Lucid Group Announces Director Changes and CFO Appointment

TL;DR

Lucid's board is shaking up: Tan out as director, but back in, and now CFO. Big changes ahead?

AI Summary

Lucid Group, Inc. announced on June 4, 2024, the departure of Director Steven T. P. Tan and the election of new directors, including Steven T. P. Tan, who was re-elected, and the appointment of Steven T. P. Tan as Chief Financial Officer. The company also disclosed compensatory arrangements for certain officers and submitted matters to a vote of security holders.

Why It Matters

Changes in board composition and executive appointments can signal shifts in company strategy, financial oversight, and future direction.

Risk Assessment

Risk Level: medium — Director departures and executive appointments, especially involving the CFO role, can indicate internal shifts or strategic realignments that may impact the company's performance.

Key Players & Entities

• Lucid Group, Inc. (company) — Registrant
• Steven T. P. Tan (person) — Director and Chief Financial Officer
• Delaware (location) — State of incorporation
• June 4, 2024 (date) — Date of earliest event reported

FAQ

Key Financial Figures

• $0.0001 — hich registered Class A Common Stock, $0.0001 par value per share LCID The Nasdaq S

Filing Documents

• tm2416547d1_8k.htm (8-K) — 45KB
• 0001104659-24-069080.txt ( ) — 215KB
• lcid-20240604.xsd (EX-101.SCH) — 3KB
• lcid-20240604_lab.xml (EX-101.LAB) — 33KB
• lcid-20240604_pre.xml (EX-101.PRE) — 22KB
• tm2416547d1_8k_htm.xml (XML) — 3KB

02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers;

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On June 4, 2024, at the 2024 Annual Meeting of Stockholders (the " Annual Meeting ") of Lucid Group, Inc. (the " Company "), the Company's stockholders approved the Lucid Group, Inc. Amended and Restated 2021 Stock Incentive Plan (including the Lucid Group, Inc. 2021 Employee Stock Purchase Plan attached thereto) (the " Plan "). Under the Plan as approved by the Company's stockholders at the Annual Meeting, the number of shares of Class A common stock (the " Common Stock ") available for issuance has been increased by 119,000,000 shares effective as of the date of the Annual Meeting. A complete description of the terms of the Plan can be found in the Company's definitive proxy which description is incorporated by reference herein. The foregoing and the summary in the Proxy Statement are not complete summaries of the terms of the Plan and are qualified by reference to the full text of the Plan, which is attached herewith as Exhibit 10.1 to this Current Report on Form 8-K and incorporated by reference in this Item 5.02.

07 Submission of Matters to a Vote of Security Holders

Item 5.07 Submission of Matters to a Vote of Security Holders. The Company held its Annual Meeting on June 4, 2024. Proxies for the Annual Meeting were solicited pursuant to Regulation 14A of the Securities Exchange Act of 1934, as amended. At the close of business on April 10, 2024, the record date for the Annual Meeting, there were 2,307,027,046 shares of Common Stock outstanding and entitled to vote and 100,000 shares of series A convertible preferred stock outstanding and entitled to vote, which are convertible, in the aggregate, into 279,052,626 shares of Common Stock. At the Annual Meeting, the Company's stockholders voted on the following four proposals, each of which is described in more detail in the Proxy Statement. The number of votes cast with respect to each proposal was as indicated below. 1. Election of Directors. The following nine nominees were elected to serve as directors until the Company's 2025 Annual Meeting of Stockholders and until their successors are duly elected and qualified, subject to earlier resignation or removal, based on the following results of voting: Nominee Votes For Votes Withheld Broker Non-Votes Turqi Alnowaiser 1,726,972,063 24,921,035 260,636,188 Lisa M. Lambert 1,747,186,775 4,706,323 260,636,188 Andrew Liveris 1,732,003,875 19,889,223 260,636,188 Sherif Marakby 1,746,687,302 5,205,796 260,636,188 Nichelle Maynard-Elliott 1,743,060,699 8,832,399 260,636,188 Chabi Nouri 1,746,548,022 5,345,076 260,636,188 Peter Rawlinson 1,745,017,349 6,875,749 260,636,188 Ori Winitzer 1,745,834,176 6,058,922 260,636,188 Janet S. Wong 1,746,392,255 5,500,843 260,636,188 2. Ratification of the Selection of the Independent Registered Public Accounting Firm. The ratification of the selection of KPMG LLP as the independent registered public accounting firm for the Company for the fiscal year ending December 31, 2024, was ratified based on the following results

01 Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits. (d) Exhibits Exhibit Number Description 10.1 Lucid Group, Inc. Amended and Restated 2021 Stock Incentive Plan (including the Lucid Group, Inc. 2021 Employee Stock Purchase Plan, attached thereto) 104 Cover Page Interactive Data File (embedded within the inline XBRL document) 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. Dated: June 6, 2024 Lucid Group, Inc. By: /s/ Gagan Dhingra Gagan Dhingra Interim Chief Financial Officer

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