Document:

Exhibit 10.4

 

	   	Zhongyuan Automobile Trading Co., Ltd.

 

 

 

 

 

 

 

 

Contract

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Zhongyuan Automobile Trading Co.,
Ltd.

中源汽车贸易有限公司

 

 

 

 

 

 

    1

    	   	Zhongyuan Automobile Trading Co., Ltd.

    

 

Cooperation
Agreement of Zhongyuan Automobile Operating Center

 

No.

 

Party
A: Zhongyuan Automobile Trading Co., Ltd.

 

Party
B:

 

Certificate
Type:

 

Certificate
No.:

 

Business
Address:

 

Contact
Number:

 

To
follow China’s general direction of developing a sharing economy, in order to stimulate domestic demand and achieve the purpose of multi-win,
both parties enter into the following agreement (“this Contract”) regarding the business cooperation of Zhongyuan Automobile
Trading Co., Ltd on the basis of fairness, impartiality and free will:

 

Section
1. Terms of Business Cooperation between Party A and Party B:

 

1. Party
B agrees to pay a total of RMB____(the “Cooperation Fees”) (Amount in words: RMB____yuan) to Party A for trademark licensing
(including trademark, brand, the right to use Party A’s LOGO, business model, operation management system, systematic training and consultation
services and so on).

2. Each
customer of Party B succeeds in purchasing a vehicle centrally procured by Party A, Party A shall pay a commission to Party B (the specific
situation will be determined in accordance with Party A’s sales policy). If the sales price of the vehicle is less than RMB 200,000, Party
A shall pay Party B a commission of RMB 2,000; for vehicles with a sales price of more than RMB 200,000, Party A shall pay Party B a commission
of RMB 3,000. The maximum commission of each vehicle is RMB 3,000.

3. Party
A shall open the Zhongyuan Automobile System within seven working days after Party B completes the payment of the Cooperation Fees. In
addition to the commission, if each customer of Party B signs a contract to purchase a vehicle centrally procured by Party A, Party A
shall, in accordance with the contract order, pay Party B RMB 500 per order for Party B’s overhead and marketing expense. Party A
shall give Party B an additional sales bonus of RMB 3000 if the accumulative number of vehicles purchased by Party B’s customers under
contract reaches seven.

4. The
promotional materials for Party A should be designed by Party A, and Party B may print and issue them by itself (the contents of the promotional
materials shall be examined and approved by Party A in writing) or Party B may pay the service fee to Party A, and Party A will print
and issue the promotional materials for Party B.

5. Party
A shall provide Party B with necessary product technology and the training support of sales policy, and assist Party B in carrying out
product promotion activities in the local area, and the necessary expenses arising therefrom shall be borne by Party B.

 

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    	   	Zhongyuan Automobile Trading Co., Ltd.

    

 

6. Party
A shall be responsible for the procurement of vehicles and spare parts. Party A shall also contact manufacturers, complete after-sales
service, and timely provide relevant technical support.

7. Party
B shall be responsible for the registration of the vehicles. Party B shall assist the customer who needs to apply for loans to apply for
the vehicle mortgage and mail all the documents to the address designated by Party A.

8. Party
A shall strictly conduct the area protection for Party B and only one cooperative operation center may be established in each prefecture
city.

9.
Party B shall not request Party A to refund the Cooperation Fees for any reason.

10.
Party A shall deliver the following goods to Party B: 10 gold-plated breast plates, original documents of national unified advertisement
and contracts of 10 copies (distributed in batches), trademark authorization certificate and authorization plaque.

11.
If the vehicles required to be purchased by Party B’s customers are beyond the scope of centralized procurement by Party A, Party B may
sell to customers from other sales parties, but Party B shall not enjoy Party A’s commission incentive policy.

12.
For the purpose of increasing automobile sales performance, if Party B’s customers purchase the vehicles centrally procured by Party A,
Party A may grant the customer price discounts based on the procurement cost of the vehicles. For vehicles with a sales price of less
than RMB100,000, the maximum discount granted to the customer shall be RMB 6,000; for the vehicles with a sales price of between RMB100,000
and RMB 200,000, the maximum discount granted to the customer shall be RMB12,000; for vehicles with a sales price of more than RMB 200,000,
the maximum discount granted to the customer shall be RMB 18,000.

13.
If Party B’s customers requests to purchase vehicles outside the scope of centralized procurement by Party A, Party B may contact other
sales parties to sell to the customer. But if Party B requests Party A to provide services, Party A shall charge the service fee according
to the service content. If the sales price of the vehicle is less than RMB 100,000, Party A shall deduct RMB 1,000 from the receivable
service fees as a discount; if the sales price of the vehicle is between RMB 100,000 and RMB 200,000, Party A shall deduct RMB 2,000 from
the receivable service fees as a discount; if the sales price of the vehicle is over RMB 200,000, Party A shall deduct RMB 3,000
from the receivable service fees as a discount.

14.
Party B shall comply with Party A’s sales policy, in case of any violation, Party A shall have the right to directly close Party B’s system
and require Party B to pay RMB6,000 as a penalty. If the circumstances are serious, Party A may transfer the case to relevant authorities
and cancel Party B’s marketing qualification and other relevant rights. Party B shall be liable for all losses and responsibilities caused
thereby.

 

Section
2. Responsibilities and obligations of Party A and Party B

 

A. Party
A’s rights and obligations

 

1. Party
A shall have the right to supervise the daily operation of Party B and Party A shall maintain its brand image and business reputation.

2. The
vehicles provided by Party A should meet the relevant industry standards and quality standards.

3. Party
A shall be responsible for providing relevant documents of the vehicles and providing necessary sales and service support.

4. Party
A shall protect Party B’s rights and relevant interests in accordance with the terms and conditions agreed by both parties in this Contract,
and provide Party B with a sufficient supply of goods for sales.

 

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    	   	Zhongyuan Automobile Trading Co., Ltd.

    

 

5. Party
A shall, upon receipt of Party B’s order and customer’s payment of the deposit, arrange the vehicles with the supplier in a timely manner.
If the procurement of vehicles cannot be completed due to special reasons, Party B shall be notified for communication and coordination.

6. Party
A shall provide training of automobile business to Party B’s staff, and designate personnel to guide Party B’s daily work and answer Party
B’s questions related to the automobile sales business in a timely manner. Party B shall be obligated to actively cooperate with Party
A in the training of relevant products and business knowledge and shall keep strictly confidential the training materials (including words,
pictures, and videos) provided by Party A.

7. Party
A and Party B may jointly produce joint publicity materials to jointly promote the business of both parties, provided that the content
of the publicity materials involving Party A shall be examined and confirmed by Party A in writing to ensure that publicity contents of
Party A are true, complete and accurate.

 

B. Party
B’s rights and Obligations

 

1. Party
B shall give priority to Party A when referring its customers with purchasing needs and shall ensure the accuracy of the identity of the
customers referred to Party A, the accuracy of the documentation and the accuracy and legality of the transaction.

2. Party
B shall assist Party A in carrying out publicity and promotion activities for product sales, and permit Party A to display the promotional
materials (including but not limited to catalogs, pictures, banners, leaflets, brochures, shelves for publicity, videos, etc.) of the
products sold by Party A in conspicuous places or special areas on the premises of Party B all-year-round free of charge, and explain
Party A’s business to potential customers through Party B’s business personnel; Party B shall assist Party A to collect materials and
information of potential customers, censor the qualification and the identity of the customer, and sign contracts face to face with potential
customers, and shall timely and accurately provide Party A with customers’ applications and relevant information and materials.

3. Party
B shall follow the product policy issued by Party A as guidance and shall inform the customers of the product policy and charging standard.
Party B shall not make any sales commitment, quotation commitment, or any other relevant commitment to the customers.

4. Party
B shall deliver the products purchased by the customer directly to the customer. Under no circumstances shall Party B deliver the products
to any third party other than the customer. Otherwise, Party B shall be deemed to have breached this Contract and Party A shall have the
right to terminate this Contract and hold Party B liable for breach of contract.

5. Party
B shall assist the customer in completing the contract procedures in accordance with the provisions hereof, and shall mail the complete
set of documents of the customer (including the original purchase order of the customer, copy of ID card, copy of the driving license,
the original credit report, copy of bank card and other information required by Party A) to Party A on the same day for filing and storage.

6. Party
B shall provide supporting staff, office space, and equipment to facilitate the business cooperation. Party B shall promptly notify Party
A of any change in Party B’s business situation, business strategy, brand licensing, business address, company account, or other major
matters.

7. Party
B shall assist Party A in the sales management of customers and cooperate with Party A in reminding customers of payment and collect the
overdue payment.

8. Party
B shall not maliciously collude with customers to obtain benefits from fictitious or untrue transactions. Party B shall ensure that its
staff do not engage in or participate in any profiting from fraudulent transactions, or any other fraudulent conduct. If Party B becomes
aware of any fraud, breach of contract or other suspicious conduct, it shall immediately notify Party A. Otherwise, Party B shall be deemed
to have breached the contract. If any loss is caused to Party A or the customer, Party B shall be liable for such loss and Party A shall
have no responsibility whatsoever. Party A shall have the right to terminate this Contract and hold Party B liable for breach of contract.

 

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    	   	Zhongyuan Automobile Trading Co., Ltd.

    

 

9. Party
B shall guarantee the accuracy of the customer’s information and documentation and the authenticity and legality of the signed contract,
and any false contract and yin yang contract are prohibited. Party B shall be held responsible for any losses caused to Party A or the
customer by the above-referenced activities with no liability to be attributable to Party A. Upon verification, Party A shall have the
right to terminate this Contract and take action against Party B for breach of contract.

10. If
Party A believes that Party B and its staff are suspected of breach of contract or deceit, Party B shall, upon Party A’s written notice,
provide Party A with evidence or other information to prove that the transaction relationship between Party B and the customer is real.
The evidence provided by Party B shall include but not be limited to the receipt of the customer’s payment amount, the bank transaction
record and the vehicle, etc. Party A shall have the right to withhold the amount payable under this transaction from the amount payable
to Party B until Party B has fully provided the supporting documents required by Party A and Party A has confirmed that the transaction
relationship is real. If Party B fails to provide relevant evidence, it shall be deemed to have breached the contract, Party A shall
have the right to terminate this Contract and hold Party B liable for the breach.

11. Party
B and the customer are prohibited from jointly committing any fraud in the transaction, otherwise, Party B shall pay Party A a penalty
of RMB 6000 per vehicle; If Party B falsely sells or sells vehicles in violation of this Contract, and the cumulative number of vehicles
involved in fraudulent transaction or breach of contract reaches 2, Party A has the right to terminate this Contract and hold Party B
liable for breach of contract. Party B shall be fully responsible for any loss caused to Party A, a third party or the customer with no
liability attributable to Party A.

12. Party
B is strictly prohibited from conducting sales activities outside the designated cooperative operation center area, otherwise, Party A
shall have the right to order Party B to stop sales upon confirmation. If Party B accumulatively sells 2 vehicles outside the designated
cooperative operation center area, Party B shall pay Party A RMB 5,000 for each vehicle as a penalty, and if such unpermitted sales
exceed 3 vehicles, Party A shall have the right to terminate this Contract and hold Party B liable for breach of contract.

13. During
the term agreed herein, Party B shall protect Party A’s popularity/reputation/brand image, business reputation, and other relevant interests
and trade secrets. In case of any acts of unfair competition or infringement affecting Party A, Party B shall promptly notify Party A
and assist Party A to take measures to prevent Party A from being infringed by acts of unfair competition or infringement.

 

Section
3. Dissolution of contract

 

1. Unless
otherwise specified herein, Party A shall have the right to immediately terminate this Contract and hold Party B liable for breach of
contract if Party B commits any other serious violation of this Contract.

2. This
Contract can be terminated upon mutual consent of both parties during the contract term.

3. During
the term hereof, Party A may terminate the Contract at any time if the business philosophy of the principal of Party B is not completely
consistent with that of Party A, or if the cultural philosophy or values are different from that of Party A and no agreement can be reached
through negotiation. (During the term hereof, Party A and Party B may resolve differences due to different business and cultural concepts
through negotiation. If no agreement is reached through negotiation, Party A may terminate this Contract at any time.) Even if the term
hereof is not expired, Party B has no right to claim the refund of the fees already paid to Party A.

 

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    	   	Zhongyuan Automobile Trading Co., Ltd.

    

 

Section
4. Liability for Damage

 

1. Party
B shall protect all relevant business interests of Party A and shall be liable for compensation for losses caused to Party A due to the
breach of contract, including but not limited to: liquidated damages agreed in this Contract, actual losses, court costs, attorney’s fees,
preservation fees, notarial fees, appraisal fees, etc.

Any
dispute arising from the performance of this Contract shall be settled by both parties through friendly negotiation. If no agreement can
be reached through negotiation, either party may file a lawsuit with the people’s court in the place where Party A is located.

 

Section
5. Mailing Address

 

Party B’s
address:

Party B’s
telephone number:

If Party
A mails any letter to the above address, it shall be deemed that Party B has received the letter.

 

Section
6. Term of Contract

 

The
term of the Contract shall be____years from the effective date of the Contract. Upon expiration of the Contract, If Party B has no breach
of contract or other circumstances leading to the termination of this Contract, this Contract will be automatically and unconditionally
extended. 

 

Section
7. Other Provisions

 

1. This
contract is in duplicate, with Party A holding one copy and Party B holding one copy. This Contract and its appendices shall come into
force after being signed by the legal representatives or duly authorized representatives of both parties and affixed official seals.

2. Matters
not covered herein shall be settled by both parties through negotiation. Supplementary terms signed and sealed by both parties shall have
the same legal effect as this Contract.

 

 

 

 

 

 

 

 

 

 

(Party
B must personally copy and confirm the following content in handwriting)

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    	   	Zhongyuan Automobile Trading Co., Ltd.

    

 

I
have carefully read and understood the terms and conditions of this Contract, agree to accept and abide by the terms and conditions in
this Contract. The signing of this Contract between Party A and me is a completely voluntary expression of true will. Both parties are
free from any threat, coercion, inducement, major misunderstanding or unfair situation, and are willing to perform this Contract honestly.

 

 

 

 

 

 

 

 

 

 

 

	Party A:	Party B:
	 	 
	Authorized Representative:	Authorized Representative:
	 	 
	Contact Number:	Contact Number:
	 	 
	Date:	Date:

 

Signing
Place: Shenzhen

 

 

7Exhibit 10.1

 

EXECUTION VERSION

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management Trust Agreement (this
 “Agreement”) is made effective as of April 16, 2021, by and between TPG Pace Beneficial II Corp., a Cayman
Islands exempted company (the “Company”), and Continental Stock Transfer & Trust Company, a New York
corporation (the “Trustee”).

 

WHEREAS, the Company’s registration
statement on Form S-1, Registration Statement No. 333-254008 (the “Registration Statement”) and prospectus
(the “Prospectus”) for the initial public offering of the Company’s Class A ordinary shares, par
value $0.0001 per share (the “Ordinary Shares”) (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;
and

 

WHEREAS, the Company has entered into an
Underwriting Agreement (the “Underwriting Agreement”) with Deutsche Bank Securities Inc., J.P. Morgan Securities
LLC and Goldman Sachs & Co. LLC as representatives (the “Representatives”) of the several underwriters
(the “Underwriters”) named therein; and

 

WHEREAS, as described in the Registration
Statement, an aggregate of $350,000,000 from the proceeds of the Offering and sale of the Private Placement Shares (as defined in the
Underwriting Agreement) (or $402,500,000 if the Underwriters’ over-allotment option 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 Ordinary Shares 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 $12,250,000, or $14,087,500 if the Underwriters’ over-allotment option is exercised in full is
attributable to deferred underwriting discounts and commissions that may be payable by the Company to the Underwriters upon 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
at a branch office of J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion
or more) located in the United States and at a brokerage institution 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 in United States government securities
within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended, having a maturity of 180 days or less,
or in money market funds meeting the conditions of paragraphs (d)(1), (d)(2), (d)(3) and (d)(4) of Rule 2a-7 promulgated
under the Investment Company Act of 1940, as amended, which invest only in direct U.S. government treasury obligations, as determined
by the Company; the Trustee may not invest in any other securities or assets, it being understood that the Trust Account will earn no
interest while account funds are uninvested awaiting the Company’s instructions hereunder and the Trustee may earn bank credits
or other consideration;

 

(d)            Collect
and receive, when due, all 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 Representatives 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 the tax returns relating to assets held in the Trust Account;

 

(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 (x) receipt of, and only in accordance with, the terms of a letter
from the Company (“Termination Letter”) in a form substantially similar to that attached hereto as either Exhibit A
or Exhibit B signed on behalf of the Company by its President, Chief Financial Officer or Non-Executive Chairman of the board of
directors (the “Board”) or other authorized officer of the Company, 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 (y) upon the date which is 24 months after
the closing of the Offering, 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 that may be released to the Company to pay dissolution expenses), shall be distributed to the
Public Shareholders of record as of such date;

 

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(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 Property requested by the Company to cover any tax obligation 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; provided, further, that if the tax to be
paid is a franchise tax, the written request by the Company to make such distribution shall be accompanied by a copy of the franchise
tax bill for the Company and a written statement from the principal financial officer of the Company setting forth the actual amount payable
(it being acknowledged and agreed that any such amount in excess of interest income earned on the Property shall not be payable from 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;

 

(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 to modify
the substance or timing of the Company’s obligation to redeem 100% of its Ordinary Shares if the Company has not consummated an
initial Business Combination within such time as is described in the Company’s amended and restated memorandum and articles of association.
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 Non-Executive Chairman of the Board, President or
Chief Financial Officer. In addition, except with respect to its duties under Sections 1(i), 1(j) and 1(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;

 

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(b)            Subject
to Section 4 hereof, hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including reasonable
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(j) hereof.
The Company shall pay the Trustee the initial acceptance fee and the first annual administration fee at the consummation of the Offering.
The Trustee shall refund to the Company the annual administration fee (on a pro rata basis) with respect to any period after the liquidation
of the Trust Account. 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 merger, share exchange, asset acquisition, share purchase, reorganization
or similar business combination involving the Company and one or more businesses (a “Business Combination”),
provide to the Trustee an affidavit or certificate of the inspector of elections for the shareholder meeting verifying the vote of such
shareholders regarding such Business Combination;

 

(e)            Provide
the Representatives 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;

 

(f)            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

 

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(g)            Within
four (4) business days after the Underwriters exercise the over-allotment option (or any unexercised portion thereof) or such over-allotment
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
$15,750,000.

 

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 Section 1 hereof, and the Trustee shall have no liability to any
party except for liability arising out of the Trustee’s 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 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)            Refund
any depreciation in principal of any Property;

 

(e)            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;

 

(f)            The
other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be taken or omitted, in
good faith and in the Trustee’s 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;

 

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

 

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(h)            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;

 

(i)            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;

 

(j)            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, franchise
and income tax obligations, except pursuant to Section 1(j) hereof; or

 

(k)            Verify
calculations, qualify or otherwise approve the Company’s written requests for distributions pursuant to Sections 1(i), 1(j) and
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, pending which the Trustee shall continue to act in accordance with this Agreement. At such time that the
Company notifies the Trustee that a successor trustee has been appointed 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 ninety (90) days 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; or

 

(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).

 

    	 	6	 

     

    

 

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 shall
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 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. 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
Sections 1(i) and 1(k) hereof (which sections may not be modified, amended or deleted without the affirmative vote of
sixty five percent (65%) or more of the then issued and outstanding Ordinary Shares and Class F ordinary shares, par value $0.0001
per share, of the Company voting together as a single class; provided that no such amendment will affect any Public Shareholder who has
otherwise indicated his election to redeem his 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.

 

(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 by facsimile
transmission:

 

if to the Trustee, to:

 

Continental Stock Transfer &
Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn:     Francis Wolf and Celeste Gonzalez

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

 

    	 	7	 

     

    

 

if to the Company, to:

 

TPG Pace Beneficial II Corp.

301 Commerce Street, Suite 3300

Fort Worth, TX 76102

Attn: Office of the General Counsel

Fax No.: (817) 871-4001

 

in each case, with copies to:

 

Weil, Gotshal & Manges LLP

767 Fifth Avenue

New York, NY 10153

Attn: Alexander D. Lynch, Esq.

Fax No.: (212) 310-8007

 

 and

 

Deutsche Bank Securities Inc.

60 Wall Street

New York, NY 10005

Attn:

Fax:

 

 and

 

J.P. Morgan Securities LLC

383 Madison Avenue

New York, New York 10179

Attn:

Tel:

Fax:

 

 and

 

Goldman Sachs & Co. LLC

200 West Street

New York, New York 10282

Attn:

Tel:

Fax:

 

    	 	8	 

     

    

 

and

 

Ropes & Gray LLP

1211 Avenue of the Americas

New York, New York 10036

Attn: Paul D. Tropp, Esq.

Christopher Capuzzi, Esq.

Fax: (212) 596-9090

 

(f)            This
Agreement may not be assigned by the Trustee without the prior consent of the Company.

 

(g)            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.

 

(h)            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.

 

(i)            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.

 

(j)            Each
of the Company and the Trustee hereby acknowledges and agrees that the Representatives, on behalf of the Underwriters, are third party
beneficiaries of this Agreement.

 

(k)            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]

 

    	 	9	 

     

    

 

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:	/s/ Francis Wolf
	 	 	Name:	Francis Wolf
	 	 	Title:	Vice President

 

	 	TPG Pace Beneficial II Corp.
	 	 	 
	 	 	 
	 	By:	/s/ Eduardo Tamraz
	 	 	Name:	Eduardo Tamraz
	 	 	Title:	Secretary

 

[Signature
Page to Investment Management Trust Agreement]

 

     

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial acceptance fee	 	Initial closing of Offering by wire transfer.	 	$	3,500.00	 
	Annual fee	 	First year, initial closing of Offering by wire transfer, thereafter on the anniversary of the effective date of the Offering by wire transfer or check.	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Sections 1(i), 1(k) and 1(j)	 	Deduction by Trustee from accumulated income following disbursement made to Company under Section 1	 	$	250.00	 
	Paying Agent services as required pursuant to Section 1(i)
    and 1(k)	 	Billed to Company upon delivery of service pursuant to Section 1(i) and 1(k)	 	 	Prevailing rates	 

 

    Sched. A-1

     

    

 

EXHIBIT A

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn:     Francis Wolf and Celeste Gonzalez

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

 

Re: Trust Account Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the Investment Management
Trust Agreement between TPG Beneficial II Corp. (the “Company”) and Continental Stock Transfer & Trust
Company (the “Trustee”), dated as of [●], 2021 (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 Target Business (the “Business Combination”) on or about [insert date]. The
Company shall notify you at least forty-eight (48) hours in advance of the actual date of the consummation of the Business Combination
(the “Consummation Date”). Capitalized terms used but not defined herein 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 the above-referenced
trust checking account at J.P. Morgan Chase Bank, N.A. 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 the Company and the Representatives (with respect
to the Deferred Discount) shall direct on the Consummation Date. It is acknowledged and agreed that while the funds are on deposit in
the trust checking account at J.P. Morgan Chase Bank, N.A. awaiting distribution, neither the Company nor the Representatives will earn
any interest or dividends.

 

On the Consummation Date (i) counsel for the
Company shall deliver to you written 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 Company (the “Notification”) and
(ii) the Company shall deliver to you (a) a certificate of the President, which verifies that the Business
Combination has been approved by a vote of the Company’s shareholders, if a vote is held and (b) joint written instruction
signed by the Company and the Representatives with respect to the transfer of the funds held in the Trust Account, including express instruction
to pay the Deferred Discount from the Trust Account directly to the account or accounts directed by the Representatives (the “Instruction
Letter”). 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, net of any payments necessary for reasonable unreimbursed expenses related
to liquidating the Trust Account, your obligations under the Trust Agreement shall be terminated.

 

    A-2

     

    

 

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 Section 1(c) of the Trust Agreement on the business day immediately following the
Consummation Date as set forth in such written instruction as soon thereafter as possible.

 

	 	Very truly yours,
	 	 
	 	TPG Pace Beneficial II Corp.
	 	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	cc:	Deutsche Bank Securities Inc.
	 	J.P. Morgan Securities LLC
	 	Goldman Sachs & Co. LLC

 

    A-3

     

    

 

EXHIBIT B

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn:       Francis Wolf and Celeste Gonzalez

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

 

Re: Trust Account Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(i) of the
Investment Management Trust Agreement between TPG Pace Beneficial II Corp. (the “Company”) and Continental Stock
Transfer & Trust Company (the “Trustee”), dated as of [●], 2021 (the “Trust Agreement”),
this is to advise you that the Company has been unable to effect a business combination with a Target Business the time frame specified
in the Company’s Amended and Restated Memorandum and Articles of Association, as described in the Company’s Prospectus relating
to the Offering. Capitalized terms used but not defined herein 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 on , 20 , and to transfer the total proceeds to the trust
checking account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Shareholders. The Company has selected [●]
as the record date for the purpose of determining the Public Shareholders entitled to receive their share of the liquidation proceeds.
You agree to be the Paying Agent of record and, in your separate capacity as Paying Agent, agree to distribute said funds directly to
the Company’s 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, 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,
	 	 
	 	TPG Pace Beneficial II Corp.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	cc:	 Deutsche Bank Securities Inc.
	 	J.P. Morgan Securities LLC
	 	Goldman Sachs & Co. LLC

 

    B-1

     

    

 

EXHIBIT C

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn:      Francis Wolf and Celeste Gonzalez

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

 

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 TPG Pace Beneficial II Corp. (the “Company”) and Continental Stock
Transfer & Trust Company (the “Trustee”), dated as of [●], 2021 (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 but not defined herein 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,
	 	 
	 	TPG Pace Beneficial II Corp.
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

	cc:	Deutsche Bank Securities Inc.
	 	J.P. Morgan Securities LLC
	 	Goldman Sachs & Co. LLC

 

    C-1

     

    

 

EXHIBIT D

 

[Letterhead of Company]

 

[Insert date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn:        Francis
Wolf and Celeste Gonzalez

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

 

Re: Trust
Account Shareholder Redemption Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section 1(k) of
the Investment Management Trust Agreement between TPG Pace Beneficial II Corp. (the “Company”) and Continental
Stock Transfer & Trust Company (the “Trustee”), dated as of              ,
2021 (the “Trust Agreement”), the Company hereby requests that you deliver to the redeeming Public Shareholders
of the Company $[●] of the principal and interest income earned on the Property as of the date hereof. Capitalized terms used but
not defined herein shall have the meanings set forth in the Trust Agreement.

 

The Company needs such funds to pay its Public
Shareholders who have properly elected to have their Ordinary Shares redeemed by the Company in connection with a shareholder vote to
approve an amendment to the Company’s amended and restated memorandum and articles of association to modify the substance or timing
of the Company’s obligation to redeem 100% of its Ordinary Shares if the Company has not consummated an initial Business Combination
within such time as is described in the Company’s amended and restated memorandum and articles of association. As such, you are
hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to the redeeming Public
Shareholders in accordance with your customary procedures.

 

	 	Very truly yours,
	 	 
	 	TPG Pace Beneficial II Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	
    cc: Deutsche Bank Securities Inc.

    J.P. Morgan Securities LLC

    Goldman Sachs & Co. LLC
	 

 

    D-1

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