Document:

Exhibit 10.1

 

EXECUTION COPY

 

EXCHANGE AGREEMENT

 

THIS EXCHANGE AGREEMENT (the
“Agreement”) is dated this 19th day of October, 2022, by and among Faraday Future Intelligent Electric Inc., a Delaware
corporation with offices located at 18455 S. Figueroa Street, Gardena, CA 90248 (the “Company”), and the investors
signatory hereto (collectively the “Holders”).

 

WHEREAS, the Holders beneficially
own and hold the securities of the Company as set forth on Exhibit A hereto (the “Original Notes”) (capitalized
terms not defined herein shall have the meaning as set forth in the Original Notes);

 

WHEREAS, each Holder desires
to exchange (the “Exchange”) such aggregate principal amount of the Original Notes as set forth opposite such Holder’s
name on Exhibit A attached hereto (the “Exchanging Securities”) for (x) such aggregate number of shares
(the “Exchange Shares”) of Common Stock, par value $0.0001 (the “Common Stock”) as set forth opposite
such Holder’s name on Exhibit A attached hereto, reflecting a price per share of Common Stock of $0.514, and the Company
desires to convey the Exchange Shares in exchange for the Exchanging Securities and, all on the terms and conditions set forth in this
Agreement in reliance on the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities
Act”); and

 

WHEREAS, upon the consummation
of the transactions contemplated hereby, the Holders shall no longer own any Exchanging Securities, and the Company shall cancel the certificate(s)
and other physical documents evidencing the ownership of the Exchanging Securities.

 

NOW, THEREFORE, in consideration
of the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Company and the Holders hereby agree as follows:

 

Section 1. Exchange.
Subject to and upon the terms and conditions set forth in this Agreement, the Holders agrees to surrender to the Company the Exchanging
Securities and, in exchange therefor, the Company shall convey to the Holders the Exchange Shares.

 

1.1 Closing.
On the Closing Date (as defined below), the Company will convey and deliver (or cause to be conveyed and delivered) the Exchange Shares
to each Holder by deposit/withdrawal at custodian in accordance with the instructions attached hereto as Schedule I, which
Exchange Shares shall be issued without restricted legend and shall be freely tradable by such applicable Holder and each Holder will
surrender to the Company the Exchanging Securities for cancellation and duly execute and, if requested by the Company, deliver to the
Company a Rule 144 representation letter in a form reasonably acceptable to the Company (the “144 Rep letter”). The
closing of the Exchange shall occur as on the date hereof, or as soon thereafter as the parties may mutually agree in writing (the “Closing
Date”), subject to the provisions of Section 4 and Section 5 herein.

 

1.2 Section 3(a)(9).
Assuming the accuracy of the representations and warranties of each of the Company and the Holders set forth in Sections 2 and 3 of this
Agreement, the parties acknowledge and agree that the purpose of such representations and warranties is, among other things, to ensure
that the Exchange qualifies as an exchange of securities under Section 3(a)(9) of the Securities Act.

 

    

     

    

 

Section 2. Representations
and Warranties of the Company. The Company represents and warrants to the Holders that:

 

2.1 Organization
and Qualification. Except as set forth on Schedule 2.1, the Company is an entity duly incorporated or otherwise organized,
validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power
and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company, nor any
subsidiary is in violation or default of any of the provisions of its respective certificate or certificates of incorporation, bylaws
or other organizational or charter documents. Each of the Company and its subsidiaries is duly qualified to conduct business and is in
good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property
owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could
not have or reasonably be expected to result in a material adverse effect on the results of operations, assets, business, prospects or
condition (financial or otherwise) of the Company, taken as a whole (a “Material Adverse Effect”).

 

2.2 Authorization;
Enforcement. The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated
by this Agreement and the Exchange Shares (collectively, the “Exchange Documents”) and otherwise to carry out its obligations
hereunder and thereunder. The execution and delivery of this Agreement and each of the other Exchange Documents by the Company and the
consummation by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of
the Company and no further action is required by the Company, the Board of Directors or the Company’s stockholders in connection
herewith or therewith. This Agreement and each other Exchange Document to which it is a party has been (or upon delivery will have been)
duly executed by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding
obligation of the Company enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles
and applicable bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’
rights generally; (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies;
and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

2.3 Issuance
of Exchange Shares. The issuance of the Exchange Shares by the Company is duly authorized and, upon conveyance in accordance with
the terms hereof, the Exchange Shares shall be validly issued, fully paid and non-assessable and free from all free and clear of any mortgage,
lien, pledge, charge, security interest, encumbrance, title retention agreement, option, rights, proxies, equity or other adverse claim
thereto (collectively, “Liens”). The Exchange Shares shall not bear any restrictive legend and shall be freely tradeable
by each Holder pursuant to and in accordance with Rule 144. The Exchange Shares shall not be required to bear any restrictive legend and
shall be freely transferable by such applicable Holder pursuant to and in accordance with Rule 144 of the Securities Act (“Rule
144”), provided, for the avoidance of doubt, that such applicable Holder shall not be an affiliate of the Company and shall
not have been an affiliate during the 90 days preceding the date of any transfer.

 

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2.4 No Conflicts.
The execution, delivery and performance by the Company of this Agreement and the other Exchange Documents to which it is a party, the
issuance of the Exchange Shares and the consummation by it of the transactions contemplated hereby and thereby do not and will not conflict
with or violate any provision of the Company’s certificate of incorporation, bylaws or other organizational or charter documents.

 

2.5 Acknowledgment
Regarding the Exchange. The Company acknowledges and agrees that each Holder is acting solely in the capacity of an arm’s length
third party with respect to this Agreement and the transactions contemplated hereby. The Company further acknowledges each Holder is not
acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement and the transactions
contemplated hereby, and any advice given by any Holder or any of its representatives or agents in connection with this Agreement is merely
incidental to the Exchange.

 

2.6 No Commission;
No Other Consideration. The Company has not paid or given, and has not agreed to pay or give, directly or indirectly, any commission
or other remuneration for soliciting the Exchange. The Exchange Shares are being conveyed exclusively for the exchange of the Exchanging
Securities and no other consideration has or will be paid for the Exchange Shares.

 

2.7 3(a)(9) Representation.
The Company has not, nor has any person acting on its behalf, directly or indirectly made any offers or sales of any security or solicited
any offers to buy any security under circumstances that would cause the Exchange and the issuance of the Exchange Shares pursuant to this
Agreement to be integrated with prior offerings by the Company for purposes of the Securities Act which would prevent the Company from
delivering the Exchange Shares to each Holder pursuant to Section 3(a)(9) of the Securities Act, nor will the Company take any action
or steps that would cause the Exchange, issuance and delivery of the Exchange Shares to be integrated with other offerings to the effect
that the delivery of the Exchange Shares to each Holder would be seen not to be exempt pursuant to Section 3(a)(9) of the Securities Act.

 

2.8 No Third-Party
Advisors. Other than legal counsel, the Company has not engaged any third parties to assist in the solicitation with respect to the
Exchange.

 

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2.9 [Reserved.]  

 

2.10 [Reserved.]  

 

2.11 Filings,
Consents and Approvals.  Other than as set forth on Schedule 2.11, or any filings required to be made with the SEC
or any state securities commission, in connection with the transactions contemplated under this Agreement, the Company is not required
to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other
federal, state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the
Company of this Agreement.

 

2.12 [Reserved.]

 

2.13 DTC Eligibility.
The Company, through the Company’s transfer agent (the “Transfer Agent”), currently participates in the DTC Fast
Automated Securities Transfer (FAST) Program and the Common Stock can be transferred electronically to third parties via the DTC Fast
Automated Securities Transfer (FAST) Program.

 

2.14 [Reserved.]

 

2.15 Litigation.  Other
than as set forth in the SEC Reports, there is no action, suit, inquiry, notice of violation, proceeding or investigation pending or,
to the knowledge of the Company, threatened against or affecting the Company or any of its properties before or by any court, arbitrator,
governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”)
which adversely affects or challenges the legality, validity or enforceability of any of the Exchange Documents or the Exchange Shares.  

 

2.16 [Reserved.]

 

2.17 [Reserved.]

 

2.18 [Reserved.]

 

2.19 Certain
Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company or any Subsidiaries to any broker,
financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated
by the Exchange Documents.

 

2.20 No Integrated
Offering. Assuming the accuracy of the applicable Holder’s representations and warranties set forth in Section 3, neither the
Company, nor any of its Affiliates, nor any Person acting on their behalf has, directly or indirectly, made any offers or sales of any
security or solicited any offers to buy any security, under circumstances that would cause the Exchange to be integrated with prior offerings
by the Company for purposes of (i) the Securities Act which would require the registration of any such securities under the Securities
Act, or (ii) any applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed
or designated.

 

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2.21 Acknowledgment
Regarding Holder’ Exchange of the Exchanging Securities. To the knowledge of the Company each Holder is acting solely in the
capacity of an arm’s length party with respect to the Exchange Documents and the transactions contemplated thereby.

 

Section 3. Representations
and Warranties of each Holder. Each Holder represents and warrants to the Company, severally and not jointly, that:

 

3.1 Ownership
of the Exchanging Securities. Such Holder is the legal and beneficial owner of the Exchanging Securities. Such Holder paid for the
Exchanging Securities and has continuously held the Exchanging Securities since its purchase. Such Holder owns the Exchanging Securities
outright and free and clear of any options, contracts, agreements, liens, security interests, or other encumbrances.

 

3.2 No Public
Sale or Distribution. Such Holder is acquiring the Exchange Shares in the ordinary course of business for its own account and not
with a view toward, or for resale in connection with, the public sale or distribution thereof; provided, however, that by making the representations
herein, such Holder does not agree to hold any of the Exchange Shares, for any minimum or other specific term and reserves the right to
dispose of the Exchange Shares at any time in accordance with an exemption from the registration requirements of the Securities Act and
applicable state securities laws. Except as contemplated herein, such Holder does not presently have any agreement or understanding, directly
or indirectly, with any person to distribute, or transfer any interest or grant participation rights in, the Exchanging Securities or
the Exchange Shares.

 

3.3 Accredited
Investor and Affiliate Status. Such Holder is an “accredited investor” as that term is defined in Rule 501 of Regulation
D under the Securities Act. Such Holder is not, and has not been, for a period of at least three months prior to the date of this Agreement
(a) an officer or director of the Company, (b) an “affiliate” of the Company (as defined in Rule 144) (an “Affiliate”)
or (c) a “beneficial owner” of more than ten percent (10%) of the common stock (as defined for purposes of Rule 13d-3 of the
Exchange Act).

 

3.4 Reliance
on Exemptions. Such Holder understands that the Exchange is being made in reliance on specific exemptions from the registration requirements
of United States federal and state securities laws and that the Company is relying in part upon the truth and accuracy of, and such Holder’s
compliance with, the representations, warranties, agreements, acknowledgments and understandings of such Holder set forth herein in order
to determine the availability of such exemptions and the eligibility of such Holder to complete the Exchange and to acquire the Exchange
Shares.

 

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3.5 Information.
Such Holder has been furnished with all materials relating to the business, finances and operations of the Company and materials relating
to the Exchange which have been requested by such Holder. Such Holder has been afforded the opportunity to ask questions of the Company.
Neither such inquiries nor any other due diligence investigations conducted by such Holder or its representatives shall modify, amend
or affect such Holder’s right to rely on the Company’s representations and warranties contained herein. Such Holder acknowledges
that all of the documents filed by the Company with the SEC under Sections 13(a), 14(a) or 15(d) of the Exchange Act that have been posted
on the Commission’s EDGAR site are available to such Holder, and such Holder has not relied on any statement of the Company not
contained in such documents in connection with such Holder’s decision to enter into this Agreement and the Exchange.

 

3.6 Risk.
Such Holder understands that its investment in the Exchange Shares involves a high degree of risk. Such Holder is able to bear the risk
of an investment in the Exchange Shares including, without limitation, the risk of total loss of its investment. Such Holder has sought
such accounting, legal and tax advice as it has considered necessary to make an informed investment decision with respect to the Exchange.

 

3.7 No Governmental
Review. Such Holder understands that no United States federal or state agency or any other government or governmental agency has passed
on or made any recommendation or endorsement in connection with the Exchange or the fairness or suitability of the investment in the Exchange
Shares nor have such authorities passed upon or endorsed the merits of the Exchange Shares.

 

3.8 Organization;
Authorization. Such Holder is duly organized, validly existing and in good standing under the laws of its state of formation and has
the requisite organizational power and authority to enter into and perform its obligations under this Agreement.

 

3.9 Validity;
Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of such Holder and shall constitute
the legal, valid and binding obligations of such Holder enforceable against such Holder in accordance with its terms. The execution, delivery
and performance of this Agreement by such Holder and the consummation by such Holder of the transactions contemplated hereby (including,
without limitation, the irrevocable surrender of the Exchanging Securities) will not result in a violation of the organizational documents
of such Holder.

 

3.10 Prior Investment
Experience. Such Holder acknowledges that it has prior investment experience, including investment in securities of the type being
exchanged, including the Exchanging Securities and the Exchange Shares, and has read all of the documents furnished or made available
by the Company to it and is able to evaluate the merits and risks of such an investment on its behalf, and that it recognizes the highly
speculative nature of this investment.

 

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3.11 Tax Consequences.
Such Holder acknowledges that the Company has made no representation regarding the potential or actual tax consequences for such Holder
which will result from entering into the Agreement and from consummation of the Exchange. Such Holder acknowledges that it bears complete
responsibility for obtaining adequate tax advice regarding the Agreement and the Exchange.

 

3.12 No Registration,
Review or Approval. Such Holder acknowledges, understands and agrees that the Exchange Shares are being exchanged hereunder pursuant
to an exchange offer exemption under Section 3(a)(9) of the Securities Act.

 

Section 4. Conditions Precedent
to Obligations of the Company. The obligation of the Company to consummate the transactions contemplated by this Agreement is subject
to the satisfaction of each of the following conditions, provided that these conditions are for the Company’s sole benefit and may
be waived by the Company at any time in its sole discretion by providing each Holder with prior written notice thereof:

 

4.1 Delivery.
Each Holder shall have delivered to the Company the Exchanging Securities.

 

4.2 No Prohibition.
No order of any court, arbitrator, or governmental or regulatory authority shall be in effect which purports to enjoin or restrain any
of the transactions contemplated by this Agreement; and

 

4.3 Representations.
The accuracy in all material respects when made and on the Closing Date of the representations and warranties of each Holder contained
herein (unless as of a specific date therein).

 

Section 5. Conditions Precedent
to Obligations of the Holders. The obligation of the Holders to consummate the transactions contemplated by this Agreement is subject
to the satisfaction of each of the following conditions, provided that these conditions are for the Holders’ sole benefit and may
be waived by the Holders at any time in their sole discretion by providing the Company with prior written notice thereof:

 

5.1 No Prohibition.
No order of any court, arbitrator, or governmental or regulatory authority shall be in effect which purports to enjoin or restrain any
of the transactions contemplated by this Agreement;

 

5.2 Representations.
The representations and warranties of the Company (i) shall be true and correct in all material respects when made and on the Closing
Date (unless as of a specific date therein) for such representations and warranties contained herein that are not qualified by “materiality”
or “Material Adverse Effect” and (ii) shall be true and correct when made and on the Closing Date (unless as of specific date
therein) for such representations and warranties contained herein that are qualified by “materiality” or “Material Adverse
Effect”;

 

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5.3 All
Obligations. All obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall
have been performed; and

 

5.3 No Suspension.
From the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the SEC or any Trading Market and,
at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or
limited, which, in each case, makes it impracticable to consummate the Exchange.

 

Section 6. Other Agreements
between the Parties.

 

6.1 Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in
Section 2 of the Securities Act) that would be integrated with the Exchange of the Exchanging Securities in a manner that would
require the registration under the Securities Act of the sale of the Exchange Shares or that would be integrated with the offer of
the Exchange Shares for purposes of the rules and regulations of any Trading Market such that it would require shareholder approval
prior to the closing of such other transaction unless shareholder approval is obtained before the closing of such subsequent
transaction.

 

6.2 Replacement
of Securities. If any certificate or instrument evidencing any of the Exchange Shares is mutilated, lost, stolen or destroyed,
the Company shall convey or cause to be conveyed in exchange and substitution for and upon cancellation thereof (in the case of
mutilation), or in lieu of and substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably
satisfactory to the Company of such loss, theft or destruction. The applicant for a new certificate or instrument under such
circumstances shall also pay any reasonable third-party costs (including customary indemnity) associated with the issuance of such
replacement securities.

 

Section 7. Governing Law;
Jurisdiction; Waiver of Jury Trial. This Agreement shall be construed under the laws of the State of Delaware, without regard to principles
of conflicts of law or choice of law that would permit or require the application of the laws of another jurisdiction. The Company and
the Holders each hereby agrees that all actions or proceedings arising directly or indirectly from or in connection with this Agreement
shall be litigated only in the Supreme Court of the State of New York or the United States District Court for the Southern District of
New York located in New York County, New York. The Company and the Holders each consents to the exclusive jurisdiction and venue of the
foregoing courts and consents that any process or notice of motion or other application to either of said courts or a judge thereof may
be served inside or outside the State of New York or the Southern District of New York by generally recognized overnight courier or certified
or registered mail, return receipt requested, directed to such party at its or his address set forth below (and service so made shall
be deemed “personal service”) or by personal service or in such other manner as may be permissible under the rules of said
courts. THE COMPANY AND THE HOLDERS EACH HEREBY WAIVES ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS AGREEMENT.

 

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Section 8. Counterparts.
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; provided that an electronic
signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature
were an original, not an electronic signature.

 

Section 9. Headings.
The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

 

Section 10. Severability.
If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not
affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any
provision of this Agreement in any other jurisdiction.

 

Section 11. No Strict Construction.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules
of strict construction will be applied against any party.

 

Section 12. Entire Agreement;
Amendments. This Agreement supersedes all other prior oral or written agreements between any Holder, the Company, their affiliates
and persons acting on their behalf with respect to the matters discussed herein, and this Agreement and the instruments referenced herein
contain the entire understanding of the parties with respect to the matters covered herein and therein. No provision of this Agreement
may be amended other than by an instrument in writing signed by the Company and the Holders. No provision hereof may be waived other than
by an instrument in writing signed by the party against whom enforcement is sought.

 

Section 13. Notices.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in
writing and will be deemed to have been delivered: (a) upon receipt, when delivered personally; (b) upon receipt, when sent by e-mail;
or (c) one calendar day (excluding Saturdays, Sundays, and national banking holidays) after deposit with an overnight courier service,
in each case properly addressed to the party to receive the same.

 

The mailing addresses and email address for such
communications shall be:

 

If to the Company:

 

Faraday Future Intelligent Electric Inc.

18455 S. Figueroa Street

Gardena, CA 90248

E-Mail: brian.fritz@ff.com

 

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If to a Holder:

 

ATW Partners Opportunities Management,
LLC

17 State Street, 2100

New York, NY 10004

Attn: Antonio Ruiz-Gimenez

Email: aruizg@atwpartners.com

with copy to: notice@atwpartners.com

 

or to such other mailing address and/or email
address and/or to the attention of such other person as the recipient party has specified by written notice given to each other party
five (5) days prior to the effectiveness of such change.

 

Section 14. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns,
including any purchasers of the Exchange Shares. Subject to its compliance with applicable federal and state securities laws, a Holder
may assign some or all of its rights hereunder without the consent of the Company, in which event such assignee shall be deemed to be
such Holder hereunder with respect to such assigned rights.

 

Section 15. No Third-Party
Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns,
and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

Section 16. Survival of
Representations. The representations and warranties of the Company and the Holders contained in Sections 2 and 3, respectively, will
survive the closing of the transactions contemplated by this Agreement.

 

Section 17. Disclosure
of Transaction. The Company shall, on or before 8:30 a.m., New York City time, on the date of this Agreement, file a Current Report
on Form 8-K describing the terms of the transactions contemplated hereby in the form required by the 1934 Act and attaching the Exchange
Documents, to the extent they are required to be filed under the 1934 Act, that have not previously been filed with the Securities and
Exchange Commission by the Company (including, without limitation, this Agreement) as exhibits to such filing (including all attachments,
the “8-K Filing”). From and after the filing of the 8-K Filing, the Company shall have disclosed all material, non-public
information (if any) provided up to such time to the Holders by the Company or any of its Subsidiaries or any of their respective officers,
directors, employees or agents. In addition, effective upon the filing of the 8-K Filing, the Company acknowledges and agrees that any
and all confidentiality or similar obligations under any agreement with respect to the transactions contemplated by the Exchange Documents
or as otherwise disclosed in the 8-K Filing, whether written or oral, between the Company, any of its Subsidiaries or any of their respective
officers, directors, affiliates, employees or agents, on the one hand, and any of the Holders or any of their affiliates, on the other
hand, shall terminate. Neither the Company, its Subsidiaries nor the Holders shall issue any press releases or any other public statements
with respect to the transactions contemplated hereby; provided, however, the Company shall be entitled, without
the prior approval of the Holder, to make a press release or other public disclosure with respect to such transactions (i) in substantial
conformity with the 8-K Filing and contemporaneously therewith or (ii) as is required by applicable law and regulations (provided that
in the case of clause (i) the Holder shall be consulted by the Company in connection with any such press release or other public disclosure
prior to its release). Without the prior written consent of the Holders (which may be granted or withheld in the Holders’ sole discretion),
except as required by applicable law, the Company shall not (and shall cause each of its Subsidiaries and affiliates to not) disclose
the name of any Holder in any filing, announcement, release or otherwise.

 

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Section 18. Fees. The
Company shall reimburse Kelley Drye & Warren, LLP (counsel to the lead investor), on demand, a non-accountable amount of $5,000 for
fees incurred by it in connection with preparing and delivering this Agreement (including, without limitation, all reasonable, documented
legal fees and disbursements in connection therewith, and due diligence in connection with the transactions contemplated thereby). In
addition to, but not in limitation of, any other rights of the Holders hereunder, if (a) this Agreement or any of the Exchange Shares
are placed in the hands of an attorney for collection of any indemnification or other obligation hereunder or thereunder then outstanding
or enforcement or any such obligation is collected or enforced through any legal proceeding or any Holder otherwise takes action to collect
amounts due under this Agreement or any of the Exchange Shares or to enforce the provisions of this Agreement or any of the Exchange Shares
or (b) there occurs any bankruptcy, reorganization, receivership of the Company or other proceedings affecting Company creditors’
rights and involving a claim under this Agreement or any of the Exchange Shares, then the Company shall pay the costs incurred by such
Holder for such collection, enforcement or action or in connection with such bankruptcy, reorganization, receivership or other proceeding,
including, without limitation, reasonable attorneys’ fees and disbursements.

 

Section 19. Listing.
The Company shall use reasonable best efforts to promptly secure the listing or designation for quotation (as the case may be) of all
of the Exchange Shares (collectively, the “Applicable Securities”) upon each national securities exchange and automated
quotation system, if any, upon which the Common Stock is then listed or designated for quotation (as the case may be) (subject to official
notice of issuance) and shall maintain such listing or designation for quotation (as the case may be) of all Applicable Securities from
time to time issuable under the terms of the Exchange Documents on such national securities exchange or automated quotation system. The
Company shall use reasonable best efforts to maintain the Common Stock’s listing or authorization for quotation (as the case may
be) on any one (or more) of The New York Stock Exchange, the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market or the
Nasdaq Global Select Market (each, an “Eligible Market”). The Company shall pay all fees and expenses in connection
with satisfying its obligations under this Section 19.

 

Section 20. Holding Period.
For the purposes of Rule 144, the Company acknowledges that the holding period of the applicable Exchange Shares may be tacked onto both
the holding period of the corresponding applicable Original Note, and the Company agrees not to take a position contrary to this Section
21. The Company acknowledges and agrees that, subject to the Holder’s representations and warranties contained in this Agreement, the
Exchange Shares shall not be required to bear any restrictive legend and shall be freely transferable by the Holder pursuant to and in
accordance with Rule 144, provided, for the avoidance of doubt, that the Holder shall not be an affiliate of the Company and shall not
have been an affiliate during the 90 days preceding the date of any transfer.

 

Section 21. Further Assurances.
Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

Section 22. Adjustment
Waiver. The Holders, on behalf of themselves and their applicable Affiliates, hereby agree to waive the adjustments to the exercise
price and/or conversion price of all other Company warrants and notes held by the Holders and their Affiliates solely in connection with
transactions contemplated by this Agreement and that certain Exchange Agreement between the Company and the Holders dates as of October
10, 2022, and not with respect to any other transaction; provided that, for the avoidance of doubt, the waivers in this Section 22 shall
not apply to any other adjustments to the exercise price and/or conversion price of such warrants and notes in accordance with the terms
thereof.

 

[Signature Pages Follow]

 

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

  

	FARADAY FUTURE INTELLIGENT ELECTRIC INC.
	 	 	 
	By:	/s/ Carsten Breitfeld	 
	Name: 	Carsten Breitfeld	 
	Title:	Global CEO	 

 

[Company signature page to the Exchange Agreement]

 

     

     

    

 

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

 

	THE HOLDERS:
	 
	FF AVENTURAS SPV XI, LLC
	 
	By:	/s/ Antonio Ruiz-Gimenez	 
	Name:	Antonio Ruiz-Gimenez	 
	Title:	Managing Member	 
	 
	FF ADVENTURES SPV XVIII LLC
	 
	By:	/s/ Antonio Ruiz-Gimenez	 
	Name:	Antonio Ruiz-Gimenez	 
	Title:	Managing Member	 
	 
	FF VENTURES SPV IX LLC
	 
	By:	/s/ Antonio Ruiz-Gimenez	 
	Name:	Antonio Ruiz-Gimenez	 
	Title:	Managing Member	 
	 
	FF VENTURAS SPV X LLC
	 
	By:	/s/ Antonio Ruiz-Gimenez	 
	Name:	Antonio Ruiz-Gimenez	 
	Title:	Managing Member	 

 

[Holder signature page to the Exchange Agreement]

  

     

     

    

 

Exhibit
A

 

Table of Exchanging Securities and Exchange
Shares

  

	Holders	 	Security	 	Date	 	Outstanding

 Amount	 	Aggregate Exchanging Securities	 	Aggregate Exchange Shares to be Issued	 
	FF Aventuras SPV XI, LLC	 	Original Issue Discount Convertible Note	 	August 10, 2021	 	$	554,587	 	$	554,587	 	 	1,078,963	 
	FF Venturas SPV X, LLC	 	Original Issue Discount Convertible Note	 	August 10, 2021	 	$	891,302	 	$	891,302	 	 	1,734,050	 
	FF Ventures SPV IX, LLC	 	Original Issue Discount Convertible Note	 	August 10, 2021	 	$	1,241,220	 	$	1,241,220	 	 	2,414,824	 
	FF Adventures SPV XVIII, LLC	 	Subordinated Intermediate Last Out Promissory Note	 	June 9, 2021	 	$	0	 	 	N/A	 	 	N/Arichardmeieremploymentag

  4864-5198-5974.v9  EMPLOYMENT AGREEMENT     This EMPLOYMENT AGREEMENT (the “Agreement”), is made and entered into by and between  Rockley Photonics, Inc. (the “Company”), Rockley Photonics Holdings Limited (“Holdings”) and  Richard A. Meier (the “Executive”).  This Agreement shall become effective on October 20, 2022 or  such other date as may be mutually agreed to by the Company and the Executive (the “Effective Date”).  RECITALS  WHEREAS, the Company and Holdings desire to employ the Executive as its President and Chief  Financial Officer; and   WHEREAS, the Executive has agreed to accept such employment on the terms and conditions set  forth in this Agreement;  NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and  agreements of the parties herein contained, the parties hereto agree as follows:     1. Offer Expiry, Eligibility and Term of Employment.  (a) Offer Expiry. Unless otherwise mutually agreed this Employment Agreement is required  to be signed by the Executive by the expiry date of October 20, 2022;  (b) Eligibility. The Executive’s employment pursuant to this Agreement is contingent upon  satisfactory proof of the Executive’s right to work in the United States, satisfactory completion of a  reference check, and satisfactory completion of background checks carried out in accordance with  applicable federal and state labor laws;  (c) Term of Employment. The term of this Agreement shall commence on the Effective Date  and continue until terminated by the Company, Holdings or the Executive (the “Term of  Employment”).  During the Term of Employment, the Executive shall be an at-will employee of the  Company (or Company affiliate as described in Section 2), and the Executive’s employment shall be  freely terminable by either the Company (or its affiliate) or the Executive, for any reason, at any  time, with or without cause or notice.  2. Position.  During the Term of Employment, the Executive shall serve as the President and  Chief Financial Officer of the Company and Holdings, and also agrees to serve, if appointed or elected, as  an officer or director of any other affiliate of the Company.  The Executive will be considered for  succession to the role of Chief Executive Officer at such time and taking into account such performance  and other factors as the Board of Directors of Holdings (the “Board) shall determine in its sole discretion.  3. Place of Work.  (a) The Executive’s normal place of work will be divided between the Company’s premises  at 333 West San Carlos Street, Suite 850, San Jose, CA 95110 and 18575 Jamboree Road, Suite 300,  Irvine, CA 92612. The Executive shall be regularly expected to travel to and work from other  Rockley locations, as required.  The Company reserves the right to change the Executive’s normal  place of work, temporarily or permanently, to anywhere provided that the Company will give the  Executive at least one month’s prior notice of any permanent change of location.   (b) The Executive shall travel as required by the Executive’s job duties.  DocuSign Envelope ID: 2D044639-6E2D-4B03-89F5-F633A12332B0 

 

 2 4864-5198-5974.v9  4. Hours of Work.  As a full-time exempt salaried employee, the Executive agrees to work such  hours as may be necessary for the proper and efficient performance of Executive’s duties under this  Agreement.  Due to the international scope of the Executive’s position, it is expected that the Executive’s  work hours will vary and that the Executive will meet the needs of the business in his role by being  available in a timely fashion across time zones.  5. Scope of Employment.  During the Term of Employment, the Executive shall be responsible for  the performance of those duties consistent with his position.  The Executive shall also be responsible for  performing those duties that are assigned to him from time to time by the Chief Executive Officer of the  Company and Holdings (the “CEO”).  The Executive shall report to the CEO and shall perform and  discharge faithfully, diligently, and to the best of his ability, the Executive’s duties and responsibilities  hereunder.  The Executive shall devote the Executive’s entire business time, loyalty, attention and efforts  to the business and affairs of the Company and its affiliates.  The Executive agrees to abide by the rules,  regulations, instructions, personnel practices and policies of the Company and, as applicable, its affiliates,  and any changes therein that may be adopted by them from time to time. Nothing herein will prevent the  Executive from (i) continuing to serve on the boards of directors of the companies listed on Exhibit A  hereto, or (ii) serving on the board of directors of any other publicly traded company with the prior  consent of the Board which shall not be unreasonably withheld so long as such activities in the aggregate  do not materially interfere with the performance of the Executive’s duties hereunder.  6. Compensation.  As full compensation for all services rendered by the Executive during the  Term of Employment, the Company will provide to the Executive the following, which shall be subject to  annual review:  (a) Base Salary.  The Executive will receives an initial base salary at the annualized rate of  $500,000 (the “Base Salary”), paid in equal installments in accordance with the Company’s  regularly established payroll procedure.    (b) Annual Performance Bonus. The Executive shall be eligible to receive an annual  performance bonus at the target rate of 80% of the Executive’s Base Salary provided the Executive  meets the targets established for the applicable year, and provided that the Executive is an active  employee with the Company on the date such bonus is paid.  For the applicable year, the  Executive’s individual performance as the President and Chief Financial Officer will be subject to  the terms and conditions of the applicable plan in force from time to time and the successful  achievement by the Executive and/or the Company of any targets or objectives determined by the  Company for each year. The Company will pay any such bonus in accordance with the Company’s  established Compensation and Bonus Policy.  The Company reserves the right to amend the bonus  scheme from time to time within the absolute discretion of the Company and the Board.  For 2022,  the annual performance bonus opportunity will be prorated by quarter based on the start date  ($100,000 target for the fourth quarter) in accordance with the Company’s bonus guidelines,  provided that the Executive will also have the opportunity to earn an additional $300,000 for the  fourth quarter of 2022, subject to defined performance milestones to be finalized by the Board,  subject to the Company’s established Compensation and Bonus Policy. The actual amount of  bonuses paid will be determined by the Board in its discretion.  (c) Vacation.  The Executive shall be eligible for paid vacation in accordance with the  Company’s established Vacation Time Policy.   (d) Sick Pay.  The Executive shall be eligible for up to ten (10) days (or eighty (80) hours or  two (2) weeks) of paid sick days per calendar year in accordance with the Company’s established  Sick Time Policy.  Sick pay is available immediately and is prorated based on the start date, with a  minimum of 24 hours, which will reset to ten (10) days at the beginning of each calendar year.    DocuSign Envelope ID: 2D044639-6E2D-4B03-89F5-F633A12332B0 

 

 3 4864-5198-5974.v9  (e) Equity.  Subject to approval by the Board, the Executive will be eligible for grants of (i)  stock options to purchase 1,891,521 ordinary shares of Holdings at a price equal to the fair market  value of such shares on the date of grant (the “Options”) and (ii) restricted stock units with respect to  1,891,521 ordinary shares of Holdings (the “RSUs”, together with the Options, the “Equity  Awards”).  Each of the Equity Awards will vest over four years, with 25% of each award vesting on  the first anniversary of that award’s date of grant and the remaining portion vesting in quarterly  installments over the remaining three years, subject to the Executive’s continuous service to the  Company and Holdings.  In addition, upon completion of a material financing or financings within  ninety (90) days of the Effective Date, the Board will review Executive’s equity award and consider  an equitable adjustment to such award or an additional award taking into account the dilution from a  material financing event or events and the initial award at 2.5% of the outstanding ordinary shares.   All such awards will be issued under and subject to the terms of the Rockley Photonics Holdings  Limited 2021 Stock Incentive Plan (the “Stock Incentive Plan”) and such additional terms and  conditions as shall be set forth in the applicable award agreements approved by the Board.  The  Executive will also be eligible for additional grants of equity compensation upon any promotion to  the CEO role in the sole discretion of the Board.  (f) Benefits. The Executive may participate in any and all benefit programs that the Company  or Holdings establishes and makes available to its employees from time to time, provided that the  Executive is eligible under (and subject to all provisions of) the plan documents governing those  programs.  Benefits are subject to change at any time in the Company’s or Holdings’ sole discretion.   (g) Withholdings.  All compensation payable to the Executive shall be subject to applicable  taxes and withholdings.  7. Expenses. The Executive shall be entitled to reimbursement by the Company for all reasonable  business and travel expenses incurred by him on the Company’s behalf during the course of his  employment, upon the presentation by the Executive of documentation itemizing such expenditures and  attaching all supporting vouchers and receipts.  The Executive may fly business class for Company  business-related international and transcontinental air travel.  All Company reimbursement for domestic  air travel shall be at coach class rates except as noted.  Reimbursement will be made no later than 30  calendar days after the expense is substantiated (which must occur within 30 calendar days after the  expense is incurred).  The expenses eligible for reimbursement under this provision may not affect the  amount of such expenses eligible for reimbursement in any other taxable year, and the right to  reimbursement is not subject to liquidation or exchange for another benefit.  8. Inventions, Non-Disclosure, and Non-Solicitation Agreement.  As a condition of his  employment, the Executive shall have executed the Invention, Non-Disclosure, and Non-Solicitation  Agreement provided to him by the Company. Notwithstanding the forgoing, the Executive acknowledges  and the Company agrees that the Executive may disclose confidential information in confidence directly  or indirectly to federal, state, or local government officials, including but not limited to the Department of  Justice, the Securities and Exchange Commission, the Congress, and any governmental agency or to an  attorney, for the sole purpose of reporting or investigating a suspected violation of law or regulation or  making other disclosures that are protected under the whistleblower provisions of state or federal laws or  regulations.  The Executive may also disclose confidential information in a document filed in a lawsuit or  other proceeding, but only if the filing is made under seal.  Nothing in this Agreement is intended to  conflict with federal law protecting confidential disclosures of a trade secret to the government or in a  court filing, 18 U.S.C. § 1833(b), or to create liability for disclosures of confidential information that are  expressly allowed by 18 U.S.C. § 1833(b).    DocuSign Envelope ID: 2D044639-6E2D-4B03-89F5-F633A12332B0 

 

 4 4864-5198-5974.v9  9. Termination.    (a) Without regard to the reason for, or the timing of, Executive’s termination of  employment, the Company shall pay the Executive any unpaid wages due for periods prior to the  termination date promptly upon termination and within the period of time mandated by law, and  provide any other benefits or rights the Executive has accrued or earned through the termination date  in accordance with the terms of the applicable employee benefit plans and programs of the  Company.  (b) In the event of any termination of the Term of Employment by the Company and  Holdings without Cause or by the Executive for Good Reason prior to or more than 12 months after  a Change in Control, the Executive will be entitled to receive the following severance benefits from  the Company, provided the Executive executes a Severance Agreement and Release of All Claims,  in a form provided by the Company, no later than sixty (60) days after the Executive’s last day of  employment:   (i) severance payments equal to the sum of twelve (12) months of his Base Salary as  then in effect ($500,000 for 2022) plus 100% of the Executive’s target annual  performance bonus for the year in which the termination occurs ($400,000 for  2022), payable in equal installments on the Company’s regular payroll schedule  over the twelve-month period following the Executive’s final day of employment);   (ii) if the Executive elects COBRA continuation coverage and the Company continues  to maintain a group health plan, payment by the Company of the full premium cost  to continue the then-applicable medical, dental and vision coverage for the  Executive (and the Executive’s eligible dependents) under COBRA for twelve (12)  months following the termination date but not beyond the date that the Executive  (or the Executive’s dependent(s)) become COBRA ineligible (the “Coverage  Period”).  Notwithstanding the foregoing, in the event that the Company determines  that such COBRA premium payments could result in adverse tax treatment to the  Company or the Executive under applicable law, the Company may instead provide  the Executive with payments during the Coverage Period equivalent in value to the  COBRA premiums otherwise payable by the Company hereunder, but without  regard to whether the Executive (or the Executive’s eligible dependents) continue  group health coverage under the Company’s group health plan; and  (iii) any earned but unpaid annual performance bonus for the prior calendar year if the  Term of Employment is terminated after the end of such year but prior to the date of  payment, payable when such bonus is otherwise payable to executives.    (c) In the event of any termination of the Term of Employment by the Company and  Holdings without Cause or by the Executive for Good Reason on or within 12 months following a  Change in Control, then Executive will be entitled to receive the following severance benefits from  the Company in addition to the benefits provided in Section 9(b) above, provided the Executive  executes a Severance Agreement and Release of All Claims, in a form provided by the Company, no  later than sixty (60) days after the Executive’s last day of employment:   (i) 100% acceleration of vesting applicable to the Equity Awards described in Section  6(e).  The aggregate of any severance payments that otherwise would have been paid during the period  between the date of termination and the date the release has become irrevocable will be paid in a  DocuSign Envelope ID: 2D044639-6E2D-4B03-89F5-F633A12332B0 

 

 5 4864-5198-5974.v9  lump sum in the first payroll period beginning after such release effective date, and any remaining  payments will be paid on their original schedule.  (d) “Cause” for termination shall mean: (a) (i) the Executive has failed or refused to perform  his assigned duties for the Company or its affiliates after notice and a thirty (30) day opportunity to  cure, or (ii) the Executive has engaged in fraud, dishonesty, misconduct injurious to the business or  reputation of the Company or its affiliates or gross negligence, or otherwise acted in willful  disregard for the Company’s or its affiliates’ best interests; (b) the Executive’s conviction of, or  pleading guilty or nolo contendere to, any misdemeanor that causes the Company or its affiliates  material public disgrace or disrepute or related to the Company’s or its affiliates’ business, or to any  felony; (c) a breach of fiduciary duty, including, but not limited to, the Executive seizing an  opportunity for himself instead of offering such opportunity to the Company or its affiliates if it is  within the scope of the Company’s or its affiliates’ business; or (d) a material breach of this  Agreement.  (e) “Good Reason” shall mean (i) without the written consent of the Executive, the relocation  of the principal place at which the Executive provides services to the Company by thirty (30) miles,  other than a direction that reduces the Executive’s daily commute, (ii) a material reduction in the  authority, duties, or responsibilities of the Executive, or change in title or reporting without his  consent, provided, however, that upon a Change in Control, the conditions of this clause (ii) shall be  deemed to be satisfied if the Executive is not offered the position of Chief Financial Officer of the  successor to the Company (or, if the successor is not a publicly traded company, the ultimate parent  of the successor to the Company that is publicly traded); (iii) a material reduction of the Executive’s  base salary without Executive’s prior consent, or (iv) a material breach of this Agreement by the  Company after notice and the opportunity to cure specified below. The Executive must (i) provide  notice to the Company of the purported event giving rise to Good Reason within ninety (90) days  after it occurs, (ii) provide the Company with thirty (30) days to cure, and (iii) if not cured, resign  with Good Reason within thirty (30) days after the end of the cure period.  10. Limitation on Payments.  In the event that the severance and other payments and benefits  provided for in this Agreement or otherwise payable to the Executive (i) constitute “parachute payments”  within the meaning of Section 280G of the Code (“280G Payments”), and (ii) but for this Section 10,  would be subject to the excise tax imposed by Section 4999 of the Code (the “Excise Tax”), then the  280G Payments will be either:  (x) delivered in full, or  (y) delivered as to such lesser extent which would result in no portion of such benefits being subject  to the Excise Tax,   whichever of the foregoing amounts, taking into account the applicable federal, state and local income  taxes and the excise tax imposed by Section 4999, results in the receipt by the Executive on an after-tax  basis, of the greatest amount of benefits, notwithstanding that all or some portion of such benefits may be  taxable under Section 4999 of the Code.  If a reduction in the 280G Payments is necessary so that no  portion of such benefits are subject to the Excise Tax, reduction will occur in the following order: (i)  cancellation of equity awards granted “contingent on a change in ownership or control” (within the  meaning of Code Section 280G); (ii) a pro rata reduction of (A) cash payments that are subject to Section  409A as deferred compensation and (B) cash payments not subject to Section 409A; (iii) a pro rata  reduction of (A) employee benefits that are subject to Section 409A as deferred compensation and (B)  employee benefits not subject to Section 409A; and (iv) a pro rata cancellation of (A) accelerated vesting  of equity awards that are subject to Section 409A as deferred compensation and (B) equity awards not  subject to Section 409A.  In the event that acceleration of vesting of equity awards is to be cancelled, such  DocuSign Envelope ID: 2D044639-6E2D-4B03-89F5-F633A12332B0 

 

 6 4864-5198-5974.v9  acceleration of vesting will be cancelled in the reverse order of the date of grant of the Executive’s equity  awards.  A nationally recognized professional services firm selected by the Company, the Company’s legal  counsel or such other person or entity to which the parties mutually agree (the “Firm”) will make any  determination required under this Section 10.  Such determinations will be made in writing by the Firm  and any good faith determinations of the Firm will be conclusive and binding upon the Executive and the  Company.  For purposes of making the calculations required by this Section 10, the Firm may make  reasonable assumptions and approximations concerning applicable taxes and may rely on reasonable,  good faith interpretations concerning the application of Sections 280G and 4999 of the Code.  The  Executive and the Company will furnish to the Firm such information and documents as the Firm may  reasonably request in order to make a determination under this Section 10.  The Company will bear all  costs the Firm may incur in connection with any calculations contemplated by this Section 10.  11. Clawback. To the extent required by applicable law or any applicable securities exchange  listing standards, Executive agrees that any compensation, payments, or benefits provided to the  Executive, whether in the form of cash or equity, including but not limited to any such compensation  contemplated by this Agreement, shall be subject to the provisions of any applicable clawback policies or  procedures adopted by Holdings or the Company without any further consent of the Executive, which  clawback policies or procedures may provide for forfeiture and/or recoupment of amounts paid or  payable, and may apply with retroactive effect.  12. Absence of Restrictions.  The Executive represents and warrants that he is not bound by any  employment contracts, restrictive covenants or other restrictions that prevent him from entering into  employment with, or carrying out his responsibilities for, the Company or its affiliates, or which are in  any way inconsistent with any of the terms of this Agreement.  13. Amendments.  Any amendment to this Agreement shall be made in writing and signed by the  parties hereto. The Executive’s “at will” employment status is not subject to change or modification of  any kind except if in writing and signed by the Company and the Executive.  The Company reserves the  right to make personnel decisions regarding the Executive’s employment, including, but not limited to,  decisions regarding any transfers or other changes in duties or assignments, changes in salary and other  compensation, changes in benefits and changes in Company policies or procedures.  14. Notice.  Any notice required to be given, served or delivered to any of the parties hereto shall  be sufficient if it is in writing and sent by certified or registered mail with proper postage prepaid,  telecopier (with receipt confirmed), courier service or personal delivery addressed as follows:      To Executive:       At the address set forth in the Executive’s personnel file      To Company:       Rockley Photonics Inc.     Trust Center     1209 Orange Street     Wilmington, New Castle, DE 19801    or to such other address as a party from time to time may designate by notice to the other.  DocuSign Envelope ID: 2D044639-6E2D-4B03-89F5-F633A12332B0 

 

 7 4864-5198-5974.v9  15. Applicable Law.  This Agreement shall be governed by and construed in accordance with the  laws of the State of California (without reference to the conflict of laws provisions thereof).  Any action,  suit or other legal proceeding arising under or relating to any provision of this Agreement shall be  commenced only in a court of the State of California (or, if appropriate, a federal court located within the  State of California), and the Company, Holdings and the Executive each consent to the jurisdiction of  such a court.     16. Entire Agreement.  This Agreement constitutes the entire agreement between the parties and  supersedes all prior agreements and understandings, whether written or oral, relating to the subject matter  of this Agreement.  17. Successors and Assigns.  This Agreement shall be binding upon and inure to the benefit of  each of the parties and their respective successors and assigns, including any corporation with which or  into which the Company or Holdings may be merged or which may succeed to its assets or business;  provided, however, that the obligations of the Executive are personal and shall not be assigned by him.  18. Section 409A.   (a) Six Month Delay.  For purposes of this Agreement, a termination of employment means a  “separation from service” as defined in Section 409A of the Internal Revenue Code of 1986, as  amended (the “Code”).  If and to the extent any portion of any payment, compensation or other  benefit provided to the Executive in connection with his separation from service (as defined in  Section 409A of Code) is determined to constitute “nonqualified deferred compensation” within the  meaning of Section 409A and he is a specified employee as defined in Section 409A(a)(2)(B)(i) of  the Code, as determined by the Company in accordance with its procedures, by which determination  he hereby agrees that he is bound, such portion of the payment, compensation or other benefit will  not be paid before the earlier of (i) the day that is six months plus one day after the date of  separation from service (as determined under Section 409A) or (ii) the tenth day after the date of his  death (as applicable, the “New Payment Date”).  The aggregate of any payments that otherwise  would have been paid to him during the period between the date of separation from service and the  New Payment Date will be paid to him in a lump sum in the first payroll period beginning after such  New Payment Date, and any remaining payments will be paid on their original schedule.  (b) General 409A Principles.  For purposes of this Agreement, each amount to be paid or  benefit to be provided will be construed as a separate identified payment for purposes of Section  409A, and any payments that are due within the “short term deferral period” as defined in Section  409A or are paid in a manner covered by Treas. Reg. Section 1.409A 1(b)(9)(iii) will not be treated  as deferred compensation unless applicable law requires otherwise.  Neither the Company nor the  Executive will have the right to accelerate or defer the delivery of any such payments or benefits  except to the extent specifically permitted or required by Section 409A.  This Agreement is intended  to comply with the provisions of Section 409A and the Agreement will, to the extent practicable, be  construed in accordance therewith.  Terms defined in the Agreement will have the meanings given  such terms under Section 409A if and to the extent required to comply with Section 409A.  In any  event, neither the Company nor Holdings makes any representations or warranty and neither will  have any liability to the Executive or any other person if any provisions of or payments under this  Agreement are determined to constitute deferred compensation subject to Code Section 409A but  not to satisfy the conditions of that section.  19. Acknowledgment.  The Executive states and represents that the Executive has had an  opportunity to fully discuss and review the terms of this Agreement with an attorney.  The Executive  further states and represents that the Executive has carefully read this Agreement, understands the  contents herein, freely and voluntarily assents to all of the terms and conditions hereof, and signs the  DocuSign Envelope ID: 2D044639-6E2D-4B03-89F5-F633A12332B0 

 

 8 4864-5198-5974.v9  Executive’s name of the Executive’s own free act.  20. Miscellaneous.  (a) No delay or omission by the Company or Holdings in exercising any right under this  Agreement shall operate as a waiver of that or any other right.  A waiver or consent given by the  Company or Holdings on any one occasion shall be effective only in that instance and shall not be  construed as a bar to or waiver of any right on any other occasion.  (b) The captions of the sections of this Agreement are for convenience of reference only and  in no way define, limit or affect the scope or substance of any section of this Agreement.  (c) In case any provision of this Agreement shall be invalid, illegal or otherwise  unenforceable, the validity, legality and enforceability of the remaining provisions shall in no way  be affected or impaired thereby.    [Remainder of page intentionally left blank]    DocuSign Envelope ID: 2D044639-6E2D-4B03-89F5-F633A12332B0 

 

 9 4864-5198-5974.v9  IN WITNESS WHEREOF, the parties hereto have executed this Agreement.    ROCKLEY PHOTONICS, INC.      By:          Name: Andrew Rickman        Title: CEO    Date:______________________________________        ROCKLEY PHOTONICS HOLDINGS LIMITED      By:          Name: Andrew Rickman          Title: CEO    Date:______________________________________          EXECUTIVE:           Richard A. Meier      Date:_____________________________________              DocuSign Envelope ID: 2D044639-6E2D-4B03-89F5-F633A12332B0 10/20/2022 10/20/2022 10/20/2022 

 

  4864-5198-5974.v9  Exhibit A  Outside Board Service    BioMarin Pharmaceutical Inc.  Syntellix AG                DocuSign Envelope ID: 2D044639-6E2D-4B03-89F5-F633A12332B0

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