Document:

Exhibit
10.1

 

Execution
Version

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

AMENDED
AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

DATED
JULY 21, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

     

     

    

 

TABLE
OF CONTENTS

 

	 	 	Page
	 	 	 
	ARTICLE
    I DEFINITIONS	1
	 	 	 
	1.1	Definitions	1
	 	 	 
	ARTICLE
    II REGISTRATION RIGHTS	5
	 	 	 
	2.1	Shelf
    Registration	5
	 	 	 
	2.1.1	Resale
    Registration	5
	 	 	 
	2.1.2	Subsequent
    Registration	6
	 	 	 
	2.1.3	Underwritten
    Offering	6
	 	 	 
	2.1.4	Reduction
    of Underwritten Offering	7
	 	 	 
	2.1.5	Underwritten
    Offering Withdrawal	8
	 	 	 
	2.2	Piggyback
    Registrations.	8
	 	 	 
	2.2.1	Piggyback
    Rights	8
	 	 	 
	2.2.2	Reduction
    of Underwritten Offering	9
	 	 	 
	2.2.3	Piggyback
    Registration Withdrawal	9
	 	 	 
	2.2.4	Unlimited
    Piggyback Registration Rights	10
	 	 	 
	2.3	Restrictions
    on Registration Rights	10
	 	 	 
	2.4	Registration
    Procedures	10
	 	 	 
	2.4.1	Filings;
    Information	10
	 	 	 
	2.4.2	Registration
    Expenses	13
	 	 	 
	2.4.3	Requirements
    for Participation in Underwritten Offerings	13
	 	 	 
	2.4.4	Suspension
    of Sales; Adverse Disclosure	14
	 	 	 
	2.4.5	Reporting
    Obligations	14
	 	 	 
	2.5	Indemnification
    and Contribution	14
	 	 	 
	2.5.1	Indemnification	14
	 	 	 
	2.5.2	Contribution	16
	 	 	 
	2.6	Delay
    of Registration	16
	 	 	 
	2.7	Market
    Stand-Off Agreement	16
	 	 	 
	2.8	Termination
    of Registration Rights	17

 

     

     

    

 

	ARTICLE
    III MISCELLANEOUS	17
	 	 	 
	3.1	Governing
    Laws	17
	 	 	 
	3.2	Determination
    of Damages.	17
	 	 	 
	3.3	Counterparts	17
	 	 	 
	3.4	Titles
    and Subtitles	17
	 	 	 
	3.5	Notices	18
	 	 	 
	3.6	Amendments	18
	 	 	 
	3.7	Severability	18
	 	 	 
	3.8	Entire
    Agreement	19
	 	 	 
	3.9	Dispute
    Resolution	19
	 	 	 
	3.10	Assignment	19

 

     

     

    

 

AMENDED
AND RESTATED REGISTRATION RIGHTS AGREEMENT

 

This
Amended and Restated Registration Rights Agreement (this “Agreement”) is entered into as of July 21, 2021 by and among
Faraday Future Intelligent Electric Inc. (formerly known as Property Solutions Acquisition Corp.), a Delaware corporation (the “Company”),
and each of the investors listed on Schedule A hereto, each of which is referred to in this Agreement as an “Investor”.

 

RECITALS

 

WHEREAS,
the Company and certain of its securityholders (the “Existing Holders”) entered into that certain Registration Rights
Agreement, dated as of July 21, 2020 (the “Existing Registration Rights Agreement”), pursuant to which the Company
granted to such securityholders certain registration rights with respect to certain securities of the Company;

 

WHEREAS,
the Company has entered into that certain Agreement and Plan of Merger, dated as of January 27, 2021 (as may be amended from time to
time, the “Merger Agreement”), with PSAC Merger Sub Ltd., an exempted company with limited liability incorporated
under the laws of the Cayman Islands, and FF Intelligent Mobility Global Holdings Ltd., an exempted company with limited liability incorporated
under the laws of the Cayman Islands, pursuant to which PSAC Merger Sub Ltd. will merge with and into FF Intelligent Mobility Global
Holdings Ltd. with FF Intelligent Mobility Global Holdings Ltd. surviving as a wholly-owned subsidiary of the Company;

 

WHEREAS,
pursuant to Section 6.6 of the Existing Registration Rights Agreement, the provisions, covenants and conditions set forth in the Existing
Registration Rights Agreement may be amended or modified upon the written consent of the Company and the Existing Holders; and

 

WHEREAS,
in connection with the transactions contemplated by the Merger Agreement, the Company and the Existing Holders desire to amend and restate
the Existing Registration Rights Agreement in its entirety and enter into this Agreement, pursuant to which the Company shall grant the
Existing Holders and certain new holders certain registration rights with respect to certain securities of the Company, as set forth
in this Agreement.

 

NOW,
THEREFORE, in consideration of the representations, covenants and agreements contained herein, and certain other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows:

 

ARTICLE
I 

DEFINITIONS

 

1.1
Definitions. For purposes of this Agreement:

 

“Adverse
Disclosure” means any public disclosure of material non-public information, which disclosure, in the good faith judgment of
the Board, chief executive officer or principal financial officer of the Company, after consultation with counsel to the Company, (i)
would be required to be made in any Registration Statement or Prospectus in order for the applicable Registration Statement or Prospectus
not to contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements contained therein
(in the case of any prospectus and any preliminary prospectus, in the light of the circumstances under which they were made) not misleading,
(ii) would not be required to be made at such time if the Registration Statement were not being filed, and (iii) the Company has a bona
fide business, financial or legal purpose for not making such information public.

 

    1

     

    

 

“Affiliate”
shall mean with respect to a specified person, each other person that directly, or indirectly through one or more intermediaries, controls
or is controlled by, or is under common control with, the person specified; provided that no Holder shall be deemed an Affiliate of any
other Holder by reason of an investment in, or holding of Common Stock (or securities convertible, exercisable or exchangeable for share
of Common Stock) of, the Company. As used in this definition, “control” (including with correlative meanings, “controlled
by” and “under common control with”) means possession, directly or indirectly, of power to direct or cause the direction
of management or policies (whether through ownership of voting securities or by contract or other agreement).

 

“Board”
means the board of directors of the Company.

 

“Closing” has the meaning set forth in the Merger Agreement.

 

“Common
Stock” means the Company’s common stock, $0.0001 par value per share.

 

“Company” has the meaning set
forth in the Preamble.

 

“Demanding
Holder” has the meaning set forth in Section 2.1.3.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Existing
Holders” has the meaning set forth in the Recitals.

 

“Existing
Registration Rights Agreement” has the meaning set forth in the Recitals.

 

“FF Holder Lock-up Period” means,
with respect to the Registrable Securities that are held by Season Smart, FF Top or their respective Permitted Transferees, the period
ending one hundred eighty (180) days after the date hereof.

 

“FF
Top” means FF Top Holding Ltd., and any Affiliate of FF Top Holding Ltd. that becomes a Holder pursuant to the terms hereunder.

 

“Form
S-1” means such form under the Securities Act as in effect on the date hereof or any successor registration form under the
Securities Act subsequently adopted by the SEC.

 

“Form
S-3” means such form under the Securities Act as in effect on the date hereof or any registration form under the Securities
Act subsequently adopted by the SEC that permits forward incorporation of substantial information by reference to other documents filed
by the Company with the SEC.

 

“Founder
Shares” shall mean the shares of Class A common stock, par value $0.0001 per share, of the Company and shall be deemed to include
the shares of Common Stock issued upon conversion thereof.

 

“Founder
Shares Lock-up Period” shall mean, with respect to the Founder Shares held by certain of the Existing Holders or their respective
Permitted Transferees, the period ending on the earlier of (A) one (1) year after the date hereof or (B) the first date the last sale
price of the Common Stock equals or exceeds $12.50 per share (as adjusted for stock splits, stock dividends, reorganizations, recapitalizations
and the like) for any twenty (20) trading days within any thirty (30)-trading day period commencing at least 150 days after the date
hereof or (C) the date on which the Company completes a liquidation, merger, capital stock exchange, reorganization or other similar
transaction that results in all of the Company’s stockholders having the right to exchange their shares of Common Stock for cash,
securities or other property.

 

    2

     

    

 

“Holder”
means any holder of Registrable Securities who is a party to this Agreement.

 

“Investor” has the meaning set forth
in the Preamble.

 

“Lock-up
Period” shall mean the Founder Shares Lock-up Period, the Private Placement Lock-up Period and FF Holder Lock-up Period, as
applicable.

 

“Merger
Agreement” has the meaning set forth in the Recitals.

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration Statement
or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus in the light of the circumstances under
which they were made not misleading.

 

“Permitted
Transferees” shall mean any Person (i) to whom a Holder of Registrable Securities is permitted to transfer such Registrable
Securities prior to the expiration of the Lock-up Period under the Lock-Up Agreement and any other applicable agreement between such
Holder and the Company, and to any transferee thereafter and (ii) who agrees to become bound by the transfer restrictions set forth in
this Agreement.

 

“Person”
means any individual, corporation, partnership, trust, limited liability company, association or other entity.

 

“Private
Placement Lock-up Period” shall mean, with respect to Private Placement Warrants that are held by the initial purchasers of
such Private Placement Warrants or their Permitted Transferees, and any shares of Common Stock issued or issuable upon the exercise of
the Private Placement Warrants and that are held by the initial purchasers of the Private Placement Warrants or their Permitted Transferees,
the period ending thirty (30) days after the date hereof.

 

“Private
Warrants” shall mean the warrants to purchase Common Stock contained in the units issued to (i) Property Solutions Acquisition
Sponsor, LLC, pursuant to the Subscription Agreement, dated July 21, 2020, between the Company and Property Solutions Acquisition Sponsor
LLC and (ii) EarlyBirdCapital, Inc., pursuant to the Subscription Agreement, dated July 21, 2020, between the Company and EarlyBirdCapital,
Inc.

 

“Prospectus”
means the prospectus included in any Registration Statement, as supplemented by any and all prospectus supplements and as amended by
any and all post-effective amendments and including all material incorporated by reference in such prospectus.

 

“Registrable
Securities” means (i) the shares of Common Stock issued to a Holder upon Closing, (ii) the Private Warrants (including any
shares of Common Stock issued or issuable upon the exercise of any such Private Warrants) and (iii) any issued and outstanding shares
of Common Stock, warrants to purchase Common Stock or any other equity security (including the shares of Common Stock issued or issuable
upon the exercise of any other equity security or warrant) of the Company held by a Holder as of the date of this Agreement, and any
securities issued in respect thereof, or in substitution therefor, in connection with any share split, dividend or combination, or any
reclassification, recapitalization, merger, consolidation or similar transaction; provided, however, that as to any particular
Registrable Securities, such securities shall cease to be Registrable Securities when: (A) a Registration Statement with respect to the
sale of such securities shall have become effective under the Securities Act and such securities shall have been sold, transferred, disposed
of or exchanged in accordance with such Registration Statement; (B) such securities shall have been otherwise transferred, new certificates
or book entry positions for such securities not bearing a legend restricting further transfer shall have been delivered by the Company
and subsequent public distribution of such securities shall not require registration under the Securities Act; (C) such securities shall
have ceased to be outstanding; (D) such securities may be sold without registration pursuant to SEC Rule 144 promulgated under the Securities
Act (or any successor rule promulgated thereafter by the SEC) (but with no volume or other restrictions or limitations); or (E) such
securities have been sold to, or through, a broker, dealer or underwriter in a public distribution or other public securities transaction.

 

    3

     

    

 

“Registration”
means a registration effected by preparing and filing a registration statement or similar document in compliance with the requirements
of the Securities Act, and the applicable rules and regulations promulgated thereunder, and such registration statement becoming effective.

 

“Registration
Expenses” means the out-of-pocket expenses of the Company in a Registration, including, without limitation, the following:

 

(a)
all registration and filing fees (including fees with respect to filings required to be made with FINRA) and any securities exchange
on which the Common Stock is then listed;

 

(b)
fees and expenses of compliance with securities or blue sky laws (including reasonable and customary fees and disbursements of counsel
for the Underwriters in connection with blue sky qualifications of Registrable Securities);

 

(c)
printing, messenger, telephone and delivery expenses;

 

(d)
reasonable fees and disbursements of counsel for the Company; and

 

(e)
reasonable fees and disbursements of all independent registered public accountants of the Company incurred specifically in connection
with such Registration.

 

“Registration
Statement” means any registration statement that covers the Registrable Securities pursuant to the provisions of this Agreement,
including the Prospectus included in such registration statement, amendments (including post-effective amendments) and supplements to
such registration statement, and all exhibits to and all material incorporated by reference in such registration statement.

 

“Requesting
Holder” has the meaning set forth in Section 2.1.3.

 

"Season
Smart" means Season Smart Limited, one of the Holders, and any Affiliate of Season Smart Limited that becomes a Holder pursuant
to the terms hereunder.

 

"Season
Smart Percentage" means a percentage equal to the number of shares of equity securities of the Company owned by Season Smart
and its Affiliates, divided by the basic number of shares of equity securities of the Company outstanding.

 

    4

     

    

 

“SEC”
means the Securities and Exchange Commission.

 

“SEC
Rule 144” means Rule 144 promulgated by the SEC under the Securities Act (or any successor rule promulgated thereafter by the
SEC).

 

“Securities
Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Shelf”
shall mean the Form S-1 Shelf, the Form S-3 Shelf or any Subsequent Shelf Registration, as the case may be.

 

“Shelf
Registration” shall mean a registration of securities pursuant to a registration statement filed with the SEC in accordance
with and pursuant to Rule 415 promulgated under the Securities Act (or any successor rule then in effect).

 

“Underwriter”
means a securities dealer who purchases any Registrable Securities as principal in an Underwritten Offering and not as part of such dealer’s
market-making activities.

 

“Underwritten
Registration” or “Underwritten Offering” means a Registration in which securities of the Company are sold
to an Underwriter in a firm commitment underwriting for distribution to the public.

 

ARTICLE
II 

REGISTRATION RIGHTS

 

2.1
Shelf Registration.

 

2.1.1
Resale Registration Statement. As soon as practicable but no later than forty-five (45) calendar days following the Closing (the
“Filing Date”), the Company shall file a Registration Statement for a Shelf Registration on Form S-3 (the “Form
S-3 Shelf”) or, if the Company is ineligible to use a Form S-3 Shelf, a Registration Statement for a Shelf Registration on
Form S-1 (the “Form S-1 Shelf”), in each case, covering the resale of all the Registrable Securities (determined as
of two business days prior to such filing) on a delayed or continuous basis and shall use its reasonable best efforts to have such Shelf
declared effective as soon as practicable after the filing thereof and no later than the earlier of (x) the ninetieth (90th) calendar
day following the Filing Date if the SEC notifies the Company that it will “review” the Shelf and (y) the tenth (10th) business
day after the date the Company is notified in writing by the SEC that such Shelf will not be "reviewed" or will not be subject
to further review. Such Shelf shall provide for the resale of the Registrable Securities included therein pursuant to any method or combination
of methods legally available to, and requested by, any Holder named therein. The Company shall use commercially reasonable efforts to
maintain a Shelf in accordance with the terms hereof, and shall use reasonable best efforts to prepare and file with the SEC such amendments,
including post-effective amendments, and supplements as may be necessary to keep a Shelf continuously effective, available for use to
permit all Holders named therein to sell their Registrable Securities included therein and in compliance with the provisions of the Securities
Act until such time as there are no longer any Registrable Securities. In the event the Company files a Form S-1 Shelf, the Company shall
use its reasonable best efforts to convert the Form S-1 Shelf (and any Subsequent Shelf Registration) to a Form S-3 Shelf as soon as
practicable after the Company is eligible to use Form S-3.

 

    5

     

    

 

2.1.2
Subsequent Registration. If any Shelf ceases to be effective under the Securities Act for any reason at any time while Registrable
Securities are still outstanding, the Company shall, subject to Section 2.3, use its reasonable best efforts to as promptly as
is reasonably practicable cause such Shelf to again become effective under the Securities Act (including using its commercially reasonable
efforts to obtain the prompt withdrawal of any order suspending the effectiveness of such Shelf), and shall use its reasonable best efforts
to as promptly as is reasonably practicable amend such Shelf in a manner reasonably expected to result in the withdrawal of any order
suspending the effectiveness of such Shelf or file an additional registration statement as a Shelf Registration (a “Subsequent
Shelf Registration”) registering the resale of all Registrable Securities (determined as of two (2) business days prior to
such filing), and pursuant to any method or combination of methods legally available to, and requested by, any Holder named therein.
If a Subsequent Shelf Registration is filed, the Company shall use its reasonable best efforts to (i) cause such Subsequent Shelf Registration
to become effective under the Securities Act as promptly as is reasonably practicable after the filing thereof (it being agreed that
the Subsequent Shelf Registration shall be an automatic shelf registration statement (as defined in Rule 405 promulgated under the Securities
Act) if the Company is a well-known seasoned issuer (as defined in Rule 405 promulgated under the Securities Act) at the most recent
applicable eligibility determination date) and (ii) keep such Subsequent Shelf Registration continuously effective, available for use
to permit all Holders named therein to sell their Registrable Securities included therein and in compliance with the provisions of the
Securities Act until such time as there are no longer any Registrable Securities. Any such Subsequent Shelf Registration shall be on
Form S-3 to the extent that the Company is eligible to use such form. Otherwise, such Subsequent Shelf Registration shall be on another
appropriate form. The Company agrees that, except for the Registrable Securities, no other securities of the Company shall be included
in the Shelf Registration and any Subsequent Shelf Registration.

 

2.1.3
Underwritten Offering. Subject to Section 2.1.4, Section 2.1.5 and Section 2.3, at any time and from time to
time after (x) one (1) year after the Closing, the Holders of the Registrable Securities representing a majority-in-interest of Registrable
Securities issued and outstanding (on a fully diluted basis) or (y) 180 days after the Closing, Season Smart (the holders contemplated
by clauses (x) or (y), as applicable, the “Demanding Holders”) may make a written demand for Registration under the
Securities Act of all or part of its Registrable Securities in an Underwritten Offering, provided that such offering of the Registrable
Securities held by such Holders shall involve gross proceeds reasonably expected to equal or exceed $50,000,000 and, with respect to
Season Smart pursuant to clause (y) only, such Registrable Securities does not exceed more than 10% of the outstanding shares of the
Company. Any demand for an Underwritten Offering shall specify the number of Registrable Securities proposed to be sold and the intended
method(s) of distribution thereof. The Company shall, within ten (10) days of the Company’s receipt of the Underwritten Offering,
notify, in writing, all other Holders of such demand, and each Holder who thereafter wishes to include all or a portion of such Holder’s
Registrable Securities in such Underwritten Offering (each such Holder that includes all or a portion of such Holder’s Registrable
Securities in such Underwritten Offering, a “Requesting Holder”) shall so notify the Company, in writing, within five
(5) days after the receipt by the Holder of the notice from the Company. Upon receipt by the Company of any such written notification
from a Requesting Holder(s) to the Company, such Requesting Holder(s) shall be entitled to have their Registrable Securities included
in such Underwritten Offering and the Company shall use commercially reasonable efforts to effect, as soon thereafter as practicable,
the offering of all Registrable Securities requested by the Demanding Holder(s) and Requesting Holder(s) pursuant to such Underwritten
Offering. The Company shall not be obligated to effect more than an aggregate of two (2) Underwritten Offerings annually for all Demanding
Holders under clause (x) of this Section 2.1.3 or three (3) Underwritten Offerings annually for all Demanding Holders under clause
(y) of this Section 2.1.3. Notwithstanding anything in this Section 2.1.3, the Company shall not be obligated to effect
an Underwritten Offering, (i) if a Piggyback Registration for all Registrable Securities that the Demanding Holder(s) intend(s) to include
in an Underwritten Offering had been available to such Demanding Holder(s) within the ninety (90) days preceding the date of request
for the Underwritten Offering, or (ii) during any period (not to exceed ninety (90) days) following the closing of the completion of
an offering of equity securities by the Company if such Underwritten Offering would cause the Company to breach a “lock-up”
or similar provision contained in the underwriting agreement for such offering. The Demanding Holder(s) and Requesting Holder(s) shall
enter into an underwriting agreement in customary form with the Underwriter(s) selected for such Underwritten Offering by the Company
and reasonably acceptable to the Demanding Holders.

 

    6

     

    

 

2.1.4
Reduction of Underwritten Offering. If the managing Underwriter or Underwriters for an Underwritten Offering that is to be an Underwritten
Offering, in good faith, advises the Company, the Demanding Holder(s) and the Requesting Holder(s) (if any) of such Underwritten Offering
in writing that the dollar amount or number of Registrable Securities which the Demanding Holder(s) and the Requesting Holder(s) (if
any) desire to sell, taken together with all other shares of Common Stock or other equity securities which the Company desires to sell
and the shares of Common Stock or other equity securities, if any, as to which Registration by the Company has been requested pursuant
to rights of other Holders of Registrable Securities hereunder or pursuant to written contractual registration rights held by other security
holders of the Company who desire to sell, exceeds the maximum dollar amount or maximum number of equity securities that can be sold
in such Underwritten Offering without adversely affecting the proposed offering price, the timing, the distribution method, or the probability
of success of such offering (such maximum dollar amount or maximum number of such equity securities, as applicable, the “Maximum
Number of Securities”), then the Company shall include in such Underwritten Offering, as follows:

 

(a)
with respect to any Underwritten Offering effected pursuant to clause (x) of Section 2.1.3: (i) first, the Registrable Securities of
the Demanding Holder(s) and the Requesting Holder(s) (if any) (pro rata based on the respective number of Registrable Securities that
each Demanding Holder and Requesting Holder (if any) has requested be included in such Underwritten Registration and the aggregate number
of Registrable Securities that the Demanding Holders and Requesting Holders have requested be included in such Underwritten Registration)
that can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clause (i), the shares of Common Stock or other equity securities that the Company desires to
sell that can be sold without exceeding the Maximum Number of Securities; and (iii) third, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clauses (i) and (ii), the shares of Common Stock or other equity securities of other Holders
of Registrable Securities hereunder or other Persons that the Company is obligated to register in a Registration pursuant to, respectively,
rights of other Holders of Registrable Securities hereunder or separate written contractual arrangements with such Persons and that can
be sold without exceeding the Maximum Number of Securities.

 

(b)
with respect to any Underwritten Offering effected pursuant to clause (y) of Section 2.1.3 or effected for the Company's account in accordance
with Section 2.2: (i) first, on an equal basis, the Registrable Securities of Season Smart, up to a number of shares equal to the Season
Smart Percentage multiplied by the Maximum Number of Securities, and the shares of Common Stock or other equity securities that the Company
desires to sell, up to the remaining Maximum Number of Securities, (ii) second, to the extent that the Maximum Number of Securities has
not been reached under the foregoing clause (i), any remaining Registrable Securities of Season Smart that Season Smart desires to sell
that can be sold without exceeding the Maximum Number of Securities, (iii) third, to the extent that the Maximum Number of Securities
has not been reached under the foregoing clauses (i) and (ii), the Registrable Securities of the Requesting Holder(s) (if any) (pro rata
based on the respective number of Registrable Securities that each Requesting Holder (if any) has requested be included in such Underwritten
Registration and the aggregate number of Registrable Securities that the Requesting Holders have requested be included in such Underwritten
Registration) that can be sold without exceeding the Maximum Number of Securities, and (iv) fourth, to the extent that the Maximum Number
of Securities has not been reached under the foregoing clauses (i) through (iii), the shares of Common Stock or other equity securities
of other Holders of Registrable Securities hereunder or other Persons that the Company is obligated to register in a Registration pursuant
to, respectively, rights of other Holders of Registrable Securities hereunder or separate written contractual arrangements with such
Persons and that can be sold without exceeding the Maximum Number of Securities. In the event that securities of the Company that are
convertible into Common Stock are included in the offering, the calculations under this Section 2.1.4 shall include such Company
securities on an as-converted to Common Stock basis.

 

    7

     

    

 

2.1.5
Underwritten Offering Withdrawal. The Demanding Holder(s) initiating an Underwritten Offering or the Requesting Holder(s) (if any)
shall have the right to withdraw from an Underwritten Offering for any or no reason whatsoever upon written notification to the Company
and the Underwriter or Underwriters (if any) of their intention to withdraw from such Registration prior to the to the filing of the
applicable “red herring” prospectus or prospectus supplement used for marketing such Underwritten Offering. Notwithstanding
anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with
an Underwritten Offering prior to its withdrawal under this Section 2.1.5. If the Demanding Holder(s) withdraw(s) from a proposed
offering relating to an Underwritten Offering in such event, then such registration shall count as an Underwritten Offering provided
for in Section 2.1.3.

 

2.2
Piggyback Registrations.

 

2.2.1
Piggyback Rights. If at any time and from time to time after 180 days after the Closing (provided that such 180 day limitation shall
not apply to Season Smart) the Company proposes to file a Registration Statement under the Securities Act or effect an Underwritten Offering
with respect to the Registration of or an offering of equity securities, or securities or other obligations exercisable or exchangeable
for, or convertible into, equity securities, for its own account or for the account of security holders of the Company (or by the Company
and by the stockholders of the Company, including, without limitation, pursuant to Section 2.1 hereof), other than a Registration
Statement (i) filed in connection with any employee share option, share purchase or repurchase, or other benefit plan, (ii) for an exchange
offer or offering of securities solely to the Company’s existing security holders, debt holders or other creditors, (iii) for an
offering of debt that is convertible into equity securities of the Company, (iv) a registration on Form S-4 or Form S-8, or any similar
or successor registration form under the Securities Act subsequently adopted by the SEC, or (v) for a dividend reinvestment plan, then
the Company shall (x) give written notice of such proposed filing to all of the Holders of Registrable Securities as soon as practicable,
but in no event less than ten (10) days before the anticipated filing date of such Registration Statement, which notice shall describe
the amount and type of securities to be included in such Registration or offering, the intended method(s) of distribution, and the name
of the proposed managing Underwriter or Underwriters, if any, of the offering, and (y) offer to all of the Holders of Registrable Securities
in such notice the opportunity to register the sale of such number of Registrable Securities as such Holder may request in writing within
five (5) days following receipt of such notice (a “Piggyback Registration”), provided, that for any such registrations
prior to the 180th day after the Closing, the Company shall only be obligated to notify and to offer such participation to Season Smart.
To the extent permitted by applicable securities laws, subject to Section 2.2.2, the Company shall, with respect to Season Smart, and
shall use its reasonable best efforts to, with respect to all other Holders, cause (i) such Registrable Securities to be included in
such Piggyback Registration and (ii) the managing Underwriter or Underwriters of a proposed Underwritten Offering to permit the Registrable
Securities requested to be included in a Piggyback Registration on the same terms and conditions as any similar securities of the Company
included in such Registration and to permit the sale or other disposition of such Registrable Securities in accordance with the intended
method(s) of distribution thereof.

 

All such Holders proposing to distribute their Registrable Securities through an Underwritten Offering
under this Section 2.2.1 shall enter into an underwriting agreement in customary form with the Underwriter(s) selected for such
Underwritten Offering by the Company.

 

    8

     

    

 

2.2.2
Reduction of Underwritten Offering. If the managing Underwriter or Underwriters for such Piggyback Registration that is to be an
Underwritten Offering advises, in good faith, the Company and the Holders of Registrable Securities participating in the Piggyback Registration
in writing that the dollar amount or number of shares of Common Stock or other Company’s securities which Company desires to sell,
taken together with the (i) shares of Common Stock or other Company securities, if any, as to which Registration has been demanded pursuant
to separate written contractual arrangements with Persons other than Holders of Registrable Securities hereunder, (ii) the Registrable
Securities as to which Registration has been requested under Section 2.2.1 and (iii) the shares of Common Stock or other Company
securities, if any, as to which Registration has been requested pursuant to the separate written contractual piggy-back registration
rights of other security holders of the Company (other than Holders of Registrable Securities hereunder), exceeds the Maximum Number
of Securities, then:

 

(a)
If the Registration is undertaken for Company’s account: the Company shall include in any such Piggyback Registration in accordance
with the prioritization set forth in Section 2.1.4(b);

 

(b)
If the Registration is pursuant to a request by Persons other than Demanding Holder(s), then the Company shall include in any such Registration
(i) first, the shares of Common Stock or other equity securities, if any, of such requesting Persons, other than the Holders of Registrable
Securities, which can be sold without exceeding the Maximum Number of Securities; (ii) second, to the extent that the Maximum Number
of Securities has not been reached under the foregoing clause (i), the Registrable Securities of Holders exercising their rights to register
their Registrable Securities pursuant to Section 2.2.1, pro rata based on the number of Registrable Securities that each Holder
has requested be included in such Underwritten Registration and the aggregate number of Registrable Securities that the Holders have
requested to be included in such Underwritten Registration, which can be sold without exceeding the Maximum Number of Securities; (iii)
third, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i) and (ii), the shares
of Common Stock or other equity securities that the Company desires to sell, which can be sold without exceeding the Maximum Number of
Securities; and (iv) fourth, to the extent that the Maximum Number of Securities has not been reached under the foregoing clauses (i),
(ii) and (iii), the shares of Common Stock or other equity securities for the account of other Persons that the Company is obligated
to register pursuant to separate written contractual arrangements with such Persons, which can be sold without exceeding the Maximum
Number of Securities.

 

2.2.3
Piggyback Registration Withdrawal. Any Holder of Registrable Securities shall have the right to withdraw from a Piggyback Registration
for any or no reason whatsoever upon written notification to the Company and the Underwriter or Underwriters (if any) of his, her or
its intention to withdraw from such Piggyback Registration at least five (5) business days prior to the effectiveness of the Registration
Statement filed with the SEC with respect to such Piggyback Registration. The Company (whether on its own good faith determination or
as the result of a request for withdrawal by Persons pursuant to separate written contractual obligations) may withdraw a Registration
Statement filed with the SEC in connection with a Piggyback Registration at any time prior to the effectiveness of such Registration
Statement.

 

Notwithstanding
anything to the contrary in this Agreement, the Company shall be responsible for the Registration Expenses incurred in connection with
the Piggyback Registration prior to its withdrawal under this Section 2.2.3.

 

    9

     

    

 

2.2.4
Unlimited Piggyback Registration Rights. For purposes of clarity, any Registration effected pursuant to Section 2.2 hereof
shall not be counted as a Registration pursuant to an Underwritten Offering effected under Section 2.1 hereof.

 

2.3
Restrictions on Registration Rights. Notwithstanding anything to the contrary contained herein, if (A) during the period starting
with the date sixty (60) days prior to the Company’s good faith estimate of the date of the filing of, and ending on a date one
hundred and twenty (120) days after the effective date of, a Company initiated Registration and provided that the Company has delivered
written notice to the Holders prior to receipt of an Underwritten Offering pursuant to Section 2.1.3 and it continues to actively
employ, in good faith, commercially reasonable efforts to cause the applicable Registration Statement to become effective; (B) with respect
to an Underwritten Offering pursuant to Section 2.1.3, the Demanding Holder(s) has (or have) requested an Underwritten Registration and
the Company and the Demanding Holder(s) is (or are) unable to obtain the commitment of Underwriters to firmly underwrite the offer; or
(C) 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, then in
each case the Company shall furnish to such Holders a written notice to effect of (A), (B) or (C) and that it is therefore necessary
to defer the filing of such Registration Statement. In such event, the Company shall have the right to defer such filing for a period
of not more than ninety (90) days; provided, however, that the Company shall not defer its obligation in this manner more than one hundred
and eighty (180) days in any 12-month period. Notwithstanding anything to the contrary contained in this Agreement, no Registration shall
be effected or permitted and no Registration Statement shall become effective, with respect to any Registrable Securities held by a Holder
whose Registrable Securities are subject to lock-up agreements with the Underwriters or the Company.

 

2.4
Registration Procedures.

 

2.4.1
Filings; Information. Whenever Company is required to effect the Registration of any Registrable Securities pursuant to Article
II, the Company shall use reasonable best efforts to effect the registration and sale of such Registrable Securities in accordance
with the intended plan of distribution thereof, and pursuant thereto the Company shall use reasonable best efforts to, as expeditiously
as possible:

 

(a)
prepare and file with the SEC as soon as practicable a Registration Statement with respect to such Registrable Securities and use its
commercially reasonable efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities
covered by such Registration Statement have been sold;

 

    10

     

    

 

(b)
prepare and file with the SEC such amendments and post-effective amendments to the Registration Statement, and such supplements to the
Prospectus, as may be reasonably requested by the Holders of Registrable Securities registered on such Registration Statement or any
Underwriter of Registrable Securities or as may be required by the rules, regulations or instructions applicable to the registration
form used by the Company or by the Securities Act or rules and regulations thereunder to keep the Registration Statement effective until
all Registrable Securities covered by such Registration Statement are sold in accordance with the intended plan of distribution set forth
in such Registration Statement or supplement to the Prospectus;

 

(c)
prior to filing a Registration Statement or Prospectus, or any amendment or supplement thereto, furnish without charge to the Underwriters,
if any, and the Holders of Registrable Securities included in such Registration, and such Holders’ legal counsel, copies of such
Registration Statement as proposed to be filed, each amendment and supplement to such Registration Statement (in each case including
all exhibits thereto and documents incorporated by reference therein), the Prospectus included in such Registration Statement (including
each preliminary Prospectus), and such other documents as the Underwriters and the Holders of Registrable Securities included in such
Registration or the legal counsel of such Holders may reasonably request in order to facilitate the disposition of the Registrable Securities
owned by such Holders;

 

(d)
prior to any public offering of Registrable Securities, use its reasonable best efforts to (i) register or qualify the Registrable Securities
covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions in the United States
as the Holders of Registrable Securities included in such Registration Statement (in light of their intended plan of distribution) may
reasonably request and (ii) take such action reasonably necessary to cause such Registrable Securities covered by the Registration Statement
to be registered with or approved by such other governmental authorities as may be necessary by virtue of the business and operations
of the Company and do any and all other acts and things that may be reasonably necessary or advisable to enable the Holders of Registrable
Securities included in such Registration Statement to consummate the disposition of such Registrable Securities in such jurisdictions;
provided, however, that the Company shall not be required to qualify generally to do business in any jurisdiction where it would
not otherwise be required to qualify or take any action to which it would be subject to general service of process or taxation in any
such jurisdiction where it is not then otherwise so subject;

 

(e)
cause all such Registrable Securities to be listed on each securities exchange or automated quotation system on which similar securities
issued by the Company are then listed;

 

    11

     

    

 

(f)
provide a transfer agent or warrant agent, as applicable, and registrar for all such Registrable Securities no later than the effective
date of such Registration Statement;

 

(g)
advise each seller of such Registrable Securities, promptly after it shall receive notice or obtain knowledge thereof, of the issuance
of any stop order by the SEC suspending the effectiveness of such Registration Statement or the initiation or threatening of any proceeding
for such purpose and promptly use its reasonable best efforts to prevent the issuance of any stop order or to obtain its withdrawal if
such stop order should be issued;

 

(h)
at least five (5) days prior to the filing of any Registration Statement or Prospectus or any amendment or supplement to such Registration
Statement or Prospectus or any document that is to be incorporated by reference into such Registration Statement or Prospectus, furnish
a copy thereof to each seller of such Registrable Securities or its counsel;

 

(i)
notify the Holders at any time when a Prospectus relating to such Registration Statement is required to be delivered under the Securities
Act, of the happening of any event as a result of which the Prospectus included in such Registration Statement, as then in effect, includes
a Misstatement, and then to correct such Misstatement as set forth in Section 2.4.4 hereof;

 

(j)
permit a representative of the Holders (such representative to be selected by a majority-in-interest of the participating Holders), the
Underwriter(s), if any, and any attorney or accountant retained by such Holders or Underwriter(s) to participate, at each such Person’s
own expense, in the preparation of the Registration Statement, and cause the Company’s officers, directors and employees to supply
all information reasonably requested by any such representative, Underwriter, attorney or accountant in connection with the Registration;
provided, however, that such representative or Underwriter enters into a confidentiality agreement, in form and substance reasonably
satisfactory to the Company, prior to the release or disclosure of any such information;

 

(k)
obtain a “cold comfort” letter from the Company’s independent registered public accountants in the event of an Underwritten
Registration, in customary form and covering such matters of the type customarily covered by “cold comfort” letters as the
managing Underwriter may reasonably request, and reasonably satisfactory to a majority-in-interest of the participating Holders and the
applicable placement agent or sales agent, if any;

 

(l)
on the date the Registrable Securities are delivered for sale pursuant to such Registration, obtain an opinion and negative assurance
letter, dated such date, of counsel representing the Company for the purposes of such Registration, addressed to the Holders, the placement
agent or sales agent, if any, and the Underwriters, if any, covering such legal matters with respect to the Registration in respect of
which such opinion is being given as the participating Holders, placement agent, sales agent, or Underwriter may reasonably request and
as are customarily included in such opinions and negative assurance letters, and reasonably satisfactory to a majority-in-interest of
the participating Holders;

 

    12

     

    

 

(m)
in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual and customary
form, with the managing Underwriter of such Underwritten Offering;

 

(n)
make available to its security holders, as soon as reasonably practicable, an earnings statement covering the period of at least twelve
(12) months beginning with the first day of the Company’s first full calendar quarter after the effective date of the Registration
Statement which satisfies the provisions of Section 11(a) of the Securities Act and Rule 158 thereunder (or any successor rule promulgated
thereafter by the SEC);

 

(o)
if the Registration involves the Registration of Registrable Securities involving gross proceeds in excess of $50,000,000, use its reasonable
best efforts to make available senior executives of the Company to participate in customary “road show” presentations that
may be reasonably requested by the Underwriter(s) in any Underwritten Offering;

 

(p)
otherwise, in good faith, cooperate reasonably with, and take such customary actions as may reasonably be requested by the participating
Holders and the placement agent or sales agent, if any,, in connection with such Registration; and

 

(q)
upon request of a Holder, the Company shall (i) authorize the Company’s transfer agent to remove any legend on share certificates
of such Holder’s Common Stock restricting further transfer (or any similar restriction in book entry positions of such Holder)
if such restrictions are no longer required by the Securities Act or any applicable state securities laws or any agreement with the Company
to which such Holder is a party, including if such shares subject to such a restriction have been sold on a Registration Statement, (ii)
request the Company’s transfer agent to issue in lieu thereof shares of Common Stock without such restrictions to the Holder upon,
as applicable, surrender of any stock certificates evidencing such shares of Common Stock, or to update the applicable book entry position
of such Holder so that it no longer is subject to such a restriction, and (iii) use reasonable best efforts to cooperate with such Holder
to have such Holder’s shares of Common Stock transferred into a book-entry position at The Depository Trust Company, in each case,
subject to delivery of customary documentation, including any documentation required by such restrictive legend or book-entry notation.

 

2.4.2
Registration Expenses. The Registration Expenses of all Registrations shall be borne by the Company. The Holders acknowledge that
the Holders shall bear all incremental selling expenses relating to the sale of Registrable Securities, such as Underwriters’ commissions
and discounts, brokerage fees, Underwriter marketing costs and all reasonable fees and expenses of any legal counsel representing such
Holders.

 

2.4.3
Requirements for Participation in Underwritten Offerings. No Person may participate in any Underwritten Offering for equity securities
of the Company pursuant to a Registration initiated by the Company hereunder unless such Person (a) agrees to sell such Person’s
securities on the basis provided in any underwriting arrangements approved by the Company and (b) completes and executes all customary
questionnaires, powers of attorney, indemnities, lock-up agreements, underwriting agreements and other customary documents as may be
reasonably required under the terms of such underwriting arrangements.

 

    13

     

    

 

2.4.4
Suspension of Sales; Adverse Disclosure. Upon receipt of written notice from the Company that a Registration Statement or Prospectus
contains a Misstatement, each of the Holders shall forthwith discontinue disposition of Registrable Securities until it has received
copies of a supplemented or amended Prospectus correcting the Misstatement (it being understood that the Company hereby covenants to
prepare and file such supplement or amendment as soon as practicable after the time of such notice), or until he, she or it is advised
in writing by the Company that the use of the Prospectus may be resumed. If the filing, initial effectiveness or continued use of a Registration
Statement in respect of any Registration at any time would require the Company to make an Adverse Disclosure or would require the inclusion
in such Registration Statement of financial statements that are unavailable to the Company for reasons beyond the Company’s control,
the Company may, upon giving prompt written notice of such action to the Holders, delay the filing or initial effectiveness of, or suspend
use of, such Registration Statement for the shortest period of time, but in no event more than forty-five (45) days, determined in good
faith by the Company to be necessary for such purpose. In the event the Company exercises its rights under the preceding sentence, the
Holders agree to suspend, immediately upon their receipt of the notice referred to above, their use of the Prospectus relating to any
Registration in connection with any sale or offer to sell Registrable Securities. The Company shall immediately notify the Holders of
the expiration of any period during which it exercised its rights under this Section 2.4.4.

 

2.4.5 Reporting
Obligations. As long as any Holder shall own Registrable Securities, the Company, at all times while it shall be a reporting company
under the Exchange Act, covenants to file timely (or obtain extensions in respect thereof and file within the applicable grace period)
all reports required to be filed by the Company after the date hereof pursuant to Sections 13(a) or 15(d) of the Exchange Act. The Company
further covenants that it shall take such further action as any Holder may reasonably request, all to the extent required from time to
time to enable such Holder to sell Common Stock held by such Holder without registration under the Securities Act within the limitation
of the exemptions provided by SEC Rule 144, including providing any legal opinions. Upon the request of any Holder, the Company shall
deliver to such Holder a written certification of a duly authorized officer as to whether it has complied with such requirements.

 

2.5 Indemnification
and Contribution.

 

2.5.1 Indemnification. 

 

(a) The Company agrees
to indemnify, to the extent permitted by law, each Holder of Registrable Securities, its officers and directors and each Person who controls
such Holder (within the meaning of the Securities Act) against all losses, claims, damages, liabilities and expenses (including, without
limitation, reasonable attorneys’ fees) caused by any untrue or alleged untrue statement of material fact contained or incorporated
by reference in any Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any
omission or alleged omission of a material fact required to be stated therein or necessary to make the statements therein not misleading,
except insofar as the same are caused by or contained in any information furnished in writing to the Company by such Holder expressly
for use therein. The Company shall indemnify the Underwriters, their officers and directors and each Person who controls such Underwriters
(within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to the indemnification of the
Holders.  

 

    14

     

    

 

(b)
In connection with any Registration Statement in which a Holder of Registrable Securities is participating, such Holder shall furnish
to the Company in writing such information and affidavits as the Company reasonably requests for use in connection with any such Registration
Statement or Prospectus and, to the extent permitted by law, shall indemnify the Company, its directors and officers and agents and each
Person who controls the Company (within the meaning of the Securities Act) against any losses, claims, damages, liabilities and expenses
(including without limitation reasonable attorneys’ fees) resulting from any untrue statement of material fact contained in the
Registration Statement, Prospectus or preliminary Prospectus or any amendment thereof or supplement thereto or any omission of a material
fact required to be stated therein or necessary to make the statements therein not misleading, but only to the extent that such untrue
statement or omission is contained in any information or affidavit so furnished in writing by such Holder expressly for use therein.
The Holders of Registrable Securities shall indemnify the Underwriters, their officers, directors and each Person who controls such Underwriters
(within the meaning of the Securities Act) to the same extent as provided in the foregoing with respect to indemnification of the Company.
For the avoidance of doubt, For the avoidance of doubt, the obligation to indemnify under this Section 2.5.1(b) shall be several, not
joint and several, among the Holders of Registrable Securities, and the total indemnification liability of a Holder under this Section
2.5.1(b) shall be in proportion to and limited to the net proceeds received by such Holder from the sale of Registrable Securities
pursuant to such Registration Statement.

 

(c)
Any Person entitled to indemnification herein shall (i) give prompt written notice to the indemnifying party of any claim with respect
to which it seeks indemnification (provided that the failure to give prompt notice shall not impair any Person’s right to indemnification
hereunder to the extent such failure has not materially prejudiced the indemnifying party) and (ii) unless in such indemnified party’s
reasonable judgment a conflict of interest between such indemnified and indemnifying parties may exist with respect to such claim, permit
such indemnifying party to assume the defense of such claim with counsel reasonably satisfactory to the indemnified party. If such defense
is assumed, the indemnifying party shall not be subject to any liability for any settlement made by the indemnified party without its
consent (but such consent shall not be unreasonably withheld). An indemnifying party who is not entitled to, or elects not to, assume
the defense of a claim shall not be obligated to pay the fees and expenses of more than one counsel for all parties indemnified by such
indemnifying party with respect to such claim, unless in the reasonable judgment of any indemnified party a conflict of interest may
exist between such indemnified party and any other of such indemnified parties with respect to such claim. No indemnifying party shall,
without the consent of the indemnified party, consent to the entry of any judgment or enter into any settlement which cannot be settled
in all respects by the payment of money (and such money is so paid by the indemnifying party pursuant to the terms of such settlement)
or which settlement does not include as an unconditional term thereof the giving by the claimant or plaintiff to such indemnified party
of a release from all liability in respect to such claim or litigation.

 

(d)
The indemnification provided for under this Agreement shall remain in full force and effect regardless of any investigation made by or
on behalf of the indemnified party or any officer, director or controlling Person of such indemnified party and shall survive the transfer
of equity securities.

 

    15

     

    

 

2.5.2 Contribution.

   

(a)
If the indemnification provided under Section 2.5.1 hereof from the indemnifying party is unavailable or insufficient to hold
harmless an indemnified party in respect of any losses, claims, damages, liabilities and expenses referred to herein, then the indemnifying
party, in lieu of indemnifying the indemnified party, shall contribute to the amount paid or payable by the indemnified party as a result
of such losses, claims, damages, liabilities and expenses in such proportion as is appropriate to reflect the relative fault of the indemnifying
party and the indemnified party, as well as any other relevant equitable considerations. The relative fault of the indemnifying party
and indemnified party shall be determined by reference to, among other things, whether any action in question, including any untrue or
alleged untrue statement of a material fact or omission or alleged omission to state a material fact, was made by, or relates to information
supplied by, such indemnifying party or indemnified party, and the indemnifying party’s and indemnified party’s relative
intent, knowledge, access to information and opportunity to correct or prevent such action; provided, however, that the liability
of any Holder under this Section 2.5.2(a) shall be limited to the amount of the net proceeds received by such Holder in such offering
giving rise to such liability.

 

(b)
The amount paid or payable by a party as a result of the losses or other liabilities referred to above shall be deemed to include, subject
to the limitations set forth in Sections 2.5.1(a), 2.5.1(b) and 2.5.1(c) above, any legal or other fees, charges
or expenses reasonably incurred by such party in connection with any investigation or proceeding. The parties hereto agree that it would
not be just and equitable if contribution pursuant to this Section 2.5.2 were determined by pro rata allocation or by any other
method of allocation, which does not take account of the equitable considerations referred to in this Section 2.5.2. No person
guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution
pursuant to this Section 2.5.2 from any person who was not guilty of such fraudulent misrepresentation.

 

2.6
Delay of Registration. No Holder shall have any right to obtain or seek an injunction restraining or otherwise delaying any Registration
pursuant to this Agreement as the result of any controversy that might arise with respect to the interpretation or implementation of
this Article II.

 

2.7
Market Stand-Off Agreement. Each Holder hereby agrees that it will not, without the prior written consent of the managing Underwriter
or Underwriters, with respect to any Company-initiated Underwritten Offering, during the period, not to exceed 90 days with respect to
any Underwritten Offering, commencing on the date of the final Prospectus relating to the Registration by the Company of shares of its
equity securities under the Securities Act on a registration statement on Form S-1 or Form S-3, and ending on the date specified by the
managing Underwriter or Underwriters on (1) the publication or other distribution of research reports and (2) analyst recommendations
and opinions, including, but not limited to, the restrictions contained in applicable FINRA rules (or any successor provisions or amendments
thereto) (i) lend; offer; pledge; sell; contract to sell; sell any option or contract to purchase; purchase any option or contract to
sell; grant any option, right, or warrant to purchase; or otherwise transfer or dispose of, directly or indirectly, any Common Stock
or any securities convertible into or exercisable or exchangeable (directly or indirectly) for Common Stock held immediately before the
effective date of the Registration statement for such offering or (ii) enter into any swap or other arrangement that transfers to another,
in whole or in part, any of the economic consequences of ownership of such securities, whether any such transaction described in clause
(i) or (ii) above is to be settled by delivery of securities, in cash, or otherwise, except as expressly permitted by lock-up agreements
or in the event the managing Underwriters otherwise agree by written consent. The Underwriters in connection with such Registration are
intended third-party beneficiaries of this Section 2.7 and shall have the right, power and authority to enforce the provisions
hereof as though they were a party hereto. Each Holder further agrees to execute such lock-up agreements as may be reasonably requested
by the Underwriters or managing Underwriter in connection with such Registration that are consistent with this Section 2.7 or
that are necessary to give further effect thereto.

 

    16

     

    

 

2.8
Termination of Registration Rights. The right
of any Holder to request inclusion of Registrable Securities in any Registration pursuant to Article II shall terminate on the
earlier of the date on which (x) all of the Registrable Securities held by such Holder hereof have been sold pursuant to a Registration
Statement (but in no event prior to the applicable period referred to in Section 4(a)(3) of the Securities Act and Rule 174 thereunder
(or any successor rule promulgated thereafter by the SEC)) or (y) all of the Holders of the Registrable Securities are permitted to sell
the Registrable Securities under SEC Rule 144 (or any similar provision) under the Securities Act without limitation on the amount of
securities sold or the manner of sale. The provisions of Section 2.4.5 and Section 2.5 shall survive such termination.

 

ARTICLE
III 

MISCELLANEOUS

 

3.1
Governing Laws. This Agreement shall be governed by the internal law of the State of New York, without regard to conflict of law
principles that would result in the application of any law other than the law of the State of New York.

 

3.2
Determination of Damages. The parties hereby acknowledge that, with respect to the determination of damages for any breach by
the Company of its obligations under Section 2, the value of damages shall be the difference between the trading price for the applicable
Registrable Securities had the obligations been complied with, and the actual sale price for such Registrable Securities once such Registrable
Securities are actually able to be sold by the applicable Holder.

 

3.3
Counterparts. This Agreement may be executed in multiple counterparts, including by means of facsimile or PDF counterparts, each
of which shall be deemed an original, but all of which together shall constitute the same instrument.

 

3.4
Titles and Subtitles. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in
construing or interpreting this Agreement.

 

    17

     

    

 

3.5
Notices. Any notice, designation, request, request for consent or consent provided for in this Agreement shall be in writing and
shall be either personally delivered, sent by electronic mail or facsimile or sent by reputable overnight courier service (charges prepaid)
to the Company at the address set forth below and to any other recipient at the address indicated on the Company’s records, or
at such address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending
party. Notices and other such documents will be deemed to have been given or made hereunder when delivered personally or sent by electronic
mail or facsimile (receipt confirmed) and one (1) business day after deposit with a reputable overnight courier service.

 

(a)
If to the Company, to:

 

c/o
Faraday & Future 

18455 S. Figueroa Street 

Los Angeles, CA 90248 

Attention: General Counsel

E-mail:
jarret.johnson@ff.com

 

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

 

Sidley
Austin LLP

1999
Avenue of the Stars, 17th Floor 

Los Angeles, California 90067 

Attention: Vijay S. Sekhon, Esq.

Email:
vsekhon@sidley.com

 

or
to such other Person or address as the Company shall furnish to the Holders in writing.

 

(b)
If to any Holder, to such address as indicated on the Schedule of Investors attached as Schedule A hereto or to such other Person or
address as the Holder shall furnish to the Company in writing.

 

3.6
Amendments. This Agreement may be amended only by an instrument in writing executed by the Company and the Holders holding a majority
of the Registrable Securities collectively held by them. Any such amendment will apply to all Holders equally, without distinguishing
between them, provided, however, that notwithstanding the foregoing, any amendment hereto or waiver hereof that adversely
affects one Holder or group of affiliated Holders, solely in his, her or its capacity as a holder of Common Stock or Private Warrants,
in a manner that is materially different from the other Holders (in such capacity) shall require the consent of the Holder or group of
affiliated Holders so affected.

 

3.7
Severability. The invalidity or unenforceability of any specific provision of this Agreement shall not invalidate or render unenforceable
any of its other provisions. Any provision of this Agreement held invalid or unenforceable shall be deemed reformed, if practicable,
to the extent necessary to render it valid and enforceable and to the extent permitted by law and consistent with the intent of the parties
to this Agreement.

 

    18

     

    

 

3.8
Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to the transactions
contemplated hereby and thereby. The registration rights granted under this Agreement supersede any registration, qualification or similar
rights granted to one or more Holders under any other agreement with respect to any of the Registrable Securities, and any of such preexisting
registration rights are hereby superseded.

 

3.9
Dispute Resolution. The parties to this Agreement hereby agree to submit to the jurisdiction of the courts of any New York State
or United States Federal court sitting in The City of New York, Borough of Manhattan and appellate courts thereof in any action or proceeding
arising out of or relating to this Agreement.

 

3.10
Assignment. Other than Permitted Transferees or any transferee of all Registrable Securities of a Holder, no Holder shall be permitted
to assign or transfer any right or obligation under this Agreement without the prior written consent of the Company.

 

    19

     

    

 

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

 

	 	COMPANY:
	 	 	 
	 	FARADAY FUTURE INTELLIGENT ELECTRIC INC.
	 	 	 
	 	By:	/s/ Dr. Carsten Breitfeld
	 		Name: Dr. Carsten Breitfeld
	 	 	Title: Global Chief Executive Officer

 

     

    	 

    

 

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

 

	 	INVESTORS

	 	 	 
	 	FF
TOP HOLDING LTD.

	 	 	 
	 	By:	/s/ Matthias Aydt
	 	 	Name: Matthias Aydt
	 	 	Title: President

 

     

    	 

    

 

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

 

	 	INVESTORS
	 	 	 
	 	SEASON SMART LIMITED

	 	 	 
	 	By:	/s/ Jimmy Fong
	 	 	Name: Jimmy Fong
	 	 	Title: Authorised Signatory

 

     

    	 

    

 

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

 

	 	INVESTORS
	 	 	 
	 	PROPERTY SOLUTIONS ACQUISITION SPONSOR, LLC

	 	 	 
	 	By:

	/s/ Jordan Vogel
	 	 	Name: Jordan Vogel
	 	 	Title: Co-CEO

 

     

    	 

    

 

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

 

	 	INVESTORS
	 	 	 
	 	EARLYBIRDCAPITAL, INC.

	 	 	 
	 	By:	/s/ Steven Levine                
	 	 	Name: Steven Levine
	 	 	Title: CEO

 

     

    	 

    

 

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

 

	 	INVESTORS
	 	 
	 	/s/ Robert S. Mancini
	 	Robert S. Mancini

 

     

    	 

    

 

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

 

	 	INVESTORS
	 	 
	 	/s/ Philip Kassin
	 	Philip Kassin

 

    20

     

    

 

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

 

	 	INVESTORS
	 	 
	 	/s/ D.James Carpenter
	 	D. James Carpenter

 

     

    	 

    

 

SCHEDULE A

 

INVESTORS 

 

	Investors	 	Notice Address
	FF Top Holding Ltd.	 	
    Conyers Trust Company (BVI) Limited
    Commerce House, 

Wickhams Cay 1, P.O. Box 3 140, Road Town,

    Tortola VG1110, British Virgin Islands 

     

    Attention:
    Matthias Aydt

     

    E-mail: Matthias.Aydt@ff.com

	 	 	 
	Season Smart Limited	 	
    Season Smart Limited

    C/O China Evergrande Group

 23F, China Evergrande Centre

    No. 38 Gloucester Road 

Wanchai, Hong
    Kong

     

    Attention: Jimmy Fong Kar Chun

     

    E-mail:
    Jfong@evergrande.com

	 	 	 
	Property Solutions Acquisition Sponsor, LLC	 	
    c/o Benchmark Real Estate Group

 654
    Madison Ave, Suite 1009 

New York, NY 10065

     

    Attention: Jordan Vogel

     

    E-mail: jordan@benchmarkrealestate.com

	 	 	 
	EarlyBirdCapital, Inc.	 	
    366 Madison Avenue, 8th Floor 

New York,
    NY 10017

     

    Attention: Steve Levine

     

    E-mail: Slevine@ebcap.com

	 	 	 
	Robert S. Mancini	 	
    5775 Collins Avenue, Suite 403 

Miami
    Beach, Florida 33140

     

    Attention: Robert S. Mancini

     

    E-mail: rmancini@rmginvestments.com

 

	Philip Kassin	 	
    5775 Collins Avenue, Suite 403 

Miami
    Beach, Florida 33140

     

    Attention: Philip Kassin

     

    E-mail: pkassin@rmginvestments.com

	 	 	 
	D. James Carpenter	 	
    5775 Collins Avenue, Suite 403 

Miami
    Beach, Florida 33140

     

    Attention: D. James Carpenter

     

    E-mail: jcarpenter@rmginvestments.comExhibit
10.3

 

Execution
Version

 

 

 

 

 

 

 

 

 

 

 

SHAREHOLDER
AGREEMENT

 

DATED
JULY 21, 2021

 

 

 

 

 

 

 

 

 

 

 

    i

     

    

 

TABLE
OF CONTENTS

 

	 	 	 	Page
	 	 	 	 
	ARTICLE I DEFINITIONS	1
	 	 	 	 
	 	1.1	Definitions	1
	 	 	 	 
	 	1.2	Construction	5
	 	 	 	 
	ARTICLE II CORPORATE GOVERNANCE MATTERS	5
	 	 	 	 
	 	2.1	Election of Directors.	5
	 	 	 	 
	 	2.2	Committee	7
	 	 	 	 
	 	2.3	Compensation	7
	 	 	 	 
	 	2.4	Reimbursement of Expenses	7
	 	 	 	 
	 	2.5	Indemnification Priority	7
	 	 	 	 
	 	2.6	Other Rights of FF Top Designees	8
	 	 	 	 
	ARTICLE III ADDITIONAL COVENANTS 	8 
	 	 	 	 
	 	3.1	Pledges	8
	 	 	 	 
	 	3.2	Spin-Offs or Split Offs	8
	 	 	 	 
	ARTICLE IV GENERAL PROVISIONS	9
	 	 	 	 
	 	4.1	Termination	9
	 	 	 	 
	 	4.2	Notices	9
	 	 	 	 
	 	4.3	Amendment; Waiver	9
	 	 	 	 
	 	4.4	Further Assurances	10
	 	 	 	 
	 	4.5	Assignment	10
	 	 	 	 
	 	4.6	Third Parties	10
	 	 	 	 
	 	4.7	Governing Law	10
	 	 	 	 
	 	4.8	Jurisdiction; Waiver of Jury Trial	10
	 	 	 	 
	 	4.9	Specific Performance	11
	 	 	 	 
	 	4.10	Entire Agreement	11
	 	 	 	 
	 	4.11	Severability	11
	 	 	 	 
	 	4.12	Table of Contents, Headings and Captions	11
	 	 	 	 
	 	4.13	Grant of Consent	11
	 	 	 	 
	 	4.14	Counterparts	11
	 	 	 	 
	 	4.15	Effectiveness; Termination	12
	 	 	 	 
	 	4.16	No Recourse	12

 

 

    ii

     

    

 

SHAREHOLDER
AGREEMENT

 

This
Shareholder Agreement is entered into as of July 21, 2021 by and between Faraday Future Intelligent Electric Inc., a Delaware corporation
(the “Company”), and FF Top Holding LLC, a Delaware limited liability company (“FF Top” or the “Shareholder”).

 

RECITALS

 

WHEREAS,
the Company, PSAC Merger Sub Ltd., an exempted company with limited liability incorporated under the laws of the Cayman Islands (“Merger
Sub”), and FF Intelligent Mobility Global Holdings Ltd., an exempted company with limited liability incorporated under the
laws of the Cayman Islands (“FF Intelligent”), have entered into an Agreement and Plan of Merger, dated January 27,
2021 (as the same may be amended from time to time, the “Merger Agreement”);

 

WHEREAS,
pursuant to the Merger Agreement, subject to the terms and conditions thereof, upon the consummation of the transactions contemplated
thereby (the “Closing”), among other matters, Merger Sub will be merged with and into FF Intelligent with FF Intelligent
continuing as the surviving entity and a wholly-owned subsidiary of the Company (the “Transaction”); and

 

WHEREAS,
in connection with the Transaction, the Company and the Shareholder wish to set forth certain understandings between such parties, including
with respect to certain governance matters.

 

NOW
THEREFORE, in consideration of the foregoing and the mutual promises, covenants and agreements of the parties hereto, and for other
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

ARTICLE
I

DEFINITIONS

 

1.1
Definitions. Capitalized terms used in this Agreement shall have the respective meanings set forth below:

 

“Affiliate”
has the meaning set forth in Rule 12b-2 promulgated under the Exchange Act, as in effect on the date hereof; provided that the
Company and each of its Subsidiaries shall not be deemed to be Affiliates of the Shareholder.

 

“Agreement”
means this Shareholders Agreement, as the same may be amended, supplemented, restated or otherwise modified from time to time in accordance
with the terms hereof.

 

“Beneficially
Own” has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act.

 

“Board”
means the Board of Directors of the Company.

 

    1

     

    

 

“Business
Day” means a day other than a Saturday, Sunday or other day on which commercial banks in New York, New York, Los Angeles, California
or the Cayman Islands are authorized or required by Law to close.

 

“Closing”
has the meaning set forth in the Recitals.

 

“Closing
Date” means the date of the closing of the Transaction.

 

“Common Stock” means the Company’s Class A common stock and Class B common stock, in each case with a par value of
$0.0001 per share.

 

“Company”
has the meaning set forth in the Preamble.

 

“Control”
(including its correlative meaning, “Controlled”) means possession, directly or indirectly, of the power to direct
or cause the direction of management or policies (whether through ownership of securities or partnership or other ownership interests,
by contract or otherwise) of a Person.

 

“Director”
means any director of the Company from time to time.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as the same
may be amended from time to time.

 

“FF
Intelligent” has the meaning set forth in the Recitals.

 

“FF
Top” has the meaning set forth in the Recitals.

 

“FF
Top Designee” has the meaning set forth in Section 2.1(b) hereof.

 

“Governmental
Authority” means any federal, state, provincial, municipal, local or foreign government, governmental authority, regulatory
or administrative agency, governmental commission, department, board, bureau, agency or instrumentality, court or tribunal.

 

“Indemnification
Agreements” has the meaning set forth in Section 2.5.

 

“Indemnitee”
has the meaning set forth in Section 2.5.

 

“Independent
Director” means an individual serving on the board of directors of a company who is “independent” as determined
in accordance with the rules and regulations of the Nasdaq Stock Market and the SEC.

 

“Law”
means any statute, law, regulation, ordinance, rule, injunction, order, judgment, decree, writ, governmental approval, directive, requirement,
other governmental restriction or any similar form of decision of, or determination by, or any interpretation or administration of any
of the foregoing by, any Governmental Authority.

 

“Observation
Election” has the meaning set forth in Section 2.7.

 

    2

     

    

 

“Merger
Agreement” has the meaning set forth in the Recitals.

 

“Merger
Sub” has the meaning set forth in the Recitals.

 

“Necessary
Action” means, with respect to any party and a specified result, all actions (to the extent such actions are not prohibited
by applicable Law, within such party’s control and do not directly conflict with any rights expressly granted to such party in
this Agreement, the Merger Agreement, the lock-up agreements, the certificate of incorporation or bylaws of the Company) reasonably
necessary and desirable within his, her or its control to cause such result, including, (i) calling special meetings of the Board, any
committee of the Board and the shareholders of the Company, (ii) causing the Board or any committee of the Board to adopt relevant resolutions
(subject to any applicable fiduciary duties), (iii) voting or providing a proxy with respect to shares of Common Stock and other securities
of the Company generally entitled to vote in the election of Directors of the Company Beneficially Owned by such party, (iv) causing
the adoption of shareholders’ resolutions and amendments to the certificate of incorporation or the bylaws of the Company, including
executing written consents in lieu of meetings, (v) executing agreements and instruments, (vi) causing members of the Board (to the extent
such members were elected, nominated or designated by the party obligated to undertake such action) to act (subject to any applicable
fiduciary duties) in a certain manner or causing them to be removed in the event they do not act in such a manner and (vii) making, or
causing to be made, with governmental, administrative or regulatory authorities, all filings, registrations or similar actions that are
required to achieve such a result.

 

“NewCo”
has the meaning set forth in Section 3.2.

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint
venture, an unincorporated organization, or other form of business organization, whether or not regarded as a legal entity under applicable
Law, or any Governmental Authority or any department, agency or political subdivision thereof.

 

“Transaction”
has the meaning set forth in the Recitals.

 

“SEC”
means the U.S. Securities and Exchange Commission.

 

“Secondary
Indemnitors” has the meaning set forth in Section 2.5.

 

“Shareholder”
has the meaning set forth in the Preamble.

 

“Shareholder
Share Percentage” means on the date of determination the aggregate voting power of the shares of Common Stock and other securities
of the Company generally entitled to vote in the election of Directors of the Company Beneficially Owned (which for the avoidance of
doubt, shall include such shares whose voting rights have been granted to FF Top with conditions to be revoked solely based on the fiduciary
duty of the trustee or for reason that grant of proxy for a vote will reasonably be expected to materially and adversely affect the interests
of the holders of such shares) by the Shareholder and its Affiliates (excluding any shares held by the Company and its Subsidiaries),
divided by the total voting power of the then outstanding shares of
Common Stock issued as of the record date for any meeting of shareholders of the Company at which (or any solicitation of written consent
pursuant to which) Directors are to be elected.

 

    3

     

    

 

“Subsidiary”
means, with respect to any Person, any corporation, limited liability company, partnership, association or other business entity of which:
(i) if a corporation, a majority of the total voting power of shares of stock entitled (without regard to the occurrence of any contingency)
to vote in the election of directors, representatives or trustees thereof is at the time owned or Controlled, directly or indirectly,
by that Person or one or more of the other Subsidiaries of that Person or any combination thereof; or (ii) if a limited liability company,
partnership, association or other business entity, a majority of the total voting power of stock (or equivalent ownership interest) of
the limited liability company, partnership, association or other business entity is at the time owned or Controlled, directly or indirectly,
by that Person or one or more Subsidiaries of that Person or any combination thereof. For purposes hereof, a Person or Persons shall
be deemed to have a majority ownership interest in a limited liability company, partnership, association or other business entity if
such Person or Persons shall (a) be allocated a majority of limited liability company, partnership, association or other business entity
gains or losses, or (b) Control the managing member, managing director or other governing body or general partner of such limited liability
company, partnership, association or other business entity.

 

“Total
Number of Directors” means the total number of directors comprising the Board from time to time.

 

“Transfer”
(including its correlative meaning, “Transferee”) means, with respect to any security, directly or indirectly,
to sell, contract to sell, give, assign, hypothecate, pledge, encumber, grant a security interest in, offer, sell any option or contract
to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend or otherwise transfer or dispose
of any economic, voting or other rights in or to such security. When used as a noun, “Transfer” shall have such correlative
meaning as the context may require.

 

    4

     

    

 

1.2
Construction. The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual
intent, and no rule of strict construction will be applied against any party. Unless the context otherwise requires: (a) “or”
is disjunctive but not exclusive, (b) words in the singular include the plural, and in the plural include the singular, (c) the words
“hereof,” “herein,” “hereunder” and words of similar import when used in this Agreement refer to
this Agreement as a whole and not to any particular provision of this Agreement, and section and subsection references are to this Agreement
unless otherwise specified, (d) the term “including” is not limiting and means “including without limitation,”
and

 

(e)       whenever
the context requires, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms.

 

ARTICLE
II

CORPORATE
GOVERNANCE MATTERS

 

2.1       Election
of Directors.

 

(a)       At
the Closing Date, the Company and the Shareholder shall take all Necessary Action to cause the Board to be comprised of nine (9) directors,
one of whom shall be the Chief Executive Officer of the Company. As of the date hereof, the Chief Executive Officer of the Company is
Dr. Carsten Breitfeld. At the Closing Date, the Board shall initially be composed of the following individuals: Dr. Carsten Breitfeld,
Jordan Vogel, Brian Krolicki, Lee Liu, Qin Ye, Susan Swenson, Matthias Aydt, Edwin Goh and Scott Vogel (the “Initial Board”),
and the Company shall take all Necessary Action to cause the Initial Board to be nominated for another one-year term at the Company’s
first annual meeting following such appointment. Susan G. Swenson, Edwin Goh, Brian Krolicki and Lee Liu shall be deemed as the “FF
Top Designees” for the Company’s first and second annual meetings following the initial appointment of such directors, the
resignation of which and the filling of a vacancy shall be subject to Section 2.1(c). The Shareholder shall take all Necessary Action
to cause the election of the Initial Board at the Company’s first annual meeting.

 

(b)       Following
the Closing Date and so long as the Shareholder Share Percentage exceeds 5%, FF Top shall have the right, but not the obligation, to
nominate, and the individuals nominated for election as Directors by or at the direction of the Board or the Nominating and Corporate
Governance Committee shall include, a number of individuals not less than the number equal to the Total Number of Directors multiplied
by the Shareholder Share Percentage (rounding up to the next whole director) (the “FF Top Designees”). FF Top agrees
that no FF Top Designee shall be subject to any “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) promulgated
under the Securities Act of 1933, as amended, and that all such FF Top Designees shall be subject to the prior and reasonable approval
of the Nominating and Corporate Governance Committee. FF Top further agrees that, until the Company is a “controlled company”
as defined in the rules of the national securities exchange on which the Common Stock is listed, the FF Top Designees shall include a
sufficient number of individuals who are Independent Directors such that the Board would be comprised of a majority of Independent Directors
assuming the election of the FF Top Designees and the other members of the Board.

 

    5

     

    

 

(c)       In
the event that a vacancy is created at any time by the death, disability, retirement, removal, failure of being elected or resignation
of any FF Top Designee or for any other reason, any individual nominated by or at the direction of the Board or the Nominating and Corporate
Governance Committee to fill such vacancy shall be, and the Company shall use its reasonable best efforts to cause such vacancy to be
filled, as soon as possible, by a new nominee of FF Top who qualifies as an FF Top Designee, and the Company shall use its reasonable
best efforts to take or cause to be taken, to the fullest extent permitted by Law, at any time and from time to time, all Necessary Actions
to accomplish the same. FF Top has the right to remove any of the FF Top Designees, and the exclusive right to nominate a replacement
nominee to fill any vacancy so created by such removal or resignation of such FF Top Designee. The Company shall use its reasonable best
efforts to take or cause to be taken, to the fullest extent permitted by Law, at any time and from time to time, all Necessary Actions
to facilitate the removal of any of the FF Top Designees that FF Top intends to remove.

 

(d)       The
Company shall, to the fullest extent permitted by Law, take all Necessary Actions to (i) include each FF Top Designee in the slate of
nominees recommended by the Board at any meeting of shareholders called for the purpose of electing directors (or consent in lieu of
meeting), and (ii) include each FF Top Designee in the proxy statement prepared by the management of the Company with respect to the
election of members of the Board and at every adjournment or postponement thereof. The Company shall use reasonable best efforts consistent
with its efforts with respect to the other Board nominees; provided, that such efforts are customary for a U.S. public traded company,
to support the election of the FF Top Designees as directors of the Company; provided, further, that the Company shall not be required
to increase the Total Number of Directors.

 

(e)       In
addition to any vote or consent of the Board or the shareholders of the Company required by applicable Law or the certificate of incorporation,
bylaws or other organizational document of the Company, and notwithstanding anything to the contrary in this Agreement, for so long as
this Agreement is in effect, (i) the authorized number of directors on the Board shall be established and remain at nine (9) until the
second annual meeting following the Closing Date, and (ii) any action by the Board to increase or decrease the Total Number of Directors
shall require the prior written consent of FF Top (which consent shall not be unreasonably withheld, conditioned or delayed), delivered
in accordance with Section 4.2 hereof; provided, that in connection with any increase or decrease in the Total Number of
Directors, the number of FF Top Designees required to be Independent Directors under Section 2.1(b) shall be increased or decreased as
may be necessary.

 

(f)       Upon
any decrease in the number of directors that FF Top is entitled to designate for nomination to the Board, FF Top shall, promptly at the
request of the Board, take all Necessary Actions to cause the appropriate number of FF Top Designees to offer to tender their resignation.

 

(g)       From
and after the Closing until the occurrence of a Qualifying Equity Market Capitalization (as defined in the Company’s Certificate
of Incorporation as of the Closing Date), the Company agrees not to elect to be treated as a “controlled company” as defined
in the rules of the national securities exchange on which the Common Stock is listed.

 

    6

     

    

 

2.2       Committee.

 

(a)       For
so long as this Agreement is in effect, the Company shall take all Necessary Actions at any given time so as to cause to be appointed
to any committee of the Board a number of FF Top Designees such that the number of FF Top Designees serving on any such committee is
proportionate (rounding up to the next whole director) to the number of directors that FF Top is entitled to designate to the Board under
this Agreement, to the extent such directors are permitted to serve on such committees under the applicable rules and regulations of
the SEC or the applicable stock exchange on which the shares of Common Stock of the Company are listed. It is understood by the parties
hereto that FF Top shall not be required to have the FF Top Designees represented on any committee and any failure to exercise such right
in this Section 2.2 in a prior period shall not constitute any waiver of such right in a subsequent period.

 

(b)       From
and after the Closing, the Company shall, and shall take all Necessary Action to, cause the Board to establish and maintain (i) a Nominating
and Corporate Governance Committee comprised solely of Independent Directors, one of whom shall be Jordan Vogel as the sole director
designee of Riverside Management Group, LLC and Property Solutions Acquisition Corp. so long as Jordan Vogel is a director of the Company,
and (ii) a Finance and Investment Committee that shall include Jerry Wang as a non-voting member so long as Jerry Wang is an officer
of the Company.

 

2.3
Compensation. Except to the extent FF Top may otherwise notify the Company, the FF Top Designees serving on the Board that are
not employees of the Company or any of its Subsidiaries shall be entitled to compensation consistent with the compensation received by
other non-employee Directors, including any fees and equity awards.

 

2.4
Reimbursement of Expenses. The Company shall pay the reasonable and documented out-of-pocket expenses incurred by each FF Top
Designee serving on the Board in connection with such FF Top Designee’s services provided to or on behalf of the Company, including
attending meetings or events on behalf of the Company at the Company’s request.

 

2.5 Indemnification
Priority. The Company hereby acknowledges that, in addition to the rights provided to each FF Top Designee serving on the Board
or other indemnified person covered by any such indemnity insurance policy (any such Person, an “Indemnitee”) or
any indemnification agreement that such Indemnitee may enter into with the Company from time to time (the “Indemnification
Agreements”), the Indemnitees may have certain rights to indemnification, advancement of expenses and/or insurance
provided by FF Top or one or more of their respective Affiliates (collectively, the “Secondary Indemnitors”).
Notwithstanding anything to the contrary in any of the Indemnification Agreements, the Company hereby agrees that, to the fullest
extent permitted by Law, with respect to its indemnification and advancement obligations to the Indemnitees under the
Indemnification Agreements, this Agreement or otherwise, the Company (i) is the indemnitor of first resort (i.e., its and its
insurers’ obligations to advance expenses and to indemnify the Indemnitees are primary and any obligation of the Secondary
Indemnitors or their insurers to advance expenses or to provide indemnification for the same expenses or liabilities incurred by any
of the Indemnitees is secondary and excess), and (ii) shall
be required to advance the full amount of expenses incurred by each Indemnitee, without regard to any rights such Indemnitees may have
against the Secondary Indemnitors or their insurers; provided, such Indemnitee shall have delivered to the Company an undertaking,
by or on behalf of such Indemnitee, to repay all amounts so advanced if it shall ultimately be determined by final judicial decision
from which there is no further right to appeal that such Indemnitee is not entitled to be indemnified for such expenses. The Company
agrees that any Secondary Indemnitor or insurer thereof not a party hereto shall be an express third party beneficiary of this Section
2.5, able to enforce such clause according to its terms as if it were a party hereto. Nothing contained in the Indemnification Agreements
is intended to limit the scope of this Section 2.5 or the other terms set forth in this Agreement or the rights of the Secondary
Indemnitors or their insurers hereunder.

 

    7

     

    

 

2.6       Other
Rights of Designees. Except as provided in Sections 2.3, 2.4 and 2.5, each
FF Top Designee and the other members serving on the Board shall be entitled to the same
rights and privileges applicable to all other members of the Board generally or to which all such members of the Board are entitled.
In furtherance of the foregoing, subject to Company’s certificate of incorporation and/or bylaws, the Company shall indemnify,
exculpate, and advance fees and expenses of the FF Top Designees and the other members serving on the Board (including by entering
into an indemnification agreement in a form substantially similar to the Company’s form director indemnification agreement)
and provide such FF Top Designees and the other members with director and officer insurance to the same extent it indemnifies,
exculpates, reimburses and provides insurance for the other members of the Board pursuant to the certificate of incorporation and/or
the bylaws of the Company, applicable Law or otherwise.

 

ADDITIONAL
COVENANTS

 

3.1
Pledges. Upon the written request of the Shareholder to pledge, hypothecate or grant security interests in any or all of the
shares of Common Stock held by it, including to banks or financial institutions as collateral or security for loans, advances or extensions
of credit, the Company agrees to cooperate with the Shareholder in taking any action reasonably necessary to consummate any such pledge,
hypothecation or grant, including, delivery of letter agreements to lenders in form and substance reasonably satisfactory to such lenders
(which may include agreements by the Company in respect of the exercise of remedies by such lenders) and, subject to applicable Law,
instructing the transfer agent to transfer any such shares of Common Stock subject to the pledge, hypothecation or grant into the facilities
of The Depository Trust Company without restricted legends.

 

3.2
Spin-Offs or Split Offs. In the event that the Company effects the separation of any material portion of its business into one
or more entities (each, a “NewCo”), whether existing or newly formed, including by way of spin-off, split-off, carve-out,
demerger, recapitalization, reorganization or similar transaction, and the Shareholder will receive equity interests in any such NewCo
as part of such separation, the Company shall cause any such NewCo to enter into a shareholders agreement with the Shareholder that provides
the Shareholder with rights vis-á-vis such NewCo that are substantially identical to those set forth in this Agreement.

 

    8

     

    

 

ARTICLE
IV

GENERAL
PROVISIONS

 

4.1
Termination. Except for Section 2.5 hereof and this Article IV, this Agreement shall terminate at such time as FF
Top is no longer entitled to designate a director pursuant to Section 2.1(b) hereof.

 

4.2
Notices. Any notice, designation, request, request for consent or consent provided for in this Agreement shall be in writing and
shall be either personally delivered, sent by electronic mail or sent by reputable overnight courier service (charges prepaid) to the
Company at the address set forth below and to any other recipient at the address indicated on the Company’s records, or at such
address or to the attention of such other Person as the recipient party has specified by prior written notice to the sending party. Notices
and other such documents will be deemed to have been given or made hereunder when delivered personally or sent by electronic mail during
normal business hours (and otherwise as of the immediately following Business Day) and one (1) Business Day after deposit with a reputable
overnight courier service.

 

If
to the Company, to:

 

c/o
Faraday & Future

 

18455
S. Figueroa Street

Los
Angeles, CA 90248

Attention:
General Counsel

E-mail:
jarret.johnson@ff.com

 

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

 

Sidley
Austin LLP

 

1999
Avenue of the Stars, 17th Floor

Attention:
Vijay S. Sekhon, Esq.

Email:
vsekhon@sidley.com

 

If
to FF Top, to:

 

Conyers
Trust Company (BVI) Limited Commerce House,

Wickhams Cay 1, P.O. Box 3 140, Road Town,

Tortola VG1110, British Virgin Islands

 

Attention:
Matthias Aydt

 E-mail:
Matthias.Aydt@ff.com

 

4.3
Amendment; Waiver. This Agreement may be amended, supplemented or otherwise modified only by a written instrument executed by
the parties hereto. Neither the failure nor delay on the part of any party hereto to exercise any right, remedy, power or privilege under
this Agreement shall operate as a waiver thereof, nor shall any single or partial exercise of any right, remedy, power or privilege preclude
any other or further exercise of the same or of any other right,
remedy, power or privilege, nor shall any waiver of any right, remedy, power or privilege with respect to any occurrence be construed
as a waiver of such right, remedy, power or privilege with respect to any other occurrence. No waiver shall be effective unless it is
in writing and is signed by the party asserted to have granted such waiver.

 

    9

     

    

 

4.4
Further Assurances. The parties hereto will sign such further documents, cause such meetings to be held, resolutions passed, exercise
their votes and do and perform and cause to be done such further acts and things necessary, proper or advisable in order to give full
effect to this Agreement and every provision hereof. To the fullest extent permitted by Law, the Company shall not directly or indirectly
take any action that is intended to, or would reasonably be expected to result in, the Shareholder being deprived of the rights contemplated
by this Agreement.

 

4.5
Assignment. This Agreement may not be directly or indirectly assigned or Transferred (by operation of Law or otherwise) without
the express prior written consent of the other party hereto, and any attempted assignment, without such consents, will be null and void;
provided, however, that the Shareholder may assign to any of its wholly owned Subsidiaries all of its rights hereunder and, following
such assignment, such assignee shall be deemed to be the Shareholder for all purposes of this Agreement. This Agreement will inure to
the benefit of and be binding on the parties hereto and their respective successors and permitted assigns.

 

4.6
Third Parties. Except as provided for in Section 2.1 and Section 2.5, this Agreement does not create any rights,
claims or benefits inuring to any person that is not a party hereto nor create or establish any third party beneficiary hereto. For the
avoidance of doubt, the parties hereto acknowledge that the named individuals in Section 2.1(a) who are not signatories hereto are intended
third party beneficiaries and entitled to enforce this Agreement directly against any party hereto as if such named individuals were
named herein as a party.

 

4.7
Governing Law. THIS AGREEMENT AND ITS ENFORCEMENT AND ANY CONTROVERSY ARISING OUT OF OR RELATING TO THE MAKING OR PERFORMANCE
OF THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO DELAWARE’S
PRINCIPLES OF CONFLICTS OF LAW. IN THE EVENT OF A CONFLICT BETWEEN THIS AGREEMENT AND THE COMPANY’S CERTIFICATE OF INCORPORATION
AND/OR BYLAWS, THE PROVISIONS OF THIS AGREEMENT SHALL SUPERSEDE THE COMPANY’S CERTIFICATE OF INCORPORATION AND/OR BYLAWS WITH RESPECT
TO SUCH CONFLICTING SUBJECT MATTER.

 

4.8
Jurisdiction; Waiver of Jury Trial. Each party hereto hereby (i) agrees that any action, directly or indirectly, arising out of,
under or relating to this Agreement shall exclusively be brought in and shall exclusively be heard and determined by the federal and
state courts located in the State of Delaware and (ii) solely in connection with the action(s) contemplated by subsection (i) hereof,
(A) irrevocably and unconditionally consents and submits to the exclusive jurisdiction of the courts identified in subsection (i) hereof,
(B) irrevocably and unconditionally waives any objection to the laying of venue in any of the courts identified in clause (i) of this
Section 4.8, (C) irrevocably and unconditionally waives and agrees not to plead or claim that any of the courts
identified in such clause (i) is an inconvenient forum or does not have personal jurisdiction over any party hereto, and (D) agrees that
mailing of process or other papers in connection with any such action in the manner provided herein or in such other manner as may be
permitted by applicable Law shall be valid and sufficient service thereof. EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM OR ACTION DIRECTLY OR INDIRECTLY
ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR THE SERVICES CONTEMPLATED HEREBY.

 

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4.9
Specific Performance. Each party hereto acknowledges and agrees that in the event of any breach of this Agreement by any of them,
the other parties hereto would be irreparably harmed and could not be made whole by monetary damages. Each party accordingly agrees to
waive the defense in any action for specific performance that a remedy at Law would be adequate and agrees that the parties, in addition
to any other remedy to which they may be entitled at Law or in equity, shall be entitled to specific performance of this Agreement without
the posting of a bond.

 

4.10
Entire Agreement. This Agreement sets forth the entire understanding of the parties hereto with respect to the subject matter
hereof. There are no agreements, representations, warranties, covenants or understandings with respect to the subject matter hereof or
thereof other than those expressly set forth herein and therein. This Agreement supersedes all other prior agreements and understandings
between the parties with respect to such subject matter.

 

4.11
Severability. If any provision of this Agreement, or the application of such provision to any Person or circumstance or in any
jurisdiction, shall be held to be invalid or unenforceable to any extent, (i) the remainder of this Agreement shall not be affected thereby,
and each other provision hereof shall be valid and enforceable to the fullest extent permitted by Law, (ii) as to such Person or circumstance
or in such jurisdiction such provision shall be reformed to be valid and enforceable to the fullest extent permitted by Law, and (iii)
the application of such provision to other Persons or circumstances or in other jurisdictions shall not be affected thereby.

 

4.12
Table of Contents, Headings and Captions. The table of contents, headings, subheadings and captions contained in this Agreement
are included for convenience of reference only, and in no way define, limit or describe the scope of this Agreement or the intent of
any provision hereof.

 

4.13
Grant of Consent. Any vote, consent or approval of, or designation by, or other action of, the Shareholder hereunder shall be
effective if notice of such vote, consent, approval, designation or other action is provided in accordance with Section 4.2 hereof
by the Shareholder as of the latest date any such notice is so provided to the Company.

 

4.14
Counterparts. This Agreement and any amendment hereto may be signed in any number of separate counterparts, and may be delivered
by means of electronic transmission in portable
document format, each of which shall be deemed an original, but all of which taken together shall constitute one Agreement (or amendment,
as applicable).

 

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4.15
Effectiveness; Termination. This Agreement shall become effective upon the Closing Date, and shall automatically terminate upon
the valid termination of the Merger Agreement pursuant to its terms.

 

4.16
No Recourse. This Agreement may only be enforced against, and any claims or cause of action that may be based upon, arise out
of or relate to this Agreement, or the negotiation, execution or performance of this Agreement, the transactions contemplated hereby
or the subject matter hereof may only be made against the parties hereto and no past, present or future Affiliate, director, officer,
employee, incorporator, member, manager, partner, shareholder, agent, attorney or representative of any party hereto or any past, present
or future Affiliate, director, officer, employee, incorporator, member, manager, partner, shareholder, agent, attorney or representative
of any of the foregoing (each, a “Non-Recourse Party”) shall have any liability for any obligations or liabilities
of the parties to this Agreement or for any claim based on, in respect of, or by reason of, the transactions contemplated hereby. Without
limiting the rights of any party against the other parties hereto, in no event shall any party or any of its Affiliates seek to enforce
this Agreement against, make any claims for breach of this Agreement against, or seek to recover monetary damages from, any Non-Recourse
Party.

 

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

 

	 	 	 	 
	 	FARADAY FUTURE INTELLIGENT ELECTRIC
    INC.
	 	 	 	 
	 	By:	/s/ Dr. Carsten Breitfeld
	 	 	Name: 	Dr. Carsten Breitfeld
	 	 	Title: 	Global Chief Executive Officer

 

     

     

    

 

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

 

	 	  FF TOP HOLDING LTD.
	 	 	 	 
	 	By:	/s/ Matthias Aydt
	 	 	Name: 	Matthias Aydt
	 	 	Title: 	President

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