Exhibit 10.5


 





PRIVATE
PLACEMENT WARRANT PURCHASE AGREEMENT


 


This
Private Placement Warrant Purchase Agreement, dated as of November 16, 2021 (as it may from time to time be amended
and including all exhibits referenced herein, this “Agreement”), is entered into by and among LF
Capital Acquisition Corp. II, a Delaware corporation (the “Company”), and Jefferies
LLC, a Delaware limited liability company (the “Purchaser”).


 


Whereas,
the Company intends to complete an initial public offering of the Company’s units (the “Public Offering”),
each unit consisting of one share of the Company’s Class A common stock, par value $0.0001 per share (each, a “Share”),
and one-half of one redeemable warrant, as set forth in the Company’s registration statement on Form S-1, filed with the
Securities and Exchange Commission (the “SEC”), File Number 333- 260541 (the “Registration
Statement”), under the Securities Act of 1933, as amended (the “Securities Act”);


 


Whereas,
each whole warrant entitles the holder to purchase one Share at an exercise price of $11.50 per Share; and


 


Whereas,
the Purchaser has agreed to purchase, at a price of $1.00 per warrant, an aggregate of 1,125,000 warrants (or up to 1,293,750
warrants if the over-allotment option in connection with the Public Offering is exercised in full) (the “Private Placement
Warrants”), each Private Placement Warrant entitling the holder to purchase one Share at an exercise price of $11.50
per Share.


 


Now
Therefore, in consideration of the mutual promises contained in this Agreement and other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties to this Agreement hereby, intending legally to be bound,
agree as follows:


 


AGREEMENT


 


1.                  
Authorization, Purchase and Sale; Terms of the Private Placement Warrants.


 


A.                 
Authorization of the Private Placement Warrants. The Company has duly authorized the
issuance and sale of the Private Placement Warrants to the Purchaser.


 


B.                 
Purchase and Sale of the Private Placement Warrants. On the date of the completion
of the Public Offering and concurrently with the completion thereof, or on such earlier time and date as may be mutually agreed
by the Purchaser and the Company (the “Initial Closing Date”), the Company shall issue and sell to the Purchaser, and
the Purchaser shall purchase from the Company 1,125,000 Private Placement Warrants at a price of $1.00 per warrant for an aggregate
purchase price of approximately $1,125,000 (the “Purchase Price”), which shall be paid by wire transfer of immediately
available funds to the Company, to the trust account at a financial institution to be chosen by the Company, maintained by Continental
Stock Transfer & Trust Company, acting as trustee (the “Trust Account”), in accordance with the Company’s
wiring instructions at least one (1) business day prior to the Initial Closing Date; provided, however, that the Purchase Price
shall be reimbursed to the Purchaser if the Initial Closing Date does not occur on the day following such wire payment. On the
Initial Closing Date, upon the payment by the Purchaser of the Purchase Price by wire transfer of immediately available funds to
the Company, the Company shall either, at its option, deliver a certificate evidencing the Private Placement Warrants purchased
by the Purchaser on such date duly registered in the Purchaser’s name to the Purchaser, or effect such delivery in book-entry
form. On the date of the completion of the closing of the over-allotment option in connection with the Public Offering and concurrently
with the completion thereof, or on such earlier time and date as may be mutually agreed by the Purchaser and the Company (each
such date, an “Over-allotment Closing Date,” and each Over-allotment Closing Date (if any) together with the Initial
Closing Date, being sometimes referred to herein as a “Closing Date”), the Company shall issue and sell to the Purchaser,
and the Purchaser shall purchase from the Company, up to an aggregate of 168,750 Private Placement Warrants at a price of $1.00
per warrant for an aggregate purchase price of up to $168,750 (if the over-allotment option in connection with the Public Offering
is exercised in full) (the “Over-allotment Purchase Price”), which shall be paid by wire transfer of immediately available
funds to the Company, to the Trust Account in accordance with the Company’s wiring instructions at least one (1) business
day prior to the Over-allotment Closing; provided, however, that the Over-allotment Purchase Price shall be reimbursed to the Purchaser
if the Over-allotment Closing does not occur on the day following such wire payment. On the Over-allotment Closing Date, upon the
payment by the Purchaser of the Over-allotment Purchase Price by wire transfer of immediately available funds to the Company, the
Company shall, at its option, deliver a certificate evidencing the Private Placement Warrants purchased on such date duly registered
in the Purchaser’s name to the Purchaser, or effect such delivery in book-entry form.


 






    	 



    	 



    

 


C.                 
Terms of the Private Placement Warrants.


 


(i)                  
The Private Placement Warrants shall have their terms set forth in a Warrant Agreement to
be entered into by the Company and a warrant agent, in connection with the Public Offering (the “Warrant Agreement”).


 


(ii)                
At or prior to the time of the closing of the Public Offering, the Company and the Purchaser
shall enter into a registration rights agreement (the “Registration Rights Agreement”) pursuant to which
the Company will grant certain registration rights to the Purchaser relating to the Private Placement Warrants and the Shares underlying
the Private Placement Warrants.


 


(iii)               
The Purchaser acknowledges and agrees that the Private Placement Warrants and the related
registration rights will be deemed compensation by the Financial Industry Regulatory Authority (“FINRA”) and will therefore,
pursuant to Rule 5110(e) of the FINRA Manual, be subject to lock-up for a period of 180 days immediately following the commencement
of sales of the Public Offering, subject to FINRA Rule 5110(e)(2)(B). The Private Placement Warrants and their component parts
and the related registration rights may not be sold, transferred, assigned, pledged or hypothecated or be the subject of any hedging,
short sale, derivative, put or call transaction that would result in the economic disposition of such securities by any person
during the foregoing 180 day period following the effective date of the Registration Statement except to any underwriter or selected
dealer participating in the Public Offering and the officers or partners registered persons or affiliates of the undersigned and
of any such participating underwriter or selected dealer participating in the Public Offering. Additionally, the Private Placement
Warrants may not be exercised more than five years from the commencement of sales of the Public Offering in compliance with FINRA
Rule 5110(g)(8)(A). 


 


(iv)              
The purchaser acknowledges and agrees that the Private Placement Warrants may not be transferred,
assigned or sold until thirty (30) days after the completion by the Company of an initial business combination, including the Class
A common stock issuable upon exercise of the Private Placement Warrants; provided, however, that the Private Placement Warrants
and any Class A common stock issued upon exercise of the Private Placement Warrants may be transferred by the holders thereof:


(v)                
 


(a) to the
Company’s directors or officers, any affiliates or family members of any of the Company’s directors or officers, any
direct or indirect members or partners of Level Field Capital II, LLC (the “Sponsor”), any affiliates of the Sponsor
or any employees of such affiliates;


 


(b) in the
case of an individual, by gift to a member of one of the individual’s immediate family or to a trust, the beneficiary of
which is a member of the individual’s immediate family, an affiliate of such person, or to a charitable organization;


 






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(c) in the
case of an individual, by virtue of laws of descent and distribution upon death of the individual;


 


(d) in the
case of an individual, pursuant to a qualified domestic relations order;


 


(e) by private
sales or transfers made in connection with the consummation of the Company’s initial business combination at prices no greater
than the price at which the Private Placement Warrants or Class A common stock, as applicable, were originally purchased;


 


(f) in the
event of the Company’s liquidation prior to the Company’s completion of its initial business combination;


 


(g) by virtue
of the laws of the State of Delaware or the Purchaser’s limited liability company agreement or other applicable organizational
documents of the Purchaser upon dissolution of the Purchaser;


 


(h) to the
Purchaser’s affiliates, or any investment fund or other entity controlled or managed by the Purchaser, or to any investment
manager or investment advisor of the Purchaser or an affiliate of any such investment manager or investment advisor or to any investment
fund or other entity controlled or managed by such persons;


 


(i) to the
Company for no value for cancellation in connection with the completion of its initial business combination; and


 


(j) in the
event of the Company’s completion of a liquidation, merger, capital stock exchange or other similar transaction which results
in all of the Company’s shareholders having the right to exchange their Class A common stock for cash, securities or other
property subsequent to the completion of the Company’s initial business combination;


 


provided further, however,
that, in the case of clauses (a) through (e), (g) and (h) (unless the prior written consent of the Company is obtained), these
permitted transferees must enter into a written agreement with the Company agreeing to be bound by the transfer restrictions in
this Agreement.


 


2.                  
Representations and Warranties of the Company. As
a material inducement to the Purchaser to enter into this Agreement and purchase the Private Placement Warrants, the Company hereby
represents and warrants to the Purchaser (which representations and warranties shall survive each Closing Date) that:


 


A.                 
Organization and Corporate Power. The Company is a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware and is qualified to do business in every jurisdiction in
which the failure to so qualify would reasonably be expected to have a material adverse effect on the financial condition, operating
results or assets of the Company. The Company possesses all requisite corporate power and authority necessary to carry out the
transactions contemplated by this Agreement and the Warrant Agreement.


 






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B.                 
Authorization; No Breach.


 


(i)                  
The execution, delivery and performance of this Agreement and the Private Placement Warrants
have been duly authorized and approved by the Company as of each Closing Date. This Agreement constitutes a valid and binding obligation
of the Company, enforceable in accordance with its terms. Upon issuance in accordance with, and payment pursuant to, the terms
of the Warrant Agreement and this Agreement, the Private Placement Warrants will constitute valid and binding obligations of the
Company, enforceable in accordance with their terms as of each closing date.


 


(ii)                
The execution and delivery by the Company of this Agreement and the Private Placement Warrants,
the issuance and sale of the Private Placement Warrants, the issuance of the Shares upon exercise of the Private Placement Warrants
and the fulfillment of, and compliance with, the respective terms hereof and thereof by the Company, do not and will not as of
each Closing Date (a) conflict with or result in a breach of the terms, conditions or provisions of, (b) constitute a default under,
(c) result in the creation of any lien, security interest, charge or encumbrance upon the Company’s capital stock or assets
under, (d) result in a violation of, or (e) require any authorization, consent, approval, exemption, action, notice, declaration,
or filing, in each case, by, to or with any court or administrative or governmental body or agency pursuant to the amended and
restated certificate of incorporation or the bylaws of the Company (in effect on the date hereof or as may be amended prior to
completion of the contemplated Public Offering), or any material law, statute, rule or regulation to which the Company is subject,
or any agreement, order, judgment or decree to which the Company is subject, except for any filings required after the date hereof
under federal or state securities laws.


 


C.                 
Title to Securities. Upon issuance in accordance with, and payment pursuant to, the
terms hereof and the Warrant Agreement, the Private Placement Warrants shall be duly and validly issued and the Shares issuable
upon exercise of the Private Placement Warrants shall be duly and validly issued, fully paid and nonassessable. On the date of
issuance of the Private Placement Warrants, the Shares issuable upon exercise of the Private Placement Warrants shall have been
reserved for issuance. Upon issuance in accordance with, and payment pursuant to, the terms hereof and the Warrant Agreement, the
Purchaser will have good title to the Private Placement Warrants purchased by it and the Shares issuable upon exercise of such
Private Placement Warrants, free and clear of all liens, claims and encumbrances of any kind, other than (i) transfer restrictions
hereunder and under the other agreements contemplated hereby, (ii) transfer restrictions under federal and state securities laws,
and (iii) liens, claims or encumbrances imposed due to the actions of the Purchaser.


 


D.                 
Governmental Consents. No permit, consent, approval or authorization of, or declaration
to or filing with, any governmental authority is required in connection with the execution, delivery and performance by the Company
of this Agreement or the consummation by the Company of any other transactions contemplated hereby.


 


E.                  
Regulation D Qualification. Neither the Company nor, to its actual knowledge, any of
its affiliates, members, officers, directors or beneficial shareholders of 20% or more of its outstanding securities, has experienced
a disqualifying event as enumerated pursuant to Rule 506(d) of Regulation D under the Securities Act.


 


3.                  
Representations and Warranties of the Purchaser.
As a material inducement to the Company to enter into this Agreement and issue and sell the Private Placement Warrants to the Purchaser,
the Purchaser hereby represents and warrants to the Company (which representations and warranties shall survive each Closing Date)
that:


 






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A.                 
Organization and Requisite Authority. The Purchaser possesses all requisite power and
authority necessary to carry out the transactions contemplated by this Agreement.


 


B.                 
Authorization; No Breach.


 


(i)                  
This Agreement constitutes a valid and binding obligation of the Purchaser, enforceable in
accordance with its terms, subject to bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other laws
of general applicability relating to or affecting creditors’ rights and to general equitable principles (whether considered
in a proceeding in equity or law).


 


(ii)                
The execution and delivery by the Purchaser of this Agreement and the fulfillment of and compliance
with the terms hereof by the Purchaser does not and shall not as of each Closing Date conflict with or result in a breach by the
Purchaser of the terms, conditions or provisions of any agreement, instrument, order, judgment or decree to which the Purchaser
is subject that would materially impact its ability to perform its obligations hereunder.


 


C.                 
Investment Representations.


 


(i)                  
The Purchaser is acquiring the Private Placement Warrants and, upon exercise of the Private
Placement Warrants, the Shares issuable upon such exercise (collectively, the “Securities”) for the Purchaser’s
own account, for investment purposes only and not with a view towards, or for resale in connection with, any public sale or distribution
thereof.


 


(ii)                
The Purchaser is an “accredited investor” as such term is defined in Rule 501(a)(3)
of Regulation D under the Securities Act.


 


(iii)               
The Purchaser understands that the Securities are being offered and will be sold to it in
reliance on specific exemptions from the registration requirements of the United States federal and state securities laws and that
the Company is relying upon the truth and accuracy of, and the Purchaser’s compliance with, the representations and warranties
of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser
to acquire such Securities.


 


(iv)              
The Purchaser did not decide to enter into this Agreement as a result of any general solicitation
or general advertising within the meaning of Rule 502(c) of Regulation D under the Securities Act.


 


(v)                
The Purchaser has been furnished with all materials relating to the business, finances and
operations of the Company and materials relating to the offer and sale of the Securities which have been requested by the Purchaser.
The Purchaser has been afforded the opportunity to ask questions of the executive officers and directors of the Company. The Purchaser
understands that its investment in the Securities involves a high degree of risk and it has sought such accounting, legal and tax
advice as it has considered necessary to make an informed investment decision with respect to the acquisition of the Securities.


 


(vi)              
The Purchaser understands that no United States federal or state agency or any other government
or governmental agency has passed on or made any recommendation or endorsement of the Securities or the fairness or suitability
of the investment in the Securities by the Purchaser nor have such authorities passed upon or endorsed the merits of the offering
of the Securities.


 






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(vii)             
The Purchaser understands that: (a) the Securities have not been and are not being registered
under the Securities Act or any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (1)
subsequently registered thereunder or (2) sold in reliance on an exemption therefrom; and (b) except as specifically set forth
in the Registration Rights Agreement, neither the Company nor any other person is under any obligation to register the Securities
under the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder. While
the Purchaser understands that Rule 144 under the Securities Act is not available for the resale of securities initially issued
by shell companies (other than business combination related shell companies) or issuers that have been at any time previously a
shell company, the Purchaser understands that Rule 144 includes an exception to this prohibition if the following conditions are
met: (i) the issuer of the securities that was formerly a shell company has ceased to be a shell company; (ii) the issuer of the
securities is subject to the reporting requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”); (iii) the issuer of the securities has filed all Exchange Act reports and material required
to be filed, as applicable, during the preceding 12 months (or such shorter period that the issuer was required to file such reports
and materials), other than Form 8-K reports; and (iv) at least one year has elapsed from the time that the issuer filed current
Form 10-type information with the SEC reflecting its status as an entity that is not a shell company.


 


(viii)           
The Purchaser has such knowledge and experience in financial and business matters, understands
the high degree of risk associated with investments in the securities of companies in the development stage such as the Company,
is capable of evaluating the merits and risks of an investment in the Securities and is able to bear the economic risk of an investment
in the Securities in the amount contemplated hereunder for an indefinite period of time. The Purchaser has adequate means of providing
for its current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would
be jeopardized by the investment in the Securities. The Purchaser can afford a complete loss of its investment in the Securities.


 


4.                  
Conditions of the Purchaser’s Obligations.
The obligations of the Purchaser to purchase and pay for the Private Placement Warrants are subject to the fulfillment, on or before
each Closing Date, of each of the following conditions:


 


A.                 
Representations and Warranties. The representations and warranties of the Company contained
in Section 2 shall be true and correct at and as of such Closing Date as though then made.


 


B.                 
Performance. The Company shall have performed and complied with all agreements, obligations
and conditions contained in this Agreement that are required to be performed or complied with by it on or before such Closing Date.


 


C.                 
No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling
or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent
jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation
of any of the transactions contemplated by this Agreement or the Warrant Agreement.


 


D.                 
Warrant Agreement and Registration Rights Agreement. The Company shall have entered
into a Warrant Agreement with a warrant agent and the Registration Rights Agreement, in each case on terms satisfactory to the
Purchaser.


 


5.                  
Conditions of the Company’s Obligations. The
obligations of the Company to the Purchaser under this Agreement are subject to the fulfillment, on or before each Closing Date,
of each of the following conditions:


 






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A.                 
Representations and Warranties. The representations and warranties of the Purchaser
contained in Section 3 shall be true and correct at and as of such Closing Date as though then made.


 


B.                 
Performance. The Purchaser shall have performed and complied with all agreements, obligations
and conditions contained in this Agreement that are required to be performed or complied with by the Purchaser on or before such
Closing Date.


 


C.                 
Corporate Consents. The Company shall have obtained the consent of its Board of Directors
authorizing the execution, delivery and performance of this Agreement and the Warrant Agreement and the issuance and sale of the
Private Placement Warrants hereunder.


 


D.                 
No Injunction. No litigation, statute, rule, regulation, executive order, decree, ruling
or injunction shall have been enacted, entered, promulgated or endorsed by or in any court or governmental authority of competent
jurisdiction or any self-regulatory organization having authority over the matters contemplated hereby, which prohibits the consummation
of any of the transactions contemplated by this Agreement or the Warrant Agreement.


 


E.                  
Warrant Agreement and Registration Rights Agreement. The Company shall have entered
into a Warrant Agreement with a warrant agent and the Registration Rights Agreement, each on terms satisfactory to the Company.


 


6.                  
Termination. This Agreement may be terminated at
any time after December 31, 2021 upon the election by either the Company or the Purchaser upon written notice to the other party
if the closing of the Public Offering does not occur prior to such date.


 


7.                  
Survival of Representations and Warranties. All of
the representations and warranties contained herein shall survive each Closing Date.


 


8.                  
Definitions. Terms used but not otherwise defined
in this Agreement shall have the meaning assigned to such terms in the Registration Statement.


 


9.                  
Miscellaneous.


 


A.                 
Successors and Assigns. Except as otherwise expressly provided herein, all covenants
and agreements contained in this Agreement by or on behalf of any of the parties hereto shall bind and inure to the benefit of
the respective successors of the parties hereto whether so expressed or not. Notwithstanding the foregoing or anything to the contrary
herein, the parties may not assign this Agreement without the prior written consent of the other party hereto, other than assignments
by the Purchaser to its affiliates (including, without limitation one or more of its members).


 


B.                 
Severability. Whenever possible, each provision of this Agreement shall be interpreted
in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be prohibited
by or invalid under applicable law, such provision shall be ineffective only to the extent of such prohibition or invalidity, without
invalidating the remainder of this Agreement.


 


C.                 
Counterparts. This Agreement may be executed simultaneously in two or more counterparts,
none of which need to contain the signatures of more than one party, but all such counterparts taken together shall constitute
one and the same agreement. In the event that any signature is delivered by facsimile transmission or by e-mail delivery of a “pdf”
format data file, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature
is executed) with the same force and effect as if such facsimile or “.pdf” signature page were an original thereof.


 






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D.                 
Descriptive Headings; Interpretation. The descriptive headings of this Agreement are
inserted for convenience only and do not constitute a substantive part of this Agreement. The use of the word “including”
in this Agreement shall be by way of example rather than by limitation.


 


E.                  
Governing Law. This Agreement shall be deemed to be a contract made under the laws
of the State of New York and for all purposes shall be construed in accordance with the internal laws of the State of New York,
without giving effect to conflicts of law principles that would result in the application of the laws of another jurisdiction.


 


F.                  
Amendments. This Agreement may not be amended, modified or waived as to any particular
provision, except by a written instrument executed by all parties hereto.


 


[Signature Page Follows]


 






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In
Witness Whereof, the parties hereto have executed this Agreement to be effective as of the date first set forth above.


 





	 	COMPANY:
	 	 
	 	LF CAPITAL ACQUISITION CORP.
II
	 	 
	 	By: 	/s/ Scott Reed
	 	 	Name: Scott Reed
	 	 	Title: President, Chief Executive Officer
	 	 
	 	PURCHASER:
	 	 
	 	JEFFERIES LLC
	 	 
	 	By:	/s/ Tina Pappas
	 	 	Name: Tina Pappas
	 	 	Title: Managing Director








 


[Signature Page to Private Placement Warrant Purchase Agreement]