Ayar Third Investment Co

SEC source: 0001104659-26-053234 · tm2612717-1_4seq1.xml · derivative · entry 1

PUBLIC INVESTMENT FUND · CIK 0001767640 · Director · 10% owner

Ayar Third Investment Co · CIK 0001874832 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By Ayar Third Investment Company

Disclosed balance after: 55,000

Underlying: Class A Common Stock · 50,850,591 shares

Expires not disclosed

F1 · derivative.exercise_price: Each share of Series C convertible preferred stock is convertible into shares of Class A common stock of Lucid Group, Inc. (the "Issuer") at the option of the holder and without the payment of additional consideration by the holder.

F2 · derivative.exercise_price: The Series C convertible preferred stock is convertible (a) at any time that the closing price per share of the Class A common stock on the trading day immediately preceding the date on which the holder delivers the relevant notice of conversion is at least the price specified in the Certificate of Designations for the Series C convertible preferred stock, unless the Issuer otherwise consents to such conversion in its sole discretion, or (b) in all events during certain specified periods relating to a fundamental change or optional redemption by the Issuer, into such number of fully paid and non-assessable shares of Class A common stock as is determined by dividing (i) the applicable Accrued Value (as defined in the Certificate of Designation for the Series C convertible preferred stock) as of the conversion date by (ii) the applicable Conversion Price (as defined in the Certificate of Designation for the Series C convertible preferred stock) in effect as of such conversion date.

F3 · derivative.exercise_price: The Series C convertible preferred stock is initially convertible into approximately 50,850,591 shares of Class A common stock in the aggregate.

F1 · derivative.exercise_date: Each share of Series C convertible preferred stock is convertible into shares of Class A common stock of Lucid Group, Inc. (the "Issuer") at the option of the holder and without the payment of additional consideration by the holder.

F2 · derivative.exercise_date: The Series C convertible preferred stock is convertible (a) at any time that the closing price per share of the Class A common stock on the trading day immediately preceding the date on which the holder delivers the relevant notice of conversion is at least the price specified in the Certificate of Designations for the Series C convertible preferred stock, unless the Issuer otherwise consents to such conversion in its sole discretion, or (b) in all events during certain specified periods relating to a fundamental change or optional redemption by the Issuer, into such number of fully paid and non-assessable shares of Class A common stock as is determined by dividing (i) the applicable Accrued Value (as defined in the Certificate of Designation for the Series C convertible preferred stock) as of the conversion date by (ii) the applicable Conversion Price (as defined in the Certificate of Designation for the Series C convertible preferred stock) in effect as of such conversion date.

F3 · derivative.exercise_date: The Series C convertible preferred stock is initially convertible into approximately 50,850,591 shares of Class A common stock in the aggregate.

F1 · derivative.expiration_date: Each share of Series C convertible preferred stock is convertible into shares of Class A common stock of Lucid Group, Inc. (the "Issuer") at the option of the holder and without the payment of additional consideration by the holder.

F2 · derivative.expiration_date: The Series C convertible preferred stock is convertible (a) at any time that the closing price per share of the Class A common stock on the trading day immediately preceding the date on which the holder delivers the relevant notice of conversion is at least the price specified in the Certificate of Designations for the Series C convertible preferred stock, unless the Issuer otherwise consents to such conversion in its sole discretion, or (b) in all events during certain specified periods relating to a fundamental change or optional redemption by the Issuer, into such number of fully paid and non-assessable shares of Class A common stock as is determined by dividing (i) the applicable Accrued Value (as defined in the Certificate of Designation for the Series C convertible preferred stock) as of the conversion date by (ii) the applicable Conversion Price (as defined in the Certificate of Designation for the Series C convertible preferred stock) in effect as of such conversion date.

F3 · derivative.expiration_date: The Series C convertible preferred stock is initially convertible into approximately 50,850,591 shares of Class A common stock in the aggregate.

F4 · ownership.direct: Ayar Third Investment Company ("Ayar") is a wholly-owned subsidiary of The Public Investment Fund of Saudi Arabia ("PIF"), and as such PIF may be deemed to beneficially own the Shares held by Ayar. In addition, each of Turqi A. Alnowaiser and Mr. Yasir Alsalman, the co-managers of Ayar, may be deemed to beneficially own the shares owned by Ayar by virtue of shared power to vote the shares. Neither Mr. Alnowaiser nor Mr. Alsalman has any, and each and disclaims, any pecuniary interest in the shares.

SEC source: 0001104659-25-121249 · tm2532305-1_4seq1.xml · derivative · entry 1

PUBLIC INVESTMENT FUND · CIK 0001767640 · Director · 10% owner

Ayar Third Investment Co · CIK 0001874832 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By Ayar Third Investment Company

Disclosed balance after: 1

Underlying: Class A Common Stock · 37,477,050 shares

Expires 2031-11-01

F1 · derivative.exercise_price: Ayar Third Investment Company ("Ayar") entered into a privately negotiated prepaid forward share purchase transaction with Citibank N.A. (the "forward counterparty"), pursuant to which Ayar will purchase 37,477,050 shares of Class A common stock, par value $0.0001 per share ("Common Stock") of Lucid Group, Inc. ("Lucid") for $636,735,079.50, with delivery of those shares to occur no later than November 1, 2031, subject to the forward counterparty's right to settle its delivery obligations prior to that date The prepaid forward transaction was entered into in connection with the pricing of an offering by Lucid of $975,000,000 aggregate principal amount of 7.00% convertible senior notes due 2031 (the "notes"). The prepaid forward transaction was subject to termination if the issuance of the notes was not consummated. The settlement of the issuance of the notes occurred on November 17, 2025.

F1 · shares: Ayar Third Investment Company ("Ayar") entered into a privately negotiated prepaid forward share purchase transaction with Citibank N.A. (the "forward counterparty"), pursuant to which Ayar will purchase 37,477,050 shares of Class A common stock, par value $0.0001 per share ("Common Stock") of Lucid Group, Inc. ("Lucid") for $636,735,079.50, with delivery of those shares to occur no later than November 1, 2031, subject to the forward counterparty's right to settle its delivery obligations prior to that date The prepaid forward transaction was entered into in connection with the pricing of an offering by Lucid of $975,000,000 aggregate principal amount of 7.00% convertible senior notes due 2031 (the "notes"). The prepaid forward transaction was subject to termination if the issuance of the notes was not consummated. The settlement of the issuance of the notes occurred on November 17, 2025.

F1 · price: Ayar Third Investment Company ("Ayar") entered into a privately negotiated prepaid forward share purchase transaction with Citibank N.A. (the "forward counterparty"), pursuant to which Ayar will purchase 37,477,050 shares of Class A common stock, par value $0.0001 per share ("Common Stock") of Lucid Group, Inc. ("Lucid") for $636,735,079.50, with delivery of those shares to occur no later than November 1, 2031, subject to the forward counterparty's right to settle its delivery obligations prior to that date The prepaid forward transaction was entered into in connection with the pricing of an offering by Lucid of $975,000,000 aggregate principal amount of 7.00% convertible senior notes due 2031 (the "notes"). The prepaid forward transaction was subject to termination if the issuance of the notes was not consummated. The settlement of the issuance of the notes occurred on November 17, 2025.

F2 · derivative.underlying_shares: All share numbers reported herein give effect to the 1-for-10 reverse stock split of Lucid's shares of Class A common stock effective on August 29, 2025.

F1 · balance_after: Ayar Third Investment Company ("Ayar") entered into a privately negotiated prepaid forward share purchase transaction with Citibank N.A. (the "forward counterparty"), pursuant to which Ayar will purchase 37,477,050 shares of Class A common stock, par value $0.0001 per share ("Common Stock") of Lucid Group, Inc. ("Lucid") for $636,735,079.50, with delivery of those shares to occur no later than November 1, 2031, subject to the forward counterparty's right to settle its delivery obligations prior to that date The prepaid forward transaction was entered into in connection with the pricing of an offering by Lucid of $975,000,000 aggregate principal amount of 7.00% convertible senior notes due 2031 (the "notes"). The prepaid forward transaction was subject to termination if the issuance of the notes was not consummated. The settlement of the issuance of the notes occurred on November 17, 2025.

F1 · ownership.nature: Ayar Third Investment Company ("Ayar") entered into a privately negotiated prepaid forward share purchase transaction with Citibank N.A. (the "forward counterparty"), pursuant to which Ayar will purchase 37,477,050 shares of Class A common stock, par value $0.0001 per share ("Common Stock") of Lucid Group, Inc. ("Lucid") for $636,735,079.50, with delivery of those shares to occur no later than November 1, 2031, subject to the forward counterparty's right to settle its delivery obligations prior to that date The prepaid forward transaction was entered into in connection with the pricing of an offering by Lucid of $975,000,000 aggregate principal amount of 7.00% convertible senior notes due 2031 (the "notes"). The prepaid forward transaction was subject to termination if the issuance of the notes was not consummated. The settlement of the issuance of the notes occurred on November 17, 2025.

F3 · ownership.nature: Ayar is a wholly-owned subsidiary of Public Investment Fund of Saudi Arabia ("PIF"), and as such PIF may be deemed to beneficially own the shares held by Ayar. In addition, each of Turqi A. Alnowaiser and Yasir Alsalman, co-managers of Ayar, may be deemed to beneficially own the shares owned by Ayar by virtue of shared power to vote the shares. Neither Mr. Alnowaiser nor Mr. Alsalman has any, and each and disclaims, any pecuniary interest in the shares.

SEC source: 0001104659-25-033702 · tm2511014-2_4seq1.xml · derivative · entry 1

PUBLIC INVESTMENT FUND · CIK 0001767640 · Director · 10% owner

Ayar Third Investment Co · CIK 0001874832 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By Ayar Third Investment Company

Disclosed balance after: 1

Underlying: Class A Common Stock · 179,166,667 shares

Expires 2030-04-01

F1 · derivative.exercise_price: Ayar Third Investment Company ("Ayar") entered into a privately negotiated prepaid forward share purchase transaction with Citibank N.A. (the "forward counterparty"), pursuant to which Ayar will purchase 179,166,667 shares of Class A common stock, par value $0.0001 per share ("Common Stock") of Lucid Group, Inc. ("Lucid") for $430,000,000.80, with delivery of those shares to occur no later than April 1, 2030, subject to the forward counterparty's right to settle its delivery obligations prior to that date The prepaid forward transaction was entered into in connection with the pricing of an offering by Lucid of $1,100,000,000 aggregate principal amount of 5.00% convertible senior notes due 2030 (the "notes"). The prepaid forward transaction was subject to termination if the issuance of the notes was not consummated. The settlement of the issuance of the notes occurred on April 8, 2025.

F1 · shares: Ayar Third Investment Company ("Ayar") entered into a privately negotiated prepaid forward share purchase transaction with Citibank N.A. (the "forward counterparty"), pursuant to which Ayar will purchase 179,166,667 shares of Class A common stock, par value $0.0001 per share ("Common Stock") of Lucid Group, Inc. ("Lucid") for $430,000,000.80, with delivery of those shares to occur no later than April 1, 2030, subject to the forward counterparty's right to settle its delivery obligations prior to that date The prepaid forward transaction was entered into in connection with the pricing of an offering by Lucid of $1,100,000,000 aggregate principal amount of 5.00% convertible senior notes due 2030 (the "notes"). The prepaid forward transaction was subject to termination if the issuance of the notes was not consummated. The settlement of the issuance of the notes occurred on April 8, 2025.

F1 · price: Ayar Third Investment Company ("Ayar") entered into a privately negotiated prepaid forward share purchase transaction with Citibank N.A. (the "forward counterparty"), pursuant to which Ayar will purchase 179,166,667 shares of Class A common stock, par value $0.0001 per share ("Common Stock") of Lucid Group, Inc. ("Lucid") for $430,000,000.80, with delivery of those shares to occur no later than April 1, 2030, subject to the forward counterparty's right to settle its delivery obligations prior to that date The prepaid forward transaction was entered into in connection with the pricing of an offering by Lucid of $1,100,000,000 aggregate principal amount of 5.00% convertible senior notes due 2030 (the "notes"). The prepaid forward transaction was subject to termination if the issuance of the notes was not consummated. The settlement of the issuance of the notes occurred on April 8, 2025.

F1 · balance_after: Ayar Third Investment Company ("Ayar") entered into a privately negotiated prepaid forward share purchase transaction with Citibank N.A. (the "forward counterparty"), pursuant to which Ayar will purchase 179,166,667 shares of Class A common stock, par value $0.0001 per share ("Common Stock") of Lucid Group, Inc. ("Lucid") for $430,000,000.80, with delivery of those shares to occur no later than April 1, 2030, subject to the forward counterparty's right to settle its delivery obligations prior to that date The prepaid forward transaction was entered into in connection with the pricing of an offering by Lucid of $1,100,000,000 aggregate principal amount of 5.00% convertible senior notes due 2030 (the "notes"). The prepaid forward transaction was subject to termination if the issuance of the notes was not consummated. The settlement of the issuance of the notes occurred on April 8, 2025.

F1 · ownership.nature: Ayar Third Investment Company ("Ayar") entered into a privately negotiated prepaid forward share purchase transaction with Citibank N.A. (the "forward counterparty"), pursuant to which Ayar will purchase 179,166,667 shares of Class A common stock, par value $0.0001 per share ("Common Stock") of Lucid Group, Inc. ("Lucid") for $430,000,000.80, with delivery of those shares to occur no later than April 1, 2030, subject to the forward counterparty's right to settle its delivery obligations prior to that date The prepaid forward transaction was entered into in connection with the pricing of an offering by Lucid of $1,100,000,000 aggregate principal amount of 5.00% convertible senior notes due 2030 (the "notes"). The prepaid forward transaction was subject to termination if the issuance of the notes was not consummated. The settlement of the issuance of the notes occurred on April 8, 2025.

F2 · ownership.nature: Ayar is a wholly-owned subsidiary of Public Investment Fund of Saudi Arabia ("PIF"), and as such PIF may be deemed to beneficially own the shares held by Ayar. In addition, each of Turqi A. Alnowaiser and Yasir Alsalman, co-managers of Ayar, may be deemed to beneficially own the shares owned by Ayar by virtue of shared power to vote the shares. Neither Mr. Alnowaiser nor Mr. Alsalman has any, and each and disclaims, any pecuniary interest in the shares.

SEC source: 0001104659-24-113592 · tm2427179-2_4seq1.xml · nonDerivative · entry 2

PUBLIC INVESTMENT FUND · CIK 0001767640 · Director · 10% owner

Ayar Third Investment Co · CIK 0001874832 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By Ayar Third Investment Company

Disclosed balance after: 2,227,072,750

F1 · shares: On October 16, 2024, Lucid Group, Inc. (the "Issuer") announced it had priced an underwritten public offering of 262,446,931 shares of its Class A common stock for aggregate gross proceeds to the Issuer of approximately $680 million (the "Public Offering"). On October 17, 2024, the underwriter in the Public Offering exercised its overallotment option (the "Option") to purchase an additional 15,037,594 shares of common stock in the Public Offering.

F2 · shares: On October 30, 2024, Ayar Third Investment Company ("Ayar") purchased from the Issuer 374,717,927 shares of Issuer Class A common stock in a private placement for an aggregate purchase price of approximately $971 million in a private placement pursuant to a subscription agreement entered into concurrently with the Public Offering. On October 31, 2024, Ayar purchased from the Issuer an additional 21,470,459 shares of Common Stock for aggregate purchase price of approximately $56 million in a private placement in a private placement pursuant to the Subscription Agreement as a result of the underwriter's exercise of the Option.

F3 · shares: Includes 464,225,459 shares of Class A Common Stock issuable upon conversion of shares of Series A Convertible Preferred Stock and Series B Convertible Preferred Stock held by Ayar as of the date hereof.

F4 · ownership.direct: Ayar is a wholly-owned subsidiary of Public Investment Fund of Saudi Arabia ("PIF"), and as such PIF may be deemed to beneficially own the shares held by Ayar. In addition, each of Turqi A. Alnowaiser and Yasir Alsalman, co-managers of Ayar, may be deemed to beneficially own the shares owned by Ayar by virtue of shared power to vote the shares. Neither Mr. Alnowaiser nor Mr. Alsalman has any, and each and disclaims, any pecuniary interest in the shares.

SEC source: 0001104659-24-113592 · tm2427179-2_4seq1.xml · nonDerivative · entry 1

PUBLIC INVESTMENT FUND · CIK 0001767640 · Director · 10% owner

Ayar Third Investment Co · CIK 0001874832 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By Ayar Third Investment Company

Disclosed balance after: 2,205,602,291

F1 · shares: On October 16, 2024, Lucid Group, Inc. (the "Issuer") announced it had priced an underwritten public offering of 262,446,931 shares of its Class A common stock for aggregate gross proceeds to the Issuer of approximately $680 million (the "Public Offering"). On October 17, 2024, the underwriter in the Public Offering exercised its overallotment option (the "Option") to purchase an additional 15,037,594 shares of common stock in the Public Offering.

F2 · shares: On October 30, 2024, Ayar Third Investment Company ("Ayar") purchased from the Issuer 374,717,927 shares of Issuer Class A common stock in a private placement for an aggregate purchase price of approximately $971 million in a private placement pursuant to a subscription agreement entered into concurrently with the Public Offering. On October 31, 2024, Ayar purchased from the Issuer an additional 21,470,459 shares of Common Stock for aggregate purchase price of approximately $56 million in a private placement in a private placement pursuant to the Subscription Agreement as a result of the underwriter's exercise of the Option.

F3 · shares: Includes 464,225,459 shares of Class A Common Stock issuable upon conversion of shares of Series A Convertible Preferred Stock and Series B Convertible Preferred Stock held by Ayar as of the date hereof.

F4 · ownership.direct: Ayar is a wholly-owned subsidiary of Public Investment Fund of Saudi Arabia ("PIF"), and as such PIF may be deemed to beneficially own the shares held by Ayar. In addition, each of Turqi A. Alnowaiser and Yasir Alsalman, co-managers of Ayar, may be deemed to beneficially own the shares owned by Ayar by virtue of shared power to vote the shares. Neither Mr. Alnowaiser nor Mr. Alsalman has any, and each and disclaims, any pecuniary interest in the shares.

SEC source: 0001104659-24-091290 · tm2421733-2_4seq1.xml · derivative · entry 1

PUBLIC INVESTMENT FUND · CIK 0001767640 · Director · 10% owner

Ayar Third Investment Co · CIK 0001874832 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By Ayar Third Investment Company

Disclosed balance after: 75,000

Underlying: Class A Common Stock · 171,236,783 shares

Expires not disclosed

F1 · derivative.exercise_price: Each share of Series B convertible preferred stock is convertible into shares of Class A common stock of Lucid Group, Inc. (the "Issuer") at the option of the holder and without the payment of additional consideration by the holder, (a) at any time that the closing price per share of the Class A common stock on the trading day immediately preceding the date on which the holder delivers the relevant notice of conversion is at least $5.50 (subject to certain adjustments), unless the Issuer otherwise consents to such conversion in its sole discretion, or (b) in all events during certain specified periods relating to a fundamental change or optional redemption by the Issuer, into such number of fully paid and non-assessable shares of Class A common stock as is determined by dividing

F2 · derivative.exercise_price: (i) the applicable Accrued Value (as defined in the Certificate of Designation for the Series B convertible preferred stock) as of the conversion date by (ii) the applicable Conversion Price (as defined in the Certificate of Designation for the Series B convertible preferred stock) in effect as of such conversion date. The Series B convertible preferred stock is initially convertible into approximately 171,236,786 shares of Class A common stock in the aggregate, at an initial conversion price of $3.5952 per share.

F1 · derivative.exercise_date: Each share of Series B convertible preferred stock is convertible into shares of Class A common stock of Lucid Group, Inc. (the "Issuer") at the option of the holder and without the payment of additional consideration by the holder, (a) at any time that the closing price per share of the Class A common stock on the trading day immediately preceding the date on which the holder delivers the relevant notice of conversion is at least $5.50 (subject to certain adjustments), unless the Issuer otherwise consents to such conversion in its sole discretion, or (b) in all events during certain specified periods relating to a fundamental change or optional redemption by the Issuer, into such number of fully paid and non-assessable shares of Class A common stock as is determined by dividing

F2 · derivative.exercise_date: (i) the applicable Accrued Value (as defined in the Certificate of Designation for the Series B convertible preferred stock) as of the conversion date by (ii) the applicable Conversion Price (as defined in the Certificate of Designation for the Series B convertible preferred stock) in effect as of such conversion date. The Series B convertible preferred stock is initially convertible into approximately 171,236,786 shares of Class A common stock in the aggregate, at an initial conversion price of $3.5952 per share.

F1 · derivative.expiration_date: Each share of Series B convertible preferred stock is convertible into shares of Class A common stock of Lucid Group, Inc. (the "Issuer") at the option of the holder and without the payment of additional consideration by the holder, (a) at any time that the closing price per share of the Class A common stock on the trading day immediately preceding the date on which the holder delivers the relevant notice of conversion is at least $5.50 (subject to certain adjustments), unless the Issuer otherwise consents to such conversion in its sole discretion, or (b) in all events during certain specified periods relating to a fundamental change or optional redemption by the Issuer, into such number of fully paid and non-assessable shares of Class A common stock as is determined by dividing

F2 · derivative.expiration_date: (i) the applicable Accrued Value (as defined in the Certificate of Designation for the Series B convertible preferred stock) as of the conversion date by (ii) the applicable Conversion Price (as defined in the Certificate of Designation for the Series B convertible preferred stock) in effect as of such conversion date. The Series B convertible preferred stock is initially convertible into approximately 171,236,786 shares of Class A common stock in the aggregate, at an initial conversion price of $3.5952 per share.

F3 · ownership.direct: Ayar Third Investment Company ("Ayar") is a wholly-owned subsidiary of The Public Investment Fund of Saudi Arabia ("PIF"), and as such PIF may be deemed to beneficially own the Shares held by Ayar. In addition, each of Turqi A. Alnowaiser and Mr. Yasir Alsalman, the co-managers of Ayar, may be deemed to beneficially own the shares owned by Ayar by virtue of shared power to vote the shares. Neither Mr. Alnowaiser nor Mr. Alsalman has any, and each and disclaims, any pecuniary interest in the shares.

SEC source: 0001104659-24-042567 · tm2410270-1_4seq1.xml · derivative · entry 1

PUBLIC INVESTMENT FUND · CIK 0001767640 · Director · 10% owner

Ayar Third Investment Co · CIK 0001874832 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By Ayar Third Investment Company

Disclosed balance after: 100,000

Underlying: Class A Common Stock · 278,148,643 shares

Expires not disclosed

F1 · derivative.exercise_price: Each share of Series A convertible preferred stock is convertible into shares of Class A common stock of Lucid Group, Inc. (the "Issuer") at the option of the holder and without the payment of additional consideration by the holder, (a) at any time that the closing price per share of the Class A common stock on the trading day immediately preceding the date on which the holder delivers the relevant notice of conversion is at least $5.50 (subject to certain adjustments), unless the Issuer otherwise consents to such conversion in its sole discretion, or

F2 · derivative.exercise_price: (b) in all events during certain specified periods relating to a fundamental change or optional redemption by the Issuer, into such number of fully paid and non-assessable shares of Class A common stock as is determined by dividing (i) the applicable Accrued Value (as defined in the Certificate of Designation for the Series A convertible preferred stock) as of the conversion date by (ii) the applicable Conversion Price (as defined in the Certificate of Designation for the Series A convertible preferred stock) in effect as of such conversion date. The Series A convertible preferred stock is initially convertible into approximately 278,148,643 shares of Class A common stock in the aggregate, at an initial conversion price of $3.5952 per share.

F1 · derivative.exercise_date: Each share of Series A convertible preferred stock is convertible into shares of Class A common stock of Lucid Group, Inc. (the "Issuer") at the option of the holder and without the payment of additional consideration by the holder, (a) at any time that the closing price per share of the Class A common stock on the trading day immediately preceding the date on which the holder delivers the relevant notice of conversion is at least $5.50 (subject to certain adjustments), unless the Issuer otherwise consents to such conversion in its sole discretion, or

F2 · derivative.exercise_date: (b) in all events during certain specified periods relating to a fundamental change or optional redemption by the Issuer, into such number of fully paid and non-assessable shares of Class A common stock as is determined by dividing (i) the applicable Accrued Value (as defined in the Certificate of Designation for the Series A convertible preferred stock) as of the conversion date by (ii) the applicable Conversion Price (as defined in the Certificate of Designation for the Series A convertible preferred stock) in effect as of such conversion date. The Series A convertible preferred stock is initially convertible into approximately 278,148,643 shares of Class A common stock in the aggregate, at an initial conversion price of $3.5952 per share.

F1 · derivative.expiration_date: Each share of Series A convertible preferred stock is convertible into shares of Class A common stock of Lucid Group, Inc. (the "Issuer") at the option of the holder and without the payment of additional consideration by the holder, (a) at any time that the closing price per share of the Class A common stock on the trading day immediately preceding the date on which the holder delivers the relevant notice of conversion is at least $5.50 (subject to certain adjustments), unless the Issuer otherwise consents to such conversion in its sole discretion, or

F2 · derivative.expiration_date: (b) in all events during certain specified periods relating to a fundamental change or optional redemption by the Issuer, into such number of fully paid and non-assessable shares of Class A common stock as is determined by dividing (i) the applicable Accrued Value (as defined in the Certificate of Designation for the Series A convertible preferred stock) as of the conversion date by (ii) the applicable Conversion Price (as defined in the Certificate of Designation for the Series A convertible preferred stock) in effect as of such conversion date. The Series A convertible preferred stock is initially convertible into approximately 278,148,643 shares of Class A common stock in the aggregate, at an initial conversion price of $3.5952 per share.

F3 · ownership.direct: Ayar Third Investment Company ("Ayar") is a wholly-owned subsidiary of The Public Investment Fund of Saudi Arabia ("PIF"), and as such PIF may be deemed to beneficially own the Shares held by Ayar. In addition, each of Turqi A. Alnowaiser and Mr. Yasir Alsalman, the co-managers of Ayar, may be deemed to beneficially own the shares owned by Ayar by virtue of shared power to vote the shares. Neither Mr. Alnowaiser nor Mr. Alsalman has any, and each and disclaims, any pecuniary interest in the shares.

SEC source: 0001104659-23-074791 · tm2319462-1_4seq1.xml · nonDerivative · entry 1

PUBLIC INVESTMENT FUND · CIK 0001767640 · Director · 10% owner

Ayar Third Investment Co · CIK 0001874832 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: No plan indicated

Ownership: Indirect · By Ayar Third Investment Company

Disclosed balance after: 1,366,658,905

F1 · shares: On May 31, 2023, Lucid Group, Inc. (the "Issuer") announced it had priced an underwritten public offering of 173,544,948 shares of its common stock for aggregate gross proceeds to the Issuer of approximately $1.2 billion (the "Public Offering"). On June 22, 2023, Ayar Third Investment Company ("Ayar") purchased from the Issuer 265,693,703 shares of Issuer common stock in a private placement for an aggregate purchase price of approximately $1.8 billion in a private placement pursuant to a subscription agreement entered into concurrently with the Public Offering.

F2 · ownership.direct: Ayar is a wholly-owned subsidiary of The Public Investment Fund of Saudi Arabia ("PIF"), and as such PIF may be deemed to beneficially own the Shares held by Ayar. In addition, each of H.E. Yasir O. Al Rumayyan, the Governor of PIF, and Turqui A. Alnowaiser, Deputy Governor and Head of the International Investments Division of the PIF, may be deemed to beneficially own the shares owned by Ayar by virtue of shared power to vote the shares. Neither H.E. Al Rumayyan nor Mr. Alnowaiser has any, and each and disclaims, any pecuniary interest in the shares.

SEC source: 0001567619-22-022053 · doc1.xml · nonDerivative · entry 1

PUBLIC INVESTMENT FUND · CIK 0001767640 · Director · 10% owner

Ayar Third Investment Co · CIK 0001874832 · Director · 10% owner

Joint disclosure: these amounts are not allocated separately to each reporting owner.

10b5-1 filing: Not disclosed

Ownership: Indirect · By Ayar Third Investment Company

Disclosed balance after: 1,100,965,202

F1 · shares: Purchased pursuant to the Subscription Agreement, dated November 8, 2022 between the Issuer and Ayar Third Investment Company ("Ayar") related to the equity distribution agreement, dated November 8, 2022 (the "Equity Distribution Agreement"), by and among the Issuer, on the one hand, and Barclays Capital Inc., BofA Securities, Inc. and Citigroup Global Markets Inc. on the other hand pursuant to which the Issuer could sell up to an aggregate of $600 million of its Class A Common Stock.

F2 · price: The price per share is equal to the volume-weighted average price to the public of the shares that the Issuer actually sold pursuant to the Equity Distribution Agreement during the quarter.

F3 · ownership.direct: Ayar is a wholly-owned subsidiary of The Public Investment Fund of Saudi Arabia ("PIF"), and as such PIF may be deemed to beneficially own the Shares held by Ayar. In addition, H.E. Yasir O. Al Rumayyan is the Governor of PIF and the sole manager of Ayar and may be deemed to beneficially own the Shares by virtue of his power to vote the Shares.

SEC source: 0001567619-21-014049 · form4.xml · nonDerivative · entry 1

Ayar Third Investment Co · CIK 0001874832 · Director · 10% owner

10b5-1 filing: Not disclosed

Ownership: Direct

Disclosed balance after: 1,015,252,523

F1 · kind: Represents shares of Class A Common Stock ("Shares") that were issued to Ayar Third Investment Company ("Ayar") in exchange for shares of common stock of Atieva, Inc., d/b/a Lucid Motors ("Lucid") held by Ayar upon the closing of the business combination transaction pursuant to the Agreement and Plan of Merger, dated February 22, 2021, by and among Churchill Capital Corp IV ("Churchill"), Air Merger Sub, Inc., a direct, wholly-owned subsidiary of Churchill and Lucid. Ayar is a wholly-owned subsidiary of The Public Investment Fund of Saudi Arabia ("PIF"), and as such PIF may be deemed to beneficially own the Shares held by Ayar. In addition, H.E. Yasir O. Al Rumayyan is the Governor of PIF and the sole manager of Ayar and may be deemed to beneficially own the Shares by virtue of his power to vote the Shares.

F1 · shares: Represents shares of Class A Common Stock ("Shares") that were issued to Ayar Third Investment Company ("Ayar") in exchange for shares of common stock of Atieva, Inc., d/b/a Lucid Motors ("Lucid") held by Ayar upon the closing of the business combination transaction pursuant to the Agreement and Plan of Merger, dated February 22, 2021, by and among Churchill Capital Corp IV ("Churchill"), Air Merger Sub, Inc., a direct, wholly-owned subsidiary of Churchill and Lucid. Ayar is a wholly-owned subsidiary of The Public Investment Fund of Saudi Arabia ("PIF"), and as such PIF may be deemed to beneficially own the Shares held by Ayar. In addition, H.E. Yasir O. Al Rumayyan is the Governor of PIF and the sole manager of Ayar and may be deemed to beneficially own the Shares by virtue of his power to vote the Shares.

F1 · balance_after: Represents shares of Class A Common Stock ("Shares") that were issued to Ayar Third Investment Company ("Ayar") in exchange for shares of common stock of Atieva, Inc., d/b/a Lucid Motors ("Lucid") held by Ayar upon the closing of the business combination transaction pursuant to the Agreement and Plan of Merger, dated February 22, 2021, by and among Churchill Capital Corp IV ("Churchill"), Air Merger Sub, Inc., a direct, wholly-owned subsidiary of Churchill and Lucid. Ayar is a wholly-owned subsidiary of The Public Investment Fund of Saudi Arabia ("PIF"), and as such PIF may be deemed to beneficially own the Shares held by Ayar. In addition, H.E. Yasir O. Al Rumayyan is the Governor of PIF and the sole manager of Ayar and may be deemed to beneficially own the Shares by virtue of his power to vote the Shares.

F1 · ownership.direct: Represents shares of Class A Common Stock ("Shares") that were issued to Ayar Third Investment Company ("Ayar") in exchange for shares of common stock of Atieva, Inc., d/b/a Lucid Motors ("Lucid") held by Ayar upon the closing of the business combination transaction pursuant to the Agreement and Plan of Merger, dated February 22, 2021, by and among Churchill Capital Corp IV ("Churchill"), Air Merger Sub, Inc., a direct, wholly-owned subsidiary of Churchill and Lucid. Ayar is a wholly-owned subsidiary of The Public Investment Fund of Saudi Arabia ("PIF"), and as such PIF may be deemed to beneficially own the Shares held by Ayar. In addition, H.E. Yasir O. Al Rumayyan is the Governor of PIF and the sole manager of Ayar and may be deemed to beneficially own the Shares by virtue of his power to vote the Shares.

F2 · ownership.direct: Ayar may be deemed a director by deputization, as Turqi A. Alnowaiser, an employee of PIF, serves as a representative of Ayar on the Board of Directors of the Issuer.