Document:

Exhibit 10.5

 

FORM OF INDEMNIFICATION AGREEMENT

 

This Indemnification Agreement (“Agreement”)
is made as of [●], 2021 by and between Property Solutions Acquisition Corp. II, a Delaware corporation (the “Company”),
and [●] (“Indemnitee”).

 

RECITALS

 

WHEREAS, the Company desires to attract
and retain the services of highly qualified individuals, such as Indemnitee, to serve the Company;

 

WHEREAS, in order to induce Indemnitee to
provide services to the Company, the Company wishes to provide for the indemnification of, and advancement of expenses to, Indemnitee
to the maximum extent permitted by law;

 

WHEREAS, the Certificate of Incorporation
(the “Charter”) and the Bylaws (the “Bylaws”) of the Company require indemnification of the
officers and directors of the Company, and Indemnitee may also be entitled to indemnification pursuant to the General Corporation
Law of the State of Delaware (the “DGCL”);

 

WHEREAS, the Charter, the Bylaws and the
DGCL expressly provide that the indemnification provisions set forth therein are not exclusive, and thereby contemplate that contracts
may be entered into between the Company and members of the board of directors, officers and other persons with respect to indemnification;

 

WHEREAS, the Board of Directors of the Company
(the “Board”) has determined that the increased difficulty in attracting and retaining highly qualified persons
such as Indemnitee is detrimental to the best interests of the Company’s stockholders;

 

WHEREAS, it is reasonable and prudent for
the Company contractually to obligate itself to indemnify, and to advance expenses on behalf of, such persons to the fullest extent
permitted by applicable law, regardless of any amendment or revocation of the Charter or the Bylaws, so that they will serve the
Company free from undue concern that they will not be so indemnified; and

 

 WHEREAS, this Agreement is a supplement
to and in furtherance of the indemnification provided in the Charter, the Bylaws and any resolutions adopted pursuant thereto,
and shall not be deemed a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

NOW, THEREFORE, in consideration of the
premises and the covenants contained herein, the Company and Indemnitee do hereby covenant and agree as follows:

 

Section 1. Services to the Company.
Indemnitee agrees to serve as a director of the Company. Indemnitee may at any time and for any reason resign from such position
(subject to any other contractual obligation or any obligation imposed by law), in which event the Company shall have no obligation
under this Agreement to continue Indemnitee in such position. This Agreement shall not be deemed an employment contract between
the Company (or any of its subsidiaries or any Enterprise) and Indemnitee.

 

Section 2. Definitions.

 

As used in this Agreement:

 

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(a) “Change in Control”
shall mean [ ].

 

(b) “Corporate Status”
describes the status of a person as a current or former director of the Company or current or former director, manager, partner,
officer, employee, agent or trustee of any other Enterprise which such person is or was serving at the request of the Company.

 

(c) “Enforcement Expenses”
shall include all reasonable attorneys’ fees, court costs, transcript costs, fees of experts, travel expenses, duplicating
costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other out-of-pocket disbursements
or expenses of the types customarily incurred in connection with an action to enforce indemnification or advancement rights, or
an appeal from such action. Expenses, however, shall not include fees, salaries, wages or benefits owed to Indemnitee.

 

(d) “Enterprise” shall
mean any corporation (other than the Company), partnership, joint venture, trust, employee benefit plan, limited liability company,
or other legal entity of which Indemnitee is or was serving at the request of the Company as a director, manager, partner, officer,
employee, agent or trustee.

 

(e) “Expenses” shall include
all reasonable attorneys’ fees, court costs, transcript costs, fees of experts, travel expenses, duplicating costs, printing
and binding costs, telephone charges, postage, delivery service fees, and all other out-of-pocket disbursements or expenses of
the types customarily incurred in connection with prosecuting, defending, preparing to prosecute or defend, investigating, being
or preparing to be a witness in, or otherwise participating in, a Proceeding or an appeal resulting from a Proceeding. Expenses,
however, shall not include amounts paid in settlement by Indemnitee, the amount of judgments or fines against Indemnitee or fees,
salaries, wages or benefits owed to Indemnitee.

 

(f) “Independent Counsel”
means a law firm, or a partner (or, if applicable, member or shareholder) of such a law firm, that is experienced in matters of
Delaware corporation law and neither presently is, nor in the past five (5) years has been, retained to represent: (i) the Company,
any subsidiary of the Company, any Enterprise or Indemnitee in any matter material to any such party; or (ii) any other party to
the Proceeding giving rise to a claim for indemnification hereunder. Notwithstanding the foregoing, the term “Independent
Counsel” shall not include any person who, under the applicable standards of professional conduct then prevailing, would
have a conflict of interest in representing either the Company or Indemnitee in an action to determine Indemnitee’s rights
under this Agreement. The Company agrees to pay the reasonable fees and expenses of the Independent Counsel referred to above and
to fully indemnify such counsel against any and all expenses, claims, liabilities and damages arising out of or relating to this
Agreement or its engagement pursuant hereto.

 

(g) The term “Proceeding”
shall include any threatened, pending or completed action, suit, arbitration, alternate dispute resolution mechanism, investigation,
inquiry, administrative hearing or any other actual, threatened or completed proceeding, whether brought in the right of the Company
or otherwise and whether of a civil, criminal, administrative, regulatory or investigative nature, and whether formal or informal,
in which Indemnitee was, is or will be involved as a party or otherwise by reason of the fact that Indemnitee is or was a director
of the Company or is or was serving at the request of the Company as a director, manager, partner, officer, employee, agent or
trustee of any Enterprise or by reason of any action taken by Indemnitee or of any action taken on his or her part while acting
as a director of the Company or while serving at the request of the Company as a director, manager, partner, officer, employee,
agent or trustee of any Enterprise, in each case whether or not serving in such capacity at the time any liability or expense is
incurred for which indemnification, reimbursement or advancement of expenses can be provided under this Agreement; provided,
however, that the term “Proceeding” shall not include any action, suit or arbitration, or part thereof, initiated
by Indemnitee to enforce Indemnitee’s rights under this Agreement as provided for in Section 12(a) of this Agreement.

 

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Section 3. Indemnity in Third-Party Proceedings.
The Company shall indemnify Indemnitee to the extent set forth in this Section 3 if Indemnitee is, or is threatened to be made,
a party to or a participant in any Proceeding, other than a Proceeding by or in the right of the Company to procure a judgment
in its favor. Pursuant to this Section 3, Indemnitee shall be indemnified against all Expenses, judgments, fines, penalties, excise
taxes, and amounts paid in settlement actually and reasonably incurred by Indemnitee or on his or her behalf in connection with
such Proceeding or any claim, issue or matter therein, if Indemnitee acted in good faith and in a manner he or she reasonably believed
to be in or not opposed to the best interests of the Company and, in the case of a criminal proceeding, had no reasonable cause
to believe that his or her conduct was unlawful.

 

Section 4. Indemnity in Proceedings by
or in the Right of the Company. The Company shall indemnify Indemnitee to the extent set forth in this Section 4 if Indemnitee
is, or is threatened to be made, a party to or a participant in any Proceeding by or in the right of the Company to procure a judgment
in its favor. Pursuant to this Section 4, Indemnitee shall be indemnified against all Expenses actually and reasonably incurred
by Indemnitee or on his or her behalf in connection with such Proceeding or any claim, issue or matter therein, if Indemnitee acted
in good faith and in a manner he or she reasonably believed to be in or not opposed to the best interests of the Company. No indemnification
for Expenses shall be made under this Section 4 in respect of any claim, issue or matter as to which Indemnitee shall have been
finally adjudged by a court to be liable to the Company, unless and only to the extent that the Delaware Court of Chancery (the
 “Delaware Court”) shall determine upon application that, despite the adjudication of liability but in view of
all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnification for such expenses as the Delaware
Court shall deem proper.

 

Section 5. Indemnification for Expenses
of a Party Who is Wholly or Partly Successful. Notwithstanding any other provisions of this Agreement and except as provided
in Section 7, to the extent that Indemnitee is a party to or a participant in any Proceeding and is successful in such Proceeding
or in defense of any claim, issue or matter therein, the Company shall indemnify Indemnitee against all Expenses actually and reasonably
incurred by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding but is successful as
to one or more but less than all claims, issues or matters in such Proceeding, the Company shall indemnify Indemnitee against all
Expenses actually and reasonably incurred by Indemnitee or on his or her behalf in connection with each successfully resolved claim,
issue or matter. For purposes of this Section and without limitation, the termination of any claim, issue or matter in such a Proceeding
by dismissal, with or without prejudice, shall be deemed to be a successful result as to such claim, issue or matter.

 

Section 6. Reimbursement for Expenses
of a Witness or in Response to a Subpoena. Notwithstanding any other provision of this Agreement, to the extent that Indemnitee,
by reason of his or her Corporate Status, (i) is a witness in any Proceeding to which Indemnitee is not a party and is not threatened
to be made a party or (ii) receives a subpoena with respect to any Proceeding to which Indemnitee is not a party and is not threatened
to be made a party, the Company shall reimburse Indemnitee for all Expenses actually and reasonably incurred by him or her or on
his or her behalf in connection therewith.

 

Section 7. Exclusions. Notwithstanding
any provision in this Agreement to the contrary, the Company shall not be obligated under this Agreement:

 

(a) to indemnify for amounts otherwise indemnifiable
hereunder (or for which advancement is provided hereunder) if and to the extent that Indemnitee has otherwise actually received
such amounts under any insurance policy, contract, agreement or otherwise;

 

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(b) to indemnify for an accounting of profits
made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section
16(b) of the Securities Exchange Act of 1934, as amended, or similar provisions of state statutory law or common law;

 

(c) to indemnify with respect to any Proceeding,
or part thereof, brought by Indemnitee against the Company, any legal entity which it controls, any director or officer thereof
or any third party, unless (i) the Board has consented to the initiation of such Proceeding or part thereof and (ii) the Company
provides the indemnification, in its sole discretion, pursuant to the powers vested in the Company under applicable law; provided,
however, that this Section 7(d) shall not apply to (A) counterclaims or affirmative defenses asserted by Indemnitee in an
action brought against Indemnitee or (B) any action brought by Indemnitee for indemnification or advancement from the Company under
this Agreement or under any directors’ and officers’ liability insurance policies maintained by the Company in the
suit for which indemnification or advancement is being sought as described in Section 12; or

 

(e) to provide any indemnification or advancement
of expenses that is prohibited by applicable law (as such law exists at the time payment would otherwise be required pursuant to
this Agreement).

 

Section 8. Advancement of Expenses.
Subject to Section 9(b), the Company shall advance, to the extent not prohibited by law, the Expenses incurred by Indemnitee in
connection with any Proceeding, and such advancement shall be made within [ ( ) days] after the receipt by the Company of a statement
or statements requesting such advances (including any invoices received by Indemnitee, which such invoices may be redacted as necessary
to avoid the waiver of any privilege accorded by applicable law) from time to time, whether prior to or after final disposition
of any Proceeding. Advances shall be unsecured and interest free. Advances shall be made without regard to Indemnitee’s (i)
ability to repay the expenses, (ii) ultimate entitlement to indemnification under the other provisions of this Agreement, and (iii)
entitlement to and availability of insurance coverage, including advancement, payment or reimbursement of defense costs, expenses
or covered loss under the provisions of any applicable insurance policy (including, without limitation, whether such advancement,
payment or reimbursement is withheld, conditioned or delayed by the insurer(s)). Indemnitee shall qualify for advances upon the
execution and delivery to the Company of this Agreement which shall constitute an undertaking providing that Indemnitee undertakes
to the fullest extent required by law to repay the advance if and to the extent that it is ultimately determined by a court of
competent jurisdiction in a final judgment, not subject to appeal, that Indemnitee is not entitled to be indemnified by the Company.
The right to advances under this paragraph shall in all events continue until final disposition of any Proceeding, including any
appeal therein. Nothing in this Section 8 shall limit Indemnitee’s right to advancement pursuant to Section 12(e) of this
Agreement.

 

Section 9. Procedure for Notification and Defense
of Claim.

 

(a) To obtain indemnification under this Agreement,
Indemnitee shall submit to the Company a written request therefor specifying the basis for the claim, the amounts for which Indemnitee
is seeking payment under this Agreement, and all documentation related thereto as reasonably requested by the Company.

 

(b) In the event that the Company shall
be obligated hereunder to provide indemnification for or make any advancement of Expenses with respect to any Proceeding, the
Company shall be entitled to assume the defense of such Proceeding, or any claim, issue or matter therein, with counsel
approved by Indemnitee (which approval shall not be unreasonably withheld or delayed) upon the delivery to Indemnitee of
written notice of the Company’s election to do so. After delivery of such notice, approval of such counsel by
Indemnitee and the retention of such counsel by the Company, the Company will not be liable to Indemnitee under this
Agreement for any fees or expenses of separate counsel subsequently employed by or on behalf of Indemnitee with respect to
the same Proceeding; provided that (i) Indemnitee shall have the right to employ separate counsel in any such
Proceeding at Indemnitee’s expense and (ii) if (A) the employment of separate counsel by Indemnitee has been previously
authorized by the Company, (B) Indemnitee shall have reasonably concluded that there may be a conflict of interest between
the Company and Indemnitee in the conduct of such defense, or (C) the Company shall not continue to retain such counsel to
defend such Proceeding, then the fees and expenses actually and reasonably incurred by Indemnitee with respect to his or her
separate counsel shall be Expenses hereunder.

 

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(c) In the event that the Company does not
assume the defense in a Proceeding pursuant to paragraph (b) above, then the Company will be entitled to participate in the Proceeding
at its own expense.

 

(d) The Company shall not be liable to indemnify
Indemnitee under this Agreement for any amounts paid in settlement of any Proceeding effected without its prior written consent
(which consent shall not be unreasonably withheld or delayed). Without limiting the generality of the foregoing, the fact that
an insurer under an applicable insurance policy delays or is unwilling to consent to such settlement or is or may be in breach
of its obligations under such policy, or the fact that directors’ and officers’ liability insurance is otherwise unavailable
or not maintained by the Company, may not be taken into account by the Company in determining whether to provide its consent. The
Company shall not, without the prior written consent of Indemnitee (which consent shall not be unreasonably withheld or delayed),
enter into any settlement which (i) includes an admission of fault of Indemnitee, any non-monetary remedy imposed on Indemnitee
or any monetary damages for which Indemnitee is not wholly and actually indemnified hereunder or (ii) with respect to any Proceeding
with respect to which Indemnitee may be or is made a party or may be otherwise entitled to seek indemnification hereunder, does
not include the full release of Indemnitee from all liability in respect of such Proceeding.

 

Section 10. Procedure Upon Application for Indemnification.

 

(a) Upon written request by Indemnitee for
indemnification pursuant to Section 9(a), a determination, if such determination is required by applicable law, with respect to
Indemnitee’s entitlement to indemnification hereunder shall be made in the specific case by one of the following methods:
(x) if a Change in Control shall have occurred, by Independent Counsel in a written opinion to the Board; or (y) if a Change in
Control shall not have occurred: (i) by a majority vote of the disinterested directors, even though less than a quorum; (ii) by
a committee of disinterested directors designated by a majority vote of the disinterested directors, even though less than a quorum;
or (iii) if there are no disinterested directors or if the disinterested directors so direct, by Independent Counsel in a written
opinion to the Board. For purposes hereof, disinterested directors are those members of the Board who are not parties to the action,
suit or proceeding in respect of which indemnification is sought. In the case that such determination is made by Independent Counsel,
a copy of Independent Counsel’s written opinion shall be delivered to Indemnitee and, if it is so determined that Indemnitee
is entitled to indemnification, payment to Indemnitee shall be made within [ten (10) to forty-five (45)] days after such
determination. Indemnitee shall cooperate with the Independent Counsel or the Company, as applicable, in making such determination
with respect to Indemnitee’s entitlement to indemnification, including providing to such counsel or the Company, upon reasonable
advance request, any documentation or information which is not privileged or otherwise protected from disclosure and which is reasonably
available to Indemnitee and reasonably necessary to such determination. Any out-of-pocket costs or expenses (including reasonable
attorneys’ fees and disbursements) actually and reasonably incurred by Indemnitee in so cooperating with the Independent
Counsel or the Company shall be borne by the Company (irrespective of the determination as to Indemnitee’s entitlement to
indemnification) and the Company hereby indemnifies and agrees to hold Indemnitee harmless therefrom.

 

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(b) If the determination of entitlement to
indemnification is to be made by Independent Counsel pursuant to Section 10(a), the Independent Counsel shall be selected by the
Board if a Change in Control shall not have occurred or, if a Change in Control shall have occurred, by Indemnitee. Indemnitee
or the Company, as the case may be, may, within ten (10) days after written notice of such selection, deliver to the Company or
Indemnitee, as the case may be, a written objection to such selection; provided, however, that such objection may
be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of “Independent Counsel”
as defined in Section 2 of this Agreement, and the objection shall set forth with particularity the factual basis of such assertion.
Absent a proper and timely objection, the person so selected shall act as Independent Counsel. If such written objection is so
made and substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection
is withdrawn or the Delaware Court has determined that such objection is without merit. If, within twenty (20) days after the later
of (i) submission by Indemnitee of a written request for indemnification pursuant to Section 9(a), and (ii) the final disposition
of the Proceeding, including any appeal therein, no Independent Counsel shall have been selected without objection, either Indemnitee
or the Company may petition the Delaware Court for resolution of any objection which shall have been made by Indemnitee or the
Company to the selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the court
or by such other person as the court shall designate. The person with respect to whom all objections are so resolved or the person
so appointed shall act as Independent Counsel under Section 10(a) hereof. Upon the due commencement of any judicial proceeding
or arbitration pursuant to Section 12(a) of this Agreement, Independent Counsel shall be discharged and relieved of any further
responsibility in such capacity (subject to the applicable standards of professional conduct then prevailing).

 

(c) Notwithstanding anything to the contrary
contained in this Agreement, the determination of entitlement to indemnification under this Agreement shall be made without regard
to the Indemnitee’s entitlement to and availability of insurance coverage, including advancement, payment or reimbursement
of defense costs, expenses or covered loss under the provisions of any applicable insurance policy (including, without limitation,
whether such advancement, payment or reimbursement is withheld, conditioned or delayed by the insurer(s)).

 

Section 11. Presumptions and Effect
of Certain Proceedings.

 

(a) To the extent permitted by applicable
law, in making a determination with respect to entitlement to indemnification hereunder, it shall be presumed that Indemnitee is
entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section
9(a) of this Agreement, and the Company shall have the burden of proof to overcome that presumption in connection with the making
of any determination contrary to that presumption.

 

(b) The termination of any Proceeding or of
any claim, issue or matter therein, by judgment, order, settlement or conviction, or upon a plea of guilty, nolo contendere
or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of
Indemnitee to indemnification or create a presumption that Indemnitee did not act in good faith and in a manner which he or she
reasonably believed to be in or not opposed to the best interests of the Company or, with respect to any criminal Proceeding, that
Indemnitee had reasonable cause to believe that his or her conduct was unlawful.

 

(c) The knowledge and/or actions, or failure
to act, of any director, manager, partner, officer, employee, agent or trustee of the Company, any subsidiary of the Company, or
any Enterprise shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement.

 

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Section 12. Remedies of Indemnitee.

 

(a) Subject to Section 12(f), in the event
that (i) a determination is made pursuant to Section 10 of this Agreement that Indemnitee is not entitled to indemnification under
this Agreement, (ii) advancement of Expenses is not timely made pursuant to Section 8 of this Agreement, (iii) no determination
of entitlement to indemnification shall have been made pursuant to Section 10(a) of this Agreement within sixty (60) days after
receipt by the Company of the request for indemnification for which a determination is to be made other than by Independent Counsel,
(iv) payment of indemnification or reimbursement of expenses is not made pursuant to Section 5 or 6 or the last sentence of Section
10(a) of this Agreement within [ten (10) to forty-five (45)] days after receipt by the Company of a written request therefor
(including any invoices received by Indemnitee, which such invoices may be redacted as necessary to avoid the waiver of any privilege
accorded by applicable law) or (v) payment of indemnification pursuant to Section 3 or 4 of this Agreement is not made within [ten
(10) to forty-five (45)] days after a determination has been made that Indemnitee is entitled to indemnification, Indemnitee
shall be entitled to an adjudication by the Delaware Court of his or her entitlement to such indemnification or advancement. Alternatively,
Indemnitee, at his or her option, may seek an award in arbitration to be conducted by a single arbitrator pursuant to the Commercial
Arbitration Rules of the American Arbitration Association. Indemnitee shall commence such proceeding seeking an adjudication or
an award in arbitration within 180 days following the date on which Indemnitee first has the right to commence such proceeding
pursuant to this Section 12(a); provided, however, that the foregoing time limitation shall not apply in respect
of a proceeding brought by Indemnitee to enforce his or her rights under Section 5 of this Agreement. The Company shall not oppose
Indemnitee’s right to seek any such adjudication or award in arbitration.

 

(b) In the event that a determination shall
have been made pursuant to Section 10(a) of this Agreement that Indemnitee is not entitled to indemnification, any judicial proceeding
or arbitration commenced pursuant to this Section 12 shall be conducted in all respects as a de novo trial, or arbitration, on
the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any judicial proceeding or arbitration
commenced pursuant to this Section 12, the Company shall have the burden of proving Indemnitee is not entitled to indemnification
or advancement, as the case may be.

 

(c) If a determination shall have been made
pursuant to Section 10(a) of this Agreement that Indemnitee is entitled to indemnification, the Company shall be bound by such
determination in any judicial proceeding or arbitration commenced pursuant to this Section 12, absent (i) a misstatement by Indemnitee
of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading,
in connection with the request for indemnification, or (ii) a prohibition of such indemnification under applicable law.

 

(d) The Company shall be precluded from asserting
in any judicial proceeding or arbitration commenced pursuant to this Section 12 that the procedures and presumptions of this Agreement
are not valid, binding and enforceable and shall stipulate in any such court or before any such arbitrator that the Company is
bound by all the provisions of this Agreement.

 

(e) The Company shall indemnify
Indemnitee to the fullest extent permitted by law against any and all Enforcement Expenses and, if requested by Indemnitee,
shall (within [ten (10) to forty-five (45)] days after receipt by the Company of a written request therefor) advance,
to the extent not prohibited by law, such Enforcement Expenses to Indemnitee, which are incurred by Indemnitee in connection
with any action brought by Indemnitee for indemnification or advancement from the Company under this Agreement or under any
directors’ and officers’ liability insurance policies maintained by the Company in the suit for which
indemnification or advancement is being sought. Such written request for advancement shall include invoices received by
Indemnitee in connection with such Enforcement Expenses but, in the case of invoices in connection with legal services, any
references to legal work performed or to expenditures made that would cause Indemnitee to waive any privilege accorded by
applicable law need not be included with the invoice.

 

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(f) Notwithstanding anything in this Agreement
to the contrary, no determination as to entitlement to indemnification under this Agreement shall be required to be made prior
to the final disposition of the Proceeding, including any appeal therein.

 

Section 13. Non-exclusivity; Survival of Rights;
Insurance; Subrogation.

 

(a) The rights of indemnification and to receive
advancement as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time
be entitled under applicable law, the Charter, the Bylaws, any agreement, a vote of stockholders or a resolution of directors,
or otherwise. No amendment, alteration or repeal of this Agreement or of any provision hereof shall limit or restrict any right
of Indemnitee under this Agreement in respect of any action taken or omitted by such Indemnitee in his or her Corporate Status
prior to such amendment, alteration or repeal. To the extent that a change in Delaware law, whether by statute or judicial decision,
permits greater indemnification or advancement than would be afforded currently under the Charter, Bylaws and this Agreement, it
is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits so afforded by such change.
No right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy
shall be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity
or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent assertion
or employment of any other right or remedy.

 

(b) To the extent that the Company maintains
an insurance policy or policies providing liability insurance for directors, managers, partners, officers, employees, agents or
trustees of the Company or of any other Enterprise, Indemnitee 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 such director, manager, partner, officer, employee, agent
or trustee under such policy or policies. If, at the time of the receipt of a notice of a claim pursuant to the terms hereof, the
Company has director and officer liability insurance in effect, the Company shall give prompt notice of the commencement of such
proceeding to the insurers in accordance with the procedures set forth in the respective policies.

 

(d) In the event of any payment under this
Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery of Indemnitee, who shall
execute all papers required and take all action necessary to secure such rights, including execution of such documents as are necessary
to enable the Company to bring suit to enforce such rights.

 

(e) The Company’s obligation to provide
indemnification or advancement hereunder to Indemnitee who is or was serving at the request of the Company as a director, manager,
partner, officer, employee, agent or trustee of any other Enterprise shall be reduced by any amount Indemnitee has actually received
as indemnification or advancement from such other Enterprise.

 

Section 14. Duration of
Agreement. This Agreement shall continue until and terminate upon the later of: (a) ten (10) years after the date that
Indemnitee shall have ceased to serve as a director of the Company or (b) one (1) year after the final termination of any
Proceeding, including any appeal, then pending in respect of which Indemnitee is granted rights of indemnification or
advancement hereunder and of any proceeding commenced by Indemnitee pursuant to Section 12 of this Agreement relating
thereto. This Agreement shall be binding upon the Company and its successors and assigns and shall inure to the benefit of
Indemnitee and his or her heirs, executors and administrators. The Company shall require and cause any successor (whether
direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially all or a substantial part, of the
business and/or assets of the Company, by written agreement in form and substance satisfactory to Indemnitee, expressly to
assume and agree to perform this Agreement in the same manner and to the same extent that the Company would be required to
perform if no such succession had taken place.

 

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Section 15. Severability. If any
provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any reason whatsoever: (a)
the validity, legality and enforceability of the remaining provisions of this Agreement (including, without limitation, each portion
of any section of this Agreement containing any such provision held to be invalid, illegal or unenforceable, that is not itself
invalid, illegal or unenforceable) shall not in any way be affected or impaired thereby and shall remain enforceable to the fullest
extent permitted by law; (b) such provision or provisions shall be deemed reformed to the extent necessary to conform to applicable
law and to give the maximum effect to the intent of the parties hereto; and (c) to the fullest extent possible, the provisions
of this Agreement (including, without limitation, each portion of any section of this Agreement containing any such provision held
to be invalid, illegal or unenforceable, that is not itself invalid, illegal or unenforceable) shall be construed so as to give
effect to the intent manifested thereby.

 

Section 16. Enforcement.

 

(a) The Company expressly confirms and agrees
that it has entered into this Agreement and assumed the obligations imposed on it hereby in order to induce Indemnitee to serve
as a director of the Company, and the Company acknowledges that Indemnitee is relying upon this Agreement in serving as a director
of the Company.

 

(b) This Agreement constitutes the entire
agreement between the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings,
oral, written and implied, between the parties hereto with respect to the subject matter hereof; provided, however,
that this Agreement is a supplement to and in furtherance of the Charter, the Bylaws and applicable law, and shall not be deemed
a substitute therefor, nor to diminish or abrogate any rights of Indemnitee thereunder.

 

Section 17. Modification and Waiver.
No supplement, modification or amendment, or waiver of any provision, of this Agreement shall be binding unless executed in writing
by the parties thereto. No waiver of any of the provisions of this Agreement shall be deemed or shall constitute a waiver of any
other provisions of this Agreement nor shall any waiver constitute a continuing waiver. No supplement, modification or amendment
of this Agreement or of any provision hereof shall limit or restrict any right of Indemnitee under this Agreement in respect of
any action taken or omitted by such Indemnitee prior to such supplement, modification or amendment.

 

Section 18. Notice by Indemnitee.
Indemnitee agrees promptly to notify the Company in writing upon being served with any summons, citation, subpoena, complaint,
indictment, information or other document relating to any Proceeding or matter which may be subject to indemnification, reimbursement
or advancement as provided hereunder. The failure of Indemnitee to so notify the Company shall not relieve the Company of any obligation
which it may have to Indemnitee under this Agreement or otherwise.

 

Section 19. Notices. All notices,
requests, demands and other communications under this Agreement shall be in writing and shall be deemed to have been duly given
if (i) delivered by hand and receipted for by the party to whom said notice or other communication shall have been directed, (ii)
mailed by certified or registered mail with postage prepaid, on the third business day after the date on which it is so mailed,
(iii) mailed by reputable overnight courier and receipted for by the party to whom said notice or other communication shall have
been directed or (iv) sent by facsimile transmission, with receipt of oral confirmation that such transmission has been received:

 

    9

     

    

 

(a) If to Indemnitee, at such address as Indemnitee
shall provide to the Company.

 

(b) If to the Company to:

 

Property Solutions Acquisition Corp. II

654 Madison Avenue, Suite 1009

New York, New York 10065

Attention: Jordan Vogel, Co- Chief Executive Officer

 

or to any other address as may have been furnished to Indemnitee
by the Company.

 

Section 20. Waiver of Claims to Trust
Account. Indemnitee hereby agrees that it does not have any right, title, interest or claim of any kind (each, a “Claim”)
in or to any monies in the trust account established in connection with the Company’s initial public offering for the benefit
of the Company and holders of shares issued in such offering, and hereby waives any Claim it may have in the future as a result
of, or arising out of, any services provided to the Company and will not seek recourse against such trust account for any reason
whatsoever.

 

Section 21. Contribution. To the
fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee,
whether for judgments, fines, penalties, excise taxes, amounts paid or to be paid in settlement and/or for Expenses, in connection
with any Proceeding in such proportion as is deemed fair and reasonable in light of all of the circumstances in order to reflect
(i) the relative benefits received by the Company and Indemnitee in connection with the event(s) and/or transaction(s) giving rise
to such Proceeding; and/or (ii) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee
in connection with such event(s) and/or transactions.

 

Section 22. Internal Revenue Code Section
409A. The Company intends for this Agreement to comply with the Indemnification exception under Section 1.409A-1(b)(10) of
the regulations promulgated under the Internal Revenue Code of 1986, as amended (the “Code”), which provides
that indemnification of, or the purchase of an insurance policy providing for payments of, all or part of the expenses incurred
or damages paid or payable by Indemnitee with respect to a bona fide claim against Indemnitee or the Company do not provide for
a deferral of compensation, subject to Section 409A of the Code, where such claim is based on actions or failures to act by Indemnitee
in his or her capacity as a service provider of the Company. The parties intend that this Agreement be interpreted and construed
with such intent.

 

Section 23. Applicable Law and Consent
to Jurisdiction. This Agreement and the legal relations among the parties shall be governed by, and construed and enforced
in accordance with, the laws of the State of Delaware, without regard to its conflict of laws rules. Except with respect to any
arbitration commenced by Indemnitee pursuant to Section 12(a) of this Agreement, the Company and Indemnitee hereby irrevocably
and unconditionally (i) agree that any action or proceeding arising out of or in connection with this Agreement shall be brought
only in the Delaware Court, and not in any other state or federal court in the United States of America or any court in any other
country, (ii) consent to submit to the exclusive jurisdiction of the Delaware Court for purposes of any action or proceeding arising
out of or in connection with this Agreement, (iii) consent to service of process at the address set forth in Section 19 of this
Agreement with the same legal force and validity as if served upon such party personally within the State of Delaware, (iv) waive
any objection to the laying of venue of any such action or proceeding in the Delaware Court, and (v) waive, and agree not to plead
or to make, any claim that any such action or proceeding brought in the Delaware Court has been brought in an improper or inconvenient
forum.

 

Section 24. Headings. The headings
of the paragraphs of this Agreement are inserted for convenience only and shall not be deemed to constitute part of this Agreement
or to affect the construction thereof.

 

Section 25. Identical Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall for all purposes be deemed to be an original but
all of which together shall constitute one and the same Agreement. Only one such counterpart signed by the party against whom enforceability
is sought needs to be produced to evidence the existence of this Agreement.

 

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[Remainder of Page Intentionally Left Blank]

 

    11

     

    

 

IN WITNESS WHEREOF, the parties have caused
this Agreement to be signed as of the day and year first above written.

 

	 	Property
    Solutions Acquisition Corp. II
	 	 
	 	By:	 
	 	 	Name:
	 	 	Title:
	 	 	 
	 	 	[Name of Indemnitee]

 

    12Exhibit 10.6

 

, 2021

 

Property Solutions Acquisition Corp. II

654 Madison Avenue, Suite 1009

New York, New York 10065

 

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 among Property Solutions Acquisition Corp. II., a Delaware corporation (the “Company”),
and EarlyBirdCapital, 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 28,750,000 of the Company’s units (including
3,750,000 units that may be purchased pursuant to the Underwriters’ option to purchase additional units, the “Public
Units”), each comprised of one of the Company’s Class A common stock, par value $0.0001 per share (the “Class
A Common Stock”) and one-third of one redeemable warrant (the “Public Warrants”). Each
Public 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. The Units will be sold in the Public Offering pursuant to a registration statement on Form S-1 and a prospectus
(the “Prospectus”) filed by the Company with the U.S. Securities and Exchange Commission (the “Commission”)
and the Company has applied to have the Units, the Public Shares and the Public Warrants listed on the Nasdaq Capital Market. 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 Property Solutions Acquisition Sponsor 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 agrees with the Company as follows:

 

1        The
Sponsor and each Insider agrees 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 agrees that it, he or she will not sell or tender any shares of Common
Stock owned by it, him or her in connection therewith.

 

The Sponsor and each Insider agrees that in the event the Company enters into an initial Business Combination with a target business that
is affiliated with the Sponsor, the founders of the Company, the directors or officers of the Company, or any of their affiliates, the
Company, or a committee of the independent directors of the Company, shall obtain an opinion from an independent investment banking firm
or another independent entity that commonly renders valuation opinions that such Business Combination is fair to
the Company from a financial point of view.

 

    1

     

    

 

2.         
The Sponsor and each Insider hereby agrees that in the event that the Company fails to consummate a Business Combination
within 24 months from the closing of the Public Offering, or such later period approved by the Company’s stockholders
in accordance with the Company’s second 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 Public 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 and not previously released to the Company to pay its taxes (less taxes payable and up to $100,000 of interest
to pay dissolution expenses), divided by the number of then outstanding Public Shares, which redemption will completely
extinguish all Public Stockholders’ (as defined below) 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 agrees to not propose any amendment to the Charter to modify the
substance or timing of the Company’s obligation to provide redemption rights as described in the Prospectus 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 Public 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 and not previously released to the Company to
pay its taxes, divided by the number of then outstanding Public Shares.

 

The Sponsor and each
Insider acknowledges 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 (as
defined below), the Private Shares (as defined below) or the Working Capital Shares
(as defined below) 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 Public 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 Public
Shares (although the Sponsor the Insiders and their respective affiliates shall be entitled to redemption
and liquidation rights with respect to any Public 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, any shares of Common Stock (including, but not limited to, Founder Shares, the Private Shares and the
Working Capital Shares), any 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 shares of Common Stock (including, but not limited to, Units,
Founder Shares, the Private Shares and the Working Capital Shares) 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.  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.
Notwithstanding the foregoing, nothing in this Section 3 will prohibit (1) the issuance and sale of Private Units and the
Working Capital Units, (2) the registration with the SEC pursuant to an agreement to be entered into concurrently with the
execution of this Agreement, the resale of the Private Units, the Founder Shares and the Working Capital Units (or any shares
of Class A Common Stock issuable upon conversion thereof) and (3) issuance of securities in connection with a Business
Combination.

 

    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) $10.00 per Public Share and (ii) the actual amount per Public Share held in the Trust Account as of the date
of the liquidation of the Trust Account, if less than $10.00 per Public 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 3,750,000 Public 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  937,500 multiplied by a fraction, (i) the numerator of which is 3,750,000 minus the number of Public
Shares purchased by the Underwriters upon the exercise of their over-allotment option, and (ii) the denominator of which is
3,750,000. 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 Class A Common Stock after the Public Offering (not including the Private Shares, the Working Capital Shares or any
of the 250,000 shares of Class A Common Stock purchased by the Representative in connection with the Public Offering). The
Sponsor further agrees that to the extent that the size of the Public Offering is increased or decreased pursuant to Rule
462(b) under the Securities Act, the Company will effect a share capitalization or a share surrender or redemption or other
appropriate mechanism, as applicable, with respect to our shares of Class B common stock immediately prior to the
consummation of the Public Offering in such amount as to maintain the ownership of the Sponsor (and its permitted
transferees)prior to the Public Offering, on an as-converted basis at 20.0% of its issued and outstanding Capital Shares upon
the consummation of the Public Offering. In connection with such increase or decrease in the size of the Public Offering,
then (A) the references to 3,750,000 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 Public Shares issued in the Public Offering and (B) the reference
to 937,500  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 Class A Common Stock after the Public Offering (not including
the Private Shares or the Working Capital Shares).

 

    3

     

    

 

6.          The
Sponsor and each Insider hereby agrees and acknowledges that: (i) the Underwriters and the Company would be
irreparably injured in the event of a breach by such Sponsor or an Insider of its, his or her respective obligations under paragraphs
1, 2, 3, 4, 5, 7(a), and 7(b), 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.

 

7.            
(a)
The Sponsor and each Insider agrees that it, he or she shall not Transfer any Founder Shares (or any shares
of Class A Common Stock issuable upon conversion thereof), Private Shares or Working Capital Shares until the earlier of (A) one
year after the completion of the Company’s initial Business Combination and (B) subsequent to the Business Combination, (x)
if the closing price of the Class A 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, 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
agrees that it, he or she shall not Transfer any Private Units, Private Shares, Private Warrants (or any share of Class A Common
Stock issued or issuable upon the exercise of the Private Warrants), until 30 days after the completion of a Business Combination
(the “Private Warrants Lock-up Period” and, 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 Shares and Working Capital 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 affiliates or family members of any of the Company’s officers or directors, to the Sponsor, any members
or partners of the Sponsor or their affiliates, or any affiliates of the Sponsor; (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 or the Sponsor’s limited liability company agreement upon dissolution of the Sponsor; (g) to the Company for
no value for cancellation in connection with the consummation of a Business Combination; (h) in the event of the
Company’s liquidation prior to the consummation of a Business Combination; or (i) 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 represents and warrants 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 represents and warrants that its, his or her respective 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 represents that its, his
or her respective questionnaire furnished to the Company is true and accurate in all respects. The Sponsor and each Insider represents
and warrants 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), other than the following, none of which will be made from the proceeds held in the Trust Account prior to the completion
of the initial Business Combination: repayment of a loan and advances up to an aggregate of $300,000 made to the Company by the
Sponsor; reimbursement for any reasonable out-of-pocket expenses related to identifying, investigating, negotiating and completing
an initial Business Combination, and 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 Units in a private placement at a price of $10.00 per Unit (the “Working Capital Units”)
at the option of the lender.

 

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 of the
Company; (iii) “Founder Shares” shall mean the 7,187,500 shares of Class B common stock issued and
outstanding (up to 937,500 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 Units” shall mean the up to 580,000 units (or up to 636,250
units if the over-allotment option is exercised in full), each of which consists of one share of Class A common stock (the
 “Private Shares”) and one-third of one redeemable warrant to purchase one share of Class A common
stock (the “Private Warrants”), that the Sponsor has agreed to purchase for an aggregate purchase
price of $5,800,000 (or $6,362,500 if the over-allotment option is exercised in full), or $10.00 per share of Private Unit,
in a private placement 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 Units 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)
 “Units” shall mean the Public Units and the Private Units; and (x)
 “Warrants” shall mean the Pubic Warrants and the Private 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.

 

    6

     

    

 

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.

 

18.       
 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 New York City or 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 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 and closed by [__], 2021; provided
further that paragraph 4 of this Letter Agreement shall survive such liquidation.

 

[Signature Page Follows]

 

    7

     

    

 

	 	 	Sincerely,
	 	 	 
	 	 	Property Solutions Acquisition Sponsor II, LLC
	 	 	 
	 	 	By:	 
	 	 	 	Name:	 
	 	 	 	Title:	 
	 	 	 
	 	 	 
	 	 	[Insider]
	 	 	 
	 	 	 
	 	 	[Insider]
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 	 	 

 

	Acknowledged and Agreed:	 	 
	 	 	 
	Property Solutions Acquisition Corp. II	 	 
	 	 	 
	By:	 	 	 
	 	Name:	 	 	 
	 	Title:	 	 	 

 

[Signature Page
to Letter Agreement]

 

    8

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