Document:

ex_223147.htm

EXHIBIT 10.1

 

SUPPORT AGREEMENT

 

This Support Agreement, dated as of January 27, 2021 (this “Agreement”), is entered into between Stock Yards Bancorp, Inc., a Kentucky corporation (“SYBT”), and ___________ (“Shareholder”).

 

Recitals

 

D.     Concurrently with the execution and delivery of this Agreement, SYBT, H. Meyer Merger Subsidiary, Inc., a Kentucky corporation and direct, wholly-owned subsidiary of SYBT (“Merger Subsidiary”), and Kentucky Bancshares, Inc., a Kentucky corporation (“KTYB”) and parent bank holding company of Kentucky Bank, a Kentucky banking corporation (the “Bank”) are entering into an Agreement and Plan of Merger, dated as of the date of this Agreement (as amended or supplemented from time to time, the “Merger Agreement”), pursuant to which, among other things, Merger Subsidiary shall be merged with and into KTYB, upon the terms and subject to the conditions set forth in the Merger Agreement. Capitalized terms not otherwise defined in this Agreement shall have meanings provided in the Merger Agreement.

 

E.     As of the date of this Agreement, Shareholder is the record and beneficial owner and has the power to vote the number of shares of KTYB Common Stock set forth, and in the manner reflected, on Attachment A to this Agreement (the shares listed on Attachment A, together with all shares of KTYB Common Stock subsequently acquired by the Shareholder during the term of this Agreement, are referred to in this Agreement as the “Owned Shares”).

 

F.     As an inducement and condition to entering into the Merger Agreement, SYBT has required that Shareholder agree, and Shareholder has agreed, to enter into this Agreement.

 

NOW, THEREFORE, the parties hereto agree as follows:

 

aRTICLE I

VOTING AGREEMENT

 

Section 1.1     Agreement to Vote. Shareholder hereby agrees that, during the time this Agreement is in effect, at the KTYB Meeting, and at any other meeting of the shareholders of KTYB, however called, or any adjournment or postponement thereof, Shareholder shall:

 

(a)     appear at each meeting or otherwise cause the Owned Shares to be counted as present at each meeting for purposes of calculating a quorum; and

 

(b)     vote (or cause to be voted), in person or by proxy, all of the Owned Shares (i) in favor of (A) the adoption and approval of the Merger, the Merger Agreement and the transactions contemplated thereby, (B) any other matter that is required to facilitate the transactions contemplated by the Merger Agreement and (C) any proposal to adjourn or postpone the meeting to a later date if there are not sufficient votes to approve the Merger, the Merger Agreement and the transactions contemplated thereby; (ii) against any action or agreement that could reasonably be expected to result in a breach of any covenant, representation or warranty or any other obligation or agreement of KTYB contained in the Merger Agreement or of Shareholder contained in this Agreement; and (iii) against any Acquisition Proposal or any other action, agreement or transaction that is intended, or could reasonably be expected, to materially impede, interfere or be inconsistent with, delay, postpone, discourage or materially and adversely affect consummation of the Merger or the transactions contemplated by the Merger Agreement or the performance by Shareholder of Shareholder’s obligations under this Agreement.

 

 

 

 

     Section 1.2     Shareholder Capacity. Notwithstanding anything to the contrary contained in this Agreement, Shareholder makes no agreement or understanding in this Agreement in Shareholder’s capacity as a director or officer, as applicable, of KTYB or the KTYB Subsidiaries, and nothing in this Agreement: (a) will limit or affect any actions or omissions taken by Shareholder in Shareholder’s capacity as such a director or officer, as applicable, of KTYB or the KTYB Subsidiaries, including in exercising rights under the Merger Agreement, and no such actions or omissions shall be deemed a breach of this Agreement; or (b) will be construed to prohibit, limit or restrict Shareholder from exercising in a manner consistent with the terms of the Merger Agreement Shareholder’s fiduciary duties as a director or officer, as applicable, to KTYB, the KTYB Subsidiaries or their respective shareholders.          

 

ARTICLE II

REPRESENTATIONS AND WARRANTIES OF SHAREHOLDER

 

Shareholder represents and warrants to SYBT as follows:

 

Section 2.1     Authority; Authorization.

 

(a)     Shareholder has all requisite power, right, authority and capacity to execute and deliver this Agreement, to perform Shareholder’s obligations under this Agreement, and to consummate the transactions contemplated by this Agreement.

 

(b)     This Agreement has been duly and validly executed and delivered by Shareholder, and the execution, delivery and performance of this Agreement by Shareholder and the consummation of the transactions contemplated by this Agreement have been duly authorized by all necessary action on the part of Shareholder, and no other actions or proceedings on the part of Shareholder are necessary to authorize this Agreement or to consummate the transactions contemplated by this Agreement.

 

(c)     Assuming the authorization, execution and delivery of this Agreement by SYBT, this Agreement constitutes a legal, valid and binding obligation of Shareholder, enforceable against Shareholder in accordance with its terms.

 

(d)     If Shareholder is married and the Owned Shares set forth by the name of Shareholder on the signature page to this Agreement constitute property owned jointly with Shareholder’s spouse, this Agreement has been executed by Shareholder’s spouse and constitutes the valid and binding agreement of Shareholder’s spouse. If this Agreement is being executed in a representative or fiduciary capacity, the person signing this Agreement has full power and authority to enter into and perform this Agreement.

 

 

 

 

Section 2.2     Non-Contravention. The execution and delivery of this Agreement by Shareholder does not, and the consummation of the transactions contemplated by this Agreement and the compliance with the provisions of this Agreement will not (a) to the knowledge of Shareholder, require Shareholder to obtain the consent or approval of, or make any filing with or notification to, any governmental or regulatory authority, domestic or foreign, (b) require the consent or approval of any other person pursuant to any agreement, obligation or instrument binding on Shareholder, (c) conflict with or violate any organizational document or law, rule, regulation, order, judgment or decree applicable to Shareholder, or (d) violate any other agreement to which Shareholder is a party including, without limitation, any voting agreement, shareholder agreement, irrevocable proxy or voting trust. The Owned Shares are not, with respect to the voting or transfer of the Owned Shares, subject to any other agreement, including any voting agreement, shareholder agreement, irrevocable proxy or voting trust.

 

Section 2.3     Ownership of Securities. On the date of this Agreement, the Owned Shares set forth on Attachment A to this Agreement are owned of record or beneficially by Shareholder in the manner reflected on Attachment A, include all of the shares of KTYB Common Stock owned of record or beneficially by Shareholder, and are free and clear of any proxy or voting restriction, claims, liens, encumbrances and security interests (other than as created by this Agreement). As of the date of this Agreement Shareholder has, and at the KTYB Meeting or any other shareholder meeting of KTYB in connection with the Merger, the Merger Agreement and the transactions contemplated by the Merger Agreement (except respecting Owned Shares that Shareholder is permitted to Transfer (as defined in Section 3.2(a) below) pursuant to this Agreement), Shareholder will have, sole voting power and sole dispositive power with respect to all of the Owned Shares. For purposes of this Agreement, the term “beneficial ownership” shall be interpreted in accordance with Rule 13d-3 under the Securities Exchange Act of 1934, as amended.

 

Section 2.4     Absence of Litigation. There is no suit, action, investigation or proceeding pending or, to the knowledge of Shareholder, threatened against or affecting Shareholder or any of its affiliates before or by any governmental authority that could reasonably be expected to impair the ability of Shareholder to perform its obligations under this Agreement or to consummate the transactions contemplated by this Agreement on a timely basis.

 

Section 2.5     Reliance by SYBT. Shareholder understands and acknowledges that SYBT is entering into the Merger Agreement in reliance upon Shareholder’s execution, delivery and performance of this Agreement.

 

ARTICLE III

COVENANTS

 

     Section 3.1     No Solicitation; Notice of Acquisitions; Proposals Regarding Prohibited Transactions.     

 

 

 

 

(a)     Shareholder agrees that during the term of this Agreement Shareholder shall not, and shall not permit any investment banker, financial advisor, attorney, accountant or other representative retained by Shareholder, directly or indirectly, to (i) take any of the actions specified in Section 5.14 of the Merger Agreement except as permitted by such Section 5.14 of the Merger Agreement, (ii) participate in, directly or indirectly, a “solicitation” of “proxies” (as those terms are used in the rules of the SEC) or powers of attorney or similar rights to vote, or seek to advise or influence any person with respect to the voting of, any shares of KTYB Common Stock in connection with any vote or other action on any matter of a type described in Section 1.1(b) of this Agreement, other than to recommend that shareholders of KTYB vote in favor of the adoption and approval of the Merger Agreement and the Merger and as otherwise expressly permitted by this Agreement or the Merger Agreement. Except as permitted by the Merger Agreement, Shareholder agrees immediately to cease and cause to be terminated any activities, discussions or negotiations conducted before the date of this Agreement with any persons other than SYBT with respect to any possible Acquisition Proposal and will take all necessary steps to inform any investment banker, financial advisor, attorney, accountant or other representative retained by him, her or it of the obligations undertaken by Shareholder pursuant to this Section 3.1.

 

(b)     Shareholder hereby agrees to notify SYBT promptly (and, in any event, within 24 hours) in writing of the number of any additional shares of KTYB Common Stock of which Shareholder acquires beneficial or record ownership on or after the date hereof.

 

Section 3.2     Restrictions on Transfer and Proxies; Non-Interference.

 

(a)     Shareholder agrees that it will not, prior to the termination of this Agreement, Transfer or agree to Transfer any Owned Shares other than with SYBT’s prior written consent. For purposes of this Agreement, “Transfer” shall mean to, other than in connection with the Merger or the other transactions contemplated by the Merger Agreement, offer, sell, contract to sell, pledge, assign, distribute by gift or donation, or otherwise dispose of (or enter into any transaction which is designed to, or might reasonably be expected to, result in the disposition of (whether by actual disposition or effective economic disposition due to cash settlement or otherwise)), directly or indirectly, any shares of capital stock of KTYB or any securities convertible into, or exercisable or exchangeable for such capital stock, or publicly announce an intention to effect any such transaction. Notwithstanding the foregoing, Shareholder may make gifts of Owned Shares during the term of this Agreement if the donee enters into an agreement containing covenants governing the voting and transfer of the transferred Owned Shares equivalent to those set forth in this Agreement.

 

(b)     Shareholder hereby covenants and agrees that, except for this Agreement, it (i) has not entered into, and shall not enter into at any time while this Agreement remains in effect, any voting agreement or voting trust with respect to the Owned Shares, (ii) has not granted, and except for proxies granted as contemplated by Section 1.1(b), shall not grant at any time while this Agreement remains in effect, a proxy, consent or power of attorney with respect to the Owned Shares, (iii) has not taken any action, and shall not take any action at any time while this Agreement remains in effect, that would or is reasonably likely to (A) make any representation or warranty contained in this Agreement untrue or incorrect in any material respect or (B) have the effect of preventing Shareholder from performing its obligations under this Agreement.

 

Section 3.3     Dissenters’ Rights. Shareholder agrees not to exercise any right to dissent (including, without limitation, under any rights set forth in Sections 271B.13-010 through 271B.13-310 of the KBCA) as to any Owned Shares which may arise with respect to the Merger or the transactions contemplated by the Merger Agreement.

 

 

 

 

Section 3.4     Stop Transfer. Shareholder agrees that it shall not request that KTYB register the transfer (book-entry or otherwise) of any certificate or uncertificated interest representing any Owned Shares, unless the transfer is made in compliance with this Agreement.

 

Section 3.5     Further Assurances; Cooperation.

 

(a)     Shareholder, without further consideration, will (i) use all reasonable efforts to cooperate with SYBT and KTYB in furtherance of the transactions contemplated by the Merger Agreement, (ii) promptly execute and deliver all additional documents that may be reasonably necessary in furtherance of the transactions contemplated by the Merger Agreement, and take all reasonable actions as are necessary or appropriate to consummate the transactions contemplated by the Merger Agreement, and (iii) promptly provide any information, and make all filings, reasonably requested by SYBT for any regulatory application or filing made or approval sought in connection with the transactions contemplated by the Merger Agreement (including filings with any Regulatory Agencies).

 

(b)     Shareholder consents to the publication and disclosure in the Proxy Statement (and, as and to the extent otherwise required by law or any Regulatory Agency or Governmental Entity, in any other documents or communications provided by SYBT or KTYB to any Regulatory Agency or Governmental Entity or to security holders of SYBT or KTYB) of Shareholder’s identity and beneficial and record ownership of the Owned Shares, the nature of Shareholder’s commitments, arrangements and understandings under and relating to this Agreement and the Merger Agreement and any additional requisite information regarding the relationship of Shareholder with SYBT and the SYBT Subsidiaries and/or KTYB, the Bank, and the other KTYB Subsidiaries.

 

Section 3.6     Non-Competition and Non-Solicitation.

 

(a)     Shareholder agrees that for (x) the period between the date of this Agreement and the Effective Time (except for service on the Board of Directors of KTYB or Bank) and (y) for a period of [three (3) years/eighteen (18) months]’2 following the Effective Time, Shareholder will not:

 

(i)     engage in a Competitive Business (as defined below) as an employee, officer or director; provided that the foregoing shall not prohibit the Shareholder from (A) continuing to engage in the activities in which the Shareholder is currently a participant which are expressly set forth on Attachment B attached hereto, or (B) holding up to two (2%) of the outstanding securities of any class of any publicly held company which is a Competitive Business;

 

 

2 Duration will be tied to length of service on KTYB’s board (i.e. directors serving more than 5 years as of the date of the Agreement will be subject to a three (3) year period; directors serving less than 5 years as of the date of the Agreement will be subject to an eighteen (18) month period).

 

 

 

 

(ii)     solicit or otherwise attempt in any manner to cause or otherwise encourage any persons who are employees of KTYB or the Bank or any other KTYB Subsidiary prior to the Closing (“KTYB Employees”) to leave the employ of SYBT or any of the SYBT Subsidiaries; or

 

(iii)     (A) induce, persuade, encourage or influence, or attempt to induce, persuade, encourage or influence, any person (as such term is interpreted in Section 8.6 of the Merger Agreement) having a business relationship with KTYB, the Bank, and other KTYB Subsidiary, SYBT or any of the SYBT Subsidiaries, to discontinue, reduce or restrict such relationship or (B) solicit, target or divert, or attempt to solicit, target or divert, the deposits, loans or other products and services from persons who were depositors, borrowers or customers of KTYB, the Bank, or any other KTYB Subsidiary on the date of this Agreement and/or as of the Effective Time; provided, however, nothing in this Section 3.6(a)(iii) shall prevent the Shareholder from engaging in the Shareholder’s personal, family, business or employment activities as a customer of a Competitive Business.

 

(iv)     For purposes of this Agreement, the term “Competitive Business” shall mean the business or operations of a bank, thrift, credit union, investment, mortgage banking, financial planning or wealth management advisor, trust company, industrial bank, or any other financial institution or bank holding company either located or doing business either (A) within the Kentucky counties of Bourbon, Clark, Elliott, Fayette, Harrison, Jessamine, Madison, Rowan, Scott, and/or Woodford, or (B) within any county contiguous to any county referred to in item (A) of this Section 3.6(a)(iv). 

 

(b)     Shareholder acknowledges and agrees that the business conducted by SYBT and the SYBT Subsidiaries is highly competitive and that the covenants made by Shareholder in this Section 3.6 are made as a necessary inducement for SYBT to enter into the Merger Agreement and to consummate the transactions contemplated by the Merger Agreement. It is the desire and intent of the parties to this Agreement that the provisions of this Section 3.6 shall be enforced to the fullest extent permissible under the laws and public policies of each jurisdiction in which enforcement is sought. It is expressly understood and agreed that although Shareholder and SYBT each consider the restrictions contained in this Section 3.6 to be reasonable, if a final determination is made by a court of competent jurisdiction or an arbitrator that the time or territory or any other restriction contained in this Section 3.6 is unenforceable against any party, the provisions of this Section 3.6 shall be deemed amended to apply as to the maximum time and territory and to the maximum extent as the applicable court may judicially determine or indicate to be enforceable. The parties further agree to execute all documents necessary to evidence the applicable amendment.

 

(c)     Shareholder acknowledges and agrees that the provisions of this Agreement are fair, reasonable and necessary to protect SYBT’s legitimate business interests and to protect the value of SYBT’s acquisition of KTYB.

 

(d)     Shareholder will not, at any time during the [three-year/eighteen-month] period referred to in Section 3.6(a) of this Agreement, disparage SYBT or any of the SYBT Subsidiaries, or the business conducted by SYBT or any of the SYBT Subsidiaries, or any stockholder, member, director, manager, officer, employee or agent of SYBT or any of the SYBT Subsidiaries.

 

 

 

 

ARTICLE IV

Termination

 

Section 4.1     Termination. This Agreement shall terminate upon the earlier to occur of (i) the termination of the Merger Agreement in accordance with its terms and (ii) the date that is [three (3) years/eighteen (18) months] following the Effective Time.

 

Section 4.2     Effect of Termination. In the event of termination of this Agreement pursuant to Section 4.1, this Agreement shall become void and of no effect with no liability on the part of any party hereto; provided, however, no termination of this Agreement shall relieve any party to this Agreement from any liability for any breach of this Agreement occurring prior to the termination of this Agreement or any obligations under this Agreement.

 

ARTICLE V

MISCELLANEOUS

 

Section 5.1     Amendment; Waivers. Any provision of this Agreement may be amended or waived if, and only if, the amendment or waiver is in writing and signed (a) in the case of an amendment, by SYBT and Shareholder, and (b) in the case of a waiver, by the party against whom the waiver is to be effective. No failure or delay by any party in exercising any right, power or privilege under this Agreement shall operate as a waiver the applicable right, power or privilege, nor shall any single or partial exercise any right, power or privilege preclude any other or further exercise of the applicable right, power or privilege or the exercise of any other right, power or privilege.

 

Section 5.2     Expenses. Subject to Section 5.8, all costs and expenses incurred in connection with this Agreement and the transactions contemplated by this Agreement shall be paid by the party incurring the expenses.

 

Section 5.3     Notices. All notices, requests, instructions or other communications or documents to be given or made hereunder by one party to the other party shall be in writing and (a) served by personal delivery upon the party for whom it is intended, (b) sent by an internationally recognized overnight courier service upon the party for whom it is intended, or (c) sent by email, provided that the transmission of the e-mail is promptly confirmed:

 

(i)      if to Shareholder: The address provided on Attachment A hereto.

 

(ii)     if to SYBT:

 

Stock Yards Bancorp, Inc.

1040 E. Main St.

Louisville, KY 40206

Attention:          James A. Hillebrand, CEO

Email:               Ja.Hillebrand@syb.com

 

 

 

 

 with a copy to :

Stock Yards Bancorp, Inc.

1040 E. Main St.

Louisville, KY 40206

Attention:          Craig Bradley, General Counsel

Email:                craig.bradley@syb.com

 

and with a copy (which shall not constitute notice) to:

 

Frost Brown Todd LLC

400 West Market Street, 32nd Floor

Louisville, KY 40202

Attention:        R. James Straus

                        Nathan L. Berger.

Email:              jstraus@fbtlaw.com

                        nberger@fbtlaw.com

 

 

Section 5.4     Entire Agreement; Assignment. This Agreement constitutes the entire agreement among the parties with respect to the subject matter of this Agreement and supersedes all other prior agreements and understandings, both written and oral, among the parties with respect to the subject matter of this Agreement. Neither this Agreement, nor any of the rights and obligations under this Agreement, shall be transferred by Shareholder without the prior written consent of SYBT.

 

Section 5.5     Parties in Interest. This Agreement shall be binding upon and inure solely to the benefit of each party to this Agreement and their respective successors, heirs, and permitted assigns. Nothing in this Agreement, express or implied, is intended to or shall confer upon any other person any rights, benefits or remedies of any nature whatsoever under or by reason of this Agreement.

 

Section 5.6     Severability. Whenever possible, each provision or portion of any provision of this Agreement shall be interpreted in a manner as to be effective and valid under applicable law, but if any provision or portion of any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, the invalidity, illegality or unenforceability shall not affect any other provision or portion of any provision in the applicable jurisdiction, and this Agreement shall be reformed, construed and enforced in the applicable jurisdiction so that the invalid, illegal or unenforceable provision or portion thereof shall be interpreted to be only so broad as is enforceable.

 

 

 

 

Section 5.7     Specific Performance; Remedies. Each of the parties to this Agreement agrees that this Agreement is intended to be legally binding and specifically enforceable pursuant to its terms and that SYBT would be irreparably harmed if any of the provisions of this Agreement are not performed in accordance with their specific terms and that monetary damages would not provide adequate remedy in such event. Accordingly, in the event of any breach or threatened breach by Shareholder of any covenant or obligation contained in this Agreement, in addition to any other remedy to which SYBT may be entitled (including monetary damages), SYBT shall be entitled to seek injunctive relief to prevent breaches of this Agreement and to specifically enforce the terms and provisions of this Agreement. Shareholder further agrees that neither SYBT, Merger Subsidiary nor any other person shall be required to obtain, furnish or post any bond or similar instrument in connection with or as a condition to obtaining any remedy referred to in this Section 5.7, and Shareholder irrevocably waives any right it may have to require the obtaining, furnishing or posting of any bond or similar instrument. All rights, powers and remedies provided under this Agreement or otherwise available in respect of this Agreement at law or in equity shall be cumulative and not alternative, and the exercise of any right, power or remedy thereof by any party shall not preclude the simultaneous or later exercise of any other such right, power or remedy by such party.

 

Section 5.8     Governing Law.

 

(a)     This Agreement shall be governed and construed in accordance with the laws of the Commonwealth of Kentucky without regard to any applicable conflicts of law.

 

(b)     Each party agrees that it will bring any action or proceeding in respect of any claim arising out of or related to this Agreement or the transactions contemplated hereby exclusively in the federal or state courts located in either Louisville, Jefferson County, Kentucky or Lexington, Fayette County, Kentucky (the “Chosen Courts”), and, solely in connection with claims arising under this Agreement or the transactions that are the subject of this Agreement, (i) irrevocably submits to the exclusive jurisdiction of the Chosen Courts, (ii) waives any objection to laying venue in any action or proceeding in the Chosen Courts, (iii) waives any objection that the Chosen Courts are an inconvenient forum or do not have jurisdiction over any party and (iv) agrees that service of process upon any party in any action or proceeding will be effective if notice is given in accordance with Section 5.3. Notwithstanding any other provision in this Agreement, in the event of any action arising out of or resulting from this Agreement, the prevailing party shall be entitled to recover its costs and expenses (including reasonable attorneys' fees and expenses) incurred in connection with the action.

 

Section 5.9     Waiver of Jury Trial. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE EACH PARTY HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE EXTENT PERMITTED BY LAW AT THE TIME OF INSTITUTION OF THE APPLICABLE LITIGATION, ANY RIGHT THE PARTY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT.  EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT: (A) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT THE OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (B) EACH PARTY UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C) EACH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D) EACH PARTY HAS BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS SECTION 5.9.

 

 

 

 

Section 5.10     Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement. 

 

Section 5.11     Counterparts. This Agreement may be executed in two or more counterparts (including by facsimile, email of a PDF copy, or other electronic means) all of which shall be considered one and the same agreement and shall become effective when counterparts have been signed by each of the parties and delivered to the other parties, it being understood that all parties need not sign the same counterpart.

 

Section 5.12     Delivery by Facsimile or Electronic Transmission.  This Agreement and any signed agreement or instrument entered into in connection with this Agreement, and any amendments or waivers hereto or thereto, to the extent signed and delivered by means of a facsimile machine or by email delivery of a “.pdf” format data file, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed version thereof delivered in person.  No party hereto or to any agreement or instrument entered into in connection with this Agreement shall raise the use of a facsimile machine or email delivery of a “.pdf” format data file to deliver a signature to this Agreement or any amendment hereto or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or email delivery of a “.pdf” format data file as a defense to the formation of a contract and each party hereto forever waives any defense based on the foregoing.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 

 

 

 

IN WITNESS WHEREOF, each of the parties has caused this Agreement to be duly executed as of the day and year first above written.

	 	 
	 	
			SYBT:

			 

			Stock Yards Bancorp, Inc.

			 

			By:                                                                  

			James A. Hillebrand, CEO

			 

			 

			 

			SHAREHOLDER

			 

			Print Name:                                                     

			 

			 

			 

			SHAREHOLDER’S SPOUSE

			 

			_______________________________ _____

			 

			Print Name:      ________________________

			
	 	 
	 	 
	 	 

 

 

 

 

 

 

 

 

 

 

 

[Signature Page to Support Agreement]

 

 

 

 

Attachment A

 

Owned Shares

 

	
			Name and Address of Shareholder

			 

				
			Owned Shares

			
	
			[NAME]

			[                             ]

			[                             ]

			Phone:  [               ]

			Email:   [               ]

				 

 

 

 

 

Attachment B

 

Current ActivitiesExhibit 10.1

 

Final Version

 

FORM OF SUBSCRIPTION
AGREEMENT

 

This SUBSCRIPTION AGREEMENT
(this “Subscription Agreement”) is entered into this 27th day of January, 2021, by and among Property
Solutions Acquisition Corp., a Delaware corporation (the “Issuer”), and the undersigned (“Subscriber”
or “you”). Capitalized terms used but not otherwise defined herein shall have the respective meanings ascribed
thereto in the Merger Agreement (as defined below).

 

WHEREAS, the Issuer,
PSAC Merger Sub Ltd., an exempted company with limited liability incorporated under the laws of the Cayman Islands and a wholly
owned subsidiary of the Issuer (“Cayman Merger Sub”), and FF Intelligent Mobility Global Holdings Ltd., an
exempted company with limited liability incorporated under the laws of the Cayman Islands (the “Company”),
will, immediately following the execution of this Subscription Agreement, enter into that certain Agreement and Plan of Merger,
dated as of January 27th, 2021 (as amended, modified, supplemented or waived from time to time in accordance with its
terms, the “Merger Agreement”), pursuant to which Cayman Merger Sub will be merged with and into the Company,
with the Company surviving as a wholly owned subsidiary of the Issuer (the “Merger”), on the terms and subject
to the conditions set forth therein (the Merger, together with the other transactions contemplated by the Merger Agreement, the
“Transactions”);

 

WHEREAS, in connection
with the Transactions, Subscriber desires to subscribe for and purchase from the Issuer that number of (i) shares of the Issuer’s
common stock, par value $0.0001 per share (the “common stock”), set forth on the signature page hereto (the
“Shares”) for a purchase price of $10.00 per share, for the aggregate purchase price set forth on Subscriber’s
signature page hereto (the “Purchase Price”), and the Issuer desires to issue and sell to Subscriber the Shares
in consideration of the payment of the Purchase Price therefor by or on behalf of Subscriber to the Issuer, all on the terms and
conditions set forth herein; and

 

WHEREAS, certain
other “qualified institutional buyers” (as defined in Rule 144A under the Securities Act of 1933, as amended (the
“Securities Act”)) or “accredited investors” (within the meaning of Rule 501(a) under the
Securities Act) (each, an “Other Subscriber”) have, severally and not jointly, entered into separate
subscription agreements with the Issuer (the “Other Subscription Agreements”), pursuant to which such
Other Subscribers have agreed to purchase Issuer’s common stock on the date of the consummation of the Transactions
(such date, the “Closing Date”) at the same per share purchase price as the Subscriber, and the aggregate
amount of securities to be sold by the Issuer pursuant to this Subscription Agreement and the Other Subscription Agreements
equals, as of the date hereof, 77,500,000 shares of Issuer’s common stock.

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein contained, and
intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

1. Subscription.
Subject to the terms and conditions hereof, at the Closing, Subscriber hereby agrees to subscribe for and purchase, and the Issuer
hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Shares (such subscription and issuance,
the “Subscription”).

 

     

     

    

  

2. Representations,
Warranties and Agreements.

 

2.1 Subscriber’s
Representations, Warranties and Agreements. To induce the Issuer to issue the Shares to Subscriber, Subscriber hereby represents
and warrants to the Issuer and acknowledges and agrees with the Issuer as follows:

 

2.1.1 Subscriber
has been duly formed or incorporated and is validly existing and in good standing under the laws of its jurisdiction of incorporation
or formation, with power and authority to enter into, deliver and perform its obligations under this Subscription Agreement.

 

2.1.2 This
Subscription Agreement has been duly authorized, validly executed and delivered by Subscriber. This Subscription Agreement is
enforceable against Subscriber in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally,
and (ii) principles of equity, whether considered at law or equity.

 

2.1.3 The
execution, delivery and performance by Subscriber of this Subscription Agreement and the consummation of the transactions contemplated
herein do not and will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute
a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets
of Subscriber or any of its subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease,
license or other agreement or instrument to which Subscriber or any of its subsidiaries is a party or by which Subscriber or any
of its subsidiaries is bound or to which any of the property or assets of Subscriber or any of its subsidiaries is subject, which
would reasonably be expected to prevent or delay Subscriber’s timely performance of its obligations under this Subscription
Agreement (a “Subscriber Material Adverse Effect”), (ii) result in any violation of the provisions of the organizational
documents of Subscriber or any of its subsidiaries or (iii) result in any violation of any statute or any judgment, order, rule
or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction over Subscriber or any of
its subsidiaries or any of their respective properties that would reasonably be expected to have a Subscriber Material Adverse
Effect.

 

2.1.4 Subscriber
(i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an “accredited
investor” (within the meaning of Rule 501(a) under the Securities Act) satisfying the applicable requirements set forth
on Schedule I, (ii) is acquiring the Shares only for its own account and not for the account of others, or if Subscriber
is subscribing for the Shares as a fiduciary or agent for one or more investor accounts, each owner of such account is a “qualified
institutional buyer” or an accredited investor and Subscriber has full investment discretion with respect to each such account,
and the full power and authority to make the acknowledgements, representations, warranties and agreements herein on behalf of
each owner of each such account and (iii) is not acquiring the Shares with a view to, or for offer or sale in connection with,
any distribution thereof in violation of the Securities Act (and shall provide the requested information on Schedule I
following the signature page hereto). Subscriber is not an entity formed for the specific purpose of acquiring the Shares.

 

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2.1.5 Subscriber
understands that the Shares are being offered in a transaction not involving any public offering within the meaning of the Securities
Act and that the Shares have not been registered under the Securities Act except as otherwise required by this Subscription Agreement.
Subscriber understands that the Shares may not be resold, transferred, pledged or otherwise disposed of by Subscriber absent an
effective registration statement under the Securities Act, except (i) to the Issuer or a subsidiary thereof, (ii) to non-U.S.
persons pursuant to offers and sales that occur solely outside the United States within the meaning of Regulation S under the
Securities Act or (iii) pursuant to another applicable exemption from the registration requirements of the Securities Act, and
in the case of each of clauses (i) and (iii), in accordance with any applicable securities laws of the states and other jurisdictions
of the United States, and that any certificates or book entries representing the Shares shall contain a legend to such effect.
Subscriber acknowledges that the Shares will not be eligible for resale pursuant to Rule 144A promulgated under the Securities
Act. Subscriber understands and agrees that as a result of the transfer restrictions set forth herein, Subscriber may not be able
to readily resell the Shares and may be required to bear the financial risk of an investment in the Shares for an indefinite period
of time. Subscriber understands that it has been advised to consult legal counsel prior to making any offer, resale, pledge or
transfer of any of the Shares.

 

2.1.6 Subscriber
understands and agrees that Subscriber is purchasing the Shares directly from the Issuer. Subscriber further acknowledges that
there have been no representations, warranties, covenants or agreements made to Subscriber by the Issuer, the Company or any of
their respective affiliates, officers, directors, employees, agents or representatives, expressly or by implication, other than
those representations, warranties, covenants and agreements expressly set forth in this Subscription Agreement, and Subscriber
is not relying on any representations, warranties or covenants other than those expressly set forth in this Subscription Agreement.

 

2.1.7 Subscriber
represents and warrants that its acquisition and holding of the Shares will not constitute or result in a non-exempt prohibited
transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or any applicable similar law.

 

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2.1.8 In
making its decision to purchase the Shares, Subscriber represents that it has relied solely upon independent investigation made
by Subscriber and the Issuer’s representations, warranties and agreements in Section 2.2 hereof. Without limiting the
generality of the foregoing, Subscriber has not relied on any statements or other information provided by anyone other than the
Issuer and its representatives concerning the Issuer or the Shares or the offer and sale of the Shares. Subscriber acknowledges
and agrees that Subscriber has received access to and has had an adequate opportunity to review, such financial and other information
as Subscriber deems necessary in order to make an investment decision with respect to the Shares, including with respect to the
Issuer, the Company and the Transactions, and made its own assessment and is satisfied concerning the relevant tax and other economic
considerations relevant to the Subscriber’s investment in the Shares. Subscriber acknowledges that it has reviewed the documents
made available to the Subscriber by the Company. Subscriber represents and agrees that Subscriber and Subscriber’s professional
advisor(s), if any, have had the full opportunity to ask such questions, receive such answers and obtain such information as Subscriber
and such Subscriber’s professional advisor(s), if any, have deemed necessary to make an investment decision with respect
to the Shares. Subscriber acknowledges that Credit Suisse Securities (USA) LLC (“Credit Suisse”), EarlyBirdCapital,
Inc. and Stifel Nicolaus & Company, Incorporated and each of their respective affiliates (collectively, the “Placement
Agents” and each, a “Placement Agent”) and their respective directors, officers, employees, representatives
and controlling persons have made no independent investigation with respect to the Issuer, the Company or the Shares or the accuracy,
completeness or adequacy of any information supplied to the Subscriber by the Issuer or the Company. Subscriber acknowledges that
(i) it has not relied on any statements or other information provided by the Placement Agents or any of the respective Placement
Agents’ affiliates with respect to its decision to invest in the Shares, including information related to the Issuer, the
Company, the Shares and the offer and sale of the Shares, and (ii) none of the Placement Agents nor any of their respective affiliates
have prepared any disclosure or offering document in connection with the offer and sale of the Shares. Subscriber further acknowledges
that the information provided to Subscriber is preliminary and subject to change. Subscriber understands and acknowledges that
Credit Suisse is also acting as an equity capital markets advisor to the Company or its affiliates in relation to the Transactions.
Subscriber understands and acknowledges that Credit Suisse’s role as equity capital markets advisor to the Company or its
affiliates may give rise to potential conflicts of interest or the appearance thereof.

 

2.1.9 Subscriber
acknowledges that none of the Placement Agents has acted as its financial advisor or fiduciary. Subscriber acknowledges that the
Shares are not being offered in a manner involving a public offering under, or in a distribution in violation of, the Securities
Act, or any state securities laws.

 

2.1.10 Subscriber
acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the Shares. Subscriber
has such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks of an
investment in the Shares, and Subscriber has sought such financial, accounting, legal and tax advice as Subscriber has considered
necessary to make an informed investment decision. Subscriber (i) is an institutional account as defined in FINRA Rule 4512(c),
(ii) is a sophisticated investor, experienced in investing in private equity transactions and capable of evaluating investment
risks independently, both in general and with regard to all transactions and investment strategies involving a security or securities,
and (iii) has exercised independent judgment in evaluating its participation in the purchase of the Shares. Subscriber understands
and acknowledges that the purchase and sale of the Shares hereunder meets (i) the exemptions from filing under FINRA Rule 5123(b)(1)(A)
and (ii) the institutional customer exemption under FINRA Rule 2111(b).

 

2.1.11 Alone,
or together with any professional advisor(s), Subscriber represents and acknowledges that Subscriber has adequately analyzed and
fully considered the risks of an investment in the Shares and determined that the Shares are a suitable investment for Subscriber
and that Subscriber is able at this time and in the foreseeable future to bear the economic risk of a total loss of Subscriber’s
investment in the Issuer. Subscriber acknowledges specifically that a possibility of total loss exists.

 

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2.1.12 Subscriber
understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering of the Shares or
made any findings or determination as to the fairness of an investment in the Shares.

 

2.1.13 Subscriber
represents and warrants that Subscriber is not (i) a person or entity named on the List of Specially Designated Nationals and
Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC List”),
or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control
Regulations, 31 C.F.R. Part 515 or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank.
Subscriber agrees to provide law enforcement agencies, if requested thereby, such records as required by applicable law, provided
that Subscriber is permitted to do so under applicable law. If Subscriber is a financial institution subject to the Bank Secrecy
Act (31 U.S.C. Section 5311 et seq.) (the “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT
Act”), and its implementing regulations (collectively, the “BSA/PATRIOT Act”), Subscriber represents
that it maintains policies and procedures reasonably designed to comply with applicable obligations under the BSA/PATRIOT Act.
Subscriber also represents that, to the extent required, it maintains policies and procedures reasonably designed for the screening
of its investors against the OFAC sanctions programs, including the OFAC List. Subscriber further represents and warrants that,
to the extent required, it maintains policies and procedures reasonably designed to ensure that the funds held by Subscriber and
used to purchase the Shares were legally derived.

 

2.1.14 If
Subscriber is an employee benefit plan that is subject to Title I of ERISA, a plan, an individual retirement account or other
arrangement that is subject to section 4975 of the Code or an employee benefit plan that is a governmental plan (as defined in
section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4)
of ERISA) or other plan that is not subject to the foregoing but may be subject to provisions under any other federal, state,
local, non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code, or an entity whose underlying
assets are considered to include “plan assets” of any such plan, account or arrangement (each, a “Plan”)
subject to the fiduciary or prohibited transaction provisions of ERISA or section 4975 of the Code, Subscriber represents and
warrants that neither the Issuer, the Company, nor any of their respective affiliates (the “Transaction Parties”)
has acted as the Plan’s fiduciary, or has been relied on for advice, with respect to its decision to acquire and hold the
Shares, and none of the Transaction Parties shall at any time be relied upon as the Plan’s fiduciary with respect to any
decision to acquire, continue to hold or transfer the Shares.

 

2.1.15 Except
(i) as expressly disclosed in a Schedule 13D or Schedule 13G (or amendments thereto) filed by Subscriber with the Securities and
Exchange Commission (the “Commission”) with respect to the beneficial ownership of the Issuer’s common
stock prior to the date hereof and (ii) as a result of the entry into this Subscription Agreement, Subscriber is not currently
(and at all times through Closing will refrain from being or becoming) a member of a “group” (within the meaning of
Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
or any successor provision), acting for the purpose of acquiring, holding or disposing of equity securities of the Issuer (within
the meaning of Rule 13d-5(b)(1) under the Exchange Act).

 

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2.1.16 No
foreign person (as defined in 31 C.F.R. Part 800.224) in which the national or subnational governments of a single foreign state
have a substantial interest (as defined in 31 C.F.R. Part 800.244) will acquire a substantial interest in the Issuer as a result
of the purchase and sale of Shares hereunder such that a declaration to the Committee on Foreign Investment in the United States
would be mandatory under 31 C.F.R. Part 800.401, and no foreign person will have control (as defined in 31 C.F.R. Part 800.208)
over the Issuer from and after the Closing as a result of the purchase and sale of Shares hereunder.

 

2.1.17 On
each date the Purchase Price would be required to be funded to the Issuer pursuant to Section 3.1, Subscriber will have sufficient
immediately available funds to pay the Purchase Price pursuant to Section 3.1.

 

2.1.18 Subscriber
represents that no disqualifying event described in Rule 506(d)(1)(i)-(viii) under the Securities Act (a “Disqualification
Event”) is applicable to Subscriber or any of its Rule 506(d) Related Parties (as defined below), except, if applicable,
for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3) is applicable. Subscriber hereby agrees that it
shall notify the Issuer promptly in writing in the event a Disqualification Event becomes applicable to Subscriber or any of its
Rule 506(d) Related Parties, except, if applicable, for a Disqualification Event as to which Rule 506(d)(2)(ii) or (iii) or (d)(3)
is applicable. For purposes of this Section 2.1.19, “Rule 506(d) Related Party” shall mean a person or entity
that is a beneficial owner of Subscriber’s securities for purposes of Rule 506(d) under the Securities Act.

 

2.1.19 Subscriber
acknowledges that it is not relying upon, and has not relied upon, any statement, representation or warranty made by any person,
firm or corporation (including, without limitation, the Issuer, any of its affiliates or any of its or their respective control
persons, officers, directors, employees, agents or representatives), other than the representations and warranties of the Issuer
expressly set forth in this Subscription Agreement, in making its investment or decision to invest in the Issuer. Subscriber agrees
that neither (i) any other Subscriber pursuant to this Subscription Agreement or any other agreement related to the private placement
of shares of the Issuer’s common stock (including the controlling persons, officers, directors, partners, agents or employees
of any such Subscriber) nor (ii) the Company, its affiliates or any of their or their respective affiliates’ control persons,
officers, directors, partners, agents, employees or representatives, shall be liable to any other Subscriber pursuant to this
Subscription Agreement or any other agreement related to the private placement of shares of the Issuer’s common stock for
any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the Shares hereunder.

 

2.2 Issuer’s
Representations, Warranties and Agreements. To induce Subscriber to purchase the Shares, the Issuer hereby represents and
warrants to Subscriber and agrees with Subscriber as follows:

 

2.2.1 The
Issuer has been duly incorporated and is validly existing as a corporation in good standing under the laws of the Delaware General
Corporation Law (“DGCL”), with corporate power and authority to own, lease and operate its properties and conduct
its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

 

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2.2.2 The
Shares have been duly authorized and, when issued and delivered to Subscriber against full payment for the Shares in accordance
with the terms of this Subscription Agreement and registered with the Issuer’s transfer agent, the Shares will be validly
issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive or similar rights
created under the Issuer’s amended and restated certificate of incorporation or under the DGCL.

 

2.2.3 This
Subscription Agreement has been duly authorized, executed and delivered by the Issuer and is enforceable against it in accordance
with its terms, except as may be limited or otherwise affected by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization,
moratorium or other laws relating to or affecting the rights of creditors generally and (ii) principles of equity, whether considered
at law or equity.

 

2.2.4 The
execution, delivery and performance of this Subscription Agreement (including compliance by the Issuer with all of the provisions
hereof), issuance and sale of the Shares and the consummation of the certain other transactions contemplated herein will not (i)
conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under, or result
in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Issuer pursuant to
the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other agreement or instrument to which
the Issuer is a party or by which the Issuer is bound or to which any of the property or assets of the Issuer is subject, which
would reasonably be expected to have a material adverse effect on the business, properties, assets, liabilities, financial condition,
or results of operations of the Issuer and its subsidiaries, taken as a whole (for such purposes, treating the Transaction as
having been consummated), the validity of the Shares or the legal authority or ability of the Issuer to perform in all material
respects its obligations under the Merger Agreement or this Subscription Agreement, subject to the exceptions in clauses (a) through
(h) in the definition of Material Adverse Effect in the Merger Agreement mutatis mutandis (an “Issuer Material
Adverse Effect”), (ii) result in any violation of the provisions of the organizational documents of the Issuer or (iii)
result in any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body,
domestic or foreign, having jurisdiction over the Issuer or any of its properties that would reasonably be expected to have an
Issuer Material Adverse Effect.

 

2.2.5 The
authorized capital shares of the Issuer immediately prior to the Closing consists of (i) 50,000,000 shares of common stock, par
value $0.0001 per share, and (ii) 1,000,000 shares of preferred stock, par value $0.0001 per share.

 

2.2.6 Assuming
the accuracy of Subscriber’s representations and warranties set forth in Section 2.1 of this Subscription Agreement,
no registration under the Securities Act is required for the offer and sale of the Shares by the Issuer to Subscriber.

 

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2.2.7 The
Issuer has made available to Subscriber (including via the Commission’s EDGAR system) a true, correct and complete copy
of each form, report, statement, schedule, prospectus, proxy, registration statement and other documents filed by the Issuer with
the Commission prior to the date of this Subscription Agreement (the “SEC Documents”), which SEC Documents,
as of their respective filing dates, complied in all material respects with the requirements of the Exchange Act applicable to
the SEC Documents and the rules and regulations of the Commission promulgated thereunder applicable to the SEC Documents. None
of the SEC Documents filed under the Exchange Act, contained, when filed or, if amended prior to the date of this Subscription
Agreement, as of the date of such amendment with respect to those disclosures that are amended, any untrue statement of a material
fact or omitted to state a material fact required to be stated therein or necessary to make the statements therein, in the light
of the circumstances under which they were made, not misleading; provided that the Issuer makes no such representation or warranty
with respect to the proxy statement/prospectus included in the Registration Statement to be filed in connection with the approval
of the Merger Agreement by the stockholders of the Issuer (the “Proxy Statement/Prospectus”) or any other information
relating to the Company or any of its affiliates included in any SEC Document or filed as an exhibit thereto. The Issuer has timely
filed each report, statement, schedule, prospectus, and registration statement that the Issuer was required to file with the Commission
since its inception and through the date hereof. As of the date hereof, there are no material outstanding or unresolved comments
in comment letters from the Commission staff with respect to any of the SEC Documents.

 

2.2.8 The
Issuer has provided Subscriber an opportunity to ask questions regarding the Issuer and made available to Subscriber all the information
reasonably available to the Issuer that Subscriber has reasonably requested to make an investment decision with respect to the
Shares.

 

2.2.9 Neither
the Issuer, nor any person acting on its behalf has, directly or indirectly, made any offers or sales of any Issuer security or
solicited any offers to buy any security under circumstances that would adversely affect reliance by the Issuer on Section 4(a)(2)
of the Securities Act for the exemption from registration for the transactions contemplated hereby or would require registration
of the issuance of the Shares under the Securities Act.

 

2.2.10
No Disqualification Event is applicable to the Issuer or, to the Issuer’s knowledge, any Issuer Covered Person (as defined
below), except for a Disqualification Event as to which Rule 506(d)(2)(ii)-(iv) or (d)(3) under the Securities Act is applicable.
The Issuer has complied, to the extent applicable, with any disclosure obligations under Rule 506(e) under the Securities Act.
“Issuer Covered Person” means, with respect to the Issuer as an “issuer” for purposes of Rule 506
under the Securities Act, any person listed in the first paragraph of Rule 506(d)(1) under the Securities Act.

 

2.2.11 As
of the date hereof, there are no pending or, to the knowledge of the Issuer, threatened suits, claim, actions or proceedings (collectively,
“Actions”), which, if determined adversely, would, individually or in the aggregate, reasonably be expected
to have an Issuer Material Adverse Effect. As of the date hereof, there is no unsatisfied judgment or any open injunction binding
upon the Issuer which would, individually or in the aggregate, reasonably be expected to have an Issuer Material Adverse Effect.

 

2.2.12 Other
than the Placement Agents, no broker, finder, or other financial consultant has acted on behalf of or at the direction of the
Issuer in connection with this Subscription Agreement or the transactions contemplated hereby in such a way as to create any liability
on Subscriber.

 

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2.2.13 The
Issuer acknowledges and agrees that, notwithstanding anything herein to the contrary, the Shares may be pledged by Subscriber
in connection with a bona fide margin agreement, which shall not be deemed to be a transfer, sale or assignment of the Shares
hereunder, and Subscriber effecting a pledge of Shares shall not be required to provide the Issuer with any notice thereof or
otherwise make any delivery to the Issuer pursuant to this Subscription Agreement. The Issuer hereby agrees to execute and deliver
such documentation as a pledgee of the Shares may reasonably request in connection with a pledge of the Shares to such pledgee
by Subscriber.

 

3. Settlement
Date and Delivery.

 

3.1 Closing.
The closing of the Subscription contemplated hereby (the “Closing”) shall occur on the date of, and immediately
prior to, the consummation of the Transactions. At least five (5) Business Days prior to the anticipated Closing Date, the Issuer
shall deliver written notice to the Subscriber (the “Closing Notice”) specifying (i) the anticipated Closing
Date and (ii) wire instructions for the payment of the Purchase Price. The Subscriber shall deliver to the Issuer, at least two
(2) Business Days prior to the anticipated Closing Date, the Purchase Price for the Shares, by wire transfer of United States
dollars in immediately available funds to the account specified by the Issuer in the Closing Notice, such funds to be held by
the Issuer in escrow until the Closing. At the Closing, upon satisfaction (or, if applicable, waiver) of the conditions set forth
in this Section 3, the Issuer shall deliver to Subscriber the Shares in book entry form, in the name of Subscriber (or
its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber, as applicable. In the event
the Closing does not occur within three (3) Business Days of the anticipated Closing Date specified in the Closing Notice, the
Issuer shall promptly (but no later than one (1) Business Day thereafter) return the Purchase Price to the Subscriber.

 

3.2 Conditions
to Closing of the Issuer. The Issuer’s obligations to sell and issue the Shares at the Closing are subject to the fulfillment
or (to the extent permitted by applicable law) written waiver, on or prior to the Closing Date, of each of the following conditions:

 

3.2.1 Representations
and Warranties Correct. The representations and warranties made by Subscriber in Section 2.1 hereof shall be true and
correct in all material respects when made (other than representations and warranties that are qualified as to materiality or
Subscriber Material Adverse Effect, which representations and warranties shall be true and correct in all respects) and shall
be true and correct in all material respects on and as of the Closing Date (unless they specifically speak as of another date
in which case they shall be true and correct in all material respects as of such date) (other than representations and warranties
that are qualified as to materiality or Subscriber Material Adverse Effect, which representations and warranties shall be true
and correct in all respects), with the same force and effect as if they had been made on and as of said date, but in each case
without giving effect to consummation of the Transactions.

 

3.2.2 Closing
of the Transactions. The Transactions set forth in the Merger Agreement shall have been or will be consummated substantially
concurrently with the Closing.

 

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3.2.3 Hart-Scott-Rodino
Act. Any applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended, shall have
terminated or expired.

 

3.2.4 Legality.
There shall not be in force any order, judgment, injunction, decree, writ, stipulation, determination or award, in each case,
entered by or with any governmental authority, statute, rule or regulation enjoining or prohibiting the consummation of the Subscription.

 

3.3 Conditions
to Closing of Subscriber. Subscriber’s obligation to purchase the Shares at the Closing is subject to the fulfillment
or (to the extent permitted by applicable law) written waiver, on or prior to the Closing Date, of each of the following conditions:

 

3.3.1 Representations
and Warranties Correct. The representations and warranties made by the Issuer in Section 2.2 hereof shall be true and
correct in all material respects when made (other than representations and warranties that are qualified as to materiality or
Issuer Material Adverse Effect, which representations and warranties shall be true and correct in all respects) and shall be true
and correct in all material respects on and as of the Closing Date (unless they specifically speak as of another date in which
case they shall be true and correct in all material respects as of such date) (other than representations and warranties that
are qualified as to materiality or Issuer Material Adverse Effect, which representations and warranties shall be true and correct
in all respects) with the same force and effect as if they had been made on and as of said date, but in each case without giving
effect to consummation of the Transactions; provided that in the event this condition would otherwise fail to be satisfied as
a result of a breach of one or more of the representations and warranties of the Issuer contained in this Subscription Agreement
and the facts underlying such breach would also cause a condition to the Issuer’s obligations under the Merger Agreement
to fail to be satisfied, this condition shall nevertheless be deemed satisfied in the event the Company waives such condition
with respect to such breach under the Merger Agreement.

 

3.3.2 Compliance
with Covenants. The Issuer shall have performed, satisfied and complied in all material respects with the covenants, agreements
and conditions required by this Subscription Agreement to be performed, satisfied or complied with by the Issuer at or prior to
the Closing.

 

3.3.3 Closing
of the Transactions. (a) The Transactions set forth in the Merger Agreement shall have been: (1) consummated; or (2) will
be consummated substantially concurrently with the Closing; and (b) the Merger Agreement shall not have been amended, supplemented
or otherwise modified, or any terms and/or conditions thereto waived, in a manner that is materially adverse to Subscriber, in
each case, without Subscriber’s prior written consent (not to be unreasonably withheld, conditioned or delayed).

 

3.3.4 Legality.
There shall not be in force any order, judgment, injunction, decree, writ, stipulation, determination or award, in each case,
entered by or with any governmental authority, statute, rule or regulation enjoining or prohibiting the consummation of the Subscription.

 

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4. Registration
Statement.

 

4.1  In
connection with the Transactions, the Issuer will file with the Commission the Registration Statement, which will register the
issuance of shares of common stock upon consummation of the Transactions in exchange for all outstanding shares of the Issuer
(including the Shares). In the event that the Registration Statement, at the time it becomes effective, does not include the shares
of common stock to be issued in exchange for the Shares, The Issuer agrees that, within thirty (30) calendar days after the consummation
of the Transactions (the “Filing Date”), The Issuer will file with the Commission (at the Issuer’s sole
cost and expense) a shelf registration statement registering the resale of the Shares and any other shares of common stock held
by the Subscriber or any of its affiliates (the “Registration Statement”), and the Issuer shall use its commercially
reasonable efforts to have the Registration Statement declared effective as soon as practicable after the filing thereof, but
no later than the earlier of (i) the 60th calendar day (or 90th calendar day if the Commission notifies The Issuer that it will
“review” the Registration Statement) following the Closing and (ii) the 10th Business Day after the date the Issuer
is notified (orally or in writing, whichever is earlier) by the Commission that the Registration Statement will not be “reviewed”
or will not be subject to further review (such earlier date, the “Effectiveness Date”); provided, however,
that the Issuer’s obligations to include such Shares in the Registration Statement are contingent upon Subscriber furnishing
in writing to the Issuer such information regarding Subscriber, the securities of the Issuer held by Subscriber and the intended
method of disposition of the Shares as shall be reasonably requested by the Issuer to effect the registration of the Shares, and
Subscriber shall execute such documents in connection with such registration as the Issuer may reasonably request that are customary
of a selling stockholder in similar situations, including providing that the Issuer shall be entitled to postpone and suspend
the effectiveness or use of the Registration Statement as permitted under Section 4.3 hereunder; provided, further, that the Subscriber
and its affiliates will be indemnified by the Issuer for any liability arising from any material misstatements or omissions in
the Registration Statement except to the extent such misstatement or omission arises from the information specifically provided
by Subscriber for inclusion in the Registration Statement. For purposes of clarification, any failure by the Issuer to file the
Registration Statement by the Filing Date or to cause such Registration Statement to be declared effective by the Effectiveness
Date shall not otherwise relieve the Issuer of its obligations to file the Registration Statement or cause the Registration Statement
to be declared effective as set forth above in this Section 4.

 

4.2 In
the case of the registration effected by the Issuer pursuant to this Subscription Agreement, the Issuer shall, upon reasonable
request, inform Subscriber as to the status of such registration. At its expense, the Issuer shall:

 

4.2.1 except
for such times as the Issuer is permitted hereunder to suspend the use of the prospectus forming part of a Registration Statement,
use its reasonable best efforts to keep such registration, and any qualification, exemption or compliance under state securities
laws which the Issuer determines to obtain, continuously effective with respect to Subscriber, and to keep the applicable Registration
Statement or any subsequent shelf registration statement free of any material misstatements or omissions, until the earlier of
the following: (i) Subscriber ceases to hold any Shares, (ii) the date all Shares held by Subscriber may be sold without restriction
under Rule 144, including without limitation, any volume and manner of sale restrictions which may be applicable to affiliates
under Rule 144 and without the requirement for the Issuer to be in compliance with the current public information required under
Rule 144(c)(1) (or Rule 144(i)(2), if applicable), and (iii) two years from the Effectiveness Date of the Registration Statement;

 

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4.2.2 advise
Subscriber within five (5) Business Days:

 

(a) when
a Registration Statement or any post-effective amendment thereto has become effective;

 

(b) of
the issuance by the Commission of any stop order suspending the effectiveness of any Registration Statement or the initiation
of any proceedings for such purpose;

 

(c) of
the receipt by the Issuer of any notification with respect to the suspension of the qualification of the Shares included therein
for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose; and

 

(d) subject
to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any changes in any
Registration Statement or prospectus so that, as of such date, the statements therein are not misleading and do not omit to state
a material fact required to be stated therein or necessary to make the statements therein (in the case of a prospectus, in the
light of the circumstances under which they were made) not misleading.

 

Notwithstanding anything
to the contrary set forth herein, the Issuer shall not, when so advising Subscriber of such events, provide Subscriber with any
material, nonpublic information regarding the Issuer other than to the extent that providing notice to Subscriber of the occurrence
of the events listed in (a) through (d) above constitutes material, nonpublic information regarding the Issuer;

 

4.2.3 use
its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of any Registration Statement
as soon as reasonably practicable;

 

4.2.4 upon
the occurrence of any event contemplated in Section 4.2.2(d), except for such times as the Issuer is permitted hereunder to suspend,
and has suspended, the use of a prospectus forming part of a Registration Statement, the Issuer shall use its commercially reasonable
efforts to as soon as reasonably practicable prepare a post-effective amendment to such Registration Statement or a supplement
to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Shares included
therein, such prospectus will not include any untrue statement of a material fact or omit to state any material fact necessary
to make the statements therein, in the light of the circumstances under which they were made, not misleading; and

 

4.2.5 use
its commercially reasonable efforts to cause all Shares to be listed on each securities exchange or market, if any, on which the
common stock is then listed.

 

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4.3 Notwithstanding
anything to the contrary in this Subscription Agreement, the Issuer shall be entitled to delay or postpone the effectiveness of
the Registration Statement, and from time to time to require Subscriber not to sell under the Registration Statement or to suspend
the effectiveness thereof, if the negotiation or consummation of a transaction by the Issuer or its subsidiaries is pending or
an event has occurred, which negotiation, consummation or event the Issuer’s board of directors reasonably believes, upon
the advice of legal counsel (which may be in-house legal counsel), would require additional disclosure by the Issuer in the Registration
Statement of material information that the Issuer has a bona fide business purpose for keeping confidential and the non-disclosure
of which in the Registration Statement would be expected, in the reasonable determination of the Issuer’s board of directors,
upon the advice of legal counsel (which may be in-house legal counsel), to cause the Registration Statement to fail to comply
with applicable disclosure requirements (each such circumstance, a “Suspension Event”); provided, however,
that the Issuer may not delay or suspend the Registration Statement on more than two occasions or for more than forty-five (45)
consecutive calendar days, or more than ninety (90) total calendar days, in each case during any twelve-month period. Upon receipt
of any written notice from the Issuer of the happening of any Suspension Event during the period that the Registration Statement
is effective or if as a result of a Suspension Event the Registration Statement or related prospectus contains any untrue statement
of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein,
in light of the circumstances under which they were made (in the case of the prospectus) not misleading, Subscriber agrees that
(i) it will immediately discontinue offers and sales of the Shares under the Registration Statement (excluding, for the avoidance
of doubt, sales conducted pursuant to Rule 144) until Subscriber receives copies of a supplemental or amended prospectus (which
the Issuer agrees to promptly prepare) that corrects the misstatement(s) or omission(s) referred to above and receives notice
that any post-effective amendment has become effective or unless otherwise notified by the Issuer that it may resume such offers
and sales, and (ii) it will maintain the confidentiality of any information included in such written notice delivered by the Issuer
unless otherwise required by law or subpoena. If so directed by the Issuer, Subscriber will deliver to the Issuer or, in Subscriber’s
sole discretion, destroy, all copies of the prospectus covering the Shares in Subscriber’s possession; provided, however,
that this obligation to deliver or destroy all copies of the prospectus covering the Shares shall not apply (i) to the extent
Subscriber is required to retain a copy of such prospectus (a) in order to comply with applicable legal, regulatory, self-regulatory
or professional requirements or (b) in accordance with a bona fide pre-existing document retention policy or (ii) to copies stored
electronically on archival servers as a result of automatic data back-up. Issuer agrees that any time transfer is permitted pursuant
to Rule 144 and Subscriber is unable to sell under the Registration Statement, Issuer will take commercially reasonable efforts
to remove the restrictive legend from Subscriber’s Shares.

 

4.4 Termination.
This Subscription Agreement shall terminate and be void and of no further force and effect, and all rights and obligations of
the parties hereunder shall terminate without any further liability on the part of any party in respect thereof, upon the earlier
to occur of (i) such date and time as the Merger Agreement is validly terminated in accordance with its terms without consummation
of the Merger, (ii) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement,
(iii) if any of the conditions to Closing set forth in this Subscription Agreement are not satisfied or waived by the party entitled
to grant such waiver on or prior to the Closing and, as a result thereof, the transactions contemplated by this Subscription Agreement
are not consummated at the Closing, and (iv) if the Closing shall not have occurred on or before July 27, 2021; provided that
nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each
party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach.
The Issuer shall promptly notify Subscriber of the termination of the Merger Agreement promptly after the termination of such
agreement.

 

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5. Miscellaneous.

 

5.1 Further
Assurances. At the Closing, the parties hereto shall execute and deliver such additional documents and take such additional
actions as the parties reasonably may deem to be practical and necessary in order to consummate the Subscription as contemplated
by this Subscription Agreement.

 

5.1.1 Subscriber
acknowledges that the Issuer, the Company, the Placement Agents and others will rely on the acknowledgments, understandings, agreements,
representations and warranties made by Subscriber contained in this Subscription Agreement. Prior to the Closing, Subscriber agrees
to promptly notify the Issuer and the Company if any of the acknowledgments, understandings, agreements, representations and warranties
made by Subscriber set forth herein are no longer accurate in all material respects. Subscriber further acknowledges and agrees
that each of the Placement Agents is a third-party beneficiary of the representations and warranties of the Subscriber contained
in this Section 5.1.1 and Section 2.1 of this Subscription Agreement to the extent such representations and warranties
relate to the Placement Agents. Subscriber acknowledges and agrees that none of (i) any other investor pursuant to this Subscription
Agreement or any other subscription agreement related to the private placement of the Shares (including such other investor’s
respective affiliates or any control persons, officers, directors, employees, partners, agents or representatives of any of the
foregoing), (ii) the Placement Agents, their respective affiliates or any control persons, officers, directors, employees, partners,
agents or representatives of any of the foregoing, in each case, absent their own intentional fraud or willful misconduct, (iii)
any other party to the Merger Agreement, or (iv) any affiliates, or any control persons, officers, directors, employees, partners,
agents or representatives of any of the Issuer, the Company or any other party to the Merger Agreement shall be liable to the
Subscriber, or to any other investor, pursuant to this Subscription Agreement or any other subscription agreement related to the
private placement of the Shares, the negotiation hereof or thereof or the subject matter hereof or thereof, or the transactions
contemplated hereby or thereby, for any action heretofore or hereafter taken or omitted to be taken by any of them in connection
with the purchase of the Shares or with respect to any claim (whether in tort, contract or otherwise) for breach of this Subscription
Agreement or in respect of any written or oral representations made or alleged to be made in connection herewith, except as expressly
provided herein, or for any actual or alleged inaccuracies, misstatements or omissions with respect to any information or materials
of any kind furnished by the Issuer, the Company or the Placement Agents concerning the Issuer, the Company, the Placement Agents,
any of their controlled affiliates, this Subscription Agreement or the transactions contemplated hereby. Subscriber consents to
and agrees to waive any claims it or they may have based on any actual or potential conflicts of interest that may arise or result
from Credit Suisse acting as equity capital markets advisor to the Company.

 

    - 14 -

     

    

 

5.1.2 Each
of the Issuer, Subscriber, Placement Agents and the Company is entitled to rely upon this Subscription Agreement and is irrevocably
authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding
or official inquiry with respect to the matters covered hereby.

 

5.1.3 The
Issuer may request from Subscriber such additional information as the Issuer may deem necessary to evaluate the eligibility of
Subscriber to acquire the Shares, and Subscriber shall promptly provide such information as may be reasonably requested, to the
extent within Subscriber’s possession and control and otherwise readily available to Subscriber and to the extent consistent
with its internal policies and procedures; provided, that, Issuer agrees to keep any such information provided by Subscriber confidential.

 

5.1.4 Each
party shall pay all of its own expenses in connection with this Subscription Agreement and the transactions contemplated herein.

 

5.1.5 Each
of Subscriber and the Issuer shall take, or cause to be taken, all actions and do, or cause to be done, all things necessary,
proper or advisable to consummate the transactions contemplated by this Subscription Agreement on the terms and conditions described
herein no later than immediately prior to the consummation of the Transactions.

 

5.2 Notices.
Any notice or communication required or permitted hereunder shall be in writing and either delivered personally, emailed or sent
by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid, and shall be deemed
to be given and received (i) when so delivered personally, (ii) when sent, with no mail undeliverable or other rejection notice,
if sent by email, or (iii) three (3) Business Days after the date of mailing to the address below or to such other address or
addresses as such person may hereafter designate by notice given hereunder:

 

(i) if
to Subscriber, to such address or addresses set forth on the signature page hereto;

 

(ii) if
to the Issuer, to:

 

Property Solutions Acquisition Corp.

654 Madison Avenue, Suite 1009

New York, New York 10065

Attn: Jordan Vogel; Aaron Feldman

E-mail: jordan@benchmarkrealestate.com;

aaron@benchmarkrealestate.com

with a required copy (which copy shall not constitute notice) to:

 

Latham & Watkins LLP

885 Third Avenue

New York, New York 10022-4834

Attn: David S. Allinson; Ryan J. Maierson 

Email: david.allinson@lw.com; ryan.maierson@lw.com

 

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(iii) if to the
Company, to: 

 

FF Intelligent Mobility Global Holdings Ltd.

18455 S. Figueroa Street

Gardena, California 90248

Attn: Jarret Johnson; Jerry Wang

E-mail:  jarret.johnson@ff.com; jerry.wang@ff.com

 

with a copy to (which will not constitute notice):

Sidley Austin LLP

555 California Street, Suite 2000

San Francisco, California 94104

Attn: Vijay S. Sekhon; Michael P. Heinz

E-mail:  vsekhon@sidley.com; mheinz@sidley.com

 

5.3 Entire
Agreement. This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements, understandings,
representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof, including
any commitment letter entered into relating to the subject matter hereof.

 

5.4 Modifications
and Amendments. This Subscription Agreement may not be amended, modified, supplemented or waived (i) except by an instrument
in writing, signed by the party against whom enforcement of such amendment, modification, supplement or waiver is sought and (ii)
without the prior written consent of the Issuer and the Company.

 

5.5 Assignment.
Neither this Subscription Agreement nor any rights, interests or obligations that may accrue to the parties hereunder (including
Subscriber’s rights to purchase the Shares) may be transferred or assigned without the prior written consent of each of
the other parties hereto (other than the Shares acquired hereunder, if any, and the Subscriber’s rights under Section 4
hereof, and then only in accordance with this Subscription Agreement). Notwithstanding the foregoing, Subscriber may assign its
rights and obligations under this Subscription Agreement to one or more of its affiliates (including other investment funds or
accounts managed or advised by the investment manager who acts on behalf of the Subscriber).

 

5.6 Benefit.

 

5.6.1 Except
as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the parties hereto
and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements, representations,
warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon, such heirs, executors,
administrators, successors, legal representatives and permitted assigns. This Subscription Agreement shall not confer rights or
remedies upon any person other than the parties hereto and their respective successors and assigns (other than as provided for
in this Section 5.6.1 and Section 5.1.1 of this Subscription Agreement). Notwithstanding the foregoing, the Company
is an express third-party beneficiary of each of the provisions of this Subscription Agreement.

 

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5.6.2 Each
of the Issuer and Subscriber acknowledges and agrees that (a) this Subscription Agreement is being entered into in order to induce
the Company to execute and deliver the Merger Agreement and without the representations, warranties, covenants and agreements
of the Issuer and Subscriber hereunder, the Company would not enter into the Merger Agreement, (b) each representation, warranty,
covenant and agreement of the Issuer and Subscriber hereunder is being made also for the benefit of the Company, and (c) the Company
may seek to directly enforce (including by an action for specific performance, injunctive relief or other equitable relief, including
to cause the Purchase Price to be paid and the Closing to occur) each of the covenants and agreements of each of the Issuer and
Subscriber under this Subscription Agreement.

 

5.7 Governing
Law. This Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of or related to this
Subscription Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation, execution,
performance or enforcement of this Subscription Agreement, shall be governed by and construed in accordance with the Laws of the
State of Delaware, without giving effect to the principles of conflicts of law thereof.

 

5.8 Consent
to Jurisdiction; Waiver of Jury Trial. Each of the parties irrevocably consents to the exclusive jurisdiction and venue of
the Court of Chancery of the State of Delaware, provided, that if subject matter jurisdiction over the matter that is the subject
of the legal proceeding is vested exclusively in the U.S. federal courts, such legal proceeding shall be heard in the U.S. District
Court for the District of Delaware (together with the Court of Chancery of the State of Delaware “Chosen Courts”),
in connection with any matter based upon or arising out of this Subscription Agreement. Each party hereby waives, and shall not
assert as a defense in any legal dispute, that (i) such person is not personally subject to the jurisdiction of the Chosen Courts
for any reason, (ii) such legal proceeding may not be brought or is not maintainable in the Chosen Courts, (iii) such person’s
property is exempt or immune from execution, (iv) such legal proceeding is brought in an inconvenient forum or (v) the venue of
such legal proceeding is improper. Each party hereby consents to service of process in any such proceeding in any manner permitted
by Delaware law, further consents to service of process by nationally recognized overnight courier service guaranteeing overnight
delivery, or by registered or certified mail, return receipt requested, at its address specified pursuant to Section 5.2
and waives and covenants not to assert or plead any objection which they might otherwise have to such manner of service of process.
Notwithstanding the foregoing in this Section 5.8, a party may commence any action, claim, cause of action or suit in a
court other than the Chosen Courts solely for the purpose of enforcing an order or judgment issued by the Chosen Courts. TO THE
EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH OF THE PARTIES WAIVES ANY RIGHT TO TRIAL BY JURY ON ANY CLAIMS
OR COUNTERCLAIMS ASSERTED IN ANY LEGAL DISPUTE RELATING TO THIS SUBSCRIPTION AGREEMENT WHETHER NOW EXISTING OR HEREAFTER ARISING.
IF THE SUBJECT MATTER OF ANY SUCH LEGAL DISPUTE IS ONE IN WHICH THE WAIVER OF JURY TRIAL IS PROHIBITED, NO PARTY SHALL ASSERT
IN SUCH LEGAL DISPUTE A NONCOMPULSORY COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT. FURTHERMORE, NO
PARTY SHALL SEEK TO CONSOLIDATE ANY SUCH LEGAL DISPUTE WITH A SEPARATE ACTION OR OTHER LEGAL PROCEEDING IN WHICH A JURY TRIAL
CANNOT BE WAIVED.

 

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5.9 Severability.
If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity, legality or enforceability
of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired thereby and shall continue
in full force and effect.

 

5.10 No
Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or remedy under
this Subscription Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any such right,
power or remedy of such party. No single or partial exercise of any right, power or remedy under this Subscription Agreement by
a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude such
party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election of
any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No notice
to or demand on a party not expressly required under this Subscription Agreement shall entitle the party receiving such notice
or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights of the
party giving such notice or demand to any other or further action in any circumstances without such notice or demand.

 

5.11 Remedies.

 

5.11.1 The
parties agree that irreparable damage would occur if this Subscription Agreement was not performed or the Closing is not consummated
in accordance with its specific terms or was otherwise breached and that money damages or other legal remedies would not be an
adequate remedy for any such damage. It is accordingly agreed that the parties hereto shall be entitled to equitable relief, including
in the form of an injunction or injunctions, to prevent breaches or threatened breaches of this Subscription Agreement and to
enforce specifically the terms and provisions of this Subscription Agreement in an appropriate court of competent jurisdiction
as set forth in Section 5.8, this being in addition to any other remedy to which any party is entitled at law or in equity,
including money damages.  The right to specific enforcement shall include the right of the parties hereto to cause Subscriber
and the right of the Company to cause the parties hereto to cause the transactions contemplated hereby to be consummated on the
terms and subject to the conditions and limitations set forth in this Subscription Agreement. The parties hereto further agree
(i) to waive any requirement for the security or posting of any bond in connection with any such equitable remedy, (ii) not to
assert that a remedy of specific enforcement pursuant to this Section 5.11 is unenforceable, invalid, contrary to applicable
law or inequitable for any reason and (iii) to waive any defenses in any action for specific performance, including the defense
that a remedy at law would be adequate.  In connection with any Action for which the Company is being granted an award of
money damages, each of the Issuer and Subscriber agrees that such damages, to the extent payable by such party, shall include,
without limitation, damages related to the consideration that is or was to be paid to the Company or its equityholders under the
Merger Agreement and/or Subscription Agreement and such damages are not limited to an award of out-of-pocket fees and expenses
related to the Merger Agreement and Subscription Agreement.

 

5.11.2 The
parties acknowledge and agree that this Section 5.11 is an integral part of the transactions contemplated hereby and without
that right, the parties hereto would not have entered into this Subscription Agreement.

 

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5.11.3 In
any dispute arising out of or related to this Subscription Agreement, or any other agreement, document, instrument or certificate
contemplated hereby, or any transactions contemplated hereby or thereby, the applicable adjudicating body shall award to the prevailing
party, if any, the reasonable and documented out-of-pocket costs and external attorneys’ fees reasonably incurred by the
prevailing party in connection with the dispute and the enforcement of its rights under this Subscription Agreement or any other
agreement, document, instrument or certificate contemplated hereby and, if the adjudicating body determines a party to be the
prevailing party under circumstances where the prevailing party won on some but not all of the claims and counterclaims, the adjudicating
body may award the prevailing party an appropriate percentage of the costs and external attorneys’ fees reasonably incurred
by the prevailing party in connection with the adjudication and the enforcement of its rights under this Subscription Agreement
or any other agreement, document, instrument or certificate contemplated hereby or thereby.

 

5.12 Survival
of Representations and Warranties. All representations and warranties made by the parties hereto in this Subscription Agreement
shall survive the Closing. For the avoidance of doubt, if for any reason the Closing does not occur prior to the consummation
of the Transactions, all representations, warranties, covenants and agreements of the parties hereunder shall survive the consummation
of the Transactions and remain in full force and effect.

 

5.13 No
Broker or Finder. Other than the Placement Agents (which have been engaged by the Issuer in connection with this Subscription)
or as disclosed on Schedule 5.13 hereto, each of the Issuer and Subscriber each represents and warrants to the other parties
hereto that no broker, finder or other financial consultant has acted on its behalf in connection with this Subscription Agreement
or the transactions contemplated hereby in such a way as to create any liability on any other party hereto. Each of the Issuer
and Subscriber agrees to indemnify and save the other parties hereto harmless from any claim or demand for commission or other
compensation by any broker, finder, financial consultant or similar agent claiming to have been employed by or on behalf of such
party and to bear the cost of legal expenses incurred in defending against any such claim.

 

5.14 Headings
and Captions. The headings and captions of the various subdivisions of this Subscription Agreement are for convenience of
reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions hereof.

 

5.15 Counterparts.
This Subscription Agreement may be executed in one or more counterparts, all of which when taken together 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
parties, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered
by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding obligation
of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature page
were an original thereof.

 

    - 19 -

     

    

 

5.16 Construction.
The words “include,” “includes,” and “including” will be deemed to be
followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed to
include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context
otherwise requires. The words “this Subscription Agreement,” “herein,” “hereof,”
“hereby,” “hereunder,” and words of similar import refer to this Subscription Agreement
as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend that each representation,
warranty, and covenant contained herein will have independent significance. If any party hereto has breached any representation,
warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty or covenant
relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has not breached
will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or covenant.
All references in this Subscription Agreement to numbers of shares, per share amounts and purchase prices shall be appropriately
adjusted to reflect any stock split, stock dividend, stock combination, recapitalization or the like occurring after the date
hereof.

 

5.17 Mutual
Drafting. This Subscription Agreement is the joint product of the parties hereto and each provision hereof has been subject
to the mutual consultation, negotiation and agreement of the parties and shall not be construed for or against any party hereto.

 

6. Cleansing
Statement; Consent to Disclosure.

 

6.1 The
Issuer shall, by 11:00 a.m., New York City time, on the first (1st) Business Day immediately following the date of this Subscription
Agreement, issue one (1) or more press releases or file with the Commission a Current Report on Form 8-K (collectively, the “Disclosure
Document”) disclosing all material terms of the transactions contemplated hereby and by the Other Subscription Agreements,
and the Transactions. From and after the publication of the Disclosure Document, the Issuer represents to the Subscriber that
it shall have publicly disclosed all material, non-public information delivered to the Subscriber by the Issuer or any of their
officers, directors, employees or agents in connection with the transactions contemplated by the Subscription Agreement and the
Merger Agreement, and Subscriber shall no longer be subject to any confidentiality or similar obligations under any current agreement,
whether written or oral, with the Issuer, the Placement Agents, or any of their affiliates.

 

6.2 Subscriber
hereby consents to the publication and disclosure in any press release issued by the Issuer or the Company or Form 8-K filed by
the Issuer with the Commission in connection with the execution and delivery of the Merger Agreement and the Proxy Statement/Prospectus
(and, as and to the extent otherwise required by the federal securities laws or the Commission or any other securities authorities,
any other documents or communications provided by the Issuer or the Company to any Governmental Authority or to securityholders
of the Issuer) in each case, as and to the extent required by applicable law or the Commission or any other governmental authority,
of Subscriber’s identity and beneficial ownership of the Shares and the nature of Subscriber’s commitments, arrangements
and understandings under and relating to this Subscription Agreement and, if deemed appropriate by the Issuer or the Company,
a copy of this Subscription Agreement. Other than as set forth in the immediately preceding sentence, without Subscriber’s
prior written consent, the Issuer will not publicly disclose the name of Subscriber, other than to the Issuer’s lawyers,
independent accountants and to other advisors and service providers who reasonably require such information in connection with
the provision of services to such person, are advised of the confidential nature of such information and are obligated to keep
such information confidential. Subscriber will promptly provide any information reasonably requested by the Issuer or the Company
for any regulatory application or filing made or approval sought in connection with the Transactions (including filings with the
Commission).

 

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6.3 Trust
Account Waiver. Notwithstanding anything to the contrary set forth herein, Subscriber acknowledges that it has read the Investment
Management Trust Agreement, dated as of July 21, 2020, by and between the Issuer and Continental Stock Transfer & Trust Company,
a New York corporation, and understands that the Issuer has established the trust account described therein (the “Trust
Account”) for the benefit of the Issuer’s public stockholders and that disbursements from the Trust Account are
available only in the limited circumstances set forth therein. Subscriber further acknowledges and agrees that the Issuer’s
sole assets consist of the cash proceeds of the Issuer’s initial public offering and private placements of its securities,
and that substantially all of these proceeds have been deposited in the Trust Account for the benefit of its public stockholders.
Accordingly, Subscriber (on behalf of itself and its affiliates) hereby waives any past, present or future claim of any kind arising
out of this Subscription Agreement against, and any right to access, the Trust Account, any trustee of the Trust Account and the
Issuer to collect from the Trust Account any monies that may be owed to them by the Issuer or any of its affiliates for any reason
whatsoever, and will not seek recourse against the Trust Account at any time for any reason whatsoever arising out of this Subscription
Agreement, including, without limitation, for any knowing and intentional material breach by any of the parties to this Subscription
Agreement of any of its representations or warranties as set forth in this Subscription Agreement, or such party’s material
breach of any of its covenants or other agreements set forth in this Subscription Agreement, which material breach constitutes,
or is a consequence of, a purposeful act or failure to act by such party with the knowledge that the taking of such act or failure
to take such act would cause a material breach of this Subscription Agreement; provided, however, that nothing in this Section
7 (x) shall serve to limit or prohibit the Subscriber’s right to pursue a claim against Issuer for legal relief against
assets held outside the Trust Account, for specific performance or other equitable relief, (y) shall serve to limit or prohibit
any claims that the Subscriber may have in the future against Subscribers’ assets or funds that are not held in the Trust
Account (including any funds that have been released from the Trust Account and any assets that have been purchased or acquired
with any such funds) or (z) shall be deemed to limit Subscriber’s right, title, interest, or claim to the Trust Account
by virtue of such Subscriber’s record or beneficial ownership of securities of the Issuer acquired by any means other than
pursuant to this Subscription Agreement, including any redemption right with respect to any such securities of the Issuer. This
Section 7 shall survive the termination of this Subscription Agreement for any reason.

 

[Signature Page Follows]

 

    - 21 -

     

    

  

IN WITNESS WHEREOF,
each of the Issuer and Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative
as of the date first set forth above.

 

	 	ISSUER:
	 	 
	 	PROPERTY SOLUTIONS ACQUISITION CORP. 
	 	 	 
	 	By:	/s/ Jordan Vogel
	 	 	Name:  	Jordan Vogel
	 	 	Title:	Co-Chief Executive Officer & Secretary

 

    - 22 -

     

    

 

	Accepted and agreed this ______ day of _____________,
    2021.	 	 
	 	 	 
	SUBSCRIBER:
	 	 
	 	 	 
	Signature of Subscriber:	 	Signature of Joint Subscriber, if applicable:
	 	 	 
	By:	                                           	 	By:	                                           
	Name:	                   	 	Name:	                   
	Title:	                   	 	Title:	                   
	 	 	 
	Date:  ____________, 2021	 	 
	Name of Subscriber:	 	Name of Joint Subscriber, if applicable:
	 	 	 
	 	 	 
	(Please print.  Please indicate name and	 	(Please Print.  Please indicate name and
	capacity of person signing above)	 	capacity of person signing above)
	 	 	 
	 	 	 
	Name in which securities are to be registered

    (if different from the name of Subscriber listed directly above): ___________________	 	 
	Email Address: ___________________	 	 
	If there are joint investors, please check one:	 	 
	☐  Joint Tenants with Rights of Survivorship	 	 
	☐  Tenants-in-Common	 	 
	☐  Community Property	 	 
	Subscriber’s EIN: __________________	 	Joint Subscriber’s EIN: __________________
	Business Address-Street:	 	Mailing Address-Street (if different):
	 	 	 
	                    	 	                    
	 	 	 
	                    	 	                    
	 	 	 
	City, State, Zip: ___________________	 	City, State, Zip: _____________________
	Attn: ___________________________	 	Attn:
	Telephone No.: ___________________	 	Telephone No.: _____________________
	Facsimile No.: ____________________	 	Facsimile No.: ______________________
	Aggregate Number of Shares subscribed for:	 	 
	 	 	 
	 	 	 

 

Aggregate Purchase Price: $______________

 

You must pay the Purchase Price by wire
transfer of U.S. dollars in immediately available funds, to be held in escrow until the Closing, to the account specified by the
Issuer in the Closing Notice.

 

     

     

    

  

SCHEDULE I

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER

 

		A.	QUALIFIED INSTITUTIONAL BUYER STATUS

(Please check the applicable subparagraphs):

 

	 	1.	☐	We are a “qualified institutional
                                         buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended (the
                                         “Securities Act”)) (a “QIB”) and have marked
                                         and initialed the appropriate box on the following pages indicating the provision under
                                         which we qualify as a QIB.

 

	 	2.	☐	We are subscribing for the
                                         Shares as a fiduciary or agent for one or more investor accounts, and each owner of such
                                         account is a QIB.

 

*** OR ***

 

		B.	ACCREDITED INVESTOR STATUS (Please check the applicable subparagraphs):

 

	 	1.	☐	We are an “accredited
                                         investor” (within the meaning of Rule 501(a) under the Securities Act) and have
                                         marked and initialed the appropriate box on the following pages indicating the provision
                                         under which we qualify as an “accredited investor.”

 

	 	2.	☐	We are not a natural person.

 

*** AND ***

 

		C.	AFFILIATE STATUS (Please check the applicable box)

                                         

                                         SUBSCRIBER:

 

		☐	is:

 

		☐	is not:

 

an “affiliate” (as
defined in Rule 144 under the Securities Act) of the Issuer or acting on behalf of an affiliate of the Issuer.

 

This Schedule I should be completed
by Subscriber

and constitutes a part of the Subscription Agreement.

 

     

     

    

 

QUALIFIED INSTITUTIONAL BUYER: The Subscriber
is a “qualified institutional buyer” (within the meaning of Rule 144A under the Securities Act) if it is an entity
that meets any one of the following categories at the time of the sale of securities to the Subscriber (Please check the applicable
subparagraphs):

 

		☐	The Subscriber is an entity that, acting for its own account
or the accounts of other qualified institutional buyers, in the aggregate owns and invests on a discretionary basis at least $100
million in securities of issuers that are not affiliated with the Subscriber and:

 

		☐	is an insurance company as defined in section 2(a)(13)
of the Securities Act;

 

		☐	is an investment company registered under the Investment
Company Act of 1940, as amended (the “Investment Company Act”), or any business development company as defined
in section 2(a)(48) of the Investment Company Act;

 

		☐	is a Small Business Investment Company licensed by
the US Small Business Administration under section 301(c) or (d) of the Small Business Investment Act of 1958, as amended (“Small
Business Investment Act”);

 

		☐	is 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;

 

		☐	is an employee benefit plan within the meaning of
Title I of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”);

 

		☐	is a trust fund whose trustee is a bank or trust company
and whose participants are exclusively (a) plans 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, of (b) employee benefit plan within
the meaning of Title I of the ERISA, except, in each case, trust funds that include as participants individual retirement accounts
or H.R. 10 plans;

 

		☐	is a business development company as defined in section
202(a)(22) of the Investment Advisers Act of 1940, as amended (the “Investment Advisers Act”);

 

		☐	is an organization described in section 501(c)(3)
of the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), corporation (other than a bank
as defined in section 3(a)(2) of the Act, a savings and loan association or other institution referenced in section 3(a)(5)(A)
of the Act, or a foreign bank or savings and loan association or equivalent institution), partnership, or Massachusetts or similar
business trust; or

 

		☐	is an investment adviser registered under the Investment
Advisers Act;

 

     

     

    

 

		☐	The Subscriber is a dealer registered pursuant to Section
15 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), acting for its own account or the
accounts of other qualified institutional buyers, that in the aggregate owns and invests on a discretionary basis at least $10
million of securities of issuers that are not affiliated with the Subscriber;

 

		☐	The Subscriber is a dealer registered pursuant to Section
15 of the Exchange Act acting in a riskless principal transaction on behalf of a qualified institutional buyer;

 

		☐	The Subscriber is an investment company registered under
the Investment Company Act, acting for its own account or for the accounts of other qualified institutional buyers, that is part
of a family of investment companies1 which
own in the aggregate at least $100 million in securities of issuers, other than issuers that are affiliated with Subscriber or
are part of such family of investment companies;

 

		☐	The Subscriber is an entity, all of the equity owners of
which are qualified institutional buyers, acting for its own account or the accounts of other qualified institutional buyers;
or

 

		☐	The Subscriber is 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, or any foreign bank or savings and loan association or equivalent institution, acting for its own account or the accounts
of other qualified institutional buyers, that in the aggregate owns and invests on a discretionary basis at least $100 million
in securities of issuers that are not affiliated with the Subscriber and that has an audited net worth of at least $25 million
as demonstrated in its latest annual financial statements, as of a date not more than 16 months preceding the date of sale of
securities in the case of a US bank or savings and loan association, and not more than 18 months preceding the date of sale of
securities for a foreign bank or savings and loan association or equivalent institution.

 

 

		1	“Family of investment companies” means
any two or more investment companies registered under the Investment Company Act, except for a unit investment trust whose assets
consist solely of shares of one or more registered investment companies, that have the same investment adviser (or, in the case
of unit investment trusts, the same depositor); provided that, (a) each series of a series company (as defined in Rule 18f-2 under
the Investment Company Act) shall be deemed to be a separate investment company and (b) investment companies shall be deemed to
have the same adviser (or depositor) if their advisers (or depositors) are majority-owned subsidiaries of the same parent, or
if one investment company’s adviser (or depositor) is a majority-owned subsidiary of the other investment company’s
adviser (or depositor)

  

     

     

    

  

ACCREDITED INVESTOR: Rule 501(a) under
the Securities Act, in relevant part, states that an “accredited investor” shall mean any person who comes within
any of the below listed categories, or who the issuer reasonably believes comes within any of the below listed categories, at
the time of the sale of the securities to that person. Subscriber has indicated, by marking and initialing the appropriate box(es)
below, the provision(s) below which apply to Subscriber and under which Subscriber accordingly qualifies as an “accredited
investor.”

 

		☐	Any 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;

 

		☐	Any broker or dealer registered pursuant to section 15
of the Exchange Act;

 

		☐	Any insurance company as defined in section 2(a)(13) of
the Securities Act;

 

		☐	Any investment company registered under the Investment
Company Act or a business development company as defined in section 2(a)(48) of the Investment Company Act;

 

		☐	Any Small Business Investment Company licensed by the U.S.
Small Business Administration under section 301(c) or (d) of the Small Business Investment Act;

 

		☐	Any 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, if
such plan has total assets in excess of $5,000,000;

 

		☐	Any employee benefit plan within the meaning of Title I
of the ERISA, if (i) the investment decision is made by a plan fiduciary, as defined in section 3(21) of ERISA, which is either
a bank, a savings and loan association, an insurance company, or a registered investment adviser, (ii) the employee benefit plan
has total assets in excess of $5,000,000 or, (iii) such plan is a self-directed plan, with investment decisions made solely by
persons that are “accredited investors”;

 

		☐	Any private business development company as defined in
section 202(a)(22) of the Investment Advisers Act;

 

     

     

    

 

		☐	Any (i) corporation, limited liability company or partnership,
(ii) Massachusetts or similar business trust, or (iii) organization described in section 501(c)(3) of the Internal Revenue Code,
in each case that was not formed for the specific purpose of acquiring the securities offered and that has total assets in excess
of $5,000,000;

 

		☐	Any director, executive officer, or general partner of
the issuer of the securities being offered or sold, or any director, executive officer, or general partner of a general partner
of that issuer;

  

		☐	Any natural person whose individual net worth, or joint
net worth with that person’s spouse, exceeds $1,000,000. For purposes of calculating a natural person’s net worth:
(a) the person’s primary residence shall not be included as an asset; (b) indebtedness that is secured by the person’s
primary residence, up to the estimated fair market value of the primary residence at the time of the sale of securities, shall
not be included as a liability (except that if the amount of such indebtedness outstanding at the time of sale of securities exceeds
the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount
of such excess shall be included as a liability); and (c) indebtedness that is secured by the person’s primary residence
in excess of the estimated fair market value of the primary residence at the time of the sale of securities shall be included
as a liability;

 

		☐	Any natural person who had an individual income in excess
of $200,000 in each of the two most recent years or joint income with that person’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;

 

		☐	Any 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 sophisticated person as described
in Section 230.506(b)(2)(ii) of Regulation D under the Securities Act; or

 

		☐	Any entity in which all of the equity owners are “accredited
investors.”

 

     

     

    

 

SCHEDULE 5.13

 

		1.	Deutsche Bank

 

		2.	Stifel

 

		3.	Credit Suisse

 

		4.	EarlyBird

 

		5.	Kyong Tek (goes by initials “KT”) Seong is an
                                         individual residing in South Korea. He is an industry contact of one of FF employees.
                                         Upon our request in 2019, KT scouted potential investors & business partners in South
                                         Korea under a Finders Agreement signed with FF. He introduced the Myoung Shin Group (“MS”)
                                         to FF under this agreement. The agreement specifies that KT is entitled to receive 1%
                                         of the gross proceeds from any equity, debt, or business transaction from the companies
                                         he introduces.

 

		6.	Nourhan Beyrouti is a corporate strategist specializing in
                                         the Middle East & North Africa. He is internationally experienced with over 18 years
                                         living abroad working for multinational conglomerates such as SABIC, Qatar Telecom, Dubai
                                         Government, Saudi Government and Majid Al Futtaim Holding. He holds an MBA and BA in
                                         management strategy from the University of the State of New York.

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