Document:

EX-10.6

 Exhibit 10.6 

Execution Version 

EMPLOYMENT AGREEMENT 

THIS EMPLOYMENT AGREEMENT (this “Agreement”) is entered into as of May 23, 2022 by and between Frank C. Quesada
(“Executive”) and Lionheart II Holdings, LLC, a Delaware limited liability company (the “Company”). 

WHEREAS, MSP Recovery, Inc. (f/k/a Lionheart Acquisition Corporation II) (the “Parent”) and the Company, among others,
have entered into a Membership Purchase Interest Agreement (the “MIPA”) pursuant to which the Acquisition (as defined in the MIPA) will occur; 

WHEREAS, following the closing of the Acquisition, the Company will become a wholly owned subsidiary of Parent; 

WHEREAS, Executive is currently employed by MSP Recovery Law Firm as the Chief Legal Officer; 

WHEREAS, as part of the Acquisition, Executive will receive valuable consideration, including equity in the Company (as set forth in
the MIPA), in exchange for the sale and transfer of all of Executive’s equity in the MSP Purchased Companies (as defined in the MIPA) to the Company (the “Acquisition Consideration”); and 

WHEREAS, following the closing of the Acquisition, the Company desires to employ Executive and Executive desires to be employed by the
Company on the terms set forth in this Agreement. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Employment Term. The Company hereby agrees to
employ Executive, and Executive hereby agrees to be employed with the Company, upon the terms and conditions contained in this Agreement. Executive’s employment with the Company pursuant to this Agreement shall commence on the Closing Date (as
defined in the MIPA, the “Effective Date”) and shall continue until the third year anniversary of the Effective Date (the “Initial Term”), but shall be automatically renewed on the same terms and conditions set
forth herein for additional one-year periods (each an “Extension Date”, and together with the Initial Term, the “Term”), unless the Company or Executive provides the other
party hereto ninety (90) days prior written notice before the expiration of the Initial Term or the next Extension Date that the Term shall not be so extended. The period during which Executive is employed by the Company pursuant to this
Agreement is hereinafter referred to as the “Term.” Notwithstanding anything herein to the contrary, in the event the MIPA is terminated prior to the closing of the Acquisition, this Agreement shall be void ab initio. 

2. Employment Duties. Executive shall have the title of Chief Legal Officer of the Company and the Parent shall have such duties,
authorities and responsibilities as are consistent with such position and as the Board of Directors of the Company (the “Board”) may designate from time to time. Executive shall report to the Board. Executive shall devote the
necessary working time, attention and best efforts to perform Executive’s services in a capacity and in a manner consistent with Executive’s position for the Company. For the avoidance of doubt, this

 
Section 2 shall not be interpreted as prohibiting Executive from (i) managing Executive’s personal investments, (ii) engaging in charitable or civic activities and
(iii) participating on boards of directors or similar bodies of non-profit organizations, in each case of (i) – (iii), so long as such activities do not, individually or in the aggregate,
(a) materially interfere with the performance of Executive’s duties and responsibilities hereunder, (b) create a fiduciary conflict, or (c) result in a violation of Section 13 of this Agreement. Executive shall also serve as
an executive officer and/or board member of the board of directors (or similar governing body) of any entity that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, the Company
(an “Affiliate”) without any additional compensation, as reasonably requested. It is understood and agreed that Executive will continue to serve as a partner of MSP Recovery Law Firm and nothing in this Agreement shall be construed
to restrict such service. 
 3. Base Salary. During the Term, the Company shall pay Executive a base salary at an annual rate of
$600,000, payable in accordance with the Company’s normal payroll practices for employees as in effect from time to time. Executive’s annual base salary, as in effect from time to time, is hereinafter referred to as the “Base
Salary.” The base salary shall be subject to annual review for potential increase (but not decrease) by the Board (or a duly authorized committee of the Board). 

4. Annual Bonus. 
 (a)
Annual Bonus. With respect to each calendar year during the Term, Executive shall be eligible to earn an annual cash bonus award (the “Annual Bonus”), with a target Annual Bonus of 100% of the Base Salary (“Target
Bonus”). The actual amount of the Annual Bonus shall be based upon the achievement of performance metrics established by the Board, at the beginning of each such calendar year. The Annual Bonus, if any, for each calendar year during the
Term shall be paid to Executive in the calendar year immediately following the year to which it relates, following the date the Board or a committee of the Board approves the Annual Bonus for the applicable fiscal year, subject to the
Executive’s continued employment on the day such Annual Bonus is paid. 
 5. Equity Incentive Awards. Executive will be eligible
to participate in and be granted awards under the MSP Recovery Omnibus Incentive Plan effective as of May 18, 2022 (the “Equity Plan”) at the discretion of the Board. 

6. Employee Benefits. Executive shall be entitled to participate in the employee benefit plans, including pension, medical, disability
and life insurance (but excluding any severance plans) offered by the Company as in effect from time to time (collectively, “Benefit Plans”), on the same basis as those generally made available to other senior executives of the
Company, to the extent consistent with applicable law and the terms of the applicable Benefit Plan. The Company does not promise the adoption or continuance of any particular Benefit Plan and reserves the right to amend or cancel any Benefit Plan at
any time. Executive shall be entitled to a number of annual paid vacation days in accordance with the Company’s policy applicable to senior executives. 

  
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 7. Expense Reimbursement. The Executive shall be entitled to reimbursement for all
reasonable and necessary out-of-pocket business, entertainment and travel expenses incurred by the Executive in connection with the performance of the Executive’s
duties hereunder in accordance with the Company’s expense reimbursement policies and procedures. 
 8. Termination of Employment.
The Executive’s employment hereunder may be terminated as follows: 
 (a) Automatically in the event of the death of Executive; 

(b) At the option of the Company, by written notice to Executive or Executive’s personal representative in the event of the Disability of
Executive. As used herein, the term “Disability” shall mean Executive’s inability, with or without reasonable accommodation, to perform the essential duties, responsibilities, and functions of his position with the Company as a
result of any mental or physical disability or incapacity for a length of time that the Company determines is sufficient to satisfy such obligations as it may have to provide leave under applicable family and medical leave laws and/or
“reasonable accommodation” under applicable federal, state or local disability laws. Family and medical leave or disability leave provided under federal, state or local law may be unpaid as per the requirements of such laws;
provided, however, that Executive shall be entitled to such payments and benefits under the Company’s vacation, sick leave or disability leave programs as per the terms of such programs. At the option of the Company for
Cause, by delivering prior written notice to Executive; 
 (c) At the option of the Company at any time without Cause, by delivering
written notice of its determination to terminate to Executive; 
 (d) At the option of Executive for Good Reason; or 

(e) At the option of Executive without Good Reason, upon sixty (60) days prior written notice to the Company (which the Company may, in
its sole discretion, make effective earlier than the termination date provided in such notice); or 
 (f) Automatically upon the expiration
of the Term (and subject to the prior written notice of non-renewal provided for in Section 1 hereof). 

9. Payments by Virtue of Termination of Employment. 

(a) Termination by the Company Without Cause or by Executive For Good Reason. If Executive’s employment is terminated at any time
by the Company without Cause or by Executive for Good Reason, and other than by reason of death or Disability, subject to Section 9(c) of this Agreement, Executive shall be entitled to: 

(i) (A) within thirty (30) days following such termination, (i) payment of Executive’s accrued and unpaid Base Salary and
(ii) reimbursement of expenses under Section 7 of this Agreement accrued through the date of termination, (B) all other accrued amounts or accrued benefits due to Executive in accordance with the Company’s
benefit plans, programs or policies (other than severance), required by law; and 
 (ii) if the date of termination does not occur within
eighteen (18) months following a Change in Control: 

  
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 (A) continuation of Base Salary as in effect immediately prior to Executive’s date of
termination for six (6) months following the date of termination (the “Severance Period”), payable in substantially equal installments in accordance with the Company’s regular payroll practices as in effect from time to
time; 
 (B) (ii) payment of any earned but unpaid Annual Bonus for the fiscal year prior to the year of termination, payable at the
same time annual bonuses are paid to other similarly situated employees of the Company; and 
 (C) if Executive timely elects coverage under
the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) and to the extent permitted by applicable law and provided the Company is able to provide such benefits without the imposition on the Company of any tax or penalty, a cash
payment equal to the difference between the COBRA premium and the premium paid while Executive immediate prior to the date of termination, payable monthly in accordance with the Company’s standard payroll practices for six (6) months or
until such earlier termination of COBRA coverage; 
 provided, that the first payment pursuant to
Section 9(a)(ii) be made on the next regularly scheduled payroll date following the sixtieth (60th) day after Executive’s termination and shall include payment of any amounts that would otherwise be due prior thereto.
In the event of Executive’s death during the Severance Period, any payments to be made pursuant to Section 9(a)(ii) shall be paid to the Executive’s legal representative. 

(iii) if the date of termination occurs within eighteen (18) months following a Change in Control: 

(A) (1) continuation of Base Salary as in effect immediately prior to Executive’s date of termination for six (6) months
following the date of termination and (2) the Target Bonus in effect for the year of termination, 
 (B) payment of any earned but
unpaid Annual Bonus for the fiscal year prior to the year of termination, payable at the same time annual bonuses are paid to other similarly situated employees of the Company; and 

(C) if Executive timely elects coverage under COBRA and to the extent permitted by applicable law and provided the Company is able to provide
such benefits without the imposition on the Company of any tax or penalty, a cash payment equal to the difference between the COBRA premium and the premium paid while Executive immediate prior to the date of termination, payable monthly in
accordance with the Company’s standard payroll practices for six (6) months or until such earlier termination of COBRA coverage; 

  
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 provided, that the first payment made pursuant to
Section 9(a)(iii) shall be made on the next regularly scheduled payroll date following the sixtieth (60th) day after Executive’s termination and shall include payment of any amounts that would otherwise be due prior
thereto. In the event of Executive’s death during the twenty-four period following the termination, any payments to be made pursuant to Section 9(a)(iii) shall be paid to the Executive’s legal representative. 

(b) Termination other than by the Company Without Cause or by Executive For Good Reason. If the Executive’s employment terminates
for any reason other than by the Company without Cause or by the Executive for Good Reason (including by reason of death or Disability), Executive or Executive’s legal representatives, as applicable, shall be entitled to receive the payments
and benefits described under Section 9(a)(i) of this Agreement. 
 (c) Conditions to Payment. All payments
and benefits due to Executive under this Section 9 which are not otherwise required by applicable law shall be payable only if Executive executes and delivers to the Company a general release of claims in a form provided by
the Company, and such release is no longer subject to revocation (to the extent applicable), in each case, within sixty (60) days following termination of employment. Failure to timely execute and return such release or the revocation of such
release during the revocation period shall be a waiver by Executive of Executive’s right to severance (which, for the avoidance of doubt, shall not include any amounts described in Section 9(a)(i) of this Agreement).
In addition, severance shall be conditioned on Executive’s compliance with Section 11 of this Agreement, and on Employee’s continued compliance with Section 13 of this Agreement as
provided in Section 15 below. 
 (d) No Other Severance. Executive hereby acknowledges and agrees that,
other than the severance payments described in this Section 9, upon the effective date of the termination of Executive’s employment, Executive shall not be entitled to any other severance payments or benefits of any
kind under any Company benefit plan, severance policy generally available to the Company’s employees or otherwise and all other rights of Executive to compensation under this Agreement shall end as of such date. 

10. Definitions. For purposes of this Agreement, 

(a) “Cause” shall mean, (i) Executive’s indictment for, conviction of, or a plea of guilty or no contest to, a
felony or any crime involving theft, fraud, embezzlement, misappropriation or any other act of moral turpitude, (ii) Executive’s failure to perform Executive’s duties hereunder or to following the lawful direction of the Board (for
any reason other than illness or physical or mental incapacity) or a material breach of fiduciary duty, (iii) Executive’s theft, embezzlement, fraud, or dishonesty with regard to the Company or any of its Affiliates or in connection with
Executive’s duties, (iv) Executive’s violation of the Company’s code of conduct or similar written policies, including, without limitation, the Company’s sexual harassment policy, (v) Executive’s engagement in any
misconduct or the commission of any act that is materially injurious or detrimental to the reputation or business interests of the Company or any of its Affiliates or (vi) Executive’s breach of any restrictive covenant in any agreement
between Executive and the Company or its Affiliates, including but not limited to Executive’s obligations under Section 13 of this Agreement. 

  
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 (b) “Good Reason” shall mean, without Executive’s consent,
(i) any material diminution in Executive’s responsibilities, authorities, title or duties, or change in Executive’s reporting relationship hereunder other than as part of a Change in Control (ii) a material reduction in
Executive’s Base Salary or target Annual Bonus opportunity other than as part of a like reduction for all executives or (iii) a relocation of Executive’s principal place of employment by more than fifty (50) miles from the
location of Executive’s principal place of employment on the Effective Date and such principal place of employment is more than fifty (50) miles from Executives principal residence; provided, that no event described in clause (i),
(ii), or (iii) shall constitute Good Reason unless (A) Executive has given the Company written notice of the termination, setting forth the conduct of the Company that is alleged to constitute Good Reason, within sixty (60) days
following the occurrence of such event, and (B) Executive has provided the Company at least sixty (60) days following the date on which such notice is provided to cure such conduct and the Company has failed to do so. Failing such cure, a
termination of employment by Executive for Good Reason shall be effective on the day following the expiration of such cure period. 
 (c)
“Change in Control” shall have the meaning set forth in the Equity Plan. 
 11. Return of Company Property. Within
ten (10) days following the effective date of Executive’s termination for any reason, Executive, or Executive’s personal representative shall return all property of the Company or any of its Affiliates in Executive’s possession,
including, but not limited to, all Company-owned computer equipment (hardware and software), telephones, facsimile machines, tablet computers and other communication devices, credit cards, office keys, security access cards, badges, identification
cards and all copies (including drafts) of any documentation or information (however stored) relating to the business of the Company or any of its Affiliates, the Company’s or any of its Affiliates’ customers and clients or their
respective prospective customers or clients. 
 12. Resignation as Officer or Director. Upon the effective date of any
Executive’s termination, Executive shall be deemed to have resigned from Executive’s position and, to the extent applicable, as an officer of the Company and any of its affiliates, as a member of the board of directors or similar governing
body of the Company or any of its affiliates, and as a fiduciary of any benefit plan of the Company and any of its affiliates. On or immediately following the effective date of any such termination of Executive’s employment, Executive shall
confirm the foregoing by submitting to the Company in writing a confirmation of Executive’s resignation(s). 
 13. Confidentiality; Non-Solicitation; Non-Competition. In consideration of Executive’s employment with the Company pursuant to this Agreement, and other good and valuable consideration,
including without limitation the Acquisition Consideration, the receipt and sufficient of which is hereby acknowledged, Executive agrees as follows: 

(a) Confidential and Proprietary Information. Executive agrees that all materials and items produced or developed by Executive for the
Company or any of its Affiliates, or obtained by Executive from the Company or any of its Affiliates either directly or indirectly pursuant to this Agreement shall be and remains the property of the Company and its Affiliates. Executive acknowledges
that he will, during Executive’s association with the Company, acquire, or be exposed to, or have access to, materials, data and information that constitute valuable, confidential and proprietary information of the Company and its Affiliates,
including, without limitation, any or all of the following: business plans, practices and procedures, pricing 

  
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information, sales figures, profit or loss figures, this Agreement and its terms, information relating to customers, clients, intellectual property, suppliers, technology, sources of supply and
customer lists, research, technical data, trade secrets, or know-how, software, developments, inventions, processes, formulas, technology, designs, drawings, engineering, hardware configuration information,
marketing, finances, policies, training manuals and similar materials used by the Company in conducting its business operations, personnel information of any Person employed by the Company, potential business combinations, and such other information
or material as the Company may designate as confidential and/or proprietary from time to time (collectively hereinafter, the “Confidential and Proprietary Information”). During Executive’s employment with the Company and at all
times thereafter, Executive shall not, directly or indirectly, use, misuse, misappropriate, disclose or make known, without the prior written approval of the Board, to any party, firm, corporation, association or other entity, any such Confidential
and Proprietary Information for any reason or purpose whatsoever, except as may be required in the course of Executive’s performance of Executive’s duties hereunder. In consideration of the unique nature of the Confidential and Proprietary
Information, all obligations pertaining to the confidentiality and nondisclosure thereof shall remain in effect until the Company and its Affiliates have released such information; provided, that the provisions of this
Section 13(a) shall not apply to the disclosure of Confidential and Proprietary Information to the Company’s Affiliates together with each of their respective shareholders, directors, officers, accountants, lawyers and
other representatives or agents, nor to a Permitted Disclosure as defined in Section 13(b) below. In addition, it shall not be a breach of the confidentiality obligations hereof if Executive is required by applicable law to
disclose any Confidential and Proprietary Information; provided, that in such case, Executive shall (x) give the Company the earliest notice possible that such disclosure is or may be required and (y) cooperate with the Company, at
the Company’s expense, in protecting to the maximum extent legally permitted, the confidential or proprietary nature of the Confidential and Proprietary Information which must be so disclosed. Upon termination of Executive’s employment,
Executive agrees that all Confidential and Proprietary Information, directly or indirectly, in Executive’s possession that is in writing or other tangible form (together with all duplicates thereof) will promptly (and in any event within 10
days following such termination) be returned to the Company and will not be retained by Executive or furnished to any person, either by sample, facsimile film, audio or video cassette, electronic data, verbal communication or any other means of
communication. 
 (b) Permitted Disclosure. This Agreement does not limit or interfere with Executive’s right, without notice to
or authorization of the Company, to communicate and cooperate in good faith with any self-regulatory organization or U.S. federal, state, or local governmental or law enforcement branch, agency, commission, or entity (collectively, a
“Government Entity”) for the purpose of (i) reporting a possible violation of any U.S. federal, state, or local law or regulation, (ii) participating in any investigation or proceeding that may be conducted or managed by
any Government Entity, including by providing documents or other information, or (iii) filing a charge or complaint with a Government Entity, provided that in each case, such communications, participation, and disclosures are consistent with
applicable law. Additionally, Executive shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that is made (i) in confidence to a federal, state, or local government
official, or to an attorney, solely for the purpose of reporting or investigating a suspected violation of law, or (ii) in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. If Executive
files a lawsuit for retaliation by an 

  
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employer for reporting a suspected violation of law, Executive may disclose the trade secret to the Executive’s attorney and use the trade secret information in the court proceeding, if
Executive files any document containing the trade secret under seal; and does not disclose the trade secret, except pursuant to court order. All disclosures permitted under this Section 13(b) are herein referred to as
“Permitted Disclosures.” Notwithstanding the foregoing, under no circumstance will Executive be authorized to disclose any Confidential and Proprietary Information as to which the Company may assert protections from disclosure under
the attorney-client privilege or the attorney work product doctrine, without prior written consent of Company’s General Counsel or other authorized officer designated by the Company. 

(c) Non-Solicitation. Executive agrees that during the Restricted Period (defined below), the
Executive will not, without written consent of the Company, directly or indirectly, solicit, recruit, induce or encourage to leave employment or association with the Company or a Subsidiary, or hire, attempt to hire, employ or engage (whether as an
employee, consultant, agent, independent contractor or otherwise), any Person who or which is or was employed or engaged by the Company or a Subsidiary at any time during the Restricted Period or the one-year
period preceding the Restricted Period, or directly or indirectly, solicit or accept business from, any Person who is a customer, client or supplier of the Company or a Subsidiary, with whom the Executive has had, or employees reporting to the
Executive have had, personal contact or dealings on behalf of the Company during the one-year period preceding the Restricted Period, or induce or encourage any such Person to cease to engage the services of
the Company or a Subsidiary in order to use the services of any Person that competes with a business of the Company or a Subsidiary. “Restricted Period” means the greater of (i) the period beginning on the date of this
Agreement and ending on the second (2nd) anniversary of the date on which the Executive’s employment is terminated and (ii) the period beginning on the date on which the Acquisition closes and ending on the third (3rd) anniversary of such
date and. “Person” means an individual, a partnership, a corporation, an association, a limited liability company, a joint stock company, a trust, a joint venture, an unincorporated organization or a governmental entity or any
department, agency or political subdivision thereof. “Solicit” shall mean making any direct or indirect communication of any kind, regardless of who initiates it, or engaging in any conduct, that in any way invites, advises,
encourages, or requests any Person to take or refrain from taking any action. 
 (d)
Non-Competition. Executive agrees that during the Restricted Period, the Executive will not, directly or indirectly, individually or on behalf of any Person, whether for compensation or otherwise,
engage in Competitive Activity in the United States of America. “Competitive Activity” means any activity in which the Executive uses Executive’s knowledge, directly or indirectly, in whole or in part, as an employee, employer,
owner, operator, manager, advisor, consultant, agent, partner, member, director, stockholder, officer, volunteer, intern, or any other similar capacity, on behalf of or in association with any Person engaged in the Company Business. The
“Company Business” shall mean the business of assisting clients in the recovery of medical insurance claims where federal or state law places primary payment responsibility on another party, such as Medicare or Medicaid, and
in connection with related claims such as governmental actions relating to whistleblowers. However, the acquisition of up to 1% for passive investment purposes of any class of the outstanding equity, debt securities, or other equity interests of any
person, corporation, partnership, or other business entity or enterprise shall not, in and of itself, be construed as an Competitive Activity with such person or entity or enterprise. 

  
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Notwithstanding the foregoing, if Executive is an attorney licensed to practice law in any jurisdiction in which the Company conducts business, this Section 13(d) shall not restrict, and
nothing in this Agreement shall be construed as a restriction on, Executive’s ability to practice law or to otherwise impose any obligation on Executive that would violate the applicable rules of professional conduct of any jurisdiction in
which Executive is so licensed. 
 (e) Non-disparagement. Executive agrees that Executive
shall refrain from making, directly or indirectly, any disparaging or defamatory comments concerning the Company, any of its Affiliates, or any of the Company’s or its Affiliates’ respective businesses, products or services, or their
respective current or former directors, officers, agents, partners, shareholders or employees, either publicly or privately. Notwithstanding the foregoing, any truthful statement made to comply with law or regulation or in any response to questions
or other requests for information by any court, arbitrator, mediator or administrative or legislative body with apparent jurisdiction over the applicable parties shall be deemed not to violate the obligations of the Company under this provision
Nothing in this Section 13(e) shall interfere with Executive’s ability to make the Permitted Disclosures as defined in Section 13(b) above. 

(f) Tolling. In the event of any violation of the provisions of this Section 13, Executive acknowledges and
agrees that the post-termination restrictions contained in this Section 13 shall be extended by a period of time equal to the period of such violation, it being the intention of the parties hereto that the running of the
applicable post-termination restriction period shall be tolled during any period of such violation. 
 14. Cooperation. From and after
an Executive’s termination of employment, Executive shall provide Executive’s reasonable cooperation in connection with any action or proceeding (or any appeal from any action or proceeding) which relates to events occurring during
Executive’s employment with the Company or its affiliates, and assist and advise the Company in any investigation which may be performed by the Company, provided, that the Company shall reimburse Executive for Executive’s reasonable
costs and expenses and such cooperation shall not unreasonably burden Executive or unreasonably interfere with any subsequent employment that Executive may undertake. In the event Executive is subpoenaed by any person or entity (including, but not
limited to, any Government Entity) to give testimony or provide documents (in a deposition, court proceeding, or otherwise), that in any way relates to Executive’s employment by the Company, Executive will give prompt notice of such subpoena to
the Company and will make no disclosure until the Company has had a reasonable opportunity to contest the right of the requesting person or entity to such disclosure. Nothing in this Section 14 shall limit Executive’s
right to make Permitted Disclosures as provided in Section 13(b) above. 
 15. Injunctive Relief and Specific
Performance. Executive understands and agrees that Executive’s covenants under Sections 11, 13 and 14 are special and unique and that the Company and its Affiliates may suffer irreparable harm if Executive breaches any of Sections
11, 13, or 14 because monetary damages would be inadequate to compensate the Company and its Affiliates for the breach of any of these sections. Accordingly, Executive acknowledges and agrees that the Company shall, in addition to any other
remedies available to the Company at law or in equity, be entitled to obtain specific performance and injunctive or other equitable relief by a federal or state court in Delaware to enforce the provisions of Sections 11, 13 and/or 14 without
the necessity of posting a bond or proving actual damages, without liability should such relief be denied, modified or vacated, and to obtain attorney’s fees in respect of the foregoing if the Company prevails in any

  
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such action or proceeding. Additionally, in the event of a breach or threatened breach by Executive of Section 13, in addition to all other available legal and equitable
rights and remedies, the Company shall have the right to cease making payments, if any, being made pursuant to Section 9(a)(ii) or Section 9(a)(iii) hereunder. Executive also recognizes that the
territorial, time and scope limitations set forth in Section 13 are reasonable and are properly required for the protection of the Company and its Affiliates, and in the event that a court of competent jurisdiction deems
any territorial, time or scope limitation in this Agreement to be unreasonable, the Company and Executive agree, and Executive submits, to the reduction of any or all of said territorial, time or scope limitations to such an area, period or scope as
said court shall deem reasonable under the circumstances. 
 16. Miscellaneous. 

(a) All notices hereunder, to be effective, shall be in writing and shall be deemed effective when delivered by hand or mailed by
(i) certified mail, postage and fees prepaid, or (ii) nationally recognized overnight express mail service, as follows: 
 If to
the Company: 
 Lionheart II Holdings, LLC 

2701 Le Jeune Road, Floor 10 

Coral Gables, Florida 33134 

Attn: General Counsel 
 Email:
generalcounsel@msprecovery.com 
 With a copy to which shall not constitute notice to: 

Weil, Gotshal & Manges LLP 

767 Fifth Avenue 
 New York, New
York 10153 
 Attn: Michael J. Aiello 

Amanda Fenster 
 Email:
michael.aiello@weil.com 
             amanda.fenster@weil.com 

If to Executive: 

At Executive’s home address as then shown in the Company’s personnel records, 

or to such other address as either party may have furnished to the other in writing in accordance herewith, except that notices of change of address shall be
effective only upon receipt. 

  
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 (b) This Agreement is personal to the Executive and shall not be assigned by the Executive.
Any purported assignment by the Executive shall be null and void from the initial date of the purported assignment. The Company may assign this Agreement to any successor or assign (whether direct or indirect, by purchase, merger, consolidation or
otherwise) to all or substantially all of the business or assets of the Company or to an affiliate, and Executive hereby explicitly consents to such assignment. This Agreement shall inure to the benefit of the Company and its successors and assigns.

 (c) This Agreement contains the entire agreement between the parties with respect to the subject matter hereof supersedes all other
agreements, term sheets, offer letters, and drafts thereof, oral or written, between the parties hereto with respect to the subject matter hereof. No promises, statements, understandings, representations or warranties of any kind, whether oral or in
writing, express or implied, have been made to Executive by any person or entity to induce Executive to enter into this Agreement other than the express terms set forth herein, and Executive is not relying upon any promises, statements,
understandings, representations, or warranties other than those expressly set forth in this Agreement. 
 (d) No change or modification of
this Agreement shall be valid unless the same shall be in writing and signed by all of the parties hereto. No waiver of any provisions of this Agreement shall be valid unless in writing and signed by the party charged with waiver. No waiver of any
of the provisions of this Agreement shall be deemed, or shall constitute, a waiver of any other provision, whether or not similar, nor shall any waiver constitute a continuing waiver, unless so provided in the waiver. 

(e) If any provisions of this Agreement (or portions thereof) shall, for any reason, be held invalid or unenforceable, such provisions (or
portions thereof) shall be ineffective only to the extent of such invalidity or unenforceability, and the remaining provisions of this Agreement (or portions thereof) shall nevertheless be valid, enforceable and of full force and effect. If any
court of competent jurisdiction finds that any restriction contained in this Agreement is invalid or unenforceable, then the parties hereto agree that such invalid or unenforceable restriction shall be deemed modified so that it shall be valid and
enforceable to the greatest extent permissible under law, and if such restriction cannot be modified so as to make it enforceable or valid, such finding shall not affect the enforceability or validity of any of the other restrictions contained
herein. 
 (f) This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same
agreement and shall become effective when counterparts have been signed by each party and delivered to the other party. In the event that any signature is delivered by facsimile transmission or by an e-mail
which contains a portable document format (.pdf) file of an executed signature page, such signature page shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and
effect as if such signature page were an original thereof. 
 (g) The section or paragraph headings or titles herein are for convenience of
reference only and shall not be deemed a part of this Agreement. The parties have jointly participated in the drafting of this Agreement, and the rule of construction that a contract shall be construed against the drafter shall not be applied. The
terms “including,” “includes,” “include” and words of like import shall be construed broadly as if followed by the words “without limitation.” The terms “herein,”
“hereunder,” “hereof” and words of like import refer to this entire Agreement instead of just the provision in which they are found. 

  
 11 

 (h) Notwithstanding anything to the contrary in this Agreement: 

(i) The parties agree that this Agreement shall be interpreted to comply with or be exempt from Section 409A of the Code and the
regulations and authoritative guidance promulgated thereunder to the extent applicable (collectively “Section 409A”), and all provisions of this Agreement shall be construed in a manner consistent with the
requirements for avoiding taxes or penalties under Section 409A. In no event whatsoever will the Company, any of its affiliates, or any of their respective directors, officers, agents, attorneys, employees, executives, shareholders, investors,
members, managers, trustees, fiduciaries, representatives, principals, accountants, insurers, successors or assigns be liable for any additional tax, interest or penalties that may be imposed on Executive under Section 409A or any damages for
failing to comply with Section 409A. 
 (ii) A termination of employment shall not be deemed to have occurred for purposes of any
provision of this Agreement providing for the payment of any amounts or benefits considered “nonqualified deferred compensation” under Section 409A upon or following a termination of employment unless such termination is also a
“separation from service” within the meaning of Section 409A, and for purposes of any such provision of this Agreement, references to a “resignation,” “termination,” “terminate,” “termination of
employment” or like terms shall mean separation from service. If any payment, compensation or other benefit provided to the Executive in connection with the termination of Executive’s employment is determined, in whole or in part, to
constitute “nonqualified deferred compensation” within the meaning of Section 409A and the Executive is a specified employee as defined in Section 409A(2)(B)(i) of the Code, no part of such payments shall be paid before the day
that is six (6) months plus one (1) day after the date of termination or, if earlier, ten business days following the Executive’s death (the “New Payment Date”). The aggregate of any payments that otherwise would have
been paid to the Executive during the period between the date of termination and the New Payment Date shall be paid to the Executive in a lump sum on such New Payment Date. Thereafter, any payments that remain outstanding as of the day immediately
following the New Payment Date shall be paid without delay over the time period originally scheduled, in accordance with the terms of this Agreement. 

(iii) All reimbursements for costs and expenses under this Agreement shall be paid in no event later than the end of the calendar year
following the calendar year in which the Executive incurs such expense. With regard to any provision herein that provides for reimbursement of costs and expenses or in-kind benefits, except as permitted by
Section 409A, (i) the right to reimbursement or in-kind benefits shall not be subject to liquidation or exchange for another benefit, and (ii) the amount of expenses eligible for reimbursements
or in-kind, benefits provided during any taxable year shall not affect the expenses eligible for reimbursement or in-kind benefits to be provided in any other taxable
year. 
 (iv) If under this Agreement, an amount is paid in two or more installments, for purposes of Section 409A, each installment
shall be treated as a separate payment. Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within thirty (30) days following the date of termination”),
the actual date of payment within the specified period shall be within the sole discretion of the Company. 

  
 12 

 (i) This Agreement will be governed by and construed in accordance with the laws of the
State of Delaware, without giving effect to any choice of law or conflict of law provision or rule. AS A SPECIFICALLY BARGAINED INDUCEMENT FOR EACH OF THE PARTIES TO ENTER INTO THIS AGREEMENT (EACH PARTY HAVING HAD OPPORTUNITY TO CONSULT COUNSEL),
EACH PARTY EXPRESSLY WAIVES THE RIGHT TO TRIAL BY JURY IN ANY PROCEEDING RELATING TO OR ARISING IN ANY WAY FROM THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED IN THIS AGREEMENT. 

(j) Executive hereby represents and warrants to the Company that (i) the execution, delivery and performance of this Agreement by
Executive do not and shall not conflict with, breach, violate or cause a default under any contract, agreement, instrument, order, judgment or decree to which Executive is a party or by which he/she is bound, (ii) Executive is not a party to or
bound by any employment agreement, noncompete agreement or confidentiality agreement with any other person or entity and (iii) upon the execution and delivery of this Agreement by the Company, this Agreement shall be the valid and binding
obligation of Executive on and after the Effective Date, enforceable in accordance with its terms. Executive hereby acknowledges and represents that he has had the opportunity to consult with independent legal counsel or other advisor of
Executive’s choice and has done so regarding Executive’s rights and obligations under this Agreement, that he is entering into this Agreement knowingly, voluntarily, and of Executive’s own free will, that he is relying on
Executive’s own judgment in doing so, and that he fully understands the terms and conditions contained herein. 
 (k) The Company shall
have the right to withhold from any amount payable hereunder any Federal, state and local taxes in order for the Company to satisfy any withholding tax obligation it may have under any applicable law or regulation. 

(l) The covenants and obligations of the Company under Sections 9, 14, 15 and 16 hereof, and the covenants and obligations of Executive
under Sections 9, 11, 12, 13, 14, 15 and 16 hereof, shall continue and survive termination of Executive’s employment or any termination of this Agreement. 

[signature page follows] 

  
 13 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written. 
  

			
	LIONHEART II HOLDINGS, LLC
	
	By: Lionheart Acquisition Corporation II
	Its: Sole Member
		
	By:	 	 /s/ Ophir Sternberg

		
		 	    By: Ophir Sternberg
		 	    Title: Chairman and CEO
		
		 	    EXECUTIVE

 
			
		
		 	 /s/ Frank C. Quesada

		 	Name: Frank C. QuesadaEX-10.7

 Exhibit 10.7 

Execution Version 

ESCROW AGREEMENT 

This ESCROW AGREEMENT (this “Agreement”) is made and entered into as of May 23, 2022, by and among
MSP RECOVERY, INC., a Delaware corporation formerly known as “Lionheart Acquisition Corporation II” (“Parent”), LIONHEART II HOLDINGS, LLC, a Delaware limited liability company and a
wholly-owned subsidiary of Parent (the “Purchaser”), John H. Ruiz, as the representative of the Members (the “Members’ Representative”, and, together with Parent and
Purchaser, sometimes referred to individually as a “Party” and collectively as the “Parties”) and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation
(“Escrow Agent”). Capitalized terms used herein and not otherwise defined shall have the meaning given to such term in the Underlying Agreement. 

RECITALS 

WHEREAS, Parent, the Purchaser, each limited liability company set forth on Schedule 2.1(a) to the
Underlying Agreement (as defined below) (individually an “MSP Purchased Company,” and collectively, the “MSP Purchased Companies”), the members of the MSP Purchased Companies listed on Schedule 2.1(b)
to the Underlying Agreement (each, a “Member” and collectively the “Members”), and the Members’ Representative entered into a Membership Interest Purchase Agreement dated as of July 11, 2021
(the “Underlying Agreement”), which requires that the Purchaser deliver the Escrow Consideration (as defined below) into the Escrow Fund (as defined in the Underlying Agreement) to be held in escrow and disbursed in
accordance with the Underlying Agreement and this Agreement. 
 NOW
THEREFORE, in consideration of the foregoing and of the mutual covenants hereinafter set forth, the parties hereto agree as follows: 

1. Appointment. 

(a) Parent, Purchaser and the Members’ Representative, on behalf of the Members, hereby appoint and designate the Escrow Agent as their
escrow agent to acquire and maintain possession of the Escrow Consideration and to act as their escrow agent for the purposes set forth herein, and the Escrow Agent hereby accepts such appointment and agrees to assume and perform its duties and
obligations pursuant to the terms and conditions set forth herein. The Escrow Agent shall hold the Escrow Consideration in accordance with, and shall not disburse or release any of the Escrow Consideration except in accordance with, the terms and
conditions set forth in this Agreement. 
 (b) The Escrow Agent shall have no duties or obligations with respect to the Underlying Agreement
that are not set forth in this Agreement. 
 2. Escrow Consideration. 

(a) On the Closing Date, in accordance with the terms of the Underlying Agreement, each of Parent and Purchaser agrees to deposit with the
Escrow Agent an aggregate of 6,000,000 Up-C Units (as defined below, valued at $10.00 per unit) of Purchaser (the “Escrow Consideration”). The Escrow Agent shall hold the Escrow
Consideration as a book-entry position registered in the name of “Continental Stock Transfer & Trust Company as Escrow Agent for the benefit of John H. Ruiz, as Members’ Representative.” The Escrow Agent agrees to keep the
Escrow Fund separate from all other property held by the Escrow Agent and to identify the Escrow Fund as being held in connection with this Agreement and the Underlying Agreement. The Escrow Agent shall acknowledge in writing to Parent, Purchaser
and the Members’ Representative receipt of evidence of book-entry registration of the Escrow Consideration from the Purchaser’s transfer agent. Each “Up-C Unit” is comprised
of one Class B Unit of Purchaser (as provided for in the Purchaser A&R LLCA) and one share of Class V Common Stock, par value $0.0001 per share of Parent. 

(b) Any dividends, interest payments, or other distributions of any kind made in respect of the Escrow Consideration shall be delivered
promptly to the Escrow Agent to be deposited and held in a non-interest bearing bank account, insured up to the applicable limits by the Federal Deposit Insurance Corporation, and maintained by the Escrow
Agent in the name of “Continental Stock Transfer & Trust Company as Escrow Agent for the benefit of John H. Ruiz, as Members’ Representative” and shall be deemed part of the Escrow Consideration. 

 

 (c) If the underlying shares or units comprising the
Up-C Units shall have been changed into a materially different number of units or a different class of stock by reason of any reorganization, reclassification, recapitalization, stock split, split up, reverse
stock split, combination or exchange of shares, or any similar event shall have occurred, the underlying shares or units comprising the Up-C Units comprising the Escrow Consideration, while such units are held
in the Escrow Fund, shall be automatically adjusted to reflect fully the effect of any reorganization, reclassification, recapitalization, stock split, split up, reverse stock split, combination or exchange of shares, or similar event. Parent,
Purchaser and the Members’ Representative (on behalf of the Members) agree, for the benefit of Parent, Purchaser and the Escrow Agent, except as otherwise set forth in this Agreement, that any additional shares or units comprising the Escrow
Consideration (or other units or shares of capital stock of Parent or Purchaser or its Subsidiaries) and any cash, property or other assets that may be issued on or distributable with respect to such Up-C
Units (including any securities convertible into or exchangeable for capital stock of Purchaser or its Subsidiaries) or that result from any reorganization, reclassification, recapitalization, stock split, split up, reverse stock split, combination
or exchange of shares, or any similar event, including in connection with any dividend or distribution or any merger, consolidation, acquisition of property or securities, liquidation or other event involving Purchaser, shall not be distributed or
issued to the Members’ Representative or to the Members as the beneficial owners of the Escrow Consideration but shall be deposited in the Escrow Fund, shall become part of the Escrow Consideration and shall remain subject to the terms of this
Agreement. 
 (d) The Parties and the Escrow Agent agree that the Escrow Consideration shall (i) not be subject to set off by the Escrow
Agent or any of its affiliates, (ii) not be subject to any Lien, attachment, trustee process or any other judicial process of any creditor of any party hereto and (iii) be held and disbursed solely for the purposes and in accordance with
the terms of this Agreement, except as otherwise provided in Section 11 below. Further, the Parties and the Escrow Agent acknowledge and agree that no Escrow Consideration, or any portion thereof or beneficial interest
therein may be pledged, subjected to any Lien, sold, assigned or transferred by the Members’ Representative or any Member, or be subject to attachment or taken or attached in any other legal or equitable process in satisfaction of any debt or
liability of the Members’ Representative or any Member prior to the distribution to such Member of such Escrow Consideration in accordance with this Agreement. 

(e) During the time that the Escrow Consideration is held by the Escrow Agent pursuant to this Agreement, the Members listed on Schedule 2.1(b)
to the Underlying Agreement shall be entitled to vote the shares of Class V Common Stock of Parent constituting the Up-C Units (in accordance with their pro rata share set forth on Schedule 3 hereto (each
such pro rata share, an “Escrow Share Allocation”)) on any matters to come before the stockholders of Parent; provided that until released to such Member, such Member shall have no right to possession of, or to sell, assign,
pledge, hypothecate or otherwise transfer or dispose of any Up-C Units or other securities in the Escrow Fund or any interest therein. In order to vote its shares, (i) such Member shall direct the
Members’ Representative in writing as to the exercise of any voting rights by such Member and (ii) the Members’ Representative shall (in accordance with such Member’s Escrow Share Allocation) direct the Escrow Agent to (and the
Escrow Agent shall) vote or cause to be voted such shares of Class V Common Stock of Parent comprising the Up-C Units in accordance with such written direction from the Members’ Representative. In
the absence of any directions from the Members’ Representative, the Escrow Agent shall not (and in the absence of such direction from a Member with respect to such Member’s Escrow Share Allocation the Members’ Representative shall not
direct the Escrow Agent to) vote any of the shares of Class V Common Stock of Parent comprising the Up-C Units that are held in the Escrow Fund that are attributable to such Member. 

(f) No fractional shares shall be released and delivered from the Escrow Fund to the Members’ Representative and all fractional shares
shall be rounded to the nearest whole share. 
 (g) This Agreement (except for the provisions of Section 8 hereto),
the duties of the Escrow Agent and the bank accounts shall automatically terminate and shall have no further force or effect upon the first to occur of (i) the distribution in full by the Escrow Agent of all of the Escrow Consideration in
accordance with this Agreement, or (ii) the delivery to the Escrow Agent of a written notice of termination executed jointly by Parent, Purchaser and the Members’ Representative and the release by the Escrow Agent of all of the Escrow
Consideration. 

  
 2 

 3. Disposition and Termination. 

(a) As promptly as practicable, and in any event within two (2) Business Days, following the date on which the Escrow Agent receives
(i) a joint written instruction made by Parent, Purchaser and the Members’ Representative, substantially in the form attached hereto as Exhibit A, signed by the authorized representatives identified on Schedule 1 (a
“Joint Direction”), or (ii) a final non-appealable order of any court or arbitrator of competent jurisdiction that may be issued ordering the Escrow Agent to distribute all or any
portion of the Escrow Consideration or determining the rights of the Parties or any other person with respect to the Escrow Consideration, together with (A) a certificate, substantially in the form attached hereto as Exhibit B, signed by
the authorized representative identified on Schedule 1 of the prevailing Party (as between Purchaser and the Members’ Representative (or any Member)) to the effect that such judgment is final and
non-appealable and from a court or arbitrator of competent jurisdiction having proper authority and (B) the written payment instructions of the prevailing Party (a “Release
Order”), the Escrow Agent shall release from the Escrow Fund and instruct Parent’s and Purchaser’s transfer agent to transfer and deliver the applicable number of Up-C Units (and other
securities) in book-entry form in the amounts and to the Persons identified in such Joint Direction (which shall correspond to each Member’s Escrow Share Allocation) or Release Order. 

(b) Any liability incurred by the Indemnifying Parties (as such term is defined in the Underlying Agreement) pursuant to the terms of the
Underlying Agreement shall be paid by the return for cancellation of the Up-C Units comprising the Escrow Consideration in accordance with the terms of the Underlying Agreement and this Agreement, pursuant to
the procedures set forth in Article XI of the Underlying Agreement. 
 (c) Following the receipt by the Escrow Agent of a Release Certificate
(as defined below), and within five (5) Business Days following the expiration of the Release Date, the remaining Escrow Consideration will be released from the Escrow Fund to the Members’ Representative less the portion of the Escrow
Consideration (at an assumed value of $10.00 per Up-C Unit comprising the Escrow Consideration) equal to the amount of any potential Losses set forth in any Indemnification Notice, complying with the
requirements and received by the Members’ Representative as set forth in Section 11.3 of the Underlying Agreement, with respect to any pending but unresolved claim for indemnification. Prior to the Release Date, the Members’
Representative shall issue to the Escrow Agent a certificate executed by the Members’ Representative substantially in the form attached hereto as Exhibit C (a “Release Certificate”) instructing the Escrow Agent to
release such number of Up-C Units comprising the Escrow Consideration as determined in accordance with this Section 3(c) and Section 11.4(d) of the Underlying Agreement. Any
Escrow Consideration retained in the Escrow Fund as a result of the immediately preceding sentence shall be released to the Members’ Representative promptly upon resolution of the related claim for indemnification in accordance with the
provisions of the Underlying Agreement upon the receipt by the Escrow Agent of a Release Certificate. 
 (d) Upon the release and delivery of
all the Escrow Consideration by the Escrow Agent in accordance with the terms of this Agreement and such written instructions, this Agreement shall terminate, subject to the provisions of Section 6. 

4. Escrow Agent. 

(a) The Escrow Agent hereby agrees and covenants with Parent, Purchaser and the Members’ Representative that it shall perform all of its
obligations under this Agreement and shall not deliver custody or possession of any of the Escrow Consideration to anyone, except pursuant to the express terms of this Agreement or as otherwise required by applicable law. The Escrow Agent hereby
undertakes to perform only those duties as are specifically and expressly provided herein, which shall be deemed purely ministerial in nature, and no other duties shall be implied, other than the implied duty of good faith and fair dealing. The
Escrow Agent shall neither be responsible for, nor chargeable with, knowledge of, nor have any requirements to comply with, the terms and conditions of any other agreement (other than this Agreement), instrument or document between Purchaser,
Members and any other person or entity, in connection herewith, if any, including without limitation the Underlying Agreement nor shall the Escrow Agent be required to determine if any person or entity has complied with any such agreements, nor
shall any additional obligation of the Escrow Agent be inferred from the terms of such agreements, even though reference thereto may be made in this Agreement. 

  
 3 

 (b) In the event of any conflict between the terms and provisions of this Agreement, those
of the Underlying Agreement, any schedule or exhibit attached to this Agreement, or any other agreement between Purchaser and Members or any other person or entity, the terms and conditions of this Agreement shall control. 

(c) The Escrow Agent may rely upon and shall not be liable for acting or refraining from acting upon any written notice, document, instruction
or request furnished to it hereunder and believed by it to be genuine and to have been signed or presented by Purchaser and the Members’ Representative without inquiry and without requiring substantiating evidence of any kind. The Escrow Agent
shall not be liable to any beneficiary or other person for refraining from acting upon any instruction setting forth, claiming, containing, objecting to, or related to the transfer or distribution of the Escrow Consideration, or any portion thereof,
unless such instruction shall have been delivered to the Escrow Agent in accordance with Section 9 below and the Escrow Agent has been able to satisfy any applicable security procedures as may be required hereunder and as
set forth in Section 10. The Escrow Agent shall be under no duty to inquire into or investigate the validity, accuracy or content of any such document, notice, instruction or request. The Escrow Agent shall have no duty to
solicit any payments which may be due nor shall the Escrow Agent have any duty or obligation to confirm or verify the accuracy or correctness of any amounts deposited with it hereunder. 

(d) The Escrow Agent shall not be liable for any action taken, suffered or omitted to be taken by it in good faith except to the extent that a
final adjudication of a court of competent jurisdiction determines that the Escrow Agent’s gross negligence or willful misconduct was the primary cause of any loss to either Purchaser or Members or their beneficiaries. The Escrow Agent may
execute any of its powers and perform any of its duties hereunder directly or through affiliates or agents. 
 (e) The Escrow Agent may
consult with counsel, accountants and other skilled persons to be selected and retained by it. The Escrow Agent shall not be liable for any action taken, suffered or omitted to be taken by it in accordance with, or in reliance upon, the advice or
opinion of any such counsel, accountants or other skilled persons except to the extent that a final adjudication of a court of competent jurisdiction determines that the Escrow Agent’s gross negligence or willful misconduct was the primary
cause of any loss to either Purchaser or Members or their beneficiaries. In the event that the Escrow Agent shall be uncertain or believe there is some ambiguity as to its duties or rights hereunder or shall receive instructions, claims or demands
which, in its opinion, conflict with any of the provisions of this Agreement, it shall be entitled to refrain from taking any action and its sole obligation shall be to keep safely all the property held in escrow until it shall be given a Joint
Direction from Parent, Purchaser and the Members’ Representative which eliminates such ambiguity or uncertainty to the satisfaction of the Escrow Agent or by a final and non-appealable order or judgement
of a court of competent jurisdiction. 
 5. Succession. 

(a) The Parties, acting jointly, may remove the Escrow Agent at any time, with or without cause, by giving to the Escrow Agent fifteen
(15) calendar days’ advance notice in writing of such removal signed by the authorized representatives identified on Schedule 1. The Escrow Agent may resign and be discharged from its duties or obligations hereunder by giving thirty
(30) days’ advance notice in writing of such resignation to Parent, Purchaser and Members’ Representative specifying a date when such resignation shall take effect, provided that such resignation shall not take effect until a
successor Escrow Agent has been appointed in accordance with this Section 5. If Purchaser and the Members’ Representative have failed to appoint a mutually acceptable successor Escrow Agent prior to the expiration of
thirty (30) days following receipt of the notice of resignation, the Escrow Agent may petition any court of competent jurisdiction for the appointment of a successor Escrow Agent or for other appropriate relief, and any such resulting
appointment shall be binding upon all of the parties hereto. The Escrow Agent’s sole responsibility after such thirty (30) day notice period expires shall be to hold the Escrow Consideration (without any obligation to reinvest the same)
and to deliver the same to a designated substitute Escrow Agent, if any, or in accordance with the directions of a final order or judgement of a court of competent jurisdiction, at which time of delivery the Escrow Agent’s obligations hereunder
shall ease and terminate, subject to the provisions of Section 7 below. In accordance with Section 7 below, the Escrow Agent shall have the right to withhold, as security, an amount of shares equal
to any dollar amount due and owing to the Escrow Agent in connection with this Agreement, plus any costs and expenses the Escrow Agent shall reasonably believe may be incurred by the Escrow Agent in connection with the termination of this Agreement.

  
 4 

 (b) Any entity into which the Escrow Agent may be merged or converted or with which it may
be consolidated, or any entity to which all or substantially all the escrow business may be transferred, shall be the Escrow Agent under this Agreement without further act. 

6. Compensation and Reimbursement.  

The Escrow Agent shall be entitled to compensation for its services under this Agreement as Escrow Agent and for reimbursement for its
reasonable out-of-pocket costs and expenses, in the amounts and payable by Purchaser as set forth on Schedule 2. The Escrow Agent shall also be entitled to
payments of any amounts to which the Escrow Agent is entitled under the indemnification provisions contained herein as set forth in Section 7. The obligations of Purchaser set forth in this
Section 6 shall survive the resignation, replacement or removal of the Escrow Agent or the termination of this Agreement. 

7. Indemnity. 

(a) The Escrow Agent shall be indemnified and held harmless by Parent, Purchaser and Members from and against any expenses, including counsel
fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow
Agent hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or
proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the Nature of Interpleader in any state of federal court
located in the State of New York. 
 (b) The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the
exercise of its own best judgement, and 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 Escrow Agent), 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 is believed by the Escrow Agent to be genuine and
to be signed or presented by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing delivered to the Escrow
Agent. 
 (c) The Escrow Agent shall not be liable for any action taken by it in good faith and believed by it to be authorized or within the
rights or powers conferred upon it by this Agreement, and may consult with counsel of its own choice and shall have full and complete authorization and indemnification, for any action taken or suffered by it hereunder in good faith and in accordance
with the opinion of such counsel. 
 (d) This Section 7 shall survive termination of this Agreement or the
resignation, replacement or removal of the Escrow Agent for any reason. 
 8. Patriot Act Disclosure/Taxpayer Identification
Numbers/Tax Reporting. 
 (a) Patriot Act Disclosure. Section 326 of the Uniting and Strengthening America by Providing
Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (“USA PATRIOT Act”) requires the Escrow Agent to implement reasonable procedures to verify the identity of any person that opens a new account with
it. Accordingly, Purchaser and the Members’ Representative acknowledge that Section 326 of the USA PATRIOT Act and the Escrow Agents’ identity verification procedures require the Escrow Agent to obtain information which may be used to
confirm the identity of Purchaser or the Members’ Representative including without limitation name, address and organizational documents (“identifying information”). Purchaser and the Members’ Representative agrees
to provide the Escrow Agent with and consent to the Escrow Agent obtaining from third parties any such identifying information required as a condition of opening an account with or using any service provided by the Escrow Agent. 

  
 5 

 (b) The Parties agree that any amounts described in Section 2(b) shall be allocated to
Parent for U.S. federal and applicable state and local income tax purposes and shall be reported by the Escrow Agent to Parent and to the Internal Revenue Service (“IRS”), or any other taxing authority as required by law, on
IRS Form 1099 (or other appropriate form) as income earned by Parent for such taxable year, whether or not said income has been distributed during such year. Escrow Agent shall withhold any taxes required to be withheld by applicable law, including
but not limited to required withholding in the absence of proper tax documentation, and shall remit such taxes to the appropriate authorities. The Parties agree that the Escrow Agent shall not have any other contractual obligation to file or prepare
any tax returns or to prepare any other reports for any taxing authorities concerning the matters covered by this Agreement, except as required by applicable law. Notwithstanding the foregoing, such underlying transaction does not constitute an
installment sale requiring any tax reporting or withholding of imputed interest or original issue discount to the IRS or other taxing authority. 

9. Notices. 

(a) All communications hereunder shall be in writing and, except for communications setting forth, claiming, containing, objecting to, or in
any way related to the full or partial transfer or distribution of the Escrow Consideration, including but not limited to transfer instructions (all of which shall be specifically governed by Section 10 below), all notices
and communications hereunder shall be deemed to have been duly given and made if in writing and if (i) served by personal delivery upon the party for whom it is intended, (ii) delivered by registered or certified mail, return receipt
requested, or by Federal Express or similar overnight courier, or (iii) sent by facsimile or email, electronically or otherwise, to the party at the address set forth below, or such other address as may be designated in writing hereafter, in
the same manner, by such party: 
 If to the Escrow Agent: 

Continental Stock Transfer and Trust Company 

One State Street — 30th Floor 

New York, New York 10004 

Facsimile No: (212) 616-7615 

Attention:______________________ 

Email:_________________________ 

if to Parent or Purchaser, to: 

2701 Le Jeune Road, Floor 10 

Coral Gables, Florida 33134 

Attn: General Counsel 
 Email:
generalcounsel@msprecovery.com 
 with a copy to (which shall not constitute notice): 

Weil, Gotshal & Manges LLP 

767 Fifth Avenue 
 New York, NY
10153 
 Attention: Michael J. Aiello 

Amanda Fenster 
 Email:
michael.aiello@weil.com 
             amanda.fenster@weil.com 

if to the MSP Companies: 
 2701 Le
Jeune Road, Floor 10 
 Coral Gables, Florida 33134 

Attn: General Counsel 
 Email:
generalcounsel@msprecovery.com 

  
 6 

 with a copy to (which shall not constitute notice): 

Weil, Gotshal & Manges LLP 

767 Fifth Avenue 
 New York, NY
10153 
 Attention: Michael J. Aiello 

Amanda Fenster 
 Email:
michael.aiello@weil.com 
             amanda.fenster@weil.com 

if to the Members’ Representative: 

2701 Le Jeune Road, Floor 10 

Coral Gables, Florida 33134 

Attn: John H. Ruiz 
 Email:
jruiz@msprecovery.com 
 with a copy to (which shall not constitute notice): 

Weil, Gotshal & Manges LLP 

767 Fifth Avenue 
 New York, NY
10153 
 Attention: Michael J. Aiello 

Amanda Fenster 
 Email:
michael.aiello@weil.com 
             amanda.fenster@weil.com 

(b) Notwithstanding the above, in the case of communications delivered to the Escrow Agent, such communications shall be deemed to have been
given on the date received by an officer of the Escrow Agent or any employee of the Escrow Agent who reports directly to any such offer at the above-referenced office. In the event that the Escrow Agent, in its sole discretion, shall determine that
an emergency exists, the Escrow Agent may use such other means of communication as the Escrow Agent deems appropriate. For purposes of this Agreement, “Business Day” shall mean any day other than a Saturday, Sunday or any
other day on which the Escrow Agent located at the notice address set forth above is authorized or required by law or executive order to remain closed. 

10. Security Procedures. 

(a) Notwithstanding anything to the contrary as set forth in Section 9, any instructions setting forth, claiming,
containing, objecting to, or in any way related to the transfer distribution, including but not limited to any transfer instructions that may otherwise be set forth in a Joint Direction permitted pursuant to Section 3 of
this Agreement, may be given to the Escrow Agent only by confirmed facsimile or other electronic transmission (including e-mail) and no instruction for or related to the transfer or distribution of the Escrow
Consideration, or any portion thereof, shall be deemed delivered and effective unless the Escrow Agent actually shall have received such instruction by facsimile or other electronic transmission (including
e-mail) at the number or e-mail address for the Escrow Agent set forth in Section 9 and as further evidenced by a confirmed transmittal to that
number. 
 (b) In the event transfer instructions are so received by the Escrow Agent by facsimile or other electronic transmission
(including e-mail), the Escrow Agent is authorized to seek confirmation of such instructions by telephone call-back to the person or persons designated on Schedule 1 hereto, and the Escrow Agent may
rely upon the confirmation of anyone purporting to be the person or persons so designated. The persons and telephone numbers for call-backs may be changed only in writing actually received and acknowledged by the Escrow Agent. If the Escrow Agent is
unable to contact any of the authorized representatives identified on Schedule 1, the Escrow Agent is hereby authorized both to receive written instructions from and seek confirmation of such instructions by officers of Parent, Purchaser and
the Members’ Representative (collectively, the “Senior Officers”), as the case may be, which shall include the titles of Chief Executive Officer, General Counsel, Chief Financial Officer, President of Executive Vice
President, as the Escrow Agent may select. Such Senior Officer shall deliver to the Escrow Agent a fully executed incumbency certificate, and the Escrow Agent may rely upon the confirmation of anyone purporting to be any such officer. 

  
 7 

 (c) Purchaser and the Members’ Representative acknowledge that the Escrow Agent is
authorized to deliver the Escrow Consideration to the custodian account of recipient designated by the Members’ Representative in writing. 

11. Compliance with Court Officers. In the event that any portion of the Escrow Consideration shall be attached, garnished
or levied upon by any court order, or the delivery thereof shall be stayed or enjoined by an order of a court, or any order, judgement of decree shall be made or entered by any court order affecting the property deposited under this Agreement, the
Escrow Agent is hereby expressly authorized, in its sole discretion, to obey and comply with all writs, orders or decrees so entered or whether with or without jurisdiction, and in the event that the Escrow Agent reasonably obeys or complies with
any such writ, order or decree it shall not be liable to any of the parties hereto or to any other person, entity, firm or corporation, by reason of such compliance notwithstanding such writ, order or decree by subsequently reversed, modified,
annulled, set aside or vacated. 
 12. Miscellaneous 

(a) Except for changes to transfer instructions as provided in Section 10, the provisions of this Agreement may be
waived, altered, amended or supplemented, in whole or in part, only by a writing signed by the Escrow Agent, Parent, Purchaser and the Members’ Representative. Parent, Purchaser and the Members’ Representative may assign any right or
interest hereunder, but not any obligation, to the same extent they are permitted to assign their rights and interests under the Underlying Agreement. No assignment of the interest of either Party shall be binding on the Escrow Agent unless and
until written notice of such assignment is filed with and acknowledged in writing by the Escrow Agent. To comply with federal law including USA Patriot Act requirements, assignees shall provide to the Escrow Agent the appropriate form W-9 or W-8 (as applicable) and such other forms and documentation that Escrow Agent may request to verify identification and authorization to act. 

(b) This Agreement shall be governed by and construed under the laws of the State of New York. Each of the Parties and the Escrow Agent
irrevocably waives any objection on the grounds of venue, forum non-conveniens or any similar grounds and irrevocably consents to service of process by mail or in any other manner permitted by
applicable law and consents to the jurisdiction of any state or federal court located in the State of New York. To the extent that in any jurisdiction any party may now or hereafter be entitled to claim for itself or its assets, immunity from suit,
execution attachment (before or after judgement), or other legal process, such party shall not claim, and it hereby irrevocably waives, such immunity. The parties further hereby waive any right to a trial by jury with respect to any lawsuit or
judicial proceedings arising or relating to this Agreement. 
 (c) No party is liable to any other party for losses due to, or if it is
unable to perform its obligations under the terms of this Agreement because of, acts of God, fire, war, terrorism, floods, strikes, electrical outages, equipment or transmission failure, or other causes reasonably beyond its control. 

(d) This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall
constitute one and the same instrument. All signatures of the parties to this Agreement may be transmitted by facsimile or other electronic transmission (including e-mail), and such facsimile or other
electronic transmission (including e-mail) will, for all purposes, be deemed to be the original signature of such party whose signature it reproduces, and will be binding upon such party. 

(e) If any provision of this Agreement is determined to be prohibited or unenforceable by reason of any applicable law of a jurisdiction, then
such provision shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions thereof, and any such prohibition or unenforceability in such jurisdiction shall not
invalidate or render unenforceable such provisions in any other jurisdiction. 

  
 8 

 (f) A person who is not a party to this Agreement, other than the Members, shall have no
right to enforce any term of this Agreement. 
 (g) The parties represent, warrant and covenant that each document, notice, instruction or
request provided by such arty to the other party shall comply with applicable laws and regulations. Where, however, the conflicting provisions of any such applicable law may be waived, they are hereby irrevocably waived by the parties hereto to the
fullest extent permitted by law, to the end that this Agreement shall be enforced as written. 
 (h) Except as expressly provided in
Section 7 above, nothing in this Agreement, whether express or implied, shall be construed to give to any person or entity other than the Escrow Agent, Parent, Purchaser and Members any legal or equitable right, remedy,
interest or claim under or in respect of this Agreement or the Escrow Consideration escrowed hereunder. 
 [REMAINDER OF THIS PAGE
INTENTIONALLY LEFT BLANK] 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date set forth
above. 
  

			
	ESCROW AGENT:
	
	Continental Stock Transfer & Trust Company
		
	By:	 	 /s/ Henry Farrell

		 	Name: Henry Farrell
		 	Title: Vice President
	
	PARENT:
	
	Lionheart Acquisition Corporation II
		
	By:	 	 /s/ Ophir Sternberg

		 	Name: Ophir Sternberg
		 	Title: Chairman and CEO
	
	MSP Recovery, Inc.
		
	By:	 	 /s/ John H. Ruiz

		 	Name: John H. Ruiz
		 	Title: Chief Executive Officer
	
	PURCHASER:
	
	Lionheart II Holdings, LLC
		
	By:	 	 /s/ Ophir Sternberg

		 	Name: Ophir Sternberg
		 	Title: Chairman and CEO
	
	MEMBERS’ REPRESENTATIVE (SOLELY IN HIS CAPACITY AS SUCH):
	
	John H. Ruiz
		
	By:	 	 /s/ John H. Ruiz

 [Signature Page to Share Escrow Agreement] 

 Schedule 1 

Telephone Number(s) and authorized signature(s) 

for 
 Person(s) Designated
to give Escrow Transfer Instructions 
  

							
	 Party
	  	 Representative
	  	 Telephone No.
	  	 Signature

	 Parent
 Purchaser

Members’ Representative
	  	John H. Ruiz	  	(305) 614-2222	  	N/A (signatory to Agreement)

 Schedule 1-1 

 Schedule 2 

Compensation and Reimbursement 

None. 
 Schedule 2-1 

 Schedule 3 

Escrow Share Allocations 
  

					
	 Frank C. Quesada
	  	 	1,364,613	 
	 Quesada Group Holdings LLC
	  	 	435,387	 
	 Jocral Family LLLP
	  	 	3,184,097	 
	 John H. Ruiz
	  	 	0	 
	 Ruiz Group Holdings Limited, LLC
	  	 	1,015,903	 
	 John H. Ruiz, II
	  	 	0	 

 Schedule 3-1 

 Exhibit A 

JOINT DIRECTION 
 TO: Continental Stock
Transfer and Trust Company 
 as Escrow Agent 
 One State Street
— 30th Floor 
 New York, New York 10004 
 Facsimile No:
(212) 616-7615 
 Attn: [•] 

This certificate is issued as of the [•] day of [•], [•], pursuant to Section 3 of that certain Escrow Agreement,
dated as of May 23, 2022 (the “Escrow Agreement”), by and among MSP RECOVERY, INC., a Delaware corporation formerly known as “Lionheart Acquisition Corporation II” (“Parent”),
LIONHEART II HOLDINGS, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Parent (the “Purchaser”), John H. Ruiz, as the representative of the Members (the “Members’
Representative”) and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (the “Escrow Agent”). Capitalized terms used herein but not otherwise defined shall have the
meanings ascribed to them in the Escrow Agreement. 
 Parent, Purchaser and the Members’ Representative hereby jointly instruct the Escrow Agent to
release from the Escrow Fund, and instruct [•], Parent’s and Purchaser’s transfer agent, to transfer and deliver to the persons identified on Exhibit A attached hereto, the number of Up-C
Units in respect of such person as set forth on Exhibit A. 

 Each of the undersigned hereby represents and warrants that it has been authorized to execute this
certificate. This certificate may be signed in counterparts. 
  

			
	PURCHASER:
	
	LIONHEART II HOLDINGS, LLC
	By:	 	  

	Name:	 	  

	Title:	 	  

	
	MEMBERS’ REPRESENTATIVE (SOLELY IN HIS CAPACITY AS SUCH):
	
	JOHN H. RUIZ
		
	By:	 	  

	Name:	 	  

	Title:	 	  

		
	PARENT:	 	
	
	MSP RECOVERY, INC.
		
	By:	 	  

	Name:	 	  

	Title:	 	  

 Exhibit B 

CERTIFICATE OF RELEASE ORDER 
 TO: 

Continental Stock Transfer and Trust Company 
 as Escrow Agent

 One State Street — 30th Floor 
 New York, New York 10004

 Facsimile No: (212) 616-7615 

Attn: [•] 
 Pursuant to, and in accordance
with, Section 3 of that certain Escrow Agreement, dated as of May 23, 2022 (the “Escrow Agreement”), by and among MSP RECOVERY, INC., a Delaware corporation formerly known as
“Lionheart Acquisition Corporation II” (“Parent”), LIONHEART II HOLDINGS, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Parent (the “Purchaser”), John H.
Ruiz, as the representative of the Members (the “Members’ Representative”) and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (the “Escrow
Agent”), the undersigned hereby certifies to the Escrow Agent and [Purchaser]/[Members’ Representative] that: 
  

	 	1.	 attached is a Release Order pursuant to which the Escrow Agent is authorized to promptly release
[•] Up-C Units from the Escrow Fund to [name of applicable recipient] to [insert wire instructions/security remittance instructions] and the Escrow Agent is instructed to comply with such
Release Order [and to instruct [•], Purchaser’s transfer agent, to transfer and deliver such Up-C Units on its books]; 

 

	 	2.	 the Release Order is final and from a court of competent jurisdiction; 

 

	 	3.	 the Escrow Agent shall be entitled to conclusively rely on the attached Release Order without further
investigation; and 

  

	 	4.	 [Purchaser]/[Members’ Representative] [are/is] delivering a copy of this Certificate of Release
Order simultaneously to [Purchaser]/[Members’ Representative]. 

 Capitalized terms not defined herein shall have the meanings
ascribed to them in the Escrow Agreement. 
 Dated: 
  

			
	 PURCHASER:
  

Lionheart II Holdings, LLC
  

By: _________________________
 Name: _______________________

Title: ________________________
	  	 MEMBERS’ REPRESENTATIVE:
  

John H. Ruiz
  

By: _________________________
 Name: _______________________

Title: ________________________

 Exhibit C 

RELEASE CERTIFICATE 
 TO: Continental
Stock Transfer and Trust Company 
 as Escrow Agent 
 One State
Street — 30th Floor 
 New York, New York 10004 
 Facsimile
No: (212) 616-7615 
 Attn: [•] 

This certificate is issued as of the [•] day of [•], [•], pursuant to Section 3(c) of that certain Escrow Agreement,
dated as of May 23, 2022 (the “Escrow Agreement”), by and among MSP RECOVERY, INC., a Delaware corporation formerly known as “Lionheart Acquisition Corporation II” (“Parent”),
LIONHEART II HOLDINGS, LLC, a Delaware limited liability company and a wholly-owned subsidiary of Parent (the “Purchaser”), John H. Ruiz, as the representative of the Members (the “Members’
Representative”, and, together with Parent and Purchaser, sometimes referred to individually as a “Party” and collectively as the “Parties”) and CONTINENTAL STOCK
TRANSFER & TRUST COMPANY, a New York corporation (“Escrow Agent”). Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Escrow Agreement. 

The Members’ Representative hereby instructs the Escrow Agent to release from the Escrow Fund, and instructs [•], Parent’s and Purchaser’s
transfer agent, to transfer and deliver to the Members’ Representative [•] Up-C Units. 

 The undersigned hereby represents and warrants that it has been authorized to execute this certificate. 

 

			
	MEMBERS’ REPRESENTATIVE (SOLELY IN HIS CAPACITY AS SUCH):
		
	By:	 	  

	Name: John H. Ruiz

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