SEC Contract Filing

Filing Date: 2021-11-02

Document Content:
<DOCUMENT>
<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>ea149801ex10-2_faraday.htm
<DESCRIPTION>TRANSITION AND CONSULTING AGREEMENT, DATED OCTOBER 27, 2021, BY AND BETWEEN FARADAY FUTURE INTELLIGENT ELECTRIC INC. AND ZVI GLASMAN
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<P STYLE="text-align: right; margin: 0"><B>Exhibit 10.2</B></P>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>TRANSITION AND CONSULTING
AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Transition and Consulting Agreement (&ldquo;<B>Agreement</B>&rdquo;)
is made effective as of the last date of signature below (the &ldquo;<B>Effective Date</B>&rdquo;) by and between Zvi Glasman (&ldquo;<B>Executive</B>&rdquo;)
and Faraday Future Intelligent Electric Inc. (the &ldquo;<B>Company</B>&rdquo;) (collectively referred to as the &ldquo;<B>Parties</B>&rdquo;
or individually referred to as a &ldquo;<B>Party</B>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, Executive is currently serving as Chief
Financial Officer of the Company;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, Executive and the Company have agreed
that Executive will voluntarily separate from employment with the Company on the Separation Date (as defined below) and provide certain
consulting services for a defined period thereafter;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, the Company and Executive desire to provide
for an orderly transition of Executive&rsquo;s duties and responsibilities; and</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">WHEREAS, in furtherance of the foregoing, Executive and
the Company have reached an agreement with respect to all rights, duties and obligations arising between them, including, but in no way
limited to, any rights, duties and obligations that have arisen or might arise out of or are in any way related to Executive&rsquo;s continued
employment with the Company and the conclusion of that employment (other than as specifically provided in this Agreement).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">NOW, THEREFORE, in consideration of the mutual
promises made herein and intending to be bound thereby, the Company and Executive hereby agree as follows:</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">1. <U>Resignation and Transition</U>.</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">a. <U>Transition Period</U>. Effective as of
the Transition Date, Executive will be deemed to have voluntarily resigned from his position as Chief Financial Officer of the Company
and from any other advisory, director, and officer positions with the Company and any of its parent or subsidiaries. Executive agrees
to execute any documents as necessary to affect any such resignations. Executive will continue employment with the Company on a transitional
basis in the role of &ldquo;Senior Advisor&rdquo; during the Transition Period. As used herein, (i) &ldquo;<B>Transition Date</B>&rdquo;
means October 27, 2021, (ii) &ldquo;<B>Separation Date</B>&rdquo; means December 31, 2021 unless mutually extended by the Parties or
earlier terminated by a Party in accordance with this Agreement, and (iii) &ldquo;<B>Transition Period</B>&rdquo; means the period from
the Transition Date through the Separation Date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">b. <U>Duties</U>. During the Transition Period,
Executive shall (i) transition his duties and responsibilities to such individuals as the Chief Executive Officer of the Company (&ldquo;<B>CEO</B>&rdquo;)
may designate, including to the successor Chief Financial Officer of the Company (&ldquo;<B>CFO</B>&rdquo;) and (ii) provide such assistance
and perform such duties and responsibilities as may be reasonably assigned by the CEO or his designee from time to time (the &ldquo;<B>Transition
Duties</B>&rdquo;). During the Transition Period, Executive will continue to abide in all material respects by the Company&rsquo;s policies
and procedures. The Parties acknowledge and agree that the Transition Duties are not expected to occupy all of Executive&rsquo;s professional
time.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">c. <U>Compensation</U>. During the Transition
Period, the Company will continue to pay Executive a monthly base salary of $50,000, to be paid periodically in accordance with the Company&rsquo;s
normal payroll practices and subject to applicable withholdings. Executive