Lucid Group Inc. Announces Board and Executive Compensation Changes

TL;DR

Lucid's board is shaking up, with new directors and updated exec pay plans.

AI Summary

Lucid Group, Inc. announced on January 28, 2025, changes in its board of directors and executive compensation arrangements. The filing details the departure of certain directors and the election of new ones, alongside updates to the compensatory arrangements for its officers.

Why It Matters

Changes in a company's board and executive compensation can signal shifts in strategy, governance, or financial outlook, impacting investor confidence and future performance.

Risk Assessment

Risk Level: medium — Changes in board composition and executive compensation can indicate internal shifts that may affect company strategy and performance.

Key Players & Entities

• Lucid Group, Inc. (company) — Registrant
• Churchill Capital Corp IV (company) — Former company name
• Annetta Acquisition Corp (company) — Former company name

FAQ

Key Financial Figures

• $0.0001 — hich registered Class A Common Stock, $0.0001 par value per share LCID The Nasdaq Sto
• $575,000 — pensation: (i) an annual base salary of $575,000; (ii) commencing in 2025, a target bonu
• $2,000,000 — ) a cash signing bonus in the amount of $2,000,000 (a portion of which is intended to make
• $4,000,000 — icted stock units with a grant value of $4,000,000 and performance stock units (pursuant t
• $6,000,000 — other executives) with a grant value of $6,000,000, in each case, granted pursuant to the
• $100,000 — pany; (vi) a French national stipend of $100,000 each year to defray the costs to partic
• $500,000 — relocation assistance in the amount of $500,000, which will be subject to clawback prov
• $475,000 — n: (i) a base annual salary increase to $475,000 ; (ii) commencing in 2025, a target bon
• $250,000 — (iii) a one-time bonus in the amount of $250,000; (iv) an award of restricted stock unit
• $400,000 — icted stock units with a grant value of $400,000 and performance stock units (pursuant t
• $600,000 — ear 2024 program) with a grant value of $600,000, in each case, granted pursuant to the

Filing Documents

• lcid-20250128.htm (8-K) — 27KB
• 0001628280-25-002774.txt ( ) — 149KB
• lcid-20250128.xsd (EX-101.SCH) — 2KB
• lcid-20250128_lab.xml (EX-101.LAB) — 21KB
• lcid-20250128_pre.xml (EX-101.PRE) — 12KB
• lcid-20250128_htm.xml (XML) — 3KB

From the Filing

lcid-20250128 UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 OR 15(d) of The Securities Exchange Act of 1934 Date of Report (date of earliest event reported): January 28, 2025 Lucid Group, Inc. (Exact name of registrant as specified in its charter) Delaware 001-39408 85-0891392 (State or other jurisdiction of incorporation or organization) (Commission File Number) (I.R.S. Employer Identification No.) 7373 Gateway Boulevard Newark , CA 94560 (Address of Principal Executive Offices) (Zip Code) Registrant's telephone number, including area code: ( 510 ) 648-3553 (Former name or former address, if changed since last report.) Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below): Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Class A Common Stock, $0.0001 par value per share LCID The Nasdaq Stock Market LLC Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (240.12b-2 of this chapter). Emerging growth company If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On January 28, 2025, Lucid Group, Inc. ("Lucid" or the "Company") announced that Taoufiq Boussaid will join the Company on January 29, 2025, and will be appointed the Company's Chief Financial Officer upon the filing of the Company's Annual Report on Form 10-K for the fiscal year 2024. Upon his appointment as Chief Financial Officer, Mr. Boussaid will serve as the Company's principal financial officer, prior to which time Gagan Dhingra, our Interim Chief Financial Officer, will continue to serve in such capacity for the Company. Mr. Boussaid will report to Peter Rawlinson, the Company's Chief Executive Officer and Chief Technology Officer. Mr. Boussaid, 53, has been an advisor for N.V. Bekaert S.A., a Belgium-listed industrial steel and coatings technology group, since October 2024 and was the group's Chief Financial Officer from July 2019 through October 2024. From 2007 to 2019, Mr. Boussaid was employed at Bombardier Transportation, a rolling stock and rail transport manufacturing company, where he served multiple leadership roles within its finance organization in different geographies with his most recent position as Vice President Finance for Western Europe, Asia Pacific, Middle East and Africa. From 2004 to 2007, he held several finance leadership roles with United Technologies Corporation, a multinational conglomerate, including as Chief Financial Officer for their Carrier Heating Systems business in Europe. Mr. Boussaid started his career in international finance as an audit manager with Ernst & Young Global Limited in France and The Coca-Cola Company in the United States. In connection with his appointment, Mr. Boussaid will receive the following compensation: (i) an annual base salary of $575,000; (ii) commencing in 2025, a target bonus opportunity of 90% of his base salary (which is guaranteed to be paid at the greater of 90% of his base salary or actual performance based on corporate and individual factors for fiscal year 2025, and the greater of 45% of his base salary or actual performance based on corporate and individual factors for fiscal year 2026); (iii) a cash signing bonus in the amount of $2,000,000 (a portion of which is intended to make him whole for certain compensation that he is forfeiting in connection with his departure from his prior employer), which will be subject to clawback provisions through the third anniversary of his hire date; (iv) an award of restricted stock units with a grant value of $4,000,000 and performance stock units (pursuant to the fiscal year 2025 program with such performance stock units to be granted in 2025 at the same time that performance stock units are granted in 2025 to other executives) with a grant value of $6,000,000, in each case, granted pursuant to the Luci

View Full Filing

View this 8-K filing on SEC EDGAR