SEC Contract Filing

Filing Date: 2023-02-06

Document Content:
<DOCUMENT>
<TYPE>EX-10.5
<SEQUENCE>8
<FILENAME>ea172761ex10-5_faraday.htm
<DESCRIPTION>EXCHANGE AGREEMENT, DATED AS OF FEBRUARY 3, 2023, BY AND BETWEEN FARADAY FUTURE INTELLIGENT ELECTRIC INC. AND SENYUN INTERNATIONAL LTD
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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: right">Exhibit 10.5</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>EXECUTION VERSION</B></P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">EXCHANGE AGREEMENT</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">THIS EXCHANGE AGREEMENT (the
&ldquo;<U>Agreement</U>&rdquo;) is dated this 3rd day of February, 2023, by and among Faraday Future Intelligent Electric Inc., a Delaware
corporation with offices located at 18455 S. Figueroa Street, Gardena, CA 90248 (the &ldquo;<U>Company</U>&rdquo;), and the investors
signatory hereto (collectively the &ldquo;<U>Holders</U>&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Holders beneficially
own and hold the securities of the Company as set forth on <B><U>Schedule I</U></B> hereto (the &ldquo;<U>Original Warrants</U>&rdquo;)
(capitalized terms not defined herein shall have the meaning as set forth in the Original Warrants);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company is entering
into that certain Amendment No. 6 to Securities Purchase Agreement (&ldquo;<U>Amendment No. 6</U>&rdquo;) with its subsidiaries party
thereto, Senyun International Ltd., FF Top Holding LLC, FF Simplicity Ventures LLC and certain other purchasers party thereto, which amends
that certain Securities Purchase Agreement, dated as of August 14, 2022 (as amended by that certain Amendment No. 1 to Securities Purchase
Agreement and Convertible Senior Secured Promissory Notes, dated as of September 23, 2022, that certain Joinder and Amendment Agreement,
dated as of September 25, 2022, that certain Limited Consent and Third Amendment to Securities Purchase Agreement, dated as of October
24, 2022, that certain Limited Consent, dated as of November 8, 2022, that certain Letter Agreement, dated as of December 28, 2022, and
that certain Limited Consent and Amendment No. 5, dated as of January 25, 2023 (as further amended by Amendment No. 6, the &ldquo;<U>SPA</U>&rdquo;));</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, concurrently with
the Company&rsquo;s entry into Amendment No. 6, each Holder desires to exchange (the &ldquo;<U>Exchange</U>&rdquo;) the Original Warrants
as set forth opposite such Holder&rsquo;s name on <B><U>Schedule I</U></B> attached hereto (the &ldquo;<U>Exchanging Securities</U>&rdquo;)
for (x) a senior secured convertible note, in the form attached hereto as <B><U>Exhibit A</U></B>, in such aggregate original principal
amount with respect to each Original Warrant as set forth opposite such Holder&rsquo;s name on <B><U>Schedule I</U></B> attached hereto
and, subject to the terms and conditions thereof, convertible into shares of the Company&rsquo;s Class A Common Stock, par value $0.0001
(the &ldquo;<U>Common Stock</U>&rdquo;), in accordance therewith (the &ldquo;<U>New Notes</U>&rdquo;, and as converted, the &ldquo;<U>New
Conversion Shares</U>&rdquo;) and (y) a warrant to purchase Common Stock with respect to each Original Warrant, in the form attached hereto
as <B><U>Exhibit B</U></B>, exercisable into such aggregate number of shares of Common Stock (subject to the terms and conditions thereof)
as set forth opposite such Holder&rsquo;s name on <B><U>Schedule I</U></B> attached hereto (the &ldquo;<U>New Warrants</U>&rdquo;, and
as exercised, the &ldquo;<U>New Warrant Shares</U>&rdquo;). The New Warrants and the New Notes are collectively referred to herein as
the &ldquo;<U>New Primary Securities</U>&rdquo;, the New Conversion Shares and the New Warrant Shares are collectively referred to herein
as the &ldquo;<U>New Underlying Shares</U>&rdquo;, and the New Underlying Shares and the New Primary Securities are collectively referred
to herein as the &ldquo;<U>New Securities</U>&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">WHEREAS, the Company desires
to convey the New Primary Securities in exchange for the Exchanging Securities and, all on the terms and conditions set forth in this
Agreement in reliance on the exemption from registration provided by Section 3(a)(9) of the Securities Act of 1933, as amended (the &ldquo;<U>Securities
Act</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; text-indent: 0.5in"><