Document:

Exhibit

Exhibit 10.69

Confidential portions of this exhibit have been omitted pursuant to a request for confidential treatment filed separately with the Securities and Exchange Commission. Omissions are designated by the symbol [*****].

COLLECTIVE RESOLUTION 2.0 MEMORANDUM OF AGREEMENT  
This COLLECTIVE RESOLUTION 2.0 MEMORANDUM OF AGREEMENT ("MOA"), dated as of December 21, 2018 ("Effective Date"), is by and between The Boeing Company ("Boeing"), a Delaware corporation, and Spirit AeroSystems, Inc. ("Spirit"), a Delaware corporation. Boeing and Spirit sometimes are referred to herein individually as a "Party" and collectively as the "Parties.”
RECITALS
		
	A.
	The Parties have been in discussions regarding, among other things, pricing and other terms and conditions pertaining to all Derivatives and models of the 737, 747, 767, 777, and 787 programs (the "Programs").

		
	B.
	The Parties wish to memorialize their agreement on these matters in this MOA, in accordance with the terms set forth below.

AGREEMENT
NOW, THEREFORE, in consideration of the mutual covenants set forth herein, the Parties agree as follows:
		
	1.
	Capitalized Terms. Capitalized terms used and not otherwise defined in this MOA will have the meanings ascribed thereto in SBP MS-65530-0016 ("Sustaining SBP"), SBP MS-65530- 0019 ("787 SBP"), GTA BCA-65530-0016 ("Sustaining GTA"), GTA BCA-65520-0032 ("787 GTA”), AA-65530-0010 (“Sustaining AA”), AA-65520-0026 (“787 AA”), and other related agreements or documents, as applicable (collectively, the "Contracts").

		
	2.
	Definitive Documentation. The Parties will negotiate and execute, in good faith, on or before January 31, 2019, such amendments to the Contracts and other documents (the "Definitive Documentation") as are necessary or desirable to carry out the agreements set forth in this MOA. 

		
	3.
	Pricing Periods.  The Parties are modifying the Pricing Periods for the models set forth in Table 1 below.  The Parties will reconvene in 2028 to negotiate pricing beyond 2030. 

Table 1
	
			
	Program
	Models
	Pricing Period End Date

	737NG/MAX
	all  Derivatives, including P8
	12/31/2030

	767
	all Derivatives except 767-2C
	12/31/2030

	777
	Freighters
	12/31/2030

	777X
	all Derivatives 
	12/31/2030

		
	4.
	737 Pricing for Various Production Rates.  737 Prices, to be documented in SBP Attachment 1, will be discounted or increased depending upon the monthly production rate, per Table 2, below.  The 737 P-8 will be used to calculate 737 production rates; however, the production rate-based discounts or increased pricing specified in Table 2 below do not apply to the 737 P-8 Products.  In addition, the production rate-based discounts or increased pricing specified in Table 2 below do not apply to the 737 MAX Composite Inner Wall (CIW; reference Sustaining SBP Attachment 1D), which is included within the 737 MAX Thrust Reverser Prices listed in Sustaining SBP Attachment 1 Exhibit  B.1.   

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Sustaining SBP Attachment 15 will be amended to incorporate a maximum production rate of [*****] APM (with mutually agreed minor model mix).

Table 2

		
	5.
	737MAX -8200 Delta Price to 737MAX -8.  Attachment 1 will be updated to include the recurring Price of the 737MAX -8200 by adding [*****] ($[*****]) to the Non-Discounted Price of 737MAX-8 and will be subject to rate discounts, in complete settlement of, and based upon the configuration contained within, Spirit’s proposal ref# LET-18-11080 dated October 17, 2018.  Reconciliation for 2018 deliveries will be completed by January 31, 2019. 

		
	6.
	737 Rate [*****] Tooling and Capital Expenditures.  Boeing will provide Spirit a fixed sum of [*****] dollars ($[*****]) for Spirit’s implementation of tooling and capital expenditures necessary to increase and maintain 737 production rates up to, and including, [*****] Shipsets per month. Commencing in [*****], Spirit will request authority to proceed (ATP) for appropriate amounts for long-lead items to protect the [*****] Shipsets rate. Upon approval, Boeing will issue the ATP(s) and Boeing will pay appropriate amounts for such long-lead items. The adjusted balance of the $[*****] will be paid in [*****] payments post Boeing’s Rate [*****] decision. Both parties will mutually work together to establish a reasonable rate [*****] incorporation timeline. Spirit will determine the allocation of the [*****] ($[*****]) between [*****] for rate [*****] APM.  Spirit will submit CTLs to Boeing for all associated Tooling.  The above payments are not contingent upon CTL submittal by Spirit or approval by Boeing.

		
	7.
	777X Recurring Price.  Boeing will pay Spirit a recurring Price of $[*****] per Shipset for [*****] combined 777-8 and 777-9 Shipsets. Boeing will pay Spirit a recurring Price of $[*****] from Shipset [*****] and all subsequent 777-9 Shipsets through December 31, 2030. These Prices are inclusive of all changes to the 777-9 for which engineering has been released through the Effective Date.  The Parties agree to negotiate a delta price for the 777-8 from the 777-9 non-discounted price 

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of $[*****], which will not result in a retroactive adjustment in Price for the [*****] 777X Shipsets. Until a 777-8 price is negotiated for Shipsets [*****] and all subsequent 777-8 Shipsets, the agreed interim pricing is the then-current price for the 777-9.  The Parties agree pricing negotiations will begin following delivery of the first 777-8 Shipset; with the intent to be completed within [*****] days.  Once a pricing agreement is finalized, the Parties will reconcile interim pricing with the agreed-upon pricing, and a corresponding debit or credit, as applicable, will be made within [*****] days.  The Parties will determine the pricing allocation among the associated end item deliverables and incorporate it into the Definitive Documentation.

		
	8.
	777X Recurring Price Discounts.  All 777X minor models will be utilized to calculate production rates.  The Prices will be discounted by [*****] percent ([*****]%), per Shipset, for all 777X minor models, excluding 777X Freighter, once the production rate exceeds [*****] 777X Shipsets per month. Application of price adjustments will be consistent with the applicable 737 methodology relative to rate measurements and when the discounts take effect.  Such discount will not apply to the [*****] 777X Shipsets.  Pricing and discounts for 777X Freighters will be negotiated at a later date.  Sustaining SBP Attachment 15 will be amended to add 777X Derivatives, as applicable.   

		
	9.
	777X Joint Cost Reduction.  The Parties will identify cost reduction ideas and implement a cost reduction program for the 777X minor models that will be administered in a mutually agreed form similar to Attachment 32 of the Sustaining SBP.  The Parties will share nonrecurring costs and savings equally. 

		
	10.
	787 Recurring Price.  Boeing will pay Spirit 787 recurring Product Prices of $[*****] per Shipset for Shipsets LN 1004 through [*****] and $[*****] per Shipset for Shipsets LN [*****] through 2205.  These Prices are applicable to 787-8, -9, and -10 models.  In addition to the aforementioned Prices, Boeing will pay Spirit a supplemental amount of $[*****] per 787-10 Shipset for 787-10 Shipsets LN 1004 through and including 2205 for the statement of work set forth in 787 SBP Attachment 31. There will be no risk sharing provisions following Shipset LN [*****].  The Parties will determine the pricing allocation among the associated end item deliverables and incorporate it into the Definitive Documentation. 

		
	11.
	787 Joint Cost Reduction.   The Parties will identify cost reduction ideas and implement a joint cost reduction program for the 787 that will begin no earlier than Shipset LN [*****] and after Spirit’s costs are below $[*****] per 787-8/-9 Shipset,  and $[*****] per 787-10 Shipset.  The 787 cost reduction program will be administered in a form to be mutually agreed by the Parties.  Cost visibility data will be agreed as part of the Definitive Documentation. The Parties will share nonrecurring costs and savings equally. 

		
	12.
	787 Advance Repayments.  Spirit will suspend repaying Boeing $700,000 per Shipset, for repayment of advanced payments, beginning with Shipset LN 818.  Spirit will resume the advance repayments at $450,319, per Shipset, beginning with Shipset LN 1135 and continuing through Shipset LN 1605. The Parties will determine the repayment allocation among the end item deliverables and incorporate into the Definitive Documentation.

		
	13.
	737MAX, 777X, and 787 Abnormal Escalation.  The 787 SBP and Sustaining SBP Attachments 18 and 22, respectively (“Attachments”), will be updated for the 737MAX, 777X, and 787, to define Abnormal Escalation per the below, for the period beginning January 1, 2023 and ending December 31, 2030. Prior to January 1, 2023, the Attachments will remain unchanged. Beginning January 1, 

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2023, all other Programs and minor models will not be subject to escalation.  Beginning January 1, 2031 the provisions of the Attachments in effect prior to the Effective Date will go back into effect.   

		
	13.1.
	Beginning January 1, 2023, Recurring Product Prices for the 737MAX, 777X, and 787, will be adjusted for Abnormal Escalation as follows. In the event that escalation, as determined by a composite of the identified below indices, exceeds [*****] (“Abnormal Escalation”), the Prices for Recurring Products for the subsequent calendar year shall be adjusted by [*****]. Abnormal Escalation is calculated each year against the Prices for Recurring Products effective for that year and [*****]. The adjusted Prices for Recurring Products will [*****]

.
Any prolonged extraordinary inflation would be considered by the Parties to determine any mutually agreeable proper actions to be taken.
		
	13.2. 
	Adjustments to the 737MAX, 777X, and 787 Product Prices for Recurring Products will be determined by the following economic indices:

		
	A.
	Material - [*****]

		
	B.
	Labor - [*****]

		
	13.3.
	Composite - Composite of [*****]% Labor and [*****]% Material. 

		
	13.4. 
	Special Notes: 

In the event the U.S. Bureau of Labor Statistics discontinues or alters its current method of calculating the indices specified above, Boeing and Spirit shall agree upon an appropriate substitution for or adjustment to the indices to be employed herein. 
All calculations will be held to a six (6) decimal place level of precision. 
Indices shall be pulled on November 15th of each year.
		
	14.
	[*****]

		
	15.
	ASCO Acquisition.   Spirit AeroSystems Belgium Holdings BVBA and its (ultimate) parent company, Spirit AeroSystems Holdings, Inc., intends to acquire ASCO Industries NV (the “Transaction”).  Boeing is a party to supply contracts with ASCO Industries NV (inclusive of its affiliates and subsidiaries) that require Boeing’s consent to a change of control.  Boeing will provide all required consent(s) upon the Effective Date, to be contingent upon the Transaction closing on or before June 30, 2020.

		
	16.
	Attachment 31: Annual Shipset Production Rate-Based Adjustment.  Attachment 31 of the Sustaining SBP is deleted and marked “Reserved”.

		
	17.
	Complete Agreement. This MOA constitutes the complete and exclusive agreement between the Parties with respect to the subject matter set forth herein and supersedes all previous agreements between the Parties relating thereto, whether written or oral.

		
	18.
	Governing Law. This MOA is governed by the laws of the state of Washington, exclusive of Washington's conflict of laws principles.

		
	19.
	No Inducement.  The Parties acknowledge and affirm that no promise or inducement that is not herein contained, other than as set forth in the Settlement and Release Agreement between the Parties made effective December 21, 2018, has been  made or received, and that they have not relied upon 

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any representation by the other Party about the nature or extent of any damages, or about the nature or extent of legal liability or financial responsibility of any person or entity, and that no such representation has induced them to enter into this MOA.

		
	20.
	No Admission of Liability; No Precedential Value. The Parties acknowledge that this MOA reflects a compromise resolution by the Parties of certain claims and that nothing contained in this MOA constitutes or will be construed as an acknowledgement or admission of liability or absence of liability in any way on the part of the Parties, each of which expressly denies any liability or wrongdoing in connection with such claims, and the Parties agree not to issue any public statement or comment to the contrary.  The Parties agree that this MOA and the terms and conditions hereof, including without limitation the figures used to reach all pricing and payment figures herein, will have no precedential value and therefore will not be used in support or defense of any other claim arising from the Parties' contracts.

		
	21.
	Confidential Treatment. The information contained herein is confidential business information. The Parties will limit the disclosure of this MOA's contents to employees with a need to know and who understand that they are not to disclose its contents to any other person or entity without the prior written consent of the other Party. Notwithstanding the above, the Parties may file this MOA with the SEC, if legally required to do so, but must give the other Party 24 hours advance notice and seek confidential treatment as appropriate after providing such Party the opportunity to provide comments. Nothing in this section will prevent either Party from making reasonable disclosures during the course of its earnings calls.

		
	22.
	Investigation. Each Party has made such investigation of the facts pertaining to this MOA and of all the matters pertaining hereto as it deems necessary. Each Party has read this MOA and understands its contents.

		
	23.
	Interpretation. Each Party has had the opportunity to draft, review, and edit this MOA. Accordingly, no presumption for or against either Party arising out of drafting all or any part of this MOA will be applied in any action relating to or arising from this MOA; and the Parties hereby waive the benefit of any statute or common law rule providing that in cases of uncertainty language of a contract should be interpreted against the Party who caused the uncertainty to exist.

		
	24.
	Express Agreement.  Except as expressly provided in this MOA, all other terms and conditions of the Contracts remain in full force and effect. 

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EXECUTED as of the Effective Date by the duly authorized representatives of the Parties.

	
					
	BOEING
	 
	 
	SELLER
	 

	Boeing Commercial Airplanes
	 
	 
	Spirit AeroSystems, Inc.
	 

	Name:  Thomas F. McGuigan
	 
	 
	Name:  Joseph Bolmarcich
	 

	Title: Sr. Manager, Contract
	 
	 
	Title: Contracts Director    
	 

	Date: 12/21/2018
	 
	 
	Date: 12/21/2018
	 

	/s/ Thomas F. McGuigan
	 
	 
	/s/ Joseph Bolmarcich
	 

                          
                    
                    

Page 6 of 6THIS
WARRANT AND THE UNDERLYING SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”).
THEY MAY NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO SUCH
SECURITIES UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

WARRANT
TO PURCHASE COMMON STOCK

 

OF

 

SALEEN
AUTOMOTIVE, INC.

 

Original
Issue Date: December 29, 2017

 

This
is to certify that, FOR VALUE RECEIVED, _____________, or assigns (“Holder”), is entitled to purchase at the
Exercise Price (defined below), subject to the provisions of this Warrant, from Saleen Automotive, Inc., a Nevada corporation
(the “Company”) up to _____________Warrant Shares.

 

1.
Definitions. As used herein, the following terms shall have the following
respective meanings:

 

(a)
“Common Stock” means the common stock, $0.001 par value per share, of the Company.

 

(b)
“Exercise Period” means the period commencing on the Original Issue Date set forth above and ending 5:00 pm PST twenty
four (24) months from the date that the Company has registered the Common Stock pursuant to Section 12(b) or Section 12(g) of
the Securities Exchange Act of 1934 (“Exchange Act”), provided that if during the Exercise Period the Company does
not timely file all reports with the Securities and Exchange Commission that are required under the Exchange Act (a “filing
lapse”) or breaches any covenant under paragraph 13 below, the Exercise Period shall be extended by five days for each day
of filing lapse or each day that any breach under paragraph 13 remains uncorrected, provided that in no event shall the Exercise
Period extend beyond December 29, 2021.

 

(c)
“Exercise Price” means $0.60 per Share subject to adjustment pursuant to Section 5 below.

 

(d)
“Warrant Shares” means mean the shares of the Common Stock issuable upon exercise of this Warrant, subject to adjustment
pursuant to the terms hereof.

 

    	 	 	 

     

    

 

2.
Exercise of Warrant; Cancellation Of Warrant.

 

(a)
This Warrant may be exercised in whole or in part, at any time during the Exercise Period. If this Warrant shall have been exercised
in part, the Company shall at the request of Holder and upon surrender of this Warrant at the time of delivery of the certificate
or certificates representing the Warrant Shares deliver to the Holder a new Warrant evidencing the rights of the Holder to purchase
the unpurchased Warrant Shares called for by this Warrant, which new Warrant shall in all other respects be identical to this
Warrant.

 

(b)
This Warrant may be exercised by presentation and surrender hereof to the Company at its principal office with the Purchase Form
annexed hereto duly executed and accompanied by payment of the Exercise Price. As soon as practicable after such exercise of this
Warrant, but not later than five (5) days following the receipt of good and available funds, the Company shall issue and deliver
to the Holder a certificate or certificates for the Warrant Shares issuable upon such exercise, registered in the name of the
Holder or its designee. Upon receipt by the Company of this Warrant at its office in proper form for exercise, the Holder shall
be deemed to be the holder of record of the shares of Common Stock issuable upon such exercise, notwithstanding that the stock
transfer books of the Company shall then be closed or that certificates representing such shares of Common Stock shall not then
be physically delivered to the Holder.

 

3.
Fractional Shares. No fractional shares or scrip representing fractional shares shall be issued upon the exercise of this
Warrant. With respect to any fraction of a share called for upon any exercise hereof, the Company shall pay to the Holder an amount
in cash equal to such fraction multiplied by the current market value of the shares of Common Stock, determined as follows:

 

(a)
If the Common Stock is listed on a national securities exchange or admitted to unlisted trading privileges on such exchange, the
current market value shall be the last reported sale price of the Common Stock on such exchange or market on the last business
day prior to the date of exercise of this Warrant or if no such sale is made on such day, the average of the closing bid and asked
prices for such day on such exchange or market; or

 

(b)
If the Common Stock is not so listed or admitted to unlisted trading privileges, but is quoted on the OTC Bulletin Board or by
the OTC Markets Group, Inc., the current market value shall be the mean of the last reported bid and asked prices reported by
the OTC Bulletin Board or the OTC Markets Group, Inc., as applicable, on the last business day prior to the date of the exercise
of this Warrant; or

 

(c)
If the Common Stock is not so listed or admitted to unlisted trading privileges and bid and asked prices are not so reported,
the current market value shall be an amount determined in such reasonable manner as may be prescribed by the Board of Directors
of the Company.

 

    	 	2	 

     

    

 

4. Exchange,
Transfer, Assignment Or Loss Of Warrant. This Warrant is exchangeable, without expense, at the option of the Holder,
upon presentation and surrender hereof to the Company or at the office of its stock transfer agent, if any, for other
warrants of different denominations entitling the holder thereof to purchase in the aggregate the same number of shares of
Common Stock purchasable hereunder. Upon surrender of this Warrant to the Company at its principal office or at the office of
its stock transfer agent, if any, with the Assignment Form annexed hereto duly executed and funds sufficient to pay any
transfer tax, the Company shall, without charge, execute and deliver a new Warrant in the name of the assignee named in such
instrument of assignment and this Warrant shall promptly be cancelled. Upon receipt by the Company of evidence satisfactory
to it of the loss, theft, destruction or mutilation of this Warrant, and (in the case of loss, theft or destruction) of
reasonably satisfactory indemnification, and upon surrender and cancellation of this Warrant, if mutilated, the Company will
execute and deliver a new Warrant of like tenor and date. Any such new Warrant executed and delivered shall constitute an
additional contractual obligation on the part of the Company, whether or not this Warrant so lost, stolen, destroyed, or
mutilated shall be at any time enforceable by anyone.

 

5. Piggyback
Registration Rights.

 

(a)
If the Company, during the term of this Warrant, proposes to register any of its securities under the Securities Act (other
than in connection with an employee benefit plan or a transaction contemplated by Rule 145(a) promulgated under the
Securities Act or pursuant to registration on Form S-4 or any successor forms) whether for its own account or for the account
of any holder or holders of its shares, the Company shall at each such time give prompt (but not less than thirty (30) days
prior to the anticipated effectiveness thereof) written notice to the holder of this Warrant and to its assignees, if any, of
its intention to do so. The holder of Warrant shall exercise the “piggy-back” rights provided herein by giving
written notice within ten (10) days after the receipt of any such notice. The Company will use reasonable commercial efforts
to effect the registration under the Securities Act of all of the Warrant Shares which the Company has been so requested to
register by such holder, to the extent required to permit the disposition of the Warrant Shares so to be registered, by
inclusion of such Warrant Shares in the registration statement which covers the securities which the Company proposes to
register. The Company will pay all registration expenses in connection with each registration of Warrant Shares pursuant to
this Section 5.

 

(b)
If the Company at any time proposes to register any of its securities under the Securities Act as contemplated by this
Section 5 and such securities are to be distributed by or through one or more underwriters, the Company will, if requested by
a holder of this Warrant, use its reasonable commercial efforts to arrange for such underwriters to include all the Warrant
Shares to be offered and sold by such holder among the securities to be distributed by such underwriters

 

    	 	3	 

     

    

 

6.
Registration Procedure. Whenever the holder of this Warrant has properly requested that any Warrant Shares be registered
pursuant to the terms of this Warrant, the Company shall effect the registration for the sale of such Warrant Shares in accordance
with the intended method of disposition thereof, and pursuant thereto the Company shall as expeditiously as possible:

 

(a)
prepare and file with the SEC a registration statement with respect to such Warrant Shares and cause such registration statement
to become effective;

 

(b)
notify such holders of the effectiveness of each registration statement filed hereunder and prepare and file with the SEC such
amendments and supplements to such registration statement and the prospectus used in connection therewith as may be necessary
to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by such registration
statement during such period in accordance with the intended methods of disposition by the sellers thereof set forth in such registration
statement;

 

(c)
furnish to such holders such number of copies of such registration statement, each amendment and supplement thereto, the prospectus
included in such registration statement (including each preliminary prospectus) and such other documents as such seller may reasonably
request in order to facilitate the disposition of the Warrant Shares owned by such holders;

 

(d)
register or qualify such Warrant Shares under such other securities or blue sky laws of such jurisdictions as such holders reasonably
request and do any and all other acts and things which may be reasonably necessary or advisable to enable such holders to consummate
the disposition in such jurisdictions of the Warrant Shares owned by such holders; provided, however, that the Company shall not
be required to: (i) qualify generally to do business in any jurisdiction where it would not otherwise be required to qualify but
for this subparagraph; (ii) subject itself to taxation in any such jurisdiction; or (iii) consent to general service of process
in any such jurisdiction;

 

(e)
notify such holders, at any time when a prospectus relating thereto is required to be delivered under the Securities Act, of the
happening of any event as a result of which the prospectus included in such registration statement contains an untrue statement
of a material fact or omits any material fact necessary to make the statements therein, in light of the circumstances in which
they are made, not materially misleading, and, at the reasonable request of such holders, the Company shall prepare a supplement
or amendment to such prospectus so that, as thereafter delivered to the purchasers of such Warrant Shares, such prospectus shall
not contain an untrue statement of a material fact or omit to state any material fact necessary to make the statements therein,
in light of the circumstances in which they are made, not materially misleading;

 

(f)
provide a transfer agent and registrar for all such Warrant Shares not later than the effective date of such registration statement;

 

(g)
make available for inspection by any underwriter participating in any disposition pursuant to such registration statement, and
any attorney, accountant or other agent retained by any such underwriter, all financial and other records, pertinent corporate
documents and properties of the Company, and cause the Company’s officers, directors, managers, employees and independent
accountants to supply all information reasonably requested by any such underwriter, attorney, accountant or agent in connection
with such registration statement;

 

    	 	4	 

     

    

 

(h)
comply with all applicable rules and regulations of the SEC, and make available to its security holders, as soon as reasonably
practicable, an earnings statement of the Company, which earnings statement shall satisfy the provisions of Section 11(a) of the
Securities Act;

 

(i)
in the event of the issuance of any stop order suspending the effectiveness of a registration statement, or of any order suspending
or preventing the use of any related prospectus or suspending the qualification of any Warrant Shares included in such registration
statement for sale in any jurisdiction, the Company shall use reasonable commercial efforts promptly to obtain the withdrawal
of such order; and

 

(j)
if the offering is underwritten, to furnish on the date that Warrant Shares are delivered to the underwriters for sale pursuant
to such registration, an opinion dated such date of counsel representing the Company for the purposes of such registration, addressed
to the underwriters covering such issues as are reasonably required by such underwriters.

 

7.
Rights Of The Holder. The Holder shall not, by virtue hereof, be entitled to any rights of a shareholder in the Company,
either at law or equity, and the rights of the Holder are limited to those expressed in the Warrant and are not enforceable against
the Company except to the extent set forth herein.

 

8.
Notices To Warrant Holders. So long as this Warrant shall be outstanding, (i) if the Company shall pay any dividend or
make any distribution upon the Common Stock or (ii) if the Company shall offer to the holders of Common Stock for subscription
or purchase by them any share of any class or any other rights or (iii) if any capital reorganization of the Company, reclassification
of the capital stock of the Company, consolidation or merger of the Company with or into another corporation, sale, lease or transfer
of all or substantially all of the property and assets of the Company to another corporation, or voluntary or involuntary dissolution,
liquidation or winding up of the Company shall be effected, then in any such case, the Company shall cause to be mailed by certified
mail to the Holder, at least fifteen days prior the date specified in (x) or (y) below, as the case may be, a notice containing
a brief description of the proposed action and stating the date on which (x) a record is to be taken for the purpose of such dividend,
distribution or rights, or (y) such reclassification, reorganization, consolidation, merger, conveyance, lease, dissolution, liquidation
or winding up is to take place and the date, if any is to be fixed, as of which the holders of Common Stock or other securities
shall receive cash or other property deliverable upon such reclassification, reorganization, consolidation, merger, conveyance,
dissolution, liquidation or winding up. Any notice, request or other document required or permitted to be given hereunder or delivered
to the Holder by the Company shall be in writing and delivered to the address provided by the Holder to the Company.

 

    	 	5	 

     

    

 

9.
Adjustment of Exercise Price and Number of
Shares; Notice to Holder. In the event of changes in the series of equity securities
of the Company comprising the Warrant Shares by reason of stock dividends, splits, recapitalizations, reclassifications, combinations
or exchanges of shares, separations, reorganizations, liquidations, or the like, the number and class of Warrant Shares available
under the Warrant in the aggregate and the Exercise Price shall be correspondingly adjusted to give the Holder of the Warrant,
on exercise for the same aggregate Exercise Price, the total number, class, and kind of shares as the Holder would have owned
had the Warrant been exercised prior to the event and had the Holder continued to hold such shares until after the event requiring
adjustment. Any adjustment made pursuant to this paragraph 9 shall become effective immediately after the record date for the
determination of stockholders entitled to receive such dividend or distribution immediately after the effective date of any such
Company action. Whenever the Exercise Price is adjusted pursuant to any provision hereunder, the Company shall promptly mail to
the Holder a notice setting forth the Exercise Price following such adjustment to the number of the Warrant Shares and setting
forth a brief statement of the facts requiring such adjustment.

 

10.
Representations of Holder.

 

(a)
The Holder represents and warrants that it is acquiring the Warrant and the Warrant Shares solely for its account for investment
and not with a view to or for sale or distribution of said Warrant or Warrant Shares or any part thereof. The Holder also represents
that the entire legal and beneficial interests of the Warrant and Warrant Shares the Holder is acquiring are being acquired for,
and will be held for, its account only.

 

(b)
The Holder understands that the Warrant and the Warrant Shares have not been registered under the Securities Act of 1933, as amended
(the “Act”) on the basis that no distribution or public offering of the stock of the Company is to be effected. The
Holder realizes that the basis for the exemption may not be present if, notwithstanding its representations, the Holder has a
present intention of acquiring the securities for a fixed or determinable period in the future, selling (in connection with a
distribution or otherwise), granting any participation in, or otherwise distributing the securities. The Holder has no such present
intention.

 

(c)
The Holder recognizes that the Warrant and the Warrant Shares must be held indefinitely unless they are subsequently registered
under the Act or an exemption from such registration is available. The Holder recognizes that the Company has no obligation to
register the Warrant or the Warrant Shares, or to comply with any exemption from such registration.

 

(d)
The Holder is aware that neither the Warrant nor the Warrant Shares may be sold pursuant to Rule 144 adopted under the Act unless
certain conditions are met, including, among other things, the existence of a public market for the shares, the availability of
certain current public information about the Company, the resale following the required holding period under Rule 144 and the
number of shares being sold during any three-month period not exceeding specified limitations.

 

(e)
The Holder further agrees not to make any disposition of all or any part of the Warrant or Warrant Shares in any event unless
and until the Holder shall have notified the Company of the proposed disposition and shall have furnished the Company with a detailed
statement of the circumstances surrounding the proposed disposition, and if reasonably requested by the Company, the Holder shall
have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, for the Holder to the effect that
such disposition will not require registration of such Warrant Shares under the Act or any applicable state securities laws. The
Company agrees that it will not require an opinion of counsel with respect to transactions under Rule 144 of the Securities Act
of 1933, as amended, except in unusual circumstances.

 

    	 	6	 

     

    

 

(f)
The Holder understands and agrees that all certificates evidencing the Warrant Shares to be issued to the Holder may bear the
following legend:

 

THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”). THEY MAY
NOT BE SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT AS TO THE SECURITIES
UNDER THE ACT OR AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED.

 

(g)
The Holder is an “accredited investor” as defined in Regulation D promulgated under the Act.

 

11.
Acceptance. Receipt of this Warrant by the Holder shall constitute acceptance
of and agreement to all of the terms and conditions contained herein.

 

12.
Governing Law. This Warrant is made under and shall be governed by and construed
in accordance with the internal laws of the State of Nevada without regard to principles relating to conflict of laws.

 

13.
Authorized Shares. The Company covenants that during the period that this Warrant is outstanding, it will reserve from
its authorized and unissued Common Stock a sufficient number of shares to provide for the issuance of the Warrant Shares upon
the exercise of any purchase rights under this Warrant. The Company further covenants that its issuance of this Warrant shall
constitute full authority to its officers who are charged with the duty of executing stock certificates to execute and issue the
necessary certificates for the Warrant Shares upon the exercise of the purchase rights under this Warrant. The Company covenants
that all Warrant Shares which may be issued upon the exercise of the purchase rights represented by this Warrant will upon exercise
of the purchase rights represented by this Warrant and payment for such Warrant Shares in accordance herewith be duly authorized,
validly issued, fully paid and nonassessable and free from all taxes, liens and charges created by the Company in respect of the
issue thereof.

 

14.
Remedies. The Holder, in addition to being entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Warrant. The Company acknowledges and agrees that monetary damages
would not be adequate compensation for any loss incurred by reason of a breach by it of the provisions of this Warrant and hereby
agrees to waive and not to assert the defense in any action for specific performance that a remedy at law would be adequate.

 

15.
Severability. Wherever possible each provision of this Warrant shall be construed and interpreted in such manner as to
be effective and valid under applicable law, but if any provision of this Warrant shall be prohibited by or invalid under applicable
law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating the remainder of
such provisions of this Warrant.

 

16.
Headings. The headings used in this Warrant are for the convenience of 0 reference only and otherwise shall not for any
purpose be deemed a part of this Warrant.

 

[Signature
Page Follows]

 

    	 	7	 

     

    

 

IN
WITNESS WHEREOF, the Company has caused this Warrant to be duly signed as of the Original Issue Date first above referenced.

 

	 	SALEEN
    AUTOMOTIVE, INC.
	 	 	 
	 	By:	                              
	 	Name:	Steve
    Saleen
	 	Title:	Chief
    Executive Officer
	 	Date:	 

 

    	 	8	 

     

    

 

PURCHASE
FORM

 

Dated: _____________________

 

The
undersigned hereby irrevocably elects to exercise the within Warrant to the extent of purchasing _______ shares of Common Stock
of Saleen Automotive, Inc. and hereby makes payment of $ ______ in payment of the actual exercise price thereof.

 

INSTRUCTIONS
FOR REGISTRATION OF STOCK

 

Name:___________________________

(Please
typewrite or print in block letters)

 

Address:__________________________

 

Signature:_________________________

 

    	 	 	 

     

    

 

ASSIGNMENT
FORM

 

FOR
VALUE RECEIVED, ___________________________hereby sells, assigns and transfers unto

 

Name:___________________________

(Please
typewrite or print in block letters)

 

Address:__________________________

 

the
right to purchase Common Stock of Saleen Automotive, Inc. represented by this Warrant to the extent of shares as to which such
right is exercisable and does hereby irrevocably constitute and appoint Attorney, to transfer the same on the books of the Company
with full power of substitution in the premises.

 

Date:_____________________________

 

Signature:_________________________

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