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SUBORDINATION AND INTERCREDITOR AGREEMENT
THIS SUBORDINATION AND INTERCREDITOR AGREEMENT (this “Agreement”) is made as of October 6, 2022, by and between IONIC VENTURES, LLC (the “Junior Lender”), REMARK HOLDINGS, INC., a Delaware corporation (“Borrower”), and MUDRICK CAPITAL MANAGEMENT, LP. and/or one or more managed funds or accounts (collectively and each without differentiation, the “Senior Lender”) under the Senior Loan Agreement defined below.
R E C I T A L S :
A.    The Borrower, certain subsidiaries of the Borrower party thereto as guarantors and Senior Lender have entered into that certain SENIOR SECURED LOAN AGREEMENT dated as of December 3, 2021 pursuant to which the Senior Lender made a loan to Loan Parties in the aggregate principal sum of Thirty Million Dollars ($30,000,000) (the “Senior Loan”), as amended by that certain FIRST AMENDMENT TO SENIOR SECURED LOAN AGREEMENT dated as of August 3, 2022 (the “First Amendment” and the Senior Secured Loan Agreement as amended by the First Amendment, the “Senior Loan Agreement”).  Capitalized terms used but not defined herein are used as defined in the Senior Loan Agreement. 
B.    The Senior Loan is secured by the grant of a lien and security interest pursuant to the Senior Loan Agreement (when referenced in such capacity, the “Senior Security Agreement”).  The Senior Security Agreement encumbers the personal property described therein (the “Collateral”).  In connection therewith, Senior Lender has filed or will file concurrently herewith one or more UCC-1 Financing Statements and intellectual property security agreements with the various filing offices, and will enter into account control agreements in order to perfect the security interest of Senior Lender in the Collateral (collectively, the “Senior Financing Statements”).  
C.    The Senior Loan Agreement, Senior Security Agreement and Senior Financing Statements and any and all other documents and instruments evidencing the Senior Loan, as the same may be amended, modified and restated, are collectively referred to herein as the “Senior Loan Documents”.  
D.    Borrower is obligated to Junior Lender for a loan in the initial principal amount of $2,778,000, which may be increased to $3,334,000 upon the occurrence of certain trigger events as set forth therein, which is payable, together with all interest, penalties, at maturity (the “Junior Obligations”) or upon conversion into shares of Borrower’s common stock, pursuant to that certain SUBORDINATED CONVERTIBLE DEBENTURE, dated as of October 6, 2022, issued by Borrower to Junior Lender (as amended, modified and supplemented from time to time, the “Junior Financing Agreement”).  The Junior Financing Agreement and the other loan documents delivered to Junior Lender, including, without limitation, the Debenture Purchase Agreement and Registration Rights Agreement, of even date with the Junior Financing Agreement (collectively, the “Junior Loan Documents”) evidence the Junior Obligations.  True and correct copies of the executed and delivered Junior Loan Documents are attached hereto as Exhibit A.
F.    All obligations of Borrower to Senior Lender (together, with their respective successors and assigns, the “Senior Secured Parties”) now existing or hereafter arising, due or to become due, under the Senior Loan Documents, including, without limitation, the Senior Loan, are herein called the “Senior Obligations”.
G.    Simultaneously with the execution of this Agreement, Borrower and Senior Lender have executed that certain Provisional Waiver and Consent Agreement (the “Waiver”).

H.    In connection with the making or continuation of the Senior Loan, Senior Lender requests that Junior Lender enter into this Agreement.
NOW, THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto represent, warrant and agree as follows:
1.    Recitals.  The recitals set forth above are true and correct and are hereby incorporated in their entirety.
2.    Subordination of Obligations; Junior Obligations Unsecured.
(a)    Junior Lender hereby agrees that, for so long as the Waiver remains in full force and effect, the Junior Obligations are and shall be fully and unconditionally junior and subordinate in right of cash payment to the prior payment in full in immediately available United States Dollars (“Payment on Full” or “Paid in Full”) of all Senior Obligations, including Senior Obligations incurred, created, assumed or guaranteed after the date hereof, and that the subordination is for the benefit of and enforceable by the holders of such Senior Obligations. 
(b)    Notwithstanding the foregoing or anything to the contrary in this Agreement or in the Senior Loan Documents or Waiver, Junior Lender shall be permitted to receive, retain and dispose of, and the Borrower shall be permitted to issue, equity interests of the Borrower to Junior Lender in full or partial satisfaction of Borrower’s Junior Obligations upon conversion of all amounts due and owing under the Junior Loan Documents in accordance with their respective terms.  
(c)    Junior Lender acknowledges and agrees that (i) no liens or security interests secure or will in the future secure the Junior Obligations and (ii) it shall not accept any liens or security interests in any assets or property of Borrower or any Subsidiaries (including, without limitation, the Collateral) to secure the Junior Obligations unless the Senior Obligations have been Paid in Full and all liens securing the Senior Obligations have been released in accordance with the terms of the Senior Loan Documents.  Any lien or security interest that may nevertheless be granted to Junior Lender shall be held by Junior Lender as collateral agent for Senior Lender until such time as the Senior Obligations are Paid in Full.
3.    Subordination of Payment; Extension of Maturity.  Cash payment of the Junior Obligations shall be subject and subordinate to the prior satisfaction in full of the Senior Obligations, except to the extent payment of the Junior Obligations is permitted by the Senior Loan Documents or contemplated in Section 2(b).  Junior Lender and Borrower agree that the maturity date of the Junior Obligations will be at least 91 days after the current maturity date of the Senior Obligations as such current maturity date is fixed under the Senior Loan Documents in the form in effect on the date first set forth above.  Junior Lender acknowledges and agrees that notwithstanding anything to the contrary in the Junior Loan Documents, until the prior satisfaction in full of the Senior Obligations, the maturity date of the Junior Obligations is not subject to acceleration. 
4.    Payment Standstill.  Except as provided in Section 2(b) Borrower may not pay to Junior Lender and the Junior Lender will not accept, any principal, interest or fees in cash under any or all of the Junior Loan Documents until Payment in Full of the Senior Obligations.  
5.    Constructive Trust; Further Assurance.  In the event that Junior Lender receives or holds any lien, cash payment transfer or other distribution of any kind or character from Borrower or any guarantor of the Senior Loan in respect of the Junior Obligations that is in contravention of this Agreement, such cash payment or other distribution shall be received and 
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shall be held by Junior Lender in trust for and be promptly delivered to Senior Lender.  In the event of any distribution, division, or application, partial or complete, voluntary or involuntary, by operation of law or otherwise (or in connection with any Enforcement Action (as defined below)), of all or any part of the assets of Borrower, or the proceeds thereof, to creditors of Borrower, by reason of the liquidation, dissolution, or other winding up of Borrower’s business, or in the event of any sale, receivership, insolvency or bankruptcy proceedings by or against Borrower, or assignment for the benefit of creditors, or of any proceedings by or against Borrower for any relief under any bankruptcy or insolvency laws, or relating to the relief of debtors, readjustment of indebtedness, reorganizations, arrangements, compositions or extensions, or of any other event whereby it becomes necessary or desirable to file or present claims against Borrower for the purpose of receiving payment thereof, or on account thereof, then and in any such event, any payment or distribution of any kind or character, either in cash or other property, which shall be made in connection with such event or shall be payable with respect to any Junior Obligations shall be paid over to Senior Lender for application to the payment of the Senior Obligations, whether due or not due, and, except as otherwise provided in this Agreement, no payments shall be made upon or in respect of the Junior Obligations unless and until the Senior Obligations shall have been Paid in Full.  In any such event, all claims of Senior Lender, at the option of Senior Lender, forthwith become due and payable without demand or notice.  In the event that any person that is not a party to this Agreement delivers to Junior Lender any property that constitutes collateral for the Senior Loan, then the turnover obligation of this Section 5 shall pertain to such collateral.  
6.    Amendments to Senior Obligations and Senior Loan Documents.  Senior Lender may amend the Senior Obligations and the Senior Loan Documents (which, for the avoidance of any doubt does not include the Waiver) in any manner without the prior written consent of Junior Lender.  No modification of the Senior Obligations, and no release or surrender of any security for the Senior Obligations, or the obligations of any endorsers, sureties or guarantors thereof, or release from the terms of this or any other subordination agreement of any claims subordinated, and no delay or omission in exercising any right or power on account of or in connection with the Senior Obligations, or under this Agreement, shall, in any manner, impair or affect the rights and duties of Senior Lender.  Senior Lender, in its sole and absolute discretion, may waive or release any right or option accorded Senior Lender under this Agreement without the consent of Borrower or Junior Lender, and without otherwise in any way affecting the obligations of Borrower and Junior Lender hereunder.  
7.    Refinancing of Senior Loan or Junior Loan.  Each lender that refinances the Senior Loan shall be entitled to the benefit of this Agreement.  No lender (other than those permitted transferees as set forth in the Junior Loan Documents) that refinances the Junior Loan shall be entitled to the benefit of this Agreement unless such refinancing is approved by Senior Lender in writing.
8.    Amendments to Junior Obligations and Junior Loan Documents.  Junior Lender may not amend or modify the terms of the Junior Obligations and the Junior Loan Documents in any manner that would adversely affect the Senior Obligations or the Collateral in any material respect without the prior written consent of Senior Lender.  Junior Lender shall give Senior Lender written notice as well as copies of any such amendments within five business days after such documents have been executed by Junior Lender.
9.    Default Under Junior or Senior Loan Documents.  Junior Lender shall send to Senior Lender a written copy of any notices given to Borrower regarding (a) any default under the Junior Obligations, or (b) any event, with the giving of such notice or the passage of time without cure, would result in a default under the Junior Obligations.  Junior Lender agrees that all such notices to Senior Lender shall be sent contemporaneously with the sending of such notices to Borrower.  Senior Lender shall send to Junior Lender a written copy of any notices 
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given to Borrower regarding (i) any default under the Senior Loan Documents or (ii) any event, with the giving of such notice or the passage of time without cure, would result in a default under the Senior Loan Documents.  Senior Lender agrees that all such notices to Junior Lender shall be sent contemporaneously with the sending of such notices to Borrower.  Junior Lender and Senior Lender shall each have the right, but not the obligation, to cure any default by Borrower under the other’s obligations.  
10.      Prohibition on Contesting Liens.  Junior Lender agrees that it will not at any time contest the validity, perfection, priority or enforceability of the Senior Obligations, the Senior Loan Documents, or the liens and security interests of Senior Lender in the Collateral securing the Senior Obligations.
11.    Bankruptcy of Borrower.  Junior Lender agrees to not take any action (which does not include the exercise of remedies by Junior Lender) to cause Borrower to become voluntarily or involuntarily subject to an Insolvency Proceeding (as defined below).
12.    Additional Agreements of Junior Lender.  So long as the Senior Obligations are outstanding, Junior Lender agrees that it shall not take any Enforcement Action to enforce any claims against Borrower for cash, nor shall Junior Lender take any Enforcement Action against any assets or property of Borrower (including, without limitation, the Collateral). 
As used herein:
“Bankruptcy Code” means Title 11 of the United States Code, as amended from time to time, or any similar federal or state law for the relief of debtors; 
“Enforcement Action” means, with respect to the Senior Obligations or the Junior Obligations, as applicable (a) to sue for cash payment of, or to initiate or participate with others in any suit, action or proceeding against Borrower to (i) enforce payment of, or to collect the whole or any part of, such obligations or (ii) commence judicial enforcement of any of the rights and remedies under, as applicable, the Senior Loan Documents or the Junior Loan Documents or applicable law with respect to cash payments; (b) to accelerate the Senior Obligations or the Junior Obligations, as the case may be; or (c) with respect to Senior Lender only, to take any action under the provisions of any state or federal law, or under any contract or agreement, to enforce, foreclose upon, take possession of or sell the Collateral;
“Insolvency Proceeding” means any proceeding in respect of bankruptcy, insolvency, winding up, receivership, dissolution or assignment for the benefit of creditors, for each of the foregoing events whether under the Bankruptcy Code or any similar federal, state or foreign bankruptcy, insolvency, creditor protection, reorganization, receivership or similar law.
13.    Termination.  This Agreement shall terminate upon full and final payment in cash of all amounts due and the performance of all obligations under either the Senior Obligations or the Junior Obligations.
14.    Notices.  For purposes of this Agreement, notices and communications shall in all events be in writing and be deemed to have been received upon the first to occur of (i) actual receipt, (ii) the next business day after the date when sent by Federal Express or another recognized overnight courier, (iii) the date sent when sent by facsimile to the numbers set forth below and the appropriate mechanical confirmation is received or (iv) the second business day after the date when sent by registered or certified mail, postage prepaid, addressed:
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In the case of Junior Lender, to:
Ionic Ventures, LLC
3053 Fillmore St, Suite 256
San Francisco, CA 94123
Attention: Brendan T. O’Neil
Email: Brendan@ionicventures.com

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

K&L Gates LLP
599 Lexington Avenue
New York, NY 10022-6030
Telephone: (212) 536-4085
Attention: Matthew Ogurick, Esq.
Email: matthew.ogurick@klgates.com

With a copy to Borrower:
Remark Holdings, Inc.
800 S. Commerce Street
Las Vegas, NV 89106

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

Olshan Frome Wolosky LLP
1325 Avenue of the Americas
New York, NY 10019
Telephone: (212) 451-2220
Attention: Robert Friedman
Email: rfriedman@olshanlaw.com 
And in the case of Senior Lender, to:
Such address has been furnished in writing by Senior Lender to Borrower
with a copy to (which shall not constitute notice):

Milbank LLP
55 Hudson Yards
New York, NY 10001-2163
Telephone: (212) 530-5000
Attention: Eric Reimer
Email: ereimer@milbank.com

or to such other address as any of the above-named parties may designate for itself by notice so given.
15.    Effect of Agreement on Borrower.  This Agreement is for the sole benefit of Senior Lender and Junior Lender and their successors and assigns.  Nothing herein shall be deemed to modify, limit or in any way affect the rights and obligations of Borrower to Senior 
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Lender under the Senior Loan Documents or Borrower to Junior Lender under the Junior Obligations.
16.    Counterparts.  This Agreement may be executed in any number of counterparts and each such counterpart shall be deemed an original but all such counterparts together shall constitute one and the same Agreement.
17.    Governing Law; Severability.  This Agreement shall be governed by and construed in accordance with the internal laws of the State of Delaware.  If any provision shall be held prohibited or invalid under applicable law, such provision shall be ineffective to the extent of such prohibition or invalidity without invalidating any other provision of this Agreement.  
18.    Successors and Assigns.  This Agreement shall inure to the benefit of and be binding upon Senior Lender and Junior Lender and their respective successors and assigns.
19.    Including Means Without Limitation.  The use in this Agreement of the term “including”, and related terms such as “include”, shall in all cases mean “including, without limitation”.
20.    Parties in Interest.  Nothing in this Agreement is intended or shall be construed to confer upon or to give Borrower or any other person or entity other than the parties hereto (and their permitted successors and assigns) and the other Senior Secured Parties any right, remedy or claim under or by reason of this Agreement.  All terms and conditions in this Agreement shall be for the sole and exclusive benefit of the parties hereto and their permitted successors and assigns, as well as the other Senior Secured Parties, all of whom are intended to be bound by, and to be third party beneficiaries of, this Agreement.

[SIGNATURE PAGES FOLLOW]
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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered as of the day and year first above written.
									
	 	JUNIOR LENDER:

	 	 	 
	 	IONIC VENTURES, LLC
	 	 	 
	 	By:	/s/ Brendan O'Neil
	 	Name: 	Brendan O'Neil
	 	Title:	Authorized Signatory

[Signature  Page to Subordination and Intercreditor Agreement]

									
	 	SENIOR LENDER:

	 	 	 
	 	MUDRICK CAPITAL MANAGEMENT, LP. and/or one or more managed funds or accounts

	 	 	 
	 	By:	/s/ John O'Callaghan
	 	Name: 	John O'Callaghan
	 	Title:	Corporate Secretary

[Signature  Page to Subordination and Intercreditor Agreement]

CONSENTED AND AGREED TO:

									
	 	BORROWER:

	 	 	 
	 	REMARK HOLDINGS, INC., a Delaware corporation

	 	 	 
	 	By:	/s/ Kai-Shing Tao
	 	Name: 	Kai-Shing Tao
	 	Title:	Chief Executive Officer

[Signature  Page to Subordination and Intercreditor Agreement]Exhibit 10.1

 

EXECUTION COPY

 

EXCHANGE AGREEMENT

 

THIS EXCHANGE AGREEMENT (the
“Agreement”) is dated this 10th day of October, 2022, by and among Faraday Future Intelligent Electric Inc., a Delaware
corporation with offices located at 18455 S. Figueroa Street, Gardena, CA 90248 (the “Company”), and the investors
signatory hereto (collectively the “Holders”).

 

WHEREAS, the Holders beneficially
own and hold the securities of the Company as set forth on Exhibit A hereto (the “Original Notes”) (capitalized
terms not defined herein shall have the meaning as set forth in the Original Notes);

 

WHEREAS, each Holder desires
to exchange (the “Exchange”) such aggregate principal amount of the Original Notes as set forth opposite such Holder’s
name on Exhibit A attached hereto (the “Exchanging Securities”) for (x) such aggregate number of shares
(the “Exchange Shares”) of Common Stock, par value $0.0001 (the “Common Stock”) as set forth opposite
such Holder’s name on Exhibit A attached hereto, reflecting a price per share of Common Stock of $0.64, and the Company
desires to convey the Exchange Shares in exchange for the Exchanging Securities and, all on the terms and conditions set forth in this
Agreement in reliance on the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended (the “Securities
Act”); and

 

WHEREAS, upon the consummation
of the transactions contemplated hereby, the Holders shall no longer own any Exchanging Securities, and the Company shall cancel the certificate(s)
and other physical documents evidencing the ownership of the Exchanging Securities.

 

NOW, THEREFORE, in consideration
of the terms and conditions contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Company and the Holders hereby agree as follows:

 

Section 1. Exchange.
Subject to and upon the terms and conditions set forth in this Agreement, the Holders agrees to surrender to the Company the Exchanging
Securities and, in exchange therefor, the Company shall convey to the Holders the Exchange Shares.

 

1.1 Closing.
On the Closing Date (as defined below), the Company will convey and deliver (or cause to be conveyed and delivered) the Exchange Shares
to each Holder by deposit/withdrawal at custodian in accordance with the instructions attached hereto as Schedule I, which
Exchange Shares shall be issued without restricted legend and shall be freely tradable by such applicable Holder and each Holder will
surrender to the Company the Exchanging Securities for cancellation and duly execute and, if requested by the Company, deliver to the
Company a Rule 144 representation letter in a form reasonably acceptable to the Company (the “144 Rep letter”). The
closing of the Exchange shall occur as on the date hereof, or as soon thereafter as the parties may mutually agree in writing (the “Closing
Date”), subject to the provisions of Section 4 and Section 5 herein.

 

1.2 Section 3(a)(9).
Assuming the accuracy of the representations and warranties of each of the Company and the Holders set forth in Sections 2 and 3 of this
Agreement, the parties acknowledge and agree that the purpose of such representations and warranties is, among other things, to ensure
that the Exchange qualifies as an exchange of securities under Section 3(a)(9) of the Securities Act.

 

     

     

    

 

Section 2. Representations and Warranties
of the Company. The Company represents and warrants to the Holders that: 

2.1 Organization
and Qualification. Except as set forth on Schedule 2.1, the Company is an entity duly incorporated or otherwise organized,
validly existing and in good standing under the laws of the jurisdiction of its incorporation or organization, with the requisite power
and authority to own and use its properties and assets and to carry on its business as currently conducted. Neither the Company, nor any
subsidiary is in violation or default of any of the provisions of its respective certificate or certificates of incorporation, bylaws
or other organizational or charter documents. Each of the Company and its subsidiaries is duly qualified to conduct business and is in
good standing as a foreign corporation or other entity in each jurisdiction in which the nature of the business conducted or property
owned by it makes such qualification necessary, except where the failure to be so qualified or in good standing, as the case may be, could
not have or reasonably be expected to result in a material adverse effect on the results of operations, assets, business, prospects or
condition (financial or otherwise) of the Company, taken as a whole (a “Material Adverse Effect”).

 

2.2 Authorization; Enforcement.
The Company has the requisite corporate power and authority to enter into and to consummate the transactions contemplated by this Agreement
and the Exchange Shares (collectively, the “Exchange Documents”) and otherwise to carry out its obligations hereunder
and thereunder. The execution and delivery of this Agreement and each of the other Exchange Documents by the Company and the consummation
by it of the transactions contemplated hereby and thereby have been duly authorized by all necessary action on the part of the Company
and no further action is required by the Company, the Board of Directors or the Company’s stockholders in connection herewith or
therewith. This Agreement and each other Exchange Document to which it is a party has been (or upon delivery will have been) duly executed
by the Company and, when delivered in accordance with the terms hereof and thereof, will constitute the valid and binding obligation
of the Company enforceable against it in accordance with its terms, except: (i) as limited by general equitable principles and applicable
bankruptcy, insolvency, reorganization, moratorium and other laws of general application affecting enforcement of creditors’ rights
generally; (ii) as limited by laws relating to the availability of specific performance, injunctive relief or other equitable remedies;
and (iii) insofar as indemnification and contribution provisions may be limited by applicable law.

 

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2.3 Issuance
of Exchange Shares. The issuance of the Exchange Shares by the Company is duly authorized and, upon conveyance in accordance with
the terms hereof, the Exchange Shares shall be validly issued, fully paid and non-assessable and free from all free and clear of any mortgage,
lien, pledge, charge, security interest, encumbrance, title retention agreement, option, rights, proxies, equity or other adverse claim
thereto (collectively, “Liens”). The Exchange Shares shall not bear any restrictive legend and shall be freely tradeable
by each Holder pursuant to and in accordance with Rule 144. The Exchange Shares shall not be required to bear any restrictive legend and
shall be freely transferable by such applicable Holder pursuant to and in accordance with Rule 144 of the Securities Act (“Rule
144”), provided, for the avoidance of doubt, that such applicable Holder shall not be an affiliate of the Company and shall
not have been an affiliate during the 90 days preceding the date of any transfer.

 

2.4 No Conflicts.
The execution, delivery and performance by the Company of this Agreement and the other Exchange Documents to which it is a party, the
issuance of the Exchange Shares and the consummation by it of the transactions contemplated hereby and thereby do not and will not conflict
with or violate any provision of the Company’s certificate of incorporation, bylaws or other organizational or charter documents.

 

2.5 Acknowledgment
Regarding the Exchange. The Company acknowledges and agrees that each Holder is acting solely in the capacity of an arm’s length
third party with respect to this Agreement and the transactions contemplated hereby. The Company further acknowledges each Holder is not
acting as a financial advisor or fiduciary of the Company (or in any similar capacity) with respect to this Agreement and the transactions
contemplated hereby, and any advice given by any Holder or any of its representatives or agents in connection with this Agreement is merely
incidental to the Exchange.

 

2.6 No Commission;
No Other Consideration. The Company has not paid or given, and has not agreed to pay or give, directly or indirectly, any commission
or other remuneration for soliciting the Exchange. The Exchange Shares are being conveyed exclusively for the exchange of the Exchanging
Securities and no other consideration has or will be paid for the Exchange Shares.

 

2.7 3(a)(9) Representation.
The Company has not, nor has any person acting on its behalf, directly or indirectly made any offers or sales of any security or solicited
any offers to buy any security under circumstances that would cause the Exchange and the issuance of the Exchange Shares pursuant to
this Agreement to be integrated with prior offerings by the Company for purposes of the Securities Act which would prevent the Company
from delivering the Exchange Shares to each Holder pursuant to Section 3(a)(9) of the Securities Act, nor will the Company take any action
or steps that would cause the Exchange, issuance and delivery of the Exchange Shares to be integrated with other offerings to the effect
that the delivery of the Exchange Shares to each Holder would be seen not to be exempt pursuant to Section 3(a)(9) of the Securities
Act.

 

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

 

2.9 [Reserved.] 

 

2.10 [Reserved.]

 

2.11 Filings, Consents
and Approvals. Other than as set forth on Schedule 2.11, or any filings required to be made with the SEC or any
state securities commission, in connection with the transactions contemplated under this Agreement, the Company is not required to obtain
any consent, waiver, authorization or order of, give any notice to, or make any filing or registration with, any court or other federal,
state, local or other governmental authority or other Person in connection with the execution, delivery and performance by the Company
of this Agreement. 

 

2.12 [Reserved.] 

 

2.13 DTC Eligibility.
The Company, through the Company’s transfer agent (the “Transfer Agent”), currently participates in the DTC
Fast Automated Securities Transfer (FAST) Program and the Common Stock can be transferred electronically to third parties via the DTC
Fast Automated Securities Transfer (FAST) Program.

 

2.14 [Reserved.]

 

2.15 Litigation. Other
than as set forth in the SEC Reports, there is no action, suit, inquiry, notice of violation, proceeding or investigation pending or,
to the knowledge of the Company, threatened against or affecting the Company or any of its properties before or by any court, arbitrator,
governmental or administrative agency or regulatory authority (federal, state, county, local or foreign) (collectively, an “Action”)
which adversely affects or challenges the legality, validity or enforceability of any of the Exchange Documents or the Exchange Shares. 

 

2.16 [Reserved.]

 

2.17 [Reserved.]

 

2.18 [Reserved.]

 

2.19 Certain
Fees. No brokerage or finder’s fees or commissions are or will be payable by the Company or any Subsidiaries to any broker,
financial advisor or consultant, finder, placement agent, investment banker, bank or other Person with respect to the transactions contemplated
by the Exchange Documents.

 

2.20 No Integrated Offering.
Assuming the accuracy of the applicable Holder’s representations and warranties set forth in Section 3, neither the Company, nor
any of its Affiliates, nor any Person acting on their behalf has, directly or indirectly, made any offers or sales of any security or
solicited any offers to buy any security, under circumstances that would cause the Exchange to be integrated with prior offerings by
the Company for purposes of (i) the Securities Act which would require the registration of any such securities under the Securities Act,
or (ii) any applicable shareholder approval provisions of any Trading Market on which any of the securities of the Company are listed
or designated. 

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2.21 Acknowledgment
Regarding Holder’ Exchange of the Exchanging Securities. To the knowledge of the Company each Holder is acting solely in the
capacity of an arm’s length party with respect to the Exchange Documents and the transactions contemplated thereby.

 

Section 3. Representations and Warranties
of each Holder. Each Holder represents and warrants to the Company, severally and not jointly, that: 

3.1 Ownership of the Exchanging Securities.
Such Holder is the legal and beneficial owner of the Exchanging Securities. Such Holder paid for the Exchanging Securities and has continuously
held the Exchanging Securities since its purchase. Such Holder owns the Exchanging Securities outright and free and clear of any options,
contracts, agreements, liens, security interests, or other encumbrances. 

3.2 No Public
Sale or Distribution. Such Holder is acquiring the Exchange Shares in the ordinary course of business for its own account and not
with a view toward, or for resale in connection with, the public sale or distribution thereof; provided, however, that by making the representations
herein, such Holder does not agree to hold any of the Exchange Shares, for any minimum or other specific term and reserves the right to
dispose of the Exchange Shares at any time in accordance with an exemption from the registration requirements of the Securities Act and
applicable state securities laws. Except as contemplated herein, such Holder does not presently have any agreement or understanding, directly
or indirectly, with any person to distribute, or transfer any interest or grant participation rights in, the Exchanging Securities or
the Exchange Shares.

 

3.3 Accredited Investor
and Affiliate Status. Such Holder is an “accredited investor” as that term is defined in Rule 501 of Regulation D under
the Securities Act. Such Holder is not, and has not been, for a period of at least three months prior to the date of this Agreement (a)
an officer or director of the Company, (b) an “affiliate” of the Company (as defined in Rule 144) (an “Affiliate”)
or (c) a “beneficial owner” of more than ten percent (10%) of the common stock (as defined for purposes of Rule 13d-3 of
the Exchange Act).

 

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3.4 Reliance on Exemptions.
Such Holder understands that the Exchange is being made in reliance on specific exemptions from the registration requirements of United
States federal and state securities laws and that the Company is relying in part upon the truth and accuracy of, and such Holder’s
compliance with, the representations, warranties, agreements, acknowledgments and understandings of such Holder set forth herein in order
to determine the availability of such exemptions and the eligibility of such Holder to complete the Exchange and to acquire the Exchange
Shares.

 

3.5 Information.
Such Holder has been furnished with all materials relating to the business, finances and operations of the Company and materials relating
to the Exchange which have been requested by such Holder. Such Holder has been afforded the opportunity to ask questions of the Company.
Neither such inquiries nor any other due diligence investigations conducted by such Holder or its representatives shall modify, amend
or affect such Holder’s right to rely on the Company’s representations and warranties contained herein. Such Holder acknowledges
that all of the documents filed by the Company with the SEC under Sections 13(a), 14(a) or 15(d) of the Exchange Act that have been posted
on the Commission’s EDGAR site are available to such Holder, and such Holder has not relied on any statement of the Company not
contained in such documents in connection with such Holder’s decision to enter into this Agreement and the Exchange.

 

3.6 Risk. Such Holder
understands that its investment in the Exchange Shares involves a high degree of risk. Such Holder is able to bear the risk of an investment
in the Exchange Shares including, without limitation, the risk of total loss of its investment. Such Holder has sought such accounting,
legal and tax advice as it has considered necessary to make an informed investment decision with respect to the Exchange.

 

3.7 No Governmental Review.
Such Holder understands that no United States federal or state agency or any other government or governmental agency has passed on or
made any recommendation or endorsement in connection with the Exchange or the fairness or suitability of the investment in the Exchange
Shares nor have such authorities passed upon or endorsed the merits of the Exchange Shares.

 

3.8 Organization; Authorization.
Such Holder is duly organized, validly existing and in good standing under the laws of its state of formation and has the requisite organizational
power and authority to enter into and perform its obligations under this Agreement. 

    6

     

    

 

3.9 Validity;
Enforcement. This Agreement has been duly and validly authorized, executed and delivered on behalf of such Holder and shall constitute
the legal, valid and binding obligations of such Holder enforceable against such Holder in accordance with its terms. The execution, delivery
and performance of this Agreement by such Holder and the consummation by such Holder of the transactions contemplated hereby (including,
without limitation, the irrevocable surrender of the Exchanging Securities) will not result in a violation of the organizational documents
of such Holder.

 

3.10 Prior Investment
Experience. Such Holder acknowledges that it has prior investment experience, including investment in securities of the type being
exchanged, including the Exchanging Securities and the Exchange Shares, and has read all of the documents furnished or made available
by the Company to it and is able to evaluate the merits and risks of such an investment on its behalf, and that it recognizes the highly
speculative nature of this investment.

 

3.11 Tax Consequences.
Such Holder acknowledges that the Company has made no representation regarding the potential or actual tax consequences for such Holder
which will result from entering into the Agreement and from consummation of the Exchange. Such Holder acknowledges that it bears complete
responsibility for obtaining adequate tax advice regarding the Agreement and the Exchange.

 

3.12 No Registration,
Review or Approval. Such Holder acknowledges, understands and agrees that the Exchange Shares are being exchanged hereunder pursuant
to an exchange offer exemption under Section 3(a)(9) of the Securities Act.

 

Section 4. Conditions Precedent
to Obligations of the Company. The obligation of the Company to consummate the transactions contemplated by this Agreement is subject
to the satisfaction of each of the following conditions, provided that these conditions are for the Company’s sole benefit and may
be waived by the Company at any time in its sole discretion by providing each Holder with prior written notice thereof:

 

4.1 Delivery.
Each Holder shall have delivered to the Company the Exchanging Securities.

 

4.2 No Prohibition.
No order of any court, arbitrator, or governmental or regulatory authority shall be in effect which purports to enjoin or restrain any
of the transactions contemplated by this Agreement; and

 

4.3 Representations.
The accuracy in all material respects when made and on the Closing Date of the representations and warranties of each Holder contained
herein (unless as of a specific date therein).

 

Section 5. Conditions Precedent
to Obligations of the Holders. The obligation of the Holders to consummate the transactions contemplated by this Agreement is subject
to the satisfaction of each of the following conditions, provided that these conditions are for the Holders’ sole benefit and may
be waived by the Holders at any time in their sole discretion by providing the Company with prior written notice thereof:

 

5.1 No Prohibition.
No order of any court, arbitrator, or governmental or regulatory authority shall be in effect which purports to enjoin or restrain any
of the transactions contemplated by this Agreement;

 

    7

     

    

 

5.2 Representations.
The representations and warranties of the Company (i) shall be true and correct in all material respects when made and on the Closing
Date (unless as of a specific date therein) for such representations and warranties contained herein that are not qualified by “materiality”
or “Material Adverse Effect” and (ii) shall be true and correct when made and on the Closing Date (unless as of specific date
therein) for such representations and warranties contained herein that are qualified by “materiality” or “Material Adverse
Effect”;

 

5.3   All
Obligations. All obligations, covenants and agreements of the Company required to be performed at or prior to the Closing Date shall
have been performed; and

 

5.3 No Suspension.
From the date hereof to the Closing Date, trading in the Common Stock shall not have been suspended by the SEC or any Trading Market and,
at any time prior to the Closing Date, trading in securities generally as reported by Bloomberg L.P. shall not have been suspended or
limited, which, in each case, makes it impracticable to consummate the Exchange.

 

Section 6. Other Agreements
between the Parties.

 

6.1   Integration.
The Company shall not sell, offer for sale or solicit offers to buy or otherwise negotiate in respect of any security (as defined in Section
2 of the Securities Act) that would be integrated with the Exchange of the Exchanging Securities in a manner that would require the registration
under the Securities Act of the sale of the Exchange Shares or that would be integrated with the offer of the Exchange Shares for purposes
of the rules and regulations of any Trading Market such that it would require shareholder approval prior to the closing of such other
transaction unless shareholder approval is obtained before the closing of such subsequent transaction.

 

6.2   Replacement of Securities.
If any certificate or instrument evidencing any of the Exchange Shares is mutilated, lost, stolen or destroyed, the Company shall convey
or cause to be conveyed in exchange and substitution for and upon cancellation thereof (in the case of mutilation), or in lieu of and
substitution therefor, a new certificate or instrument, but only upon receipt of evidence reasonably satisfactory to the Company of such
loss, theft or destruction. The applicant for a new certificate or instrument under such circumstances shall also pay any reasonable third-party
costs (including customary indemnity) associated with the issuance of such replacement securities.

 

    8

     

    

 

Section 7. Governing Law;
Jurisdiction; Waiver of Jury Trial. This Agreement shall be construed under the laws of the State of Delaware, without regard to principles
of conflicts of law or choice of law that would permit or require the application of the laws of another jurisdiction. The Company and
the Holders each hereby agrees that all actions or proceedings arising directly or indirectly from or in connection with this Agreement
shall be litigated only in the Supreme Court of the State of New York or the United States District Court for the Southern District of
New York located in New York County, New York. The Company and the Holders each consents to the exclusive jurisdiction and venue of the
foregoing courts and consents that any process or notice of motion or other application to either of said courts or a judge thereof may
be served inside or outside the State of New York or the Southern District of New York by generally recognized overnight courier or certified
or registered mail, return receipt requested, directed to such party at its or his address set forth below (and service so made shall
be deemed “personal service”) or by personal service or in such other manner as may be permissible under the rules of said
courts. THE COMPANY AND THE HOLDERS EACH HEREBY WAIVES ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS AGREEMENT.

 

Section 8. Counterparts.
This Agreement may be executed in two or more identical counterparts, all of which shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other party; provided that an electronic
signature shall be considered due execution and shall be binding upon the signatory thereto with the same force and effect as if the signature
were an original, not an electronic signature.

 

Section 9. Headings.
The headings of this Agreement are for convenience of reference and shall not form part of, or affect the interpretation of, this Agreement.

 

Section 10. Severability.
If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such invalidity or unenforceability shall not
affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any
provision of this Agreement in any other jurisdiction.

 

Section 11. No Strict Construction.
The language used in this Agreement will be deemed to be the language chosen by the parties to express their mutual intent, and no rules
of strict construction will be applied against any party.

 

Section 12. Entire Agreement;
Amendments. This Agreement supersedes all other prior oral or written agreements between any Holder, the Company, their affiliates
and persons acting on their behalf with respect to the matters discussed herein, and this Agreement and the instruments referenced herein
contain the entire understanding of the parties with respect to the matters covered herein and therein. No provision of this Agreement
may be amended other than by an instrument in writing signed by the Company and the Holders. No provision hereof may be waived other than
by an instrument in writing signed by the party against whom enforcement is sought.

 

Section 13. Notices.
Any notices, consents, waivers or other communications required or permitted to be given under the terms of this Agreement must be in
writing and will be deemed to have been delivered: (a) upon receipt, when delivered personally; (b) upon receipt, when sent by e-mail;
or (c) one calendar day (excluding Saturdays, Sundays, and national banking holidays) after deposit with an overnight courier service,
in each case properly addressed to the party to receive the same.

 

    9

     

    

 

The mailing addresses and email address for such
communications shall be:

 

If to the Company:

 

Faraday Future Intelligent Electric Inc.

18455 S. Figueroa Street

Gardena, CA 90248

E-Mail: brian.fritz@ff.com

 

If to a Holder:

 

ATW Partners Opportunities Management,
LLC

17 State Street, 2100

New York, NY 10004

Attn: Antonio Ruiz-Gimenez

Email: aruizg@atwpartners.com

with copy to: notice@atwpartners.com

 

or to such other mailing address and/or email
address and/or to the attention of such other person as the recipient party has specified by written notice given to each other party
five (5) days prior to the effectiveness of such change.

 

Section 14. Successors
and Assigns. This Agreement shall be binding upon and inure to the benefit of the parties and their respective successors and assigns,
including any purchasers of the Exchange Shares. Subject to its compliance with applicable federal and state securities laws, a Holder
may assign some or all of its rights hereunder without the consent of the Company, in which event such assignee shall be deemed to be
such Holder hereunder with respect to such assigned rights.

 

Section 15. No Third-Party
Beneficiaries. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns,
and is not for the benefit of, nor may any provision hereof be enforced by, any other person.

 

Section 16. Survival of
Representations. The representations and warranties of the Company and the Holders contained in Sections 2 and 3, respectively, will
survive the closing of the transactions contemplated by this Agreement.

 

Section 17. Disclosure
of Transaction. The Company shall, on or before 8:30 a.m., New York City time, on the date of this Agreement, file a Current Report
on Form 8-K describing the terms of the transactions contemplated hereby in the form required by the 1934 Act and attaching the Exchange
Documents, to the extent they are required to be filed under the 1934 Act, that have not previously been filed with the Securities and
Exchange Commission by the Company (including, without limitation, this Agreement) as exhibits to such filing (including all attachments,
the “8-K Filing”). From and after the filing of the 8-K Filing, the Company shall have disclosed all material, non-public
information (if any) provided up to such time to the Holders by the Company or any of its Subsidiaries or any of their respective officers,
directors, employees or agents. In addition, effective upon the filing of the 8-K Filing, the Company acknowledges and agrees that any
and all confidentiality or similar obligations under any agreement with respect to the transactions contemplated by the Exchange Documents
or as otherwise disclosed in the 8-K Filing, whether written or oral, between the Company, any of its Subsidiaries or any of their respective
officers, directors, affiliates, employees or agents, on the one hand, and any of the Holders or any of their affiliates, on the other
hand, shall terminate. Neither the Company, its Subsidiaries nor the Holders shall issue any press releases or any other public statements
with respect to the transactions contemplated hereby; provided, however, the Company shall be entitled, without
the prior approval of the Holder, to make a press release or other public disclosure with respect to such transactions (i) in substantial
conformity with the 8-K Filing and contemporaneously therewith or (ii) as is required by applicable law and regulations (provided that
in the case of clause (i) the Holder shall be consulted by the Company in connection with any such press release or other public disclosure
prior to its release). Without the prior written consent of the Holders (which may be granted or withheld in the Holders’ sole discretion),
except as required by applicable law, the Company shall not (and shall cause each of its Subsidiaries and affiliates to not) disclose
the name of any Holder in any filing, announcement, release or otherwise.

 

    10

     

    

 

Section 18. Fees. The
Company shall reimburse Kelley Drye & Warren, LLP (counsel to the lead investor), on demand, a non-accountable amount of $5,000 for
fees incurred by it in connection with preparing and delivering this Agreement (including, without limitation, all reasonable, documented
legal fees and disbursements in connection therewith, and due diligence in connection with the transactions contemplated thereby). In
addition to, but not in limitation of, any other rights of the Holders hereunder, if (a) this Agreement or any of the Exchange Shares
are placed in the hands of an attorney for collection of any indemnification or other obligation hereunder or thereunder then outstanding
or enforcement or any such obligation is collected or enforced through any legal proceeding or any Holder otherwise takes action to collect
amounts due under this Agreement or any of the Exchange Shares or to enforce the provisions of this Agreement or any of the Exchange Shares
or (b) there occurs any bankruptcy, reorganization, receivership of the Company or other proceedings affecting Company creditors’
rights and involving a claim under this Agreement or any of the Exchange Shares, then the Company shall pay the costs incurred by such
Holder for such collection, enforcement or action or in connection with such bankruptcy, reorganization, receivership or other proceeding,
including, without limitation, reasonable attorneys’ fees and disbursements.

 

Section 19. Listing.
The Company shall use reasonable best efforts to promptly secure the listing or designation for quotation (as the case may be) of all
of the Exchange Shares (collectively, the “Applicable Securities”) upon each national securities exchange and automated
quotation system, if any, upon which the Common Stock is then listed or designated for quotation (as the case may be) (subject to official
notice of issuance) and shall maintain such listing or designation for quotation (as the case may be) of all Applicable Securities from
time to time issuable under the terms of the Exchange Documents on such national securities exchange or automated quotation system. The
Company shall use reasonable best efforts to maintain the Common Stock’s listing or authorization for quotation (as the case may
be) on any one (or more) of The New York Stock Exchange, the NYSE American, the Nasdaq Capital Market, the Nasdaq Global Market or the
Nasdaq Global Select Market (each, an “Eligible Market”). The Company shall pay all fees and expenses in connection
with satisfying its obligations under this Section 19.

 

Section 20. Holding Period.
For the purposes of Rule 144, the Company acknowledges that the holding period of the applicable Exchange Shares may be tacked onto both
the holding period of the corresponding applicable Original Note, and the Company agrees not to take a position contrary to this Section
21. The Company acknowledges and agrees that, subject to the Holder’s representations and warranties contained in this Agreement, the
Exchange Shares shall not be required to bear any restrictive legend and shall be freely transferable by the Holder pursuant to and in
accordance with Rule 144, provided, for the avoidance of doubt, that the Holder shall not be an affiliate of the Company and shall not
have been an affiliate during the 90 days preceding the date of any transfer.

 

Section 21. Further Assurances.
Each party shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all
such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent
and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

[Signature Pages Follow]

 

    11

     

    

 

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

 

	FARADAY FUTURE INTELLIGENT ELECTRIC INC.	 
	 	 	 
	By:	/s/ Carsten Breitfeld	 
	Name: 	Carsten Breitfeld	 
	Title:	Global CEO	 

 

[Company signature page to the Exchange Agreement]

 

     

     

    

 

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

 

	THE HOLDERS:	 
	 	 
	FF AVENTURAS SPV XI, LLC	 
	 	 	 
	By:	/s/ Antonio Ruiz-Gimenez	 
	Name:	Antonio Ruiz-Gimenez	 
	Title:	Managing Member	 
	 	 	 
	FF ADVENTURES SPV XVIII LLC	 
	 	 	 
	By:	/s/ Antonio Ruiz-Gimenez	 
	Name: 	Antonio Ruiz-Gimenez	 
	Title:	Managing Member	 
	 	 	 
	FF VENTURES SPV IX LLC	 
	 	 	 
	By:	/s/ Antonio Ruiz-Gimenez	 
	Name:	Antonio Ruiz-Gimenez	 
	Title:	Managing Member	 
	 	 	 
	FF VENTURAS SPV X LLC	 
	 	 	 
	By:	/s/ Antonio Ruiz-Gimenez	 
	Name:	Antonio Ruiz-Gimenez	 
	Title:	Managing Member	 

 

[Holder signature page to the Exchange Agreement]

 

     

     

    

 

Exhibit
A

 

Table of Exchanging Securities and Exchange
Shares

 

	Holders	 	Security	 	Date	 	Outstanding

 Amount	 	 	Aggregate

 Exchanging

 Securities	 	 	Aggregate

 Exchange

 Shares to

 be Issued	 
	FF Aventuras SPV XI, LLC	 	Original Issue Discount Convertible Note	 	August 10, 2021	 	$	554,587	 	 	 	N/A	 	 	 	N/A	 
	FF Venturas SPV X, LLC	 	Original Issue Discount Convertible Note	 	August 10, 2021	 	$	891,302	 	 	 	N/A	 	 	 	N/A	 
	FF Ventures SPV IX, LLC	 	Original Issue Discount Convertible Note	 	August 10, 2021	 	$	1,241,220	 	 	 	N/A	 	 	 	N/A	 
	FF Adventures SPV XVIII, LLC	 	Subordinated Intermediate Last Out Promissory Note	 	June 9, 2021	 	$	4,012,180	 	 	$	4,012,180	 	 	 	6,269,031

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