Document:

EX-10.3

 Exhibit 10.3 

EXECUTION VERSION 

AMENDMENT NO. 3 TO 

PURCHASE AND SALE AGREEMENT 

This AMENDMENT NO. 3 TO PURCHASE AND SALE AGREEMENT, dated as of April 20, 2022 (this “Amendment”), among PG&E AR
Facility, LLC, a Delaware limited liability company (the “Buyer”), Pacific Gas and Electric Company, a California corporation (“PG&E”), as initial Servicer (in such capacity, the “Servicer”) and
as an originator (in such capacity, the “Originator”), JPMorgan Chase Bank, N.A. (“JPM”), as a Committed Lender and as a Group Agent, Jupiter Securitization Company LLC (“Jupiter”), as a Conduit
Lender, Mizuho Bank, Ltd. (“Mizuho”), as a Committed Lender and as a Group Agent, BNP Paribas (“BNP”), as a Committed Lender and as a Group Agent, Starbird Funding Corporation (“Starbird”), as a
Conduit Lender, Victory Receivables Corporation (“Victory”), as a Conduit Lender, and MUFG Bank, Ltd. (“MUFG”), as a Committed Lender, as a Group Agent and as Administrative Agent. 

W I T N E S S E T H: 

WHEREAS, the Buyer, the Servicer and the Originator have heretofore entered into that certain Purchase and Sale Agreement, dated as of
October 5, 2020 (as amended, restated, supplemented, assigned or otherwise modified from time to time, the “Agreement”); and 

WHEREAS, concurrently herewith, the Buyer, as borrower, the Servicer, PG&E, as retention holder, the Administrative Agent and the
Lenders and Group Agents party thereto are entering into that certain Amendment No. 6 to Receivables Financing Agreement, dated as of the date hereof (the “RFA Amendment”); and 

WHEREAS, the parties hereto seek to modify the Agreement upon the terms hereof. 

NOW, THEREFORE, in exchange for good and valuable consideration (the receipt and sufficiency of which are hereby acknowledged and
confirmed), each of the parties hereto agree as follows: 
 A G R E E M E N
T: 
 1. Definitions. Unless otherwise defined or provided herein, capitalized terms used herein have the meanings attributed
thereto in (or by reference in) Section 1.1 of the Agreement. 
 2. Amendments to the Agreement. Effective as of the date
hereof, the Agreement is hereby amended to incorporate the changes shown on the marked pages of the Agreement attached hereto as Exhibit A. 

3. Conditions to Effectiveness. This Amendment shall be effective concurrently with the effectiveness of the RFA Amendment. 

4. Certain Representations and Warranties. Each of the Buyer, the Servicer and the Originator represents and warrants to each Credit
Party as of the date hereof, as follows: 

 (a) Representations and Warranties. Both before and immediately after
giving effect to this Amendment and the transactions contemplated hereby, all of its respective representations and warranties contained in the Agreement (other than the representations and warranties set forth in Sections 4.1(f)(ii) and
(i) of the Agreement) and each other Transaction Document to which it is a party that (x) do not contain a materiality qualification are true and correct in all material respects on and as of the date hereof, and (y) contains a
materiality qualification are true and correct on and as of the date hereof (or, to the extent such representations and warranties specifically relate to an earlier date, such representations and warranties were true and correct in all material
respects, or true and correct, as the case maybe, as of such earlier date). 
 (b) Power and Authority; Due
Authorization. That it has all necessary corporate power, limited liability company power, and authority (as applicable) to (i) execute and deliver this Amendment and the transactions contemplated hereby and (ii) perform its
obligations under this Amendment, the Agreement (as amended hereby) and each of the other Transaction Documents to which it is a party and the execution, delivery and performance of, and the consummation of the transactions provided for in, this
Amendment, the Agreement and the other Transaction Documents to which it is a party have been duly authorized by all necessary corporate or limited liability company action, as applicable. 

(c) Binding Obligations. This Amendment, the Agreement (as amended hereby) and each of the other Transaction Documents
to which it is a party constitute the legal, valid and binding obligations of the Buyer, the Servicer and the Originator, as applicable, enforceable against the Buyer, the Servicer or the Originator, as applicable, in accordance with their
respective terms, except as enforceability may be limited by (x) applicable bankruptcy, insolvency, reorganization, moratorium or similar laws affecting the enforcement of creditors’ rights generally and by general equitable principles
(whether enforcement is sought by proceedings in equity or at law) and (y) applicable Requirements of Law (including the approval of the CPUC) prior to foreclosure or other exercise of remedies hereunder or under the Transaction Documents. 

(d) No Event of Default or Termination Events. No Sale Termination Event, Event of Default, Unmatured Event of Default,
Termination Event or Unmatured Termination Event has occurred and is continuing, and no Sale Termination Event, Event of Default, Unmatured Event of Default, Termination Event or Unmatured Termination Event would result from this Amendment or the
transactions contemplated hereby. 
 5. Reference to and Effect on the Agreement and the Other Transaction Documents. 

(a) From and after the effectiveness of this Amendment, each reference in the Agreement to “this Agreement”,
“hereof”, “herein”, “hereunder” or words of like import, and each reference in each of the other Transaction Documents to the “Purchase and Sale Agreement”, “thereunder”, “thereof” or words
of like import, in each case referring to the Agreement, shall mean and be, a reference to the Agreement, as amended hereby. 

  
 2 

 (b) The Agreement (except as specifically amended herein) and the other
Transaction Documents are hereby ratified and confirmed in all respects by each of the parties hereto and shall remain in full force and effect in accordance with its respective terms. 

(c) The execution, delivery and effectiveness of this Amendment shall not, except as expressly provided herein, operate as a
waiver of or amendment to, any right, power or remedy of the Administrative Agent or any other Credit Party under, nor constitute a waiver of or amendment to, any other provision or condition under, the Agreement or any other Transaction Document.

 6. Costs and Expenses. The Buyer agrees to pay on demand all reasonable and documented out-of-pocket costs and expenses of the
Administrative Agent and the other Credit Parties in connection with the preparation, negotiation, execution and delivery of this Amendment and the transactions contemplated hereby. 

7. GOVERNING LAW. THIS AMENDMENT, INCLUDING THE RIGHTS AND DUTIES OF THE PARTIES HERETO, SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK (INCLUDING SECTIONS 5-1401 AND 5-1402 OF THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK, BUT WITHOUT REGARD TO ANY OTHER CONFLICT OF LAWS PROVISIONS THEREOF). 

8. Transaction Documents. This Amendment is a Transaction Document executed pursuant to the Agreement and shall be construed,
administered and applied in accordance with the terms and provisions thereof. 
 9. Integration. This Amendment, the Agreement and the
other Transaction Documents contain the final and complete integration of all prior expressions by the parties hereto with respect to the subject matter hereof and shall constitute the entire agreement among the parties hereto with respect to the
subject matter hereof superseding all prior oral or written understandings. 
 10. Severability. Any provisions of this Amendment
which are prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 
 11.
Counterparts. This Amendment may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original and all of which when taken together shall constitute one and the same agreement. Delivery of an
executed signature page of this Amendment by facsimile transmission, emailed pdf. or any other electronic means that reproduces an image of the actual executed signature page shall be effective as delivery of an original executed counterpart hereof
or any other electronic means as provided in the immediately following sentence. The words “execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to any document to be signed
in connection with this 

  
 3 

 
Amendment and the transactions contemplated hereby shall be deemed to include an electronic sound, symbol, or process attached to, or associated with, a contract or other record and adopted by a
Person with the intent to sign, authenticate or accept such contract or record, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature,
physical delivery thereof or the use of a paper-based recordkeeping system, as the case may be, to the extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and National Commerce Act, the New York
State Electronic Signatures and Records Act, or any other similar state laws based on the Uniform Electronic Transactions Act. 
 12.
Mutual Negotiations. This Amendment is the product of mutual negotiations by the parties hereto and their counsel, and no party shall be deemed the draftsperson of this Amendment or any provision hereof or to have provided the same.
Accordingly, in the event of any inconsistency or ambiguity of any provision of this Amendment, such inconsistency or ambiguity shall not be interpreted against any party because of such party’s involvement in the drafting thereof. 

13. Headings. The captions and headings of this Amendment are included herein for convenience of reference only and shall not affect the
interpretation of this Amendment. 
 [THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 4 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by
their respective officers thereunto duly authorized, as of the date first above written. 
  

	
	 PG&E AR FACILITY, LLC,
 as Buyer

 
 By: /s/ Monica
Klemann                                        

 Name: Monica Klemann
 Title:   Assistant
Treasurer

	
	 PACIFIC GAS AND ELECTRIC COMPANY,
 as the
Servicer and as the Originator
  
 By: /s/ Margaret
Becker                                       
 
 Name: Margaret Becker
 Title: Vice President and
Treasurer

  

					
		  	S-1	  	Amendment No. 3 to PSA

 
	
	 MUFG BANK, LTD.,
 as Administrative Agent

 
 By: /s/ Christopher
Pohl                                         
   
 Name: Christopher Pohl
 Title: Managing
Director

	
	 MUFG BANK, LTD.,
 as Group Agent for the MUFG
Group
  
 By: /s/ Christopher
Pohl                                       
     
 Name: Christopher Pohl

Title: Managing Director

	
	 MUFG BANK, LTD.,
 as a Committed Lender

 
 By: /s/ Christopher
Pohl                                       
     
 Name: Christopher Pohl

Title: Managing Director

	
	 VICTORY RECEIVABLES CORPORATION,
 as a Conduit
Lender
  
 By: /s/ Kevin J.
Corrigan                                       
   
 Name: Kevin J. Corrigan
 Title: Vice
President

  

					
		  	S-2	  	Amendment No. 3 to PSA

 
	
	 MIZUHO BANK, LTD.,
 as Group Agent for the
Mizuho Group
  
 By: /s/ Richard A. Burke_______________________

Name: Richard A. Burke
 Title: Managing Director

	
	 MIZUHO BANK, LTD.,
 as a Committed Lender

 
 By: /s/ Richard A. Burke______________________

Name: Richard A. Burke
 Title: Managing Director

  

					
		  	S-3	  	Amendment No. 3 to PSA

 
	
	BNP PARIBAS,
	as Group Agent for the BNP Group
	
	By: /s/ Chris Fukuoka_______________________
	Name: Chris Fukuoka
	Title: Director
	
	By: /s/ Advait Joshi_______________________
	Name: Advait Joshi
	Title: Director
	
	 BNP PARIBAS,
 as a Committed
Lender

	
	By: /s/ Chris Fukuoka_______________________
	Name: Chris Fukuoka
	Title: Director
	
	By: /s/ Advait Joshi_______________________
	Name: Advait Joshi
	Title: Director
	
	 STARBIRD FUNDING CORPORATION,
 as a Conduit
Lender

	
	By: /s/ David V. DeAngelis________________
	Name: David V. DeAngelis
	Title: Vice President

  

					
		  	S-4	  	Amendment No. 3 to PSA

 
	
	JPMORGAN CHASE BANK, N.A.,
	as Group Agent for the JPM Group
	
	By: /s/ Corina Mills_________________________
	Name: Corina Mills
	Title: Executive Director
	
	 JPMORGAN CHASE BANK, N.A.,
 as a Committed
Lender

	
	By: /s/ Corina Mills_________________________
	Name: Corina Mills
	Title: Executive Director
	
	 JUPITER SECURITIZATION COMPANY LLC,
 as a
Conduit Lender

	
	By: /s/ Corina Mills_________________________
	Name: Corina Mills
	Title: Executive Director

  

					
		  	S-5	  	Amendment No. 3 to PSA

 Exhibit A 

(Attached) 

 CONFORMED
COPYEXECUTION VERSION 

ConformedEXHIBIT A To Amendment 23 to the Purchase
and Sale Agreement, Dated as 
 of  

March 18,April 20, 2022 
  

 
  

PURCHASE AND SALE AGREEMENT 

dated as of October 5, 2020 

between 
 PACIFIC GAS AND
ELECTRIC COMPANY, 
 as Servicer 

and the 
 ORIGINATORS FROM TIME
TO TIME PARTY HERETO, 
 as Originators 

and 
 PG&E AR FACILITY,
LLC, 
 as Buyer 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 ARTICLE I DEFINITIONS AND RELATED MATTERS
	  	 	1	 
			
	 SECTION 1.1
	 	Defined Terms	  	 	1	 
			
	 SECTION 1.2
	 	Other Interpretive Matters	  	 	2	 
		
	 ARTICLE II AGREEMENT TO PURCHASE, SELL AND CONTRIBUTE
	  	 	3	 
			
	 SECTION 2.1
	 	Purchase, Sale and Contribution	  	 	3	 
			
	 SECTION 2.2
	 	Timing of Purchases	  	 	3	 
			
	 SECTION 2.3
	 	Purchase Price	  	 	3	 
			
	 SECTION 2.4
	 	No Recourse or Assumption of Obligations	  	 	5	 
		
	 ARTICLE III ADMINISTRATION AND COLLECTION
	  	 	5	 
			
	 SECTION 3.1
	 	PG&E to Act as Servicer, Contracts	  	 	5	 
			
	 SECTION 3.2
	 	Deemed Collections	  	 	6	 
			
	 SECTION 3.3
	 	Actions Evidencing Purchases	  	 	7	 
			
	 SECTION 3.4
	 	Application of Collections	  	 	8	 
		
	 ARTICLE IV REPRESENTATIONS AND WARRANTIES
	  	 	8	 
			
	 SECTION 4.1
	 	Mutual Representations and Warranties	  	 	8	 
			
	 SECTION 4.2
	 	Additional Representations and Warranties of Each Originator	  	 	10	 
		
	 ARTICLE V GENERAL COVENANTS
	  	 	16	 
			
	 SECTION 5.1
	 	Mutual Covenants	  	 	16	 
			
	 SECTION 5.2
	 	Additional Covenants of Each Originator	  	 	16	 
			
	 SECTION 5.3
	 	Reporting Requirements	  	 	21	 
			
	 SECTION 5.4
	 	Negative Covenants of Each Originator	  	 	22	 
		
	 ARTICLE VI TERMINATION OF PURCHASES
	  	 	25	 
			
	 SECTION 6.1
	 	Voluntary Termination	  	 	25	 
			
	 SECTION 6.2
	 	Automatic Termination	  	 	25	 
		
	 ARTICLE VII INDEMNIFICATION
	  	 	25	 
			
	 SECTION 7.1
	 	Each Originator’s Indemnity	  	 	25	 
			
	 SECTION 7.2
	 	Contribution	  	 	29	 
		
	 ARTICLE VIII MISCELLANEOUS
	  	 	29	 
			
	 SECTION 8.1
	 	Amendments, etc.	  	 	29	 
			
	 SECTION 8.2
	 	No Waiver; Remedies	  	 	2930	 

  
 -i- 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	 SECTION 8.3
	 	Notices, Etc.	  	 	3031	 
			
	 SECTION 8.4
	 	Binding Effect; Assignment	  	 	31	 
			
	 SECTION 8.5
	 	Survival	  	 	31	 
			
	 SECTION 8.6
	 	Costs and Expenses	  	 	31	 
			
	 SECTION 8.7
	 	Execution in Counterparts	  	 	32	 
			
	 SECTION 8.8
	 	Governing Law	  	 	3233	 
			
	 SECTION 8.9
	 	Waiver of Jury Trial	  	 	3233	 
			
	 SECTION 8.10
	 	Consent to Jurisdiction; Waiver of Immunities	  	 	33	 
			
	 SECTION 8.11
	 	Confidentiality	  	 	3334	 
			
	 SECTION 8.12
	 	No Proceedings	  	 	3334	 
			
	 SECTION 8.13
	 	No Recourse Against Other Parties	  	 	3334	 
			
	 SECTION 8.14
	 	Grant of Security Interest	  	 	34	 
			
	 SECTION 8.15
	 	Binding Terms in Other Transaction Documents	  	 	34	 
			
	 SECTION 8.16
	 	Joint and Several Liability	  	 	34	 
			
	 SECTION 8.17
	 	Severability	  	 	34	 

  

	ANNEX 1	 UCC Details Schedule 

	ANNEX 2	 Notice Information 

	EXHIBIT 2.3(d)	 Form of Subordinated Note 

  
 -ii- 

 of PG&E and its consolidated Subsidiaries as of such date, and its consolidated income
and its consolidated cash flows for the respective fiscal year or portion of the fiscal year then ended, subject, in the case of the financial statements referred to in clause (b), to the absence of footnotes and to normal year-end audit
adjustments. 
 (o) Investment Company Act. Such Originator is not an “investment company,” or a company
“controlled” by an “investment company,” within the meaning of the Investment Company Act. 
 (p) Bulk
Sales Act. No transaction contemplated by this Agreement requires compliance by it with any bulk sales act or similar law. 

(q) Solvent. Such Originator is Solvent. 

(r) Plan of Reorganization; Confirmation Order. (i) The Plan of Reorganization has been confirmed by the Bankruptcy
Court and the “Effective Date” of the Plan of Reorganization has occurred and (ii) the Confirmation Order is in full force and effect and no stay thereof is in effect. 

(s) Opinions. The facts regarding such Originator, the Receivables, the Related Rights and the related matters set forth
or assumed in each of the opinions of counsel delivered in connection with this Agreement and the Transaction Documents are true and correct in all material respects. 

(t) Reliance on Separate Legal Identity. Such Originator acknowledges that 

each of the Lenders, the Group Agents and the Administrative Agent are entering into the Transaction Documents to which they
are parties in reliance upon the Buyer’s identity as a legal entity separate from such Originator. 
 (u)
Anti-Corruption Laws, Anti-Money Laundering Laws and Sanctions. None of the PG&E Parties ornor any of their respective Subsidiaries, nor, to the knowledge of any
PG&E Party, any director, officer, agent, Affiliate or employee of any PG&E Party or any of itstheir respective Subsidiaries is currently (i) the subject of any
Sanctions or (ii) located, organized or resident in a country or territory that is, or whose government is, the subject of any Sanctions. None of the PG&E Parties ornor any of their respective Subsidiaries, nor, to the knowledge of theany PG&E Partiesy, any director, officer, agent, Affiliate or employee of any PG&E Party or any of their respective Subsidiaries, has taken any action, directly or indirectly, that would result in a violation in any material
respect by any such Person of the FCPA or of any other Anti-Corruption Laws. 
 (v) Proceeds. No proceeds received by any PG&E Party or any of their respective Subsidiaries or Affiliates in connection with any sale will be
used in any manner that will violate Anti-Corruption Laws, Anti-Money Laundering Laws or Sanctions.
PG&E Party will use the proceeds of any Loan, or lend, contribute or otherwise make available such proceeds (a) to any Subsidiary, joint venture partner or other Person, to fund the activities of any Person, or in any country or territory,
that, at  

  
 14 

 
the time of such funding, is, or whose government is, the subject
of any Sanctions, or (b) directly, or, to the knowledge of such PG&E Party, indirectly, for any payments to any governmental official or employee, political party, official of a political party, candidate for political office, or anyone
else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the FCPA or of any Anti-Corruption Laws. 

(w) No Linked Accounts. Except for the Servicer’s Accounts, there are no “Linked Accounts” (as defined in
the applicable Account Control Agreement) with respect to any Account maintained at any Account Bank. 
 (x) ERISA. No
Reportable Event has occurred during prior five years with respect to any Plan, and each Plan has complied with the applicable provisions of ERISA and the Code, except, in each case, to the extent that any such Reportable Event or failure to comply
with the applicable provisions of ERISA or the Code could not reasonably be expected to result in a Material Adverse Effect. During the prior five years, there has been no (i) failure to make a required contribution to any Plan that would
result in the imposition of an Adverse Claim or other encumbrance or the provision of security under Section 430 of the Code or Section 303 or 4068 of ERISA, or the arising of such an Adverse Claim; or (ii) “unpaid minimum
required contribution” or “accumulated funding deficiency” (as defined or otherwise set forth in Section 4971 of the Code or Part 3 of Subtitle B of Title I of ERISA), whether or not waived, except, in each case, to the extent
that such event could not reasonably be expected to result in a Material Adverse Effect. No termination of a Single Employer Plan has occurred, and no Adverse Claim in favor of the PBGC or a Plan has arisen, during the prior five-years. The present
value of all accrued benefits under each Single Employer Plan (based on those assumptions used to fund such Plan) did not, as of the last annual valuation date for which a certified actuarial valuation report is available prior to the date on which
this representation is made or deemed made, exceed the value of the assets of such Plan allocable to such accrued benefits, except as could not reasonably be expected to result in a Material Adverse Effect. Neither any PG&E Party nor any
Commonly Controlled Entity has had a complete or partial withdrawal from any Multiemployer Plan during the prior five years that has resulted or could reasonably be expected to result in a material liability under ERISA, and neither any PG&E
Party nor any Commonly Controlled Entity would become subject to any liability under ERISA if any PG&E Party or any such Commonly Controlled Entity were to withdraw completely from all Multiemployer Plans as of the valuation date most closely
preceding the date on which this representation is made or deemed made, except as could not reasonably be expected to result in a Material Adverse Effect. No such Multiemployer Plan is in endangered or critical status (within the meaning of
Section 305 of ERISA) or in Insolvency. 
 (y) No Fraudulent Conveyance. No sale or contribution hereunder
constitutes a fraudulent transfer or conveyance under any United States federal or applicable state bankruptcy or insolvency laws or is otherwise void or voidable under such or similar laws or principles or for any other reason. 

  
 15 

 trade secrets or non-financial proprietary information so long as (x) such
confidentiality obligation was not entered into in contemplation hereof and (y) such Originator provides the Buyer, the Administrative Agent or such Group Agent with notice that information is being withheld due to the existence of such
confidentiality obligation) as the Buyer, the Administrative Agent or any Group Agent may from time to time reasonably request. 

(c) Notices. Notice in writing of any of the following events promptly upon (but in no event later than two
(2) Business Days after) a Responsible Officer or a Financial Officer of any Originator learning of the occurrence thereof, with such notice describing the same, and if applicable, the steps being taken by the Person(s) affected with respect
thereto: 
 (i) Events of Default, Unmatured Events of Default, Termination Events or Unmatured Terminations
Events. The occurrence of any Event of Default, Unmatured Event of Default, Termination Event or Unmatured Termination Event. 

(ii) Adverse Claim. (A) Any Person shall obtain an Adverse Claim upon the Receivables or Related Rights or
any portion thereof, (B) any Person other than the Buyer, the Servicer, the Collection Account Agent or the Administrative Agent shall obtain any rights or direct any action with respect to any Account (or related Lock-Box), or (C) any
Obligor shall receive any change in payment instructions with respect to Receivable(s) from a Person other than the Servicer or the Administrative Agent. 

(iii) Name Changes. Any change in any Originator’s name, jurisdiction of organization or any other change requiring
the amendment of UCC financing statements or similar filings. 
 (iv) [Reserved].Disputes.
 The occurrence of any dispute between any PG&E Party or any Affiliate thereof and the CPUC or any other Governmental Authority regarding any material portion of Tax Charges or any material portion of CPUC Fees. 
 (v) ERISA Event. The occurrence of any ERISA Event that, alone or
together with any other ERISA Events that have occurred, would reasonably be expected to result in a Material Adverse Effect (provided, that, any judicial proceeding instituted by PBGC that, within 60 days after the institution of such
proceeding, has been withdrawn or stayed by PBGC or otherwise, shall be disregarded for the purpose of this Section 5.3(c)(v)). 

(vi) Sale Termination Event. The occurrence of a Sale Termination Event. 

SECTION 5.4 Negative Covenants of Each Originator. From the date hereof until the Final Payout Date, each Originator shall not,
without the prior written consent of Administrative Agent and Buyer, do or permit to occur any act or circumstance with which it has 

  
 22 

 (xxiii) any failure of an Account Bank to comply with the terms of the
applicable Account Control Agreement, the termination by an Account Bank of any Account Control Agreement or any amounts (including in respect of an indemnity) payable by the Administrative Agent or the Collection Account Agent to an Account Bank
under any Account Control Agreement; 
 (xxiv) the existence of any “Linked Account” (as defined in the applicable
Account Control Agreement) with respect to any Account (including any such “Linked Account” permitted hereunder) and any debit from or other charge against any Account as a result of any “Settlement Item” (as defined in the
applicable Account Control Agreement) that originated in any Servicer’s Account or any account other than an Account; 

(xxv) any failure of the Collection Account Agent to comply with the terms of the Intercreditor Agreement or any amounts
(including in respect of an indemnity) payable by the Administrative Agent under the Intercreditor Agreement;
or 

(xxvi) any investigation, litigation, dispute or proceeding (actual or 

threatened) related to (A) any Account or any amounts on deposit therein or (B) the Intercreditor Agreement; 

(xxvii)
 any civil penalty or fine assessed by the CPUC or any other Governmental Authority related to the failure by any PG&E Party to timely remit any CPUC Fees that are due and owing to the CPUC;

(xxviii)
 any investigation, litigation, contest, dispute or proceeding (actual or threatened) related to the failure by any PG&E Party to timely remit any Tax Charges that are due and owing to the applicable Governmental Authority; or 

(xxix)
 any civil penalty or fine assessed by any other Governmental Authority related to the failure by any PG&E Party to timely remit any Tax Charges that are due and owing to the applicable Governmental Authority. 
 SECTION 7.2 Contribution. If for any reason the indemnification provided above
in this Article VII is unavailable to an Originator Indemnified Party or is insufficient to hold an Originator Indemnified Party harmless for Originator Indemnified Amounts, then each Originator shall contribute to the amount paid or payable
by such Originator Indemnified Party as a result of such loss, claim, damage or liability in such proportion as is appropriate to reflect not only the relative benefits received by such Originator Indemnified Party on the one hand and such
Originator on the other hand but also the relative fault of such Originator Indemnified Party as well as any other relevant equitable considerations. 

  
 29 

 “Senior Interest Holders” means, collectively, each Lender,
each Group Agent, the Administrative Agent and the other Affected Persons (each as defined in the Receivables Financing Agreement) and their permitted assigns. 

“Subordination Provisions” is defined in Section 7 hereof. 

3. Interest. Subject to the Subordination Provisions, Buyer promises to pay interest on the aggregate unpaid principal amount of this
Note outstanding on each interest payment date as set forth in Section 4 hereof at a variable rate equal to the sum of the Applicable Rate in effect from time to time during the term of this Subordinated Note plus 1% per annum.
“Applicable Rate” means the Term SOFR Reference Rate for a tenor of 1-month LIBOR rate published inby Tthe Wall Street
JournalTerm SOFR Administrator on the first
Business Day of each month (“LIBOR”); provided, that if a Benchmark Transition Event or an Early Opt-in Election, as
applicable, and its related Benchmark Replacement Date have occurred under the RFA or with respect to the then-current Applicable Rate, then “LIBOR” or its replacement rate determined in accordance herewith, as applicable, means the
then-current Benchmark Replacement, with a tenor of one (1) month; provided, further, that during any Benchmark Unavailability Period or at any time that a one (1) month tenor for the
then-current Benchmark is not an Available Tenor, the Applicable Rate shall be equal to the immediately preceding Applicable Rate determined in accordance with the provisions hereof.

 4. Interest Payment Dates. Subject to the Subordination Provisions, Buyer shall pay accrued interest on this Note for each
Settlement Period on each Settlement Date (or on such earlier date as Buyer may elect from time to time) and on the Final Maturity Date (as defined in the Receivables Financing Agreement) (or, if any such day is not a Business Day, the next
succeeding Business Day). Buyer also shall pay accrued interest on the principal amount of each prepayment hereof on the date of each such prepayment. 

5. Basis of Computation. Interest accrued hereunder shall be computed for the actual number of days elapsed on the basis of a 360-day
year. 
 6. Principal Payment Dates. Subject to the Subordination Provisions, any unpaid principal of this Note shall be paid on the
Final Maturity Date (or, if such date is not a Business Day, the next succeeding Business Day). Subject to the Subordination Provisions, the principal amount of and accrued interest on this Note may be prepaid on any Business Day without premium or
penalty. 
 7. Subordination Provisions. The obligations under this Note are expressly subordinated in right of payment to the payment
and performance of the Senior Interests, and any payment hereunder is pari passu in right of payment and performance to all other Junior Liabilities, to the extent and in the manner set forth in the following clauses of this Section 7
(the “Subordination Provisions”). Buyer covenants and agrees, and Company and any other assignee, transferee or pledgee of this Note (collectively, Company and any such other assignee, transferee or pledgee are called the
“Holder”), by its acceptance of any sale, assignment, transfer or pledge of this Note, shall be deemed conclusively to have agreed for the benefit of the Senior Interest Holders, to the Subordination Provisions and the Company and
each Holder by its acceptance of this Note shall be bound by such provisions: 

  
 Exhibit 2.3(d), Page 2Exhibit 10.1

 

FORM OF LOCK-UP AGREEMENT

 

THIS LOCK-UP AGREEMENT
(this “Agreement”) is made and entered into as of April 15, 2022, by and among (i) NWTN Inc., an exempted
company incorporated with limited liability in the Cayman Islands (“Pubco”), (ii) Navy Sail International Limited,
a British Virgin Islands company, in the capacity under the Business Combination Agreement (as defined below) as the Purchaser Representative
(including any successor Purchaser Representative appointed in accordance therewith, the “Purchaser Representative”),
(iii) ICONIQ Holding Limited, an exempted company incorporated with limited liability in the Cayman Island (the “Company”),
(iv) East Stone Acquisition Corporation, a British Virgin Islands business company (“Purchaser”), and
(v) the undersigned (“Holder”). Any capitalized term used but not defined in this Agreement will have the meaning
ascribed to such term in the Business Combination Agreement.

 

WHEREAS, on April
15, 2022, the Purchaser, the Purchaser Representative, Pubco, Muse Merger Sub I Limited, an exempted company incorporated with limited
liability in the Cayman Islands and a wholly-owned subsidiary of Pubco (the “First Merger Sub”), Muse Merger
Sub II Limited, a British Virgin Islands company and a wholly-owned subsidiary of Pubco (the “Second Merger Sub”),
and the Company entered into that certain Business Combination Agreement (as amended from time to time in accordance with the terms thereof,
the “Business Combination Agreement”), pursuant to which, subject to the terms and conditions thereof, among
other matters, (a) the First Merger Sub will merge with and into the Company, with the Company continuing as the surviving corporation
(the “First Merger”), and as a result of which, (i) the Company will become a wholly-owned subsidiary of Pubco,
and (ii) each issued and outstanding security of the Company immediately prior to the effective time of the First Merger will no longer
be outstanding and will automatically be cancelled, in exchange for the right of the holder thereof to receive certain securities of Pubco,
and (b) the Second Merger Sub will merge with and into Purchaser, with Purchaser continuing as the surviving entity (the “Second
Merger”), and as a result of which, (i) Purchaser will become a wholly-owned subsidiary of Pubco, and (ii) each issued and
outstanding security of Purchaser immediately prior to the effective time of the Merger will no longer be outstanding and will automatically
be cancelled, in exchange for the right of the holder thereof to receive a substantially equivalent security of Pubco, all upon the terms
and subject to the conditions set forth in the Business Combination Agreement and in accordance with the provisions of applicable law;

 

WHEREAS, at the
Closing of the transaction contemplated by the Business Combination Agreement (the “Closing”), the Holder is
the holder of the number of Pubco Ordinary Shares in such amounts as set forth underneath Holder’s name on the signature page hereto;
and

 

WHEREAS, pursuant
to the Business Combination Agreement, and in view of the valuable consideration to be received by Holder thereunder, the parties desire
to enter into this Agreement, pursuant to which certain share consideration to be issued to Holder (all such securities, together with
any securities paid as dividends or distributions with respect to such securities or into which such securities are exchanged or converted,
the “Restricted Securities”) shall become subject to limitations on disposition as set forth herein.

 

     

     

    

 

NOW, THEREFORE,
in consideration of the premises set forth above, which are incorporated in this Agreement as if fully set forth below, and intending
to be legally bound hereby, the parties hereby agree as follows:

 

		1.	Lock-Up Provisions.

 

[With respect to the controlling shareholder of the Company:

 

(a)
Holder hereby agrees not to, during the period (the “Lock-Up Period”) commencing from the Closing and ending
on the earliest of (x) the applicable Release Date, and (y) the date after the occurrence of a Change of Control, and (z) the date on
which the closing sale price of the Pubco Ordinary Shares has equaled or exceeded $18.00 per share (as adjusted for stock splits, stock
dividends, reorganizations and recapitalizations) for any twenty (20) trading days within any thirty (30) consecutive trading day period,
provided that in the case of clause (z), only one third of the Restricted Shares shall be released from the following limitations on each
of the following three dates: the last day of the Lock-Up Period, the three (3)-month anniversary of the last day of the Lock-Up Period
and the six (6)-month anniversary of the last day of the Lock-Up Period: (i) lend, offer, pledge (except as provided herein below), hypothecate,
encumber, donate, assign, sell, offer to sell, contract or agree 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 or agree to transfer or dispose
of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position within
the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), any Restricted
Securities, (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 the Restricted Securities, or (iii) publicly disclose the intention to do any of the foregoing, whether any such transaction
described in clauses (i), (ii) or (iii) above is to be settled by delivery of Restricted Securities or other securities, in cash or otherwise
(any of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited Transfer”). ]

 

[OR]

 

[With respect to certain holders of the Founder Shares
and certain other shareholders of the Company:

 

(a)
Holder hereby agrees not to, during the period (the “Lock-Up Period”) commencing from the Closing and ending
on the earliest of (x) the Release Date, and (y) the date after the occurrence of a Change of Control, and (z) the date on which the closing
sale price of the Pubco Ordinary Shares has equaled or exceeded $18.00 per share (as adjusted for stock splits, stock dividends, reorganizations
and recapitalizations) for any twenty (20) trading days within any thirty (30) consecutive trading day period, provided that (1) in the
case of clause (x), 30% of the Restricted Shares shall be released from the following limitations on the date after the expiry of the
Lock-Up Period, and the remaining 70% of the Restricted Shares shall be released from the following limitations on the one (1)-year anniversary
of the Closing Date, and (2) in the case of clause (z), only one third of the Restricted Shares shall be released from the following limitations
on each of the following three dates: the last day of the Lock-Up Period, the three (3)-month anniversary of the last day of the Lock-Up
Period and the six (6)-month anniversary of the last day of the Lock-Up Period: (i) lend, offer, pledge (except as provided herein below),
hypothecate, encumber, donate, assign, sell, offer to sell, contract or agree 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 or agree to transfer
or dispose of, directly or indirectly, or establish or increase a put equivalent position or liquidate or decrease a call equivalent position
within the meaning of Section 16 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), any
Restricted Securities, (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 the Restricted Securities, or (iii) publicly disclose the intention to do any of the foregoing, whether any
such transaction described in clauses (i), (ii) or (iii) above is to be settled by delivery of Restricted Securities or other securities,
in cash or otherwise (any of the foregoing described in clauses (i), (ii) or (iii), a “Prohibited Transfer”).]

 

    2

     

    

 

[With respect to the controlling shareholder of the Company:

 

(b)
The foregoing Section 1(a) shall not apply to the transfer of any or all of the Restricted Securities owned by Holder (I) by gift, will
or intestate succession, virtue of laws of descent and distribution upon the death of Holder, (II) to any Permitted Transferee (defined
below), (III) pursuant to a qualified domestic relations order, divorce settlement, divorce decree or settlement agreement related to
the distribution of assets in connection with the dissolution of marriage or civil union, (IV) to Pubco to satisfy tax withholding obligations
pursuant to Pubco’s equity incentive plans or arrangements, (V) to Pubco pursuant to any contractual arrangement in effect at the
Closing that provides for the repurchase by Pubco or forfeiture of the Restricted Securities, (VI) which was acquired in the PIPE Investment
or in open market transactions after the Closing, (VII) the transfer in connection with any legal, regulatory or other order; provided,
however, that in any of cases (I), (II) or (III) it shall be a condition to such transfer that the transferee executes and delivers to
Pubco or the Purchaser Representative an agreement stating that the transferee is receiving and holding the Restricted Securities subject
to the provisions of this Agreement applicable to Holder, and there shall be no further transfer of such Restricted Securities except
in accordance with this Agreement.]

 

[OR]

 

[With respect to certain holders of the Founder Shares
and certain other shareholders of the Company:

 

(b)
The foregoing Section 1(a) shall not apply to the transfer of any or all of the Restricted Securities owned by Holder (I) by gift, will
or intestate succession, virtue of laws of descent and distribution upon the death of Holder, (II) to any Permitted Transferee (defined
below), (III) pursuant to a qualified domestic relations order, divorce settlement, divorce decree or settlement agreement related to
the distribution of assets in connection with the dissolution of marriage or civil union, (IV) to Pubco to satisfy tax withholding obligations
pursuant to Pubco’s equity incentive plans or arrangements, (V) to Pubco pursuant to any contractual arrangement in effect at the
Closing that provides for the repurchase by Pubco or forfeiture of the Restricted Securities, (VI) which was acquired in the PIPE Investment
or in open market transactions after the Closing, (VII) the transfer in connection with any legal, regulatory or other order; provided,
however, that in any of cases (I), (II) or (III) it shall be a condition to such transfer that the transferee executes and delivers to
Pubco or the Purchaser Representative an agreement stating that the transferee is receiving and holding the Restricted Securities subject
to the provisions of this Agreement applicable to Holder, and there shall be no further transfer of such Restricted Securities except
in accordance with this Agreement; provided further that with respect to Restricted Securities other than the Founder Shares, within first
two (2) years after the Closing, before the Holder (other than [the controlling shareholder of the Company]) sells any Restricted Securities
on the public market, the Holder shall provide [the controlling shareholder of the Company]or its shareholder with, and [the controlling
shareholder of the Company] or its shareholder shall be entitled to a right of first offer with respect to such sale. If such Holder declines
to accept the offer of [the controlling shareholder of the Company] or its shareholder, such Holder may not sell any Restricted Securities
in the public market within such first two (2) years at a price lower than the price per share offered by [the controlling shareholder
of the Company] or its shareholder without again providing [the controlling shareholder of the Company] or its shareholder with a right
of first refusal.]

 

    3

     

    

 

[With respect to the controlling shareholder of the Company:

 

(c)
As used in this Agreement, the term (X) “Change of Control” shall mean: one transaction or a series of related
transactions (whether by share transfer, tender offer, merger, consolidation or otherwise), following which (i) the shareholder of [the
controlling shareholder of the Company] ceases to hold directly or indirectly shares representing no less than 50% of the voting power
of Pubco or otherwise Control (as defined in the Business Combination Agreement) Pubco, and (ii) the shareholders of Pubco and their direct
and indirect equity holders immediately prior to such transaction or series of related transactions no longer holder directly or indirectly
no less than 50% of Pubco’s shares; (Y) “Release Date” shall mean: (A) with respect to fifty percent (50%)
of the Restricted Securities, the twelve (12) month anniversary of the date of the Closing, (B) with respect to twenty-five percent (25%)
of the Restricted Securities, the eighteen (18) month anniversary of the date of the Closing, and (C) with respect to remaining twenty-five
percent (25%) of the Restricted Securities, the twenty-four (24) month anniversary of the date of the Closing; and (Z) “Permitted
Transferee” shall mean: (A) the members of Holder’s immediate family (for purposes of this Agreement, “immediate
family” shall mean with respect to any natural person, any of the following: such person’s spouse, domestic partner, the siblings
of such person and his or her spouse, and the direct descendants and ascendants (including adopted and step children and parents) of such
person and his or her spouses and siblings), (B) any trust for the direct or indirect benefit of Holder or the immediate family of Holder,
(C) if Holder is a trust, to the trustor or beneficiary of such trust or to the estate of a beneficiary of such trust, (D) if Holder is
an entity, as a distribution to limited partners, shareholders, members of, or owners of similar equity interests in Holder by virtue
of the laws of the jurisdiction of the Holder’s organization and the Holder’s organizational documents upon the liquidation
and dissolution of Holder or (E) to any affiliate (as defined in Rule 405 under the Securities Act of 1933, as amended) of Holder. Holder
further agrees to execute such agreements as may be reasonably requested by Pubco that are consistent with the foregoing or that are necessary
to give further effect thereto.]

 

[OR]

 

[With respect to certain holders of the Founder Shares
and certain other shareholders of the Company:

 

(c)
As used in this Agreement, the term (X) “Change of Control” shall mean: one transaction or a series of related
transactions (whether by share transfer, tender offer, merger, consolidation or otherwise), following which (i) the shareholder of [the
controlling shareholder of the Company] ceases to hold directly or indirectly shares representing no less than 50% of the voting power
of Pubco or otherwise Control (as defined in the Business Combination Agreement) Pubco, and (ii) the shareholders of Pubco and their direct
and indirect equity holders immediately prior to such transaction or series of related transactions no longer holder directly or indirectly
no less than 50% of Pubco’s shares; (Y) “Release Date” shall mean the six (6) month anniversary of the
date of the Closing; and (Z) “Permitted Transferee” shall mean: (A) the members of Holder’s immediate
family (for purposes of this Agreement, “immediate family” shall mean with respect to any natural person, any of the following:
such person’s spouse, domestic partner, the siblings of such person and his or her spouse, and the direct descendants and ascendants
(including adopted and step children and parents) of such person and his or her spouses and siblings), (B) any trust for the direct or
indirect benefit of Holder or the immediate family of Holder, (C) if Holder is a trust, to the trustor or beneficiary of such trust or
to the estate of a beneficiary of such trust, (D) if Holder is an entity, as a distribution to limited partners, shareholders, members
of, or owners of similar equity interests in Holder by virtue of the laws of the jurisdiction of the Holder’s organization and the
Holder’s organizational documents upon the liquidation and dissolution of Holder or (E) to any affiliate (as defined in Rule 405
under the Securities Act of 1933, as amended) of Holder. Holder further agrees to execute such agreements as may be reasonably requested
by Pubco that are consistent with the foregoing or that are necessary to give further effect thereto.]

 

    4

     

    

 

(d)
If any Prohibited Transfer is made or attempted contrary to the provisions of this Agreement, such purported Prohibited Transfer shall
be null and void ab initio, and Pubco shall refuse to recognize any such purported transferee of the Restricted Securities as one of its
equity holders for any purpose. In order to enforce this Section 1, Pubco may impose stop-transfer instructions with respect to
the Restricted Securities of Holder (and Permitted Transferees and assigns thereof) until the end of the Lock-Up Period.

 

(e)
During the Lock-Up Period, each certificate evidencing any Restricted Securities shall be stamped or otherwise imprinted with a legend
in substantially the following form, in addition to any other applicable legends:

 

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE
ARE SUBJECT TO RESTRICTIONS ON TRANSFER SET FORTH IN A LOCK-UP AGREEMENT, DATED AS OF [__________], 2022, BY AND AMONG THE ISSUER OF SUCH
SECURITIES (THE “ISSUER”), A CERTAIN REPRESENTATIVE OF THE ISSUER NAMED THEREIN AND THE ISSUER’S SECURITY HOLDER NAMED
THEREIN, AS AMENDED. A COPY OF SUCH LOCK-UP AGREEMENT WILL BE FURNISHED WITHOUT CHARGE BY THE ISSUER TO THE HOLDER HEREOF UPON WRITTEN
REQUEST.”

 

(f)
For the avoidance of any doubt, Holder shall retain all of its rights as a shareholder of Pubco with respect to the Restricted Securities
during the Lock-Up Period, including the right to vote any Restricted Securities, but subject to the obligations under the Business Combination
Agreement.

 

		2.	Miscellaneous.

 

(a)
Termination of Business Combination Agreement. This Agreement shall be binding upon Holder upon Holder’s execution and delivery
of this Agreement, but this Agreement shall only become effective upon the Closing. Notwithstanding anything to the contrary contained
herein, in the event that the Business Combination Agreement is terminated in accordance with its terms prior to the Closing, this Agreement
shall automatically terminate and become null and void, and the parties shall not have any rights or obligations hereunder.

 

(b)
Binding Effect; Assignment. This Agreement and all of the provisions hereof shall be binding upon and inure to the benefit of the
parties hereto and their respective permitted successors and assigns. This Agreement and all obligations of Holder and Purchaser are personal
to Holder and Purchaser, as applicable, and may not be transferred or delegated by Holder or Purchaser at any time. Pubco may freely assign
any or all of its rights under this Agreement, in whole or in part, to any successor entity (whether by merger, consolidation, equity
sale, asset sale or otherwise) without obtaining the consent or approval of Holder (but from and after the Closing, the consent of the
Purchaser Representative shall be required which shall not be unreasonably withheld). If the Purchaser Representative is replaced in accordance
with the terms of the Business Combination Agreement, the replacement Purchaser Representative shall automatically become a party to this
Agreement as if it were the original Purchaser Representative hereunder.

 

(c)
Third Parties. Nothing contained in this Agreement or in any instrument or document executed by any party in connection with the
transactions contemplated hereby shall create any rights in, or be deemed to have been executed for the benefit of, any person or entity
that is not a party hereto or thereto or a successor or permitted assign of such a party.

 

(d)
Governing Law; Jurisdiction. This Agreement and any dispute or controversy arising out of or relating to this Agreement shall be
governed by and construed in accordance with the laws of the State of Delaware, without regard to the conflict of law principles thereof.
All Actions arising out of or relating to this Agreement shall be heard and determined exclusively in any state or federal court located
in Delaware (or in any appellate courts thereof) (the “Specified Courts”). Each party hereto hereby (i) submits
to the exclusive jurisdiction of any Specified Court for the purpose of any Action arising out of or relating to this Agreement brought
by any party hereto and (ii) irrevocably waives, and agrees not to assert by way of motion, defense or otherwise, in any such Action,
any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt or immune from
attachment or execution, that the Action is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement
or the transactions contemplated hereby may not be enforced in or by any Specified Court. Each party agrees that a final judgment in any
Action shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law.
Each party irrevocably consents to the service of the summons and complaint and any other process in any other action or proceeding relating
to the transactions contemplated by this Agreement, on behalf of itself, or its property, by personal delivery of copies of such process
to such party at the applicable address set forth in Section 2(g). Nothing in this Section 2(d) shall affect the right of
any party to serve legal process in any other manner permitted by applicable law.

 

    5

     

    

 

(e)
WAIVER OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY WAIVES TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW ANY RIGHT IT MAY
HAVE TO A TRIAL BY JURY WITH RESPECT TO ANY ACTION DIRECTLY OR INDIRECTLY ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS AGREEMENT OR
THE TRANSACTIONS CONTEMPLATED HEREBY. EACH PARTY HERETO (i) CERTIFIES THAT NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY
OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF ANY ACTION, SEEK TO ENFORCE THAT FOREGOING WAIVER AND (ii) ACKNOWLEDGES
THAT IT AND THE OTHER PARTIES HERETO HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS
IN THIS SECTION 2(e).

 

(f)
Interpretation. The titles and subtitles used in this Agreement are for convenience only and are not to be considered in construing
or interpreting this Agreement. In this Agreement, unless the context otherwise requires: (i) any pronoun used in this Agreement shall
include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural
and vice versa; (ii) “including” (and with correlative meaning “include”) means including without limiting the
generality of any description preceding or succeeding such term and shall be deemed in each case to be followed by the words “without
limitation”; (iii) the words “herein,” “hereto,” and “hereby” and other words of similar import
in this Agreement shall be deemed in each case to refer to this Agreement as a whole and not to any particular section or other subdivision
of this Agreement; and (iv) the term “or” means “and/or”. The parties have participated jointly in the negotiation
and drafting of this Agreement. Consequently, in the event an ambiguity or question of intent or interpretation arises, this Agreement
shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring
any party by virtue of the authorship of any provision of this Agreement.

 

(g)
Notices. All notices, consents, waivers and other communications hereunder shall be in writing and shall be deemed to have been
duly given when delivered (i) in person, (ii) by facsimile or other electronic means, with affirmative confirmation of receipt, (iii)
one Business Day after being sent, if sent by reputable, nationally recognized overnight courier service or (iv) three (3) Business Days
after being mailed, if sent by registered or certified mail, pre-paid and return receipt requested, in each case to the applicable party
at the following addresses (or at such other address for a party as shall be specified by like notice):

 

	
    If to Pubco:

    NWTN Inc.

    No.76 Mu Nan Road, Heping District, Tianjin,
    China

    Attention: Baojin Su

    Telephone No.: +86 022-23303776

    Email: ir@iconiqmotors.com

     

     

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

    Linklaters LLP

    1290 Avenue of the Americas

    New York, NY 10104

    Facsimile No.: +1 212 903 9100

    Telephone No.: +1 212 903 9000

     

    and a copy to:

    Linklaters LLP

    11th Floor, Alexandra House

    Chater Road

    Hong Kong SAR

    Facsimile No.: +852 2810 8133

    Telephone No.: +852 2842 4888

     

	
    If to the Company, to:

    ICONIQ Holding Limited

    No.76 Mu Nan Road, Heping District, Tianjin,
    China

    Attention: Baojin Su

    Telephone No.: +86 022-23303776

    Email: ir@iconiqmotors.com

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

    Linklaters LLP

    1290 Avenue of the Americas

    New York, NY 10104

    Facsimile No.: +1 212 903 9100

    Telephone No.: +1 212 903 9000

     

    and a copy to:

    Linklaters LLP

    11th Floor, Alexandra House

    Chater Road

    Hong Kong SAR

    Facsimile No.: +852 2810 8133

    Telephone No.: +852 2842 4888

     

 

    6

     

    

 

	
    If to the Purchaser Representative,
    to:

    Navy Sail International Limited

    19/F On Hong Commercial Building

    145 Hennessy Road

    Wanchai, Hong Kong

    Attn: Chunyi (Charlie) Hao

    Telephone No.: +86 186 1006 0879

    Email: hao.chunyi@foxmail.com

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

    Ellenoff Grossman & Schole LLP

    1345 Avenue of the Americas, 11th Floor

    New York, New York 10105

    Attn: Barry I. Grossman, Esq.

    Facsimile No.: (212) 370-7889

    Telephone No.: (212) 370-1300

    Email: bigrossman@egsllp.com

     

	
    If to Holder, to:

    the address set forth below Holder’s
    name on the signature page to this Agreement
	
    with a copy (which will not constitute
    notice) to:

    With respect to a holder of the Company
    Securities:

    Linklaters LLP

    1290 Avenue of the Americas

    New York, NY 10104

    Facsimile No.: +1 212 903 9100

    Telephone No.: +1 212 903 9000

     

    and a copy to:

    Linklaters LLP

    11th Floor, Alexandra House

    Chater Road

    Hong Kong SAR

    Facsimile No.: +852 2810 8133

    Telephone No.: +852 2842 4888

     

    With respect to a holder of the Founder
    Shares:

    Ellenoff Grossman & Schole LLP

    1345 Avenue of the Americas, 11th Floor

    New York, New York 10105

    Attn: Barry I. Grossman, Esq.

    Facsimile No.: (212) 370-7889

    Telephone No.: (212) 370-1300

    Email: bigrossman@egsllp.com

     

 

(h)
Amendments and Waivers. Any term of this Agreement may be amended and the observance of any term of this Agreement may be waived
(either generally or in a particular instance, and either retroactively or prospectively) only with the written consent of Pubco, the
Company, the Purchaser (as represented by the Purchaser Representative) and Holder. No failure or delay by a party in exercising any right
hereunder shall operate as a waiver thereof. No waivers of or exceptions to any term, condition, or provision of this Agreement, in any
one or more instances, shall be deemed to be or construed as a further or continuing waiver of any such term, condition, or provision.

 

(i)
Severability. In case any provision in this Agreement shall be held invalid, illegal or unenforceable in a jurisdiction, such provision
shall be modified or deleted, as to the jurisdiction involved, only to the extent necessary to render the same valid, legal and enforceable,
and the validity, legality and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby
nor shall the validity, legality or enforceability of such provision be affected thereby in any other jurisdiction. Upon such determination
that any term or other provision is invalid, illegal or incapable of being enforced, the parties will substitute for any invalid, illegal
or unenforceable provision a suitable and equitable provision that carries out, so far as may be valid, legal and enforceable, the intent
and purpose of such invalid, illegal or unenforceable provision.

 

(j)
Specific Performance. Holder acknowledges that its obligations under this Agreement are unique, recognizes and affirms that in
the event of a breach of this Agreement by Holder, money damages will be inadequate and Pubco will have no adequate remedy at law, and
agrees that irreparable damage would occur in the event that any of the provisions of this Agreement were not performed by Holder in accordance
with their specific terms or were otherwise breached. Accordingly, each of Pubco, the Company and the Purchaser (as represented by the
Purchaser Representative) shall be entitled to an injunction or restraining order to prevent breaches of this Agreement by Holder and
to enforce specifically the terms and provisions hereof, without the requirement to post any bond or other security or to prove that money
damages would be inadequate, this being in addition to any other right or remedy to which such party may be entitled under this Agreement,
at law or in equity.

 

    7

     

    

 

(k)
Entire Agreement. This Agreement constitutes the full and entire understanding and agreement among the parties with respect to
the subject matter hereof, and any other written or oral agreement relating to the subject matter hereof existing between the parties
is expressly canceled; provided, that, for the avoidance of doubt, the foregoing shall not affect the rights and obligations of the parties
under the Business Combination Agreement or any Ancillary Document. Notwithstanding the foregoing, nothing in this Agreement shall limit
any of the rights or remedies of Pubco, the Company and the Purchaser (as represented by the Purchaser Representative) or any of the obligations
of Holder under any other agreement between Holder and Pubco, the Company or the Purchaser (as represented by the Purchaser Representative)
or any certificate or instrument executed by Holder in favor of Pubco, the Company or the Purchaser (as represented by the Purchaser Representative),
and nothing in any other agreement, certificate or instrument shall limit any of the rights or remedies of Pubco, the Company or the Purchaser
(as represented by the Purchaser Representative) or any of the obligations of Holder under this Agreement.

 

(l)
Further Assurances. From time to time, at another party’s request and without further consideration (but at the requesting
party’s reasonable cost and expense), each party shall execute and deliver such additional documents and take all such further action
as may be reasonably necessary to consummate the transactions contemplated by this Agreement.

 

(m)
Counterparts; Facsimile. This Agreement may also be executed and delivered by facsimile signature or by email in portable document
format in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the
same instrument.

 

{Remainder of Page Intentionally Left Blank;
Signature Pages Follow}

 

    8

     

    

 

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

 

	 	Pubco:
	 	 
	 	NWTN Inc.
	 	 
	 	By: 
	 	Name: Nan Wu
	 	Title: Director
	 	 
	 	Company:
	 	 
	 	ICONIQ Holding Limited
	 	 
	 	Name: Nan Wu
	 	Title: Director

 

{Additional Signature on the Following Page}

 

     

     

    

 

 

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

 

	 	Purchaser:
	 	 
	 	EAST STONE ACQUISITION CORPORATION
	 	 
	 	By: 
	 	Name:Xiaoma (Sherman) Lu
	 	Title: Chief Executive Officer
	 	 
	 	Purchaser Representative:
	 	 
	 	NAVY SAIL INTERNATIONAL LIMITED
	 	 
	 	By: 
	 	Name: Chunyi (Charlie) Hao
	 	Title:  Director

 

     

     

    

 

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

 

	Holder:	 
	 	 
	Name of Holder: 	 
	 	 
	By: 	 
	Name: 	 
	 	 
	Address for Notice:	 
	 	 
	Address:	 
	 	 
	 	 
	 	 
	 	 
	Facsimile No:	 
	 	 
	 	 
	Telephone No:	 
	 	 
	 	 
	Email:

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00343-of-00352.parquet"}]]