connection with any vote of the Company’s shareholders regarding a Business Combination, provide to the
Trustee an affidavit or certificate of a firm regularly engaged in the business of soliciting proxies and/or tabulating shareholder votes (which firm may be the Trustee) verifying the vote of the Company’s shareholders regarding such Business
Combination; 
 (e)    Provide the Underwriter with a copy of any Termination Letter(s) and/or any other correspondence
that is sent to the Trustee with respect to any proposed withdrawal from the Trust Account promptly after it issues the same; 

  
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 (f)    Unless otherwise agreed between the Company and the Underwriter,
ensure that any Instruction Letter (as defined in Exhibit A) delivered in connection with a Termination Letter in the form of Exhibit A expressly provides that the Deferred Discount is paid directly to the account or accounts directed
by the Underwriter prior to any transfer of the funds held in the Trust Account to the Company or any other person; 

(g)    Instruct the Trustee to make only those distributions that are permitted under this Agreement, and refrain from
instructing the Trustee to make any distributions that are not permitted under this Agreement; and 
 (h)    Within five
(5) business days after the Underwriter exercises its over-allotment option to purchase additional Units (or any unexercised portion thereof) in connection with the Offering or such over-allotment option to purchase additional Units expires,
provide the Trustee with a notice in writing of the total amount of the Deferred Discount, which shall in no event be less than $10,000,000. 

3.    Limitations of Liability. The Trustee shall have no responsibility or liability to: 

(a)    Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any agreement or document
other than this Agreement and that which is expressly set forth herein; 
 (b)     Take any action with respect to the
Property, other than as directed in Sections 1 and 2 hereof, and the Trustee shall have no liability to any third party except for liability arising out of the Trustee’s own gross negligence, fraud or willful misconduct; 

(c)    Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or
defend any proceeding of any kind with respect to, any of the Property unless and until it shall have received written instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds
sufficient to pay any expenses incident thereto; 
 (d)    Change the investment of any Property, other than in
compliance with Section 1 hereof; 
 (e)    Refund any depreciation in principal of any Property; 

(f)    Assume that the authority of any person designated by the Company to give instructions hereunder shall not be
continuing unless provided otherwise in such designation, or unless the Company shall have delivered a written revocation of such authority to the Trustee; 

(g)    The other parties hereto or to anyone else for any action taken or omitted by the Trustee, or any action suffered
by the Trustee to be taken or omitted, in good faith and in the exercise of the Trustee’s own best judgment, except for the Trustee’s gross negligence, fraud or willful misconduct. The Trustee may rely conclusively and shall be protected
in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Trustee, which counsel may be the Company’s counsel), statement, instrument, report or other paper or document (not only as to
its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which the Trustee believes, in good faith and with reasonable care, to be genuine and to be
signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement or any of the terms hereof, unless evidenced by a written
instrument delivered to the Trustee signed by the proper party or parties and, if the duties or rights of the Trustee are affected, unless it shall give its prior written consent thereto; 

(h)    Verify the accuracy of the information contained in the Registration Statement; 

(i)    Provide any assurance that any Business Combination entered into by the Company or any other action taken by the
Company is as contemplated by the Registration Statement; 
 (j)    File information returns with respect to the Trust
Account with any local, state or federal taxing authority or provide periodic written statements to the Company documenting the taxes payable by the Company, if any, relating to any interest income earned on the Property; 

(k)    Prepare, execute and file tax reports, income or other tax returns and pay any taxes with respect to any income
generated by, and activities relating to, the Trust Account, regardless of whether such tax is payable by the Trust Account or the Company, including, but not limited to, income tax obligations, except pursuant to Section 1(j) hereof; or 

  
 4 

 (l)    Verify calculations, qualify or otherwise approve the
Company’s written requests for distributions pursuant to Sections 1(i), 1(j) or 1(k) hereof. 
 4.    Trust Account Waiver.
The Trustee has no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to
any monies in, the Trust Account that it may have now or in the future. In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation, under Section 2(b) or Section 2(c) hereof, the Trustee
shall pursue such Claim solely against the Company and its assets outside the Trust Account and not against the Property or any monies in the Trust Account. 

5.    Termination. This Agreement shall terminate as follows: 

(a)    If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company
shall use its reasonable efforts to locate a successor trustee during which time the Trustee shall act in accordance with this Agreement. At such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company
and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating to
the Trust Account, whereupon this Agreement shall terminate; provided, however, that in the event that the Company does not locate a successor trustee within six (6) months of receipt of the resignation notice from the Trustee, the Trustee may
submit an application to have the Property deposited with any court in the State of New York or with the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability
whatsoever for any events occurring or actions taken after such deposit; 
 (b)    At such time that the Trustee has
completed the liquidation of the Trust Account and its obligations in accordance with the provisions of Section 1(i) hereof and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate
except with respect to Section 2(b); or 
 (c)    Upon written notice from the Company to the Trustee in the event
that the Trustee has committed any act of gross negligence, fraud or willful misconduct. 
 6.    Miscellaneous. 

(a)    The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below
with respect to funds transferred from the Trust Account. The Company and the Trustee will each restrict access to confidential information relating to such security procedures to authorized persons. Each party must notify the other party
immediately if it has reason to believe unauthorized persons may have obtained access to such confidential information, or of any change in its authorized personnel. In executing funds transfers, the Trustee will rely upon all information supplied
to it by the Company, including account names, account numbers and all other identifying information relating to a Beneficiary, Beneficiary’s bank or intermediary bank. Except for any liability arising out of the Trustee’s gross
negligence, fraud or willful misconduct, the Trustee shall not be liable for any loss, liability or expense resulting from any error in the information or transmission of the funds. 

(b)    This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of New York,
without giving effect to conflicts of law principles that would result in the application of the substantive laws of another jurisdiction. This Agreement may be executed in several original or facsimile counterparts, each one of which shall
constitute an original, and together shall constitute but one instrument. 
 (c)    This Agreement contains the entire
agreement and understanding of the parties hereto with respect to the subject matter hereof. Except for Section 1(i), 1(j) and 1(k) hereof (which sections may not be modified, amended or deleted without the affirmative vote of the holders of at
least two thirds of the then outstanding Ordinary Shares in respect of which votes are cast at a duly convened general meeting of the Company; provided that no such amendment will affect any Public Shareholder who has otherwise indicated his, her or
its election to redeem his, her or its Ordinary Shares in connection with a shareholder vote sought to amend this Agreement), this Agreement or any provision hereof may only be changed, amended or modified (other than to correct a typographical
error) by a writing signed by each of the parties hereto. 

  
 5 

 (d)    The parties hereto consent to the jurisdiction and venue of any
state or federal court located in the City of New York, State of New York, for purposes of resolving any disputes hereunder. AS TO ANY CLAIM, CROSS-CLAIM OR COUNTERCLAIM IN ANY WAY RELATING TO THIS AGREEMENT, EACH PARTY WAIVES THE RIGHT TO TRIAL
BY JURY. 
 (e)    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 by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or email transmission: 

if to the Trustee, to: 

Continental Stock Transfer & Trust Company 

1 State Street, 30th Floor 

New York, New York 10004 

Attention: Francis Wolf and Celeste Gonzalez 

Email: fwolf@continentalstock.com and cgonzalez@continentalstock.com 

if to the Company, to: 

Cartesian Growth Corporation II 

505 Fifth Avenue, 15th Floor 

New York, New York 10017 

Attention: Peter Yu, Chief Executive Officer 

Email: peter2@cartesiangrowth.com 

in either case with a copy to: 

Greenberg Traurig, LLP 
 One
Vanderbilt Avenue 
 New York, New York 10017 

Attention: Alan A. Annex, Esq., Jason T. Simon, Esq. and Adam Namoury, Esq. 

Email: annexa@gtlaw.com, simonj@gtlaw.com and namourya@gtlaw.com 

(f)    Each of the Company and the Trustee hereby represents that it has the full right and power and has been duly
authorized to enter into this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to any funds in the Trust Account under any circumstance. 

(g)    This Agreement is the joint product of the Trustee and the Company and each provision hereof has been subject to
the mutual consultation, negotiation and agreement of such parties and shall not be construed for or against any party hereto. 

(h)    This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, but
all such counterparts shall together constitute one and the same instrument. Delivery of a signed counterpart of this Agreement by facsimile or electronic transmission shall constitute valid and sufficient delivery thereof. 

(i)    Each of the Company and the Trustee hereby acknowledges that the Underwriter is a third party beneficiary of this
Agreement. 
 (j)    Except as specified herein, no party to this Agreement may assign its rights or delegate its
obligations hereunder to any other person or entity. 
 [SIGNATURE PAGE FOLLOWS] 

  
 6 

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

			
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
		
	By:	 	
                     

	Name:	 	Francis Wolf
	Title: 	 	Vice President & Assistant Secretary
	
	CARTESIAN GROWTH CORPORATION II
		
	By:	 	
                     

	Name:	 	Peter Yu
	Title:	 	Chief Executive Officer

  
 7 

 SCHEDULE A 
  

							
	 Fee Item
	  	 Time and method of payment
	  	Amount	 
	Initial acceptance fee	  	Initial closing of the Offering by wire transfer	  	$	3,500	 
	Annual fee	  	First year fee payable at initial closing of the Offering by wire transfer; thereafter on the anniversary of the effective date of the Offering by wire transfer or check	  	$	10,000	 
	Transaction processing fee for disbursements to Company under Sections 1(i) and 1(j)	  	Billed to Company following disbursement made to Company under Sections 1(i) and 1(j)	  	$	250	 
	Paying Agent services as required pursuant to Sections 1(i) and 1(k)	  	Billed to Company upon delivery of service pursuant to Sections 1(i) and 1(k)	  	 	Prevailing rates	 

 EXHIBIT A 

[Letterhead of the Company] 

[Insert date] 
 Continental
Stock Transfer & Trust Company 
 1 State Street, 30th Floor 

New York, New York 10004 
 Attention: Francis Wolf and Celeste
Gonzalez 
  

	 	Re:	 Trust Account - Termination Letter 

Dear Mr. Wolf and Ms. Gonzalez: 

Pursuant to Section 1(i) of the Investment Management Trust Agreement between Cartesian Growth Corporation II (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2022 (the “Trust Agreement”), this is to advise you that the Company has entered into
an agreement with [●] (the “Target Business”) to consummate a Business Combination with the Target Business on or about [insert date]. The Company shall notify you at least 72 hours in advance of the actual date (or such
shorter time period as you may agree) of the consummation of the Business Combination (the “Consummation Date”). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement. 

In accordance with the terms of the Trust Agreement, we hereby authorize you to commence to liquidate all of the assets of the Trust Account,
and to transfer the proceeds to a segregated account held by you on behalf of the Beneficiaries to the effect that, on the Consummation Date, all of the funds held in the Trust Account will be immediately available for transfer to the account or
accounts that Cantor Fitzgerald & Co. (the “Underwriter”) (with respect to the Deferred Discount) and the Company shall direct on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in
the trust account at JPMorgan Chase Bank, N.A. awaiting distribution, neither the Company nor the Underwriter will earn any interest or dividends. 

On the Consummation Date (i) counsel for the Company shall deliver to you written notification (the “Notification”) that
the Business Combination has been consummated, or will be consummated substantially concurrently with your transfer of funds to the accounts as directed by the Underwriter (with respect to the Deferred Discount) and the Company and (ii) the
Company shall deliver to you (a) a certificate of the Chief Executive Officer, which verifies the vote of the Company’s shareholders in connection with the Business Combination if a vote is held and (b) joint written instructions (the
“Instruction Letter”) signed by the Company and the Underwriter with respect to the transfer of the funds held in the Trust Account, including payment of the Deferred Discount from the Trust Account. You are hereby directed and
authorized to transfer the funds held in the Trust Account immediately upon your receipt of the Notification and the Instruction Letter, in accordance with the terms of the Instruction Letter. In the event that certain deposits held in the Trust
Account may not be liquidated by the Consummation Date without penalty, you will notify the Company in writing of the same and the Company shall direct you as to whether such funds should remain in the Trust Account and be distributed after the
Consummation Date to the Company. Upon the distribution of all the funds in the Trust Account pursuant to the terms hereof, net of any payments necessary for reasonable unreimbursed expenses related to liquidating the Trust Account, your obligations
under the Trust Agreement shall be terminated. 
 In the event that the Business Combination is not consummated on the Consummation Date
described in the notice thereof and we have not notified you on or before the original Consummation Date of a new Consummation Date, then upon receipt by the Trustee of written instructions from the Company, the funds held in the Trust Account shall
be reinvested as provided in the Trust Agreement on the business day immediately following the Consummation Date as set forth in the notice. 

[Signature Page Follows] 

 
			
	Very truly yours,
	
	CARTESIAN GROWTH CORPORATION II
		
	By:	 	
                     

	Name:	 	
	Title:	 	

  

			
	AGREED TO AND ACKNOWLEDGED BY:
	
	CANTOR FITZGERALD & CO.
		
	By:	 	
                     

	Name:	 	
	Title:	 	

 EXHIBIT B 

[Letterhead of the Company] 

[Insert date] 
 Continental
Stock Transfer & Trust Company 
 1 State Street, 30th Floor 

New York, New York 10004 
 Attention: Francis Wolf and Celeste
Gonzalez 
  

	Re:	 Trust Account - Termination Letter 

Dear Mr. Wolf and Ms. Gonzalez: 

Pursuant to Section 1(i) of the Investment Management Trust Agreement between Cartesian Growth Corporation II (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2022 (the “Trust Agreement”), this is to advise you that the Company has been unable
to effect a Business Combination with a target company within the time frame specified in the Company’s Amended and Restated Memorandum and Articles of Association as described in the Company’s Registration Statement relating to the
Offering. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement. 
 In accordance
with the terms of the Trust Agreement, we hereby authorize you to liquidate all of the assets in the Trust Account and to transfer the total proceeds to the trust account at JPMorgan Chase Bank, N.A. to await distribution to the Public Shareholders.
The Company has selected [●], 20[●] as the date for the purpose of determining when the Public Shareholders will be entitled to receive their share of the liquidation proceeds. It is acknowledged that no interest will be earned by the
Company on the liquidation proceeds while on deposit in the trust account. You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, to distribute said funds directly to the Public Shareholders in accordance with the
terms of the Trust Agreement and the Amended and Restated Memorandum and Articles of Association of the Company. Upon the distribution of all the funds in the Trust Account, your obligations under the Trust Agreement shall be terminated, except to
the extent otherwise provided in Section 1(j) of the Trust Agreement. 
  

			
	Very truly yours,
	
	CARTESIAN GROWTH CORPORATION II
		
	By:	 	
                     

	Name:	 	
	Title:	 	

  

	cc:	 Cantor Fitzgerald & Co. 

 EXHIBIT C 

[Letterhead of the Company] 

[Insert date] 
 Continental
Stock Transfer & Trust Company 
 1 State Street, 30th Floor 

New York, New York 10004 
 Attention: Francis Wolf and Celeste
Gonzalez 
  

	Re:	 Trust Account – Tax Payment Withdrawal Instruction 

Dear Mr. Wolf and Ms. Gonzalez: 

Pursuant to Section 1(j) of the Investment Management Trust Agreement between Cartesian Growth Corporation II (the
“Company”) and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2022 (the “Trust Agreement”), the Company hereby requests that you deliver to the
Company $[●] of the interest income earned on the Property as of the date hereof. Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement. The Company needs such funds to pay for the tax
obligations as set forth on the attached tax return or tax statement. In accordance with the terms of the Trust Agreement, you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to
the Company’s operating account at: 
 [WIRE INSTRUCTION INFORMATION] 

 

			
	Very truly yours,
	
	CARTESIAN GROWTH CORPORATION II
		
	By:	 	
                     

	Name:	 	
	Title:	 	

  

	cc:	 Cantor Fitzgerald & Co. 

 EXHIBIT D 

[Letterhead of Company] 

[Insert date] 
 Continental
Stock Transfer & Trust Company 
 1 State Street, 30th Floor 

New York, New York 10004 
 Attention: Francis Wolf and Celeste
Gonzalez 
  

	 	Re:	 Trust Account – Shareholder Redemption Withdrawal Letter 

Dear Mr. Wolf and Ms. Gonzalez: 

Reference is made to the Investment Management Trust Agreement between Cartesian Growth Corporation II (the “Company”)
and Continental Stock Transfer & Trust Company, dated as of [●], 2022 (the “Trust Agreement”). Capitalized terms used herein and not otherwise defined shall have the meanings set forth in the Trust Agreement.

 Pursuant to Section 1(k) of the Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in
accordance with the terms of the Trust Agreement, we hereby authorize you to liquidate a sufficient portion of the Trust Account and to transfer $[●] of the proceeds of the Trust Account to the checking account at [●] for distribution to
the shareholders that have requested redemption of their shares in connection with such Amendment. 
  

			
	Very truly yours,
	
	CARTESIAN GROWTH CORPORATION II
		
	By:	 	
                     

	Name:	 	
	Title:	 	

  

	cc:	 Cantor Fitzgerald & Co.

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