Item 1.01. Entry into a Material Definitive Agreement.

On November 1, 2022, Fusion Acquisition Corp. II (the "Company" or "we") issued an unsecured convertible promissory note (the "Convertible Note") to BOKA Founder LP ("BOKA"), pursuant to which the Company may borrow up to $500,000 from BOKA for ongoing expenses reasonably related to the business of the Company and the consummation of the Business Combination, as defined below. All unpaid principal under the Convertible Note will be due and payable in full on the earlier of (i) the termination date of the Company as listed in its organizational documents (the "Organizational Documents"), which is currently March 2, 2023, or such later date as may be approved by the Company's stockholders in accordance with the Organizational Documents, and (ii) the effective date of a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination, involving the Company and one or more businesses (the "Business Combination") (such earlier date, the "Maturity Date"). BOKA will have the option, at any time on or prior to the Maturity Date, to convert any amounts outstanding under the Convertible Note into warrants to purchase shares of the Company's Class A common stock, par value $0.0001 per share ("Class A common stock"), at a conversion price of $1.50 per warrant, with each warrant entitling the holder to purchase one share of Class A common stock at a price of $11.50 per share, subject to the same adjustments applicable to the private placement warrants sold concurrently with the Company's initial public offering; provided, that BOKA's optional conversion shall be reduced such that the amount of principal converted pursuant to (i) that certain Convertible Promissory Note, dated as of March 5, 2021, between Fusion Sponsor II LLC and the Company, (ii) that certain Convertible Promissory Note, dated as of December 3, 2021, between John James and the Company and (iii) the Convertible Note does not exceed $1,500,000 in the aggregate.

The foregoing description of the Convertible Note does not purport to be complete and is qualified in its entirety by the provisions of the Convertible Note, which is attached hereto as Exhibit 10.1 and incorporated by reference herein.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The disclosure set forth above in Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein.

Item 3.02 Unregistered Sales of Equity Securities.

The disclosure set forth above in Item 1.01 of this Current Report on Form 8-K is incorporated by reference herein.

The issuance of the Convertible Note was made pursuant to the exemption from registration contained in Section 4(a)(2) of the Securities Act of 1933, as amended.





Forward-Looking Statements

This Current Report on Form 8-K includes "forward-looking statements" within the meaning of the safe harbor provisions of the United States Private Securities Litigation Reform Act of 1995. Certain of these forward-looking statements can be identified by the use of words such as "believes," "expects," "intends," "plans," "estimates," "assumes," "may," "should," "will," "seeks," or other similar expressions. Such statements may include, but are not limited to, statements regarding the impact of the Company's restatement of certain historical financial statements, the Company's cash position and cash held in the Trust Account and any proposed remediation measures with respect to identified material weaknesses. These statements are based on current expectations on the date of this Current Report on Form 8-K and involve a number of risks and uncertainties that may cause actual results to differ significantly. The Company does not assume any obligation to update or revise any such forward-looking statements, whether as the result of new developments or otherwise. Readers are cautioned not to put undue reliance on forward-looking statements.

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