Faraday Future Intelligent Electric Inc (FFIE) shareholder demands board changes

Faraday Future Intelligent Electric Inc (NASDAQ: FFIE) holder FF Top Holding disclosed:

“On September 6, 2022, FF Top delivered a Notice of Removal of FF Top Designee (the “Second Removal Notice”) to the Board of Directors pursuant to Section 2.1(c) of the Shareholder Agreement, dated as of July 21, 2021, by and between FF Top and the Issuer (the “Shareholder Agreement”), stating that FF Top was exercising FF Top’s right to remove Ms. Susan Swenson, an FF Top Designee (as such term is defined in the Shareholder Agreement), from the Board of Directors. In the Second Removal Notice, FF Top also required that the Issuer “no later than 4:05 p.m., New York time, on Wednesday, September 7, 2022, either (i) cause Ms. Swenson and Mr. Krolicki to resign from the Board [of Directors], and all other positions they may hold with the [Issuer], with immediate effect and disclose the same under Item 5.02 of Form 8-K by such same deadline or (ii) (A) remove Ms. Swenson and Mr. Krolicki from all management, Board, and Board committee positions with immediate effect (disclosing the same on Form 8-K by such same deadline), (B) request via public announcement the immediate resignation of Ms. Swenson and Mr. Krolicki in the best interests of the [Issuer] and (C) file a revised Special Meeting proxy statement, adding the Swenson [r]emoval [p]roposal to the items to be voted on and including the meeting and record dates for the Special Meeting.” FF Top also more generally required in the Second Removal Notice that, among other things, the Issuer take all “Necessary Action” (as defined in the Shareholder Agreement) in connection with the subject matter of the Second Removal Notice. A copy of the Second Removal Notice is included as Exhibit 10 to this Schedule 13D and incorporated herein by reference."

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