Document:

Exhibit 10.1

 

[●], 2021

 

FG New America Acquisition II Corp.

105 S. Maple Street

Itasca, Illinois 60143

 

Re:          Initial
Public Offering

 

Ladies and Gentlemen:

 

This letter (this “Letter
Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”)
entered into by and between FG New America Acquisition II Corp., a Delaware corporation (the “Company”), and
BofA Securities, Inc., as representative (the “Representative”) of the several underwriters (each, an “Underwriter”
and collectively, the “Underwriters”), relating to an underwritten initial public offering (the “Public Offering”),
of up to 25,875,000 of the Company’s units (including up to 3,375,000 units that may be purchased to cover over-allotments, if
any) (the “Units”), each comprised of one share of the Company’s Class A common stock, par value $0.0001
per share (the “Class A Common Stock”), and one-half of one redeemable warrant. Each whole warrant (each, a
 “Warrant”) entitles the holder thereof to purchase one share of Class A Common Stock at a price of $11.50 per
share, subject to adjustment as described in the Prospectus (as defined below). The Units will be sold in the Public Offering 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 “Commission”) and the Units have been approved for listing on the New
York Stock Exchange. Certain capitalized terms used herein are defined in paragraph 11 hereof.

 

In order to induce the Company
and the Underwriters to enter into the Underwriting Agreement and to proceed with the Public Offering and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, each of FG New America Investors II LLC (the “Sponsor”)
and the undersigned individuals, each of whom is a member of the Company’s board of directors and/or management team (each of the
undersigned individuals, an “Insider” and collectively, the “Insiders”), hereby agree
with the Company as follows:

 

	 	1.	The Sponsor and each Insider agree that if the Company
    seeks stockholder approval of a proposed Business Combination, then in connection with such proposed Business Combination, it, he
    or she shall (i) vote any shares of Common Stock (as defined below) owned by it, him or her in favor of any proposed Business Combination
    and (ii) not redeem any shares of Common Stock owned by it, him or her in connection with such stockholder approval. If the Company
    seeks to consummate a proposed Business Combination by engaging in a tender offer, the Sponsor and each Insider agree that it, he
    or she will not sell or tender any shares of Common Stock owned by it, him or her in connection therewith.

 

    	 	1	 

     

    

 

	 	2.	The Sponsor and each Insider hereby agree that in the event that the
    Company fails to consummate a Business Combination within 15 months from the closing of the Public Offering, or 18 months from the
    closing of the Public Offering if the Company has entered into a letter of intent with a target business for a business combination
    within 15 months from the closing of the Public Offering and such business combination has not yet been consummated within such 15-month
    period, or such later period approved by the Company’s stockholders in accordance with the Company’s amended and restated
    certificate of incorporation (as it may be amended from time to time, the “Charter”), the Sponsor and each
    Insider shall take all reasonable steps to cause the Company to (i) cease all operations except for the purpose of winding up, (ii)
    as promptly as reasonably possible but not more than ten business days thereafter, redeem 100% of the shares of Class A Common Stock
    sold as part of the Units in the Public Offering (the “Offering Shares”), at a per-share price, payable
    in cash, equal to the aggregate amount then on deposit in the Trust Account (as defined below), including interest earned on the
    funds held in the Trust Account (which interest shall be net of taxes payable, and up to $100,000 of interest to pay dissolution
    expenses), divided by the number of then outstanding Offering Shares, which redemption will completely extinguish all Public Stockholders’
    rights as stockholders (including the right to receive further liquidating distributions, if any), and (iii) as promptly as reasonably
    possible following such redemption, subject to the approval of the Company’s remaining stockholders and the Company’s
    board of directors, liquidate and dissolve, subject in each case to the Company’s obligations under Delaware law to provide
    for claims of creditors and other requirements of applicable law. The Sponsor and each Insider agree to not propose any amendment
    to the Charter to modify the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company
    does not complete a Business Combination within the required time period set forth in the Charter or with respect to any other material
    provisions relating to stockholders’ rights or pre-initial business combination activity, unless the Company provides its Public
    Stockholders with the opportunity to redeem their Offering 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 Account, including interest earned on the funds held in the Trust
    Account (which interest shall be net of taxes payable), divided by the number of then outstanding Offering Shares.

 

The Sponsor and each Insider acknowledge
that it, he or she has no right, title, interest or claim of any kind in or to any monies held in the Trust Account or any other asset
of the Company as a result of any liquidation of the Company with respect to the Founder Shares held by it, him or her. The Sponsor and
each Insider hereby further waives, with respect to any shares of Common Stock held by it, him or her, if any, any redemption rights
it, he or she may have in connection with (A) the consummation of a Business Combination, including, without limitation, any such rights
available in the context of a stockholder vote to approve such Business Combination, or (B) a stockholder vote to approve an amendment
to the Charter to modify the substance or timing of the Company’s obligation to redeem 100% of the Offering Shares if the Company
has not consummated a Business Combination within the time period set forth in the Charter or with respect to any other material provisions
relating to stockholders’ rights or pre-initial business combination activity or in the context of a tender offer made by the Company
to purchase Offering Shares (although the Sponsor, the Insiders and their respective affiliates shall be entitled to redemption and liquidation
rights with respect to any Offering Shares it or they hold if the Company fails to consummate a Business Combination within the time
period set forth in the Charter).

 

	 	3.	During the period commencing on the effective date of the Underwriting
    Agreement and ending 180 days after such date, the Sponsor and each Insider shall not, without the prior written consent of the Representative,
    (i) sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or
    agree to dispose of, directly or indirectly, 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 (the “Exchange Act”),
    and the rules and regulations of the Commission promulgated thereunder, with respect to any Units, shares of Common Stock (including,
    but not limited to, Founder Shares), Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of
    Common Stock owned by it, him or her, (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, shares of Common Stock (including, but not limited to, Founder Shares),
    Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by it, him or her,
    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 specified in clause (i) or (ii). Each of the Insiders and the Sponsor acknowledges and agrees
    that, prior to the effective date of any release or waiver, of the restrictions set forth in this paragraph 3 or paragraph 7 below,
    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 date of such press release. The provisions of this paragraph will not apply if the release or waiver is effected
    solely to permit a transfer not for consideration and the transferee 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.

 

    	 	2	 

     

    

 

	 	4.	In the event of the liquidation of the Trust Account upon the failure
    of the Company to consummate its initial Business Combination within the time period set forth in the Charter, the Sponsor (the “Indemnitor”)
    agrees to indemnify and hold harmless the Company against any and all loss, liability, claim, damage and expense whatsoever (including,
    but not limited to, any and all legal or other expenses reasonably incurred in investigating, preparing or defending against any
    litigation, whether pending or threatened) to which the Company may become subject as a result of any claim by (i) any third party
    for services rendered or products sold to the Company or (ii) any prospective target business with which the Company has entered
    into a written letter of intent, confidentiality or other similar agreement or Business Combination agreement (a “Target”);
    provided, however, that such indemnification of the Company by the Indemnitor (x) shall apply only to the extent necessary
    to ensure that such claims by a third party or a Target do not reduce the amount of funds in the Trust Account to below the lesser
    of (i) $10.20 per Offering Share and (ii) the actual amount per Offering Share held in the Trust Account as of the date of the liquidation
    of the Trust Account, if less than $10.20 per Offering Share is then held in the Trust Account due to reductions in the value of
    the trust assets, less taxes payable, (y) shall not apply to any claims by a third party or a Target which executed a waiver of any
    and all rights to the monies held in the Trust Account (whether or not such waiver is enforceable) and (z) shall not apply to any
    claims under the Company’s indemnity of the Underwriters against certain liabilities, including liabilities under the Securities
    Act of 1933, as amended. The Indemnitor shall have the right to defend against any such claim with counsel of its choice reasonably
    satisfactory to the Company if, within 15 days following written receipt of notice of the claim to the Indemnitor, the Indemnitor
    notifies the Company in writing that it shall undertake such defense.

 

	 	5.	To the extent that the Underwriters do not exercise their over-allotment
option to purchase up to an additional 3,375,000 Units within 45 days from the date of the Prospectus (and as further described in the
Prospectus), the Sponsor agrees to forfeit, on a pro-rata basis and at no cost, a number of Founder Shares in the aggregate equal to 843,750
multiplied by a fraction, (i) the numerator of which is 3,375,000 minus the number of Units purchased by the Underwriters upon the exercise
of their over-allotment option, and (ii) the denominator of which is 3,375,000. The forfeiture will be adjusted to the extent that the
over-allotment option is not exercised in full by the Underwriters so that the Founder Shares will represent an aggregate of 20.0% of
the Company’s issued and outstanding shares of Common Stock (not including shares of Class A Common Stock underlying the Warrants,
Private Placement Warrants, Private Units (as defined below) or Manager Units (as defined below)). The Sponsor further agrees that to
the extent that the size of the Public Offering is increased or decreased, the Company will purchase or sell Units or effect a share repurchase
or share capitalization, as applicable, immediately prior to the consummation of the Public Offering in such amount as to maintain the
ownership of the initial shareholders prior to the Public Offering at 20.0% of its issued and outstanding shares of Common Stock upon
the consummation of the Public Offering (not including shares of Class A Common Stock underlying the Warrants, Private Placement Warrants,
Private Units or Manager Units). In connection with such increase or decrease in the size of the Public Offering, then (A) the references
to 3,375,000 in the numerator and denominator of the formula in the first sentence of this paragraph shall be changed to a number equal
to 15% of the number of shares of Class A Common Stock included in the Units issued in the Public Offering and (B) the reference to 843,750
in the formula set forth in the first sentence of this paragraph shall be adjusted to such number of Founder Shares that the Sponsor would
have to surrender to the Company in order for the initial shareholders to hold an aggregate of 20.0% of the Company’s issued and
outstanding shares of Common Stock after the Public Offering (not including shares of Class A Common Stock underlying the Warrants, Private
Placement Warrants, Private Units or Manager Units).

  

	 	6.	The Sponsor and each Insider hereby agree and acknowledge that: (i)
    the Underwriters and the Company would be irreparably injured in the event of a breach by the Sponsor or an Insider of its, his or
    her obligations under paragraphs 1, 2, 3, 4, 5, 7(a), 7(b) and 9, as applicable, of this Letter Agreement, (ii) monetary damages
    may not be an adequate remedy for such breach and (iii) the non-breaching party shall be entitled to injunctive relief, in addition
    to any other remedy that such party may have in law or in equity, in the event of such breach.

 

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	 	7.	(a) The Sponsor and each Insider agree that it, he or she shall not
    Transfer any Founder Shares (or any shares of Class A Common Stock issuable upon conversion thereof) until, (i) with respect to 50%
    of the Founder Shares, the earlier of (A) one year after the completion of the Company’s initial Business Combination and (B)
    the date on which the closing price of the Class A Common Stock equals or exceeds $12.00 per share (as adjusted for stock splits,
    stock dividends, reorganizations and recapitalizations) for any 20 trading days within any 30-trading day period commencing after
    the Company’s initial Business Combination and (ii) with respect to the remaining 50% of the Founder Shares, one year after
    the date of the consummation of the initial Business Combination, or earlier, in each case, if, subsequent to the initial Business
    Combination, the Company consummates a subsequent liquidation, merger, capital stock exchange, reorganization or other similar transaction
    that results in all of the Company’s stockholders having the right to exchange their shares of Class A Common Stock for cash,
    securities or other property (the “Founder Shares Lock-up Period”).

  

(b) The Sponsor and each Insider agree
that it, he or she shall not Transfer (i) any Private Units (or any securities underlying the Private Units, including the shares of
Class A Common Stock and Private Warrants (as defined below) included in the Private Units and the shares of Class A Common Stock issued
or issuable upon exercise of the Private Warrants) or (ii) any Private Placement Warrants (or any shares of Class A Common Stock issued
or issuable upon the exercise of the Private Placement Warrants), until 30 days after the completion of a Business Combination (together
with the Founder Shares Lock-up Period, the “Lock-up Periods”).

 

(c) Notwithstanding the provisions set
forth in paragraphs 7(a) and (b), Transfers of the Founder Shares, Private Placement Warrants, Private Units, component securities of
Private Units and shares of Class A Common Stock issued or issuable upon the exercise or conversion of the Private Placement Warrants,
the Private Warrants, or the Founder Shares that are held by the Sponsor, any Insider or any of their permitted transferees (that have
complied with this paragraph 7(c)), are permitted (a) to the Company’s officers or directors, any affiliate or family member of
any of the Company’s officers or directors, any affiliate of the Sponsor or to any member of the Sponsor or any of their affiliates;
(b) in the case of an individual, by gift to a member of such individual’s immediate family or to a trust, the beneficiary of which
is a member of such individual’s immediate family, an affiliate of such individual or to a charitable organization; (c) in the
case of an individual, by virtue of laws of descent and distribution upon death of such 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 any forward purchase agreement
or similar arrangement or in connection with the consummation of an initial Business Combination at prices no greater than the price
at which the securities were originally purchased; (f) by virtue of the laws of the State of Delaware, the Sponsor’s limited liability
company agreement upon dissolution of the Sponsor; (g) in the event of the Company’s liquidation prior to the completion of an
initial Business Combination; or (h) in the event of the Company’s liquidation, merger, capital stock exchange or other similar
transaction which results in all of the Company’s stockholders having the right to exchange their shares of Class A Common Stock
for cash, securities or other property subsequent to the Company’s completion of an initial Business Combination; provided,
however, that in the case of clauses (a) through (f), these permitted transferees must enter into a written agreement with the
Company agreeing to be bound by the transfer restrictions herein and the other restrictions contained in this Agreement (including provisions
relating to voting, the Trust Account and liquidating distributions).

  

    	 	4	 

     

    

 

	 	8.	The Sponsor and each Insider represent and warrant that it, he or she
    has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities
    or commodities license or registration denied, suspended or revoked. Each Insider’s biographical information furnished to the
    Company (including any such information included in the Prospectus) is true and accurate in all respects and does not omit any material
    information with respect to the Insider’s background. The Sponsor and each Insider’s questionnaire furnished to the Company
    is true and accurate in all respects. The Sponsor and each Insider represent and warrant that: it, he or she is not subject to or
    a respondent in any legal action for, any injunction, cease-and-desist order or order or stipulation to desist or refrain from any
    act or practice relating to the offering of securities in any jurisdiction; it, he or she has never been convicted of, or pleaded
    guilty to, any crime (i) involving fraud, (ii) relating to any financial transaction or handling of funds of another person, or (iii)
    pertaining to any dealings in any securities and it, he or she is not currently a defendant in any such criminal proceeding.

 

	 	9.	Except as disclosed in the Prospectus, neither the Sponsor nor any
officer, nor any affiliate of the Sponsor or any officer, nor any director of the Company, shall receive from the Company any finder’s
fee, reimbursement, consulting fee, non-cash payments, monies in respect of any repayment of a loan or other compensation prior to, or
in connection with any services rendered in order to effectuate, the consummation of the Company’s initial Business Combination
(regardless of the type of transaction that it is).

 

	 	10.	The Sponsor and each Insider has full right and power, without violating
    any agreement to which it is bound (including, without limitation, any non-competition or non-solicitation agreement with any employer
    or former employer), to enter into this Letter Agreement and, as applicable, to serve as an officer and/or director on the board
    of directors of the Company and hereby consents to being named in the Prospectus as an officer and/or director of the Company.

 

    	 	5	 

     

    

 

	 	11.	As used herein, (i) “Business
                                                     Combination” shall mean a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar
                                                     business combination, involving the Company and one or more businesses; (ii) “Common Stock” shall mean the
                                                     Class A Common Stock and Class B common stock, par value $0.0001 per share (“Class B Common Stock”); (iii)
                                                     “Founder Shares” shall mean the 6,468,750 shares of Class B common stock issued and outstanding (up to
                                                     843,750 Shares of which are subject to complete or partial forfeiture if the over-allotment option is not exercised by the
                                                     Underwriters); (iv) “Initial Stockholders” shall mean the Sponsor and any Insider that holds Founder
                                                     Shares; (v) “Private Placement Warrants” shall mean the 1,967,500 Warrants (or 2,030,000 Warrants if the
                                                     Underwriters’ over-allotment option is exercised in full), consisting of (a) 1,500,000 warrants to be purchased by our sponsor
                                                     (and/or its designees) at $0.10 per warrant (the “$15 Exercise Price Warrants”) and (b) 505,000 warrants,
                                                     or 567,500 warrants if the Underwriters’ over-allotment option is exercised in full (the “Private
                                                     Warrants”), to purchase shares of Class A Common Stock underlying the units (the “Private
                                                     Units”) that the Sponsor has agreed to purchase for an aggregate price of $10,100,000 (or $11,350,000 if the
                                                     Underwriters’ over-allotment option is exercised in full), to be sold in private placements that shall occur simultaneously
                                                     with the consummation of the Public Offering; (vi) “Public Stockholders” shall mean the holders of
                                                     securities issued in the Public Offering; (vii) “Trust Account” shall mean the trust fund into which a
                                                     portion of the net proceeds of the Public Offering and the sale of the Private Placement Warrants shall be deposited; (viii)
                                                     “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 Commission 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); (ix)
                                                     “Manager Units” shall mean the units issued to the ThinkEquity LLC in a private placement to be completed
                                                     concurrently with the consummation of the Public Offering; and (x) “Warrants” shall mean the Private
                                                     Placement Warrants and public warrants.

 

	 	12.	The Company will maintain an insurance policy or policies providing
    directors’ and officers’ liability insurance, and each Director shall be covered by such policy or policies, in accordance
    with its or their terms, to the maximum extent of the coverage available for any of the Company’s directors or officers.

 

	 	13.	This Letter Agreement constitutes the entire agreement and understanding
    of the parties hereto in respect of the subject matter hereof and supersedes all prior understandings, agreements, or representations
    by or among the parties hereto, written or oral, to the extent they relate in any way to the subject matter hereof or the transactions
    contemplated hereby. This Letter Agreement may not be changed, amended, modified or waived (other than to correct a typographical
    error) as to any particular provision, except by a written instrument executed by all parties hereto.

  

	 	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 parties. Any purported assignment in violation
    of this paragraph shall be void and ineffectual and shall not operate to transfer or assign any interest or title to the purported
    assignee. This Letter Agreement shall be binding on the Sponsor and each Insider and their respective successors, heirs and assigns
    and permitted transferees.

 

	 	15.	Nothing in this Letter Agreement shall be construed to confer upon,
    or give to, any person or corporation other than the parties hereto any right, remedy or claim under or by reason of this Letter
    Agreement or of any covenant, condition, stipulation, promise or agreement hereof. All covenants, conditions, stipulations, promises
    and agreements contained in this Letter Agreement shall be for the sole and exclusive benefit of the parties hereto and their successors,
    heirs, personal representatives and assigns and permitted transferees.

 

	 	16.	This Letter Agreement may be executed in any number of original or
    facsimile counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts
    shall together constitute but one and the same instrument.

 

	 	17.	This Letter Agreement shall be deemed severable, and the invalidity
    or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Letter Agreement or of
    any other term or provision hereof. Furthermore, in lieu of any such invalid or unenforceable term or provision, the parties hereto
    intend that there shall be added as a part of this Letter Agreement a provision as similar in terms to such invalid or unenforceable
    provision as may be possible and be valid and enforceable.

 

    	 	6	 

     

    

 

	 	18.	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. The parties hereto (i) all agree 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 submit to such jurisdiction and venue, which jurisdiction and venue shall be exclusive
    and (ii) waive any objection to such exclusive jurisdiction and venue or that such courts represent an inconvenient forum.

 

	 	19.	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, electronic mail or facsimile transmission.

 

	 	20.	This Letter Agreement shall terminate on the earlier of (i) the expiration
    of the Lock-up Periods or (ii) the liquidation of the Company; provided, however, that this Letter Agreement shall earlier terminate
    in the event that the Public Offering is not consummated by [_], 2021; provided further that paragraph 4 of this Letter Agreement
    shall survive such liquidation.

 

[Signature Page Follows]

 

    	 	7	 

     

    

  

	 	Sincerely,
	 	 
	 	FG NEW AMERICA INVESTORS II LLC
	 	 	 
	 	By: 	 
	 	 	Name:	Larry G. Swets, Jr.
	 	 	Title:	Manager

 

 

	 	 
	 	Larry G. Swets, Jr.
	 	 
	 	 
	 	D. Kyle Cerminara
	 	 
	 	 
	 	Nicholas S. Rudd
	 	 
	 	 
	 	Robert C. Weeks
	 	 
	 	 
	 	Joseph H. Moglia
	 	 
	 	 
	 	Hassan Baqar
	 	 

 

	Acknowledged and Agreed:	 
	 	 
	FG NEW AMERICA ACQUISITION II CORP.	 
	 	 	 
	By:	 	 
	 	Name:	Larry G. Swets, Jr.	 
	 	Title:	Chief Executive Officer	 

 

[Signature Page to Letter Agreement]

 

    	 	8Exhibit 10.2 

 

INVESTMENT MANAGEMENT TRUST AGREEMENT

 

This Investment Management
Trust Agreement (this “Agreement”) is made effective as of [●], 2021 by and between FG New America Acquisition
II Corp., a Delaware corporation (the “Company”), and Continental Stock Transfer & Trust Company, a New
York corporation, a New York corporation (the “Trustee”).

 
WHEREAS,
                                            the Company’s registration statement on Form S-1, File No. 333-253194 (the “Registration
                                            Statement”) and prospectus (the “Prospectus”) for
                                            the initial public offering of the Company’s units (the “Units”),
                                            each of which consists of one share of the Company’s Class A common stock, par value
                                            $0.0001 per share (the “Common Stock”), and one-half of one redeemable
                                            warrant, each whole warrant entitling the holder thereof to purchase one share of Common
                                            Stock, subject to adjustment (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 BofA Securities, Inc., as the representative
(the “Representative”) of the several underwriters (the “Underwriters”) named therein;
and

 
WHEREAS,
                                            as described in the Prospectus, $229,500,000 of the gross proceeds of the Offering and sale
                                            of the Private Placement Units and Private Placement Warrants (each as defined in the Underwriting
                                            Agreement) (or $263,925,000 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 the Common Stock 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 stockholders for whose benefit the Trustee shall hold the Property will be referred to
                                            as the “Public Stockholders,” and the Public Stockholders and the
                                            Company will be referred to together as the “Beneficiaries”); 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 in the United States
at J.P. Morgan Chase Bank, N.A. (or at another U.S. chartered commercial bank with consolidated assets of $100 billion or more), maintained
by the Trustee 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 solely 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 185 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 (or any successor rule), which invest only in direct U.S. government treasury obligations, as determined by the Company; 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 during such periods;

 

(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;  

 

    1 

     

    

 

(e) Promptly notify the Company
and the Representative 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 or in connection with the preparation or completion of the audit 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 (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, as applicable,
signed on behalf of the Company by any of its Chief Executive Officer, Chief Financial Officer, President, Executive Vice President,
Vice President, Secretary or Chairman of the board of directors of the Company (the “Board”) or other authorized
officer of the Company, and, in the case of Exhibit A, acknowledged and agreed to by the Representative, 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
(which interest shall be net of taxes payable and up to $100,000 of interest 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, the later of (1) 15 months from the closing of the
Offering, or 18 months from the closing of the Offering if the Company has entered into a letter of intent with a target business for
a business combination within 15 months from the closing of the Offering and such business combination has not yet been consummated within
such 15-month period, and (2) such later date as may be approved by the Company’s stockholders in accordance with the Company’s
amended and restated certificate of incorporation 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 (which interest shall be
net of taxes payable and up to $100,000 of interest to pay dissolution expenses), shall be distributed to the Public Stockholders 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 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, so long as there is no
reduction in the principal amount per share initially deposited in the Trust Account; 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 (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 “Stockholder
Redemption Withdrawal Instruction”), the Trustee shall distribute on behalf of the Company the amount requested by the
Company to be used to redeem shares of Common Stock from Public Stockholders properly submitted in connection with a stockholder vote
to approve an amendment to the Company’s amended and restated certificate of incorporation to modify the substance or timing of
the Company’s obligation to redeem 100% of shares of Common Stock included in the Units sold in the Offering (the “public
shares”) if the Company has not consummated an initial Business Combination within such time as is described in the Company’s
amended and restated certificate of incorporation or with respect to any other material provisions relating to stockholders’ rights
or pre-initial Business Combination activity. 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

 

    2 

     

    

 

(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, Chief Financial Officer,
President, Executive Vice President, Vice President or Secretary. 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;

 

(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 stockholders regarding a merger, capital stock exchange, asset acquisition, stock purchase, reorganization
or similar business combination involving the Company and one or more businesses (the “Business Combination”),
provide to the Trustee an affidavit or certificate of the inspector of elections for the stockholder meeting verifying the vote of such
stockholders regarding such Business Combination;

 

(e) Provide the Representative
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; and

 

(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.

 

(g)
Within four (4) business days after the Underwriters’ exercise of the over-allotment option (or any unexercised portion thereof)
or such over-allotment option 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 $7,875,000 (or $9,056,250 if the Underwriter’s over-allotment option is exercised in full).

 

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;

 

    3 

     

    

 

(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 third 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;

 

(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, 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) 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, securities or other property in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies, securities
or other property 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, securities or other property 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

 

    4 

     

    

 

(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. 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. Subject to Section 6(d) hereof,
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) Sections 1(i), 1(j)
and 1(k) of this Agreement may only be changed, amended or modified pursuant to Section 6(c) hereof with the Consent of the
Stockholders. For purposes of this Section 6(d), the “Consent of the Stockholders” means receipt by the Trustee of a
certificate from the inspector of elections of the stockholder meeting certifying that the Company’s stockholders of record as
of a record date established in accordance with Section 213(a) of the Delaware General Corporation Law, as amended
(“DGCL”) (or any successor rule), who hold sixty-five percent (65%) or more of all then outstanding shares of the Common
Stock and Class B common stock, par value $0.0001 per share, of the Company voting together as a single class, have voted in favor
of such change, amendment or modification. No such amendment will affect any Public Stockholder who has otherwise indicated his
election to redeem his, her or its shares of Common Stock in connection with a stockholder vote sought to amend this Agreement.
Except for any liability arising out of the Trustee’s gross negligence, fraud or willful misconduct, the Trustee may rely
conclusively on the certification from the inspector or elections referenced above and shall be relieved of all liability to any
party for executing the proposed amendment in reliance thereon.

 

(e) 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.

 

    5 

     

    

 

(f) 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 electronic mail:

 

	 	if to the Trustee, to:
	 	 
	 	Continental Stock Transfer & Trust Company
	 	1 State Street, 30th Floor
	 	New York, New York 10004
	 	Attn: Francis Wolf & Celeste Gonzalez
	 	Email: fwolf@continentalstock.com
	 	Email: cgonzalez@continentalstock.com

 

	 	if to the Company, to:
	 	 
	 	FG New America Acquisition II Corp.

    105 S. Maple Street

    Itasca, Illinois 60143
	 	Attn: Hassan Baqar
	 	Email: hbaqar@sequoiafin.com
	 	 
	 	in each case, with copies to:
	 	 
	 	Blank Rome LLP
	 	405 Lexington Ave
	 	New York, New York 10174
	 	Attn: Brad L. Shiffman
	 	Email: bshiffman@BlankRome.com
	 	 
	 	and
	 	 
	 	ThinkEquity
                                            LLC

	 	17 State Street, 22nd Floor
	 	New York, NY 10004
	 	Attn: Mr. Eric Lord, Head of Investment Banking
	 	Fax No.: (212) 349-2550
	 	 
	 	and
	 	 
	 	BofA Securities, Inc.
	 	One Bryant Park
	 	New York, NY 10036
	 	Attn: Syndicate
                                            Department

Email: dg.ecm_execution_services@bofa.com

with a copy to:

Attn: ECM Legal

Email: dg.ecm_legal@bofa.com

	 	 
	 	and
	 	 
	 	Sidley Austin LLP
	 	1501 K Street, N.W.
	 	Washington, D.C. 20005
	 	Attn: William J. Cooper, Esq.
	 	Email: wcooper@sidley.com

 

	 	and
	 	 
	 	Loeb & Loeb LLP
	 	345 Park Avenue
	 	New York, NY 10154
	 	Attn.: Mitchell S. Nussbaum
	 	Giovanni Caruso
	 	Email: mnussbaum@loeb.com
	 	gcaruso@loeb.com

 

(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.

 

    6 

     

    

 

(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 Representative on behalf of the Underwriters is a third-party beneficiary 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] 

 

    7 

     

    

 

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
	 	 
	 	FG NEW AMERICA ACQUISITION II CORP.
	 	 
	 	By:	 
	 	 	Name:	Hassan Baqar
	 	 	Title:	Chief Financial Officer

 

[Signature Page to Investment Management Trust
Agreement]

 

    8 

     

    

 

SCHEDULE A

 

	Fee Item	 	Time and method of payment	 	Amount	 
	Initial set-up fee.	 	Initial closing of Offering by wire transfer.	 	$	 	 
	Trustee administration fee	 	Payable annually. First year fee payable, at initial closing of Offering by wire transfer, thereafter
    by wire transfer or check.	 	$	 	 
	Transaction processing fee for disbursements to Company under Sections 1 and 2	 	Billed to Company following disbursement made to Company under Section 1 and 2	 	$	 	 
	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	 

 

    9 

     

    

 

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 & 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 FG New America Acquisition II Corp. (the “Company”)
and Continental Stock Transfer & Trust Company (“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 seventy-two (72) hours in advance of the actual date (or
such shorter period as you may agree) 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 a segregated account at J.P. Morgan Chase Bank, N.A. 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
the Company and, solely with respect to the Deferred Discount, the Representative, shall direct on the Consummation Date.

 

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 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 by the Chief Executive Officer, Chief Financial Officer, Co-Executive Chairman
or Vice Chairman, which verifies that the Business Combination has been approved by a vote of the Company’s stockholders, if a
vote is held, and (b) a joint written instruction signed by the Company and the Representative with respect to the transfer of the funds
held in the Trust Account, including payment of amounts owed to public stockholders who have properly exercised their redemption rights
and express instructions to pay the Deferred Discount from the Trust Account directly to the account or accounts designated by the Representative
(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.

 

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 notice as soon thereafter as possible.

 

    10 

     

    

 

	 	Very truly yours,
	 	 
	 	FG New America Acquisition II Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:

 

	Agreed and acknowledged by:	 
	 	 	 
	BofA Securities, Inc.
	 
	 	 	 
	By:	 	 
	 	Name:	 
	 	Title:	 

 

    11 

     

    

 

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 & 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 FG New America Acquisition 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 “Business Combination”) within the time frame specified in the Company’s Amended and Restated Certificate
of Incorporation, 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 Operating Account and to transfer the total
proceeds into a segregated account held by you on behalf of the Beneficiaries to await distribution to the Public Stockholders. The Company
has selected __________1 as the effective date for the purpose of determining when the Public Stockholders will be 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 Stockholders in accordance with the terms of the Trust Agreement
and the Amended and Restated Certificate of Incorporation of 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, except to the extent otherwise provided in Section 1(i) of the Trust Agreement.

 

	 	Very truly yours,
	 	 
	 	FG New America Acquisition II Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	cc: BofA Securities, Inc.	 

 
1
                                            15 months from the closing of the Offering, or 18 months from the closing of
                                            the Offering if the Company has entered into a letter of intent with a target business for
                                            a business combination within 15 months from the closing of the Offering and such business
                                            combination has not yet been consummated within such 15-month period, or such later date
                                            as may be approved by the Company’s stockholders in accordance with the Company’s
                                            amended and restated certificate of incorporation.

 

    12 

     

    

 

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 & 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 FG New America Acquisition 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,
	 	 
	 	FG New America Acquisition II Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	cc: BofA Securities, Inc.	 

 

 

    13 

     

    

 

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 & Celeste Gonzalez]

 

	 	Re:	Trust Account -Stockholder Redemption Withdrawal Instruction

 

Dear [Mr. Wolf and Ms. Gonzalez]:

 

Pursuant to Section 1(k)
of the Investment Management Trust Agreement between FG New America Acquisition 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 Stockholders of the Company $____ of
the principal and interest income earned on the Property as of the date hereof to a segregated account held by you on behalf of the Beneficiaries.
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 Stockholders who have properly elected to have their shares of Common Stock redeemed by the Company in connection with
a stockholder vote to approve an amendment to the Company’s amended and restated certificate of incorporation to modify the substance
or timing of the Company’s obligation to redeem 100% of public shares of Common Stock if the Company has not consummated an initial
Business Combination within such time as is described in the Company’s amended and restated certificate of incorporation or with
respect to any other material provisions relating to stockholders’ rights or pre-initial Business Combination activity. As such,
you are hereby directed and authorized to transfer (via wire transfer) such funds promptly upon your receipt of this letter to a segregated
account held by you on behalf of the Beneficiaries.

 

	 	Very truly yours,
	 	 
	 	FG New America Acquisition II Corp.
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 
	cc: BofA Securities, Inc.	 

 

    14

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