Document:

Exhibit 10.10

 

Faraday
Future Intelligent Electric, Inc

 

Amended
and restated 2021 STOCK INCENTIVE PLAN

 

I.
INTRODUCTION

 

1.1 Purposes.
The purposes of the Faraday Future Intelligent Electric, Inc. Amended and Restated 2021 Stock Incentive Plan (this “Plan”)
are (i) to align the interests of the Company’s stockholders and the recipients of awards under this Plan by increasing the
proprietary interest of such recipients in the Company’s growth and success, (ii) to advance the interests of the Company
by attracting and retaining Non-Employee Directors, officers, other employees, consultants, independent contractors and agents and (iii) to
motivate such persons to act in the long-term best interests of the Company and its stockholders.

 

1.2 Certain
Definitions.

 

“Acquisition”
shall have the meaning set forth in Section 5.8.

 

“Agreement”
shall mean the written or electronic agreement evidencing an award hereunder between the Company and the recipient of such award.

 

“Board”
shall mean the Board of Directors of the Company.

 

“Change
in Control” shall have the meaning set forth in Section 5.8(b).

 

“Code”
shall mean the Internal Revenue Code of 1986, as amended.

 

“Committee”
shall mean the Compensation Committee of the Board, or a subcommittee thereof, or such other committee designated by the Board, in
each case, consisting of two or more members of the Board, each of whom is intended to be (i) a “Non-Employee Director”
within the meaning of Rule 16b-3 under the Exchange Act and (ii) “independent” within the meaning of the rules of the
NASDAQ Capital Market or, if the Common Stock is not listed on the NASDAQ Capital Market, within the meaning of the rules of the principal
stock exchange on which the Common Stock is then traded.

 

“Common
Stock” shall mean the Class A common stock, par value $ 0.0001 per share, of the Company, and all rights appurtenant thereto.

 

“Company”
shall mean Faraday Future Intelligent Electric, Inc., a corporation organized under the laws of the State of Delaware, or any successor
thereto.

 

“Data”
shall have the meaning set forth in Section 5.15.

 

“Exchange
Act” shall mean the Securities Exchange Act of 1934, as amended.

 

      

     

    

 

“Fair
Market Value” shall mean the closing transaction price of a share of Common Stock as reported on the NASDAQ Capital Market
on the date as of which such value is being determined or, if the Common Stock is not listed on the NASDAQ Capital Market, the closing
transaction price of a share of Common Stock on the principal national stock exchange on which the Common Stock is traded on the date
as of which such value is being determined or, if there shall be no reported transactions for such date, on the next preceding date for
which transactions were reported; provided, however, that if the Common Stock is not listed on a national stock exchange
or if Fair Market Value for any date cannot be so determined, Fair Market Value shall be determined by the Committee by whatever means
or method as the Committee, in the good faith exercise of its discretion, shall at such time deem appropriate and in compliance with
Section 409A of the Code.

 

“Free-Standing
SAR” shall mean an SAR which is not granted in tandem with, or by reference to, an option, which entitles the holder thereof
to receive, upon exercise, shares of Common Stock (which may be Restricted Stock) or, to the extent set forth in the applicable Agreement,
cash or a combination thereof, with an aggregate value equal to the excess of the Fair Market Value of one (1) share of Common Stock
on the date of exercise over the base price of such SAR, multiplied by the number of such SARs which are exercised.

 

“Incentive
Stock Option” shall mean an option to purchase shares of Common Stock that meets the requirements of Section 422 of
the Code, or any successor provision, which is intended by the Committee to constitute an Incentive Stock Option.

 

“Non-Employee
Director” shall mean any director of the Company who is not an officer or employee of the Company or any Subsidiary.

 

“Nonqualified
Stock Option” shall mean an option to purchase shares of Common Stock which is not an Incentive Stock Option.

 

“Other
Stock Award” shall mean an award granted pursuant to Section 3.4 of the Plan.

 

“Performance
Award” shall mean a right to receive an amount of cash, Common Stock, or a combination of both, contingent upon the attainment
of specified Performance Measures within a specified Performance Period.

 

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“Performance
Measures” shall mean the criteria and objectives, established by the Committee, which shall be satisfied or met (i) as
a condition to the grant or exercisability of all or a portion of an option or SAR or (ii) during the applicable Restriction Period
or Performance Period as a condition to the vesting of the holder’s interest, in the case of a Restricted Stock Award, of the shares
of Common Stock subject to such award, or, in the case of a Restricted Stock Unit Award, Other Stock Award or Performance Award, to the
holder’s receipt of the shares of Common Stock subject to such award or of payment with respect to such award. One or more of the
following business criteria for the Company, on a consolidated basis, and/or for specified Subsidiaries, business or geographical units
or operating areas of the Company (except with respect to the total shareholder return and earnings per share criteria) or individual
basis, may be used by the Committee in establishing Performance Measures under this Plan: the attainment by a share of Common Stock of
a specified Fair Market Value for a specified period of time; increase in stockholder value; earnings per share; return on or net assets;
return on equity; return on investments; return on capital or invested capital; total stockholder return; earnings or income of the Company
before or after taxes and/or interest; earnings before interest, taxes, depreciation and amortization (“EBITDA”);
EBITDA margin; operating income; revenues; operating expenses, attainment of expense levels or cost reduction goals; market share; cash
flow, cash flow per share, cash flow margin or free cash flow; interest expense; economic value created; gross profit or margin; operating
profit or margin; net cash provided by operations; price-to-earnings growth; and strategic business criteria, consisting of one or more
objectives based on meeting specified goals relating to market penetration, customer acquisition, business expansion, cost targets, customer
satisfaction, reductions in errors and omissions, reductions in lost business, management of employment practices and employee benefits,
supervision of litigation, supervision of information technology, quality and quality audit scores, efficiency, commercial launch of
new products, completion of projects, and closing of acquisitions, divestitures, financings or other transactions, or such other goals
as the Committee may determine whether or not listed herein. Each such goal may be determined on a pre-tax or post-tax basis or on an
absolute or relative basis, and may include comparisons based on current internal targets, the past performance of the Company (including
the performance of one or more Subsidiaries, divisions, or operating units) or the past or current performance of other companies or
market indices (or a combination of such past and current performance). In addition to the ratios specifically enumerated above, performance
goals may include comparisons relating to capital (including, but not limited to, the cost of capital), shareholders’ equity, shares
outstanding, assets or net assets, sales, or any combination thereof. In establishing a Performance Measure or determining the achievement
of a Performance Measure, the Committee may provide that achievement of the applicable Performance Measures may be amended or adjusted
to include or exclude components of any Performance Measure, including, without limitation, foreign exchange gains and losses, asset
write-downs, acquisitions and divestitures, change in fiscal year, unbudgeted capital expenditures, special charges such as restructuring
or impairment charges, debt refinancing costs, extraordinary or noncash items, unusual, infrequently occurring, nonrecurring or one-time
events affecting the Company or its financial statements or changes in law or accounting principles. Performance Measures shall be subject
to such other special rules and conditions as the Committee may establish at any time.

 

“Performance
Period” shall mean any period designated by the Committee during which (i) the Performance Measures applicable to
an award shall be measured and (ii) the conditions to vesting applicable to an award shall remain in effect.

 

“Person”
shall have the meaning set forth in Section 5.8.

 

“Prior
Plans” shall mean the Smart King Ltd. Equity Incentive Plan, the Smart King Ltd. Special Talent Incentive Plan and
each other equity plan maintained by FF Intelligent Mobility Global Holdings Ltd. under which awards are outstanding as of the effective
date of this Plan.

 

“Restricted
Stock” shall mean shares of Common Stock which are subject to a Restriction Period and which may, in addition thereto,
be subject to the attainment of specified Performance Measures within a specified Performance Period.

 

“Restricted
Stock Award” shall mean an award of Restricted Stock under this Plan.

 

“Restricted
Stock Unit” shall mean a right to receive one (1) share of Common Stock or, in lieu thereof and to the extent set
forth in the applicable Agreement, the Fair Market Value of such share of Common Stock in cash, which shall be contingent upon the expiration
of a specified Restriction Period and which may, in addition thereto, be contingent upon the attainment of specified Performance Measures
within a specified Performance Period.

 

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“Restricted
Stock Unit Award” shall mean an award of Restricted Stock Units under this Plan.

 

“Restriction
Period” shall mean any period designated by the Committee during which (i) the Common Stock subject to a Restricted
Stock Award may not be sold, transferred, assigned, pledged, hypothecated or otherwise encumbered or disposed of, except as provided
in this Plan or the Agreement relating to such award, or (ii) the conditions to vesting applicable to a Restricted Stock Unit Award
or Other Stock Award shall remain in effect.

 

“SAR”
shall mean a stock appreciation right which may be a Free-Standing SAR or a Tandem SAR.

 

“Stock
Award” shall mean a Restricted Stock Award, Restricted Stock Unit Award or Other Stock Award.

 

“Subsidiary”
shall mean any corporation, limited liability company, partnership, joint venture or similar entity in which the Company owns, directly
or indirectly, an equity interest possessing more than 50% of the combined voting power of the total outstanding equity interests of
such entity.

 

“Substitute
Award” shall mean an award granted under this Plan upon the assumption of, or in substitution for, outstanding equity awards
previously granted by a company or other entity in connection with a corporate transaction, including a merger, combination, consolidation
or acquisition of property or stock; provided, however, that in no event shall the term “Substitute Award”
be construed to refer to an award made in connection with the cancellation and repricing of an option or SAR.

 

“Tandem
SAR” shall mean an SAR which is granted in tandem with, or by reference to, an option (including a Nonqualified Stock Option
granted prior to the date of grant of the SAR), which entitles the holder thereof to receive, upon exercise of such SAR and surrender
for cancellation of all or a portion of such option, shares of Common Stock (which may be Restricted Stock) or, to the extent set forth
in the applicable Agreement, cash or a combination thereof, with an aggregate value equal to the excess of the Fair Market Value of one
(1) share of Common Stock on the date of exercise over the base price of such SAR, multiplied by the number of shares of Common
Stock subject to such option, or portion thereof, which is surrendered.

 

“Tax
Date” shall have the meaning set forth in Section 5.5.

 

“Ten
Percent Holder” shall have the meaning set forth in Section 2.1(a).

 

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1.3 Administration.
This Plan shall be administered by the Committee. Any one or a combination of the following awards may be made under this Plan to eligible
persons: (i) options to purchase shares of Common Stock in the form of Incentive Stock Options or Nonqualified Stock Options; (ii) SARs
in the form of Tandem SARs or Free-Standing SARs; (iii) Stock Awards in the form of Restricted Stock, Restricted Stock Units or
Other Stock Awards; and (iv) Performance Awards. The Committee shall, subject to the terms of this Plan, select eligible persons
for participation in this Plan and determine the form, amount and timing of each award to such persons and, if applicable, the number
of shares of Common Stock subject to an award, the number of SARs, the number of Restricted Stock Units, the dollar value subject to
a Performance Award, the purchase price or base price associated with the award, the time and conditions of exercise or settlement of
the award and all other terms and conditions of the award, including, without limitation, the form of the Agreement evidencing the award.
The Committee may, in its sole discretion and for any reason at any time, take action such that (i) any or all outstanding options
and SARs shall become exercisable in part or in full, (ii) all or a portion of the Restriction Period applicable to any outstanding
awards shall lapse, (iii) all or a portion of the Performance Period applicable to any outstanding awards shall lapse and (iv) the
Performance Measures (if any) applicable to any outstanding awards shall be deemed to be satisfied at the target, maximum or any other
level. The Committee shall, subject to the terms of this Plan, interpret this Plan and the application thereof, establish rules and regulations
it deems necessary or desirable for the administration of this Plan and may impose, incidental to the grant of an award, conditions with
respect to the award, such as limiting competitive employment or other activities. All such interpretations, rules, regulations and conditions
shall be conclusive and binding on all parties.

 

The
Committee may delegate some or all of its power and authority hereunder to the Board (or any members thereof) or, subject to applicable
law, to a subcommittee of the Board, a member of the Board, the Chief Executive Officer or other executive officer of the Company as
the Committee deems appropriate; provided, however, that the Committee may not delegate its power and authority to a member
of the Board, the Chief Executive Officer or other executive officer of the Company with regard to the selection for participation in
this Plan of an officer, director or other person subject to Section 16 of the Exchange Act or decisions concerning the timing,
pricing or amount of an award to such an officer, director or other person.

 

No
member of the Board or Committee, and neither the Chief Executive Officer nor any other executive officer to whom the Committee delegates
any of its power and authority hereunder, shall be liable for any act, omission, interpretation, construction or determination made in
connection with this Plan in good faith, and the members of the Board and the Committee and the Chief Executive Officer or other executive
officer shall be entitled to indemnification and reimbursement by the Company in respect of any claim, loss, damage or expense (including
attorneys’ fees) arising therefrom to the full extent permitted by law (except as otherwise may be provided in the Company’s
Certificate of Incorporation and/or By-laws) and under any directors’ and officers’ liability insurance that may be in effect
from time to time.

 

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1.4 Eligibility.
Participants in this Plan shall consist of such officers, other employees, Non-Employee Directors, consultants, independent contractors,
agents, and persons expected to become officers, other employees, Non-Employee Directors, consultants, independent contractors and agents
of the Company and its Subsidiaries as the Committee in its sole discretion may select from time to time, provided such persons are eligible
to receive awards of shares of Common Stock that are registered on a Form S-8 registration statement. The Committee’s selection
of a person to participate in this Plan at any time shall not require the Committee to select such person to participate in this Plan
at any other time. Except as otherwise provided for in an Agreement, for purposes of this Plan, references to employment by the Company
shall also mean employment by a Subsidiary, and references to employment shall include service as a Non-Employee Director, consultant,
independent contractor or agent. The Committee shall determine, in its sole discretion, the extent to which a participant shall be considered
employed during an approved leave of absence. The aggregate value of cash compensation and the grant date fair value of shares of Common
Stock that may be awarded or granted during any fiscal year of the Company to any Non-Employee Director shall not in the aggregate exceed
$750,000.

 

1.5 Shares
Available. Subject to adjustment as provided in Section 5.7 and to all other limits set forth in this Plan, 49,573,570
shares of Common Stock shall initially be available for all awards under this Plan, other than Substitute Awards. Subject to adjustment
as provided in Section 5.7, no more than 49,573,570 shares of Common Stock in the aggregate may be issued under the Plan in connection
with Incentive Stock Options. The number of shares of Common Stock available under the Plan shall increase annually on the first day
of each calendar year, beginning with the calendar year ending December 31, 2022, and continuing until (and including) the calendar year
ending December 31, 2031, with such annual increase equal to the lesser of (i) 5% of the number of shares of Stock issued and outstanding
on December 31 of the immediately preceding fiscal year and (ii) an amount determined by the Board. The number of shares of Common
Stock that remain available for future grants under the Plan shall be reduced by the sum of the aggregate number of shares of Common
Stock that become subject to outstanding options, outstanding Free-Standing SARs, outstanding Stock Awards and outstanding Performance
Awards denominated in shares of Common Stock, other than Substitute Awards. 

 

Following
approval of the Plan by the stockholders of the Company, the Company shall cease granting awards under the Prior Plans. However, outstanding
awards previously granted under the Prior Plans shall remain subject to the terms and conditions of the Prior Plans and shall not be
not be subject to the terms and conditions of the Plan.

 

To
the extent that shares of Common Stock subject to an outstanding option, SAR, Stock Award or Performance Award granted under the Plan
or a Prior Plan, other than Substitute Awards, are not issued or delivered by reason of (i) the expiration, termination, cancellation
or forfeiture of such award (excluding shares subject to an option cancelled upon settlement in shares of a related Tandem SAR or shares
subject to a Tandem SAR cancelled upon exercise of a related option) or (ii) the settlement of such award in cash, then such shares
of Common Stock shall again be available under this Plan. In addition, shares of Common Stock subject to an award under this Plan or
a Prior Plan shall again be available for issuance under this Plan if such shares are (x) shares that were subject to an option
or stock-settled SAR and were not issued or delivered upon the net settlement or net exercise of such option or SAR or (y) shares
delivered to or withheld by the Company to pay the purchase price or the withholding taxes related to an outstanding award. Notwithstanding
the foregoing, shares repurchased by the Company on the open market with the proceeds of an option exercise shall not again be available
for issuance under this Plan.

 

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The
number of shares of Common Stock available for awards under this Plan shall not be reduced by (i) the number of shares of Common
Stock subject to Substitute Awards or (ii) available shares under a stockholder approved plan of a company or other entity which
was a party to a corporate transaction with the Company (as appropriately adjusted to reflect such corporate transaction) which become
subject to awards granted under this Plan (subject to applicable stock exchange requirements).

 

Shares
of Common Stock to be delivered under this Plan shall be made available from authorized and unissued shares of Common Stock, or authorized
and issued shares of Common Stock reacquired and held as treasury shares or otherwise or a combination thereof.

 

II.
STOCK OPTIONS AND STOCK APPRECIATION RIGHTS

 

2.1 Stock
Options. The Committee may, in its discretion, grant options to purchase shares of Common Stock to such eligible persons as may be
selected by the Committee. Each option, or portion thereof, that is not an Incentive Stock Option, shall be a Nonqualified Stock Option.
To the extent that the aggregate Fair Market Value (determined as of the date of grant) of shares of Common Stock with respect to which
options designated as Incentive Stock Options are exercisable for the first time by a participant during any calendar year (under this
Plan or any other plan of the Company, or any parent or Subsidiary) exceeds the amount (currently $100,000) established by the Code,
such options shall constitute Nonqualified Stock Options.

 

Options
shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with
the terms of this Plan, as the Committee shall deem advisable:

 

(a) Number
of Shares and Purchase Price. The number of shares of Common Stock subject to an option and the purchase price per share of Common
Stock purchasable upon exercise of the option shall be determined by the Committee; provided, however, that the purchase
price per share of Common Stock purchasable upon exercise of an option shall not be less than 100% of the Fair Market Value of a share
of Common Stock on the date of grant of such option; provided further, that if an Incentive Stock Option shall be granted to any
person who, at the time such option is granted, owns capital stock possessing more than 10 percent of the total combined voting power
of all classes of capital stock of the Company (or of any parent or Subsidiary) (a “Ten Percent Holder”), the purchase
price per share of Common Stock shall not be less than the price (currently 110% of Fair Market Value) required by the Code in order
to constitute an Incentive Stock Option.

 

Notwithstanding
the foregoing, in the case of an option that is a Substitute Award, the purchase price per share of the shares subject to such option
may be less than 100% of the Fair Market Value per share on the date of grant, provided, that the excess of: (a) the aggregate Fair
Market Value (as of the date such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the aggregate
purchase price thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding
the transaction giving rise to the Substitute Award, such fair market value to be determined by the Committee) of the shares of the predecessor
company or other entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate purchase
price of such shares.

 

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(b) Option
Period and Exercisability. The period during which an option may be exercised shall be determined by the Committee; provided,
however, that no option shall be exercised later than 10 years after its date of grant; provided further, that if
an Incentive Stock Option shall be granted to a Ten Percent Holder, such option shall not be exercised later than five (5) years after
its date of grant. The Committee may, in its discretion, establish Performance Measures which shall be satisfied or met as a condition
to the grant of an option or to the exercisability of all or a portion of an option. The Committee shall determine whether an option
shall become exercisable in cumulative or non-cumulative installments and in part or in full at any time. An exercisable option, or portion
thereof, may be exercised only with respect to whole shares of Common Stock.

 

(c) Method
of Exercise. An option may be exercised (i) by giving written notice to the Company specifying the number of whole shares of
Common Stock to be purchased and accompanying such notice with payment therefor in full (or arrangement made for such payment to the
Company’s satisfaction) either (A) in cash or check, (B) by delivery (either actual delivery or by attestation procedures
established by the Company) of shares of Common Stock having a Fair Market Value, determined as of the date of exercise, equal to the
aggregate purchase price payable by reason of such exercise, (C) authorizing the Company to withhold whole shares of Common Stock
which would otherwise be delivered having an aggregate Fair Market Value, determined as of the date of exercise, equal to the amount
necessary to satisfy such obligation, (D) in cash by a broker-dealer acceptable to the Company to whom the participant has submitted
an irrevocable notice of exercise, (E) such other methods permitted by applicable law, or (F) a combination of the foregoing, in
each case, to the extent set forth in the Agreement relating to the option, (ii) if applicable, by surrendering to the Company any
Tandem SARs which are cancelled by reason of the exercise of the option and (iii) by executing such documents as the Company may
reasonably request. Any fraction of a share of Common Stock which would be required to pay such purchase price shall be disregarded and
the remaining amount due shall be paid in cash by the participant. No shares of Common Stock shall be issued and no certificate representing
Common Stock shall be delivered until the full purchase price therefor and any withholding taxes thereon, as described in Section 5.5,
have been paid (or arrangement made for such payment to the Company’s satisfaction).

 

2.2 Stock
Appreciation Rights. The Committee may, in its discretion, grant SARs to such eligible persons as may be selected by the Committee.
The Agreement relating to an SAR shall specify whether the SAR is a Tandem SAR or a Free-Standing SAR.

 

SARs
shall be subject to the following terms and conditions and shall contain such additional terms and conditions, not inconsistent with
the terms of this Plan, as the Committee shall deem advisable:

 

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(a) Number
of SARs and Base Price. The number of SARs subject to an award shall be determined by the Committee. Any Tandem SAR related to an
Incentive Stock Option shall be granted at the same time that such Incentive Stock Option is granted. The base price of a Tandem SAR
shall be the purchase price per share of Common Stock of the related option. The base price of a Free-Standing SAR shall be determined
by the Committee; provided, however, that such base price shall not be less than 100% of the Fair Market Value of a share
of Common Stock on the date of grant of such SAR (or, if earlier, the date of grant of the option for which the SAR is exchanged or substituted).

 

Notwithstanding
the foregoing, in the case of an SAR that is a Substitute Award, the base price per share of the shares subject to such SAR may be less
than 100% of the Fair Market Value per share on the date of grant, provided, that the excess of: (a) the aggregate Fair Market Value
(as of the date such Substitute Award is granted) of the shares subject to the Substitute Award, over (b) the aggregate base price
thereof does not exceed the excess of: (x) the aggregate fair market value (as of the time immediately preceding the transaction
giving rise to the Substitute Award, such fair market value to be determined by the Committee) of the shares of the predecessor company
or other entity that were subject to the grant assumed or substituted for by the Company, over (y) the aggregate base price of such
shares.

 

(b) Exercise
Period and Exercisability. The period for the exercise of an SAR shall be determined by the Committee; provided, however,
that (i) no Tandem SAR shall be exercised later than the expiration, cancellation, forfeiture or other termination of the related
option and (ii) no Free-Standing SAR shall be exercised later than 10 years after its date of grant. The Committee may, in
its discretion, establish Performance Measures which shall be satisfied or met as a condition to the grant of an SAR or to the exercisability
of all or a portion of an SAR. The Committee shall determine whether an SAR may be exercised in cumulative or non-cumulative installments
and in part or in full at any time. An exercisable SAR, or portion thereof, may be exercised, in the case of a Tandem SAR, only with
respect to whole shares of Common Stock and, in the case of a Free-Standing SAR, only with respect to a whole number of SARs. If an SAR
is exercised for shares of Restricted Stock, a certificate or certificates representing such Restricted Stock shall be issued in accordance
with Section 3.2(c), or such shares shall be transferred to the holder in book entry form with restrictions on the shares
duly noted, and the holder of such Restricted Stock shall have such rights of a stockholder of the Company as determined pursuant to
Section 3.2(d). Prior to the exercise of a stock-settled SAR, the holder of such SAR shall have no rights as a stockholder
of the Company with respect to the shares of Common Stock subject to such SAR.

 

(c) Method
of Exercise. A Tandem SAR may be exercised (i) by giving written notice to the Company specifying the number of whole SARs which
are being exercised, (ii) by surrendering to the Company any options which are cancelled by reason of the exercise of the Tandem
SAR and (iii) by executing such documents as the Company may reasonably request. A Free-Standing SAR may be exercised (A) by
giving written notice to the Company specifying the whole number of SARs which are being exercised and (B) by executing such documents
as the Company may reasonably request. No shares of Common Stock shall be issued and no certificate representing Common Stock shall be
delivered until any withholding taxes thereon, as described in Section 5.5, have been paid (or arrangement made for such
payment to the Company’s satisfaction).

 

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2.3 Termination
of Employment or Service. All of the terms relating to the exercise, cancellation or other disposition of an option or SAR (i) upon
a termination of employment with or service to the Company of the holder of such option or SAR, as the case may be, whether by reason
of termination, resignation, disability, retirement, death or any other reason, or (ii) during a paid or unpaid leave of absence,
shall be determined by the Committee and set forth in the applicable Agreement.

 

2.4 Repricing.
The Committee shall have the discretion, without the approval of the stockholders of the Company, to (i) reduce the purchase price
or base price of any previously granted option or SAR, (ii) cancel any previously granted option or SAR in exchange for another
option or SAR with a lower purchase price or base price or (iii) cancel any previously granted option or SAR in exchange for cash
or another award if the purchase price of such option or the base price of such SAR exceeds the Fair Market Value of a share of Common
Stock on the date of such cancellation.

 

2.5 No
Dividend Equivalents. Notwithstanding anything in an Agreement to the contrary, the holder of an option or SAR shall not be entitled
to receive dividend equivalents with respect to the number of shares of Common Stock subject to such option or SAR.

 

III.
STOCK AWARDS

 

3.1 Stock
Awards. The Committee may, in its discretion, grant Stock Awards to such eligible persons as may be selected by the Committee. The
Agreement relating to a Stock Award shall specify whether the Stock Award is a Restricted Stock Award, a Restricted Stock Unit Award
or, in the case of an Other Stock Award, the type of award being granted.

 

3.2 Terms
of Restricted Stock Awards. Restricted Stock Awards shall be subject to the following terms and conditions and shall contain such
additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable.

 

(a) Number
of Shares and Other Terms. The number of shares of Common Stock subject to a Restricted Stock Award and the Restriction Period, Performance
Period (if any) and Performance Measures (if any) applicable to a Restricted Stock Award shall be determined by the Committee.

 

(b) Vesting
and Forfeiture. The Agreement relating to a Restricted Stock Award shall provide, in the manner determined by the Committee, in its
discretion, and subject to the provisions of this Plan, for the vesting of the shares of Common Stock subject to such award (i) if
the holder of such award remains continuously in the employment of the Company during the specified Restriction Period or (ii) if
specified Performance Measures (if any) are satisfied or met during a specified Performance Period, and for the forfeiture of the shares
of Common Stock subject to such award (x) if the holder of such award does not remain continuously in the employment of the Company
during the specified Restriction Period or (y) if specified Performance Measures (if any) are not satisfied or met during a specified
Performance Period.

 

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(c) Stock
Issuance. During the Restriction Period, the shares of Restricted Stock shall be held by a custodian in book entry form with restrictions
on such shares duly noted or, alternatively, a certificate or certificates representing a Restricted Stock Award shall be registered
in the holder’s name and may bear a legend, in addition to any legend which may be required pursuant to Section 5.6,
indicating that the ownership of the shares of Common Stock represented by such certificate is subject to the restrictions, terms and
conditions of this Plan and the Agreement relating to the Restricted Stock Award. All such certificates shall be deposited with the Company,
together with stock powers or other instruments of assignment (including a power of attorney), each endorsed in blank with a guarantee
of signature if deemed necessary or appropriate, which would permit transfer to the Company of all or a portion of the shares of Common
Stock subject to the Restricted Stock Award in the event such award is forfeited in whole or in part. Upon termination of any applicable
Restriction Period (and the satisfaction or attainment of applicable Performance Measures), subject to the Company’s right to require
payment of any taxes in accordance with Section 5.5, the restrictions shall be removed from the requisite number of any shares
of Common Stock that are held in book entry form, and all certificates evidencing ownership of the requisite number of shares of Common
Stock shall be delivered to the holder of such award.

 

(d) Rights
with Respect to Restricted Stock Awards. Unless otherwise set forth in the Agreement relating to a Restricted Stock Award, and subject
to the terms and conditions of a Restricted Stock Award, the holder of such award shall have all rights as a stockholder of the Company,
including, but not limited to, voting rights, the right to receive dividends and the right to participate in any capital adjustment applicable
to all holders of Common Stock; provided, however, that a distribution or dividend with respect to shares of Common Stock,
including a regular cash dividend, shall be deposited with the Company and shall be subject to the same restrictions as the shares of
Common Stock with respect to which such distribution was made.

 

(e) Section
83(b) Election. If a participant makes an election under Section 83(b) of the Code to be taxed with respect to the Restricted Stock
as of the date of transfer of the Restricted Stock rather than as of the date or dates upon which such participant would otherwise be
taxable under Section 83(a) of the Code, such participant shall be required to deliver a copy of such election to the Company promptly
after filing such election with the Internal Revenue Service along with proof of the timely filing thereof.

 

3.3 Terms
of Restricted Stock Unit Awards. Restricted Stock Unit Awards shall be subject to the following terms and conditions and shall contain
such additional terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable.

 

(b) Number
of Shares and Other Terms. The number of shares of Common Stock subject to a Restricted Stock Unit Award, including the number of
shares that are earned upon the attainment of any specified Performance Measures, and the Restriction Period, Performance Period (if
any) and Performance Measures (if any) applicable to a Restricted Stock Unit Award shall be determined by the Committee.

 

(c) Vesting
and Forfeiture. The Agreement relating to a Restricted Stock Unit Award shall provide, in the manner determined by the Committee,
in its discretion, and subject to the provisions of this Plan, for the vesting of such Restricted Stock Unit Award (i) if the holder
of such award remains continuously in the employment of the Company during the specified Restriction Period or (ii) if specified
Performance Measures (if any) are satisfied or met during a specified Performance Period, and for the forfeiture of the shares of Common
Stock subject to such award (x) if the holder of such award does not remain continuously in the employment of the Company during
the specified Restriction Period or (y) if specified Performance Measures (if any) are not satisfied or met during a specified Performance
Period.

 

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(d) Settlement
of Vested Restricted Stock Unit Awards. The Agreement relating to a Restricted Stock Unit Award shall specify (i) whether such
award may be settled in shares of Common Stock or cash or a combination thereof and (ii) whether the holder thereof shall be entitled
to receive, on a current or deferred basis, dividend equivalents, and, if determined by the Committee, interest on, or the deemed reinvestment
of, any deferred dividend equivalents, with respect to the number of shares of Common Stock subject to such award. Any dividend equivalents
with respect to Restricted Stock Units shall be subject to the same vesting conditions as the underlying awards. Prior to the settlement
of a Restricted Stock Unit Award, the holder of such award shall have no rights as a stockholder of the Company with respect to the shares
of Common Stock subject to such award.

 

3.4 Other
Stock Awards.  Subject to the limitations set forth in the Plan, the Committee is authorized to grant other awards that may
be denominated or payable in, valued in whole or in part by reference to, or otherwise based on, or related to, shares of Common Stock,
including without limitation shares of Common Stock granted as a bonus and not subject to any vesting conditions, dividend equivalents,
deferred stock units, stock purchase rights and shares of Common Stock issued in lieu of obligations of the Company to pay cash under
any compensatory plan or arrangement, subject to such terms as shall be determined by the Committee.  The Committee shall determine
the terms and conditions of such awards, which may include the right to elective deferral thereof, subject to such terms and conditions
as the Committee may specify in its discretion. Any distribution, dividend or dividend equivalents with respect to Other Stock Awards
shall be subject to the same vesting conditions as the underlying awards.

 

3.5 Termination
of Employment or Service. All of the terms relating to the satisfaction of Performance Measures and the termination of the Restriction
Period or Performance Period relating to a Stock Award, or any forfeiture and cancellation of such award (i) upon a termination
of employment with or service to the Company of the holder of such award, whether by reason of termination, resignation, disability,
retirement, death or any other reason, or (ii) during a paid or unpaid leave of absence, shall be determined by the Committee and
set forth in the applicable Agreement.

 

IV.
PERFORMANCE AWARDS

 

4.1 Performance
Awards. The Committee may, in its discretion, grant Performance Awards to such eligible persons as may be selected by the Committee.

 

4.2 Terms
of Performance Awards. Performance Awards shall be subject to the following terms and conditions and shall contain such additional
terms and conditions, not inconsistent with the terms of this Plan, as the Committee shall deem advisable.

 

(a) Value
of Performance Awards and Performance Measures. The method of determining the value of the Performance Award and the Performance
Measures and Performance Period applicable to a Performance Award shall be determined by the Committee.

 

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(b) Vesting
and Forfeiture. The Agreement relating to a Performance Award shall provide, in the manner determined by the Committee, in its discretion,
and subject to the provisions of this Plan, for the vesting of such Performance Award if the specified Performance Measures are satisfied
or met during the specified Performance Period and for the forfeiture of such award if the specified Performance Measures are not satisfied
or met during the specified Performance Period.

 

(c) Settlement
of Vested Performance Awards. The Agreement relating to a Performance Award shall specify whether such award may be settled in shares
of Common Stock (including shares of Restricted Stock) or cash or a combination thereof. If a Performance Award is settled in shares
of Restricted Stock, such shares of Restricted Stock shall be issued to the holder in book entry form or a certificate or certificates
representing such Restricted Stock shall be issued in accordance with Section 3.2(c) and the holder of such Restricted Stock
shall have such rights as a stockholder of the Company as determined pursuant to Section 3.2(d). Any dividends or dividend
equivalents with respect to a Performance Award shall be subject to the same vesting restrictions as such Performance Award. Prior to
the settlement of a Performance Award in shares of Common Stock, including Restricted Stock, the holder of such award shall have no rights
as a stockholder of the Company.

 

4.3 Termination
of Employment or Service. All of the terms relating to the satisfaction of Performance Measures and the termination of the Performance
Period relating to a Performance Award, or any forfeiture and cancellation of such award (i) upon a termination of employment with
or service to the Company of the holder of such award, whether by reason of termination, resignation, disability, retirement, death or
any other reason, or (ii) during a paid or unpaid leave of absence, shall be determined by the Committee and set forth in the applicable
Agreement.

 

V.
GENERAL

 

5.1 Effective
Date and Term of Plan. This Plan shall be submitted to the stockholders of the Company for approval at a special meeting of stockholders
in 2021 and shall become effective as of the closing of the business combination consummated pursuant to the Agreement and Plan of Merger,
dated as of January 27, 2021, as amended by the First Amendment to Agreement and Plan of Merger dated as of February 25, 2021,
the Second Amendment to Agreement and Plan of Merger dated as of May 3, 2021, the Third Amendment to Agreement and Plan of Merger
dated as of June 14, 2021 and the Fourth Amendment to Agreement and Plan of Merger dated as of July 12, 2021, by and among  Property
Solutions Acquisition Corp., PSAC Merger Sub Ltd., and FF Intelligent Mobility Global Holdings Ltd. This Plan shall terminate on the
10th anniversary of the date on which the Plan was approved by stockholders, unless terminated earlier by the Board. Termination of this
Plan shall not affect the terms or conditions of any award granted prior to termination.

 

Awards
hereunder may be made at any time prior to the termination of this Plan, provided that no Incentive Stock Option may be granted later
than 10 years after the date on which the Plan was approved by the Board. In the event that this Plan is not approved by the stockholders
of the Company, this Plan and any awards hereunder shall be void and of no force or effect.

 

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5.2 Amendments.
The Board or, subject to applicable law, the Committee may amend, modify, or terminate this Plan or any Agreement as it shall deem advisable;
provided, however, that no amendment to the Plan or any Agreement shall be effective without the approval of the Company’s
stockholders if (i) stockholder approval is required by applicable law, rule or regulation, including any rule of the NASDAQ Capital
Market, or any other stock exchange on which the Common Stock is then traded, or (ii) such amendment seeks to modify the Non-Employee
Director compensation limit set forth in Section 1.3; provided further, that no amendment may materially impair the rights
of a holder of an outstanding award without the consent of such holder. Notwithstanding anything herein to the contrary, the Board may
amend the Plan or any Agreement at any time without the consent of a holder of an outstanding award to company with applicable law, including
Section 409A of the Code.

 

5.3 Agreement.
Each award under this Plan shall be evidenced by an Agreement setting forth the terms and conditions applicable to such award. No award
shall be valid until an Agreement is executed by the Company and, to the extent required by the Company, executed or electronically accepted
by the recipient of such award. Upon such execution or acceptance and delivery of the Agreement to the Company within the time period
specified by the Company, such award shall be effective as of the effective date set forth in the Agreement.

 

5.4 Non-Transferability.
No award shall be transferable other than by will, the laws of descent and distribution or pursuant to beneficiary designation procedures
approved by the Company or, to the extent expressly permitted in the Agreement relating to such award, to the holder’s family members,
a trust or entity established by the holder for estate planning purposes, a charitable organization designated by the holder or pursuant
to a domestic relations order, in each case, without consideration. Except to the extent permitted by the foregoing sentence or the Agreement
relating to an award, each award may be exercised or settled during the holder’s lifetime only by the holder or the holder’s
legal representative or similar person. Except as permitted by the second preceding sentence, no award may be sold, transferred, assigned,
pledged, hypothecated, encumbered or otherwise disposed of (whether by operation of law or otherwise) or be subject to execution, attachment
or similar process. Upon any attempt to so sell, transfer, assign, pledge, hypothecate, encumber or otherwise dispose of any award, such
award and all rights thereunder shall immediately become null and void.

 

5.5 Tax
Withholding. The Company shall have the right to require, prior to the issuance or delivery of any shares of Common Stock or the
payment of any cash pursuant to an award made hereunder, payment by the holder of such award of any federal, state, local or other taxes
which may be required to be withheld or paid in connection with such award. An Agreement may provide that (i) the Company shall
withhold whole shares of Common Stock which would otherwise be delivered to a holder, having an aggregate Fair Market Value determined
as of the date the obligation to withhold or pay taxes arises in connection with an award (the “Tax Date”), or withhold
an amount of cash which would otherwise be payable to a holder, in the amount necessary to satisfy any such obligation or (ii) the
holder may satisfy any such obligation by any of the following means: (A) a cash or check payment to the Company; (B) delivery
(either actual delivery or by attestation procedures established by the Company) to the Company of previously owned whole shares of Common
Stock having an aggregate Fair Market Value, determined as of the Tax Date, equal to the amount necessary to satisfy any such obligation;
(C) authorizing the Company to withhold whole shares of Common Stock which would otherwise be delivered having an aggregate Fair
Market Value, determined as of the Tax Date, or withhold an amount of cash which would otherwise be payable to a holder, in either case
equal to the amount necessary to satisfy any such obligation; (D) a cash payment by a broker-dealer acceptable to the Company to
whom the participant has submitted an irrevocable notice of exercise or sale, (E) such other methods permitted by applicable law, or
(F) a combination of the foregoing, in each case to the extent set forth in the Agreement relating to the award. Shares of Common
Stock to be delivered or withheld may not have an aggregate Fair Market Value in excess of the amount determined by applying the minimum
statutory withholding rate (or, if permitted by the Company, such other rate as will not cause adverse accounting consequences under
the accounting rules then in effect, and is permitted under applicable Internal Revenue Service withholding rules). Any fraction of a
share of Common Stock which would be required to satisfy such an obligation shall be disregarded and the remaining amount due shall be
paid in cash by the holder.

 

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5.6 Restrictions
on Shares. Each award made hereunder shall be subject to the requirement that if at any time the Company determines that the listing,
registration or qualification of the shares of Common Stock subject to such award upon any securities exchange or under any law, or the
consent or approval of any governmental body, or the taking of any other action is necessary or desirable as a condition of, or in connection
with, the delivery of shares thereunder, such shares shall not be delivered unless such listing, registration, qualification, consent,
approval or other action shall have been effected or obtained, free of any conditions not acceptable to the Company. The Company may
require that certificates evidencing shares of Common Stock delivered pursuant to any award made hereunder bear a legend indicating that
the sale, transfer or other disposition thereof by the holder is prohibited except in compliance with the Securities Act of 1933, as
amended, and the rules and regulations thereunder.

 

5.7 Adjustment.
In the event of any equity restructuring (within the meaning of Financial Accounting Standards Board Accounting Standards Codification
Topic 718, Compensation — Stock Compensation or any successor or replacement accounting standard) that causes the per share value
of shares of Common Stock to change, such as a stock dividend, stock split, spinoff, rights offering or recapitalization through an extraordinary
cash dividend, the number and class of securities available under this Plan, the terms of each outstanding option and SAR (including
the number and class of securities subject to each outstanding option or SAR and the purchase price or base price per share), the terms
of each outstanding Stock Award (including the number and class of securities subject thereto), and the terms of each outstanding Performance
Award (including the number and class of securities subject thereto, if applicable), shall be appropriately adjusted by the Committee,
such adjustments to be made in the case of outstanding options and SARs in accordance with Section 409A of the Code. In the event
of any other change in corporate capitalization, including a merger, consolidation, reorganization, or partial or complete liquidation
of the Company, such equitable adjustments described in the foregoing sentence may be made as determined to be appropriate and equitable
by the Committee to prevent dilution or enlargement of rights of participants. In either case, the decision of the Committee regarding
any such adjustment shall be final, binding and conclusive.

 

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5.8 Change
in Control.

 

(a) Subject
to the terms of the applicable Agreements, in the event of a “Change in Control,” the Board, as constituted prior to the
Change in Control, may, in its discretion:

 

(1)   require that (i) some or all outstanding options and SARs shall become exercisable in full or in part, either immediately or upon
a subsequent termination of employment, (ii) the Restriction Period applicable to some or all outstanding Stock Awards shall lapse
in full or in part, either immediately or upon a subsequent termination of employment, (iii) the Performance Period applicable to
some or all outstanding awards shall lapse in full or in part, and (iv) the Performance Measures applicable to some or all outstanding
awards shall be deemed to be satisfied at the target, maximum or any other level;

 

(2)   require that shares of capital stock of the corporation resulting from or succeeding to the business of the Company pursuant to such
Change in Control (or a parent corporation thereof) or other property be substituted for some or all of the shares of Common Stock subject
to an outstanding award, with an appropriate and equitable adjustment to such award as determined by the Board in accordance with Section 5.7;
and/or

 

(3)   require outstanding awards, in whole or in part, to be surrendered to the Company by the holder, and to be immediately cancelled by the
Company, and to provide for the holder to receive (i) a cash payment in an amount equal to (A) in the case of an option or
an SAR, the aggregate number of shares of Common Stock then subject to the portion of such option or SAR surrendered, whether or not
vested or exercisable, multiplied by the excess, if any, of the Fair Market Value of a share of Common Stock as of the date of the Change
in Control, over the purchase price or base price per share of Common Stock subject to such option or SAR; provided, however,
that if the purchase price or base price per share of Common Stock subject to such option or SAR exceeds the Fair Market Value of a share
of Common Stock as of the date of the Change in Control, such option or SAR may be cancelled for no consideration, (B) in the case
of a Stock Award or a Performance Award denominated in shares of Common Stock, the number of shares of Common Stock then subject to the
portion of such award surrendered to the extent the Performance Measures applicable to such award have been satisfied or are deemed satisfied
pursuant to Section 5.8(a)(i), whether or not vested, multiplied by the Fair Market Value of a share of Common Stock as of
the date of the Change in Control, and (C) in the case of a Performance Award denominated in cash, the value of the Performance
Award then subject to the portion of such award surrendered to the extent the Performance Measures applicable to such award have been
satisfied or are deemed satisfied pursuant to Section 5.8(a)(i); (ii) shares of capital stock of the corporation resulting
from or succeeding to the business of the Company pursuant to such Change in Control (or a parent corporation thereof) or other property,
having a fair market value not less than the amount determined under clause (i) above; or (iii) a combination of the payment
of cash pursuant to clause (i) above and the issuance of shares or other property pursuant to clause (ii) above.

 

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(b) For
purposes of this Plan, a “Change in Control” shall be deemed to have occurred under the following circumstances:

 

(1)  
Change in Ownership of the Company. A change in the ownership of the Company which occurs on the date that any one person, or
more than one person acting as a group (“Person”), acquires ownership of the shares of the Company that, together
with the shares held by such Person, constitutes more than fifty percent (50%) of the total voting power of the shares of the Company
(an “Acquisition”); provided, however, that for purposes of this subsection, the acquisition of additional
shares by any one Person, who is considered to own more than fifty percent (50%) of the total voting power of the shares of the Company
will not be considered an Acquisition; provided, further, that any change in the ownership of the shares of the Company
as a result of a private financing of the Company that is approved by the Board also will not be considered an Acquisition. Further,
if the members of the Company immediately before such change in ownership continue to retain immediately after the change in ownership,
in substantially the same proportions as their ownership of shares of the Company's voting shares immediately prior to the change in
ownership, direct or indirect beneficial ownership of fifty percent (50%) or more of the total voting power of the shares of the Company
or of the ultimate parent entity of the Company, such event shall not be considered an Acquisition under this Section 5.8(b)(1).
For this purpose, indirect beneficial ownership shall include, without limitation, an interest resulting from ownership of the voting
securities of one or more corporations or other business entities which own the Company, as the case may be, either directly or through
one or more subsidiary corporations or other business entities;

 

(2)   Change in Effective Control of the Company. If the Company has a class of securities registered pursuant to Section 12 of the
Exchange Act, a change in the effective control of the Company which occurs on the date that a majority of members of the Board is replaced
during any twelve (12) month period by directors whose appointment or election is not endorsed by a majority of the members of the Board
prior to the date of the appointment or election. For purposes of this Section 5.8(b)(2), if any Person is considered to be in
effective control of the Company, the acquisition of additional control of the Company by the same Person will not be considered an Acquisition;

 

(3)   Change in Ownership of a Substantial Portion of the Company’s Assets. A change in the ownership of a substantial portion
of the Company’s assets which occurs on the date that any Person acquires (or has acquired during the twelve (12) month period
ending on the date of the most recent acquisition by such person or persons) assets from the Company that have a total gross fair market
value equal to or more than fifty percent (50%) of the total gross fair market value of all of the assets of the Company immediately
prior to such acquisition or acquisitions; provided, however, that for purposes of this subsection (c), the following will
not constitute a change in the ownership of a substantial portion of the Company’s assets: (A) a transfer to an entity that is
controlled by the Company’s members immediately after the transfer, or (B) a transfer of assets by the Company to: (1) a member
of the Company (immediately before the asset transfer) in exchange for or with respect to the Company’s shares, an entity, fifty
percent (50%) or more of the total value or voting power of which is owned, directly or indirectly, by the Company, (3) a Person, that
owns, directly or indirectly, fifty percent (50%) or more of the total value or voting power of all the outstanding shares of the Company,
or (4) an entity, at least fifty percent (50%) of the total value or voting power of which is owned, directly or indirectly, by a Person
described in this subsection (b)(3). For purposes of this Section 5.8(b)(3), gross fair market value means the value of the assets
of the Company, or the value of the assets being disposed of, determined without regard to any liabilities associated with such assets.

 

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provided,
that with respect to any nonqualified deferred compensation that becomes payable on account of the Change in Control, the transaction
or event described in clause (1), (2) or (3) also constitutes a “change in control event,” as defined in Treasury Regulation
§1.409A-3(i)(5) if required in order for the payment not to violate Section 409A of the Code.

 

For
purposes of this Section 5.8, persons will be considered to be acting as a group if they are owners of a corporation that enters
into a merger, consolidation, purchase or acquisition of shares, or similar business transaction with the Company.

 

Further
and for the avoidance of doubt, the following transactions will not constitute an Acquisition: (i) a transaction if its sole purpose
is to change the jurisdiction of the Company’s incorporation; (ii) a transaction if its sole purpose is to create a holding company
that will be owned in substantially the same proportions by the persons who held the Company’s securities immediately before such
transaction or (iii) an acquisition of additional voting power of shares held by FF Top Holding LLC, a Delaware limited liability company,
as a result of the increase in voting power attributed to a share of Class B common stock, par value $ 0.0001 per share, of the Company,
following the occurrence of a qualifying equity market capitalization of the Company in accordance with the Company’s Second Amended
and Restated Certificate of Incorporation (as the same may be amended, restated or otherwise modified from time-to-time).

 

In
addition, a “Person,” as used in this Section 5.8, shall not include (w) the Company or any of its Affiliates;
(x) a trustee or other fiduciary holding securities under an employee benefit plan of the Company or any of its Subsidiaries; (y) an
underwriter temporarily holding securities pursuant to an offering of such securities; or (z) a corporation owned, directly or indirectly,
by the stockholders of the Company in substantially the same proportions as their ownership of stock of the Company.

 

5.9 Deferrals.
The Committee may determine that the delivery of shares of Common Stock or the payment of cash, or a combination thereof, upon the
settlement of all or a portion of any award made hereunder shall be deferred, or the Committee may, in its sole discretion, approve deferral
elections made by holders of awards. Deferrals shall be for such periods and upon such terms as the Committee may determine in its sole
discretion, subject to the requirements of Section 409A of the Code.

 

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5.10 No
Right of Participation, Employment or Service. Unless otherwise set forth in an employment agreement, no person shall have any right
to participate in this Plan. Neither this Plan nor any award made hereunder shall confer upon any person any right to continued employment
by or service with the Company, any Subsidiary or any affiliate of the Company or affect in any manner the right of the Company, any
Subsidiary or any affiliate of the Company to terminate the employment or service of any person at any time without liability hereunder.

 

5.11 Rights
as Stockholder. No person shall have any right as a stockholder of the Company with respect to any shares of Common Stock or other
equity security of the Company which is subject to an award hereunder unless and until such person becomes a stockholder of record with
respect to such shares of Common Stock or equity security.

 

5.12 Designation
of Beneficiary. To the extent permitted by the Company, a holder of an award may file with the Company a written designation of one
or more persons as such holder’s beneficiary or beneficiaries (both primary and contingent) in the event of the holder’s
death or incapacity. To the extent an outstanding option or SAR granted hereunder is exercisable, such beneficiary or beneficiaries shall
be entitled to exercise such option or SAR pursuant to procedures prescribed by the Company. Each beneficiary designation shall become
effective only when filed in writing with the Company during the holder’s lifetime on a form prescribed by the Company. The spouse
of a married holder domiciled in a community property jurisdiction shall join in any designation of a beneficiary other than such spouse.
The filing with the Company of a new beneficiary designation shall cancel all previously filed beneficiary designations. If a holder
fails to designate a beneficiary, or if all designated beneficiaries of a holder predecease the holder, then each outstanding award held
by such holder, to the extent vested or exercisable, shall be payable to or may be exercised by such holder’s executor, administrator,
legal representative or similar person.

 

5.13 Awards
Subject to Clawback. The awards granted under this Plan and any cash payment or shares of Common Stock delivered pursuant to such
an award are subject to forfeiture, recovery by the Company or other action pursuant to the applicable Agreement or any clawback or recoupment
policy which the Company may adopt from time to time, including without limitation any such policy which the Company may be required
to adopt under the Dodd-Frank Wall Street Reform and Consumer Protection Act and implementing rules and regulations thereunder, or as
otherwise required by law.

 

5.14 Section 409A.
This Plan is intended to comply with the applicable requirements of Section 409A of the Code and shall be limited, construed and
interpreted in accordance with such intent. To the extent that any award is subject to Section 409A of the Code, it shall be paid
in a manner that will comply with Section 409A of the Code, including proposed, temporary or final regulations or any other guidance
issued by the Secretary of the Treasury and the Internal Revenue Service with respect thereto. Notwithstanding anything herein to the
contrary, any provision in this Plan that is inconsistent with Section 409A of the Code shall be deemed to be amended to comply
with Section 409A of the Code and to the extent such provision cannot be amended to comply therewith, such provision shall be null
and void. The Company shall have no liability to a participant, or any other party, if an award that is intended to be exempt from, or
compliant with, Section 409A of the Code is not so exempt or compliant or for any action taken by the Committee or the Company and,
in the event that any amount or benefit under this Plan becomes subject to penalties under Section 409A of the Code, responsibility
for payment of such penalties shall rest solely with the affected participants and not with the Company. Notwithstanding any contrary
provision in this Plan or an Agreement, any payment(s) of “nonqualified deferred compensation” (within the meaning of Section 409A
of the Code) that are otherwise required to be made under this Plan to a “specified employee” (as defined under Section 409A
of the Code) as a result of such employee’s separation from service (other than a payment that is not subject to Section 409A
of the Code) shall be delayed for the first six (6) months following such separation from service (or, if earlier, the date of death
of the specified employee) and shall instead be paid (in a manner set forth in the Agreement) upon expiration of such delay period.

 

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5.15 Data
Privacy. As a condition for receiving any award under the Plan, each participant explicitly and unambiguously consents to the collection,
use and transfer, in electronic or other form, of personal data as described in this Section 5.15 by and among the Company and
its Subsidiaries and affiliates exclusively for implementing, administering and managing the participant’s participation in the
Plan. The Company and its Subsidiaries and affiliates may hold certain personal information about a participant, including the participant’s
name, address and telephone number; birthdate; social security, insurance or other identification number; salary; nationality; job title(s);
any shares of Common Stock held in the Company or its Subsidiaries and affiliates; and award details, to implement, manage and administer
the Plan and awards (the “Data”). The Company and its Subsidiaries and affiliates may transfer the Data amongst themselves
as necessary to implement, administer and manage a participant’s participation in the Plan, and the Company and its Subsidiaries
and affiliates may transfer the Data to third parties assisting the Company with Plan implementation, administration and management.
These recipients may be located in the participant’s country, or elsewhere, and the participant’s country may have different
data privacy laws and protections than the recipients’ country. By accepting an award, each participant authorizes such recipients
to receive, possess, use, retain and transfer the Data, in electronic or other form, to implement, administer and manage the participant’s
participation in the Plan, including any required Data transfer to a broker or other third party with whom the Company or the participant
may elect to deposit any shares of Common Stock. The Data related to a participant will be held only as long as necessary to implement,
administer, and manage the participant’s participation in the Plan. A participant may, at any time, view the Data that the Company
holds regarding such participant, request additional information about the storage and processing of the Data regarding such participant,
recommend any necessary corrections to the Data regarding the participant or refuse or withdraw the consents in this Section 5.15
in writing, without cost, by contacting the local human resources representative. The Company may cancel participant’s ability
to participate in the Plan and, in the Committee’s sole discretion, the participant may forfeit any outstanding awards if the participant
refuses or withdraws the consents in this Section 5.15. For more information on the consequences of refusing or withdrawing consent,
participants may contact their local human resources representative.

 

5.16 Limitations
Applicable to Section 16 Persons. Notwithstanding any other provision of the Plan, the Plan and any award granted or awarded to any
individual who is then subject to Section 16 of the Exchange Act shall be subject to any additional limitations set forth in any applicable
exemptive rule under Section 16 of the Exchange Act (including Rule 16b-3 of the Exchange Act and any amendments thereto) that are requirements
for the application of such exemptive rule. To the extent permitted by applicable law, the Plan and awards granted or awarded hereunder
shall be deemed amended to the extent necessary to conform to such applicable exemptive rule.

 

5.17 Prohibition
on Executive Officer Loans. Notwithstanding any other provision of the Plan to the contrary, no participant who is a director or
an “executive officer” of the Company within the meaning of Section 13(k) of the Exchange Act shall be permitted to make
payment with respect to any awards granted under the Plan, or continue any extension of credit with respect to such payment, with a loan
from the Company or a loan arranged by the Company in violation of Section 13(k) of the Exchange Act.

 

5.18 Governing
Law. This Plan, each award hereunder and the related Agreement, and all determinations made and actions taken pursuant thereto,
to the extent not otherwise governed by the Code or the laws of the United States, shall be governed by the laws of the State of
Delaware and construed in accordance therewith without giving effect to principles of conflicts of laws.

 

5.19 Foreign
Employees. Without amending this Plan, the Committee may grant awards to eligible persons who are foreign nationals and/or reside
outside of the United States on such terms and conditions different from those specified in this Plan as may in the judgment of
the Committee be necessary or desirable to foster and promote achievement of the purposes of this Plan and, in furtherance of such purposes
the Committee may make such modifications, amendments, procedures, subplans and the like as may be necessary or advisable to comply with
provisions of laws in other countries or jurisdictions in which the Company or its Subsidiaries operates or has employees.

 

 

 

20Exhibit 10.32

 

DIRECTOR
AND OFFICER

INDEMNIFICATION
AGREEMENT

 

THIS
INDEMNIFICATION AGREEMENT (this “Agreement”) is entered into as of the 21st day of July, 2021 (the “Effective
Date”), by and between Faraday Future Intelligent Electric Inc., a Delaware corporation (the “Company”),
and [●] (“Indemnitee”).

 

RECITALS

 

A. The
Company is aware that competent and experienced persons are increasingly reluctant to serve or continue serving as directors or officers
of companies unless they are protected by comprehensive liability insurance and adequate indemnification due to the increased exposure
to litigation costs and risks resulting from service to such companies that often bear no relationship to the compensation of such directors
or officers.

 

B. The
statutes and judicial decisions regarding the duties of directors and officers are often insufficient to provide directors and officers
with adequate, reliable knowledge of the legal risks to which they are exposed or the manner in which they are expected to execute their
fiduciary duties and responsibilities.

 

C. The
Company and the Indemnitee recognize that plaintiffs often seek damages in such large amounts, and the costs of litigation may be so
great (whether or not the claims are meritorious), that the defense and/or settlement of such litigation can create an extraordinary
burden on the personal resources of directors and officers.

 

D. The
board of directors of the Company has concluded that, to attract and retain competent and experienced persons to serve as directors and
officers of the Company, it is not only reasonable and prudent but necessary to promote the best interests of the Company and its stockholders
for the Company to contractually indemnify its directors and certain of its officers in the manner set forth herein, and to assume for
itself liability for expenses and damages in connection with claims against such directors and officers in connection with their service
to the Company as provided herein.

 

E.
 Section 145 of the General Corporation Law of Delaware (the “DGCL”) permits
the Company to indemnify and advance defense costs to its officers and directors and to indemnify and advance expenses to persons who
serve at the request of the Company as directors, officers, employees, or agents of other corporations or enterprises.

 

F. The
Company desires and has requested the Indemnitee to serve or continue to serve as a director and/or officer of the Company, and the Indemnitee
is willing to serve, or to continue to serve, as a director and/or officer of the Company if the Indemnitee is furnished the indemnity
provided for herein by the Company.

 

     

     

    

 

NOW,
THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements set forth below, the parties hereto,
intending to be legally bound, hereby agree as follows:

 

1. Definitions.
For purposes of this Agreement, the following terms shall have the corresponding meanings set forth below.

 

“Change
in Control” means each of the following, occurring after the Effective Date:

 

(i)
The date any Person becomes the “Beneficial Owner,” as such term is defined in Rule 13d-3 promulgated under the Exchange
Act, of 30% or more of the combined voting power of the Company’s outstanding shares, other than beneficial ownership by (A) the
Company or any subsidiary of the Company, (B) any employee benefit plan of the Company or any subsidiary of the Company or (C) any entity
of the Company for or pursuant to the terms of any such plan. Notwithstanding the foregoing, a Change in Control shall not occur as the
result of an acquisition of outstanding shares of the Company by the Company which, by reducing the number of shares outstanding, increases
the proportionate number of shares beneficially owned by a Person to 30% or more of the shares of the Company then outstanding; provided,
however, that if a Person becomes the Beneficial Owner of 30% or more of the shares of the Company then outstanding by reason of share
purchases by the Company and shall, after such share purchases by the Company, become the Beneficial Owner of any additional shares of
the Company, then a Change in Control shall be deemed to have occurred; or

 

(ii)
The date the Company consummates a merger or consolidation with another entity, or engages in a reorganization with or a statutory share
exchange or an exchange offer for the Company’s outstanding voting stock of any class with another entity or acquires another entity
by means of a statutory share exchange or an exchange offer, or engages in a similar transaction; provided that no Change in Control
shall have occurred by reason of this paragraph unless either:

 

(A)
the stockholders of the Company immediately prior to the consummation of the transaction would not, immediately after such consummation,
as a result of their beneficial ownership of voting stock of the Company immediately prior to such consummation (I) be the Beneficial
Owners, directly or indirectly, of securities of the resulting or acquiring entity entitled to elect a majority of the members of the
board of directors or other governing body of the resulting or acquiring entity; and (II) be the Beneficial Owners of the resulting or
acquiring entity in substantially the same proportion as their beneficial ownership of the voting stock of the Company immediately prior
to such transaction; or

 

    2

     

    

 

(B)
those persons who were directors of the Company immediately prior to the consummation of the proposed transaction would not, immediately
after such consummation, constitute a majority of the directors of the resulting entity.

 

(iii)
The date of the sale or disposition, in one or a series of related transactions, of all or substantially all of the assets of the Company
to any Person (as defined in paragraph (i) above) other than an affiliate of the Company (meaning any corporation that is part of a controlled
group within the meaning of Section 414(b) or (c) of the Internal Revenue Code of 1986, as amended); or

 

(iv)
The date the number of duly elected and qualified directors of the Company who were not either elected by the Company’s Board or
nominated by the Board or its nominating/governance committee for election by the shareholders shall constitute a majority of the total
number of directors of the Company as fixed by its By-Laws.

 

The
Reviewing Party shall have full and final authority, which shall be exercised in its discretion, to determine conclusively whether a
Change in Control of the Company has occurred pursuant to the above definition, and the date of the occurrence of such Change in Control
and any incidental matters relating thereto.

 

“Claim”
means a claim or action asserted by a Person in a Proceeding or any other written demand for relief in connection with or arising
from an Indemnification Event.

 

“Covered
Entity” means (i) the Company, (ii) any subsidiary of the Company or (iii) any other Person for which Indemnitee is or was
or may be deemed to be serving, at the request of the Company or any subsidiary of the Company, as a director, officer, employee, controlling
person, agent or fiduciary.

 

“Disinterested
Director” means, with respect to any determination contemplated by this Agreement, any Person who, as of the time of such determination,
is a member of the Company’s board of directors but is not a party to any Proceeding then pending with respect to any Indemnification
Event.

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended.

 

    3

     

    

 

“Expenses”
means any and all direct and indirect fees and costs, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating, printing and binding costs, telephone charges, postage and delivery service fees and all other disbursements or
expenses of any type or nature whatsoever reasonably incurred by Indemnitee (including, subject to the limitations set forth in Section 3(c)
below, reasonable attorneys’ fees) in connection with or arising from an Indemnification Event, including, without limitation:
(i) the investigation or defense of a Claim; (ii) being, or preparing to be, a witness or otherwise participating, or preparing to participate,
in any Proceeding; (iii) furnishing, or preparing to furnish, documents in response to a subpoena or otherwise in connection with any
Proceeding; (iv) any appeal of any judgment, outcome or determination in any Proceeding (including, without limitation, any premium,
security for and other costs relating to any cost bond, supersedeas bond or any other appeal bond or its equivalent); (v) establishing
or enforcing any right to indemnification under this Agreement (including, without limitation, pursuant to Section 2(c) below),
the DGCL or otherwise, regardless of whether Indemnitee is ultimately successful in such action, unless as a part of such action, a court
of competent jurisdiction over such action determines that each of the material assertions made by Indemnitee as a basis for such action
was not made in good faith or was frivolous; (vi) Indemnitee’s defense of any Proceeding instituted by or in the name of the
Company under this Agreement to enforce or interpret any of the terms of this Agreement (including, without limitation, costs and expenses
incurred with respect to Indemnitee’s counterclaims and cross-claims made in such action); (vii) in connection with recovery under
any directors’ and officers’ liability insurance policies maintained by the Company, regardless of whether Indemnitee is
ultimately determined to be entitled to such indemnification, advancement or Expenses or insurance recovery, as the case may be, and
(viii) any Federal, state, local or foreign taxes imposed on Indemnitee as a result of the actual or deemed receipt of any payments under
this Agreement, including all interest, assessments and other charges paid or payable with respect to such payments. For purposes of
clarification, Expenses shall not include Losses.

 

An
“Indemnification Event” shall be deemed to have occurred if Indemnitee was or is or becomes, or is threatened to be
made, a party to or witness or other participant in, or was or is or becomes obligated to furnish or furnishes documents in response
to a subpoena or otherwise in connection with, any Proceeding by reason of the fact that Indemnitee is or was or may be deemed a director,
officer, employee, controlling person, agent or fiduciary of any Covered Entity, or by reason of any action or inaction on the part of
Indemnitee while serving in any such capacity.

 

“Independent
Legal Counsel” means an attorney or firm of attorneys that is experienced, knowledgeable and qualified in matters of corporate
law, or such other specialty as required by the matter in question, and neither presently is, nor in the thirty-six (36) months prior
to such designation has been, retained to represent: (i) the Company or Indemnitee in any matter material to either such party, or (ii)
any other party to the Proceeding giving rise to a claim for indemnification hereunder.

 

“Losses”
means any and all losses, claims, damages, liabilities, judgments, fines, penalties, settlement payments, awards and amounts of any
type whatsoever incurred by Indemnitee in connection with or arising from an Indemnification Event. For purposes of clarification, Losses
shall not include Expenses.

 

“Organizational
Documents” means any and all organizational documents, charters or similar agreements or governing documents, including, without
limitation, (i) with respect to a corporation, its certificate of incorporation and bylaws, (ii) with respect to a limited liability
company, its operating agreement, and (iii) with respect to a limited partnership, its partnership agreement.

 

    4

     

    

 

“Proceeding”
means any threatened, pending or completed claim, demand, action, suit, proceeding, arbitration or alternative dispute resolution
mechanism, investigation (whether formal or informal), inquiry, administrative hearing or appeal or any other actual, threatened or completed
proceeding, whether brought in the right of a Covered Entity or otherwise and whether of a civil (including intentional or unintentional
tort claims), criminal, administrative, internal or investigative nature.

 

“Person”
means an individual, a partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a
joint venture, an unincorporated organization or other entity or government or agency or political subdivision thereof.

 

“Reviewing
Party” means, with respect to any determination contemplated by this Agreement, any one of the following: (i) a majority
of the Disinterested Directors, even if such Persons would not constitute a quorum of the Company’s board of directors; (ii) a
committee consisting solely of Disinterested Directors, even if such Persons would not constitute a quorum of the Company’s board
of directors, so long as such committee was designated by a majority of the Disinterested Directors; (iii) Independent Legal Counsel
designated by the Disinterested Directors (or, if there are no Disinterested Directors, the Company’s board of directors) (in which
case, any determination shall be evidenced by the rendering of a written opinion); or (iv) in the absence of any Disinterested Directors,
the Company’s stockholders; provided, that, in the event that a Change in Control has occurred, the Reviewing Party shall be Independent
Legal Counsel (selected by Indemnitee) in a written opinion to the board of directors of the Company, a copy of which shall be delivered
to the Indemnitee.

 

“Securities
Act” means the Securities Act of 1933, as amended.

 

2. Indemnification.

 

(a) Indemnification
of Losses and Expenses. If an Indemnification Event has occurred, then, subject to Section 9 below, the Company shall
indemnify and hold harmless Indemnitee, to the fullest extent permitted by the DGCL, as such law may be amended from time to time (but
in the case of any such amendment, only to the extent that such amendment permits the Company to provide broader indemnification rights
than were permitted prior thereto), against any and all Losses and Expenses; provided that the Company’s commitment set forth in
this Section 2(a) to indemnify the Indemnitee shall be subject to the limitations and procedural requirements set forth in this
Agreement.

 

(b) Partial
Indemnification. If Indemnitee is entitled under any provision of this Agreement to indemnification by the Company for some or a
portion of Losses or Expenses, but not, however, for the total amount thereof, the Company shall nevertheless indemnify Indemnitee for
the portion thereof to which Indemnitee is entitled.

 

    5

     

    

 

(c) Advancement
of Expenses. The Company shall advance Expenses to or on behalf of Indemnitee to the fullest extent permitted by the DGCL, as such
law may be amended from time to time (but in the case of any such amendment, only to the extent that such amendment permits the Company
to provide broader indemnification rights than were permitted prior thereto), as soon as practicable, but in any event not later than
30 days after written request therefor by Indemnitee, which request shall be accompanied by vouchers, invoices or similar evidence documenting
in reasonable detail the Expenses incurred or to be incurred by Indemnitee; provided, however, that Indemnitee need not submit to the
Company any information that counsel for Indemnitee reasonably deems is privileged and exempt from compulsory disclosure in any Proceeding.
Advances shall be made without regard to Indemnitee’s ability to repay the expenses, without regard to Indemnitee’s ultimate
entitlement to indemnification under the other provisions of this Agreement, and Indemnitee’s right to such advancement is not
subject to the satisfaction of any standard of conduct. Advances shall include any and all reasonable Expenses incurred pursuing a Proceeding
to enforce this right of advancement, including Expenses incurred preparing and forwarding statements to the Company to support the advances
claimed. Without limiting the generality or effect of the foregoing, within thirty (30) days after any request by Indemnitee, the Company
shall, in accordance with such request (but without duplication), (a) pay such Expenses on behalf of Indemnitee, (b) advance to Indemnitee
funds in an amount sufficient to pay such Expenses, or (c) reimburse Indemnitee for such Expenses. Execution and delivery of this Agreement
by the Indemnitee constitutes an undertaking to repay such amounts advanced only if, and to the extent that, it shall ultimately be determined
by a court of competent jurisdiction in a final adjudication that Indemnitee is not entitled to be indemnified by the Company as authorized
by this Agreement. No other form of undertaking shall be required other than the execution of this Agreement.

 

(d) Contribution.
To the fullest extent permissible under applicable law, if the indemnification provided for in this Agreement is unavailable to Indemnitee
for any reason whatsoever, the Company, in lieu of indemnifying Indemnitee, shall contribute to the amount incurred by Indemnitee, whether
for Losses or Expenses, in connection with any Proceeding relating to an Indemnification Event under this Agreement, in such proportion
as is deemed fair and reasonable by the Reviewing Party in light of all of the circumstances of such Proceeding in order to reflect (1)
the relative benefits received by the Company and Indemnitee as a result of the event(s) and/or transaction(s) giving rise to such Proceeding;
and (2) the relative fault of the Company (and its directors, officers, employees and agents) and Indemnitee in connection with such
event(s) and/or transaction(s). The Company hereby agrees to fully indemnify and hold harmless Indemnitee from any claims for contribution
which may be brought by officers, directors or employees of the Company (other than Indemnitee) who may be jointly liable with Indemnitee.

 

3. Indemnification
Procedures.

 

(a) Notice
of Indemnification Event. Indemnitee shall give the Company notice as soon as practicable of any Indemnification Event of which Indemnitee
becomes aware and of any request for indemnification hereunder, provided that any failure to so notify the Company shall not relieve
the Company of any of its obligations under this Agreement, except if, and then only to the extent that, such failure increases the liability
of the Company under this Agreement.

 

    6

     

    

 

(b) Notice
to Insurers. The Company shall give prompt written notice of any Indemnification Event which may be covered by the Company’s
liability insurance to the insurers in accordance with the procedures set forth in each of the applicable policies of insurance. The
Company shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable
as a result of such Indemnification Event in accordance with the terms of such policies; provided that nothing in this Section 3(b)
shall affect the Company’s obligations under this Agreement or the Company’s obligations to comply with the provisions
of this Agreement in a timely manner as provided.

 

(c) Selection
of Counsel. If the Company shall be obligated hereunder to pay or advance Expenses or indemnify Indemnitee with respect to any Losses,
the Company shall be entitled to assume the defense of any related Claims, with counsel selected by the Company. After the retention
of such counsel by the Company, the Company will not be liable to Indemnitee under this Agreement for any fees of counsel subsequently
incurred by Indemnitee with respect to the defense of such Claims; provided that: (i) Indemnitee shall have the right to employ counsel
in connection with any such Claim at Indemnitee’s expense; and (ii) if (A) the employment of counsel by Indemnitee has been previously
authorized by the Company, (B) counsel for Indemnitee shall have provided the Company with written advice that there may be a conflict
of interest between the Company and Indemnitee in the conduct of any such defense, (C) the fees and expenses are non-duplicative and
reasonably incurred in connection with Indemnitee’s role in the Proceeding despite the Company’s assumption of the defense,
(D) after a Change in Control, the employment of counsel by Indemnitee has been approved by the Independent Legal Counsel, or (E) the
Company shall not in fact have employed counsel to assume the defense of such Proceeding or the Company shall not continue to retain
such counsel to defend such Claim, then the fees and expenses of Indemnitee’s counsel shall be at the expense of the Company. The
Company shall not be entitled to assume the defense of any Proceeding brought by or on behalf of the Company, or as to which Indemnitee
shall have made the determination provided for in (B) above. Indemnitee agrees that any such separate counsel retained by indemnitee
will be a member of any approved list of panel counsel under the Company’s applicable directors and officers liability insurance
policy, should the applicable policy provide for a panel of approved counsel and should such approved panel list comprise law firms with
well-established reputations in the type of litigation at issue. (For clarity, the fact of a firm’s being part of a panel shall
not be evidence of a firm’s having a well-established national reputation for the type of litigation at issue).

 

4. Determination
of Right to Indemnification.

 

(a) Successful
Proceeding. To the extent Indemnitee has been successful, on the merits or otherwise, in defense of any Proceeding that is the subject
of any Indemnification Event referred to in Section 2(a), the Company shall indemnify Indemnitee against Losses and Expenses incurred
by him or her in connection therewith. If Indemnitee is not wholly successful in such Proceeding, but is successful, on the merits or
otherwise, as to one or more but less than all Claims in such Proceeding, the Company shall indemnify Indemnitee against all Losses and
Expenses actually or reasonably incurred by Indemnitee in connection with each successfully resolved Claim. For these purposes and without
limitation, Indemnitee will be deemed to have been “successful on the merits” in circumstances including but not limited
to the termination of any Proceeding or of any Claim, issue or matter therein, by the winning of a dismissal (with or without prejudice),
motion for summary judgment, settlement (with or without court approval), or upon a plea of nolo contendere or its equivalent.

 

    7

     

    

 

(b) Other
Proceedings. In the event that Section 4(a) is inapplicable, the Company shall nevertheless indemnify Indemnitee as provided
in Section 2(a) or 2(b), as applicable, or provide a contribution payment to the Indemnitee as provided in Section 2(d),
to the extent determined by the Reviewing Party.

 

(c) Reviewing
Party Determination. A Reviewing Party chosen by the Company’s board of directors shall determine whether Indemnitee is entitled
to indemnification, subject to the following:

 

(i) A
Reviewing Party so chosen shall act in the utmost good faith to assure Indemnitee a complete opportunity to present to such Reviewing
Party Indemnitee’s case that Indemnitee has met the applicable standard of conduct.

 

(ii) Indemnitee
shall be deemed to have acted in good faith if Indemnitee’s action is based on the records or books of account of a Covered Entity,
including, without limitation, its financial statements, or on information supplied to Indemnitee by the officers or employees of a Covered
Entity in the course of their duties, or on the advice of legal counsel for a Covered Entity or on information or records given, or reports
made, to a Covered Entity by an independent certified public accountant or by an appraiser or other expert selected with reasonable care
by a Covered Entity. In addition, the knowledge and/or actions, or failure to act, of any director, officer, agent or employee of a Covered
Entity shall not be imputed to Indemnitee for purposes of determining the right to indemnification under this Agreement. Whether or not
the foregoing provisions of this Section 4(c)(ii) are satisfied, it shall in any event be presumed that Indemnitee has at all
times acted in good faith and in a manner Indemnitee reasonably believed to be in or not opposed to the best interests of the Company.
Any Person seeking to overcome this presumption shall have the burden of proof and the burden of persuasion, by clear and convincing
evidence.

 

(iii) If
a Reviewing Party chosen pursuant to this Section 4(c) shall not have made a determination whether Indemnitee is entitled
to indemnification within thirty (30) days after receipt by the Company of the request therefor, the requisite determination of entitlement
to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification, absent (A) a misstatement
by Indemnitee of a material fact, or an omission of a material fact necessary to make Indemnitee’s statement not materially misleading,
in connection with the request for indemnification, or (B) a prohibition of such indemnification under applicable law; provided, however,
that such 30 day period may be extended for a reasonable time, not to exceed an additional fifteen (15) days, if the Reviewing Party
in good faith requires such additional time for obtaining or evaluating documentation and/or information relating thereto; and provided,
further, that the foregoing provisions of this Section 4(c)(iii) shall not apply if (I) the determination of entitlement
to indemnification is to be made by the stockholders of the Company, (II) a special meeting of stockholders is called by the board of
directors of the Company for such purpose within thirty (30) days after the stockholders are chosen as the Reviewing Party, (III) such
meeting is held for such purpose within sixty (60) days after having been so called, and (IV) such determination is made thereat.

 

    8

     

    

 

(d) Appeal
to Court. Notwithstanding a determination by a Reviewing Party chosen pursuant to Section 4(c) that Indemnitee is not
entitled to indemnification with respect to a specific Claim or Proceeding (an “Adverse Determination”), Indemnitee
shall have the right to apply to the court in which that Claim or Proceeding is or was pending or any other court of competent jurisdiction
for the purpose of enforcing Indemnitee’s right to indemnification pursuant to this Agreement, provided that Indemnitee shall commence
any such Proceeding seeking to enforce Indemnitee’s right to indemnification within one (1) year following the date upon which
Indemnitee is notified in writing by the Company of the Adverse Determination. In the event of any dispute between the parties concerning
their respective rights and obligations hereunder, the Company shall have the burden of proving that the Company is not obligated to
make the payment or advance claimed by Indemnitee.

 

(e) Presumption
of Success. The Company acknowledges that a settlement or other disposition short of final judgment shall be deemed a successful
resolution for purposes of Section 4(a) if it permits a party to avoid expense, delay, distraction, disruption or uncertainty.
In the event that any Proceeding to which Indemnitee is a party is resolved in any manner other than by adverse judgment against Indemnitee
(including, without limitation, settlement of such Proceeding with or without payment of money or other consideration), it shall be presumed
that Indemnitee has been successful on the merits or otherwise in such Proceeding. Anyone seeking to overcome this presumption shall
have the burden of proof and the burden of persuasion, by clear and convincing evidence.

 

(f) Settlement
of Claims. The Company shall not be liable to indemnify Indemnitee under this Agreement or otherwise for any amounts paid in settlement
of any Proceeding effected without the Company’s written consent. The Company shall not settle any Proceeding in any manner that
would impose any penalty or limitation on Indemnitee without Indemnitee’s written consent. Neither the Company nor the Indemnitee
will unreasonably withhold their consent to any proposed settlement. The Company shall not be liable to indemnify the Indemnitee under
this Agreement with regard to any judicial award if the Company was not given a reasonable and timely opportunity, at its expense, to
participate in the defense of such action; the Company’s liability hereunder shall not be excused if participation in the Proceeding
by the Company was barred by this Agreement. The Company shall not, on its own behalf, settle any part of any Proceeding to which Indemnitee
is party with respect to other parties (including the Company) if any portion of such settlement is to be funded from corporate insurance
proceeds unless approved by (i) the written consent of Indemnitee or (ii) a majority of the independent directors of the board; provided,
however, that the right to constrain the Company’s use of corporate insurance as described in this section shall terminate at the
time the Company concludes (per the terms of this Agreement) that (i) Indemnitee is not entitled to indemnification pursuant to this
agreement, or (ii) such indemnification obligation to Indemnitee has been fully discharged by the Company.

 

    9

     

    

 

5. Additional
Indemnification Rights; Non-exclusivity.

 

(a) Scope.
The Company hereby agrees to indemnify Indemnitee to the fullest extent permitted by law, even if such indemnification is not specifically
authorized by the other provisions of this Agreement or any other agreement, the Organizational Documents of any Covered Entity or by
applicable law. In the event of any change after the Effective Date in any applicable law, statute or rule that expands the right of
a Delaware corporation to indemnify a member of its board of directors or an officer, employee, controlling person, agent or fiduciary,
it is the intent of the parties hereto that Indemnitee shall enjoy by this Agreement the greater benefits afforded by such change. In
the event of any change in any applicable law, statute or rule that narrows the right of a Delaware corporation to indemnify a member
of its board of directors or an officer, employee, controlling person, agent or fiduciary, such change, to the extent not otherwise required
by such law, statute or rule to be applied to this Agreement, shall have no effect on this Agreement or the parties’ rights and
obligations hereunder except as set forth in Section 9(a) hereof.

 

(b) Non-exclusivity.

 

(i) The
rights to indemnification, contribution and advancement of Expenses provided in this Agreement shall not be deemed exclusive of, but
shall be in addition to, any other rights to which Indemnitee may at any time be entitled under the Organizational Documents of any Covered
Entity, any other agreement, any vote of stockholders or Disinterested Directors, the laws of the State of Delaware or otherwise. Furthermore,
no right or remedy herein conferred is intended to be exclusive of any other right or remedy, and every other right and remedy shall
be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise.
The assertion of any right or remedy hereunder or otherwise shall not prevent the concurrent assertion of any other right or remedy.
The rights to indemnification, contribution and advancement of Expenses provided in this Agreement shall continue as to Indemnitee for
any action Indemnitee took or did not take while serving in an indemnified capacity even though Indemnitee may have ceased to serve in
such capacity.

 

(ii) The
Company hereby acknowledges that Indemnitee may have certain rights to indemnification, advancement of Expenses and/or insurance provided
by one or more other Persons, other than a Covered Entity, with whom or which Indemnitee may be associated. The Company hereby acknowledges
and agrees:

 

		(A)	the
                                            Company is the indemnitor of first resort with respect to any request for indemnification
                                            or advancement of Expenses made pursuant to this Agreement concerning any Proceeding;

 

		(B)	the
                                            Company is primarily liable for all indemnification and indemnification or advancement of
                                            Expenses obligations for any Proceeding, whether created by law, organizational or constituent
                                            documents, contract (including this Agreement) or otherwise;

 

		(C)	any
                                            obligation of any other Persons with whom or which Indemnitee may be associated to indemnify
                                            Indemnitee and/or advance Expenses to Indemnitee in respect of any proceeding are secondary
                                            to the obligations of the Company’s obligations; and

 

    10

     

    

 

		(D)	the
                                            Company will indemnify Indemnitee and advance Expenses to Indemnitee hereunder to the fullest
                                            extent provided herein without regard to any rights Indemnitee may have against any other
                                            Person with whom or which Indemnitee may be associated or insurer of any such Person.

 

(iii) The
Company irrevocably waives, relinquishes and releases any other Person with whom or which Indemnitee may be associated from any claim
of contribution, subrogation, reimbursement, exoneration or indemnification, or any other recovery of any kind in respect of amounts
paid by the Company to Indemnitee pursuant to this Agreement, whether or not such claim, remedy or right arises in equity or under contract,
statute or common law, including, without limitation, the right to take or receive from such other Person, directly or indirectly, in
cash or other property or by set-off or in any other manner, payment or security on account of such claim, remedy or right.

 

(iv) In
the event any other Person with whom or which Indemnitee may be associated or their insurers advances or extinguishes any liability or
loss for Indemnitee, the payor has a right of subrogation against the Company or its insurers for all amounts so paid which would otherwise
be payable by the Company or its insurers under this Agreement. In no event will payment by any other Person with whom or which Indemnitee
may be associated or their insurers affect the obligations of the Company hereunder or shift primary liability for the Company’s
obligation to indemnify or advance Expenses to any other Person with whom or which Indemnitee may be associated.

 

(v) Any
indemnification or advancement of Expenses provided by any other Person with whom or which Indemnitee may be associated is specifically
in excess over the Company’s obligation to indemnify and advance Expenses or any valid and collectible insurance (including but
not limited to any malpractice insurance or professional errors and omissions insurance) provided by the Company.

 

6. No
Duplication of Payments. The Company shall not be liable under this Agreement to make any payment of any amount otherwise indemnifiable
hereunder, or for which advancement is provided hereunder, if and to the extent Indemnitee has otherwise actually received such payment,
whether pursuant to any insurance policy, the Organizational Documents of any Covered Entity or otherwise; provided, however,
that payment made to Indemnitee pursuant to an insurance policy purchased and maintained by Indemnitee at his or her own expense of any
amounts otherwise indemnifiable or obligated to be made pursuant to this Agreement shall not reduce the Company’s obligations to
Indemnitee pursuant to this Agreement.

 

    11

     

    

 

7. Liability
Insurance. 

 

(a) The
Company shall maintain liability insurance applicable to directors and officers of the Company and shall cause Indemnitee to be named
as an insured in such a manner as to provide Indemnitee the same rights and benefits as are accorded to the most favorably insured of
the Company’s officers and directors (other than in the case of an independent director liability insurance policy if Indemnitee
is not an independent or outside director). The Company shall advise Indemnitee as to the general terms of, and the amounts of coverage
provide by, any liability insurance policy described in this Section 8 and shall promptly notify Indemnitee if, at any time,
any such insurance policy is terminated or expired without renewal or if the amount of coverage under any such insurance policy will
be decreased.

 

(b) If,
at the time of the receipt of a notice of a Claim pursuant to the terms hereof, the Company has directors’ and officers’
liability insurance coverage in effect, the Company shall give prompt notice of the commencement of such Proceeding to the insurers in
accordance with the procedures set forth in the respective directors’ and officers’ liability insurance policies. The Company
shall thereafter take all necessary or desirable action to cause such insurers to pay, on behalf of Indemnitee, all amounts payable as
a result of such Proceeding in accordance with the terms of such policies. The Company will instruct the insurers and their insurance
brokers that they may communicate directly with Indemnitee regarding such Claim.

 

(c) In
the event of a Change in Control or the Company’s becoming insolvent, the Company shall maintain in force any and all insurance
policies then maintained by the Company in providing insurance—directors’ and officers’ liability, fiduciary, employment
practices or otherwise—in respect of the individual directors and officers of the Company, for a fixed period of six years thereafter
(a “Tail Policy”). Such coverage shall be non-cancellable and shall be placed and serviced for the duration of its
term by the Company’s incumbent insurance broker. Such broker shall place the Tail Policy with the incumbent insurance carriers
using the policies that were in place at the time of the Change in Control event (unless the incumbent carriers will not offer such policies,
in which case the Tail Policy placed by the Company’s insurance broker shall be substantially comparable in scope and amount as
the expiring policies, and the insurance carriers for the Tail Policy shall have an AM Best rating that is the same or better than the
AM Best ratings of the expiring policies).

 

8. Exceptions.
Any other provision herein to the contrary notwithstanding, the Company shall not be obligated pursuant to the terms of this Agreement
to indemnify Indemnitee:

 

(a) against
any Losses or Expenses, or advance Expenses to Indemnitee, with respect to Claims initiated or brought voluntarily by Indemnitee, and
not by way of defense (including, without limitation, affirmative defenses and counter-claims), except (i) Claims to establish or enforce
a right to indemnification, contribution or advancement with respect to an Indemnification Event, whether under this Agreement, any other
agreement or insurance policy, the Company’s Organizational Documents of any Covered Entity, the laws of the State of Delaware
or otherwise, or (ii) if the Company’s board of directors has approved specifically the initiation or bringing of such Claim;

 

(b) against
any Losses or Expenses, or advance Expenses to Indemnitee, with respect to Claims arising (i) with respect to an accounting of profits
made from the purchase and sale (or sale and purchase) by Indemnitee of securities of the Company within the meaning of Section 16(b)
of the Exchange Act or (ii) pursuant to Section 304 or 306 of the Sarbanes-Oxley Act of 2002, as amended, or any rule or regulation
promulgated pursuant thereto; or

 

(c) if,
and to the extent, that a court of competent jurisdiction renders a final, unappealable decision that such indemnification is not lawful.

 

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9. Monetary
Damages Insufficient/Specific Performance. The Company and Indemnitee agree that a monetary remedy for breach of this
Agreement may be inadequate, impracticable and difficult of proof, and further agree that such breach may cause Indemnitee irreparable
harm. Accordingly, the parties hereto agree that Indemnitee may enforce this Agreement by seeking injunctive relief and/or specific performance
hereof, without any necessity of showing actual damage or irreparable harm (having agreed that actual and irreparable harm will result
in not forcing the Company to specifically perform its obligations pursuant to this Agreement) and that by seeking injunctive relief
and/or specific performance, Indemnitee shall not be precluded from seeking or obtaining any other relief to which he may be entitled.
The Company and Indemnitee further agree that Indemnitee shall be entitled to such specific performance and injunctive relief, including
temporary restraining orders, preliminary injunctions and permanent injunctions, without the necessity of posting bonds or other undertaking
in connection therewith. The Company acknowledges that in the absence of a waiver, a bond or undertaking may be required of Indemnitee
by the Court, and the Company hereby waives any such requirement of a bond or undertaking. If Indemnitee seeks mandatory injunctive relief,
it shall not be a defense to enforcement of the Company’s obligations set forth in this Agreement that Indemnitee has an adequate
remedy at law for damages.

 

10. No
Offsets. The Company’s obligation to indemnify, hold harmless, exonerate or advance Expenses hereunder to Indemnitee who
is or was serving at the request of the Company as a director, officer, trustee, partner, managing member, fiduciary, employee or agent
of any other Enterprise shall be reduced by any amount Indemnitee has actually received as indemnification, hold harmless or exoneration
payments or advancement of expenses from such Enterprise. Notwithstanding any other provision of this Agreement to the contrary, (i)
Indemnitee shall have no obligation to reduce, offset, allocate, pursue or apportion any indemnification, hold harmless, exoneration,
advancement, contribution or insurance coverage among multiple parties possessing such duties to Indemnitee prior to the Company’s
satisfaction and performance of all its obligations under this Agreement, and (ii) the Company shall perform fully its obligations under
this Agreement without regard to whether Indemnitee holds, may pursue or has pursued any indemnification, advancement, hold harmless,
exoneration, contribution or insurance coverage rights against any person or entity other than the Company.

 

11. Miscellaneous.

 

(a) Counterparts.
This Agreement may be executed in one or more counterparts, each of which shall constitute an original.

 

(b) Binding
Effect; Successors and Assigns. This Agreement shall be binding upon and inure to the benefit of and be enforceable by the parties
hereto and their respective successors and assigns (including with respect to the Company, any direct or indirect successor by purchase,
merger, consolidation or otherwise to all or substantially all of the business and/or assets of the Company) and with respect to Indemnitee,
his or her spouse, heirs, and personal and legal representatives. The Company shall require and cause any successor or assign (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all, substantially all, or a substantial part, of the business
and/or assets of the Company, to assume and agree to perform this Agreement to the fullest extent permitted by law. This Agreement shall
continue in effect with respect to Claims relating to Indemnification Events regardless of whether Indemnitee continues to serve as a
director, officer, employee, controlling person, agent or fiduciary of any Covered Entity.

 

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(c) Notice.
All notices and other communications required or permitted hereunder shall be in writing, shall be effective when given, and shall in
any event be deemed to be given (a) five (5) days after deposit with the U.S. Postal Service or other applicable postal service, if delivered
by first class mail, postage prepaid, (b) upon delivery, if delivered by hand, (c) one (1) business day after the business day of deposit
with Federal Express or similar, nationally recognized overnight courier, freight prepaid, or (d) one (1) business day after the business
day of delivery by confirmed facsimile transmission, if deliverable by facsimile transmission, with copy by other means permitted hereunder,
and addressed, if to Indemnitee, to the Indemnitee’s address or facsimile number (as applicable) as set forth beneath the Indemnitee’s
signature to this Agreement, or, if to the Company, at the address or facsimile number (as applicable) of its principal corporate offices
(attention: Secretary), or at such other address or facsimile number (as applicable) as such party may designate to the other parties
hereto.

 

(d) Notice
by Company. If the Indemnitee is the subject of, or is, to the knowledge of the Company, implicated in any way during an investigation,
whether formal or informal, that is related to Indemnitee’s status as a director or officer of one or more Covered Entities and
that reasonably could lead to a Proceeding for which indemnification can be provided under this Agreement, the Company shall notify the
Indemnitee of such investigation and shall share (to the extent legally permissible) with Indemnitee any information it has provided
to any third parties concerning the investigation (“Shared Information”). By executing this Agreement, Indemnitee
agrees that such Shared Information is material non-public information that Indemnitee is obligated to hold in confidence and may not
disclose publicly; provided, however, that Indemnitee may use the Shared Information and disclose such Shared Information to Indemnitee’s
legal counsel and third parties, in each case solely in connection with defending Indemnitee from legal liability.

 

(e) Enforceability.
This Agreement is a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with its terms.

 

(f) Consent
to Jurisdiction. The Company and Indemnitee each hereby irrevocably consent to the jurisdiction and venue of the courts of the State
of Delaware for all purposes in connection with any Proceeding which arises out of or relates to this Agreement and agree that any Proceeding
instituted under this Agreement shall be commenced, prosecuted and continued only in the courts of the State of Delaware.

 

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(g) Severability.
The provisions of this Agreement shall be severable in the event that any of the provisions hereof (including any provision within a
single section, paragraph or sentence) are held by a court of competent jurisdiction to be invalid, void or otherwise unenforceable,
and the remaining provisions shall remain enforceable to the fullest extent permitted by law. Furthermore, to the fullest extent possible,
the provisions of this Agreement (including, without limitation, each portion of this Agreement containing any provision held to be invalid,
void or otherwise unenforceable that is not itself invalid, void or unenforceable) shall be construed so as to give effect to the extent
manifested by the provision held invalid, illegal or unenforceable.

 

(h) Choice
of Law. This Agreement shall be governed by and its provisions shall be construed and enforced in accordance with, the laws of the
State of Delaware, without regard to the conflict of laws principles thereof.

 

(i) Subrogation.
In the event of payment under this Agreement, the Company shall be subrogated to the extent of such payment to all of the rights of recovery
of Indemnitee who shall execute all documents required and shall do all acts that may be necessary to secure such rights and to enable
the Company effectively to bring suit to enforce such rights.

 

(j) Amendment
and Termination. No amendment, modification, termination or cancellation of this Agreement shall be effective unless it is in a writing
signed by the parties to be bound thereby. Notice of same shall be provided to all parties hereto. No waiver of any of the provisions
of this Agreement shall be deemed or shall constitute a waiver of any other provisions hereof (whether or not similar) nor shall such
waiver constitute a continuing waiver.

 

(k) No
Construction as Employment Agreement. This Agreement is not an employment agreement between the Company and the Indemnitee and nothing
contained in this Agreement shall be construed as giving Indemnitee any right to be retained or continue in the employ or service of
any Covered Entity.

 

(l) Supersedes
Previous Agreements. This Agreement supersedes all prior agreements and understandings, oral, written and implied, between the parties
hereto with respect to the subject matter hereof. All such prior agreements and understandings are hereby terminated and deemed of no
further force or effect.

 

[remainder
of page intentionally left blank; signature page follows]

 

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In
Witness Whereof, the parties hereto have executed
this Agreement on and as of the day and year first above written.

 

	 	COMPANY:

	 	 	 
	 	FARADAY FUTURE INTELLIGENT ELECTRIC, INC.,
	 	a Delaware corporation
	 	 	 
	 	By:	                                      
	 	Name: 	 
	 	Title:	 
	 	 	 
	 	INDEMNITEE:
	 	 	 
	 	[●]	 
	 	 	 
	 	 

 

 

16

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