CCIV Churchill Capital Corp IV

On December 12, 2022, Lucid USA, Inc., a subsidiary of Lucid Group, Inc. (“Lucid”), entered into (1) General Terms and Conditions for Prototype and Production Parts and Services (the “GTC”) with Panasonic Energy Co., Ltd. (“Panasonic”), (2) a Production Pricing Agreement (the “PIDSA PPA”) with Panasonic Corporation of North America doing business as Panasonic Industrial Devices Sales Company of America (“PIDSA”), (3) a Production Pricing Agreement (the “PECNA PPA”) with Panasonic Energy Corporation of North America (“PECNA” and together with Panasonic and PIDSA, “Supplier”), (4) an Affiliate Participation Agreement with PIDSA, pursuant to which PIDSA entered into the PIDSA PPA and became a supplier under the GTC (the “PIDSA Affiliate Agreement”), and (5) an Affiliate Participation Agreement with PECNA, pursuant to which PECNA entered into the PECNA PPA and became a supplier under the GTC (together with the GTC, PIDSA PPA, PECNA PPA, and the PIDSA Affiliate Agreement, the “Agreements”).

Pursuant to the terms of the Agreements, Lucid has agreed to purchase an aggregate of approximately $5 billion (including the prepayment amount discussed below) of lithium-ion battery cells from Supplier, subject to certain conditions and adjustments, beginning in 2023 through 2031.

Under the PECNA PPA, Lucid has also agreed to make a non-refundable prepayment, in accordance with an agreed payment schedule, subject to certain milestones, for PECNA to make capital expenditures necessary to commence production and supply of battery cells.

The GTC contains customary representations and warranties, indemnification and other provisions and its terms apply to the PECNA PPA and the PIDSA PPA.

The foregoing description of the material terms of each of the Agreements does not purport to be complete and is subject to, and is qualified in its entirety by, reference to such Agreements, which will be filed as exhibits to the Company’s Annual Report on Form 10-K for the year ending December 31, 2022.