Document:

Document

Exhibit 10.1
Execution Version

AMENDMENT NO. 2 TO AMENDED AND RESTATED MASTER SENIOR SECURED NOTES NOTE PURCHASE AGREEMENT
This AMENDMENT NO. 2 TO AMENDED AND RESTATED MASTER SENIOR SECURED NOTES NOTE PURCHASE AGREEMENT, dated as of November 9, 2022 (this “Amendment”), is entered into by and among WeWork Companies LLC, a Delaware limited liability company (the “Company”), WW Co-Obligor Inc., a Delaware corporation (the “Co-Obligor”), StarBright WW LP, a Cayman Islands exempted limited partnership (the “Purchaser”), acting by its general partner, StarBright Limited, a Cayman Islands exempted company, and SoftBank Vision Fund II-2 L.P., a limited partnership established in Jersey (“SVF II”), acting by its manager, SB Global Advisers Limited, a limited company incorporated under the laws of England and Wales (“SB Global Advisers”).
RECITALS
A.    Pursuant to the Amended and Restated Master Senior Secured Notes Note Purchase Agreement, dated as of October 20, 2021, by and among the Company, the Co-Obligor and the Purchaser, as amended by Amendment No. 1 to Amended and Restated Master Senior Notes Note Purchase Agreement, dated as of December 16, 2021 (“Amendment No. 1”), by and among the Company, the Co-Obligor and the Purchaser (as so amended, the “Note Purchase Agreement”), the Purchaser extended the Commitment and agreed to purchase from the Company, from time to time, up to US$550,000,000 aggregate original principal amount of 7.50% senior secured notes due February 12, 2024 (the “Notes”), on the terms and subject to the conditions of the Note Purchase Agreement, including the form of indenture attached as Exhibit A thereto (the “Notes Indenture”). Capitalized terms used but not otherwise defined in this Amendment shall have the meanings given to them in the Note Purchase Agreement and this Amendment shall be construed in accordance with Section 1.2, 1.3 and 1.4 of the Note Purchase Agreement, mutatis mutandis.
B.    Reference is also made to (i) that certain Credit Agreement, dated as of December 27, 2019 (as amended, restated, amended and restated, supplemented or otherwise modified prior to the date hereof, the “Existing Credit Agreement” and as further amended, restated, amended and restated, supplemented or otherwise modified from time to time, including by the Fifth Amendment (as defined below), the “Credit Agreement”), by and among the Company, SoftBank Group Corp., a Japanese joint-stock company (the “SoftBank Obligor”), the Issuing Creditors (as defined therein) and L/C Participants (as defined therein) from time to time party thereto, Goldman Sachs International Bank (“GSIB”), as senior tranche administrative agent and shared collateral agent, and the other parties thereto and (ii) that certain Fifth Amendment to the Existing Credit Agreement, to be entered into after the date hereof (the “Fifth Amendment”), by and among the Company, the SoftBank Obligor, SVF II, acting by its manager, SB Global Advisers, the Issuing Creditors and L/C Participants party thereto, GSIB, as senior tranche administrative agent and shared collateral agent, and the other parties thereto.
C.    The parties hereto wish to amend the Note Purchase Agreement in the respects, but only in the respects, hereinafter set forth.
NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, effective as set forth in Section 9 hereof, the parties agree as follows:
1.Amendments to the Note Purchase Agreement and Notes Indenture. The terms of and agreements under the Note Purchase Agreement and/or the Notes Indenture, as applicable, are hereby amended as follows:

(a)Notwithstanding anything to the contrary in the Note Purchase Agreement, (i) the Commitment, maturity date of the Notes and Draw Period is hereby extended from February 12, 2024 to March 15, 2025, with corresponding changes to the defined terms “Notes” and “Draw Period,” the recitals, Section 2.2 of the Note Purchase Agreement and the Form of Note, mutatis mutandis; and (ii) the aggregate principal amount of Notes subject to the Commitment of the Purchaser or SVF II (as applicable) to purchase Notes from time to time at the Purchase Price under the Note Purchase Agreement shall not exceed US$500,000,000 (the “Revised Commitment”).
(b)The date used in the definition of “Restricted Period” in Section 2.3(b) of the Note Purchase Agreement: (i) is hereby amended, effective as of the date hereof, from “December 12, 2022” to “December 12, 2023” and (ii) is further amended, effective as set forth in, and subject to, Section 9 hereof, from “December 12, 2023” to “January 15, 2025.”
(c)The terms of, and agreements under, the Note Purchase Agreement and/or the Notes Indenture will be amended prior to the first Closing Date as follows: (i) to provide that, in the event that the aggregate principal amount of Notes issued and outstanding under the Note Purchase Agreement on the date this Section 1(c) becomes effective in accordance with Section 9 hereof exceeds US$500,000,000 (such excess, the “Effective Date Excess Amount”), the Company shall promptly (and in any event within two Business Days) repay, prepay, repurchase, redeem, legally defease or otherwise retire (or cause to be repaid, prepaid, repurchased, redeemed, legally defeased or otherwise retired) such Effective Date Excess Amount at a price equal to 100% of such Effective Date Excess Amount (plus any applicable accrued and unpaid interest on the Effective Date Excess Amount) such that the remaining aggregate principal amount of Notes issued and outstanding does not exceed US$500,000,000; (ii) to provide that on or after February 15, 2024 to, but, excluding, the maturity date of the Notes (such period, the “Extension Period”), the interest per annum that will accrue on the principal amount of the Notes then outstanding will be increased from 7.50% to 11.00%; (iii) to provide that any such accrued and unpaid interest during the Extension Period will be paid in-kind by increasing the principal amount of the Notes then outstanding, effective as of each applicable interest payment date as set forth in the Notes Indenture, by an amount equal to the amount of interest accrued for each applicable interest period (“PIK Interest”), with such PIK Interest calculation to be applied (x) in the case of Notes issued and outstanding prior to February 15, 2024, to interest accruing from February 15, 2024 to, but excluding, the maturity date of the Notes, and (y) in the case of Notes issued and outstanding on or after February 15, 2024, to interest accruing from the date of issuance of such Notes to, but excluding, the maturity date of the Notes; and (iv) to provide that,  in the event that the aggregate principal amount of Notes issued and outstanding under the Note Purchase Agreement, together with any PIK Interest that would accrue as calculated above from the date of determination of the Extension Period Excess Amount (as defined below) during the Extension Period to the maturity date of the Notes, exceeds US$500,000,000 at any time during the Extension Period (such excess, the “Extension Period Excess Amount”), the Company shall promptly (and in any event within two Business Days) repay, prepay, repurchase, redeem, legally defease or otherwise retire (or cause to be repaid, prepaid, repurchased, redeemed, legally defeased or otherwise retired) such Extension Period Excess Amount at a price equal to 100% of such Extension Period Excess Amount (plus any applicable accrued and unpaid PIK Interest on the Extension Period Excess Amount) such that the remaining aggregate principal amount of Notes issued and outstanding, together with any PIK Interest that would accrue as calculated above from the date of determination of the Extension Period Excess Amount during the Extension Period to the maturity date of the Notes, does not exceed US$500,000,000 during the Extension Period. For the avoidance of doubt, calculations of any Extension Period Excess Amount described in this Section 1(c) shall only take into account the PIK Interest that will accrue in respect of Notes that are issued and outstanding from the date of determination of such Extension Period Excess Amount during the Extension Period to the maturity date of the Notes. In accordance with Section 3 and subject to Section 9 hereof, SVF II hereby ratifies and 
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reaffirms its Commitment (as revised by the Revised Commitment) to purchase Notes from time to time in accordance with the terms of the Note Purchase Agreement and this Amendment.
2.Use of Proceeds. The Company and the Co-Obligor jointly and severally represent, covenant and agree that:
(a)Subject to compliance with Section 2.5 of the Note Purchase Agreement and the satisfaction of the conditions precedent set forth therein with respect to the issuance, sale and purchase of the Notes, and notwithstanding any other provision to the contrary contained in the Note Purchase Agreement, the proceeds from the sale of any Notes pursuant to the Note Purchase Agreement will not be used for any purpose other than for general corporate purposes; provided, that such proceeds may be used to: (i) fund cash collateral required pursuant to Sections 2.4, 2.13 and/or 11.1 of the Credit Agreement; or (ii) fund cash collateral in respect of a Continuing Letter of Credit (as defined in the Credit Agreement) pursuant to Section 3.1(b) of the Credit Agreement (clauses (i) and (ii) of this Section 2.1(a) being collectively referred to as “Cash Collateral Funding Obligations”).
(b)If and to the extent the Company has unfulfilled obligations to satisfy Cash Collateral Funding Obligations under the Credit Agreement at the time it receives proceeds from SVF II from a sale of Notes pursuant to a Draw Notice delivered under the Note Purchase Agreement, the Company shall apply such proceeds as follows: first, to satisfy such unfulfilled Cash Collateral Funding Obligations but only in the amount and to the extent of such unfulfilled Cash Collateral Funding Obligations and second, for any other general corporate purposes. For the avoidance of doubt, except in the circumstances set forth in the preceding sentence, the Company shall be entitled to use the proceeds from the sale of any Notes pursuant to the Note Purchase Agreement for any general corporate purposes. Upon any request to draw under the Note Purchase Agreement, the Company shall deliver to SVF II an officer’s certificate signed on behalf of the Company by a senior officer of the Company, stating that such proceeds from the applicable sale of Notes will be used in compliance with this Section 2(b).
3.Assignment.
(a)In accordance with the terms and conditions of Section 8.2(c) of the Note Purchase Agreement and subject to Section 9 hereof, the Purchaser assigns and transfers to SVF II, and SVF II assumes and accepts from the Purchaser, all of the Purchaser’s rights, obligations, liabilities, benefits, duties, title and interest under the Note Purchase Agreement (including the rights under the Note Purchase Agreement to purchase all or any portion of the Notes) and agrees that, in accordance with and subject to Section 9 hereof, SVF II expressly assumes all of the rights, obligations, liabilities, benefits, duties, title and interest of the Purchaser under the Note Purchase Agreement (including the rights under the Note Purchase Agreement to purchase all or any portion of the Notes). SVF II makes the representations and warranties set forth in Section 5 of the Note Purchase Agreement as of the date hereof and as of the Fifth Amendment Effective Date (as defined below), and shall make such representations and warranties as of any other date specified in the Note Purchase Agreement, as if SVF II were the Purchaser thereunder.
(b)The Company and the Co-Obligor acknowledge and accept such assignment to SVF II and agree that SVF II shall be entitled to the full benefit of the Note Purchase Agreement as if SVF II were the Purchaser thereunder and that StarBright WW LP shall be unconditionally and irrevocably released and discharged from all obligations, liabilities, claims, demands, causes of action, suits, losses, allegations, requests, demands, penalties, fines, settlements, damages (including foreseeable and unforeseeable), judgments, expenses and costs of any kind whatsoever, in all cases solely in its capacity as the Purchaser under, and to the extent arising from or related to, the Note Purchase Agreement, in all cases only in accordance with and subject to Section 9 hereof.
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4.Information Rights. The Company and the Co-Obligor acknowledge, covenant and agree that upon the reasonable prior written request by SVF II, and as long as the Commitment or any Notes are outstanding, the Company and the Co-Obligor will use their reasonable best efforts to cooperate with SVF II in connection with the preparation of a comprehensive capital structure optimization plan for the Company and to provide, as promptly as reasonably practicable, all information reasonably requested by SVF II in connection with the foregoing with respect to the business and operations of the Company and the Co-Obligor, as applicable; provided, that, notwithstanding the foregoing, SVF II shall not be entitled to receive any information to the extent that (i) disclosure of such information is not permitted by, or would otherwise violate, any applicable law or statute, or any judgment, order, rule or regulation of any court or arbitrator or governmental, regulatory or self-regulatory authority, or would contravene any contractual agreement to which the Company, its direct or indirect parent entities or their respective subsidiaries are subject, or (ii) the Company determines in good faith that such information would be reasonably likely to jeopardize, compromise or otherwise waive attorney-client privilege, the work product doctrine or other similar evidentiary privileges or doctrines. 
5.Commitment Premium. In connection with this Amendment, the Company and the Co-Obligor jointly and severally agree to pay to SVF II cash premiums in United States Dollars equal to an aggregate of 2.00% of the Revised Commitment (the “Commitment Premium”), which shall be earned in full upon effectiveness of this Section 5 in accordance with Section 9 hereof and shall be payable as follows: (i) on January 10, 2023, 0.50% of the Revised Commitment; (ii) on April 10, 2023, 0.50% of the Revised Commitment; (iii) on July 10, 2023, 0.50% of the Revised Commitment; and (iv) on October 10, 2023, 0.50% of the Revised Commitment. The foregoing premiums to be paid in accordance with this Section 5 are in addition to, and not in lieu of, any other amounts that may be payable to the Purchaser or SVF II, or any of their respective successors or assigns, pursuant to this Amendment, the Note Purchase Agreement or the Notes Indenture and shall be made without any deduction or withholding for any taxes or fees of any kind whatsoever, unless the obligation to deduct or withhold is required by applicable law, in which case, the payments shall be grossed up by any necessary amount such that the payment received, net of any taxes or fees, will equal the original payment due. In connection with the foregoing, the parties hereto (i) agree that the Commitment Premium will be treated as an option premium payment for U.S. federal income tax purposes that is not subject to U.S. federal income tax withholding and (ii) shall file all tax returns consistent with, and take no position inconsistent with, such treatment (whether in audits, tax returns or otherwise) unless required to do so pursuant to a "determination" within the meaning of Section 1313(a) of the Code.

6.Representations and Warranties. The Company and the Co-Obligor hereby jointly and severally represent and warrant to the Purchaser and SVF II, the Purchaser hereby represents and warrants to the Company, the Co-Obligor and SVF II, and SVF II hereby represents and warrants to the Company, the Co-Obligor and the Purchaser, in the case of the Company and the Co-Obligor as to themselves, and in the case of the Purchaser and SVF II, as to themselves and only with respect to the representations and warranties contained in clause (a) and clause (b)(i) below, as of the date of this Amendment that:
(a)this Amendment and the Note Purchase Agreement, as amended hereby, (i) constitute a valid and legally binding agreement of the Company and the Co-Obligor, the Purchaser, or SVF II, as applicable, subject to the Enforceability Exceptions and (ii) have been duly authorized, executed and delivered and all action required to be taken by the Company and the Co-Obligor, the Purchaser, or SVF II, as applicable, for the due and proper authorization, execution and delivery of the Amendment has been or will be duly and validly taken on or prior to the date hereof; and
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(b)the execution, delivery and performance by the Company and the Co-Obligor, the Purchaser or SVF II, as applicable, of this Amendment (i) do not require the consent, approval, authorization, order, registration or qualification of or with any court or arbitrator or governmental or regulatory authority; and (ii) do not and will not (A) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, result in the termination, modification or acceleration of, or result in the creation or imposition of any lien, charge or encumbrance upon any property, right or asset of the Company or the Co-Obligor pursuant to any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which the Company or the Co-Obligor is a party or by which the Company or the Co-Obligor is bound or to which any property, right or asset of the Company or the Co-Obligor is subject, (B) result in any violation of the provisions of the charter or by-laws or similar organizational documents of the Company or the Co-Obligor or (iii) result in the violation of any law or statute or any judgment, order, rule or regulation of any court or arbitrator or governmental or regulatory authority, except, in the case of clauses (ii)(A) and (iii) above, for any such conflict, breach, violation, default, lien, charge or encumbrance that would not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.
7.Tax Status. Unless not legally entitled to do so, (i) to the extent SVF II is entitled to an exemption from or reduction of withholding tax with respect to payments made under Section 5, SVF II shall deliver to the Company and the Co-Obligor, at the time or times reasonably requested by the Company or the Co-Obligor, such properly completed and executed documentation reasonably requested by the Company or the Co-Obligor as will permit such payments to be made without withholding or at a reduced rate of withholding and (ii) SVF II if reasonably requested by the Company or the Co-Obligor, shall deliver such other documentation prescribed by applicable Law or reasonably requested by the Company or the Co-Obligor, as will enable the Company to determine whether or not SVF II is subject to withholding, backup withholding, or information reporting requirements or other tax reporting requirements.
8.Reference to and Effect on the Note Purchase Agreement. On and after the date hereof, (i) SVF II shall become a party to the Note Purchase Agreement and (ii) each reference in the Note Purchase Agreement to “this Agreement,” “hereunder,” “hereof,” “herein” or words of like import shall mean and be a reference to the Note Purchase Agreement, as amended hereby.
9.Effectiveness. The provisions set forth in Sections 1 (except for Section 1(b)(i), which shall become effective on the date hereof), 2, 3 (except for SVF II’s representations and warranties as of the date hereof set forth in Section 3(a)), 4, 5, and 7 hereof shall not become effective until the date on which the Fifth Amendment becomes effective in accordance with the terms set forth therein (such date, the “Fifth Amendment Effective Date”). The remainder of the provisions of this Amendment shall become effective as of the date hereof. In the event that the Fifth Amendment Effective Date does not occur on or before February 28, 2023 (the “Termination Date”), this Amendment shall terminate and be of no force or effect, except for Section 1(b)(i), which shall survive any such termination of this Amendment. For clarity, notwithstanding anything to the contrary set forth herein, if the Fifth Amendment Effective Date does not occur on or before the Termination Date and this Amendment terminates or the provisions set forth in the first sentence of this Section 9 do not become effective, (x) the assignment by and release of StarBright WW LP in Section 3 shall not become effective, (y) StarBright WW LP shall remain bound by its obligations under Amendment No. 1 and (z) StarBright WW LP ratifies and reaffirms all of its obligations under Amendment No. 1. in its capacity as the Purchaser under Amendment No. 1 and the Note Purchase Agreement. 
10.Miscellaneous. Section 8.2 (Benefit of Agreement and Assignments), Section 8.4 (Amendment, Waiver and Consent), Section 8.9 (Governing Law; Submission to Jurisdiction; Venue), Section 8.10 (Severability), Section 8.11 (Entirety), Section 8.13 (Construction) and 
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Section 8.16 (Currency) of the Notes Purchase Agreement is incorporated by reference herein, mutatis mutandis, as if expressly set forth herein. 
11.Headings. The headings of the sections and subsections hereof are provided for convenience only and shall not in any way affect the meaning or construction of any provision of this Amendment.
12.Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed and delivered shall be deemed an original, but all of which shall constitute one and the same instrument. It shall not be necessary in making proof of this Amendment to produce or account for more than one such counterpart. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto.
13.Full Force and Effect. The Note Purchase Agreement, subject to this Amendment, shall remain in full force and effect.
14.Further Assurances.  The parties hereto also agree to take all such actions as the other parties may reasonably request to effectuate the intent and purposes, and to carry out the terms, of this Amendment and the Note Purchase Agreement as amended hereby, including to amend the Notes Indenture (including, but not limited to, to amend Section 6.01 thereof to provide that failure to comply with clauses (i) and (iv) of Section 1(c) hereof shall constitute an “Event of Default”) prior to the first Closing Date. 
[signature pages begin on next page]
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IN WITNESS WHEREOF, the parties have executed this Amendment as of the date first above written.

WEWORK COMPANIES LLC

By:/s/ Jared DeMatteis    
Name: Jared DeMatteis
Title:  Chief Legal Officer and Secretary

WW CO-OBLIGOR INC.

By:/s/ Jared DeMatteis    
Name: Jared DeMatteis
Title:  Chief Legal Officer and Secretary
[Signature Page to Amendment No. 2 to A&R Master Senior Secured Notes Note Purchase Agreement]

STARBRIGHT WW LP
Acting by: STARBRIGHT LIMITED, its general partner

By: /s/ Stephen Lam    
Name: Stephen Lam
Title:    Director

[Signature Page to Amendment No. 2 to A&R Master Senior Secured Notes Note Purchase Agreement]

SOFTBANK VISION FUND II-2 L.P.
By: SB Global Advisers Limited, acting as manager of SoftBank Vision Fund II-2 L.P.    

By: /s/ Navneet Govil    
Name: Navneet Govil
Title:   Director    

[Signature Page to Amendment No. 2 to A&R Master Senior Secured Notes Note Purchase Agreement]Exhibit 10.1

 

It is the responsibility of any investor purchasing
these securities to satisfy itself as to full observance of the laws of any relevant territory outside the United States in connection
with any such purchase, including obtaining any required governmental or other consents or observing any other applicable requirements.
We are not making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted.

 

MULLEN AUTOMOTIVE INC.

Series AA Preferred Stock

 

SUBSCRIPTION AND INVESTMENT REPRESENTATION AGREEMENT

 

THIS AGREEMENT, dated as of
November 14, 2022, is by and between Mullen Automotive Inc., a Delaware corporation (the “Company”), and the undersigned
subscriber (the “Subscriber”). In consideration of the mutual promises contained herein, and other good, valuable and
adequate consideration, the parties hereto agree as follows:

 

1. Agreement of Sale; Closing.
The Company agrees to sell to Subscriber, and Subscriber agrees to purchase from the Company, one (1) share of the Company’s
Series AA Preferred Stock, par value $0.001 per share (the “Securities”), which Securities shall have the rights,
preferences, privileges and restrictions set forth in the Certificate of Designation attached hereto as Exhibit A (the “Certificate
of Designation”). Subscriber hereby acknowledges and agrees to the entire terms of the Certificate of Designation, including,
without limitation, the voting rights in Section 3, the restrictions on transfer of the Securities in Section 5 and the redemption
of the Securities pursuant to Section 6 of the Certificate of Designation. The purchase price will be paid by the Subscriber to the
Company in cash at the price of $25,000.00 per share.

 

2. Representations and
Warranties of Subscriber. In consideration of the Company’s offer to sell the Securities, and in addition to the purchase price
to be paid, Subscriber hereby covenants, represents and warrants to the Company as follows:

 

a. Information About the Company.

 

i. Subscriber is aware that
the Company has limited revenue, is not profitable and that its financial projections and future are purely speculative.

 

ii. Subscriber has had an opportunity
to ask questions of, and receive answers from, the Company concerning the business, management, and financial and compliance affairs of
the Company and the terms and conditions of the purchase of the Securities contemplated hereby. Subscriber has had an opportunity to obtain,
and has received, any additional information deemed necessary by the Subscriber to verify such information in order to form a decision
concerning an investment in the Company.

 

iii. Subscriber has been advised
to seek legal counsel and financial and tax advice concerning Subscriber’s investment in the Company hereunder.

 

     

     

    

 

b. Restrictions on Transfer.
Subscriber covenants, represents and warrants that the Securities are being purchased for Subscriber’s own personal account and
for Subscriber’s individual investment and without the intention of reselling or redistributing the same, that Subscriber has made
no agreement with others regarding any of such Securities, and that Subscriber’s financial condition is such that it is not likely
that it will be necessary to dispose of any of the Securities in the foreseeable future. Moreover, Subscriber acknowledges that any of
the aforementioned actions may require the prior written consent of the Company’s board of directors pursuant to the Certificate
of Designation. Subscriber is aware that, in the view of the Securities and Exchange Commission, a purchase of the Securities with an
intent to resell by reason of any foreseeable specific contingency or anticipated change in market values, or any change in the condition
of the Company, or in connection with a contemplated liquidation or settlement of any loan obtained by Subscriber for the acquisition
of the Securities and for which the Securities were pledged as security, would represent an intent inconsistent with the covenants, warranties
and representations set forth above. Subscriber understands that the Securities have not been registered under the Securities Act of 1933,
as amended (the “Securities Act”), or any state or foreign securities laws in reliance on exemptions from registration
under these laws, and that, accordingly, the Securities may not be resold by the undersigned (i) unless they are registered under
both the Securities Act and applicable state or foreign securities laws or are sold in transactions which are exempt from such registration,
and (ii) except in compliance with Section 5 of the Certificate of Designation, which may require the prior written consent
of the Company’s board of directors. Subscriber therefore agrees not to sell, assign, transfer or otherwise dispose of the Securities
(i) unless a registration statement relating thereto has been duly filed and become effective under the Securities Act and applicable
state or foreign securities laws, or unless in the opinion of counsel satisfactory to the Company no such registration is required under
the circumstances, and (ii) except in compliance with Section 5 of the Certificate of Designation. There is not currently, and
it is unlikely that in the future there will exist, a public market for the Securities; and accordingly, for the above and other reasons,
Subscriber may not be able to liquidate an investment in the Securities for an indefinite period.

 

c. High Degree of Economic
Risk. Subscriber realizes that an investment in the Securities involves a high degree of economic risk to the Subscriber, including
the risks of receiving no return on the investment and/or of losing Subscriber’s entire investment in the Company. Subscriber is
able to bear the economic risk of investment in the Securities, including the total loss of such investment. The Company can make no assurance
regarding its future financial performance or as to the future profitability of the Company.

 

d. Suitability. Subscriber
has such knowledge and experience in financial, legal and business matters that Subscriber is capable of evaluating the merits and risks
of an investment in the Securities. Subscriber has obtained, to the extent deemed necessary, Subscriber’s own personal professional
advice with respect to the risks inherent in, and the suitability of, an investment in the Securities in light of Subscriber’s financial
condition and investment needs. Subscriber believes that the investment in the Securities is suitable for Subscriber based upon Subscriber’s
investment objectives and financial needs, and Subscriber has adequate means for providing for Subscriber’s current financial needs
and personal contingencies and has no need for liquidity of investment with respect to the Securities. Subscriber understands that no
federal or state agency has made any finding or determination as to the fairness for investment, nor any recommendation or endorsement,
of the Securities.

 

e. Tax Liability. Subscriber
has reviewed with Subscriber’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the
transactions contemplated by this Agreement, and has and will rely solely on such advisors and not on any statements or representations
of the Company or any of its agents, representatives, employees or affiliates or subsidiaries. Subscriber understands that Subscriber
(and not the Company) shall be responsible for Subscriber’s own tax liability that may arise as a result of this investment or the
transactions contemplated by this Agreement. Under penalties of perjury, Subscriber certifies that Subscriber is not subject to back-up
withholding either because Subscriber has not been notified that Subscriber is subject to back-up withholding as a result of a failure
to report all interest and dividends, or because the Internal Revenue Service has notified Subscriber that Subscriber is no longer subject
to back-up withholding.

 

     

     

    

 

f. Residence. Subscriber’s
present principal residence or business address, and the location where the securities are being purchased, is located in the State of
California.

 

g. Limitation Regarding Representations.
Except as set forth in this Agreement, no covenants, representations or warranties have been made to Subscriber by the Company or any
agent, representative, employee, director or affiliate or subsidiary of the Company and in entering into this transaction, Subscriber
is not relying on any information, other than that contained herein and the results of independent investigation by Subscriber without
any influence by Company or those acting on Company’s behalf. Subscriber agrees it is not relying on any oral or written information
not expressly included in this Agreement, including but not limited to the information which has been provided by the Company, its directors,
its officers or any affiliate or subsidiary of any of the foregoing.

 

h. Authority.

 

1. Entity.
If the undersigned is not an individual but an entity, the individual signing on behalf of such entity and the entity jointly and severally
agree and certify that (a) the undersigned was not organized for the specific purpose of acquiring the Securities and (b) this
Agreement has been duly authorized by all necessary action(s) on the part of the undersigned, has been duly executed by an authorized
officer, agent or representative of the undersigned, and is a legal, valid and binding obligation of the undersigned enforceable in accordance
with its terms.

 

2. Individual. If the undersigned
is an individual, the undersigned is of legal age.

 

3. Legend. Subscriber
consents to the notation of the Securities with the following legend reciting restrictions on the transferability of the Securities:

 

The Securities represented hereby have not been
registered under the Securities Act of 1933, as amended (the “Securities Act”), and have not been registered under
any state securities laws. These Securities may not be sold, offered for sale or transferred, without first obtaining (i) an opinion
of counsel satisfactory to the Company that such sale or transfer lawfully is exempt from registration under the Securities Act and under
the applicable state securities laws or (ii) such registration. Moreover, these Securities may be transferred only in accordance
with the terms of the Company’s Certificate of Designation of Series AA Preferred Stock, a copy of which is on file with the
Secretary of the Company.

 

PARAGRAPH 4 IS REQUIRED IN CONNECTION WITH
THE EXEMPTIONS FROM THE SECURITIES ACT AND STATE LAWS BEING RELIED ON BY THE COMPANY WITH RESPECT TO THE OFFER AND SALE OF THE SECURITIES
HEREUNDER. ALL OF SUCH INFORMATION WILL BE KEPT CONFIDENTIAL AND WILL BE REVIEWED ONLY BY THE COMPANY AND ITS COUNSEL. THE UNDERSIGNED
AGREES TO FURNISH ANY ADDITIONAL INFORMATION THAT THE COMPANY AND ITS COUNSEL DEEM NECESSARY TO VERIFY THE RESPONSES SET FORTH BELOW.

 

4. Accredited Status.
Subscriber covenants, represents and warrants that it does qualify as an “accredited investor” as that term is defined in
Regulation D under the Securities Act because the undersigned satisfies the criteria indicated in Exhibit B hereto. Subscriber
further covenants, represents and warrants that the information provided under the heading “Accredited Investor Status” in
Exhibit B to this Agreement is true and correct. The information provided under this section of the Agreement is required
in connection with the exemptions from the Securities Act and state securities laws being relied on by the Company with respect to the
offer and sale of the Securities. The undersigned agrees to furnish any additional information which the Company or its legal counsel
deem necessary in order to verify the responses set forth above.

 

5. Holding Status.
Subscriber desires that the Securities be held as set forth on the signature page hereto.

 

     

     

    

 

6. Confidentiality.
Subscriber will make no written or other public disclosures regarding the Company and its business, the terms or existence of the proposed
or actual sale of Securities or regarding the parties to the proposed or actual sale of Securities to any individual or organization without
the prior written consent of the Company, except as may be required by law.

 

7. Notice. Correspondence
regarding the Securities should be directed to Subscriber at the address provided by Subscriber to the Company in writing. Subscriber
is a bona fide resident of the state of California.

 

8. No Assignment or Revocation;
Binding Effect. Neither this Agreement, nor any interest herein, shall be assignable or otherwise transferable, restricted or limited
by Subscriber without prior written consent of the Company. Subscriber hereby acknowledges and agrees that Subscriber is not entitled
to cancel, terminate, modify or revoke this Agreement in any way and that the Agreement shall survive the death, incapacity or bankruptcy
of Subscriber. The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto, and their respective
heirs, legal representatives, successors and assigns.

 

9. Indemnification.
The Company agrees to indemnify and hold harmless the Subscriber and each current and future officer, director, employee, agent, representative
and shareholder, if any, of the Subscriber from and against any and all costs, loss, damage or liability associated with this Agreement
and the issuance and voting of the Securities.

 

10. Modifications.
This Agreement may not be changed, modified, released, discharged, abandoned or otherwise amended, in whole or in part, except by an instrument
in writing, signed by the Subscriber and the Company. No delay or failure of the Company in exercising any right under this Agreement
will be deemed to constitute a waiver of such right or of any other rights.

 

11. Entire Agreement.
This Agreement and the exhibits hereto are the entire agreement between the parties with respect to the subject matter hereto and thereto.
This Agreement, including the exhibits, supersede any previous oral or written communications, representations, understandings or agreements
with the Company or with any officers, directors, agents or representatives of the Company.

 

12. Severability. In
the event that any paragraph or provision of this Agreement shall be held to be illegal or unenforceable in any jurisdiction, such paragraph
or provision shall, as to that jurisdiction, be adjusted and reformed, if possible, in order to achieve the intent of the parties hereunder,
and if such paragraph or provision cannot be adjusted and reformed, such paragraph or provision shall, for the purposes of that jurisdiction,
be voided and severed from this Agreement, and the entire Agreement shall not fail on account thereof but shall otherwise remain in full
force and effect.

 

13. Governing Law.
This Agreement shall be governed by, subject to, and construed in accordance with the laws of the State of Delaware without regard to
conflict of law principles.

 

14. Survival of Covenants,
Representations and Warranties. Subscriber understands the meaning and legal consequences of the agreements, covenants, representations
and warranties contained herein, and agrees that such agreements, covenants, representations and warranties shall survive and remain in
full force and effect after the execution hereof and payment by Subscriber for the Securities.

 

[Remainder of page left blank intentionally
- signature page follows]

 

     

     

    

 

For good, valuable and adequate
consideration, the receipt and sufficiency of which is hereby acknowledged, Subscriber hereby agrees that by signing this Subscription
and Investment Representation Agreement, and upon acceptance hereof by the Company, that the terms, provisions, obligations and
agreements of this Agreement shall be binding upon Subscriber, and such terms, provisions, obligations and agreements shall inure to the
benefit of and be binding upon Subscriber and its successors and assigns.

 

	INDIVIDUAL(S):	 
	 	 
	/s/ David
    Michery	 
	Name: David Michery	

 

Number of Shares Purchased: 1

Purchase Price Per Share: $25,000.00

Aggregate Purchase Price: $25,000.00

 

The Subscriber desires that the Securities be held as follows (check
one):

 

	x	Individual Ownership	 	 ̈	Corporation
	 ̈	Community Property	 	 ̈	Trust*
	 ̈	Jt. Tenant with Right of Survivorship	 	 ̈	Limited Liability Company*
	 	(both parties must sign)	 	 ̈	Partnership*
	 ̈	Tenants in Common	 	 ̈	Other (please describe):

 

* If Securities are being subscribed for by an entity, Exhibit C
to this agreement must also be completed.

 

The Company hereby accepts
the subscription evidenced by this Subscription and Investment Representation Agreement:

 

	 	MULLEN AUTOMOTIVE INC.
	 	 
	 	By:	/s/ Jonathan New
	 	Name:	Jonathan New
	 	Title:	Chief Financial Officer

 

     

     

    

 

Exhibit A

 

CERTIFICATE OF DESIGNATION OF PREFERENCES,

RIGHTS AND LIMITATIONS

OF

MULLEN AUTOMOTIVE
INC.

SERIES AA PREFERRED
STOCK

 

See attached

 

     

     

    

 

Exhibit B

 

CERTIFICATE OF ACCREDITED INVESTOR STATUS

 

Except as may be indicated by the undersigned below, the undersigned
is an “accredited investor,” as that term is defined in Regulation D under the Securities Act of 1933, as amended (the “Securities
Act”). The undersigned has initialed the box below indicating the basis on which he is representing his status as an “accredited
investor”:

 

 ̈ a bank as defined in Section 3(a)(2) of the Securities
Act, or any savings and loan association or other institution as defined in Section 3(a)(5)(A) of the Securities Act whether
acting in its individual or fiduciary capacity; a broker or dealer registered pursuant to Section 15 of the Securities Exchange Act
of 1934, as amended (the “Securities Exchange Act”); an insurance company as defined in Section 2(13) of the Securities
Act; an investment company registered under the Investment Company Act of 1940 or a business development company as defined in Section 2(a)(48)
of that Act; a small business investment company licensed by the U.S. Small Business Administration under Section 301(c) or
(d) of the Small Business Investment Act of 1958; a plan established and maintained by a state, its political subdivisions, or any
agency or instrumentality of a state or its political subdivisions, for the benefit of its employees, and such plan has total assets in
excess of $5,000,000; an employee benefit plan within the meaning of the Employee Retirement Income Security Act of 1974, if the investment
decision is made by a plan fiduciary, as defined in Section 3(21) of such Act, which is either a bank, savings and loan association,
insurance company, or registered investment adviser, or if the employee benefit plan has total assets in excess of $5,000,000 or, if a
self-directed plan, with investment decisions made solely by persons that are “accredited investors”;

 

 ̈ a private business development company as defined in Section 202(a)(22)
of the Investment Advisers Act of 1940;

 

 ̈ an organization described in Section 501(c)(3) of the
Internal Revenue Code, corporation, Massachusetts or similar business trust, or partnership, not formed for the specific purpose of acquiring
the securities offered, with total assets in excess of $5,000,000;

 

 ̈ a natural person whose individual net worth, or joint net worth
with the undersigned’s spouse, at the time of this purchase exceeds $1,000,000. For purposes of this item, “net worth”
means the excess of total assets at fair market value (including personal and real property, but excluding the estimated fair market value
of a person’s primary home) over total liabilities. Total liabilities excludes any mortgage on the primary home in an amount of
up to the home’s estimated fair market value as long as the mortgage was incurred more than 60 days before the Subscription Date,
but includes (i) any mortgage amount in excess of the home’s fair market value and (ii) any mortgage amount that was borrowed
during the 60-day period before the Subscription Date;

 

 ̈
a natural person who had an individual income in excess of $200,000 in each of the two most recent years or joint income with the
undersigned’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level
in the current year. “Income” for this purpose is computed by adding the following items to adjusted gross income for federal
income tax purposes: (a) the amount of any tax-exempt interest income received; (b) the amount of losses claimed as a limited
partner in a limited partnership; (c) any deduction claimed for depletion; (d) deductions for alimony paid; (e) deductible
amounts contributed to an IRA or Keogh retirement plan; and (f) any amount by which income from long-term capital gains has been
reduced in arriving at adjusted gross income pursuant to the provisions of Section 1202 of the Internal Revenue Code;

 

     

     

    

 

 ̈ a trust with total assets in excess of $5,000,000, not formed
for the specific purpose of acquiring the securities offered, whose purchase is directed by a person who has such knowledge and experience
in financial and business matters that he is capable of evaluating the merits and risks of the prospective investment;

 

 ̈ an entity in which all of the equity holders are “accredited
investors” by virtue of their meeting one or more of the above standards; or

 

þ an individual
who is a director or executive officer of Mullen Automotive Inc.

 

IN WITNESS WHEREOF, the undersigned has executed this Certificate of
Accredited Investor Status effective as of November 14, 2022.

 

	 	Name:	David Michery
	 	Signature:	 /s/ David Michery

 

	 	Printed Name of Signatory (if entity):	 

	 	Title:	          

(required for any stockholder
that is a corporation, partnership, trust or other entity)

  If joint ownership, both parties
should sign above.

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