Document:

Exhibit 10.5

 

Execution Version

 

JOINDER
AND AMENDMENT AGREEMENT

 

THIS
JOINDER AND AMENDMENT AGREEMENT (this “Agreement”) dated as of September
25, 2022, is executed by and among SENYUN INTERNATIONAL LTD. (the “New Purchaser”) and certain other parties set forth
on the signature pages hereto.1

 

WHEREAS,
reference is made to the Securities Purchase Agreement, dated as of August 14, 2022 (as amended by the Amendment No. 1 to Securities
Purchase Agreement and Convertible Senior Secured Promissory Notes dated as of September 23, 2022 (the “Existing Securities
Purchase Agreement”); the Existing Securities Purchase Agreement as further amended, restated, amended and restated, supplemented
or otherwise modified from time to time, including pursuant to this Agreement, the “Securities Purchase Agreement”)
by and among Faraday Future Intelligent Electric Inc., a Delaware corporation (the “Issuer”), the guarantors from
time to time party thereto (together with the Issuer, collectively the “Credit Parties” and each a “Credit
Party”), the financial institutions or other entities from time to time party thereto (each as a “Purchaser”
and collectively, the “Purchasers”), and FF Simplicity Ventures LLC, a Delaware limited liability company, as administrative
and collateral agent (in such capacity, the “Agent”); and

 

WHEREAS,
pursuant to Section 2.1 of the Securities Purchase Agreement, the Issuer intends to issue Incremental Notes in an aggregate
principal amount of up to $60,000,000 (collectively, the “New Notes”), and enter into certain other amendments to
the terms of the Existing Securities Purchase Agreement applicable to the purchase of the New Notes by the New Purchaser as set forth
herein; and

 

WHEREAS,
the New Purchaser desires to become a “Purchaser” under the Securities Purchase Agreement in connection with such New Notes.

 

NOW,
THEREFORE, for good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged by the parties hereto, the
parties hereto hereby agree as follows:

 

Section 1.
Joinder. Upon the occurrence of the Second Amendment Effective Date (as defined herein), the New Purchaser acknowledges and agrees
that it shall become a Purchaser under the Securities Purchase Agreement of the New Notes and shall have all of the rights and obligations
of a Purchaser under the Securities Purchase Agreement and the other Financing Documents, including without limitation, all voting rights
associated with such New Notes, all rights to receive interest on such New Notes and all fees with respect to such New Notes and other
rights of a Purchaser under the Securities Purchase Agreement and the other Financing Documents with respect to such New Notes, in each
case subject to the satisfaction on each Funding Date (as defined herein) of the closing conditions applicable to the purchase of Incremental
Notes set forth in the Securities Purchase Agreement and as otherwise amended hereby. The New Purchaser, subject to the terms and conditions
hereof, acknowledges and agrees that it shall assume all obligations with respect to the New Notes, which obligations shall include,
but shall not be limited to, the obligation to indemnify the Agent as provided in the Securities Purchase Agreement.

 

 

1 Unless
otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to such terms in the Securities Purchase Agreement. 

 

    

     

    

 

Section 2.
Representations, Warranties and Agreements of the New Purchaser. The New Purchaser makes and confirms to the Agent and the other
Purchasers all of the representations, warranties and covenants of a Purchaser under the Securities Purchase Agreement; provided, however,
that the New Purchaser is making those representations and warranties contained in Article 13 of the Securities Purchase Agreement
solely with respect to itself (and not with respect to any other Purchaser). Without limiting the foregoing, the New Purchaser (a) represents
and warrants that (i) it is legally authorized to, and has full power and authority to, enter into this Agreement and perform its obligations
under this Agreement; (ii) it is not (1) a natural person, (2) a Disqualified Purchaser or (3) a Credit Party or an Affiliate of a Credit
Party and (iii) it meets all the requirements to be an assignee under Section 12.6 of the Securities Purchase Agreement (subject
to such consents, if any, as may be required under Section 12.6 of the Securities Purchase Agreement); (b) confirms that
it has received copies of such documents and information as it has deemed appropriate to make its own credit analysis and decision to
enter into this Agreement; (c) agrees that it has and will, independently and without reliance upon the Agent or any other Purchaser
and based upon such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in
evaluating the New Notes, the other Financing Documents, the creditworthiness of the Issuer and the Guarantors and the value of the assets
of the Issuer and the Guarantors, and taking or not taking action under the Financing Documents; (d) appoints and authorizes the
Agent to take such action as agent on its behalf and to exercise such powers as are reasonably incidental thereto pursuant to the terms
of the Financing Documents; (e) agrees that, by this Agreement, the New Purchaser has become a party to and will perform in accordance
with their terms all the obligations which by the terms of the Financing Documents are required to be performed by it as a Purchaser;
and (f) prior to the date hereof has delivered to the Issuer and the Agent any documentation required to be delivered by it pursuant
to the Securities Purchase Agreement (including (x) in the event New Purchaser is a Foreign Purchaser, the receipt by Issuer of
United States Internal Revenue Service Forms W-8ECI, W-8BEN (W-8BEN-E, as applicable) or W-8IMY (as applicable), and if applicable a
portfolio interest certificate and such other forms, certificates or documents, including those prescribed by the United States Internal
Revenue Service, properly completed and executed by the New Purchaser, certifying as to New Purchaser’s entitlement to exemption
from withholding or deduction of Taxes and (y) if New Purchaser is not a Foreign Purchaser and not an exempt recipient within the
meaning of Treasury Regulation Section 1.6049-4(c), a duly completed and true and accurate Internal Revenue Service Form W-9), duly completed
and executed by the New Purchaser.

 

Section 3.
Representations, Warranties and Agreements of the Issuer. Subject to the Bridge Waivers, the Issuer makes and confirms to the
New Purchaser as of the date hereof and on each Funding Date, all of the representations, warranties and covenants of Issuer under the
Securities Purchase Agreement.

 

Section 4.
Other Agreements, Waivers and Amendments. Nothwithstanding any provision to the contrary contained in the Securities Purchase
Agreement:

 

		(a)	New
                                            Notes.

 

		(i)	Conversion
                                            Price. Section 3.1(b) of the New Notes shall provide for: The conversion price of the
                                            New Notes shall be equal to $1.05, subject to adjustment therein (the “Conversion
                                            Price”); provided, however, in the event that the effective price
                                            per share (i.e. conversion price) at which shares of Common Stock (as defined in the New
                                            Notes) are issued or issuable in connection with any Tranche A Notes (other than the Initial
                                            Bridge Notes, the Second Bridge Notes, the Third Bridge Notes, the Fourth Bridge Notes and/or
                                            the Fifth Bridge Notes, in each case, as of the date hereof) is less than (with respect to the first $25 million invested by the
                                            New Purchaser, 117.647% of) the Conversion Price (the “Base Share Price”),
                                            then the Conversion Price shall be reduced, and only reduced, to equal (with respect to the
                                            first $25 million invested by the New Purchaser, 85% of) the Base Share Price, subject to
                                            adjustment hereunder (and if the Tranche A Notes (other than the Initial Bridge Notes, the
                                            Second Bridge Notes, the Third Bridge Notes, the Fourth Bridge Notes and/or the Fifth Bridge
                                            Notes, in each case, as of the date hereof) are issued in multiple tranches or closings with different effective prices, such
                                            adjustment shall be to the lowest effective price at which such securities are issued).

 

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For clarity, (x) as of the date hereof, (A) the Conversion Price of the Initial Bridge Notes is $0.8925 and (B) the Conversion Price for
each of the Second Bridge Notes, the Third Bridge Notes, the Fourth Bridge Notes and/or the Fifth Bridge Notes is $1.05, and (y) the adjustment
mechanism described in the proviso of Section 3.1(b) of the New Notes shall apply to any modification to the conversion price contained
in any of the Initial Bridge Notes, the Second Bridge Notes, the Third Bridge Notes, the Fourth Bridge Notes and/or the Fifth Bridge Notes
that occur after the date hereof.

 

		(ii)	Transfer
                                            Restriction. Section 3.1(f) of the New Notes shall provide for: (i) thirty (30) calendar
                                            days restriction for the first $20 million from and after each Funding Date on direct or
                                            indirect transfers, sales or dispositions of Common Stock issued upon conversion of any such
                                            New Note; (ii) three (3) months restriction for the remaining $40 million from and after
                                            each Funding Date on direct or indirect transfers, sales or dispositions of Common Stock
                                            issued upon conversion of any such New Note; provided for the avoidance of doubt that
                                            the ability of a holder of New Notes to pledge shares issued upon conversion thereof shall
                                            not be restricted.

 

		(b)	Second
                                            Bridge Notes. Subject to the occurrence of the First Funding Date (as defined herein),
                                            Section 3.1(f) of the Second Bridge Notes shall be automatically amended and restated to
                                            provide as follows:

 

Notwithstanding
anything to the contrary in this Note, there is and shall be no restriction on the direct or indirect transfer, pledge, sale or other
disposition of the shares of Common Stock issued upon conversion of this Note.

 

		(c)	Funding
                                            Dates. In accordance with Section 2.1 of the Securities Purchase Agreement, the Issuer
                                            shall issue and sell to the New Purchaser, and the New Purchaser hereby commits to acquire
                                            from the Issuer, subject to the satisfaction of all of the conditions set forth in Section
                                            4(f) of this Agreement, New Notes on each of the following dates (each, a “Funding
                                            Date” and the commitments to fund such New Notes, the “New Notes Commitments”):

 

		(i)	$10
                                            million in principal amount of New Notes on the date that is no later than the later of three
                                            (3) Business Days (x) after the Second Amendment Effective Date and (y) following the completion
                                            by the Issuer of the due diligence review that is currently in process by the Issuer of the New Purchaser and its direct
                                            and indirect beneficial owners and financing sources, which due diligence shall be completed
                                            no later than October 31, 2022 (such date, the “First Funding Date”);

 

		(ii)	$10
                                                                                                                                                                                                                                      million in principal amount of New Notes on a date that is no later than the later of fourteen (14) Business Days (x) after the
                                                                                                                                                                                                                                      Second Amendment Effective Date and (y) following the completion by the Issuer of the due diligence review that is currently in
                                                                                                                                                                                                                                      process by the Issuer of the New Purchaser and its direct and indirect beneficial owners and financing sources, which due diligence
                                                                                                                                                                                                                                      shall be completed no later than October 31, 2022;

 

		(iii)	$10
                                                                                                                                                                                                                                       million in principal amount of New Notes on a date that is not later than fifteen (15) Business Days (x) after the effectiveness of
                                                                                                                                                                                                                                       its outstanding S-1/A that registers the resale by the Purchasers of all shares issuable pursuant to the Financing Documents,
                                                                                                                                                                                                                                       including all shares issuable to the New Purchaser pursuant to the Financing Documents (as amended by a filing to be made after the
                                                                                                                                                                                                                                       Second Amendment Effective Date, the “Resale S-1”), and (y) following the completion by the Issuer of the due
                                                                                                                                                                                                                                       diligence review that is currently in process by the Issuer of the New Purchaser and its direct and indirect beneficial owners and
                                                                                                                                                                                                                                       financing sources, which due diligence shall be completed no later than October 31, 2022;

 

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		(iv)	$10
                                                                                                                                                                                                                                      million in principal amount of New Notes on a date that is not later than thirty (30) Business Days (x) after the effectiveness of
                                                                                                                                                                                                                                      the Resale S-1, (y) the Shareholder Approval is received, and (z) following the completion by the Issuer of the due diligence review
                                                                                                                                                                                                                                      that is currently in process by the Issuer of the New Purchaser and its direct and indirect beneficial owners and financing sources,
                                                                                                                                                                                                                                      which due diligence shall be completed no later than October 31, 2022; and

 

		(v)	$20
                                                                                                                                                                                                                                     million in principal amount of New Notes on a date that is no later than ten (10) Business Days (w) after official delivery of FF91
                                                                                                                                                                                                                                     to the first batch of bona fide customers is made, (x) the Shareholder Approval is received, (y) the effectiveness of the Resale
                                                                                                                                                                                                                                     S-1, and (z) following the completion by the Issuer of the due diligence review that is currently in process by the Issuer of the
                                                                                                                                                                                                                                     New Purchaser and its direct and indirect beneficial owners and financing sources, which due diligence shall be completed no later
                                                                                                                                                                                                                                     than October 31, 2022.

 

For
clarity, the Issuer acknowledges that the satisfaction of the condition set forth in any of Sections 4(c)(i)(y), 4(c)(ii)(y),
4(c)(iii)(y), 4(c)(iv)(z) and 4(c)(v)(z) shall be deemed to be satisfaction of the conditions set forth in each of Sections
4(c)(i)(y), 4(c)(ii)(y), 4(c)(iii)(y), 4(c)(iv)(z) and 4(c)(v)(z). 

 

		(d)	CFIUS
                                            Voting Restriction. The New Notes shall not contain a “Beneficial Ownership Limitation”
                                            as set forth in the Form of Note attached to the Securities Purchase Agreement. Notwithstanding
                                            the foregoing, the New Purchaser agrees that the New Notes shall provide that the New Purchaser
                                            shall not vote or control the vote of shares of Common Stock of the Issuer in excess of 9.99%
                                            of the number of shares of Common Stock of the Issuer outstanding immediately after giving
                                            effect to the issuance of shares of Common Stock upon conversion of the New Notes; provided
                                            the Issuer acknowledges and agrees that New Purchaser may own in excess of 9.99% of the number
                                            of shares of Common Stock of Issuer outstanding as of any time, provided that the New Purchaser
                                            has irrevocably transferred to a non-affiliated U.S. entity voting rights of all shares of
                                            Common Stock of Issuer in excess of such 9.99% threshold.

 

		(e)	Specific
                                            Amendments and Waivers. Each Purchaser hereby agrees to amend and/or amend and restate,
                                            as applicable, the following provisions of the Existing Securities Purchase Agreement as
                                            follows:

 

		(i)	Required
                                            Purchasers. The definition of “Required Purchasers” in the Existing
                                            Securities Purchase Agreement shall be amended and restated as follows:

 

“Required
Purchasers” means at any time the Purchasers holding more than fifty percent (50%) of the aggregate Notes outstanding under
this Agreement; provided, that (x) so long as Agent is also a Purchaser hereunder, Required Purchasers shall include Agent and
(y) Required Purchasers shall include the New Purchaser Representative so long as the New Purchaser (as defined in the Second Amendment)
(1) has funded at least $30 million in aggregate principal amount of New Notes Commitments and (2) continues to hold all of the New Notes
Commitments and the New Notes (other than in respect of an assignment thereof to an Affiliate).

 

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		(ii)	Subsequent
                                            Closing Date. Clause (a) of the definition of Subsequent Closing Date in the Existing
                                            Securities Purchase Agreement shall be amended and restated as follows, and conforming changes
                                            in the Existing Securities Purchase Agreement shall be deemed to have been made to accommodate
                                            this change:

		 

                                                                                
	

		(a)	such
                                            Subsequent Closing Date occurs on or prior to the 90th day following the Closing Date; provided,
                                            however, that this condition shall not apply to the New Purchaser Commitments, which may
                                            fund as set forth in the Second Amendment;

		 

                                                                                
	

		(iii)	Participation
                                            in Future Financing. Section 4.25(a) of the Existing Securities Purchase Agreement shall
                                            be amended and restated as follows:

		

                                                                                 
	

From
the date hereof until the date that is the five-year anniversary of the Initial Bridge Closing, upon any issuance by the Issuer or any
of its Subsidiaries of Common Stock or Common Stock Equivalents for cash consideration, Indebtedness or a combination of units thereof
other than an Exempt Issuance (as defined in the Bridge Note) or Excluded Stock (as defined in the Warrant) other than an Exempt Issuance
(as defined in the Note) or Excluded Stock (as defined in the Warrant) (a “Subsequent Financing”), (x) each Purchaser
that then owns at least $25 million principal amount of Notes (when aggregated with any Affiliates of such Purchaser) and (y) the New
Purchaser, for so long as it then owns at least $20 million principal amount of Notes (when aggregated with any Affiliates of such Purchaser)
shall each have the right to participate in up to an amount of the Subsequent Financing equal to an amount of the Subsequent Financing
such that such Purchaser’s ownership of the Issuer (assuming conversion of the Notes and ignoring for such purpose any conversion
or exercise limitations included in the Notes) remains the same immediately following such Subsequent Financing as it ownership immediately
prior to such Subsequent Financing (the “Participation Maximum”) on the same terms, conditions and price provided
for in the Subsequent Financing subject to this Section 4.25.

 

		(iv)	Additional
                                            Defined Terms.

			

 

“Second
Amendment” means, the Joinder and Amendment Agreement and entered into by the Issuer, the Required Purchasers and the New Purchaser
on the Second Amendment Effective Date.

 

“Second
Amendment Effective Date” has the meaning set forth in the Second Amendment.

 

“New
Notes” has the meaning set forth in the Second Amendment.

 

“New
Notes Commitments” has the meaning set forth in the Second Amendment.

 

“New
Purchaser” has the meaning set forth in the Second Amendment.

 

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“New
Purchaser Representative” means the New Purchaser or a designee appointed by the New Purchaser; as of the Second Amendment
Effective Date, the New Purchaser Representative shall be the New Purchaser, and, after the Second Amendment Effective Date, any other
Senyun International Ltd. successor and assign appointed by the previous New Purchaser Representative that fulfilled the role as the
New Purchaser Representative hereunder, effective after five (5) Business Days’ advance written notice of such appointment to the
Issuer.

 

		(f)	Conditions
                                            to Funding the New Notes. The obligation of the New Purchaser to purchase New Notes on
                                            each Funding Date shall be subject to the satisfaction or waiver, in form and substance reasonably
                                            satisfactory to the New Purchaser, of each of the following conditions:

 

		(i)	the
                                            Issuer has delivered to the New Purchaser a Warrant registered in the name of the New Purchaser
                                            to purchase up to a number of shares of Common Stock equal to 33% of the New Purchaser’s
                                            Conversion Shares on such Funding Date, with an exercise price equal to $5.00, subject to
                                            adjustment therein, in a form attached as Exhibit D to the Securities Purchase Agreement;
	 	 	 

			

		(ii)	the
                                            Issuer has delivered to the New Purchaser a New Note in the principal amount applicable to
                                            such Funding Date;

 

		(iii)	subject
                                            to the Bridge Waivers, no Default or Event of Default exists;

 

		(iv)	subject
                                            to the Bridge Waivers, the representations and warranties contained in the Financing Documents
                                            are true and correct in all material respects (without duplication of any materiality qualifier)
                                            as of such Funding Date, both before and after giving effect to the New Note being issued
                                            on such Funding Date;

 

		(v)	the
                                            Initial Bridge Notes, the Second Bridge Notes and the Third Bridge Notes have been issued
                                            and purchased in accordance with the terms of the Securities Purchase Agreement; for the
                                            avoidance of doubt, the New Purchaser acknowledges and agrees that this condition has been
                                            satisfied as of the Second Amendment Effective Date;

 

		(vi)	the
                                            Issuer has delivered to the New Purchaser fully executed copies of all Financing Documents
                                            as of the Second Amendment Effective Date (other than the New Notes and Warrants provided
                                            in connection with the Funding Dates and other than the previously issued Notes and Warrants);

 

		(vii)	solely
                                            with respect to the first Funding Date described in Sections 4(b)(i), the Issuer has
                                            delivered to the New Purchaser a customary legal opinion of Sidley Austin LLP, as special
                                            counsel to the Credit Parties, reasonably satisfactory to the New Purchaser, but in any event,
                                            substantially similar to that certain opinion delivered to the Agent on the Closing Date.

 

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		(viii)	the
                                            Issuer has paid all legal fees and other transaction expenses of the New Purchaser incurred
                                            through such Funding Date up to $200,000 in the aggregate (subject to that certain notice
                                            of issuance and disbursement authorization delivered to the New Purchaser as of the date
                                            hereof), which fees and expenses can be paid by, at the Issuer’s option, net funding
                                            the applicable New Notes;

 

		(ix)	solely
                                            with respect to the first and second Funding Dates described in Sections 4(b)(i),
                                            (ii) and (iii), the Issuer has obtained the prior written consent of FF Top
                                            Holding LLC (“FF Top”) and Season Smart Limited (“Season Smart”)
                                            for the transactions contemplated by this Agreement; for the avoidance of doubt, the parties
                                            acknowledge and agree that this condition has been satisfied as of the Second Amendment Effective
                                            Date pursuant to those certain advanced approval agreements, dated as of September 23, 2022,
                                            by and among the Issuer and FF Top and Season Smart, respectively;

 

		(x)	solely
                                            with respect to the fourth and fifth Funding Date described in Sections 4(b)(iv) and
                                            (v), the Issuer has obtained the Shareholder Approval;

 

		(xi)	the
                                            Issuer and FF Top have resolved all disputes relating to governance of the Issuer; for the
                                            avoidance of doubt, the parties acknowledge and agree that this condition has been satisfied
                                            as of the Second Amendment Effective Date pursuant to that certain heads of agreement, dated
                                            as of September 23, 2022, by and among the Issuer, FF Top and FF Global Partners LLC;

 

		(xii)	solely
                                            with respect to the third, fourth and fifth Funding Dates described in Sections 4(b)(iii),
                                            (iv) and (v) of this Agreement, the Resale S-1, as amended by filings contemplated
                                            to take place after the Second Amendment Effective Date, has been declared effective by the
                                            Commission and the Issuer has made all filings required to be filed pursuant to the Securities
                                            Act or Exchange Act and the rules promulgated thereunder; and

 

		(xiii)	the
                                            Issuer has delivered to the New Purchaser the most recent quarterly and annual financial
                                            statements described in Section 4.1(b) and Section 4.1(c), respectively, of the Securities
                                            Purchase Agreement that either have been filed with the Commission or that are otherwise
                                            required to be filed with the Commission as of the applicable Funding Date; provided,
                                            however, the New Purchaser agrees that any such document or report that the Issuer files
                                            with the Commission via EDGAR or otherwise makes publicly available on its website shall
                                            be deemed to be delivered to the New Purchaser for purposes of this Section 4(f)(xiii) at the time
                                            such documents are filed via EDGAR or posted to such website as long as the Issuer has notified
                                            the New Purchaser that such filing has been made; and

 

		(xiv)	solely
                                            with respect to the first Funding Date, the Issuer has delivered to the New Purchaser such
                                            other customary closing documents, including without limitation board resolutions, organizational
                                            documents, good standing certificates, officers’ and incumbency certificates, compliance
                                            certificates and lien searches, as may be reasonably requested by the New Purchaser.

 

Notwithstanding
the foregoing, the Bridge Waivers do not apply to an Event of Default that has occurred and is continuing (after giving effect to any
notice and cure periods) in respect of Section 8.1(a), Section 8.1(f) (other than in respect of any Credit Party generally failing to
pay, or admitting in writing its inability or refusal to pay, debts as they become due, to which, for the avoidance of doubt, the Bridge
Waivers apply), Section 8.1(g), Section 8.01(n) (in respect of the Issuer), Section 8.1(o), Section 8.1(p) or Section 8.1(q), in each
case, of the Securities Purchase Agreement.

 

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		(g)	Shareholder
                                            Meeting. The Issuer agrees that the next proxy statement filing following the date hereof
                                            shall solicit stockholder approval of the transactions contemplated by this Agreement, including
                                            the issuance of all of the shares issuable upon conversion of the New Notes and warrants
                                            held from time to time by the New Purchaser.

 

		(h)	Material
                                            Non-Public Information. All material non-public information regarding the Issuer or any
                                            other Credit Party that has been disclosed to the New Purchaser on or prior to the date hereof
                                            will be disclosed in an 8-K filing to be made by the Issuer no later than 9:30 a.m. (New
                                            York City time) on the first Business Day following the Second Amendment Effective Date.

 

		(i)	Resale
                                            S-1. The Issuer agrees to use reasonable best efforts to file, as promptly as practicable following the Second Amendment Effective Date, an amendment to the
                                            Resale S-1 to register the resale of all shares issuable to the New Purchaser pursuant to
                                            the Financing Documents.

 

Section
5. Address and Payment Instructions. The New Purchaser specifies as its address for notices and its lending office for all Notes
the offices set forth below:

 

Notice
Address:

FLAT/RM
1121 11/F

OCEAN
CENTRE HARBOUR CITY

5
CANTON ROAD

HONG
KONG

Email:
zhangbo@daguanhk.com and melody@daguanhk.com

Telephone:
+852 5225 7139

 

All
payments to the New Purchaser under the Securities Purchase Agreement shall be made as provided in the Securities Purchase Agreement
in accordance with separate instructions delivered to the Agent.

 

Section 6.
Effectiveness of Agreement. This Agreement shall be effective on the date (the “Second Amendment Effective Date”)
that this Agreement is executed by the New Purchaser and acknowledged by FF Simplicity Ventures LLC (in its capacity as Agent and Purchaser),
RAAJJ Trading LLC (“RAAJJ”) and the Issuer.

 

Section
7. Additional Agreements of Issuer.

 

		(a)	Subject
                                            to clause (b) of this Section 7, the Issuer hereby agrees that the New Purchaser shall be
                                            a Purchaser under the Securities Purchase Agreement and shall be issued Notes as set forth
                                            herein. Subject to clause (b) of this Section 7, the Issuer agrees that the New Purchaser
                                            shall have all of the rights and remedies of a Purchaser under the Securities Purchase Agreement
                                            and the other Financing Documents as if the New Purchaser were an original Purchaser under
                                            and signatory to the Securities Purchase Agreement. Further, for so long as the New Purchaser
                                            remains a Purchaser under the Securities Purchase Agreement, it shall be entitled to the
                                            indemnification provisions from the Issuer in favor of the Purchasers as provided in the
                                            Securities Purchase Agreement and the other Financing Documents.

 

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		(b)	In
                                            the event that the Issuer’s due diligence review that is currently in process of the New Purchaser and its direct
                                            and indirect beneficial owners and financing sources is not satisfactory in its sole discretion
                                            by October 31, 2022, either the Issuer or the New Purchaser may terminate the New Purchaser’s New Notes Commitments
                                            and its obligation to purchase the New Notes, in which case all agreements as between the
                                            Issuer and the New Purchaser under and relating to the Securities Purchase Agreement shall
                                            automatically terminate and be extinguished in full and Section 1 hereof shall be null and
                                            void in respect of the New Purchaser. Such termination may be made by the Issuer or the New Purchaser prior to
                                            the occurrence of the First Funding Date.

 

Section 8.
Governing Law. THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES UNDER THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 

Section 9.
Counterparts. This Agreement may be executed in any number of counterparts each of which, when taken together, shall constitute
one and the same agreement. Delivery of an executed signature page of this Agreement by facsimile transmission or by electronic mail
as a “.pdf” or “.tif” attachment shall be effective as delivery of a manually executed counterpart hereof.

 

Section 10.
Headings. Section headings have been inserted herein for convenience only and shall not be construed to be a part hereof.

 

Section 11.
Amendments; Waivers. This Agreement may not be amended, changed, waived or modified except by a writing executed by the New Purchaser,
Issuer, FF Simplicity Ventures LLC (in its capacity as Agent and Purchaser) and RAAJJ, except that the New Purchaser may elect to unilaterally
waive, in its sole discretion, any of the conditions set forth in Section 4(f) of this Agreement. Any waiver of any provision
of this Agreement or any other Financing Document shall be effective only in the specific instance and for the specific purpose for which
it is given. No delay on the part of the New Purchaser in the exercise of any right, power or remedy shall operate as a waiver thereof,
nor shall any single or partial exercise by any of them of any right, power or remedy preclude other or further exercise thereof, or
the exercise of any other right, power or remedy.

 

Section 12.
Binding Effect. This Agreement shall be binding upon the New Purchaser, and its successors and permitted assigns and shall inure
to the benefit of the Issuer, the Agent, and the Purchasers, and their respective successors and permitted assigns. For the avoidance
of doubt, New Purchaser shall be permitted to assign its rights and obligations hereunder to any party in accordance with the terms of
the Securities Purchase Agreement.

 

Section 13.
Definitions. Terms not otherwise defined herein are used herein with the respective meanings given them in the Securities Purchase
Agreement.

 

Section 14.
Entire Agreement. This Agreement embodies the entire agreement of the parties with respect to the subject matter hereof and supersedes
all other prior arrangements and understandings relating to the subject matter hereof. In the event of a conflict between this Agreement
and the Securities Purchase Agreement, this Agreement shall control.

 

[Signatures
on following page]

 

    9

     

    

 

IN
WITNESS WHEREOF, the undersigned has duly executed this Agreement as of the date and year first written above.

 

	 	SENYUN INTERNATIONAL LTD.
	 	 	 
	 	By:	/s/ Bo Zhang
	 	 	Name: 	Bo
Zhang              
	 	 	Title:	CEO

 

[Signatures
Continued on Next Page]

 

[Signature
Page to Joinder and Second Amendment]

 

    

     

    

 

Acknowledged
and Accepted as of the

date
first written above.

 

FF
SIMPLICITY VENTURES LLC, as Agent

 

	By:	/s/ Antonio Ruiz-Gimenez	 
	Name: 	Antonio Ruiz-Gimenez	 
	Title:	Mp	 

 

Acknowledged and Accepted as of the

 date first written above.

 

RAAJJ
TRADING LLC, as Purchaser

 

	By:	/s/ Alan Rubenstein	 
	Name: 	Alan Rubenstein	 
	Title:	Manager	 

 

Acknowledged and Accepted as of the

 date first written above.

 

FARADAY
FUTURE INTELLIGENT ELECTRIC INC., 

as Issuer

 

	By:	/s/ Carsten Breitfeld	 
	Name: 	Carsten Breitfeld	 
	Title:	Chief Executive Officer	 

 

[Signature
Page to Joinder and Second Amendment]Exhibit 10.6

 

EXECUTION COPY

 

WARRANT EXERCISE AGREEMENT

 

This Warrant Exercise Agreement
(this “Agreement”) is dated as of September 23, 2022 (the “Effective Date”), by and between Faraday
Future Intelligent Electric Inc., a Delaware corporation (the “Company”), and the undersigned investors (the “Holders”).
Capitalized terms not defined herein shall have the meaning as set forth in the Existing Warrants (as defined below).

 

WHEREAS, prior to the
date hereof, the Holders acquired Original Issue Discount Convertible Notes (“OID Notes”) and Subordinated Intermediate
Last Out Promissory Notes (“Last Out Notes”, together with the OID Notes, the “Existing Notes”)
issued by the Company in such amounts as set forth in the signature page of the Holders;

 

WHEREAS, prior to the
date hereof, in connection with the issuance by the Company of the Existing Notes, the Holders acquired warrants to purchase such aggregate
number of shares of Common Stock (as defined in the Existing Warrants) as set forth on the signature page of the Holders (the “Existing
Warrants”, and together with any Supplemental Warrants, the “Holder Warrants”); and

 

WHEREAS, the Company
desires that the Holders consummate one or more cash exercises of certain of the Holder Warrants.

 

NOW, THEREFORE, in
consideration of the mutual covenants contained in this Agreement, and for other good and valuable consideration the receipt and adequacy
of which are hereby acknowledged, the Company and the Holders agree as follows:

 

Section 1. Forced
Exercise.

 

1.1 General.
At any time prior to January 23, 2023, so long as (I) no Equity Conditions Failure then exists (unless waived in writing by the Holders),
and (II) no Forced Exercise (as defined below) (or voluntary exercise of Holder Warrants with at least $7 million in aggregate exercise
price) has occurred in the five (5) Trading Day period immediately prior to the applicable date of determination (each such applicable
date, a “Forced Exercise Eligibility Date”), the Company shall have the right, exercisable on one or more occasions,
to require the Holders to exercise on a cash basis (each, a “Forced Exercise”) the Holder Warrants in the Holder Warrant
Reserve, in part, into up to such aggregate number of fully paid, validly issued and non-assessable shares of Common Stock (the “Warrant
Shares”) as designated in the applicable Forced Exercise Notice (as defined below) to be issued and delivered in accordance
herewith (but not (x) in excess of $7 million in aggregate exercise price for any single Forced Exercise or (y) for all Forced Exercises
in excess of the difference of (A) the Maximum Exercise Price Amount (as defined below) less (B) the aggregate exercise price of any voluntary
exercises of Holder Warrants after the date hereof) (such maximum aggregate number of Warrant Shares to be issued in any given Forced
Exercise, each a “Maximum Forced Exercise Share Amount”). The Company may exercise its right to require a Forced Exercise
under this Section 1(a) by delivering a written notice thereof, at one, or more times, by electronic mail to all, but not less than all,
of the Holders (each, a “Forced Exercise Notice”, and the date thereof, each a “Forced Exercise Notice Date”)
on a Forced Exercise Eligibility Date. For purposes of Section 1(a) hereof, “Forced Exercise Notice” shall be deemed
to replace “Notice of Exercise” for all purposes in the Holder Warrants as if the applicable Holder delivered an Notice of
Exercise to the Company on the Forced Exercise Notice Date, mutatis mutandis. Each Forced Exercise Notice shall be irrevocable.
Each Forced Exercise Notice shall state (i) the Trading Day selected for the Forced Exercise in accordance with this Section 1(a),
which Trading Day shall be the second (2nd) Trading Day following the applicable Forced Exercise Notice Date (each, a “Forced
Exercise Date”), (ii) the aggregate portion of the Holder Warrants subject to forced exercise from the Holders pursuant to this
Section 1(a), which, collectively, shall not exceed the applicable Maximum Forced Exercise Share Amount for such Forced Exercise
(including calculations with respect thereto) and (iii) that there is no Equity Conditions Failure as of such Forced Exercise Date (or
specifying any such Equity Conditions Failure that then exists, with an acknowledgement that unless such Equity Conditions are waived,
in whole or in part, such Forced Exercise Notice will be invalid). Notwithstanding anything herein to the contrary, if an Equity Conditions
Failure occurs at any time after a Forced Exercise Notice Date and prior to the related Forced Exercise Date, (A) the Company shall provide
the Holders a subsequent notice to that effect and (B) unless the Holders waive the applicable Equity Conditions Failure, the Forced Exercise
shall be cancelled and the applicable Forced Exercise Notice shall be null and void. For the avoidance of doubt, if as of any date of
determination the Company has an outstanding and uncured event of default (each, an “Event of Default”) under any agreement
or security with any of the Holders or any indebtedness of the Company with any of the Holders or any affiliate of any of the Holders
(each, a “Existing Document”), the Company shall have no right to effect a Forced Exercise without the prior waiver
of the Holders. Notwithstanding anything to the contrary in this Agreement, the Company may implement a Warrant Exercise Price Reduction
at any time upon written notice to the Holders without the prior written consent of the Holders or any other Person.

 

     

     

    

 

1.2 Definitions:

 

(a) “Equity
Conditions” means, with respect to any given date of determination: (i) on such applicable date of determination one or more
registration statements (each, the “Forced Exercise Registration Statement”) shall be effective and the prospectus
contained therein shall be available on such applicable date of determination (with, for the avoidance of doubt, any shares of Common
Stock previously sold pursuant to such prospectus deemed unavailable) for the resale of the applicable Warrant Shares issuable upon exercise
of the applicable Holder Warrants, without regard to any limitations on exercise set forth in the applicable Holder Warrants (such applicable
aggregate number of shares of Common Stock, each, a “Required Minimum Securities Amount”); (ii) on the applicable date
of determination, the Common Stock (including all shares of Common Stock issuable upon exercise of the applicable Holder Warrants) is
listed or designated for quotation (as applicable) on a Trading Market and shall not have been suspended from trading on such Trading
Market nor shall delisting or suspension by such Trading Market have been threatened (with a reasonable prospect of delisting occurring,
after giving effect to all applicable notice, appeal, compliance and hearing periods, within five (5) days after the applicable date of
determination) or reasonably likely to occur within five (5) days after the applicable date of determination ; (iii) during the Equity
Conditions Measuring Period, the Company shall have delivered all Warrant Shares issuable upon exercise of the Holder Warrants on a timely
basis as set forth in the Holder Warrants and all other shares of capital stock required to be delivered by the Company on a timely basis
as set forth in the other Transaction Documents; (iv) the Required Minimum Securities Amount of Warrant Shares may be issued in full without
violating the rules or regulations of the principal Trading Market on which the Common Stock is then listed or designated for quotation
(as applicable); (v) on each day during the Equity Conditions Measuring Period, no public announcement, directly or indirectly, by the
Company of a pending, proposed or intended Fundamental Transaction shall have occurred which has not been abandoned, terminated or consummated;
(vi) the Company shall have no knowledge of any fact that would reasonably be expected to cause the applicable Forced Exercise Registration
Statement to not be effective or the prospectus contained therein to not be available for the resale by the Holders of the Required Minimum
Securities Amount of Warrant Shares to be issued in connection with such determination, respectively, and either (x) the Company fails
for any reason to satisfy the requirements of Rule 144(c)(1), including, without limitation, the failure to satisfy the current public
information requirement under Rule 144(c) or (y) the Company has ever been an issuer described in Rule 144(i)(1)(i) or becomes such an
issuer in the future, and the Company shall fail to satisfy any condition set forth in Rule 144(i)(2); (vii) the Holder shall not be in
possession of any material, non-public information provided to any of them by the Company, any of its Subsidiaries or any of their respective
affiliates, employees, officers, representatives, agents or the like; (viii) on each day during the Equity Conditions Measuring Period,
the Company otherwise shall have not incurred an Event of Default under any Existing Agreement that has not been cured, including, without
limitation, the Company shall not have failed to make any payment pursuant to any Existing Agreement; (ix) there shall not have occurred
any Volume Failure or Price Failure as of such applicable date of determination; (x) on the applicable date of determination all Warrant
Shares to be issued in connection with the event requiring this determination may be issued in full without restriction under the organizational
documents of the Company; (xi) the Required Minimum Securities Amount of Warrant Shares are duly authorized and listed and eligible for
trading without restriction on the principal Trading Market (without regard to any limitations on exercise set forth in the Exiting Warrants);
(xii) any shares of Common Stock to be issued in connection with the event requiring determination may be issued in full without violating
the Beneficial Ownership Limitation in accordance with Section 2(e) of the Holder Warrants or (xiii) no bone fide dispute shall exist,
by and between any of the Holders, the Company, such applicable Trading Market in which the Common Stock of the Company is then principally
trading, and/or FINRA with respect to any term or provision of the Holder Warrants, this Agreement, or any other Existing Agreement (with
a reasonable prospect of delisting occurring, after giving effect to all applicable notice, appeal, compliance and hearing periods, within
five (5) days after the applicable date of determination).

 

(b)
“Equity Conditions Failure” means that on each day commencing on the Trading Day immediately prior to the applicable
Forced Exercise Notice Date through and including the applicable Forced Exercise Date, the Equity Conditions have not been satisfied (or
waived in writing by the Holders).

 

    2

    	 

    

 

(c) “Holder
Warrant Reserve” means, initially, such total aggregate number of Holder Warrants as set forth in column (2) of Exhibit
A attached hereto reserved by the Holders for cash exercises in accordance with any Forced Exercise and/or voluntary exercise
by the Holders, as applicable; provided, that in connection with any Warrant Exercise Price Reduction, the Company may issue additional
warrants to purchase Common Stock (the “Supplemental Warrants”) to one or more of the Holders (as designed by the Holders)
to increase the Holder Warrant Reserve; provided further, that no such increase in such reserve shall occur if the Maximum Exercise Price
Amount (after giving effect to such increase) would exceed $20 million.

 

(d) “Maximum
Exercise Price Amount” means the product of (x) the Holder Warrant Reserve and (y) the Exercise Price (as defined in the Holder
Warrants) (approximately $20 million in total aggregate exercise price as of the date hereof).

 

(e)
“Price Failure” means, with respect to a particular date of determination, the VWAP of the Common Stock on any two
(2) Trading Days during the ten (10) Trading Day period ending on the Trading Day immediately preceding such date of determination fails
to exceed $0.85 (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions occurring
after the date hereof) (the “Base Price”); provided, that if the exercise price of the Warrants is lowered (other than
as a result of any stock splits, stock dividends, stock combinations, recapitalizations or other similar transactions) (each, a “Warrant
Exercise Price Reduction”), the Base Price shall be reduced, on a cent-for-cent basis, by the aggregate number of cents lowered
in such Warrant Exercise Price Reduction. All such determinations to be appropriately adjusted for any stock splits, stock dividends,
stock combinations, recapitalizations or other similar transactions during any such measuring period.

 

(f)
“Volume Failure” means, with respect to a particular date of determination, the aggregate daily dollar trading volume
(as reported on Bloomberg) of the Common Stock on the Principal Market on any two (2) Trading Days during the ten (10) Trading Day period
ending on the Trading Day immediately preceding such date of determination, is less than $10,000,000.

 

1.3 Adjustment
Waiver.  The Holders hereby agree to waive, in part, the adjustments to the exercise price of the Existing Warrants and the aggregate
number of shares of Common Stock issuable upon exercise of the Existing Warrants (without regard to any limitations on exercise set forth
therein) arising as a result of the issuance of the Adjustment Warrant (as defined in that certain Amendment No. 1 to Securities Purchase
Agreement and Convertible Senior Secured Promissory Notes, by and among the Company, FF Simplicity Ventures LLC and the other parties
thereto, dated on or about the date hereof (the “First Amendment”)) such that (x) the exercise price of such aggregate
number of Existing Warrants exercisable into an aggregate of 29,158,364 shares of Common Stock (allocated pro rata to the Holders based
upon the aggregate number of Existing Warrants held by the Holders as of the date hereof) that are not included in the Holder Warrant
Reserve shall automatically be lowered to $0.50 (as adjusted for stock splits, stock dividends, stock combinations, recapitalizations
and similar events) in accordance with Section 3(b) of the Existing Warrants as a result of the initial issuance of the Adjustment Warrant,
but no other reduction in the exercise price of any other Existing Warrants shall occur as a result of the initial issuance of the Adjustment
Warrant and (y) the aggregate number of shares of Common Stock issuable upon exercise of the Existing Warrants (without regard to any
limitations on exercise set forth therein) shall not increase as a result of the initial issuance of the Adjustment Warrant; provided
further, for the avoidance of doubt, the waivers in this Section 1.3 shall not apply to any future voluntary adjustments to the exercise
price of the Adjustment Warrant by the Company in accordance with Section 3(b) of the Adjustment Warrant, if any.

 

    3

    	 

    

 

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, the Holder Warrants and the Warrant Shares (collectively, the “Forced Exercise Documents”) and otherwise
to carry out its obligations hereunder and thereunder. The execution and delivery of this Agreement and each of the other Forced Exercise
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 Forced Exercise 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 Warrant Shares; No Default. The issuance of the Warrant Shares upon exercise of the Holder Warrants by the Company is duly authorized
and, upon conveyance in accordance with the terms hereof, the Warrant 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”). No default of any term or condition
of any of the Holder Warrants exists as of the date hereof.

 

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2.4 No Conflicts.
The execution, delivery and performance by the Company of this Agreement and the other Forced Exercise Documents to which it is a party,
the issuance of the Warrant 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 Forced Exercises. 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 Forced Exercises.

 

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 this Agreement or the Forced Exercises.

 

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

 

2.8 Filings,
Consents and Approvals.  Other than 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.

 

2.9 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.

 

2.10 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 Forced Exercise Documents or the Warrant
Shares. 

 

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2.11 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 Forced Exercise Documents.

 

2.12 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 Forced Exercises 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.

 

2.13 Acknowledgments.
To the knowledge of the Company each Holder is acting solely in the capacity of an arm’s length party with respect to the Forced
Exercise 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 Existing Warrants. Such Holder is the legal and beneficial owner of the Existing Warrants. Such Holder paid for the
Existing Warrants of such Holder and has continuously held such Existing Warrants since their purchase. Such Holder owns
such Existing Warrants 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 Warrant 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 Warrant Shares, for any minimum or other specific term and reserves the right to
dispose of the Warrant 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 Holder Warrants or the Warrant
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).

 

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3.4 Information.
Such Holder has been furnished with all materials relating to the business, finances and operations of the Company and materials relating
to this Agreement 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.

 

3.5 Risk.
Such Holder understands that its investment in the Warrant Shares involves a high degree of risk. Such Holder is able to bear the risk
of an investment in the Warrant 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 Forced
Exercises

 

3.6 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 Forced Exercises or the fairness or suitability of the investment
in the Warrant Shares nor have such authorities passed upon or endorsed the merits of the Warrant Shares.

 

3.7 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.

 

3.8 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 will not
result in a violation of the organizational documents of such Holder.

 

3.9 Prior Investment
Experience. Such Holder acknowledges that it has prior investment experience, including investment in securities of the type being
exercised, including the Existing Warrants and the Warrant 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.

 

3.10 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 Forced Exercises. Such Holder acknowledges that it bears
complete responsibility for obtaining adequate tax advice regarding the Agreement and the Forced Exercises.

 

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Section 4. Note Adjustment
Waiver. The Holders hereby agree to waive the adjustments to the Conversion Price (as defined in the Existing Notes) of the Existing
Notes and the aggregate number of shares of Common Stock of the Company issuable upon conversion of the Existing Notes (without regard
to any limitations on exercise set forth therein) arising as a result of the issuance of the Adjustment Warrant (as defined in the First
Amendment); provided, for the avoidance of doubt, that the waivers in this Section 4 shall not apply to any future voluntary
adjustments to the exercise price of the Adjustment Warrant by the Company in accordance with Section 3(b) of the Adjustment Warrant,
if any, and nothing in this Section 4 shall amend, modify or waive any provision of Section 1.3.

 

Section 5. 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. THE COMPANY AND THE HOLDERS EACH HEREBY WAIVES ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT
TO THIS AGREEMENT.

 

Section 6. 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 7. 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 8. 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 9. 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 10. 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.

 

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Section 11. 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

 

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 12. 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 Warrant 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 13. 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 14. 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.

 

    9

    	 

    

 

Section 15. Disclosure
of Transaction. The Company shall, on or before 8:30 a.m., New York City time, on or prior to the first (1st) business day after 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 Forced Exercise 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 Forced Exercise 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.

 

Section 16. Fees. The
Company shall reimburse Kelley Drye & Warren, LLP (counsel to the lead investor), on demand, a non-accountable amount of $50,000 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 Warrant 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 Warrant Shares or to enforce the provisions of this Agreement or any of the Warrant 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 Warrant 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 17. Listing.
The Company shall use commercially reasonable efforts to promptly secure the listing or designation for quotation (as the case may be)
of all of the Warrant 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 use commercially reasonable efforts to 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 Forced Exercise Documents on such national
securities exchange or automated quotation system. The Company shall use commercially reasonable 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. The Company shall pay all fees and expenses in connection
with satisfying its obligations under this Section 16.

 

Section 18. 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.

 

[The remainder of the page is
intentionally left blank]

 

    10

    	 

    

 

IN WITNESS WHEREOF,
the Holders and the Company have caused their respective signature page to this Agreement to be duly executed as of the date first written
above.

 

	 	COMPANY:	 
	 	 	 
	 	FARADAY FUTURE INTELLIGENT ELECTRIC INC.
	 	 	 	 
	 	By:	/s/ Carsten Breitfeld
	 	 	Name:	Carsten Breitfeld

	 	 	Title:	Chief Executive Officer

 

[Signature Page to Warrant Exercise Agreement]

 

     

     

    

 

IN WITNESS WHEREOF,
the Holders and the Company have caused their respective signature page to this Agreement to be duly executed as of the date first
written above.

 

	 	 	HOLDERS:
	 	 	 	 	 
	Aggregate Number of Shares of

        
	 	FF Ventures SPV IX LLC
	Common Stock Issuable upon Exercise of 	 	 	 	 
	Existing Warrants:	 	By:	/s/ Antonio Ruiz-Gimenez
		 	 	Name: 	Antonio Ruiz-Gimenez
	60,277,082	 	 	Title:	Managing Member
		 	 
	Principal amount of Existing Notes:	 	FF Venturas SPV X LLC
		 	 	 	 
	$ 6,699,289	 	By:	/s/ Antonio Ruiz-Gimenez
		 	 	Name:	Antonio Ruiz-Gimenez 
		 	 	Title:	Managing Member
	 	 	 
	 	 	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 Adventures SPV XVIII LLC
	 	 	 	 	 
	 	 	By:	/s/ Antonio Ruiz-Gimenez
	 	 	 	Name:	Antonio Ruiz-Gimenez
	 	 	 	Title:	Managing Member 

 

[Signature Page to Warrant Exercise Agreement]

 

     

     

    

 

Exhibit
A

 

Initial Holder Warrant Reserve

 

	Holders	 	Initial

 Holder Warrant

 Reserve
	 	 	Current

 Exercise Price	 	 	Cost to

 Exercise in

Full	 
	FF Ventures SPV IX LLC	 	 	8,808,821	 	 	$	0.6427	 	 	$	5,661,429.26	 
	FF Venturas SPV X LLC	 	 	6,325,488	 	 	$	0.6427	 	 	$	4,065,391.14	 
	FF Aventuras SPV XI LLC	 	 	3,935,859	 	 	$	0.6427	 	 	$	2,529,576.58	 
	FF Adventures SPV XVIII LLC	 	 	12,048,550	 	 	$	0.6427	 	 	$	7,743,603.08	 
	TOTAL	 	 	31,118,718	 	 	 	N/A	 	 	$	20,000,000.06

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