Faraday Future Enters Material Definitive Agreement

TL;DR

FFIE just signed a big deal, creating a new financial obligation. Keep an eye on this.

AI Summary

On July 11, 2024, Faraday Future Intelligent Electric Inc. entered into a material definitive agreement, creating a direct financial obligation. The company, previously known as Property Solutions Acquisition Corp. until March 4, 2020, is incorporated in Delaware and its fiscal year ends on December 31.

Why It Matters

This filing indicates a new significant financial commitment or obligation for Faraday Future, which could impact its financial stability and future operations.

Risk Assessment

Risk Level: medium — Entering into a material definitive agreement and creating a direct financial obligation can introduce new financial risks or opportunities that require careful monitoring.

Key Players & Entities

• Faraday Future Intelligent Electric Inc. (company) — Registrant
• Property Solutions Acquisition Corp. (company) — Former company name
• July 11, 2024 (date) — Date of earliest event reported
• March 4, 2020 (date) — Date of name change

FAQ

Key Financial Figures

• $0.0001 — tered Class A common stock, par value $0.0001 per share FFIE The Nasdaq Stock Mar
• $11.50 — A common stock at an exercise price of $11.50 per share FFIEW The Nasdaq Stock Ma
• $4,900,000 — ic Inc. (the "Company"), entered into a $4,900,000 lease financing arrangement under a Mas
• $146,510 — F will pay Utica 51 monthly payments of $146,510. The Master Lease has a four-year term,
• $490,000 — ect to an end of term buyout option for $490,000, under certain conditions. In addition,
• $100,000 — agreed to make immediate prepayments of $100,000 and $1,435,000 for the Hanford Premises
• $1,435,000 — e immediate prepayments of $100,000 and $1,435,000 for the Hanford Premises Access Period
• $70,000 — eed to make an additional prepayment of $70,000 under the Master Lease, also to be appl

Filing Documents

• ea0209332-8k_faraday.htm (8-K) — 38KB
• ea020933201ex10-1_faraday.htm (EX-10.1) — 111KB
• ea020933201ex10-2_faraday.htm (EX-10.2) — 21KB
• ea020933201ex10-3_faraday.htm (EX-10.3) — 6KB
• ea020933201ex10-4_faraday.htm (EX-10.4) — 30KB
• ea020933201ex10-5_faraday.htm (EX-10.5) — 87KB
• ea020933201ex10-6_faraday.htm (EX-10.6) — 8KB
• ea020933201ex10-7_faraday.htm (EX-10.7) — 25KB
• ea020933201ex10-8_faraday.htm (EX-10.8) — 30KB
• ea020933201ex10-9_faraday.htm (EX-10.9) — 25KB
• 0001213900-24-061042.txt ( ) — 690KB
• ffie-20240711.xsd (EX-101.SCH) — 4KB
• ffie-20240711_def.xml (EX-101.DEF) — 26KB
• ffie-20240711_lab.xml (EX-101.LAB) — 36KB
• ffie-20240711_pre.xml (EX-101.PRE) — 25KB
• ea0209332-8k_faraday_htm.xml (XML) — 6KB

01. Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. Utica Agreements On July 11, 2024, Faraday&Future, Inc. ("F&F"), a California corporation and a wholly owned subsidiary of Faraday Future Intelligent Electric Inc. (the "Company"), entered into a $4,900,000 lease financing arrangement under a Master Lease Agreement (the "Master Lease") with UTICA LEASECO, LLC ("Utica"). Under the Master Lease, Utica is leasing to F&F certain machinery, vehicles, equipment and/or other assets (the "Equipment") described in the equipment schedule dated as of July 11, 2024 (the "Equipment Schedule") and F&F will pay Utica 51 monthly payments of $146,510. The Master Lease has a four-year term, subject to an end of term buyout option for $490,000, under certain conditions. In addition, after the 19th month, F&F may terminate the lease under certain conditions and upon payment of certain fees. Under the Master Lease, F&F retains title to the Equipment, granting Utica a first priority security interest therein. The Master Lease contains customary representations and warranties, covenants relating to the use and maintenance of the Equipment, indemnification and events of default, including payment defaults, breach of representations and warranties, covenant defaults, cross-defaults, and certain bankruptcy and insolvency events, customary for leases of this nature. The Master Lease further grants to Utica certain remedies upon a default, including the right to cancel the Master Lease, to accelerate all rent payments for the remainder of the term of the Master Lease, to recover liquidated damages, or to repossess and re-lease, sell or otherwise dispose of the Equipment. The Master Lease and all related arrangements are guaranteed by the Company under a Master Lease Guaranty (the "Guaranty"). Under the Guaranty, the Company has unconditionally guaranteed the obligations of F&F under the Master Lease and related agreements for the benefit of the Utica. On July 11, 2024, F&F and Utica

03. Creation of a Direct Financial Obligation or an Obligation

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The information set forth in Item 1.01 is hereby incorporated by reference into this Item 2.03.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits. The following exhibits are filed with this Current Report on Form 8-K: No. Description of Exhibits 10.1 Master Lease Agreement, dated as of July 11, 2024, between Faraday&Future, Inc. and UTICA LEASECO, LLC* 10.2 Rider No. 1 to Master Lease Agreement, dated as of July 11, 2024, by and between Faraday&Future, Inc. and UTICA LEASECO, LLC 10.3 Rider No. 2 to Master Lease Agreement, dated as of July 11, 2024, by and between Faraday&Future, Inc. and UTICA LEASECO, LLC 10.4 Master Lease Guaranty, dated as of July 11, 2024, by and between Faraday Future Intelligent Electric Inc. and UTICA LEASECO, LLC 10.5 Equipment Schedule, dated as of July 11, 2024* 10.6 Rider No. 1 to Equipment Schedule, dated as of July 11, 2024 10.7 Post-Closing Agreement, as of July 11, 2024, by and between Faraday&Future, Inc. and UTICA LEASECO, LLC 10.8 Amendment No. 11 to the Securities Purchase Agreement, dated as of July 11, 2024, by and among Faraday Future Intelligent Electric Inc., and FF Vitality Ventures LLC 10.9 Amendment No. 12 to the Securities Purchase Agreement, dated as of July 11, 2024, by and among Faraday Future Intelligent Electric Inc., and Senyun International Ltd. 104 Cover Page Interactive Data File (embedded within the Inline XBRL document) * Schedules and certain portions of this exhibit have been omitted pursuant to Item 601(a)(5) of Regulation S-K. 2 SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. FARADAY FUTURE INTELLIGENT ELECTRIC INC. Date: July 12, 2024 By: /s/ Jonathan Maroko Name: Jonathan Maroko Title: Interim Chief Financial Officer 3

View Full Filing

View this 8-K filing on SEC EDGAR