Document:

Exhibit 10.3

 

[●],
2021

 

LF Capital Acquisition Corp. II

1909 Woodall Rodgers Freeway

Suite 500

Dallas, TX 75201

 

Jefferies LLC

as representative of the Underwriter(s)

listed on Schedule A to the Underwriting Agreement (as defined below)

520 Madison Avenue

New York, NY 10022

 

Re:     Initial Public Offering

 

To Whom It May Concern:

 

This letter (this
“Letter Agreement”) is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting
Agreement”) entered into by and between LF Capital Acquisition Corp. II, a Delaware corporation (the “Company”)
and Jefferies LLC (the “Underwriter”), relating to an underwritten initial public offering (the “Public
Offering”), of 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 “Common Stock”), and one-half of one warrant. Each whole
Warrant (each, a “Warrant”) entitles the holder thereof to purchase one share of Common Stock at a price
of $11.50 per share, subject to adjustment. The Units shall 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 Securities and Exchange Commission
(the “Commission”) and the Company shall apply to have the Units listed on the Nasdaq Global Market.
Certain capitalized terms used herein are defined in paragraph 10 hereof.

 

In order to induce
the Company and the Underwriter 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, [the undersigned (the “Insider”),
whom is a member of the Company’s board of directors and/or management team][Level Field Capital II, LLC (the “Insider”)],
hereby agrees with the Company as follows:

 

1.                  
The Insider agrees that if the Company seeks stockholder approval of a proposed Business
Combination, then in connection with such proposed Business Combination, the Insider shall (i) vote any shares of Capital Stock
owned by the Insider in favor of any proposed Business Combination and (ii) not redeem any shares of Common Stock owned by the
Insider in connection with such stockholder approval.

 

2.                  
The Insider hereby agrees that in the event that the Company fails to consummate a Business
Combination within 15 months from the closing of the Public Offering (unless extended in connection with an Extension Election,
as defined below), or such later period approved by the Company’s stockholders in accordance with the Company’s amended
and restated certificate of incorporation, the 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 10 business days thereafter, subject
to lawfully available funds therefor, redeem 100% of the 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,
including interest earned on the funds held in the Trust Account and not previously released to the Company to pay its taxes (less
up to $100,000 of interest to pay dissolution expenses), divided by the number of then outstanding Offering Shares, which redemption
shall completely extinguish all Public Stockholders’ rights as stockholders (including the right to receive further liquidating
distributions, if any), subject to applicable law, and (iii)

 

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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, dissolve and liquidate,
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 Insider agrees to not propose any amendment to the Company’s amended and restated certificate of incorporation
(i) that would modify the substance or timing of the Company’s obligation to allow redemption in connection with its initial
Business Combination or to redeem 100% of the Offering Shares if the Company does not complete an initial Business Combination
within 15 months from the closing of the Public Offering (unless extended in connection with an Extension Election, as defined
below) or (ii) with respect to any other material provisions of the Company’s amended and restated certificate of incorporation
relating to stockholders’ rights or pre-initial Business Combination activity, unless the Company provides its public stockholders
with the opportunity to redeem their shares of Common Stock 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 (which interest shall be net of taxes
payable), divided by the number of then outstanding Offering Shares. If the Company anticipates that it may be unable to complete
its initial business combination within 15 months, the Company may, but is not obligated to, extend the period of time to complete
a business combination up to six times by an additional period of one month each time (for a total of up to 21 months) (each such
one-month extension of the prescribed time period, an “Extension Election”); provided that, at the beginning
of each such Extension Election, Level Field Capital II, LLC (or its designees) must deposit into the trust account funds equal
to $0.033 per public share (including such shares issued due to the exercise of the underwriter’s over-allotment option),
in each case, in exchange for a non-interest bearing, unsecured promissory note.

 

The Insider acknowledges
that the Insider 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 any Founder Shares held by the Insider. The
Insider hereby further waives, with respect to any shares of Common Stock the Insider holds, any redemption rights the Insider
may have in connection with 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 in the context of a tender offer made by the Company
to purchase shares of Common Stock (although the Insider and the Insider’s respective affiliates shall be entitled to redemption
and liquidation rights with respect to any Offering Shares the Insider holds if the Company fails to consummate a Business Combination
within 15 months from the date of the closing of the Public Offering, unless extended in connection with an Extension Election).
The Insider hereby further waives, with respect to any shares of Common Stock held by the Insider, any redemption rights the Insider
may have in connection with a stockholder vote to approve an amendment to the Company’s amended and restated certificate
of incorporation (A) to modify the substance or timing of the Company’s obligation to allow redemption in connection with
its initial Business Combination or to redeem 100% of the Offering Shares if the Company does not complete a Business Combination
within 15 months from the closing of the Public Offering (unless extended in connection with an Extension Election) or (B) with
respect to any other material provision relating to stockholders’ rights or pre-Business Combination activity.

 

3.                  
During the period commencing on the effective date of the Underwriting Agreement and ending
180 days after such date, the Insider shall not, without the prior written consent of Jefferies LLC, (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, and the rules and regulations of the Commission promulgated thereunder,
with respect to any Units, shares of Common Stock, Founder Shares, Warrants or any securities convertible into, or exercisable,
or exchangeable for, shares of Common Stock owned by the Insider, (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, Founder Shares,
Warrants or any securities convertible into, or exercisable, or exchangeable for, shares of Common Stock owned by the Insider,
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). The Insider 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 shall 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.

 

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4.                  
[In the event of the liquidation of the Trust Account, Level Field Capital II, LLC (the
“Sponsor”) (which for purposes of clarification shall not extend to any other shareholders, members
or managers of the Sponsor) 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, or any claim whatsoever) 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) a
prospective target business with which the Company has entered into an acquisition agreement (a “Target”);
provided, however, that such indemnification of the Company by the Sponsor shall apply only to the extent necessary to ensure
that such claims by a third party for services rendered (other than the Company’s independent public accountants) or products
sold to the Company or a Target do not reduce the amount of funds in the Trust Account to below (i) $10.20 per share of the Offering
Shares (to be increased by $0.033 per public share for each Extension Election (if any)) or (ii) such lesser amount per share
of the Offering Shares held in the Trust Account due to reductions in the value of the trust assets as of the date of the liquidation
of the Trust Account, in each case, net of the amount of interest earned on the property in the Trust Account which may be withdrawn
to pay taxes, except as to any claims by a third party (including a Target) who executed a waiver of any and all rights to seek
access to the Trust Account and except as to any claims under the Company’s indemnity of the Underwriter against certain
liabilities, including liabilities under the Securities Act of 1933, as amended. In the event that any such executed waiver is
deemed to be unenforceable against such third party, the Sponsor shall not be responsible to the extent of any liability for such
third-party claims. The Sponsor 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 Sponsor, the Sponsor notifies the Company
in writing that it shall undertake such defense.]1

 

5.                  
[To the extent that the Underwriter does 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, at no cost, a number of Founder Shares in the aggregate equal to the product of 843,750 multiplied
by a fraction, (i) the numerator of which is 3,375,000 minus the number of Units purchased by the Underwriter upon the exercise
of their over-allotment option, and (ii) the denominator of which is 3,375,000. The forfeiture shall be adjusted to the extent
that the over-allotment option is not exercised in full by the Underwriter so that the Initial Stockholders shall own an aggregate
of 20.0% of the Company’s issued and outstanding shares of Capital Stock after the Public Offering.]2

 

1
Note to Draft: Provision to be included in Sponsor’s Insider Letter only.

2
Note to Draft: Provision to be included in Sponsor’s Insider Letter only.

 

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6.                  
The Insider hereby agrees and acknowledges that: (i) the Underwriter and the Company would
be irreparably injured in the event of a breach by such Insider of the Insider’s obligations under paragraphs 1, 2, 3, 4,
5, 7(a), 7(b), 7(c), 7(d), 8 and 9 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.

 

7. 

 

(a)                
The Insider agrees that the Insider shall not Transfer any Founder Shares (or shares of Common
Stock issuable upon conversion thereof) until the earlier of (A) one year after the completion of the Company’s initial Business
Combination or (B) subsequent to the Business Combination, (x) if the last reported sale price of the Common Stock equals or exceeds
$12.00 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations and the like) for any 20 trading
days within any 30-trading day period commencing at least 150 days after the Company’s initial Business Combination, or (y)
the date on which the Company completes a liquidation, merger, capital stock exchange or other similar transaction that results
in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash, securities or other
property (the “Founder Shares Lock-up Period”).

 

(b)                
The Insider agrees that the Insider shall not Transfer any Private Placement Warrants (or
shares of Common Stock issued or issuable upon the exercise of the Private Placement Warrants) until 30 days after the completion
of a Business Combination (the “Private Placement Warrants Lock-up Period”, together with the Founder
Shares Lock-up Period, the “Lock-up Periods”).

 

(c)                
Notwithstanding the provisions set forth in paragraphs 7(a) and 7(b), Transfers of the Founder
Shares, Private Placement Warrants and shares of Common Stock issued or issuable upon the exercise or conversion of the Private
Placement Warrants or the Founder Shares and that are held by the Insider or any of the Insider’s permitted transferees (that
have complied with this paragraph 7(c)), are permitted (a) to the Company’s officers or directors, any affiliates or family
members of any of the Company’s officers or directors, any members or partners of the Sponsor or their affiliates, 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; (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 completion of a Business Combination at prices no greater than the price at which
the Founder Shares, Private Placement Warrants or Common Stock, as applicable, were originally purchased; (f) by virtue of the
limited liability company agreements or other applicable organizational documents of the Sponsor upon dissolution of the Sponsor;
(g) as distributions to limited partners or members of the Sponsor; (h) by virtue of the laws of the State of Delaware or of the
Sponsor’s organizational documents upon liquidation or dissolution of the Sponsor; (i) to the Company for no value for cancellation
in connection with the completion of the Company’s initial Business Combination; (j) in the event of the Company’s
liquidation prior to the completion of the Company’s initial Business Combination; or (k) 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
stockholders having the right to exchange their shares of Common Stock for cash, securities or other property subsequent to the
Company’s completion of its initial Business Combination; provided, however, that in the case of clauses (a) through (h),
or with the prior written consent of the Company, these permitted transferees shall enter into a written agreement agreeing to
be bound by these transfer restrictions and the other restrictions contained herein.

 

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(d)                
The Insider represents and warrants that the Insider 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. The 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 Insider’s questionnaire furnished to the Company is true and accurate in all material respects.
The Insider represents and warrants that: the Insider 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; the Insider 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
the Insider is not currently a defendant in any such criminal proceeding.

 

8.                  
Except as disclosed in the Prospectus, neither the Sponsor nor any Insider nor any affiliate
of the Sponsor or any Insider, nor any director or officer of the Company, shall receive from the Company any finder’s fee,
reimbursement or cash payment for services rendered to the Company prior to or in connection with the completion of the Company’s
initial Business Combination, other than the following, none of which shall be made from the proceeds held in the Trust Account
prior to the completion of the Company’s initial Business Combination: (i) repayment of an aggregate of up to $600,000
in loans made to the Company by the Sponsor; (ii) payment to an affiliate of the Sponsor for office space, utilities and secretarial
and administrative support for a total of $15,000 per month for up to 15 months; (iii) reimbursement for any out-of-pocket
expenses related to identifying, investigating, negotiating and completing an initial Business Combination; and (iv) repayment
of loans, if any, and on such terms as to be determined by the Company from time to time, made by the Sponsor or an affiliate of
the Sponsor or any of the Company’s officers or directors to finance transaction costs in connection with an intended initial
Business Combination; provided, that, if the Company does not consummate an initial Business Combination, a portion of the working
capital held outside the Trust Account may be used by the Company to repay such loaned amounts so long as no proceeds from the
Trust Account are used for such repayment. Up to $1,500,000 of such loans may be convertible into warrants of the post business
combination entity, at a price of $1.00 per Warrant at the option of the lender. Such warrants would be identical to the Warrants
issued pursuant to the Warrant Agreement dated as of [●], 2021, by and between the Company and Continental Stock Transfer
& Trust Company, including as to exercise price, exercisability and exercise period.

 

9.                  
The Insider has full right and power, without violating any agreement to which the Insider
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 a director on the board of directors of the Company and, as
applicable, hereby consents to being named in the Prospectus as a director of the Company.

 

10.                  
As used herein, (i) “Business Combination” means a merger, capital
stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the Company and one
or more businesses or entities; (ii) “Capital Stock” means, collectively, the Common Stock and the Founder
Shares; (iii) “Founder Shares” means the 6,468,750 shares of the Company’s Class B common stock,
par value $0.0001 per share (843,750 shares of which are subject to forfeiture depending on the extent to which the Underwriter’s
over-allotment option is exercised) held by the Initial Stockholders on the date hereof; (iv) “Initial Stockholders”
means the Sponsor and any other holder of Founder Shares immediately prior to the Public Offering; (v) “Private Placement
Warrants” means the warrants to purchase up to 11,000,000 shares of Common Stock of the Company (or 12,350,000 shares
of Common Stock if the Underwriter’s over-allotment option is exercised in full) that the Sponsor, the Underwriter and the
Anchor Investor have agreed to purchase for an aggregate purchase price of $11,000,000 in the aggregate (or $12,350,000 if the
Underwriter’s over-allotment option is exercised in full), or $1.00 per Warrant, in a private placement that shall occur
simultaneously with the consummation of the Public Offering; (vi) “Anchor Investor” means certain funds
and accounts managed by subsidiaries of BlackRock, Inc.; (vii) “Public Stockholders” means the holders
of securities issued in the Public Offering; (viii) “Trust Account” means 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; (ix) “Transfer”
means 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 Securities Exchange Act of 1934,
as amended, 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).

 

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11.               
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.

 

12.               
No party hereto may assign either this Letter Agreement or any of its rights, interests,
or obligations hereunder without the prior written consent of the other party. Any purported assignment in violation of this paragraph
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 Insider and the Insider’s respective successors, heirs and assigns and permitted
transferees.

 

13.               
This Letter Agreement shall be governed by and construed and enforced in accordance with
the laws of the State of New York. 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 the City of New York, 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.

 

14.               
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 or facsimile transmission.

 

15.               
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 and closed by [●], 2021[; provided, further, that paragraph 4 of this Letter
Agreement shall survive such liquidation].3

 

16.               
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.

 

 3
Note to Draft: Bracketed text to be included in the Sponsor’s Insider Letter only.

 

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17.               
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.

 

18.               
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.

 

[Signature Page Follows]

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Sincerely,

 

	 	COMPANY:
	 	 
	 	LF CAPITAL ACQUISITION CORP.
II
	 	 
	 	By:
	 	Name: Scott Reed
	 	Title: President, Chief Executive
Officer
	 	 
	 	INSIDER:
	 	 
	 	[●]
	 	 
	 	By:	 

 

[Signature Page to Insider Letter]Exhibit 10.4

 

INVESTMENT
MANAGEMENT TRUST AGREEMENT

 

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

 

WHEREAS, the Company’s
registration statement on Form S-1, No. 333-[●] (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 (such initial public offering hereinafter referred to as the “Offering”), has been declared
effective as of the date hereof (the “Effective Date”) by the U.S. Securities and Exchange Commission (capitalized
terms used herein and not otherwise defined shall have the meanings set forth in the Registration Statement); and

 

WHEREAS, the Company
has entered into an Underwriting Agreement (the “Underwriting Agreement”) with Jefferies LLC (the “Underwriter”);
and

 

WHEREAS, the Company’s
Sponsor, the Underwriter and certain funds and accounts managed by subsidiaries of BlackRock, Inc. will be purchasing an aggregate
of 11,000,000 warrants (or up to 12,350,000 warrants if the over-allotment option in connection with the Company’s initial public
offering is exercised in full) (the “Private Placement Warrants”) for an aggregate purchase price of approximately
$11,000,000 in the aggregate (or $12,350,000 if the Underwriter’s over-allotment option is exercised in full) in a private placement
that will close simultaneously with the closing of the Offering; and

 

WHEREAS, as described
in the Prospectus, $229,500,000 of the gross proceeds of the Offering and sale of the Private Placement Warrants (or $263,925,000
if the Underwriter’s 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, pursuant
to the Underwriting Agreement, a portion of the Property equal to $7,875,000, or $9,056,250 if the Underwriter’s over-allotment
option is exercised in full, is attributable to deferred underwriting discounts and commissions that may be payable by the Company
to the Underwriter upon the completion of an initial business combination (as defined in the Prospectus, a “Business
Combination”) (the “Deferred Discount”); and

 

WHEREAS, the Company
and the Trustee desire to enter into this Agreement to set forth the terms and conditions pursuant to which the Trustee shall hold
the Property.

 

NOW THEREFORE, IT
IS AGREED:

 

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

 

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

 

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(b)                
Manage, supervise and administer the Trust Account subject to the express terms and conditions
set forth herein;

 

(c)                
In a timely manner, upon the written instruction of the Company, invest and reinvest the Property
in United States government securities within the meaning of Section 2(a)(16) of the Investment Company Act of 1940, as amended,
having a maturity of 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; the Trustee may not invest in any other securities
or assets, it being understood that the Trust Account will earn no interest while account funds are uninvested awaiting the Company’s
instructions hereunder, and while account funds are invested or uninvested, the Trustee may earn bank credits or other consideration
during such periods;

 

(d)                
Collect and receive, when due, all principal, interest or other income arising from the Property,
which shall become part of the “Property,” as such term is used herein;

 

(e)                
Promptly notify the Company and the Underwriter of all communications received by the Trustee
with respect to any Property requiring action by the Company;

 

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

 

(g)                
Participate in any plan or proceeding for protecting or enforcing any right or interest arising
from the Property if, as and when instructed by the Company to do so;

 

(h)                
Render to the Company monthly written statements of the activities of, and amounts in, the
Trust Account reflecting all receipts and disbursements of the Trust Account;

 

(i)                  
Commence liquidation of the Trust Account only after and promptly after (x) receipt of, and
only in accordance with, the terms of a letter from the Company (“Termination Letter”) in a form substantially
similar to that attached hereto as either Exhibit A or Exhibit B, as applicable, signed on behalf of the Company
by its Chief Executive Officer, President, Chief Financial Officer, Secretary or the Executive Chairman of the board of directors
of the Company (the “Board”) or other authorized officer of the Company, and complete the liquidation of
the Trust Account and distribute the Property in the Trust Account, including interest not previously released to the Company to
pay its tax obligations, if any (and less up to $100,000 of interest that may be released to the Company to pay dissolution expenses),
only as directed in the Termination Letter and the other documents referred to therein, or (y) upon the date which is the later
of (i) 15 months after the closing of the Offering (unless extended in connection with an Extension Election) and (ii) such later
date as may be approved by the Company’s stockholders in accordance with the Company’s amended and restated certificate of incorporation
(the “Charter”), 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 not previously released to the Company to pay its taxes (less up
to $100,000 of interest that may be released to the Company to pay dissolution expenses) shall be distributed to the Public Stockholders
of record as of such date;

 

    	2

    	 

    

 

(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, which amount shall be delivered directly to the Company by electronic funds transfer
or other method of prompt payment, and the Company shall forward such payment to the relevant taxing authority; provided,
however, that to the extent there is not sufficient cash in the Trust Account to pay such tax obligation, the Trustee shall
liquidate such assets held in the Trust Account as shall be designated by the Company in writing to make such distribution, so
long as there is no reduction in the principal amount per share initially deposited in the Trust Account; provided, further,
that if the tax to be paid is a franchise tax, the written request by the Company to make such distribution shall be accompanied
by a copy of the franchise tax bill from the State of Delaware for the Company and a written statement from the principal financial
officer of the Company setting forth the actual amount payable (it being acknowledged and agreed that any such amount in excess
of interest income earned on the Property shall not be payable from the Trust Account). The written request of the Company referenced
above shall constitute presumptive evidence that the Company is entitled to said funds, and the Trustee shall have no responsibility
to look beyond said request;

 

(k)                
Upon written request from the Company, which may be given from time to time in a form substantially
similar to that attached hereto as Exhibit D, the Trustee shall distribute to the remitting brokers on behalf of Public
Stockholders redeeming shares of the Common Stock the amount required to pay redeemed shares of Common Stock from Public Stockholders;
and

 

(l)                  
Not make any withdrawals or distributions from the Trust Account other than pursuant to Sections
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 Executive
Chairman of the Board, President, Chief Executive Officer, Chief Financial Officer, Secretary or other authorized officer of the
Company. 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 claim, 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 consent shall not be unreasonably
withheld. The Company may participate in such action with its own counsel;

 

    	3

    	 

    

 

(c)                
Pay the Trustee an initial acceptance fee, annual administration fee, and transaction processing
fee for each disbursement made as set forth on Schedule A hereto, 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 such disbursements are
made 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 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 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)                
Instruct the Trustee to make only those distributions that are permitted under this Agreement,
and refrain from instructing the Trustee to make any distributions that are not permitted under this Agreement; and

 

(f)                 
Within five (5) business days after the Underwriter exercises 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.

 

(g)                
In the event the Company is entitled to receive a tax refund on its tax obligation, and promptly
after the amount of such refund is determined on a final basis, provide the Trustee with notice in writing (with a copy to the
Underwriter) of the amount of such tax refund; and

 

(h)                
If the Company seeks to amend any provisions of the Charter that would affect the substance
or timing of the Company’s Public Stockholders’ ability to convert or sell their shares to the Company in connection with a Business
Combination or with respect to any other material provisions relating to the rights of holders of the Common Stock, (in each case, an “Amendment”),
the Company will provide the Trustee with a letter in the form of Exhibit D providing instructions for the distribution
of funds to Public Stockholders who exercise their conversion option in connection with such Amendment.

 

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

 

(a)                
Imply obligations, perform duties, inquire or otherwise be subject to the provisions of any
agreement or document other than this Agreement and that which is expressly set forth herein;

 

(b)                
Take any action with respect to the Property, other than as directed in Section 1 hereof,
and the Trustee shall have no liability to any party except for liability arising out of the Trustee’s gross negligence, fraud
or willful misconduct;

 

(c)                
Institute any proceeding for the collection of any principal and income arising from, or institute,
appear in or defend any proceeding of any kind with respect to, any of the Property unless and until it shall have received instructions
from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to
pay any expenses incident thereto;

 

(d)                
Refund any depreciation in principal of any Property;

 

    	4

    	 

    

 

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

 

(k)                
Verify calculations, qualify or otherwise approve the Company’s written requests for distributions
pursuant to Sections 1(i), (j) or (k) hereof.

 

4.                  
Trust Account Waiver. The Trustee has no right
of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the Trust
Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it may have now or in the future.
In the event the Trustee has any Claim against the Company under this Agreement, including, without limitation, under Sections
2(b) or (c) hereof, the Trustee shall pursue such Claim solely against the Company and its assets outside the Trust
Account and not against the Property or any monies in the Trust Account.

 

5.                  
Termination. This Agreement shall terminate
as follows:

 

(a)                
If the Trustee gives written notice to the Company that it desires to resign under this Agreement,
the Company shall use its reasonable efforts to locate a successor trustee, during which time the Trustee shall act in accordance
with this Agreement. At such time that the Company notifies the Trustee that a successor trustee has been appointed by the Company
and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account
to the successor trustee, including but not limited to the transfer of copies of the reports and statements relating to the Trust
Account, whereupon this Agreement shall terminate; provided, however, that, in the event that the Company does not
locate a successor trustee within 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

 

    	5

    	 

    

 

(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. 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)                
Except for Sections 1(i), (j), (k), and (l) hereof (which
may not be modified, amended or deleted without the affirmative vote of sixty-five percent (65%) or more of the then outstanding
shares of Common Stock and Class B common stock, par value $0.0001 per share, of the Company voting together as a single class;
provided that no such amendment will affect any Public Stockholder who has properly elected to redeem their shares of Common Stock
in connection with a stockholder vote to amend this Agreement that would affect (i) the substance or timing of the Company’s obligation
to allow redemption in connection with its initial Business Combination or to redeem 100% of its Common Stock if the Company does
not complete its initial Business Combination within the time frame specified in the Charter (as such time frame may be extended)
or (ii) any other material provisions relating to stockholders’ rights or pre-initial Business Combination activity), 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.

 

(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.

 

    	6

    	 

    

 

(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: Fran Wolf and Celeste Gonzalez

Email: fwolf@continentalstock.com

Email: cgonzalez@continentalstock.com

 

if to the Company, to:

LF Capital Acquisition Corp. II

1909 Woodall Rodgers Freeway, Suite 500

Dallas, TX 75201

Attn: Scott Reed

Email: sreed@lfcapital.co

 

in each case, with copies to:

Dechert LLP

Three Bryant Park, 1095 Avenue of the Americas,

New York, NY 10036

Attn: Martin Nussbaum, Esq.

Email: martin.nussbaum@dechert.com

 

Jefferies LLC

520 Madison Avenue

New York, NY 10022

Attn.: [●]

Email: [●]

Paul Hastings LLP

200 Park Avenue

New York, New York 10166

Attn.: Jonathan Ko, Esq.

Email: jonathanko@paulhastings.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.

 

(h)                
Each of the Company and the Trustee hereby acknowledges and agrees that the Underwriter is
a third party beneficiary of this Agreement.

 

(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 electronic transmission shall constitute valid and sufficient delivery thereof.

 

(j)                 
Except as specified herein, no party to this Agreement may assign its rights or delegate its
obligations hereunder to any other person or entity.

 

[Signature Page Follows]

 

    	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
	 	 	 
	 	LF Capital Acquisition Corp.
II
	 	 
	 	By:	 
	 	Name:	 Scott Reed
	 	Title:	President, Chief Executive 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.	 	$	3,500.00	 
	Annual Trustee administration fee	 	First year fee payable at initial closing of Offering by wire transfer; thereafter, on the anniversary of the effective date of the Offering, payable by wire transfer or check.	 	$	10,000.00	 
	Transaction processing fee for disbursements to Company under Sections 1(i), (j) and (k)	 	Deduction by Trustee from accumulated income following disbursement made to Company under Sections 1(i), (j) and (k)	 	$	250.00	 
	Paying Agent services as required pursuant to Section 1(i)	 	Billed to Company upon delivery of service pursuant to Section 1(i)	 	 	Prevailing rates	 

 

     

     

    

 

EXHIBIT
A

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Fran Wolf and Celeste Gonzalez

 

		Re:	Trust Account Termination Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between LF Capital Acquisition Corp. II (the “Company”)
and Continental Stock Transfer & Trust Company (the “Trustee”), dated as of [●], 2021 (the “Trust
Agreement”), this is to advise you that the Company has entered into an agreement with (the “Target Business”)
to complete a business combination with Target Business (the “Business Combination”) on or about [●].
The Company shall notify you at least forty-eight (48) hours in advance of the actual date of the completion of the Business Combination
(the “Completion 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 the Trust Account investments and to transfer
the proceeds into a segregated account held by you on behalf of the beneficiaries to the effect that, on the Completion Date, all
of the funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company shall
direct on the Completion Date. It is acknowledged and agreed that while the funds are on deposit in the trust operating account
awaiting distribution, the Company will not earn any interest or dividends.

 

On the Completion
Date (i) counsel for the Company shall deliver to you written notification that the Business Combination has been completed, or
will be completed concurrently with your transfer of funds to the accounts as directed by the Company (the “Notification”)
and (ii) the Company shall deliver to you (a) a certificate of the Chief Executive Officer of the Company, which verifies that
the Business Combination has been approved by a vote of the Company’s stockholders, if a vote is held and (b) joint written instructions
signed by the Company and Jefferies LLC with respect to the transfer of the funds held in the Trust Account, including payment
of the Deferred Discount from the Trust Account (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 Completion 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 Completion Date to the Company.
Upon the distribution of all the funds in the Trust Account pursuant to the terms of the Trust Agreement and this Termination Letter,
the Trust Agreement shall be terminated.

 

In the event that
the Business Combination is not completed on the Completion Date described in the notice thereof and the Company has not notified
you on or before the original Completion Date of a new Completion Date, then upon receipt by the Trustee of written instructions
from the Company, the funds held in the Trust Account shall be reinvested as provided in the Trust Agreement on the business day
immediately following the Completion Date as set forth in the notice as soon thereafter as possible.

 

	 	Very truly yours,
	 	 	 
	 	LF Capital Acquisition Corp.
II
	 	 	 
	 	By:	 
	 	Name: 	Scott Reed
	 	Title:	President, Chief Executive Officer
	 	 	 
	cc: 	Jefferies LLC	 	 

 

     

     

    

 

EXHIBIT
B

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Fran Wolf and Celeste Gonzalez

 

		Re:	Trust Account Termination Letter

 

Dear Mr. Wolf and
Ms. Gonzalez:

 

Pursuant to Section
1(i) of the Investment Management Trust Agreement between LF Capital Acquisition Corp. II (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 within the time
frame specified in the Company’s amended and restated certificate of incorporation (the “Charter”), as
described in the Company’s prospectus relating to its initial public offering of securities. 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 the Trust Account investments and to transfer the total
proceeds into the trust operating account at J.P. Morgan Chase Bank, N.A. to await distribution to the Public Stockholders. The
Company has selected [●] as the effective date for the purpose of determining when the Public Stockholders should 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 Public Stockholders in accordance with the terms of the Trust Agreement
and the Charter. Upon the distribution of all the funds in the Trust Account pursuant to the terms of the Trust Agreement and this
Termination Letter, the Trust Agreement shall be terminated.

 

	 	Very truly yours,
	 	 	 
	 	LF Capital Acquisition Corp.
II
	 	 	 
	 	By:	 
	 	Name: 	Scott Reed
	 	Title:	President, Chief Executive Officer
	 	 	 
	cc:	 Jefferies LLC	 	 

 

     

     

    

 

EXHIBIT
C

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Fran Wolf and Celeste Gonzalez

 

		Re:	Trust Account Tax Payment Withdrawal Instruction

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Pursuant to Section
1(j) of the Investment Management Trust Agreement between LF Capital Acquisition Corp. II (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 its tax obligations. 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:

 

[INSERT WIRE INSTRUCTION INFORMATION]

 

	 	Very truly yours,
	 	 	 
	 	LF Capital Acquisition Corp.
II
	 	 	 
	 	By:	 
	 	Name: 	Scott Reed
	 	Title:	President, Chief Executive Officer
	 	 	 
	cc:	 Jefferies LLC	 	 

 

     

     

    

 

EXHIBIT
D

 

[Letterhead
of Company]

 

[Insert
date]

 

Continental Stock Transfer & Trust Company

1 State Street, 30th Floor

New York, New York 10004

Attn: Fran Wolf and Celeste Gonzalez

 

		Re:	Trust Account Extension Notification / Redemption Withdrawal Instruction Letter

 

Dear Mr. Wolf and Ms. Gonzalez:

 

Reference is made
to the Investment Management Trust Agreement, dated as of [●], 2021 (the “Trust Agreement”), between
LF Capital Acquisition Corp. II (the “Company”) and Continental Stock Transfer & Trust Company (the
“Trustee”). Capitalized terms used but not defined herein shall have the meanings set forth in the Trust
Agreement.

 

Pursuant
to Section 1(k) of the Trust Agreement, this is to advise you that the Company has sought an Amendment. Accordingly, in accordance
with the terms of the Trust Agreement, we hereby authorize you to liquidate a sufficient portion of the Trust Account and to transfer
$[●] of the proceeds of the Trust Account to the trust operating account at J.P. Morgan Chase Bank, N.A. for distribution
to the stockholders that have requested conversion of their shares in connection with such Amendment.

 

	 	Very truly yours,
	 	 	 
	 	LF Capital Acquisition Corp.
II
	 	 	 
	 	By:	 
	 	Name: 	Scott Reed
	 	Title:	President, Chief Executive Officer
	 	 	 
	cc:	 Jefferies LLC

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