Item 1.01. Entry into a Material Definitive Agreement.
On October 8, 2021, Lucid Group, Inc. (the "Company") repurchased an aggregate
of 857,825 shares of its Class A Common Stock from certain individuals (the
"Individual Sellers") who were directors and employees of the Company's
predecessor, Atieva, Inc. ("Atieva") (such transactions, the "Repurchases"). The
repurchase price was $24.15 per share, which is equal to the average closing
price of the Company's Class A Common Stock on the Nasdaq Global Select Market
for the three trading day period ending on and including October 6, 2021, the
second trading day prior to the date of the Repurchases. The Repurchases were
effected pursuant to voluntary individual agreements (the "Repurchase
Agreements") with each of the Individual Sellers.
The Repurchases were effected solely to allow the Individual Sellers to satisfy
certain tax obligations (including tax withholding obligations of the Company)
incurred in connection with such Individual Sellers' purchase of shares of
Series E Preferred Stock from Atieva on April 2, 2021. At the closing of the
Repurchases, the Company applied the proceeds to remitting required tax
withholding to the applicable U.S. tax authorities.
The Individual Sellers included Peter Rawlinson, a director of the Company and
the Company's Chief Executive Officer and Chief Technology Officer, from whom
the Company repurchased 178,796 shares; Eric Bach, the Company's Senior Vice
President, Product and Chief Engineer, from whom the Company repurchased 195,557
shares; Michael Bell, the Company's Senior Vice President, Digital, from whom
the Company repurchased 33,526 shares; and Tony Posawatz, a director of the
Company, from whom the Company repurchased 14,511 shares.
The Repurchases and the Repurchase Agreements were approved by the Audit
Committee and by the Board of Directors. In addition, the Board of Directors
exempted the Repurchases from the application of Article 5, Section 5.04 of the
Company's Amended and Restated Bylaws, which otherwise restricts holders of
shares of the Company's Class A Common Stock that were acquired in exchange for
shares of Atieva from transferring such shares until January 19, 2022.
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LUCID GROUP, INC. 
