Exhibit 10.7


 


LUCID GROUP, INC.

2021 STOCK INCENTIVE PLAN

NOTICE OF RESTRICTED STOCK UNIT AWARD


 


You have been granted
the following Restricted Stock Units (the “Restricted Stock Units”, “RSUs” or this “Award”)
representing shares of Common Stock of Lucid Group, Inc. (the “Company”) under the Lucid Group, Inc.
2021 Stock Incentive Plan (as may be amended from time to time, the “Plan”):


 


	Name of Recipient:	 	[Name of Recipient]
	 	 	 
	Grant Date:	 	[Date of Grant]
	 	 	 
	Total Number of Shares Subject to Restricted Stock Units:	 	[Total Shares]
	 	 	 
	Vesting Commencement Date:	 	[Vesting Commencement Date]
	 	 	 
	Vesting Schedule:	 	[Actual vesting schedule to be inserted.]


 


By your written
signature below (or your electronic acceptance) and the signature of the Company’s representative below, you and the Company
agree that the RSUs are granted under and governed by the term and conditions of the Plan and the Restricted Stock Unit Agreement
(this “Agreement”), both of which are attached to and made a part of this document.


 


By
your written signature below (or your electronic acceptance), you further agree that the Company may deliver by e-mail all documents
relating to the Plan or this Award (including without limitation, prospectuses required by the Securities and Exchange Commission)
and all other documents that the Company is required to deliver to its security holders (including without limitation, annual reports
and proxy statements). You also agree that the Company may deliver these documents by posting them on a website maintained by the
Company or by a third party under contract with the Company. If the Company posts these documents on a website, it will notify
you by e-mail. Should you electronically accept this Agreement, you agree to the following: “This electronic
contract contains my electronic signature, which I have executed with the intent to sign this Agreement.” In addition, you
acknowledge and agree that (i) you have carefully read, fully understand and agree to all of the terms and conditions described
in this Notice of Restricted Stock Unit Award, the attached Restricted Stock Unit Agreement and the Plan and (ii) you have
been given an opportunity to consult your own legal and tax counsel with respect to all matters relating to these RSUs prior to
signing (or electronically accepting) this Notice of Restricted Stock Unit Award and that you have either consulted such counsel
or voluntarily declined to consult such counsel.


 






     


     


    




 


	RECIPIENT	 	LUCID GROUP, INC.



 


	Recipient’s Signature	 	By:	 










	 	 	Name:	 






	Recipient’s Printed Name	 	Title:	 



 









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LUCID GROUP, INC.

2021 STOCK INCENTIVE PLAN

RESTRICTED STOCK UNIT AGREEMENT


 


	The Plan and Other Agreements	
        The RSUs that you are receiving are granted
        pursuant and subject in all respects to the applicable provisions of the Plan, which is incorporated herein by reference. Capitalized
        terms not defined in this Agreement will have the meanings ascribed to them in the Plan.

         

        The attached Notice, this Agreement and
        the Plan constitute the entire understanding between you and the Company regarding this Award, and any prior agreements, commitments
        or negotiations concerning this Award are superseded, with the exception of (i) any compensation recovery policy that is adopted
        by the Company or is otherwise required by applicable law and (ii) any written employment or severance arrangement that would
        provide for vesting acceleration of the RSUs upon the terms and conditions set forth therein. This Agreement may be amended by
        the Committee without your consent; however, if any such amendment would materially impair your rights or obligations under this
        Agreement, this Agreement may be amended only by another written agreement, signed by you and the Company.

         

	Payment for RSUs	No cash payment is required for the RSUs you receive.  You are receiving the RSUs in consideration for Services rendered by you.  

                                                 

	Vesting	The RSUs that you are receiving will vest in installments, as shown in the Notice of RSU Award.  No additional RSUs vest after your Service as an Employee or a Consultant has terminated for any reason.  

                                                 

	Forfeiture 	If your Service terminates for any reason, then this Award expires immediately as to the number of RSUs that have not vested before the termination date and do not vest as a result of termination.  This means that the unvested RSUs will immediately be cancelled.  You receive no payment for RSUs that are forfeited.  The Company determines when your Service terminates for this purpose and all purposes under the Plan and its determinations are conclusive and binding on all persons.  

                                                 

	Leaves of Absence	For purposes of this Award, your Service does not terminate when you go on a military leave, a sick leave or another bona fide leave of absence, if the leave of absence was approved by the Company in writing and if continued crediting of Service is required by the terms of the leave or by applicable law.  But your Service terminates when the approved leave ends, unless you immediately return to active work. 

                                                 

                                                If you go on a leave of absence, then the vesting schedule specified in the Notice of Restricted Stock Unit Award may be adjusted in accordance with the Company’s leave of absence policy or the terms of your leave.

                                                




 






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                                                            If you commence working on a part-time basis, then the vesting schedule specified in the Notice of Restricted Stock Unit Award may be adjusted in accordance with the Company’s part-time work policy or the terms of an agreement between you and the Company pertaining to your part-time schedule.  

                                                             

	Nature of RSUs	Your RSUs are mere bookkeeping entries.  They represent only the Company’s unfunded and unsecured promise to issue Shares on a future date.  As a holder of RSUs, you have no rights other than the rights of a general creditor of the Company.  

                                                 

	No Voting Rights or Dividends	Your RSUs carry neither voting rights nor rights to dividends.  You, or your estate or heirs, have no rights as a stockholder of the Company unless and until your RSUs are settled by issuing Shares.  No adjustments will be made for dividends or other rights if the applicable record date occurs before your Shares are issued, except as described in the Plan.

                                                 

	RSUs Nontransferable	You may not sell, transfer, assign, pledge or otherwise dispose of any RSUs.  For instance, you may not use your RSUs as security for a loan.  If you attempt to do any of these things, your RSUs will immediately become invalid.  

                                                 

	Settlement of RSUs	
        Each of your vested RSUs will be settled
        when it vests; provided, however, that if the Committee requires you to pay withholding taxes through a sale of Shares, settlement
        of each RSU may be deferred to the first permissible trading day for the Shares, if later than the applicable vesting date.

         

        Under no circumstances may your RSUs be
        settled later than two and one-half (2-1/2) months following the calendar year in which the applicable vesting date occurs.

         

        For purposes of this Agreement, “permissible
        trading day” means a day that satisfies all of the following requirements: (1) the exchange on which the Shares
        are traded is open for trading on that day; (2) you are permitted to sell Shares on that day without incurring liability under
        Section 16(b) of the Exchange Act; (3) either (a) you are not in possession of material non-public information
        that would make it illegal for you to sell Shares on that day under Rule 10b-5 under the Exchange Act or (b) Rule 10b5-1
        under the Exchange Act would apply to the sale; (4) you are permitted to sell Shares on that day under such written insider
        trading policy as may have been adopted by the Company; and (5) you are not prohibited from selling Shares on that day by
        a written agreement between you and the Company or a third party.

        




 






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	 	At the time of settlement, you will receive one Share for each vested RSU; provided, however, that no fractional Shares will be issued or delivered pursuant to the Plan or this Agreement, and the Committee will determine whether cash will be paid in lieu of any fractional Share or whether such fractional Share and any rights thereto will be canceled, terminated or otherwise eliminated. In addition, the Shares are issued to you subject to the condition that the issuance of the Shares not violate any law or regulation.

                            

	Withholding Taxes and Stock Withholding 	
        Regardless of any action the Company and/or
        the Subsidiary or Affiliate employing you (“Employer”) takes with respect to any or all income tax, social insurance,
        payroll tax, payment on account or other tax-related withholding (“Tax-Related Items”), you acknowledge that
        the ultimate liability for all Tax-Related Items legally due by you is and remains your responsibility and that the Company and/or
        your Employer (1) make no representations or undertakings regarding the treatment of any Tax-Related Items in connection with
        any aspect of this Award, including the award, vesting or settlement of the RSUs, the subsequent sale of Shares acquired pursuant
        to settlement and the receipt of any dividends; and (2) do not commit to structure the terms of the award or any aspect of
        the RSUs to reduce or eliminate your liability for Tax-Related Items.

         

        Prior to the settlement of the RSUs, you
        shall pay or make adequate arrangements satisfactory to the Company and/or the Employer to satisfy all withholding and payment
        on account obligations of the Company and/or your Employer. In this regard, you authorize the Company and/or your Employer to withhold
        all applicable Tax-Related Items legally payable by you from your wages or other cash compensation paid to you by the Company and/or
        your Employer.

         

        Unless an alternative arrangement satisfactory
        to the Committee has been provided prior to the vesting date, the default method for paying withholding taxes is withholding Shares
        that otherwise would be issued to you when the RSUs are settled, provided that the Company only withholds Shares having a Fair
        Market Value equal to the amount necessary to satisfy the maximum legally required tax withholding.

         

        The Committee may also require the withholding
        of taxes from the proceeds of the sale of the Shares, either through a voluntary sale or through a mandatory sale arranged by the
        Company (on your behalf pursuant to this authorization), or any other arrangement approved by the Committee.

         

        The Fair Market Value of the Shares, determined
        as of the effective date when taxes otherwise would have been withheld in cash, will be applied as a credit against the withholding
        taxes. Finally, you will pay to the Company or your Employer any amount of Tax-Related Items that the Company or your Employer
        may be required to withhold as a result of your participation in the Plan or your acquisition of Shares that cannot be satisfied
        by the means previously described. The Company may refuse to deliver the Shares if you fail to comply with your obligations in
        connection with the Tax-Related Items as described in this section, and your rights to the Shares will be forfeited if you do not
        comply with such obligations on or before the date that is two and one-half (2-1/2) months following the calendar year in which
        the applicable vesting date for the RSUs occurs.




 






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	Restrictions on Resale	You agree not to sell any Shares at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit a sale.  This restriction will apply as long as your Service continues and for such period of time after the termination of your Service as the Company may specify.  

                                                             

	No Retention Rights	Neither this Award nor this Agreement gives you the right to be employed or retained by the Company or any Subsidiary or Affiliate of the Company in any capacity.  The Company and its Subsidiaries and Affiliates reserve the right to terminate your Service at any time, with or without cause.

                                                 

	Adjustments	The number of RSUs covered by this Award will be subject to adjustment in the event of a stock split, a stock dividend or a similar change in Shares, and in other circumstances, as set forth in the Plan.  The forfeiture provisions and restrictions described above will apply to all new, substitute or additional restricted stock units or securities to which you are entitled by reason of this Award.  

                                                 

	Successors and Assigns	Except as otherwise provided in the Plan or this Agreement, every term of this Agreement will be binding upon and inure to the benefit of the parties hereto and their respective heirs, legatees, legal representatives, successors, transferees and assigns.  

                                                 

	Notice	Any notice required or permitted under this Agreement will be given in writing and will be deemed effectively given upon the earliest of personal delivery, receipt or the third (3rd) full day following mailing with postage and fees prepaid, addressed to the other party hereto at the address last known in the Company’s records or at such other address as such party may designate by ten (10) days’ advance written notice to the other party hereto.  



 






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	Section 409A of the Code	This Agreement and the RSUs are intended to be exempt from the application of Section 409A of the Code, including but not limited to by reason of complying with the “short-term deferral” rule set forth in Treasury Regulation Section 1.409A-1(b)(4) and any ambiguities herein shall be interpreted accordingly. Notwithstanding the foregoing, to the extent this Agreement and the RSUs are subject to, and not exempt from, Section 409A of the Code, this Agreement and the RSUs are intended to comply with Section 409A, and its provisions will be interpreted in a manner consistent with such intent.  You acknowledge and agree that changes may be made to this Agreement to avoid adverse tax consequences to you under Section 409A.  If it is determined that the RSUs are deferred compensation subject to Section 409A of the Code and you are a “specified employee” (within the meaning set forth in Section 409A(a)(2)(B)(i) of the Code) as of the date of your “separation from service” (as defined in Section 409A of the Code), then the issuance of any Shares that would otherwise be made upon the date of your separation from service or within the first six (6) months thereafter will not be made on the originally scheduled date(s) and will instead be issued in a lump sum on the date that is six (6) months and one day after the date of the separation from service, with the balance of the Shares issued thereafter in accordance with the original vesting and issuance schedule set forth above, but if and only if such delay in the issuance of the Shares is necessary to avoid the imposition of adverse taxation on you in respect of the Shares under Section 409A of the Code. Each installment of Shares that vests is intended to constitute a “separate payment” for purposes of Treasury Regulation Section 1.409A-2(b)(2).   

                                                                                 

	Applicable Law and Choice of Venue	
        This Agreement will be interpreted and
        enforced under the laws of the State of Delaware without application of the conflicts of law principles thereof.

         

        For purposes of litigating any dispute
        that arises directly or indirectly from the relationship of the parties evidenced by this Award or this Agreement, the parties
        hereby submit to and consent to the exclusive jurisdiction of the State of California and agree that any such litigation will be
        conducted only in the courts of California, or the federal courts of the United States located in California and no other courts.

         

	Miscellaneous	
        You understand and acknowledge that (1) the
        Plan is entirely discretionary, (2) the Company and your Employer have reserved the right to amend, suspend or terminate the
        Plan at any time, (3) the grant of this Award does not in any way create any contractual or other right to receive additional
        grants of awards (or benefits in lieu of awards) at any time or in any amount and (4) all determinations with respect to any
        additional grants, including (without limitation) the times when awards will be granted, the number of RSUs subject to awards and
        the vesting schedule, will be at the sole discretion of the Company.

         

        The value of this Award will be an extraordinary
        item of compensation outside the scope of your employment contract, if any, and will not be considered a part of your normal or
        expected compensation for purposes of calculating severance, resignation, redundancy or end-of-service payments, bonuses, long-service
        awards, pension or retirement benefits or similar payments.




 






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        You understand and acknowledge that
        participation in the Plan ceases upon termination of your Service for any reason, except as may explicitly be provided otherwise
        in the Plan or this Agreement.

         

        You hereby authorize and direct your Employer
        to disclose to the Company or any Subsidiary or Affiliate any information regarding your employment, the nature and amount of your
        compensation and the fact and conditions of your participation in the Plan, as your Employer deems necessary or appropriate to
        facilitate the administration of the Plan.

         

        You consent to the collection, use and transfer of personal
        data as described in this subsection. You understand and acknowledge that the Company, your Employer and the Company’s other
        Subsidiaries and Affiliates hold certain personal information regarding you for the purpose of managing and administering the Plan,
        including (without limitation) your name, home address, telephone number, date of birth, social insurance or other government identification
        number, salary, nationality, job title, any Shares or directorships held in the Company and details of all awards or any other
        entitlements to RSUs or Shares awarded, canceled, exercised, vested, unvested or outstanding in your favor (the “Data”).
        You further understand and acknowledge that the Company, its Subsidiaries and/or its Affiliates will transfer Data among themselves
        as necessary for the purpose of implementation, administration and management of your participation in the Plan and that the Company
        and/or any Subsidiary may each further transfer Data to any third party assisting the Company in the implementation, administration
        and management of the Plan. You understand and acknowledge that the recipients of Data may be located in the United States or elsewhere,
        and that the laws of a recipient’s country of operation (e.g., the United States) may not have equivalent privacy protections
        as local laws where you reside or work. You authorize such recipients to receive, possess, use, retain and transfer Data, in electronic
        or other form, for the purpose of administering your participation in the Plan, including a transfer to any broker or other third
        party with whom you elect to deposit Shares acquired under the Plan of such Data as may be required for the administration of the
        Plan and/or the subsequent holding of Shares on your behalf. You may, at any time, view the Data, require any necessary modifications
        of Data, make inquiries about the treatment of Data or withdraw the consents set forth in this subsection by contacting the Human
        Resources Department of the Company in writing.



 


BY SIGNING (OR ELECTRONICALLY ACCEPTING)
THE NOTICE OF RESTRICTED STOCK UNIT AWARD ATTACHED TO THIS AGREEMENT, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED ABOVE
AND IN THE PLAN.


 






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