Lucid Annual Shareholders Meeting Takes Place On April 24th

Lucid's annual shareholder meeting is coming up on April 24th with shareholders of record to vote on six proposals to determine how the company is run. Shareholders must have owned a stake in Lucid as of February 28th to be able to vote on the proposals.

Proposals
As well as updates on Lucid's performance there are six proposals for shareholders to vote on at the upcoming meeting:

The first proposal will elect nine directors who will serve their terms until the 2024 shareholder meeting.

The second should name Grant Thornton LLP as Lucid's public accounting firm for the current fiscal year and should pass without issue as the firm has served Lucid since the CCIV SPAC merger deal closed.

Proposal three seeks to approve the compensation packages and incentives for Lucid's executive employees.

Related Story: Lucid To Launch Saudi-Assembled Vehicles This September

The fourth proposal deals with attracting and retaining employee talent by approving Lucid's Amended and Restated 2021 Stock Incentive Plan, potentially freeing up 39.16 million shares to draw new workers to the company. There are currently 24.58 millions shares available with the previous incentive plan.

Proposal number five gives shareholders the power to remove any director from office by means of an “affirmative vote of the holders of a majority of the total voting power of all outstanding securities of the Company generally entitled to vote in the election of directors, voting together as a single class.” This would be achieved though the "approval for the amendment and restatement of the current certificate of incorporation."

Proposal six serves as an adjournment mechanism that would allow Lucid to adjourn the meeting "if any of the proposals do not receive sufficient approval votes."

LCID shareholders have cause for cautious optimism with the stock's value up by 15% YTD, though down over 60% in the past 12 months. Lucid exceeded its production guidance for 2022 by 180 vehicles, and hopes to produce 10,000-14,000 Lucid Airs in 2023.

Related Story: Lucid Is Laying Off 1,300 Employees

Images by Lucid Motors licensed by CC BY 4.0.

James Walker is an Automotive Journalist at Torque News focusing on Lucid Motors. If it's got wheels he's interested, and he's looking forward to seeing what kind of cars the EV revolution brings us. Whether it's fast, slow, new, or old, James wants to have a look around it and share it in print and on video, ideally with some twisty roads involved. You can connect with James on Twitter, Instagram, and LinkedIn.