Document:

Exhibit 10.1

 

AGREEMENT AND PLAN OF MERGER AND REORGANIZATION

 

This AGREEMENT AND PLAN OF MERGER AND REORGANIZATION
(this “Agreement”) is entered into as of August [   ], 2022, by and among Kandi Technologies Group, Inc., a corporation
incorporated under the laws of the State of Delaware (“Kandi”), Kandi Technologies Group, Inc., a company incorporated
under the laws of the British Virgin Islands and a wholly-owned subsidiary of Kandi (“Kandi BVI”), and Kandi
Technologies Merger Corp., a corporation incorporated under the laws of the State of Delaware and a wholly-owned subsidiary of Kandi BVI
(“Merger Sub”).

 

RECITALS

 

A. The Boards of Directors
of each of Kandi, Kandi BVI and Merger Sub have unanimously determined that it is advisable and in the best interests of their respective
shareholders to reorganize so that Kandi BVI will become the parent of Kandi as a result of the Merger of Merger Sub with and into Kandi
(the “Merger”).

 

B. The respective Boards of
Directors of Kandi, Kandi BVI and Merger Sub have each unanimously approved the Merger, this Agreement and, to the extent applicable,
the other transactions described herein, pursuant to which Kandi will be the surviving corporation of the Merger and will become a wholly-owned
subsidiary of Kandi BVI, all upon the terms and subject to the conditions set forth in this Agreement, and whereby each issued share of
the common stock, par value US$0.001 per share, of Kandi (“Kandi Common Stock”) shall be converted into the
right to receive one ordinary share, par value US$0.001 per share, of Kandi BVI (“Kandi BVI Ordinary Shares”).

 

C. The Merger requires, among
other things, the adoption of this Agreement by the affirmative vote of the holders of a majority of the issued and outstanding shares
of Kandi Common Stock.

 

D. The parties intend that
the Merger qualify as a “reorganization” within the meaning of Section 368(a) of the Internal Revenue Code of 1986, as amended
(the “Code”), and that this Agreement shall be, and is hereby, adopted as a “plan of reorganization”
for purposes of Section 368(a) of the Code or, alternatively, that the Merger be treated for United States federal income tax purposes
as a contribution of shares of Kandi to Kandi BVI by shareholders of Kandi qualifying as a tax-free exchange within the meaning of Section
351 of the Code.

 

AGREEMENT

 

NOW THEREFORE, in consideration
of the foregoing and of the covenants and agreements contained herein, and of other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto hereby agree as follows:

 

ARTICLE I

THE MERGER

 

1.1 The Merger. Subject
to the terms and conditions of this Agreement, and in accordance with the Delaware General Corporation Law (the “DGCL”),
at the Effective Time (as defined in Section 1.2), Merger Sub shall be merged with and into Kandi in accordance with this Agreement, and
the separate corporate existence of Merger Sub shall thereupon cease. Pursuant to and simultaneously upon the consummation of the Merger
at the Effective Time, in accordance with the DGCL, (a) Kandi shall continue as the surviving corporation in the Merger (sometimes hereinafter
referred to as the “Surviving Corporation”), becoming a wholly-owned subsidiary of Kandi BVI, (b) the corporate
identity, existence, powers, rights and immunities of Kandi as the Surviving Corporation shall continue unimpaired by the Merger, and
(c) Kandi shall succeed to and shall possess all the assets, properties, rights, privileges, powers, franchises, immunities and purposes,
and be subject to all the debts, liabilities, obligations, restrictions and duties of Merger Sub, all without further act or deed.

 

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1.2 Filing Articles of Merger;
Effective Time. As soon as practicable following the satisfaction or, to the extent permitted by applicable law, waiver of the conditions
set forth in Article V, if this Agreement shall not have been terminated prior thereto as provided in Section 7.1, Merger Sub and Kandi
shall cause articles of merger (the “Articles of Merger”) meeting the requirements of DGCL 92A.200 to be properly
executed and filed in accordance with such section and otherwise make all other filings or recordings as required by the DGCL in connection
with the Merger. The Merger shall become effective at the time designated in the Articles of Merger as the effective time of the Merger
(the “Effective Time”).

 

ARTICLE II

SURVIVING CORPORATION;

EFFECT OF MERGER ON CHARTER DOCUMENTS

AND DIRECTORS AND OFFICERS

 

2.1 Name of Surviving Corporation.
The name of the Surviving Corporation shall be “Kandi Technologies Group, Inc.”.

 

2.2 Articles of Incorporation
of Surviving Corporation. From and after the Effective Time, the Certificate of incorporation of Kandi in effect immediately prior
to the Effective Time shall be the Articles of Incorporation of the Surviving Corporation, and shall continue in full force and effect
until amended in accordance with the provisions provided therein or the applicable provisions of the DGCL.

 

2.3 Bylaws of Surviving
Corporation. From and after the Effective Time, the Bylaws of Kandi in effect immediately prior to the Effective Time shall be the
Bylaws of the Surviving Corporation, and shall continue in full force and effect until amended in accordance with the provisions provided
therein or the applicable provisions of the DGCL.

 

2.4 Directors and Officers
of Surviving Corporation. From and after the Effective Time, the directors and officers of Kandi immediately prior to the Effective
Time shall be the directors and officers of Kandi BVI, each such director or officer to serve in such capacity until his or her earlier
death, resignation or removal or until his or her successor is duly elected or appointed.

 

2.5 Constitutional Documents
of Kandi BVI. The memorandum and articles of association of Kandi BVI in effect immediately prior to the Effective Time shall continue
to be the memorandum and articles of association of Kandi BVI until amended in accordance with the provisions provided therein or under
the laws of the British Virgin Islands.

 

2.6 Directors and Officers
of Kandi BVI. Immediately prior to the Effective Time, Kandi, in its capacity as the sole shareholder of Kandi BVI, agrees to take
or cause to be taken all such actions as are necessary to cause those persons serving as the directors and officers of Kandi immediately
prior to the Effective Time to be elected or appointed as the directors and officers of Kandi BVI (to the extent the officers and directors
of Kandi BVI and Kandi are not already identical), each such person to have the same office(s) with Kandi BVI (and the same committee
memberships in the case of directors) as he or she held with Kandi, with the directors to serve until the earlier of the next meeting
of the Kandi BVI shareholders at which an election of directors is required or until their successors are elected or appointed (or their
earlier death, disability or retirement).

 

ARTICLE III

EFFECT OF MERGER ON CAPITAL STOCK;

EXCHANGE OF SHARES 

 

3.1 Effect on Capital Stock.
At the Effective Time, by virtue of the Merger and without any action on the part of the holder of any shares of either Kandi or Kandi
BVI:

 

(a) Each issued and outstanding
share of Kandi Common Stock shall be converted into the right to receive one validly issued, fully paid and nonassessable Kandi BVI Ordinary
Share, and Kandi BVI shall issue to each holder of such right that number of Kandi BVI Ordinary Shares to which each such holder is entitled.

 

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(b) The 100 issued and outstanding
shares of common stock, par value US$0.001 per share, of Merger Sub held by Kandi BVI shall be converted into 100 validly issued, fully-paid
and nonassessable shares of common stock, par value US$0.001 per share, of the Surviving Corporation.

 

(c) Kandi BVI will repurchase
1,000 Kandi BVI Ordinary Share that was held by Kandi prior to the Merger at a purchase price of US$0.001.

 

3.2 Exchange of Kandi BVI
Shares.

 

(a) At the Effective Time,
each outstanding share of Kandi Common Stock held in uncertificated, book entry form will be exchanged for one Kandi BVI Ordinary Share
pursuant to Section 3.1(a) above without further act or deed by the holder thereof, and record of such ownership shall be kept in uncertificated,
book entry form by Kandi BVI’s transfer agent, Equiniti Trust Company.

 

(b) At the Effective Time,
each outstanding share of Kandi Common Stock held in certificated form will be converted into the right to receive one Kandi BVI Ordinary
Share pursuant to Section 3.1(a) above without further act or deed by the holder thereof, and the holder thereof will cease to be, and
will have no rights as, a shareholder of Kandi. Following the consummation of the Merger, Kandi’s exchange agent will send a letter
of transmittal to each such holder, explaining the procedure for surrendering such holder’s Kandi stock certificates in exchange
for share certificates representing Kandi BVI Ordinary Shares.

 

(c) At the Effective Time,
holders of Kandi Common Stock will cease to be, and will have no rights as, shareholders of Kandi, other than the right to receive: (i)
any dividend or other distribution with a record date prior to the Effective Time that may have been declared or made by Kandi on such
shares of Kandi Common Stock in accordance with the terms of this Agreement or prior to the date of this Agreement and that remain unpaid
at the Effective Time and (ii) the Kandi BVI Ordinary Shares pursuant to Section 3.1(a). After the Effective Time, there shall be no further
registration of transfers on the stock transfer books of the Surviving Corporation of the shares of Kandi Common Stock that were outstanding
immediately prior to the Effective Time. Upon and after the Effective Time, registered shareholders in Kandi BVI’s register of members
will have and be entitled to exercise any voting and other rights with respect to and to receive any dividend and other distributions
upon Kandi BVI Ordinary Shares registered in their respective names.

 

3.3 No Dissenters’
Rights. There are no dissenters’ rights or appraisal rights available to holders of Kandi Common Stock under the DGCL in connection
with the Merger.

 

ARTICLE IV

ASSUMPTION OF CONTRACTS

 

4.1 Assumption. At the
Effective Time, the obligations of Kandi under or with respect to contracts or agreements listed on Annex A (collectively, the
“Assumed Contracts”) shall become the lawful obligations of Kandi BVI and shall be performed in the same manner
and without interruption until the same are amended or otherwise lawfully altered or terminated. Effective at the Effective Time, Kandi
BVI hereby expressly adopts and assumes all obligations of Kandi under the Assumed Contracts.

 

4.2 Other Actions. Such
amendments or other actions that are deemed necessary or appropriate by Kandi and Kandi BVI to effect the Merger, including to facilitate
the assumption by Kandi BVI of the Assumed Contracts, and any other amendments or actions that Kandi and Kandi BVI shall deem advisable,
shall be adopted and entered into with respect to the Assumed Contracts and any other change in control arrangements between Kandi and
its executive officers and key employees.

 

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ARTICLE V

CONDITIONS PRECEDENT

 

The respective obligations
of each party to effect the Merger are subject to the satisfaction or waiver of the following conditions:

 

5.1 Shareholder Approval.
This Agreement shall have been adopted and approved by the affirmative vote of holders of a majority of the issued and outstanding shares
of Kandi Common Stock entitled to vote thereon at the record date for such actions as set by the Board of Directors of Kandi.

 

5.2 No Prohibition.
None of the parties hereto shall be subject to any decree, order or injunction of any court of competent jurisdiction, whether in the
United States, the British Virgin Islands or any other country, that prohibits the consummation of the Merger.

 

5.3 Effective Registration
Statement. Kandi BVI shall have filed a registration statement on Form F-4 with the Securities and Exchange Commission in connection
with the offer and issuance of the Kandi BVI Ordinary Shares to be issued pursuant to the Merger, which registration statement shall have
become effective under the Securities Act of 1933, as amended, and no stop order with respect thereto shall be in effect.

 

5.4 NASDAQ Listing.
The Kandi BVI Ordinary Shares to be issued pursuant to the Merger shall have been authorized for listing on the NASDAQ Global Select Market,
subject to official notice of issuance and satisfaction of other standard conditions.

 

5.5 Consents and Authorizations.
Other than the filing of the Articles of Merger provided for under Section 1.2, all material consents and authorizations of, filings or
registrations with, and notices to, any governmental or regulatory authority required of Kandi, Kandi BVI or any of their respective subsidiaries
to consummate the Merger and the other transactions contemplated hereby, including, without limitation, any filings required under (a)
applicable United States state securities and “Blue Sky” laws and (b) applicable British Virgin Islands securities laws, shall
have been obtained or made.

 

ARTICLE VI

COVENANTS

 

6.1 Rule 16b-3 Approval.
Kandi, Kandi BVI and Merger Sub shall take all such steps as may reasonably be required to cause the transactions contemplated by Section
3.1 and any other dispositions of Kandi equity securities (including derivative securities) or acquisitions of Kandi BVI equity securities
(including derivative securities) in connection with this Agreement by each individual who (a) is a director or officer of Kandi or (b)
at the Effective Time, is or will become a director or officer of Kandi BVI, to be exempt under Rule 16b-3 promulgated under the Securities
Exchange Act of 1934, as amended.

 

6.2 Kandi BVI Vote.
Prior to the date of the meeting of shareholders of Kandi to consider and vote upon the adoption of this Agreement, Kandi BVI, in its
capacity as sole shareholder of Merger Sub, shall adopt this Agreement and approve the Merger.

 

6.3 Further Assurances.
Each party hereto shall use its reasonable best efforts, to take, or cause to be taken, all actions and to do, or cause to be done, all
things necessary and reasonably appropriate to consummate and make effective, in the most expeditious manner practicable, the Merger and
the other transactions provided for herein.

 

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ARTICLE VII

TERMINATION, AMENDMENT AND WAIVER

 

7.1 Termination. This
Agreement may be terminated and the Merger abandoned at any time prior to the Effective Time, whether before or after approval by the
shareholders of Kandi, by action of the Board of Directors of Kandi.

 

7.2 Effect of Termination.
In the event of termination of this Agreement as provided in Section 7.1, this Agreement shall forthwith become void and have no effect,
without any liability or obligation on the part of Kandi, Kandi BVI or Merger Sub.

 

7.3 Amendment. This
Agreement may be amended by the parties hereto at any time before or after any required approval or adoption by the shareholders of Kandi
of this Agreement or matters presented in connection with this Agreement; provided, however, that after any such approval or adoption,
there shall be made no amendment requiring further approval or adoption by such shareholders under applicable law until such further approval
is obtained. This Agreement may not be amended except by an instrument in writing signed on behalf of each of the parties hereto.

 

7.4 Waiver. At any time
prior to the Effective Time, the parties may waive compliance with any of the agreements or covenants contained in this Agreement, or
may waive any of the conditions to consummation of the Merger contained in this Agreement. Any agreement on the part of a party to any
such waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party. The failure of any party to this
Agreement to assert any of its rights under this Agreement or otherwise shall not constitute a waiver of such rights.

 

ARTICLE VIII

GENERAL PROVISIONS

 

8.1 Assignment; Binding
Effect; Benefit. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the
parties hereto (whether by operation of law or otherwise) without the prior written consent of the other parties. Subject to the preceding
sentence, this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and
assigns. Notwithstanding anything contained in this Agreement to the contrary, except for the provisions of Article IV, nothing in this
Agreement, expressed or implied, is intended to confer on any person other than the parties hereto or their respective successors and
assigns any rights, remedies, obligations or liabilities under or by reason of this Agreement. The provisions of Article IV may be enforced
only by the specifically intended beneficiaries thereof.

 

8.2 Entire Agreement.
This Agreement and any documents delivered by the parties in connection herewith constitute the entire agreement among the parties with
respect to the subject matter hereof and supersede all prior agreements and understandings among the parties with respect thereto.

 

8.3 Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of Delaware without regard to its rules of conflict
of laws.

 

8.4 Counterparts. This
Agreement may be executed by the parties hereto in separate counterparts, each of which when so executed and delivered shall be an original,
but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a number of copies hereof,
each signed by less than all, but together signed by all of the parties hereto.

 

8.5 Headings. Headings
of the Articles and Sections of this Agreement are for the convenience of the parties only and shall be given no substantive or interpretative
effect whatsoever.

 

8.6 Severability. If
any provision of this Agreement is determined by any court or arbitrator of competent jurisdiction to be invalid, illegal or unenforceable
in any respect, such provision will be enforced to the maximum extent possible given the intent of the parties hereto. If such clause
or provision cannot be so enforced, such provision shall be stricken from this Agreement and the remainder of this Agreement shall be
enforced as if such invalid, illegal or unenforceable clause or provision had (to the extent not enforceable) never been contained in
this Agreement.

 

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IN WITNESS WHEREOF, this Agreement
and Plan of Merger and Reorganization has been duly executed and delivered by the duly authorized officers of the parties hereto as of
the date first written above.

 

	 	KANDI TECHNOLOGIES GROUP, INC.
	 	a Delaware corporation:
	 	 
	 	 
	 	Name:	Hu Xiaoming
	 	Title:	Chief Executive Officer
	 	 	 
	 	Kandi Technologies Group, Inc.
	 	a British Virgin Islands company:
	 	 
	 	 
	 	Name:	Chen Ming
	 	Title:	Sole Director
	 	 	 
	 	Kandi Technologies Merger Corp.
	 	a Delaware corporation:
	 	 
	 	 
	 	Name:	 
	 	Title:	 

 

 

6Exhibit 10.1

 

EXECUTION VERSION

 

 

SUBSCRIPTION AGREEMENT

 

by and between

 

LUCID GROUP, INC.

 

and

 

AYAR THIRD INVESTMENT COMPANY

 

Dated as of November 8, 2022

 

 

     

     

    

 

SUBSCRIPTION
AGREEMENT, dated as of November 8, 2022 (this “Agreement”), by and between Lucid Group, Inc.,
a Delaware corporation (the “Company”), and Ayar Third Investment Company, a single shareholder limited liability company
organized under the laws of the Kingdom of Saudi Arabia (the “Investor”).

 

WHEREAS, concurrently with this Agreement, the
Company is entering into an Equity Distribution Agreement, dated as of the date hereof (the “ATM Agreement”), by and
among the Company and BofA Securities, Inc., Barclays Capital Inc. and Citigroup Global Markets Inc., pursuant to which the Company
may offer shares of its Class A common stock, par value $0.0001 per share (the “Common Stock”), with an aggregate
offering price of up to $600 million from time to time (the “ATM Offering”) pursuant to the Registration Statement
(as defined below).

 

WHEREAS, throughout the Term (as defined below)
of this Agreement, the Company may, at its sole discretion, conduct one or more other registered offerings of its Common Stock (any such
offering, an “Other Public Offering,” and, together with the ATM Offering, the “Public Offerings”)
pursuant to the Registration Statement (as defined below).

 

WHEREAS, during the Term of this Agreement, the
Company desires to issue and sell to the Investor, and the Investor desires to purchase from the Company, in one or more private placements,
a number of shares of Common Stock in a pro rata proportion to the number of shares sold by the Company in any Public Offering, based
on the Investor Ownership Percentage (as defined below) and at the same price paid by purchasers in such Public Offering, up to a maximum
aggregate amount of $915 million (the “Maximum Investment Amount”), subject to the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the mutual
representations, warranties, covenants and agreements contained in this Agreement, the receipt and sufficiency of which are hereby acknowledged,
the parties to this Agreement hereby agree as follows:

 

Article 1

Definitions

 

Section 1.01.     Definitions.
(a) As used in this Agreement (including the recitals hereto), the following terms shall have the following meanings:

 

“Affiliate” means, with respect
to any Person, any other Person that, directly or indirectly, through one or more intermediaries, controls, is controlled by, or is under
common control with, such Person; provided, that, for purposes of this Agreement only, the Company shall not be deemed an Affiliate
of the Investor or any of the Investor’s Affiliates. The term “control” means the possession, directly or indirectly,
of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities,
by contract or otherwise, including the ability to elect at least a majority of the members of the board of directors or other governing
body of a Person, and the terms “controlled” and “controlling” have correlative meanings.

 

     

     

    

 

“Aggregate Purchase Price” means,
with respect to a Closing (as defined below), the aggregate Purchase Price for the Placement Shares to be delivered at such Closing.

 

“ATM Placement Shares” means,
with respect to a Closing for a particular Quarter related to the ATM Offering, a number of shares of Common Stock equal to the Quarterly
ATM Shares (as defined below) multiplied by a ratio, the numerator of which is the Investor Ownership Percentage, and the denominator
of which is a percentage equal to 100% minus the Investor Ownership Percentage, rounded down to the nearest whole share.

 

“ATM Purchase Price” means,
with respect to a Closing for a particular Quarter related to the ATM Offering, a dollar amount per ATM Placement Share equal to the ATM
Quarterly VWAP with respect to such Quarter.

 

“ATM Quarterly VWAP” for a particular
Quarter means the volume-weighted average sale price of the Common Stock sold in the ATM Offering during such Quarter.

 

“Business Day” means any day
except a Saturday, a Sunday or other day on which the SEC or banks in the City of New York are authorized or required by Law to be closed.

 

“Company Organizational Documents”
means the Company’s Second Amended and Restated Certificate of Incorporation and Amended and Restated Bylaws, each as amended and/or
restated from time to time.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“GAAP” means generally accepted
accounting principles in the United States.

 

“Governmental Authority” means
any government, court, regulatory or administrative agency, arbitrator (public or private), commission or authority, stock exchange or
other legislative, executive or judicial governmental entity (in each case including any self-regulatory organization), whether federal,
state or local, domestic, foreign or multinational. For the avoidance of doubt, Investor shall not be deemed to be a Governmental
Authority for any purpose under this Agreement.

 

“Investor Material Adverse Effect”
means any effect, change, event or occurrence that would prevent or materially delay, interfere with, hinder or impair the compliance
by the Investor with its obligations under this Agreement.

 

“Investor Ownership Percentage”
means 60.42640%.

 

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“Investor Rights Agreement”
means the Investor Rights Agreement, dated as of February 22, 2021, by and among the Company, the Investor and certain other parties
thereto, as amended and/or restated from time to time.

 

“IRA Amendment” means Amendment
No. 1 to the Investor Rights Agreement, dated as of the date hereof, to provide the Investor with registration rights pursuant to
the Investor Rights Agreement with respect to the Placement Shares and with certain other rights, such amendment substantially in the
form attached hereto as “Annex I.”

 

“Judgment” means any order,
judgment, injunction, ruling, writ or decree of any Governmental Authority.

 

“Laws” means all local, state
or federal laws, common law, statutes, ordinances, codes, rules or regulations.

 

“Material Adverse Effect” means
any material adverse change or any development involving a prospective material adverse change in the condition, financial or otherwise,
or in the earnings, business or management of the Company and its subsidiaries considered as one enterprise.

 

“Nasdaq” means the Nasdaq Global
Select Market or any other principal trading exchange or market for Common Stock from time to time.

 

“Other Placement Shares” means,
with respect to a Closing related an Other Public Offering, a number of shares of Common Stock equal to the number of shares of Common
Stock actually sold in such Other Public Offering, multiplied by a ratio, the numerator of which is the Investor Ownership Percentage,
and the denominator of which is a percentage equal to 100% minus the Investor Ownership Percentage, rounded down to the nearest whole
share.

 

“Other Purchase Price” means,
with respect to a Closing related to an Other Public Offering, the price per share paid by the purchasers in such Other Public Offering.

 

“Person” means an individual,
corporation, limited liability company, partnership, joint venture, association, trust, unincorporated organization or any other entity,
including a Governmental Authority.

 

“Placement Shares” means, as
applicable, the ATM Placement Shares or Other Placement Shares.

 

“Purchase Price” means, as applicable,
the ATM Purchase Price or Other Purchase Price.

 

“Quarter” means a fiscal quarter
of the Company.

 

“Quarterly ATM Shares” for a
particular Quarter means the number of shares of Common Stock sold by the Company in the ATM Offering during a Quarter; provided,
that if the Company sells shares of Common Stock in the ATM Offering during the last two weeks of a Quarter, such shares shall be deemed
to have been sold in the succeeding Quarter for all purposes under this Agreement, including for the purposes of calculating the ATM Quarterly
VWAP.

 

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“Registration Statement” means
the Company’s Registration Statement on Form S-3 (File No. 333-267147), including any amendment or supplement thereto
and any information deemed to be included or incorporated by reference therein.

 

“Representatives” means, with
respect to any Person, its officers, directors, principals, partners, managers, members, employees, consultants, agents, financial advisors,
investment bankers, attorneys, accountants, other advisors, and other representatives.

 

“SEC” means the Securities and
Exchange Commission.

 

“Securities Act” means the Securities
Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Term”
means the period beginning on the date hereof and ending on March 31, 2023, unless extended or terminated earlier pursuant to Section 7.01
herein.

 

Article 2

Purchase and Sale

 

Section 2.01.     Purchase
and Sale. (a) On the terms of this Agreement and subject to the satisfaction (or, to the extent permitted by applicable Law,
waiver by the party entitled to the benefit thereof) of the conditions set forth in ‎Article 6,
at each ATM Closing, the Investor shall purchase and acquire from the Company, and the Company shall issue, sell and deliver to the Investor,
the related ATM Placement Shares at a purchase price per share equal to the ATM Purchase Price applicable to such shares and such ATM
Closing.

 

(b)            On
the terms of this Agreement and subject to the satisfaction (or, to the extent permitted by applicable Law, waiver by the party entitled
to the benefit thereof) of the conditions set forth in ‎Article 6,
if the Company sells Common Stock in an Other Public Offering during the Term, and the sale price of the Common Stock in such Other Public
Offering is less than the volume-weighted average sale price of the Common Stock sold in the ATM Offering beginning on the date of this
Agreement and ending on the first date that Common Stock in such Other Public Offering is offered to investors, then the Investor shall
purchase and acquire from the Company, and the Company shall issue, sell and deliver to the Investor, the related Other Placement Shares
at a purchase price per share equal to the price per share paid by the investors in such Other Public Offering.

 

(c)            The
aggregate Purchase Price paid by Investor for the Placement Shares pursuant to this Agreement shall not exceed the Maximum Investment
Amount.

 

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(d)            Any
purchase and sale of the Placement Shares pursuant to this ‎Section 2.01
is referred to as the “Placement”.

 

Section 2.02.     Closing.
(a) Subject to the terms of this Agreement, the closing of each Placement of ATM Placement Shares (each, an “ATM Closing”)
shall occur electronically on or about 10:00 a.m., New York City time, on the last trading day of each Quarter or at such other place,
time or date as shall be agreed between the Company and the Investor.

 

(b)            Subject
to the terms of this Agreement, the closing of each Placement of Other Placement Shares (an “Other Closing,” and together
with the ATM Closings, the “Closings”) shall occur electronically on or about 10:00 a.m., New York City time, six (6) Business
Days after the pricing of the related Other Public Offering or at such other place, time or date as shall be agreed between the Company
and the Investor (such date, together with each such date pursuant to Section 2.01(a), a “Closing Date”).

 

(c)            At
each Closing:

 

(i)            the
Investor shall pay the applicable Aggregate Purchase Price to the Company by wire transfer in immediately available U.S. federal funds
to an account designated by the Company in writing; and

 

(ii)            the
Company shall deliver to the Investor the applicable Placement Shares, in book entry form, free and clear of all liens, except restrictions
imposed by applicable securities Laws.

 

Article 3

Representations and Warranties of the Company

 

The Company represents and warrants to the Investor,
as of the date hereof and as of each Closing Date (except to the extent made only as of a specified date, in which case such representation
and warranty is made as of such date):

 

Section 3.01.     Organization;
Good Standing. (a) The Company is duly organized and is validly existing as a corporation in good standing under the laws of
the State of Delaware and has corporate power and authority to own, lease and operate its properties and to conduct its business as described
in the Company’s most recent Annual Report on Form 10-K and to enter into and perform its obligations under this Agreement;
and the Company is duly qualified as a foreign corporation to transact business and is in good standing in each other jurisdiction (to
the extent such concept or functional equivalent is applicable in such jurisdiction) in which such qualification is required, whether
by reason of the ownership or leasing of property or the conduct of business, except where the failure so to qualify or to be in good
standing would not reasonably be expected to have a Material Adverse Effect.

 

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(b)            Subsidiaries.
Each of the Company’s subsidiaries is duly organized and is validly existing in good standing under the laws of the jurisdiction
of its incorporation or organization (to the extent such concept or functional equivalent is applicable in such jurisdiction), has corporate
or similar power and authority to own, lease and operate its properties and to conduct its business as described in the Company’s
most recent Annual Report on Form 10-K and is duly qualified to transact business and is in good standing in each jurisdiction (to
the extent such concept or functional equivalent is applicable in such jurisdiction) in which such qualification is required, whether
by reason of the ownership or leasing of property or the conduct of business, except where the failure to so qualify or to be in good
standing would reasonably be expected to have a Material Adverse Effect.

  

Section 3.02.     Description
of Capital Stock; Valid Issuance. (a) The authorized capital stock of the Company conforms as to legal matters to the description
thereof contained in the Registration Statement.

 

(b)            The
Placement Shares, when issued and delivered against payment therefor in accordance with the terms of this Agreement, will be duly authorized,
validly issued, fully paid and non-assessable, and will conform to the description thereof in the Registration Statement and the Prospectus.

 

Section 3.03.     Authority;
Noncontravention. (a) The execution, delivery and performance by the Company of this Agreement has been duly authorized by the
Company. This Agreement has been duly executed and delivered by the Company and, assuming due authorization, execution and delivery hereof
by the Investor, constitutes a legal, valid and binding obligation of the Company, enforceable against the Company in accordance with
its terms, except that such enforceability (i) may be limited by bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium
and other similar Laws of general application affecting or relating to the enforcement of creditors’ rights generally and (ii) is
subject to general principles of equity, whether considered in a proceeding at law or in equity (the “Bankruptcy and Equity Exception”).

 

(b)            Neither
the execution and delivery of this Agreement by the Company, nor the performance or compliance by the Company with any of the terms or
provisions hereof, will (i) conflict with or violate any provision of the Company Organizational Documents, or (ii) (x) violate
any Law or Judgment (as defined herein) applicable to the Company or (y) violate or constitute a default (or constitute an event
which, with notice or lapse of time or both, would violate or constitute a default) under any of the terms, conditions or provisions of
any loan or credit agreement, indenture, debenture, note, bond, mortgage, deed of trust, lease, sublease, license, contract or other agreement
(each, a “Contract”) to which the Company or any of its subsidiaries, as applicable, is a party or accelerate the Company’s
or, if applicable, any of its subsidiaries’ obligations under any such Contract, except in the case of clause ‎(ii),
as would not reasonably be expected to have a Material Adverse Effect.

 

Section 3.04.     Governmental
Approvals. Except for (a) filings required under, and compliance with other applicable requirements of, the Securities Act and
the Exchange Act, (b) compliance with the rules and regulations of the Nasdaq and (c) compliance with any applicable state
securities or “Blue Sky” laws, no consent or approval of, or filing, license, permit or authorization, declaration or registration
with, any Governmental Authority is necessary for the execution and delivery of this Agreement by the Company and the performance by the
Company of its obligations hereunder, other than such other consents, approvals, filings, licenses, permits or authorizations, declarations
or registrations that, if not obtained, made or given, would not reasonably be expected to have a Material Adverse Effect.

 

    6 

     

    

 

Section 3.05.     Sale
of Securities. Assuming the accuracy of the representations and warranties of the Investor set forth in ‎Section 4.05,
the sale and issuance of the Placement Shares pursuant to this Agreement is exempt from the registration and prospectus delivery requirements
of the Securities Act.

 

Section 3.06.     Investment
Company. The Company is not, and will not be, after giving effect to the offer and sale of the Placement Shares, required to register
as an “investment company” within the meaning of the Investment Company Act of 1940, as amended.

 

Section 3.07.     Price
Stabilization of Common Stock. The Company has not taken, nor will it take, directly or indirectly, any action designed to stabilize
or manipulate the price of the Common Stock to facilitate the sale or resale of the Placement Shares.

 

Section 3.08.     No
Other Company Representations or Warranties. Except for the representations and warranties made by the Company in this ‎Article 3,
neither the Company, any of its Affiliates nor any other Person acting on its behalf makes any other express or implied representation
or warranty with respect to its capital stock, the Company or any of its subsidiaries or their respective businesses, operations, properties,
assets, liabilities, condition (financial or otherwise) or prospects, and the Investor acknowledges the foregoing.

 

Article 4

Representations and Warranties of the Investor

 

The Investor represents and warrants to the Company,
as of the date hereof and as of each Closing Date (except to the extent made only as of a specified date, in which case such representation
and warranty is made as of such date):

 

Section 4.01.     Organization;
Standing. The Investor is a single shareholder limited liability company organized under the laws of the Kingdom of Saudi Arabia and
has all requisite power and authority necessary to enter into and perform its obligations under this Agreement.

 

Section 4.02.     Authority;
Noncontravention. (a) The Investor has all necessary power and authority to execute and deliver this Agreement and to perform
its obligations hereunder. The execution, delivery and performance by the Investor of this Agreement has been duly authorized and approved
by all necessary action on the part of the Investor and no further action, approval or authorization by any of its stockholders, partners,
members or other equity owners, as the case may be, is necessary to authorize the execution, delivery and performance by the Investor
of this Agreement. This Agreement has been duly executed and delivered by the Investor and, assuming due authorization, execution and
delivery hereof by the Company, constitutes a legal, valid and binding obligation of the Investor, enforceable against the Investor in
accordance with its terms, subject to the Bankruptcy and Equity Exception.

 

    7 

     

    

 

(b)            Neither
the execution and delivery of this Agreement by the Investor, nor the performance or compliance by the Investor with any of the terms
or provisions hereof, will (i) conflict with or violate any provision of the certificate or formation, operating agreement or other
comparable charter or organizational documents of the Investor, or (ii) (x) violate any Law or Judgment applicable to the Investor
or any of its subsidiaries, or (y) violate or constitute a default (or constitute an event which, with notice or lapse of time or
both, would violate or constitute a default) under any of the terms, conditions or provisions of any Contract to which the Investor or
any of its subsidiaries is a party or accelerate the Investor’s or, if applicable, any of its subsidiaries’, obligations under
any such Contract, except, in the case of clause ‎(ii), as
would not, individually or in the aggregate, reasonably be expected to have an Investor Material Adverse Effect.

 

Section 4.03.     Governmental
Approvals. No consent or approval of, or filing, license, permit or authorization, declaration or registration with, any Governmental
Authority that would be required to be obtained or made by or on behalf of the Investor is necessary for the execution, delivery and performance
of this Agreement by the Investor, other than such other consents, approvals, filings, licenses, permits, authorizations, declarations
or registrations that, if not obtained, made or given, would not, individually or in the aggregate, reasonably be expected to have an
Investor Material Adverse Effect.

 

Section 4.04.     Brokers
and Other Advisors. No broker, investment banker, financial advisor or other Person is entitled to any broker’s, finder’s,
financial advisor’s or other similar fee or commission, or the reimbursement of expenses in connection with this Agreement, based
upon arrangements made by or on behalf of the Investor or any of its Affiliates.

 

Section 4.05.     Private
Placement Matters. The Investor acknowledges that the offer and sale of the Placement Shares have not been registered under the Securities
Act or under any state or other applicable securities Laws. The Investor (a) acknowledges that it is acquiring the Placement Shares
pursuant to an exemption from registration under the Securities Act solely for investment with no intention to distribute any of the foregoing
to any Person, (b) will not sell, transfer, or otherwise dispose of any of the Placement Shares, except in compliance with the registration
requirements or exemption provisions of the Securities Act and any other applicable securities Laws, (c) has such knowledge and experience
in financial and business matters and in investments of this type that it is capable of evaluating the merits and risks of its investment
in the Placement Shares and of making an informed investment decision, (d) is an institutional “accredited investor”
(as that term is defined by Rule 501 of the Securities Act), and (e) (1) has been furnished with or has had access to all
the information that it considers necessary or appropriate to make an informed investment decision with respect to the Placement Shares,
(2) has had an opportunity to discuss (including by asking questions) with the Company and its Representatives the intended business
and financial affairs of the Company and to obtain information necessary to verify any information furnished to it or to which it had
access and (3) can bear the economic risk of (i) an investment in the Placement Shares indefinitely and (ii) a total loss
in respect of such investment. The Investor has such knowledge and experience in business and financial matters so as to enable it to
understand and evaluate the risks of, and form an investment decision with respect to its investment in, the Placement Shares and to protect
its own interest in connection with such investment. The Investor further acknowledges that each Placement Share will constitute a “control
security” and a “restricted security” under U.S. securities laws and will contain a legend to that effect in substantially
the following form:

 

    8 

     

    

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS AND NEITHER THE SECURITIES NOR ANY INTEREST THEREIN MAY BE
OFFERED, SOLD, TRANSFERRED, PLEDGED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER SUCH ACT OR
SUCH LAWS OR AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT AND SUCH LAWS WHICH, IN THE OPINION OF COUNSEL, IS AVAILABLE.

 

THESE SECURITIES ARE HELD BY A PERSON WHO IS CONSIDERED AN
AFFILIATE FOR PURPOSES OF RULE 144 UNDER THE SECURITIES ACT OF 1933 (THE “ACT”). NO TRANSFER OF THESE SECURITIES OR ANY INTEREST
THEREIN MAY BE MADE UNLESS THE ISSUER HAS RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO IT THAT THESE SECURITIES MAY BE SOLD
PURSUANT TO RULE 144 OR ANOTHER AVAILABLE EXEMPTION UNDER THE ACT AND THE RULES AND REGULATIONS THEREUNDER.”

 

Section 4.06.     No
Other Company Representations or Warranties. Except for the representations and warranties expressly set forth in ‎Article 3
hereof, the Investor hereby acknowledges that neither the Company nor any of its Affiliates or Representatives, nor any other Person,
has made or is making any other express or implied representation or warranty with respect to the Company or any of its subsidiaries or
their respective businesses, operations, assets, liabilities, condition (financial or otherwise) or prospects. The Investor hereby acknowledges
(for itself and on behalf of its Affiliates and Representatives) that it has conducted, to its satisfaction, its own independent investigation
of the business, operations, assets and financial condition of the Company and its subsidiaries and, in making its determination to proceed
with the transactions contemplated by this Agreement, the Investor has relied on the results of their own independent investigation.

 

Section 4.07.     No
Other Investor Representations or Warranties. Except for the representations and warranties expressly set forth in this ‎Article 4,
neither the Investor nor any other Person on its behalf has made or is making any other express or implied representation or warranty.

 

    9 

     

    

 

Article 5

Additional Agreements

 

Section 5.01.     Further
Action; Commercially Reasonable Efforts; Filings. (a) Subject to the terms and conditions of this Agreement, each party shall
use commercially reasonable efforts to take, or cause to be taken, all actions and to do, or cause to be done, and to assist and cooperate
with the other parties in doing, all things reasonably necessary, proper or advisable under applicable Law to consummate this Agreement
in accordance with its terms and conditions, including (i) the obtaining of all necessary actions, waivers, registrations, permits,
authorizations, orders, consents and approvals from Governmental Authorities, the expiry or early termination of any applicable waiting
periods, and the making of all necessary registrations and filings (including filings with Governmental Authorities, if any) and the taking
of all steps as may be reasonably necessary to obtain an approval or waiver from, or to avoid an Action by, any Governmental Authorities,
(ii) the delivery of required notices to, and the obtaining of required consents or waivers from, any third parties necessary, proper
or advisable to consummate this Agreement, and (iii) the execution and delivery of any additional instruments necessary to consummate
this Agreement and to fully carry out the purposes of this Agreement.

 

Section 5.02.     Public
Disclosure. The Investor and the Company shall, and shall cause their Affiliates to, consult with each other before issuing, and give
each other the opportunity to review and comment upon, any press release or other public statements with respect to this Agreement, and
shall not issue any such press release or make any such public statement without the consent of the other party, which shall not be unreasonably
withheld, conditioned or delayed, except as such release or announcement that the Investor or the Company determines, after consultation
with outside legal counsel, is required by applicable Law, Judgment, court process or the rules and regulations of any national securities
exchange or national securities quotation system. Notwithstanding the foregoing, this ‎Section 5.02
shall not apply to any press release or other public statement made by the Company that does not contain any information relating to this
Agreement that has not been previously announced or made public in accordance with the terms of this Agreement and that is made in the
ordinary course of business.

 

Section 5.03.     Confidentiality.
Confidentiality provisions of the Investor Rights Agreement shall apply with respect to any information (including oral, written and electronic
information) concerning the Company, its subsidiaries or its Affiliates that may be furnished to the Investor, its Affiliates or their
respective Representatives by or on behalf of the Company or any of its Representatives in connection with this Agreement.

 

Section 5.04.     Tax
Matters. The Company shall pay any and all documentary, stamp and similar issuance or transfer tax due on the issuance of the Placement
Shares.

 

    10 

     

    

 

Section 5.05.     Delivery
of Information. To the extent the Company sells any Common Stock in the ATM Offering, the Company shall inform the Investor (i) weekly,
of the number of Quarterly ATM Shares and the ATM Quarterly VWAP to date and (ii) at least six (6) Business Days before the
applicable ATM Closing Date, of the number of Quarterly ATM Shares and ATM Quarterly VWAP for such Quarter. Investor acknowledges and
agrees that the Company is entitled to rely on reports or other information provided to the Company by any placement agent, sales agent,
underwriter or other statutory underwriter engaged by the Company in connection with the issuance and sales of the Quarterly ATM Shares.

 

Section 5.06.     Delivery
of Placement Shares After a Closing. The Company shall deliver, or cause to be delivered, a book-entry statement evidencing the Placement
Shares within five (5) Business Days after each applicable Closing Date.

 

Section 5.07.     Future
ATM Offerings. Subject to the terms and conditions of this Section 5.07 and applicable securities laws and stock exchange listing
requirements, if the Company proposes to (i) increase the maximum aggregate offering price for the ATM Offering (the “Incremental
ATM Offering”) or (ii) commence a public offering of Common Stock that is substantially similar to the ATM Offering (any
offering in (i) or (ii), a “New ATM Offering”), in either case during the Term, the Investor shall have the right,
but not the obligation, to enter into a subscription agreement in respect of the New ATM Offering on terms and in a form substantially
equivalent to this Agreement (which subscription agreement may, for the avoidance of doubt, be entered into as an amendment to this Agreement
and is referred to as the “New Subscription Agreement”); provided, however, that the Investor may adopt
limitations with respect to its participation in the New ATM Offering, either as to the maximum dollar amount of its commitment to purchase
Common Stock in the New ATM Offering, or the end date of its obligation to participate in the New ATM Offering. At least five (5) Business
Days prior to any New ATM Offering, the Company shall give notice by e-mail (the “Offer Notice”) to the Investor, stating
(i) its intention to commence the New ATM Offering, which may be subject to conditions, (ii) the amount of Common Stock it proposes
to offer as part of the New ATM Offering, which may be expressed as a range and may be subject to change, and (iii) the earliest
contemplated commencement date of the New ATM Offering. To exercise its right pursuant to this Section 5.07, Investor must provide
the Company notice by e-mail within three (3) Business Days of receiving the Offer Notice that the Investor wishes to participate.
Investor must execute and deliver the New Subscription Agreement no later than one Business Day prior to the contemplated commencement
date of the New ATM Offering. Nothing in this Section 5.07 shall be construed to require the Company to delay or modify any New ATM
Offering so long as the foregoing Offer Notice period is complied with.

 

Section 5.08.    Market
Standoff. (a) The Investor hereby agrees that, during each period beginning on the date of any Closing and ending on the date
that is six (6) months after such Closing (a “Lock-up Period”), the Investor will not, without the prior written
consent of the Company, (i) directly or indirectly, offer, pledge, sell, contract to sell, sell any option or contract to
purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase or otherwise transfer or dispose of
any shares of Common Stock, or any securities convertible into or exercisable or exchangeable for Common Stock, whether owned by the
Investor as of the date hereof or hereafter acquired by the Investor or with respect to which the Investor has or hereafter acquires
the power of disposition (collectively, the “Lock-Up Securities”), or (ii) enter into any swap or any other agreement
or any transaction that transfers, in whole or in part, directly or indirectly, the economic consequence of ownership of the Lock-Up
Securities, whether any such swap or transaction is to be settled by delivery of Common Stock or other securities, in cash or otherwise.

 

    11 

     

    

 

(b)  Notwithstanding Section 5.08(a), and
subject to the conditions below, the Investor may transfer the Lock-Up Securities without the prior written consent of the Company, provided
that in the case of any transfer of Lock-Up Securities pursuant to clauses (i) through (iii) of this Section 5.08(b), (1) each
donee, trustee, distributee, or transferee, as the case may be, shall agree in writing to be similarly bound during the balance of the
Lock-Up Period, (2) any such transfer shall not involve a disposition for value, (3) any required public report or filing (including
filings under Section 16(a) of the Exchange Act) shall disclose the nature of such transfer and that the Lock-Up Securities
remain subject to the terms set forth in this Section 5.08, and (4) the Investor does not otherwise voluntarily effect any public
filing or report regarding such transfers:

 

(1)            as
a bona fide gift or gifts, including to charitable organizations; or

 

(2)            to
an Affiliate of the Investor; or

 

(3)            to
a nominee or custodian of any Person to whom a transfer would be permissible under clauses (1) or (2) above; or

 

(4)           pursuant
to a bona fide third-party tender offer, merger, consolidation or other similar transaction that is approved by the board of directors
of the Company and made to all holders of shares of the Company’s capital stock involving a Change of Control (as defined below)
(including negotiating and entering into an agreement providing for any such transaction), provided that in the event that such
tender offer, merger, consolidation or other similar transaction is not completed, the Investor’s Lock-Up Securities shall remain
subject to this Section 5.08.

 

For purposes of Section 5.08,
 “Change of Control” means the transfer to or acquisition by (whether by tender offer, merger, consolidation, division
or other similar transaction), in one transaction or a series of related transactions, a Person or group of affiliated Persons, of the
Company’s voting securities if, after such transfer or acquisition, such Person or group of affiliated Persons would beneficially
own (as defined in Rule 13d-3 promulgated under the Exchange Act) more than 50% of the outstanding voting securities of the Company;
provided that the acquisition by the Investor, the Public Investment Fund or any of their respective Affiliates of voting securities
of the Company shall not constitute a Change of Control.

 

(c)  The Investor agrees
and consents to the entry of stop transfer instructions with the Company’s transfer agent and registrar against the transfer of
the Lock-Up Securities except in compliance with this Section 5.08.

 

    12 

     

    

 

Article 6

Conditions to Closing

 

Section 6.01.     Condition
to the Obligations of the Company and the Investor. The respective obligations of each of the Company and the Investor to effect any
Closing shall be subject to the satisfaction (or waiver, if permissible under applicable Law) on or prior to the applicable Closing Date
of the condition that no Judgment shall be enacted, promulgated, issued, entered, or threatened by any Governmental Authority and no applicable
Law (collectively, “Restraints”) shall be in effect enjoining or otherwise prohibiting consummation of this Agreement.

 

Section 6.02.     Conditions
to the Obligations of the Company. The obligations of the Company to effect a Closing shall be further subject to the satisfaction
(or waiver, if permissible under applicable Law) on or prior to the applicable Closing Date of the following conditions:

 

(a)            the
representations and warranties of the Investor set forth in this Agreement shall be true and correct as of the date of this Agreement
and as of such Closing Date with the same effect as though made on and as of such date (except to the extent expressly made as of an earlier
date, in which case as of such earlier date); and

 

(b)            the
Investor shall have complied with or performed in all material respects its obligations and covenants required to be complied with or
performed by it pursuant to this Agreement at or prior to such Closing.

 

Section 6.03.     Conditions
to the Obligations of the Investor. The obligations of the Investor to effect a Closing shall be further subject to the satisfaction
(or waiver, if permissible under applicable Law) on or prior to the applicable Closing Date of the following conditions:

 

(a)            the
representations and warranties of the Company set forth in this Agreement shall be true and correct as of the date of this Agreement and
as of such Closing Date with the same effect as though made on and as of such date (except to the extent expressly made as of an earlier
date, in which case as of such earlier date), except where the failure to be true and correct would not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect;

 

(b)            the
Company shall have complied with or performed in all material respects its obligations and covenants required to be complied with or performed
by it pursuant to this Agreement at or prior to such Closing;

 

(c)            the
Company shall have obtained any and all consents, permits, approvals, registrations and waivers necessary for consummation of the applicable
Placement;

 

(d)            no
stop order or suspension of trading shall have been imposed by the Nasdaq, the SEC or any other Governmental Authority with respect to
the public trading in the Common Stock;

 

    13 

     

    

 

(e)            the
Common Stock shall be listed on the Nasdaq; and

 

(f)            the
Investor Rights Agreement, as amended by the IRA Amendment, shall be in full force and effect.

 

Article 7

Termination; Survival

 

Section 7.01.     Termination.
This Agreement will terminate automatically upon the earlier of (i) the expiration of the Term and (ii) the date upon which
the Company has sold to the Investor pursuant to this Agreement Placement Shares for an aggregate purchase price equal to the Maximum
Investment Amount. This Agreement may be terminated earlier:

 

(a)            by
the mutual written consent of the Company and the Investor;

 

(b)            by
either the Company or the Investor if the ATM Agreement has been terminated in accordance with its terms following its execution (or,
if the ATM Agreement has not been executed, if the Company provides written notice to the Investor that it does not intend to proceed
with the ATM Offering prior to March 31, 2023);

 

(c)            by
either the Company or the Investor, if any Restraint enjoining or otherwise prohibiting consummation of this Agreement shall be in effect
and shall have become final and nonappealable; provided that the party seeking to terminate this Agreement pursuant to this ‎Section 7.01(c) shall
have used the required efforts to cause the conditions to Closing to be satisfied in accordance with ‎Section 5.01;

 

(d)            by
the Investor, if the Company shall have breached any of its representations or warranties or failed to perform any of its covenants or
agreements set forth in this Agreement, which breach or failure to perform (i) would give rise to the failure of a condition set
forth in ‎Section 6.03(a) or ‎Section 6.03(b) and
(ii) shall not have been cured within thirty (30) calendar days following receipt by the Company of written notice of such breach
or failure to perform from the Investor stating the Investor’s intention to terminate this Agreement pursuant to this ‎Section 7.01(d) and
the basis for such termination; provided that the Investor shall not have the right to terminate this Agreement pursuant to this
‎Section 7.01(d) if the Investor is then in material
breach of any of its representations, warranties, covenants or agreements hereunder, which breach would give rise to the failure of any
condition set forth in ‎Section 6.02(a) or ‎Section 6.02(b) to
be satisfied; or

 

(e)            by
the Company, if the Investor shall have breached any of its representations or warranties or failed to perform any of its covenants or
agreements set forth in this Agreement, which breach or failure to perform (i) would give rise to the failure of a condition set
forth in ‎Section 6.02(a) or ‎Section 6.02(b) and
(ii) shall not have been cured within thirty (30) calendar days following receipt by the Investor of written notice of such breach
or failure to perform from the Company stating the Company’s intention to terminate this Agreement pursuant to this ‎Section 7.01(e) and
the basis for such termination; provided that the Company shall not have the right to terminate this Agreement pursuant to this
‎Section 7.01(e) if the Company is then in material
breach of any of its representations, warranties, covenants or agreements hereunder, which breach would give rise to the failure of any
condition set forth in ‎Section 6.03(a) or ‎Section 6.03(b) to
be satisfied.

 

    14 

     

    

 

Section 7.02.     Effect
of Termination. In the event of the termination of this Agreement as provided in ‎Section 7.01,
written notice thereof shall be given to the other party, specifying the provision hereof pursuant to which such termination is made,
and this Agreement shall forthwith become null and void (other than ‎Article 1,
‎Section 5.03, Section 5.08, this ‎Section 7.02
and ‎Article 8, all of which shall survive termination
of this Agreement), and there shall be no liability on the part of the Investor or the Company or their respective directors, officers
and Affiliates, except that no such termination shall relieve any party from liability for damages to another party resulting from a
willful and material breach of this Agreement.

 

Section 7.03.     Survival.
Subject to Section 7.02, all of the covenants or other agreements of the parties contained in this Agreement shall survive until
fully performed or fulfilled, unless and to the extent that non-compliance with such covenants or agreements is waived in writing by the
party entitled to such performance. The representations and warranties made as of a Closing Date shall survive until the applicable Closing
Date and shall then expire. Notwithstanding any other provision set forth in this Agreement, the maximum liability of the Company under
or relating to this Agreement to the extent relating to or arising out of any breach of the representations and warranties expressly set
forth in this Agreement shall, with respect to any Placement, in no event exceed the aggregate purchase price paid by the Investor pursuant
to this Agreement.

 

Section 7.04.     Extension.     Notwithstanding
the provisions of this Article 7 and subject to the terms and conditions of this Agreement, the Term may be extended by a period
of one (1) month by mutual written consent of the Company and Investor. In order to extend the Term, either the Company or the Investor
must provide notice (the “Extension Notice”) to the other party at least ten (10) Business Days prior to the expiration
of the Term. In order for the Term to be extended pursuant to this Section 7.04, the party receiving the Extension Notice must provide
the other party notice within three (3) Business Days of receiving the Extension Notice that they wish to extend the Term. Any extension
of the Term shall remain subject to this Agreement in all respects. For the avoidance of doubt, there is no limit to the number of times
the Term may be extended.

 

Article 8

Miscellaneous

 

Section 8.01.     Amendments;
Waivers. Subject to compliance with applicable Law, this Agreement may be amended or supplemented in any and all respects by written
agreement of the parties hereto.

 

    15 

     

    

 

Section 8.02.     Extension
of Time, Waiver, Etc. The Company and the Investor may, subject to applicable Law, (a) waive any inaccuracies in the representations
and warranties of the other party contained herein or in any document delivered pursuant hereto, (b) extend the time for the performance
of any of the obligations or acts of the other party or (c) waive compliance by the other party with any of the agreements contained
herein applicable to such party or, except as otherwise provided herein, waive any of such party’s conditions. Notwithstanding the
foregoing, no failure or delay by the Company or the Investor in exercising any right hereunder shall operate as a waiver thereof nor
shall any single or partial exercise thereof preclude any other or further exercise thereof or the exercise of any other right hereunder.
Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth in an instrument in writing
signed on behalf of such party.

 

Section 8.03.     Assignment.
Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned, in whole or in part, by operation
of Law or otherwise, by any of the parties hereto without the prior written consent of the other party hereto.

 

Section 8.04.     Counterparts.
This Agreement may be executed in one or more counterparts (including by electronic mail), each of which shall be deemed to be an original
but all of which taken together shall constitute one and the same agreement, and shall become effective when one or more counterparts
have been signed by each of the parties hereto (including by electronic signature) and delivered to the other parties hereto (including
electronically, e.g., in PDF format).

 

Section 8.05.     Entire
Agreement; No Third-Party Beneficiaries. This Agreement constitutes the entire agreement, and supersedes all other prior agreements
and understandings, both written and oral, among the parties and their Affiliates, or any of them, with respect to the subject matter
hereof and thereof. No provision of this Agreement shall confer upon any Person other than the parties hereto and their permitted assigns
any rights or remedies hereunder.

 

Section 8.06.     Governing
Law; Jurisdiction. (a) This Agreement and all matters, claims or Actions (whether at law, in equity, in Contract, in tort or
otherwise) based upon, arising out of or relating to this Agreement, execution or performance of this Agreement, shall be governed by,
and construed in accordance with, the internal laws of the State of New York.

 

(b)            All
Actions arising out of or relating to this Agreement shall be heard and determined in the courts of the State of New York located in the
City and County of New York, Borough of Manhattan, or in the United States District Court for the Southern District of New York and the
parties hereto hereby irrevocably submit to the exclusive jurisdiction and venue of such courts in any such Action and irrevocably waive
the defense of an inconvenient forum or lack of jurisdiction to the maintenance of any such Action. Each party hereto agrees that service
of process upon such party in any Action arising out of or relating to this Agreement shall be effective if notice is given by overnight
courier at the address set forth in ‎Section 8.09. The
parties hereto agree that a final judgment in any such Action shall be conclusive and may be enforced in other jurisdictions by suit on
the judgment or in any other manner provided by applicable Law; provided, however, that nothing in the foregoing shall restrict
any party’s rights to seek any post-judgment relief regarding, or any appeal from, a final trial court judgment.

 

    16 

     

    

 

Section 8.07.     Specific
Enforcement. The parties hereto agree that irreparable damage for which monetary relief, even if available, might not be an adequate
remedy, might occur in the event that any provision of this Agreement is not performed in accordance with its specific terms or is otherwise
breached, including if the parties hereto fail to take any action required of them hereunder to cause any Closing to occur, and that time
is of the essence. Subject to the determination of a court of competent jurisdiction, the parties acknowledge and agree that (a) the
parties shall be entitled to an injunction or injunctions, specific performance or other equitable relief to prevent breaches of this
Agreement and to enforce specifically the terms and provisions hereof (including, for the avoidance of doubt, the right of the Company
to cause any Placement to be consummated on the terms and subject to the conditions set forth in this Agreement) in the courts described
in ‎Section 8.06, this being in addition to any other
remedy to which they are entitled under this Agreement and (b) the right of specific enforcement is an integral part of this Agreement
and without that right, neither the Company nor the Investor would have entered into this Agreement. The parties hereto agree not to assert
that a remedy of specific enforcement is unenforceable, invalid, contrary to Law or inequitable for any reason, and agree not to assert
that a remedy of monetary damages would provide an adequate remedy or that the parties otherwise have an adequate remedy at law. The parties
hereto acknowledge and agree that any party seeking an injunction or injunctions to prevent breaches of this Agreement and to enforce
specifically the terms and provisions of this Agreement in accordance with this ‎Section 8.07
shall not be required to provide any bond or other security in connection with any such order or injunction.

 

Section 8.08.     WAIVER
OF JURY TRIAL. EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT IS LIKELY TO INVOLVE
COMPLICATED AND DIFFICULT ISSUES, AND THEREFORE IT HEREBY IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THIS
AGREEMENT. EACH PARTY CERTIFIES AND ACKNOWLEDGES THAT (a) NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY OTHER PARTY HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD NOT, IN THE EVENT OF LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVER, (b) IT
UNDERSTANDS AND HAS CONSIDERED THE IMPLICATIONS OF SUCH WAIVER, (c) IT MAKES SUCH WAIVER VOLUNTARILY AND (d) IT HAS BEEN INDUCED
TO ENTER INTO THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVER AND CERTIFICATIONS IN THIS ‎SECTION 8.08.

 

    17 

     

    

 

Section 8.09.     Notices.
All notices, requests and other communications to any party hereunder shall be in writing and shall be deemed given if delivered personally,
emailed, or sent by overnight courier (providing proof of delivery) to the parties at the following addresses:

 

(a)           If
to the Company, to it at:

 

Lucid Group, Inc.

7373 Gateway Boulevard

Newark, CA 94560

Attention: Legal Department

E-mail:     Legal@lucidmotors.com

 

with a copy (which shall not constitute notice) to:

 

Davis Polk & Wardwell LLP

1600 El Camino Real

Menlo Park, CA 94025

Attn: Emily Roberts

E-mail:    emily.roberts@davispolk.com

 

If to the Investor, to it at:

 

Prince Turki bin Abdul Aziz Al-Awal Road

P.O. Box 6847

Riyadh 11452

Kingdom of Saudi Arabia

Attention:  Turqi Alnowaiser

                   Yasir Alsalman

Email:       talnowaiser@pif.gov.sa

                   yalsalman@pif.gov.sa

                   lightning.investment@pif.gov.sa

                   lightning.legal@pif.gov.sa

                   Intl.operations@pif.gov.sa

 

with a copy (which shall not constitute notice) to:

 

Morgan, Lewis & Bockius LLP

1400 Page Mill Road

Palo Alto, CA 94304

Attention: Thomas W. Kellerman

Email: thomas.kellerman@morganlewis.com

 

or to such other address or email address as such party may hereafter
specify in writing to the other party hereto. All such notices, requests and other communications shall be deemed received (1) on
the date of actual receipt by the recipient thereof if received prior to 5:00 p.m. local time in the place of receipt and such day
is a business day in the place of receipt, or (2) on the next succeeding business day in the place of receipt.

 

    18 

     

    

 

Section 8.10.     Severability.
If any term, condition or other provision of this Agreement is determined by a court of competent jurisdiction to be invalid, illegal
or incapable of being enforced by any rule of Law or public policy, all other terms, provisions and conditions of this Agreement
shall nevertheless remain in full force and effect. Upon such determination that any term, condition or other provision is invalid, illegal
or incapable of being enforced, the parties hereto shall negotiate in good faith to modify this Agreement so as to effect the original
intent of the parties as closely as possible to the fullest extent permitted by applicable Law.

 

Section 8.11.     Expenses.
Except as otherwise expressly provided herein, all costs and expenses, including fees and disbursements of counsel, financial advisors
and accountants, incurred in connection with this Agreement shall be paid by the party incurring such costs and expenses, whether or not
the applicable Closing shall have occurred.

 

Section 8.12.     Interpretation.
(a) When a reference is made in this Agreement to an Article, a Section, Exhibit or Schedule, such reference shall be to an
Article of, a Section of, or an Exhibit or Schedule to, this Agreement unless otherwise indicated. Any agreement, instrument
or statute defined or referred to herein or in any agreement or instrument that is referred to herein means such agreement, instrument
or statute as from time to time amended, modified or supplemented, including (in the case of agreements or instruments) by waiver or consent
and (in the case of statutes) by succession of comparable successor statutes and references to all attachments thereto and instruments
incorporated therein. Unless otherwise specifically indicated, all references to “dollars” or “$” shall refer
to the lawful money of the United States. References to a Person are also to its permitted assigns and successors. When calculating the
period of time between which, within which or following which any act is to be done or step taken pursuant to this Agreement, the date
that is the reference date in calculating such period shall be excluded.

 

(b)            The
parties hereto have participated jointly in the negotiation and drafting of this Agreement and, in the event an ambiguity or question
of intent or interpretation arises, this Agreement shall be construed as jointly drafted by the parties hereto and no presumption or burden
of proof shall arise favoring or disfavoring any party hereto by virtue of the authorship of any provision of this Agreement.

 

[Remainder of page intentionally left blank]

 

    19 

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed and delivered as of the date first above written.

 

	 	LUCID GROUP, INC.
	 	 
	 	By:	/s/ Sherry House
	 	 	Name:	Sherry House
	 	 	Title:	Chief Financial Officer

 

[Signature Page to
Subscription Agreement]

 

    

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Agreement to be duly executed and delivered as of the date first above written.

  

	 	AYAR THIRD INVESTMENT COMPANY
	 	 
	 	By:	/s/ Yasir O. AlRumayyan
	 	 	Name:	Yasir O. AlRumayyan
	 	 	Title:	Manager

 

[Signature Page to Subscription Agreement]

 

    

     

    

 

ANNEX I

 

FORM OF AMENDMENT NO. 1 TO INVESTOR RIGHTS
AGREEMENT

 

This Amendment No. 1 (this “Amendment”),
effective as of November 8, 2022, is made to that certain Investor Rights Agreement, dated as of February 22, 2021 (the “Agreement”),
by and among (i) Churchill Capital Corp IV, a Delaware corporation (“PubCo”); (ii) Ayar Third Investment
Company, a single shareholder limited liability company organized under the laws of the Kingdom of Saudi Arabia (“Ayar”);
(iii) each of the Persons identified on the signature pages to the Agreement or on the signature pages to a joinder to
the Agreement; and (iv) Churchill Sponsor IV LLC, a Delaware limited liability company. Unless otherwise defined herein, capitalized
terms used herein shall have the meanings given to such terms in the Agreement.

 

WHEREAS, in connection with the Business Combination,
PubCo changed its name to “Lucid Group, Inc.”

 

WHEREAS, as of the date hereof, PubCo entered
into that certain Subscription Agreement (the “Subscription Agreement”) with Ayar, and it is a condition to the issuance
and sale of the shares of Common Stock by PubCo to Ayar pursuant to the Subscription Agreement (such shares, the “Placement Shares”)
that the Agreement be amended as set forth in this Amendment;

 

WHEREAS, pursuant to Section 5.4(b) of
the Agreement, the Agreement may be amended in whole or in part at any time with the express written consent of PubCo and the Holders
holding in the aggregate more than fifty percent (50%) of the Registrable Securities Beneficially Owned by the Holders at such time.

 

WHEREAS, Ayar holds more than fifty percent (50%)
of the Registrable Securities Beneficially Owned by the Holders as of the date hereof.

 

WHEREAS, Ayar and PubCo amend the Agreement as
set forth in this Amendment.

 

    

     

    

 

NOW, THEREFORE, in consideration of the foregoing,
and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, all of the parties hereto
mutually agree, with effect as of the date hereof, to amend the Agreement as follows:

 

		1.	The definition of “Registrable Securities” in Section 1.1 of the Agreement is amended to read:

 

“Registrable Securities” means (a) any shares
of Common Stock, (b) any Warrants or any shares of Common Stock issued or issuable upon the exercise thereof, (c) any Equity
Securities of PubCo that may be issued or distributed or be issuable with respect to the securities referred to in clauses (a) or
(b) by way of conversion, dividend, stock split or other distribution, merger, consolidation, exchange, recapitalization or reclassification
or similar transaction, in each case Beneficially Owned by a Holder as of immediately following the Closing, and (d) with respect
to Ayar only, the Placement Shares; provided, however, that any such Registrable Securities shall cease to be Registrable
Securities to the extent (A) a Registration Statement with respect to the sale of such Registrable Securities has become effective
under the Securities Act and such Registrable Securities have been sold, transferred, disposed of or exchanged in accordance with the
plan of distribution set forth in such Registration Statement, (B) such Registrable Securities shall have ceased to be outstanding,
(C) such Registrable Securities have been sold to, or through, a broker, dealer or Underwriter in a public distribution or other
public securities transaction or (D)(i) the Holder thereof, together with its, his or her Permitted Transferees, Beneficially Owns
less than one percent (1%) of the shares of Common Stock that are outstanding at such time and (ii) such shares of Common Stock are
eligible for resale without volume or manner-of-sale restrictions and without current public information pursuant to Rule 144 under
the Securities Act as set forth in a written opinion letter to such effect, addressed, delivered and acceptable to PubCo’s transfer
agent and the affected Holder (which opinion may assume that such Holder (and any predecessor holder of such shares of Common Stock) is
not, and has not been at any time during the 90 days immediately before the date of such opinion, an Affiliate of PubCo except with respect
to any control determined to be established under this Investor Rights Agreement), as reasonably determined by PubCo, upon the advice
of counsel to PubCo. It is understood and agreed that, for purposes of this Investor Rights Agreement, where reference is made to Registrable
Securities being listed with any securities exchange or automated quotation system, such reference shall not include the Warrants (although
it shall include the shares of Common Stock issued or issuable upon the exercise thereof).

 

		2.	The following sentence is added to the end of section 2.3, which reads:

 

For the avoidance of doubt and notwithstanding anything to the contrary
in this Investor Rights Agreement, any Confidential Information shared between PubCo and Ayar is subject to any and all non-disclosure
and confidentiality agreements executed between such Parties, including the Investor Non-Disclosure Agreement, dated as of September 9,
2021, by and between PubCo and Ayar, as it may be amended and/or restated from time to time.

 

		3.	A new Section 2.04 is added at the end of Article II:

 

Section 2.04. Participation
in Future Equity Financings.

 

(a) Subject to the terms
and conditions of this Section 2.04, applicable Laws and stock exchange listing requirements, if PubCo commences an offering of Equity
Securities or equity-linked securities that is a bona fide equity financing (an “Equity Financing”), PubCo agrees to
use its best efforts, subject to the limitations set forth in this Section 2.04, to provide Ayar with an opportunity to participate
as a purchaser in such offering or in a private placement substantially concurrent with such offering, on terms no less favorable to PubCo
or Ayar than the terms applicable to other purchasers in such offering (as such terms may be approved by the Audit Committee of the Board
(the “Audit Committee”) in its sole discretion), and in an amount that allows Ayar to maintain up to its pro rata ownership
of Common Stock as of immediately prior to the commencement of the Equity Financing after giving effect to such Equity Financing. PubCo
may require Ayar to enter into a customary lock-up or market standoff agreement in connection with Ayar’s participation in such
Equity Financing on substantially the same terms as applied to the executive officers and directors of the Company.

 

    

     

    

 

(b) It is understood
and agreed that PubCo’s obligations to use its best efforts under Section 2.04(a) are limited to the obligations expressly
set forth in this Section 2.04(b). PubCo shall give e-mail notice to Ayar (the “Equity Financing Notice”) no later
than the earlier of (x) five (5) calendar days prior to the expected commencement date of such Equity Financing and (y) the
date that notice is provided to any other potential investor in such Equity Financing, stating (i) its intention to commence an Equity
Financing, which may be subject to conditions, (ii) the earliest contemplated commencement date of the Equity Financing, and (iii) a
good faith estimate of the range of the expected terms of such financing as of the date of such Equity Financing Notice, which may be
subject to change at any time without additional notice to Ayar except as expressly provided in this Section 2.04. When PubCo reasonably
believes that the five (5) calendar days’ notice requirement cannot be complied with, PubCo shall be entitled to request that
Ayar waive such requirement and if Ayar has not responded to such request within twenty-four (24) hours, it shall automatically be deemed
to have waived the notice requirement. The Equity Financing Notice may require Ayar to provide PubCo with a final and irrevocable indication
of interest no later than 24 hours prior to the beginning of marketing of any such Equity Financing. Any such required indication of interest
may be conditioned on the closing of the Equity Financing, but may not be conditioned on any other final pricing terms. If such indication
of interest is required and Ayar does not provide such indication of interest prior to the deadline specified in the Equity Financing
Notice, which shall be no earlier than twenty-four (24) hours prior to the beginning of marketing of such Equity Financing, then Ayar
shall be deemed to waive any right to participate as a purchaser in such Equity Financing or in a private placement substantially concurrent
with such Equity Financing. If PubCo commences such Equity Offering, and Ayar has not waived its right to participate, then prior to the
pricing of such Equity Financing, PubCo will notify Ayar by e-mail of the final terms of such Equity Financing, the final terms that the
Audit Committee has authorized PubCo to offer to Ayar, and provide Ayar with final forms of any applicable purchase agreement, such notification
to occur as soon as reasonably practicable following the determination of the Audit Committee described above. If Ayar wishes to participate
as a purchaser in connection with such Equity Financing, PubCo will deliver the proposed form of applicable purchase agreement to Ayar
as soon as reasonably practicable and Ayar acknowledges and agrees that it must execute and deliver any applicable purchase agreement
no later than the time of pricing of such Equity Financing. Notices provided pursuant to this Section 2.04 shall be deemed received
when sent. Nothing in this Section 2.04 shall require PubCo to delay the pricing of any proposed Equity Financing or modify the terms
of any Equity Financing.

 

(c) This Section 2.04
shall not be construed to create any obligation on the part of PubCo to issue and sell any securities to Ayar in connection with an Equity
Financing. Any such obligation shall be governed by a separate agreement that may be entered into between Ayar and PubCo. After the pricing
of any Equity Financing, PubCo’s obligations in this Section 2.04 with respect to such Equity Financing shall terminate, and
it is expressly acknowledged and agreed that after such time, PubCo shall have no obligation to enter into any agreement with Ayar to
issue or sell securities to Ayar in connection with such Equity Financing.

 

(d) This Section 2.04
shall not apply to, and any Equity Financing shall not include, any of the following: (1) the issuance by PubCo of shares of Common
Stock upon the exercise, conversion, or settlement of any other security of PubCo that otherwise does not constitute an Equity Financing,
including stock options, warrants (including PubCo’s private placement warrants), restricted stock units or PubCo’s 1.25%
Convertible Senior Notes due 2026, (2) the issuance of compensatory equity awards to employees, officers, directors, advisors or
consultants of PubCo, (3) any bond hedge and warrant transaction, capped call, equity forward, or other similar derivative instrument
entered into in connection with an equity or equity-linked financing, (4) the sale or issuance of or entry into an agreement to sell
or issue Common Stock or any securities convertible into or exercisable or exchangeable for Common Stock in connection with one or more
mergers, acquisitions of securities, businesses, property or other assets, products or technologies, joint ventures, commercial relationships
or other strategic corporate transactions or alliances not principally for the purpose of raising capital for the Company, (5) any
offering governed by Article 2 of the Subscription Agreement, or (6) any offering governed by Section 5.07 of the Subscription
Agreement.

 

    

     

    

 

(e)            This
Section 2.04 shall automatically terminate after such time as Ayar ceases to own at least 40% of the outstanding Common Stock.

 

		4.	A new section 3.15 is added at the end of Article III, which reads:

 

Section 3.15.
Shelf Registration of Placement Shares.

 

(a)            Section 3.1
Not Applicable. Section 3.1(a) of the Investor Rights Agreement shall not apply to the Placement Shares. Prior to the Shelf
Registration Deadline (as defined below), Sections 3.1(b) through 3.1(d) and 3.2 through 3.14 of the Investor Rights Agreement
shall not apply to the Placement Shares.

 

(b)            Filing.
PubCo shall use its commercially reasonable efforts to file and cause to become effective under the Securities Act within six (6) months
from the end of the Term (or, if a New Subscription Agreement is entered into, within six (6) months from the end of the term under
such New Subscription Agreement, collectively the “Shelf Registration Deadline”) a Shelf Registration Statement, or, if permitted,
an amendment or a prospectus supplement to a Shelf Registration Statement then already filed, covering the resale on a delayed or continuous
basis of all Placement Shares then issued to and Beneficially Owned by Ayar but not yet covered by a Shelf Registration Statement. PubCo
shall maintain such Shelf Registration Statement in accordance with the terms of this Investor Rights Agreement, and shall prepare and
file with the SEC such amendments, including post-effective amendments, and supplements as may be necessary to keep such Shelf Registration
Statement continuously effective, available for use and in compliance with the provisions of the Securities Act until such time as of
which all Registrable Securities registered by such Shelf Registration Statement have been sold or cease to be Registrable Securities.
PubCo shall also use its commercially reasonable efforts to file any replacement or additional Shelf Registration Statement and use commercially
reasonable efforts to cause such replacement or additional Shelf Registration Statement to become effective prior to the expiration of
the initial Shelf Registration Statement filed pursuant to this ‎Section 3.15.

 

Sections 5.1, 5.3, 5.4, 5.5, 5.6, 5.7, 5.13 and
5.14 of the Agreement are hereby incorporated into this Amendment, mutatis mutandis. Except as modified and amended herein, all
other terms and provisions of the Agreement will not be amended and will remain in full force and effect.

 

[Signature Page Follows]

 

    

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be duly executed and delivered as of the date first above written.

 

	 	LUCID GROUP, INC.
	 	 
	 	By:	       
	 	 	Name:	
	 	 	Title:	

 

    

     

    

 

IN WITNESS WHEREOF, the parties hereto have caused
this Amendment to be duly executed and delivered as of the date first above written.

 

	 	AYAR THIRD INVESTMENT COMPANY
	 	 
	 	By:	           
	 	 	Name:	
	 	 	Title:

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