Document:

Exhibit 10.1

 

INVESTOR
RIGHTS AGREEMENT

 

THIS INVESTOR
RIGHTS AGREEMENT (as it may be amended, supplemented or restated from time to time in accordance with its terms, the “Investor
Rights Agreement”), dated as of February 22, 2021 (the “Effective Date”), is made 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 hereto or on the signature pages to a joinder in the form attached
to this Investor Rights Agreement as Exhibit A under the heading “Lucid Insiders” (collectively, the “Lucid
Insiders”) and; (iv) Churchill Sponsor IV LLC, a Delaware limited liability company. Each of PubCo, Ayar, the Lucid
Insiders and the Sponsor may be referred to herein as a “Party” and collectively as the “Parties.”

 

RECITALS

 

WHEREAS,
PubCo has entered into that certain Agreement and Plan of Merger, dated as of the Effective Date (as it may be amended, supplemented
or restated from time to time in accordance with the terms of such agreement, the “Merger Agreement”), by and
among PubCo, Air Merger Sub, Inc., a Delaware corporation (“Merger Sub”), and Atieva, Inc., an exempted limited
liability company organized under the laws of the Cayman Islands (the “Company”), in connection with the business
combination (the “Business Combination”) set forth in the Merger Agreement;

 

WHEREAS,
pursuant to the Merger Agreement, Merger Sub will be merged with and into the Company, and Ayar and the Lucid Insiders will receive
shares of Common Stock (such shares, the “Share Consideration”);

 

WHEREAS,
PubCo and the Sponsor entered into that certain Registration Rights Agreement, dated as of July 29, 2020 (the “Original
RRA”);

 

WHEREAS,
in connection with the execution of this Investor Rights Agreement, PubCo and the Sponsor desire to terminate the Original RRA
and replace it with this Investor Rights Agreement;

 

WHEREAS,
on the Effective Date, the Parties desire to set forth their agreement with respect to governance, registration rights and certain
other matters, in each case in accordance with the terms and conditions of this Investor Rights Agreement.

 

NOW, THEREFORE,
in consideration of the mutual covenants and agreements contained in this Investor Rights Agreement, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound, the Parties hereby
agree as follows:

 

    	 	 	 

     

    

 

Article
I

Definitions

 

Section 1.1.         
Definitions. As used in this Investor Rights Agreement, the following terms shall have the following meanings:

 

“Action”
means any action, suit, charge, litigation, arbitration, or other proceeding at law or in equity (whether civil, criminal or administrative)
by or before any Governmental Entity.

 

“Adverse
Disclosure” means any public disclosure of material non-public information, which disclosure, in the good faith determination
of the Board, after consultation with counsel to PubCo, (a) would be required to be made in any Registration Statement or Prospectus
in order for the applicable Registration Statement or Prospectus not to contain any untrue statement of a material fact or omit
to state a material fact necessary to make the statements contained therein (in the case of any Prospectus and any preliminary
Prospectus, in the light of the circumstances under which they were made) not misleading, (b) would not be required to be made
at such time if the Registration Statement were not being filed, and (c) PubCo has a bona fide business purpose for not making
such public disclosure.

 

“Affiliate”
of any particular Person means any other Person controlling, controlled by or under common control with such Person, where “control”
means the possession, directly or indirectly, of the power to direct the management and policies of a Person whether through the
ownership of voting securities, its capacity as a sole or managing member or otherwise; provided, that no Party shall be deemed
an Affiliate of PubCo or any of its subsidiaries for purposes of this Investor Rights Agreement.

 

“Automatic
Shelf Registration Statement” has the meaning set forth in Rule 405 promulgated by the SEC pursuant to the Securities
Act.

 

“Ayar”
has the meaning set forth in the Preamble.

 

“Ayar
Director” has the meaning set forth in ‎Section
2.1(a).

 

“Beneficially
Own” has the meaning set forth in Rule 13d-3 promulgated under the Exchange Act.

 

“Board”
means the board of directors of PubCo.

 

“Business
Combination” has the meaning set forth in the Recitals.

 

“Business
Day” means any day except a Saturday, a Sunday or any other day on which commercial banks are required or authorized
to close in the State of New York.

 

“Bylaws”
means the bylaws of PubCo, as in effect on the Closing Date, as the same may be amended from time to time.

 

    	 	2	 

     

    

 

“Certificate
of Incorporation” means the certificate of incorporation of PubCo, as in effect on the Closing Date, as the same may
be amended from time to time.

 

“Closing”
has the meaning given to such term in the Merger Agreement.

 

“Closing
Date” has the meaning given to such term in the Merger Agreement.

 

“Common
Stock” means shares of the Class A common stock, par value $0.0001 per share, of PubCo, including (i) any shares of
such Class A common stock issuable upon the exercise of any warrant or other right to acquire shares of such Class A common stock
and (ii) any Equity Securities of PubCo that may be issued or distributed or be issuable with respect to such Class A common stock
by way of conversion, dividend, stock split or other distribution, merger, consolidation, exchange, recapitalization or reclassification
or similar transaction.

 

“Company”
has the meaning set forth in the Recitals.

 

“Confidential
Information” has the meaning set forth in ‎Section
2.3.

 

“Demand
Delay” has the meaning set forth in ‎Section 3.2(a)(ii).

 

“Demand
Initiating Holders” has the meaning set forth in ‎Section
3.2(a).

 

“Demand
Period” has the meaning set forth in ‎Section 3.2(c).

 

“Demand
Registration” has the meaning set forth in ‎Section
3.2(a).

 

“Effective
Date” has the meaning set forth in the Preamble.

 

“Eligible
Demand Participation Holders” means (a) following the expiration of the Lucid Shareholder Lock-Up Period, each of the
Lucid Shareholders, and (b) solely following the expiration of the Sponsor Lock-Up Period, each of the Holders.

 

“Eligible
Take-Down Holders” means (a) following the expiration of the Lucid Shareholder Lock-Up Period, each of the Shelf Holders
other than the Sponsor and (b) solely following the expiration of the Sponsor Lock-Up Period, each of the Shelf Holders.

 

“Equity
Securities” means, with respect to any Person, all of the shares of capital stock or equity of (or other ownership or
profit interests in) such Person, all of the warrants, options or other rights for the purchase or acquisition from such Person
of shares of capital stock or equity of (or other ownership or profit interests in) such Person, all of the securities convertible
into or exchangeable for shares of capital stock or equity of (or other ownership or profit interests in) such Person or warrants,
rights or options for the purchase or acquisition from such Person of such shares or equity (or such other interests), restricted
stock awards, restricted stock units, equity appreciation rights, phantom equity rights, profit participation and all of the other
ownership or profit interests of such Person (including partnership or member interests therein), whether voting or nonvoting.

 

    	 	3	 

     

    

 

“Exchange
Act” means the Securities Exchange Act of 1934, as amended, and any successor thereto, as the same shall be in effect
from time to time.

 

“Family
Member” means with respect to any individual, a spouse, lineal descendant (whether natural or adopted) or spouse of
a lineal descendant of such individual or any trust created for the benefit of such individual or of which any of the foregoing
is a beneficiary.

 

“FINRA”
means the Financial Industry Regulatory Authority, Inc.

 

“Governmental
Entity” means any nation or government, any state, province or other political subdivision thereof, any entity exercising
executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any court,
arbitrator (public or private) or other body or administrative, regulatory or quasi-judicial authority, agency, department, board,
commission or instrumentality of any federal, state, local or foreign jurisdiction.

 

“Holder”
means any holder of Registrable Securities who is a Party to, or who succeeds to rights under, this Investor Rights Agreement
pursuant to ‎Section 5.1.

 

“Laws”
means all laws, acts, statutes, constitutions, treaties, ordinances, codes, rules, regulations, and rulings of a Governmental
Entity, including common law. All references to “Laws” shall be deemed to include any amendments thereto, and
any successor Law, unless the context otherwise requires.

 

“Lock-Up
Shares” has the meaning set forth in ‎Section 4.1.

 

“Lucid
Insiders” has the meaning set forth in the Preamble.

 

“Lucid
Shareholder Lock-Up Period” has the meaning set forth in ‎Section
4.1.

 

“Lucid
Shareholders” means Ayar and the Lucid Insiders.

 

“Market
Stand Off Period” has the meaning set forth in ‎Section
3.10.

 

“Marketed”
means an Underwritten Shelf Take-Down or other Underwritten Offering, as applicable, that involves the use or involvement of a
customary “road show” (including an “electronic road show”) or other substantial marketing
effort by Underwriters over a period of at least 48 hours.

 

“Merger
Agreement” has the meaning set forth in the Recitals.

 

“Merger
Sub” has the meaning set forth in the Recitals.

 

    	 	4	 

     

    

 

“Misstatement”
shall mean an untrue statement of a material fact or an omission to state a material fact required to be stated in a Registration
Statement or Prospectus, or necessary to make the statements in a Registration Statement or Prospectus, in the light of the circumstances
under which they were made, not misleading.

 

“Necessary
Action” means, with respect to any Party and a specified result, all actions (to the extent such actions are not prohibited
by applicable Law and within such Party’s control, and in the case of any action that requires a vote or other action on
the part of the Board to the extent such action is consistent with fiduciary duties that PubCo’s directors may have in such
capacity) necessary to cause such result, including (a) calling special meetings of stockholders, (b) voting or providing a written
consent or proxy, if applicable in each case, with respect to shares of Common Stock, (c) causing the adoption of stockholders’
resolutions and amendments to the Organizational Documents, (d) executing agreements and instruments, (e) making, or causing to
be made, with Governmental Entities, all filings, registrations or similar actions that are required to achieve such result and
(f) nominating or appointing certain Persons (including to fill vacancies) and providing the highest level of support for election
of such Persons to the Board in connection with the annual or special meeting of stockholders of PubCo.

 

“Non-Marketed”
means an Underwritten Shelf Take-Down that is not a Marketed Underwritten Shelf Take-Down.

 

“Non-Marketed
Underwritten Shelf Take-Down Selling Holders” has the meaning set forth in ‎Section
3.1(d)(iv)(B).

 

“Organizational
Documents” means the Certificate of Incorporation and the Bylaws.

 

“Original
RRA” has the meaning set forth in the Recitals.

 

“Party”
has the meaning set forth in the Preamble.

 

“Permitted
Transferee” has the meaning set forth in Section 5.04 of the Bylaws and, in the case of Sponsor, a permitted transferee
pursuant to Section 6(c) of the Sponsor Agreement.

 

“Person”
means any natural person, sole proprietorship, partnership, trust, unincorporated association, corporation, limited liability
company, entity or Governmental Entity.

 

“Prospectus”
means the prospectus included in any Registration Statement, all amendments (including post-effective amendments) and supplements
to such prospectus, and all material incorporated by reference in such prospectus.

 

“PubCo”
has the meaning set forth in the Preamble.

 

    	 	5	 

     

    

 

“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 and (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; 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).

 

“Registration”
means a registration, including any related Shelf Take-Down, effected by preparing and filing a registration statement, prospectus
or similar document in compliance with the requirements of the Securities Act, and such registration statement becoming effective.

 

“Registration
Expenses” means the expenses of a Registration or other Transfer pursuant to the terms of this Investor Rights Agreement,
including (a) all SEC or stock exchange registration and filing fees (including, if applicable, the fees and expenses of any “qualified
independent underwriter,” as such term is defined in Rule 5121 of FINRA (or any successor provision), and of its counsel),
(b) all fees and expenses of complying with securities or blue sky laws (including fees and disbursements of counsel for the Underwriters
in connection with blue sky qualifications of the Registrable Securities), (c) all printing, messenger and delivery expenses,
(d) all fees and expenses incurred in connection with the listing of the Registrable Securities on any securities exchange and
all rating agency fees, (e) the fees and disbursements of counsel for PubCo and of its independent public accountants, including
the expenses of any special audits and/or comfort letters required by or incident to such performance and compliance, (f) any
fees and disbursements of Underwriters customarily paid by the issuers or sellers of securities, including liability insurance
if PubCo so desires or if the Underwriters so require, and the reasonable fees and expenses of any special experts retained in
connection with the requested registration, but excluding underwriting discounts and commissions and transfer taxes, if any, (g)
the reasonable and documented fees and out-of-pocket expenses of one counsel for all of the Holders participating in such Registration
or other Transfer, selected by such Holders that own a majority of the Registrable Securities participating in such Registration
or other Transfer, (h) the costs and expenses of PubCo relating to analyst and investor presentations or any “road show”
undertaken in connection with the Registration and/or marketing of the Registrable Securities (including the expenses of the Holders)
and (i) any other fees and disbursements customarily paid by the issuers of securities.

 

    	 	6	 

     

    

 

“Registration
Statement” means any registration statement that covers the Registrable Securities pursuant to the provisions of this
Investor Rights Agreement, including the Prospectus included in such registration statement, amendments (including post-effective
amendments) and supplements to such registration statement, and all exhibits to and all material incorporated by reference in
such registration statement.

 

“Representatives”
means, with respect to any Person, any of such Person’s officers, directors, employees, agents, attorneys, accountants,
actuaries, consultants, equity financing partners or financial advisors or other Person acting on behalf of such Person.

 

“SEC”
means the United States Securities and Exchange Commission.

 

“Securities
Act” means the Securities Act of 1933, as amended, and any successor thereto, as the same shall be in effect from time
to time.

 

“Share
Consideration” has the meaning set forth in the Recitals.

 

“Shelf
Holder” means any Holder that owns Registrable Securities that have been registered on a Shelf Registration Statement.

 

“Shelf
Registration” means a registration of securities pursuant to a Registration Statement filed with the SEC in accordance
with and pursuant to Rule 415 promulgated under the Securities Act.

 

“Shelf
Registration Statement” means a Registration Statement of PubCo filed with the SEC on either (a) Form S-3 (or any successor
form or other appropriate form under the Securities Act) or (b) if PubCo is not permitted to file a Registration Statement on
Form S-3, a Registration Statement on Form S-1 (or any successor form or other appropriate form under the Securities Act), in
each case for an offering to be made on a continuous basis pursuant to Rule 415 under the Securities Act covering the Registrable
Securities, as applicable.

 

“Shelf
Suspension” has the meaning set forth in ‎Section
3.1(c).

 

“Shelf
Take-Down” means any offering or sale of Registrable Securities initiated by a Shelf Take-Down Initiating Holder pursuant
to a Shelf Registration Statement.

 

    	 	7	 

     

    

 

“Shelf
Take-Down Initiating Holders” means each of (a) solely following the expiration of the Lucid Shareholder Lock-Up Period,
Ayar, (b) solely following the expiration of the Sponsor Lock-Up Period, and subject to ‎Section
3.2(d), the Sponsor, and (c) solely following the expiration of the Lucid Shareholder Lock-Up Period, and solely with respect
to Non-Underwritten Shelf Take-Downs, the other Shelf Holders.

 

“Sponsor”
means Churchill Sponsor IV LLC.

 

“Sponsor
Agreement” means that certain Amended and Restated Letter Agreement, dated as of the date hereof, by and among the Sponsor
and PubCo, as amended, restated, modified or supplemented from time to time.

 

“Sponsor
Director” has the meaning set forth in Section 2.1.

 

“Sponsor
Lock-Up Period” has the meaning set forth in ‎Section
4.1.

 

“Subscription
Agreements” has the meaning given to such term in the Merger Agreement.

 

“Subsequent
Shelf Registration” has the meaning set forth in ‎Section
3.1(b).

 

“Take-Down
Participation Notice” has the meaning set forth in ‎Section
3.1(d)(iv)(C).

 

“Take-Down
Tagging Holder” has the meaning set forth in ‎Section
3.1(d)(iv)(B).

 

“Trading
Day” means a day on which the New York Stock Exchange or such other principal United States securities exchange on which
the Common Stock is listed, quoted or admitted to trading and is open for the transaction of business (unless such trading shall
have been suspended for the entire day).

 

“Transfer”
means any direct or indirect (i) offer, pledge, sale, contract to sell, hypothecation, sale of any option or contract to purchase,
purchase of any option or contract to sell, grant of any option, right or warrant to purchase, lending, or other transfer or disposition,
or establishment or increase of a put equivalent position or liquidation or decrease of a call equivalent position within the
meaning of Section 16 of the Exchange Act, in each case with respect to any Lock-Up Shares, or (ii) entry into any hedging, swap
or other agreement or transaction that transfers, in whole or in part, any of the economic consequences of ownership of the Lock-Up
Shares, whether any such transaction is to be settled by delivery of such securities, in cash or otherwise. The terms “Transferee,”
 “Transferor,” “Transferred,” and other forms of the word “Transfer” shall have the correlative
meanings.

 

“Underwriter”
means any investment banker(s) and manager(s) appointed to administer the offering of any Registrable Securities as principal
in an Underwritten Offering.

 

    	 	8	 

     

    

 

“Underwritten
Offering” means a Registration in which securities of PubCo are sold to an Underwriter for distribution to the public.

 

“Underwritten
Shelf Take-Down” has the meaning set forth in ‎Section
3.1(d)(ii)(A).

 

“Underwritten
Shelf Take-Down Notice” has the meaning set forth in ‎Section
3.1(d)(ii)(A).

 

“Warrants”
means the following outstanding warrants of PubCo, each exercisable for one share of Common Stock: (a) warrants entitling the
Sponsor to purchase 42,850,000 shares of Common Stock issued to the Sponsor pursuant to that certain Private Placement Warrants
Purchase Agreement, dated July 29, 2020, by and between the Sponsor and PubCo, for a purchase price of $1.00 per warrant and (b)
warrants to purchase up to 1,500,000 shares of Common Stock issuable to the Sponsor upon the conversion of all or any portion
of the unpaid principal balance of that certain Promissory Note issued by PubCo to the Sponsor on February 22, 2021.

 

“Well-Known
Seasoned Issuer” has the meaning set forth in Rule 405 promulgated by the SEC pursuant to the Securities Act.

 

Section 1.2.         
Interpretive Provisions. For all purposes of this Investor Rights Agreement, except as otherwise provided in this
Investor Rights Agreement or unless the context otherwise requires:

 

(a)           
the meanings of defined terms are applicable to the singular as well as the plural forms of such terms.

 

(b)           
the words “hereof”, “herein”, “hereunder” and words of similar import, when used in
this Investor Rights Agreement, refer to this Investor Rights Agreement as a whole and not to any particular provision of this
Investor Rights Agreement.

 

(c)           
references in this Investor Rights Agreement to any Law shall be deemed also to refer to such Law, and all rules and regulations
promulgated thereunder.

 

(d)           
whenever the words “include”, “includes” or “including” are used in this Investor Rights
Agreement, they shall mean “without limitation.”

 

(e)           
the captions and headings of this Investor Rights Agreement are for convenience of reference only and shall not affect
the interpretation of this Investor Rights Agreement.

 

(f)            
pronouns of any gender or neuter shall include, as appropriate, the other pronoun forms.

 

    	 	9	 

     

    

 

Article
II

Governance

 

Section 2.1.         
Board of Directors.

 

(a)           
Composition of the Board. Effective as of the Closing, each of the Lucid Shareholders and the Sponsor, severally
and not jointly, agrees with PubCo to take all Necessary Action to cause the Board to be comprised of nine (9) directors as follows:
(i) five (5) of whom shall have been nominated by Ayar (each, an “Ayar Director”), (ii) one (1) of whom shall
have been nominated by the Sponsor (the “Sponsor Director”), (iii) one (1) of whom shall be the chief executive
officer of PubCo and (iv) the remainder of whom shall be nominated by the Company, each of whom shall satisfy the independence
requirements of the New York Stock Exchange.

 

(b)           
Ayar Representation. PubCo shall take all Necessary Action to include in the slate of nominees recommended by PubCo
for election as directors at each applicable annual or special meeting of stockholders at which directors are to be elected, a
number of Ayar Directors that, if elected, will result in Ayar having a number of directors serving on the Board as shown in the
table below; provided, that if after the Closing the size of the Board is increased or decreased, the number of Ayar Directors
shall be increased or decreased in proportion to such increase or decrease in the size of the Board, rounded down to the nearest
whole number.

 

	Common
    Stock Beneficially Owned by Ayar (and its Permitted Transferees) as a Percentage of the Common Stock issued and outstanding
    as of the record date of such annual or special meeting of stockholders	 	Number
    of 

    Ayar Directors	 
	50% or greater	 	5	 
	40% or greater, but less than 50%	 	4	 
	30% or greater, but less than 40%	 	3	 
	20% or greater, but less than 30%	 	2	 
	10% or greater, but less than 20%	 	1	 
	Less than 10%	 	0	 

  

(c)           
Decrease in Directors. Upon any decrease in the number of directors that Ayar is entitled to designate for nomination
to the Board pursuant to ‎Section 2.1(a), Ayar shall take all Necessary Action to cause the appropriate number of Ayar
Directors to offer to tender their resignation at least 60 days prior to the expected date of PubCo’s next annual meeting
of stockholders for which PubCo has not proposed a slate of directors; provided, that, for the avoidance of doubt, such resignation
may be made effective as of the last day of the term of such director. Notwithstanding the foregoing, the Nominating and Corporate
Governance Committee may, in its sole discretion, recommend for nomination an Ayar Director that has tendered his or her resignation
pursuant to this ‎Section 2.1(c).

 

    	 	10	 

     

    

 

(d)           
Removal; Vacancies. Ayar shall have the exclusive right to (i) remove its nominees from the Board, and PubCo
shall take all Necessary Action to cause the removal of any such nominee at the request of the applicable Party and (ii) designate
directors for election or appointment, as applicable, to the Board to fill vacancies created by reason of death, removal or resignation
of its nominees to the Board, and PubCo shall take all Necessary Action to nominate or cause the Board to appoint, as applicable,
replacement directors designated by the applicable Party to fill any such vacancies created pursuant to clause ‎(i)
or ‎(ii) above as promptly as practicable after such designation (and in any event prior to the next meeting or action
of the Board or applicable committee). Notwithstanding anything to the contrary contained in this ‎Section 2.1(d),
Ayar shall not have the right to designate a replacement director, and PubCo shall not be required to take any action to cause
any vacancy to be filled by any such designee, to the extent that election or appointment of such designee to the Board would
result in a number of directors nominated or designated by Ayar in excess of the number of directors that Ayar is then entitled
to nominate for membership on the Board pursuant to this Investor Rights Agreement.

 

(e)           
Committees. In accordance with PubCo’s Organizational Documents, (i) the Board shall establish and maintain
committees of the Board for (x) Audit, (y) Compensation and (z) Nominating and Corporate Governance, and (ii) the Board
may from time to time by resolution establish and maintain other committees of the Board. Subject to applicable Laws and stock
exchange regulations, and subject to requisite independence requirements applicable to such committee, for so long as Ayar Beneficially
Owns Common Stock representing at least 33 1/3% of the Common Stock then issued and outstanding, PubCo shall take all Necessary
Action to have at least one Ayar Director appointed to serve on each committee of the Board.

 

(f)            
Chairman of the Board. For so long as Ayar Beneficially Owns Common Stock representing at least 20% of the Common
Stock then issued and outstanding, Ayar shall have the right to designate the director to serve in the role of Chairman of the
Board, and PubCo shall take all Necessary Action to cause the appointment of the director designated by Ayar to serve in the role
of Chairman of the Board.

 

(g)           
Business Plan. Any material changes to PubCo’s business plan shall require the affirmative vote of a majority
of the Board.

 

(h)           
Reimbursement of Expenses. PubCo shall reimburse the directors for all reasonable out-of-pocket expenses incurred
in connection with their attendance at meetings of the Board and any committees thereof, including travel, lodging and meal expenses.

 

(i)            
Indemnification. For so long as any Ayar Director or Sponsor Director serves as a director of PubCo, (i) PubCo
shall provide such Ayar Director or Sponsor Director with the same expense reimbursement, benefits, indemnity, exculpation and
other arrangements provided to the other directors of PubCo and (ii) PubCo shall not amend, alter or repeal any right to
indemnification or exculpation covering or benefiting any Ayar Director or Sponsor Director nominated pursuant to this Investor
Rights Agreement as and to the extent consistent with applicable Law, the Certificate of Incorporation, the Bylaws and any indemnification
agreements with directors (whether such right is contained in the Organizational Documents or another document) (except to the
extent such amendment or alteration permits PubCo to provide broader indemnification or exculpation rights on a retroactive basis
than permitted prior thereto).

 

    	 	11	 

     

    

 

(j)            
Review of Nominees. Any nominee as an Ayar Director or Sponsor Director shall be subject to PubCo’s customary
due diligence process, including its review of a completed questionnaire and a background check. Based on the foregoing, PubCo
may reasonably object to any such nominee within 15 days of receiving such completed questionnaire and background check authorization,
(i) provided it does so in good faith and (ii) solely to the extent such objection is based upon any of the following:
(1) such nominee was convicted in a criminal proceeding or is a named subject of a pending criminal proceeding (excluding traffic
violations and other minor offenses); (2) such nominee was the subject of any order, judgment or decree not subsequently reversed,
suspended or vacated of any court of competent jurisdiction, permanently or temporarily enjoining such proposed director from,
or otherwise limiting, the following activities: (A) engaging in any type of business practice, or (B) engaging in any
activity in connection with the purchase or sale of any security or in connection with any violation of federal or state securities
laws; (3) such nominee was the subject of any order, judgment or decree, not subsequently reversed, suspended or vacated, of any
federal or state authority barring, suspending or otherwise limiting for more than 60 days the right of such person to engage
in any activity described in clause (2)(B), or to be associated with persons engaged in such activity; (4) such nominee was found
by a court of competent jurisdiction in a civil action or by the SEC to have violated any federal or state securities law, and
the judgment in such civil action or finding by the SEC has not been subsequently reversed, suspended or vacated; or (5) such
nominee was the subject of, or a party to, any federal or state judicial or administrative order, judgment, decree or finding,
not subsequently reversed, suspended or vacated, relating to a violation of any federal or state securities laws or regulations.
In the event the Board reasonably finds any such nominee to be unsuitable based upon one or more of the foregoing clauses (1)
through (5) and reasonably objects to such nominated director, Ayar or the Sponsor, as applicable, shall be entitled to propose
a different nominee to the Board within thirty (30) days of PubCo’s notice to Ayar of its objection to such nominee and
such replacement nominee shall be subject to the review process outlined in this ‎Section 2.1(j).

 

Section 2.2.         
 PubCo Cooperation. PubCo shall take all Necessary Action to cause the Board to consist of the number of directors
specified in ‎Section 2.1 and to include in the slate of nominees to be voted upon by the stockholders of PubCo the
Persons designated for nomination to the Board in accordance with ‎Section 2.1.

 

    	 	12	 

     

    

 

Section 2.3.         
Sharing of Information. To the extent permitted by antitrust, securities, competition or any other applicable Law,
each of PubCo, Ayar and the Sponsor agrees and acknowledges that the directors designated by Ayar and the Sponsor may share confidential,
non-public information about PubCo and its subsidiaries (“Confidential Information”) with Ayar or the Sponsor,
as applicable; provided that such sharing of Confidential Information complies with such directors’ fiduciary duties and
confidentiality arrangements subject to the satisfaction of PubCo and is in such directors’ capacity as directors of PubCo.
Each of Ayar and the Sponsor recognizes that it, or its Affiliates and Representatives, has acquired or will acquire Confidential
Information the use or disclosure of which could cause PubCo substantial loss and damages that could not be readily calculated
and for which no remedy at Law would be adequate. Accordingly, each of Ayar and the Sponsor covenants and agrees with PubCo that
it will not (and will cause its respective controlled Affiliates and Representatives not to) at any time, except with the prior
written consent of PubCo, directly or indirectly, disclose any Confidential Information known to it to any third party, unless
(a) such information becomes known to the public through no fault of such Party, (b) disclosure is required by applicable
Law (including any filing following the Closing Date with the SEC pursuant to applicable securities laws) or court of competent
jurisdiction or requested by a Governmental Entity; provided, that (other than in the case of any required filing following the
Closing Date with the SEC or in connection with any routine audit or examination as described below) such Party promptly notifies
PubCo of such requirement or request and takes commercially reasonable steps, at the sole cost and expense of PubCo, to minimize
the extent of any such required disclosure, (c) such information was available or becomes available to such Party before,
on or after the Effective Date, without restriction, from a source (other than PubCo) without any breach of duty to PubCo or (d) such
information was independently developed by such Party or its Representatives without the use of the Confidential Information.
Notwithstanding the foregoing, nothing in this Investor Rights Agreement shall prohibit Ayar or the Sponsor from disclosing Confidential
Information (x) to any Affiliate, Representative, limited partner, member or shareholder of such Party, provided, that such Person
shall be bound by an obligation of confidentiality with respect to such Confidential Information and such Party shall be responsible
for any breach of this ‎Section 2.3 by any such Person or (y) if such disclosure is made to a governmental or regulatory
authority with jurisdiction over such Party in connection with a routine audit or examination that is not specifically directed
at PubCo or the Confidential Information, provided that such Party shall request that confidential treatment be accorded to any
information so disclosed. No Confidential Information shall be deemed to be provided to any Person, including any Affiliate of
a Lucid Insider, the Sponsor or Ayar, unless such Confidential Information is actually provided to such Person.

 

    	 	13	 

     

    

 

Article
III

Registration Rights

 

Section 3.1.         
Shelf Registration.

 

(a)           
Filing. PubCo shall use reasonable best efforts to file within fifteen (15) business days following the Closing
Date a Shelf Registration Statement covering the resale of all Registrable Securities (except as determined by PubCo pursuant
to ‎Section 3.7 as of two Business Days prior to such filing) on a delayed or continuous basis. PubCo shall use its
commercially reasonable efforts to cause such Shelf Registration Statement to become effective under the Securities Act as soon
as reasonably practicable after such filing, but in no event later than the 105th calendar day (or 165th calendar day if the SEC
notifies PubCo that it will “review” the Shelf Registration Statement) after the Closing Date. 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. In the event PubCo files a Shelf Registration Statement on Form S-1, PubCo shall use its commercially reasonable efforts
to convert such Shelf Registration Statement (and any Subsequent Shelf Registration) to a Shelf Registration Statement on Form
S-3 as soon as practicable after PubCo is eligible to use Form S-3. 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 3.1(a).

  

(b)           
Subsequent Shelf Registration. If any Shelf Registration Statement ceases to be effective under the Securities Act
for any reason at any time while there remain any Registrable Securities registered by such Shelf Registration Statement, PubCo
shall use its commercially reasonable efforts to as promptly as is reasonably practicable cause such Shelf Registration Statement
to again become effective under the Securities Act (including obtaining the prompt withdrawal of any order suspending the effectiveness
of such Shelf Registration Statement), and shall use its commercially reasonable efforts to as promptly as is reasonably practicable
amend such Shelf Registration Statement in a manner reasonably expected to result in the withdrawal of any order suspending the
effectiveness of such Shelf Registration Statement or file an additional Registration Statement as a Shelf Registration (a “Subsequent
Shelf Registration”) registering the resale of all outstanding Registrable Securities registered by such prior Shelf
Registration Statement. If a Subsequent Shelf Registration is filed, PubCo shall use its commercially reasonable efforts to (i) cause
such Subsequent Shelf Registration to become effective under the Securities Act as promptly as is reasonably practicable after
the filing thereof (it being agreed that the Subsequent Shelf Registration shall be an Automatic Shelf Registration Statement
if PubCo is a Well-Known Seasoned Issuer) and (ii) keep such Subsequent Shelf Registration 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 Subsequent Shelf Registration have been sold or cease to be Registrable Securities.

  

    	 	14	 

     

    

 

(c)           
Suspension of Filing or Registration. If PubCo shall furnish to the Shelf Holders, a certificate signed by the chief
executive officer or equivalent senior executive of PubCo, stating that the filing, effectiveness or continued use of any Shelf
Registration Statement would require PubCo to make an Adverse Disclosure, then PubCo shall have a period of not more than ninety
(90) days within which to delay the filing or effectiveness (but not the preparation) of such Shelf Registration Statement or,
in the case of a Shelf Registration Statement that has been declared effective, to suspend the use by Shelf Holders of such Shelf
Registration Statement (in each case, a “Shelf Suspension”); provided, however, that PubCo shall not be permitted
to exercise in any twelve (12) month period (i) more than two (2) Shelf Suspensions pursuant to this ‎Section
3.1(c) and Demand Delays pursuant to ‎Section 3.2(a)(ii) in the aggregate, unless consented to in writing by the Eligible
Demand Participation Holders holding a majority of the Registrable Securities held by all Eligible Demand Participation Holders
or (ii) aggregate Shelf Suspensions pursuant to this ‎Section 3.1(c) and Demand Delays pursuant to ‎Section
3.2(a)(ii) of more than one hundred fifty (150) days. Each Holder shall keep confidential the fact that a Shelf Suspension is
in effect, the certificate referred to above and its contents for the permitted duration of the Shelf Suspension or until otherwise
notified by PubCo, except (A) for disclosure to such Holder’s employees, agents and professional advisers who need
to know such information and are obligated to keep it confidential, (B) for disclosures to the extent required in order to
comply with reporting obligations to its limited partners who have agreed to keep such information confidential and (C) as
required by law. In the case of a Shelf Suspension that occurs after the effectiveness of the applicable Shelf Registration Statement,
the Shelf Holders agree to suspend use of the applicable Prospectus for the permitted duration of such Shelf Suspension in connection
with any sale or purchase of, or offer to sell or purchase, Registrable Securities, upon receipt of the certificate referred to
above. PubCo shall immediately notify the Holders or Shelf Holders, as applicable, upon the termination of any Shelf Suspension,
and (i) in the case of a Shelf Registration Statement that has not been declared effective, shall promptly thereafter file the
Shelf Registration Statement and use its commercially reasonable efforts to have such Shelf Registration Statement declared effective
under the Securities Act and (ii) in the case of an effective Shelf Registration Statement, shall amend or supplement the Prospectus,
if necessary, so it does not contain any Misstatement prior to the expiration of the Shelf Suspension and furnish to the Shelf
Holders such numbers of copies of the Prospectus as so amended or supplemented as the Shelf Holders may reasonably request. PubCo
agrees, if necessary, to supplement or make amendments to the Shelf Registration Statement if required by the registration form
used by PubCo for the Registration or by the instructions applicable to such registration form or by the Securities Act or the
rules or regulations promulgated thereunder or as may reasonably be requested by the Shelf Holders Beneficially Owning a majority
of the Registrable Securities then outstanding.

  

(d)           
Shelf Take-Downs.

 

(i)           
Generally. Subject to the terms and provisions of this ‎Article III, following the Lucid Shareholder
Lock-Up Period, a Shelf Take-Down Initiating Holder may initiate a Shelf Take-Down that, at the option of such Shelf Take-Down
Initiating Holder (A) is in the form of an Underwritten Shelf Take-Down or a Shelf Take-Down that is not an Underwritten Shelf
Take-Down and (B) in the case of an Underwritten Shelf Take-Down, is Non-Marketed or Marketed, in each case, as shall be specified
in the written demand delivered by the Shelf Take-Down Initiating Holder to PubCo pursuant to the provisions of this ‎Section
3.1(d).

 

    	 	15	 

     

    

 

(ii)             
Underwritten Shelf Take-Downs.

 

(A)           
A Shelf Take-Down Initiating Holder may elect in a written demand delivered to PubCo (an “Underwritten Shelf Take-Down
Notice”) for any Shelf Take-Down that it has initiated to be in the form of an Underwritten Offering (an “Underwritten
Shelf Take-Down”), and PubCo shall, if so requested, file and effect an amendment or supplement of the Shelf Registration
Statement for such purpose as soon as practicable; provided, that any such Underwritten Shelf Take-Down must comply with ‎Section
3.2(d) and involve the offer and sale of Registrable Securities having a reasonably anticipated net aggregate offering price (after
deduction of Underwriter commissions) of at least (I) in the case of any Marketed Underwritten Shelf Take-Down, $100,000,000
and (II) in the case of any Non-Marketed Underwritten Shelf Take-Down, $75,000,000 unless such Non-Marketed Underwritten Shelf
Take-Down is for all of the Registrable Securities then held by the applicable Shelf Take-Down Initiating Holder and its Permitted
Transferees (in which case there is no minimum other than the inclusion of all of such Registrable Securities). The Shelf Holders
that own a majority of the Registrable Securities to be offered for sale in such Underwritten Shelf Take-Down shall have the right
to select the Underwriter or Underwriters to administer such Underwritten Shelf Take-Down; provided, that such Underwriter or
Underwriters shall be reasonably acceptable to PubCo.

 

(B)           
With respect to any Underwritten Shelf Take-Down (including any Marketed Underwritten Shelf Take-Down), in the event that
a Shelf Holder otherwise would be entitled to participate in such Underwritten Shelf Take-Down pursuant to this ‎Section 3.1(d)(ii),
 ‎Section 3.1(d)(iii) or ‎Section 3.1(d)(iv), as the case may be, the right of such Shelf Holder to participate in such
Underwritten Shelf Take-Down shall be conditioned upon such Shelf Holder’s participation in such underwriting and the inclusion
of such Shelf Holder’s Registrable Securities in the Underwritten Offering to the extent provided herein. PubCo, together
with all Shelf Holders proposing to distribute their securities through such Underwritten Shelf Take-Down, shall enter into an
underwriting agreement in customary form with the Underwriter or Underwriters selected in accordance with ‎Section 3.1(d)(ii)(A).
Notwithstanding any other provision of this ‎Section 3.1, if the Underwriter shall advise PubCo that marketing factors (including
an adverse effect on the per security offering price) require a limitation of the number of Registrable Securities to be underwritten
in an Underwritten Shelf Take-Down, then PubCo shall so advise all Shelf Holders that have requested to participate in such Underwritten
Shelf Take-Down, and the number of Registrable Securities that may be included in such Underwritten Shelf Take-Down shall be allocated
pro rata among such Shelf Holders in proportion, as nearly as practicable, to the respective amounts of Registrable Securities
held by such Shelf Holders at the time of such Underwritten Shelf Take-Down; provided, that any Registrable Securities thereby
allocated to a Shelf Holder that exceeds such Shelf Holder’s request shall be reallocated among the remaining Shelf Holders
in like manner; and provided, further, that the number of Registrable Securities to be included in such Underwritten Shelf Take-Down
shall not be reduced unless all other Equity Securities of PubCo are first entirely excluded from any contemporaneous Underwritten
Offering. No Registrable Securities excluded from an Underwritten Shelf Take-Down by reason of the Underwriter’s marketing
limitation shall be included in such Underwritten Offering.

 

    	 	16	 

     

    

 

(iii)           
Marketed Underwritten Shelf Take-Downs. The Shelf Take-Down Initiating Holder submitting an Underwritten Shelf Take-Down
Notice shall indicate in such notice that it delivers to PubCo pursuant to ‎Section 3.1(d)(ii) whether it intends
for such Underwritten Shelf Take-Down to be Marketed (a “Marketed Underwritten Shelf Take-Down”). Upon receipt
of an Underwritten Shelf Take-Down Notice indicating that such Underwritten Shelf Take-Down will be a Marketed Underwritten Shelf
Take-Down, PubCo shall promptly (but in any event no later than ten (10) days prior to the expected date of such Marketed Underwritten
Shelf Take-Down) give written notice of such Marketed Underwritten Shelf Take-Down to all other Eligible Take-Down Holders of
Registrable Securities under such Shelf Registration Statement and any such Eligible Take-Down Holders requesting inclusion in
such Marketed Underwritten Shelf Take-Down must respond in writing within five (5) days after the receipt of such notice. Each
such Eligible Take-Down Holder that timely delivers any such request shall be permitted to sell in such Marketed Underwritten
Shelf Take-Down subject to the terms and conditions of ‎Section 3.1(d)(ii).

 

(iv)           
Non-Marketed Underwritten Shelf Take-Downs and Non- Underwritten Shelf Take-Downs.

 

(A)           
Any Shelf Take-Down Initiating Holder may initiate (x) an Underwritten Shelf Take-Down that is Non-Marketed (a “Non-Marketed
Underwritten Shelf Take-Down”) or (y) a Shelf Take-Down that is not an Underwritten Shelf Take-Down (a “Non-Underwritten
Shelf Take-Down”) by providing written notice thereof to PubCo and, to the extent required by ‎Section 3.1(d)(iv)(B),
PubCo shall provide written notice thereof to all other Eligible Take-Down Holders. Any notice delivered pursuant to the immediately
preceding sentence shall include (I) the total number of Registrable Securities expected to be offered and sold in such Shelf
Take-Down and (II) the expected timing and plan of distribution of such Shelf Take-Down. For the avoidance of doubt, an Eligible
Take-Down Holder that is not a Shelf Take-Down Initiating Holder cannot initiate a Shelf Take-Down.

 

(B)           
With respect to each Non-Marketed Underwritten Shelf Take-Down, the Shelf Take-Down Initiating Holder initiating such Non-Marketed
Underwritten Shelf Take-Down shall provide written notice (a “Non-Marketed Underwritten Shelf Take-Down Notice”)
of such Non-Marketed Underwritten Shelf Take-Down to PubCo and PubCo shall provide written notice thereof to all other Eligible
Take-Down Holders at least forty-eight (48) hours prior to the expected time of the pricing of the applicable Non-Marketed Underwritten
Shelf Take-Down, which Non-Marketed Underwritten Shelf Take-Down Notice shall set forth (I) the total number of Registrable Securities
expected to be offered and sold in such Non-Marketed Underwritten Shelf Take-Down, (II) the expected timing and plan of distribution
of such Non-Marketed Underwritten Shelf Take-Down, (III) an invitation to each Eligible Take-Down Holder to elect (such Eligible
Take-Down Holders who make such an election being “Take-Down Tagging Holders” and, together with the Shelf
Take-Down Initiating Holders and all other Persons (other than any Affiliates of the Shelf Take-Down Initiating Holders) who otherwise
are Transferring, or have exercised a contractual or other right to Transfer, Registrable Securities in connection with such Non-Marketed
Underwritten Shelf Take-Down, the “Non-Marketed Underwritten Shelf Take-Down Selling Holders”) to include in
the Non-Marketed Underwritten Shelf Take-Down Registrable Securities held by such Take-Down Tagging Holder (but subject to ‎Section
3.1(d)(ii)(B)) and (IV) the action or actions required (including the timing thereof) in connection with such Non-Marketed Underwritten
Shelf Take-Down with respect to each Eligible Take-Down Holder that elects to exercise such right (including the delivery of one
or more stock certificates representing Registrable Securities of such Eligible Take-Down Holder to be sold in such Non-Marketed
Underwritten Shelf Take-Down).

 

    	 	17	 

     

    

 

(C)           
Upon delivery of a Non-Marketed Underwritten Shelf Take-Down Notice, each Eligible Take-Down Holder may elect to sell Registrable
Securities in such Non-Marketed Underwritten Shelf Take-Down, at the same price per Registrable Security and pursuant to the same
terms and conditions with respect to payment for the Registrable Securities as agreed to by the Shelf Take-Down Initiating Holders,
by sending an irrevocable written notice (a “Take-Down Participation Notice”) to PubCo within the time period
specified in such Non-Marketed Underwritten Shelf Take-Down Notice (which time period shall be at least twenty-four (24) hours
prior to the expected time of the pricing of the applicable Non-Marketed Underwritten Shelf Take-Down), indicating its, his or
her election to sell up to the number of Registrable Securities in the Non-Marketed Underwritten Shelf Take-Down specified by
such Eligible Take-Down Holder in such Take-Down Participation Notice (but, in all cases, subject to ‎Section 3.1(d)(ii)(B)).
Following the time period specified in such Non-Marketed Underwritten Shelf Take-Down Notice, each Take-Down Tagging Holder that
has delivered a Take-Down Participation Notice shall be permitted to sell in such Non-Marketed Underwritten Shelf Take-Down on
the terms and conditions set forth in the Non-Marketed Underwritten Shelf Take-Down Notice, concurrently with the Shelf Take-Down
Initiating Holders and the other Non-Marketed Underwritten Shelf Take-Down Selling Holders, the number of Registrable Securities
calculated pursuant to ‎Section 3.1(d)(ii)(B). It is understood that in order to be entitled to exercise its, his or her right
to sell Registrable Securities in a Non-Marketed Underwritten Shelf Take-Down pursuant to this ‎Section 3.1(d)(iv), each Take-Down
Tagging Holder must agree to make the same representations, warranties, covenants, indemnities and agreements, if any, as the
Shelf Take-Down Initiating Holders agree to make in connection with the Non-Marketed Underwritten Shelf Take-Down, with such additions
or changes as are required of such Take-Down Tagging Holder by the Underwriters (if applicable).

 

    	 	18	 

     

    

 

(D)           
Notwithstanding the delivery of any Non-Marketed Underwritten Shelf Take-Down Notice, all determinations as to whether
to complete any Non-Marketed Underwritten Shelf Take-Down and as to the timing, manner, price and other terms and conditions of
any Non-Marketed Underwritten Shelf Take-Down shall be at the sole discretion of the applicable Shelf Take-Down Initiating Holder,
and PubCo agrees to cooperate in facilitating any Non-Marketed Underwritten Shelf Take-Down pursuant to ‎Section 3.1(d). Each
of the Eligible Take-Down Holders agrees to reasonably cooperate with each of the other Eligible Take-Down Holders and PubCo to
establish notice, delivery and documentation procedures and measures to facilitate such other Eligible Take-Down Holders’
participation in Non-Marketed Underwritten Shelf Take-Downs pursuant to this ‎Section 3.1(d).

 

(E)           
With respect to each Non-Underwritten Shelf Take-Down, the Shelf Take-Down Initiating Holder initiating such Non-Underwritten
Shelf Take-Down shall provide written notice of such Non-Underwritten Shelf Take-Down at least forty-eight (48) hours prior to
the expected time of such Non-Underwritten Shelf Take-Down, which shall set forth (I) the total number of Registrable Securities
expected to be offered and sold in such Non-Underwritten Shelf Take-Down, (II) the expected timing and plan of distribution
of such Non-Underwritten Shelf Take-Down, and (III) the action or actions required (including the timing thereof) in connection
with such Non-Underwritten Shelf Take-Down.

 

Section 3.2.         
Demand Registrations.

 

(a)           
Holders’ Demand for Registration. Subject to ‎Section 3.2(d), if, at a time when a Shelf Registration
Statement is not effective pursuant to ‎Section 3.1, PubCo shall receive from (x) at any time following the Lucid Shareholder
Lock-Up Period, any Lucid Shareholder or (y) following the Sponsor Lock-Up Period, the Sponsor (the then eligible Holders under
clauses (x) and (y), collectively, the “Demand Initiating Holders”) a written demand that PubCo effect any
Registration in connection with an Underwritten Offering other than a Shelf Registration or a Shelf Take-Down (a “Demand
Registration”) of Registrable Securities held by such Holders having a reasonably anticipated net aggregate offering
price (after deduction of Underwriter commissions and offering expenses) of at least $200,000,000, PubCo will:

 

    	 	19	 

     

    

 

(i)           
promptly (but in any event within ten (10) days prior to the date such Demand Registration becomes effective under the
Securities Act) give written notice of the proposed Demand Registration to all other Eligible Demand Participation Holders; and

 

(ii)           
use its commercially reasonable efforts to effect such registration as soon as practicable as will permit or facilitate
the sale and distribution of all or such portion of such Demand Initiating Holders’ Registrable Securities as are specified
in such demand, together with all or such portion of the Registrable Securities of any other Eligible Demand Participation Holders
joining in such demand as are specified in a written demand received by PubCo within five (5) days after such written notice is
given; provided, that PubCo shall not be obligated to file any Registration Statement or other disclosure document pursuant to
this ‎Section 3.2 (but shall be obligated to continue to prepare such Registration Statement or other disclosure
document) if PubCo shall furnish to such Eligible Demand Participation Holders a certificate signed by the chief executive officer
or equivalent senior executive of PubCo, stating that the filing or effectiveness of such Registration Statement would require
PubCo to make an Adverse Disclosure, in which case PubCo shall have an additional period (each, a “Demand Delay”)
of not more than ninety (90) days within which to file such Registration Statement; provided, however, that PubCo shall not exercise,
in any twelve (12) month period, (x) more than two (2) Demand Delays pursuant to this ‎Section 3.2(a)(ii) and
Shelf Suspensions pursuant to ‎Section 3.1(c) in the aggregate, unless consented in writing by the Eligible
Demand Participation Holders that own a majority of the Registrable Securities held by all Eligible Demand Participation Holders
or (y) aggregate Demand Delays pursuant to this ‎Section 3.2(a)(ii) and Shelf Suspensions pursuant to ‎Section
3.1(c) of more than ninety (90) days. Each Eligible Demand Participation Holder shall keep confidential the fact that a Demand
Delay is in effect, the certificate referred to above and its contents for the permitted duration of the Demand Delay or until
otherwise notified by PubCo, except (A) for disclosure to such Eligible Demand Participation Holder’s employees, agents
and professional advisers who need to know such information and are obligated to keep it confidential, (B) for disclosures
to the extent required in order to comply with reporting obligations to its limited partners who have agreed to keep such information
confidential and (C) as required by law.

 

    	 	20	 

     

    

 

(b)           
Underwriting. If the Demand Initiating Holders intend to distribute the Registrable Securities covered by their
demand by means of an Underwritten Offering, they shall so advise PubCo as part of their demand made pursuant to this ‎Section
3.2, and PubCo shall include such information in the written notice referred to in ‎Section 3.2(a)(i). In such event,
the right of any Holder to registration pursuant to this ‎Section 3.2 shall be conditioned upon such Holder’s
participation in such Underwritten Offering and the inclusion of such Holder’s Registrable Securities in the Underwritten
Offering to the extent provided herein. PubCo, together with all holders of Registrable Securities of PubCo proposing to distribute
their securities through such Underwritten Offering, shall enter into an underwriting agreement in customary form with the Underwriter
or Underwriters selected by Eligible Demand Participation Holders that own a majority of the Registrable Securities to be offered
for sale in such Underwritten Offering and reasonably satisfactory to PubCo. Notwithstanding any other provision of this ‎Section
3.2, if the Underwriter shall advise PubCo that marketing factors (including an adverse effect on the per security offering price)
require a limitation of the number of Registrable Securities to be underwritten, then PubCo shall so advise all Eligible Demand
Participation Holders that have requested to participate in such offering, and the number of Registrable Securities that may be
included in the Demand Registration and Underwritten Offering shall be allocated pro rata among such Eligible Demand Participation
Holders and other holders of Registrable Securities exercising a contractual or other right to dispose of Registrable Securities
in such Underwritten Offering thereof in proportion, as nearly as practicable, to the respective amounts of Registrable Securities
held by such persons at the time of filing the Registration Statement; provided, that any Registrable Securities thereby allocated
to any such person that exceed such person’s request shall be reallocated among the remaining requesting Eligible Demand
Participation Holders and other requesting holders of Registrable Securities in like manner; and provided, further, that the number
of Registrable Securities to be included in such Underwritten Offering shall not be reduced unless all other Equity Securities
of PubCo are first entirely excluded from the Underwritten Offering. No Registrable Securities excluded from the Underwritten
Offering by reason of the Underwriter’s marketing limitation shall be included in such Demand Registration. If the Underwriter
has not limited the number of Registrable Securities to be underwritten, PubCo may include securities for its own account (or
for the account of any other Persons) in such Demand Registration if the Underwriter so agrees and if the number of Registrable
Securities would not thereby be limited.

 

(c)           
Effective Registration. PubCo shall be deemed to have effected a Demand Registration if the Registration Statement
pursuant to such registration is declared effective by the SEC and remains effective for not less than one hundred eighty (180)
days (or such shorter period as will terminate when all Registrable Securities covered by such Registration Statement have been
sold or withdrawn), or, if such Registration Statement relates to an Underwritten Offering, such longer period as, in the opinion
of counsel for the Underwriters, a prospectus is required by law to be delivered in connection with sales of Registrable Securities
by an Underwriter or dealer (the applicable period, the “Demand Period”). No Demand Registration shall be deemed
to have been effected if (i) during the Demand Period such registration is interfered with by any stop order, injunction
or other order or requirement of the SEC or other governmental agency or court or (ii) the conditions specified in the underwriting
agreement, if any, entered into in connection with such Registration are not satisfied other than by reason of a wrongful act,
misrepresentation or breach of such applicable underwriting agreement by a participating Holder.

 

    	 	21	 

     

    

 

(d)           
Restrictions on Registered Offerings. Notwithstanding the rights and obligations set forth in ‎Section
3.1 and/or ‎Section 3.2, in no event shall PubCo be obligated to take any action to effect:

 

(i)           
any Demand Registration or Shelf Take-Down at the request of any Holder prior to the expiration of the Lucid Shareholder
Lock-Up Period;

 

(ii)           
any Demand Registration or Shelf Take-Down at the request of the Sponsor prior to the expiration of the Sponsor Lock-Up
Period;

 

(iii)           
any Demand Registration or Underwritten Shelf Take-Down at the request of Ayar, except that Ayar shall be entitled to initiate
an aggregate of two (2) Demand Registrations or Underwritten Shelf Take-Downs following the Lucid Shareholder Lock-Up Period pursuant
to the terms of this ‎Article III;

 

(iv)           
any Demand Registration or Underwritten Shelf Take-Down at the request of the Sponsor, except the Sponsor (collectively)
shall be entitled to initiate one (1) Demand Registration or Underwritten Shelf Take-Down following the Sponsor Lock-Up Period
pursuant to the terms of this ‎Article III; or

 

(v)           
any Demand Registration while a Shelf Registration Statement remains outstanding in accordance with the terms of this Investor
Rights Agreement.

 

Notwithstanding
anything to the contrary in this ‎Section 3.2(d), in the event
that the Demand Initiating Holders or Shelf Take-Down Initiating Holders, as applicable, do not sell at least fifty percent (50%)
of the Registrable Securities requested to be sold in a Demand Registration or an Underwritten Shelf Take-Down as a result of
the Underwriter advising PubCo that marketing factors (including an adverse effect on the per security offering price) require
a limitation of the number of Registrable Securities to be underwritten, then for purposes of clause ‎(iii)
above such Demand Registration or Underwritten Shelf Take-Down (as applicable) shall not be considered a Demand Registration or
Underwritten Shelf Take-Down effected at the request of such Demand Initiating Holder or Shelf Take-Down Initiating Holder.

 

Section 3.3.         
Piggyback Registration.

 

(a)           
If at any time or from time to time PubCo shall determine to register any of its Equity Securities, either for its own
account or for the account of security holders (other than in (1) a registration relating solely to employee benefit plans,
(2) a registration statement on Form S-4 or S-8 (or such other similar successor forms then in effect under the Securities
Act), (3) a registration pursuant to which PubCo is offering to exchange its own securities for other securities, (4) a
registration statement relating solely to dividend reinvestment or similar plans, (5) a Shelf Registration Statement pursuant
to which only the initial purchasers and subsequent transferees of debt securities of PubCo or any of its subsidiaries that are
convertible for Common Stock and that are initially issued pursuant to Rule 144A and/or Regulation S (or any successor provision)
of the Securities Act may resell such notes and sell the Common Stock into which such notes may be converted, (6) a registration
pursuant to ‎Section 3.1 or ‎Section 3.2 hereof or (7) a registration expressly contemplated by the
Subscription Agreements), PubCo will:

 

    	 	22	 

     

    

 

(i)            
promptly (but in no event less than ten (10) days before the effective date of the relevant Registration Statement) give
to each Holder written notice thereof; and

 

(ii)           
include in such Registration (and any related qualification under state securities laws or other compliance), and in any
Underwritten Offering involved therein, all the Registrable Securities specified in a written request or requests made within
five (5) days after receipt of such written notice from PubCo by any Holder or Holders except as set forth in ‎Section
3.3(b) below.

 

Notwithstanding
anything herein to the contrary, this ‎Section 3.3 shall not
apply (i) prior to the expiration of the Lucid Shareholder Lock-Up Period in respect of any Holder, (ii) prior to the expiration
of the Sponsor Lock-Up Period in respect of the Sponsor or (iii) to any Shelf Take-Down irrespective of whether such Shelf Take-Down
is an Underwritten Shelf Take-Down or not an Underwritten Shelf Take-Down.

 

(b)           
Underwriting. If the Registration of which PubCo gives notice pursuant to ‎Section 3.3(a) is for an Underwritten
Offering, PubCo shall so advise the Holders as a part of the written notice given pursuant to ‎Section 3.3(a)(i). In
such event the right of any Holder to participate in such registration pursuant to this ‎Section 3.3 shall be conditioned
upon such Holder’s participation in such Underwritten Offering and the inclusion of such Holder’s Registrable Securities
in the Underwritten Offering to the extent provided herein. All Holders proposing to dispose of their Registrable Securities through
such Underwritten Offering, together with PubCo and the other parties distributing their Equity Securities of PubCo through such
Underwritten Offering, shall enter into an underwriting agreement in customary form with the Underwriter or Underwriters selected
for such Underwritten Offering by PubCo. Notwithstanding any other provision of this ‎Section 3.3, if the Underwriters
shall advise PubCo that marketing factors (including, without limitation, an adverse effect on the per security offering price)
require a limitation of the number of Registrable Securities to be underwritten, then PubCo may limit the number of Registrable
Securities to be included in the Registration and Underwritten Offering as follows:

 

(i)           
If the Registration is initiated and undertaken for PubCo’s account, PubCo shall so advise all Holders of Registrable
Securities that have requested to participate in such offering, and the number of Registrable Securities that may be included
in the Registration and Underwritten Offering shall be allocated in the following manner: (A) first, to PubCo, (B) second,
to the Holders of Registrable Securities on a pro rata basis based on the total number of Registrable Securities held by such
Holders and (C) third, to other holders of Equity Securities of PubCo exercising a contractual or other right to dispose
of such Equity Securities in such Underwritten Offering on a pro rata basis based on the total number of Equity Securities of
PubCo held by such persons; provided, that any Registrable Securities or Equity Securities thereby allocated to any such person
that exceed such person’s request shall be reallocated among the remaining requesting Holders or other requesting holders,
as applicable, in like manner.

 

    	 	23	 

     

    

 

(ii)           
If the Registration is initiated and undertaken at the request of one or more holders of Equity Securities of PubCo who
are not Holders, PubCo shall so advise all Holders of Registrable Securities that have requested to participate in such offering,
and the number of Registrable Securities that may be included in the Registration and Underwritten Offering shall be allocated
in the following manner: (A) first, to the initiating holders of Equity Securities of PubCo exercising a contractual or other
right to dispose of such Equity Securities in such Underwritten Offering, on a pro rata basis based on the total number of Equity
Securities of PubCo, (B) second, to the Holders of Registrable Securities on a pro rata basis based on the total number of
Registrable Securities held by such Holders, (C) third, to PubCo, (D) fourth, to other holders of Equity Securities
of PubCo exercising a contractual or other right to dispose of such Equity Securities in such Underwritten Offering on a pro rata
basis based on the total number of Equity Securities of PubCo held by such persons; provided, that any Registrable Securities
or Equity Securities thereby allocated to any such person that exceed such person’s request shall be reallocated among the
remaining requesting Holders or other requesting holders, as applicable, in like manner.

 

No such reduction
shall reduce the amount of Registrable Securities of the selling Holders included in the Registration below twenty-five percent
(25%) of the total amount of Equity Securities included in such Registration. No securities excluded from the Underwritten Offering
by reason of the Underwriter’s marketing limitation shall be included in such Registration.

 

(c)           
Right to Terminate Registration. PubCo shall have the right to terminate or withdraw any Registration initiated
by it under this ‎Section 3.3 prior to the effectiveness of such Registration whether or not any Holder has elected
to include Registrable Securities in such Registration.

 

Section 3.4.         
Expenses of Registration. All Registration Expenses incurred in connection with all Registrations or other Transfers
effected pursuant to or permitted by this Investor Rights Agreement, shall be borne by PubCo. It is acknowledged by the Holders
that the Holders selling or otherwise Transferring any Registrable Securities in any Registration or Transfer shall bear all incremental
selling expenses relating to the sale or Transfer of such Registrable Securities, such as Underwriters’ commissions and
discounts, brokerage fees, Underwriter marketing costs and, other than as set forth in the definition of “Registration Expenses,”
all reasonable fees and expenses of any legal counsel representing such Holders, in each case pro rata based on the number of
Registrable Securities that such Holders have sold or Transferred in such Registration.

 

Section 3.5.         
Obligations of PubCo. Whenever required under this ‎Article III to effect the Registration of any Registrable
Securities, PubCo shall, as expeditiously as reasonably possible:

 

    	 	24	 

     

    

 

(a)           
prepare and file with the SEC a Registration Statement with respect to such Registrable Securities and use its commercially
reasonable efforts to cause such Registration Statement to become effective and remain effective until all Registrable Securities
covered by such Registration Statement have been sold;

 

(b)           
prepare and file with the SEC such amendments, post-effective amendments and supplements to such Registration Statement
and the Prospectus used in connection with such Registration Statement as may be necessary to keep such Registration Statement
effective and to comply with the provisions of the Securities Act with respect to the disposition of all securities covered by
such Registration Statement in accordance with the intended methods of disposition by sellers thereof set forth in such Registration
Statement;

 

(c)           
permit any Holder that is a controlling person of PubCo to participate in good faith in the preparation of such Registration
Statement and to cooperate in good faith to include therein material, furnished to PubCo in writing, that in the reasonable judgment
of such Holder and its counsel should be included;

 

(d)           
furnish to the Holders such numbers of copies of the Registration Statement and the related Prospectus, including all exhibits
thereto and documents incorporated by reference therein and a preliminary prospectus, in conformity with the requirements of the
Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable
Securities owned by them;

 

(e)           
in the event of any Underwritten Offering, enter into and perform its obligations under an underwriting agreement, in usual
and customary form, with the managing Underwriter(s) of such offering; each Holder participating in such underwriting shall also
enter into and perform its obligations under such an agreement;

 

(f)            
notify each Holder of Registrable Securities covered by such Registration Statement as soon as reasonably possible after
notice thereof is received by PubCo of any written comments by the SEC or any request by the SEC or any other federal or state
Governmental Entity for amendments or supplements to such Registration Statement or such Prospectus or for additional information;

 

(g)           
notify each Holder of Registrable Securities covered by such Registration Statement, at any time when a Prospectus relating
thereto is required to be delivered under the Securities Act, of the happening of any event as a result of which the Prospectus
included in such Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state
a material fact required to be stated therein or necessary to make the statements therein not misleading in the light of the circumstances
then existing;

 

(h)           
notify each Holder of Registrable Securities covered by such Registration Statement as soon as reasonably practicable after
notice thereof is received by PubCo of the issuance by the SEC of any stop order suspending the effectiveness of such Registration
Statement or any order by the SEC or any other regulatory authority preventing or suspending the use of any preliminary or final
Prospectus or the initiation or threatening of any proceedings for such purposes, or any notification with respect to the suspension
of the qualification of the Registrable Securities for offering or sale in any jurisdiction or the initiation or threatening of
any proceeding for such purpose;

 

    	 	25	 

     

    

 

(i)            
use its commercially reasonable efforts to prevent the issuance of any stop order suspending the effectiveness of any Registration
Statement or of any order preventing or suspending the use of any preliminary or final Prospectus and, if any such order is issued,
to obtain the withdrawal of any such order as soon as reasonably practicable;

 

(j)            
make available for inspection by each Holder including Registrable Securities in such Registration, any Underwriter participating
in any distribution pursuant to such Registration and any attorney, accountant or other agent retained by such Holder or Underwriter
all financial and other records, pertinent corporate documents and properties of PubCo, as such parties may reasonably request,
and cause PubCo’s officers, directors and employees to supply all information reasonably requested by any such Holder, Underwriter,
attorney, accountant or agent in connection with such Registration Statement;

 

(k)           
use its commercially reasonable efforts to register or qualify, and cooperate with the Holders of Registrable Securities
covered by such Registration Statement, the Underwriters, if any, and their respective counsel, in connection with the Registration
or qualification of such Registrable Securities for offer and sale under the blue sky or securities laws of each state and other
jurisdiction of the United States as any such Holder or Underwriters, if any, or their respective counsel reasonably request in
writing, and do any and all other things reasonably necessary or advisable to keep such Registration or qualification in effect
for such period as required by ‎Section 3.1(b) and ‎Section 3.2(c), as applicable; provided, that PubCo
shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or take any action
which would subject it to taxation or service of process in any such jurisdiction where it is not then so subject;

 

(l)            
in the case of an Underwritten Offering, obtain for delivery to the Holders of Registrable Securities covered by such Registration
Statement and to the Underwriters an opinion or opinions from counsel for PubCo, dated the date of the closing under the underwriting
agreement, in customary form, scope and substance, which opinions shall be reasonably satisfactory to such Holders or Underwriters,
as the case may be, and their respective counsel;

 

(m)            
in the case of an Underwritten Offering, obtain for delivery to PubCo and the Underwriters, with copies to the Holders
of Registrable Securities included in such Registration, a comfort letter from PubCo’s independent certified public accountants
in customary form and covering such matters of the type customarily covered by comfort letters as the managing Underwriter or
Underwriters reasonably request, dated the date of execution of the underwriting agreement and brought down to the closing under
the underwriting agreement;

 

    	 	26	 

     

    

 

(n)           
use its commercially reasonable efforts to list the Registrable Securities that are covered by such Registration Statement
with any securities exchange or automated quotation system on which the Common Stock or other Equity Securities of PubCo, as applicable,
are then listed;

 

(o)           
provide and cause to be maintained a transfer agent and registrar for all Registrable Securities covered by the applicable
Registration Statement from and after a date not later than the effective date of such Registration Statement;

 

(p)           
cooperate with Holders including Registrable Securities in such Registration and the managing Underwriters, if any, to
facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold, such certificates
to be in such denominations and registered in such names as such Holders or the managing Underwriters may request at least two
(2) Business Days prior to any sale of Registrable Securities;

 

(q)           
use its commercially reasonable efforts to comply with all applicable securities laws and make available to its Holders,
as soon as reasonably practicable, an earnings statement satisfying the provisions of Section 11(a) of the Securities Act and
the rules and regulations promulgated thereunder;

 

(r)            
in the case of an Underwritten Offering that is Marketed, cause appropriate personnel of PubCo to participate in the customary
 “road show” presentations that may be reasonably requested by the Underwriters and otherwise to facilitate, cooperate
with and participate in each proposed offering contemplated herein and customary selling efforts related thereto; and

 

(s)           
otherwise, in good faith, reasonably cooperate with, and take such customary actions as may reasonably be requested by,
the Holders, in connection with such Registration.

 

    	 	27	 

     

    

 

Section 3.6.         
Indemnification.

 

(a)           
PubCo will, and does hereby undertake to, indemnify and hold harmless each Holder of Registrable Securities and each of
such Holder’s officers, directors, trustees, employees, partners, managers, members, equityholders, beneficiaries, affiliates
and agents and each Person, if any, who controls such Holder, within the meaning of either Section 15 of the Securities Act or
Section 20 of the Exchange Act, with respect to any Registration, qualification, compliance or sale effected pursuant to this
‎Article III, and each Underwriter, if any, and each Person who controls any Underwriter, of the Registrable Securities
held by or issuable to such Holder, against all claims, losses, damages and liabilities (or actions in respect thereto) to which
they may become subject under the Securities Act, the Exchange Act, or other federal or state law arising out of or based on (A) any
untrue statement (or alleged untrue statement) of a material fact contained in any prospectus, offering circular, free writing
prospectus or other similar document (including any related Registration Statement, notification, or the like) incident to any
such Registration, qualification, compliance or sale effected pursuant to this ‎Article III, or based on any omission
(or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein
not misleading in light of the circumstances in which they were made, (B) any violation or alleged violation by PubCo of
any Law applicable to PubCo in connection with any such Registration, qualification, compliance or sale, or (C) any failure
to register or qualify Registrable Securities in any state where PubCo or its agents have affirmatively undertaken or agreed in
writing (including pursuant to ‎Section 3.5(k)) that PubCo (the undertaking of any Underwriter being attributed to
PubCo) will undertake such Registration or qualification on behalf of the Holders of such Registrable Securities (provided, that
in such instance PubCo shall not be so liable if it has undertaken its commercially reasonable efforts to so register or qualify
such Registrable Securities) and will reimburse, as incurred, each such Holder, each such Underwriter and each such director,
officer, trustee, employee, partner, manager, member, equityholder, beneficiary, affiliate, agent and controlling person, for
any legal and any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage,
liability or action; provided, that PubCo will not be liable in any such case to the extent that any such claim, loss, damage,
liability or expense arises out of or is based on any untrue statement or omission made in reliance and in conformity with written
information furnished to PubCo by such Holder or Underwriter expressly for use therein.

 

(b)           
Each Holder (if Registrable Securities held by or issuable to such Holder are included in such Registration, qualification,
compliance or sale pursuant to this ‎Article III) does hereby undertake to indemnify and hold harmless, severally and
not jointly, PubCo, each of its officers, directors, employees, equityholders, affiliates and agents and each Person, if any,
who controls PubCo within the meaning of either Section 15 of the Securities Act or Section 20 of the Exchange Act, each Underwriter,
if any, and each Person who controls any Underwriter, of PubCo’s Equity Securities covered by such a Registration Statement,
and each other Holder, each of such other Holder’s officers, directors, employees, partners, equityholders, affiliates and
agents and each Person, if any, who controls such Holder within the meaning of either Section 15 of the Securities Act or Section
20 of the Exchange Act, against all claims, losses, damages and liabilities (or actions in respect thereof) arising out of or
based on any untrue statement (or alleged untrue statement) of a material fact contained in any such Registration Statement, prospectus,
offering circular, free writing prospectus or other document, or any omission (or alleged omission) to state therein a material
fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in
which they were made, and will reimburse, as incurred, PubCo, each such Underwriter, each such other Holder, and each such officer,
director, trustee, employee, partner, equityholder, beneficiary, affiliate, agent and controlling person of the foregoing, for
any legal or any other expenses reasonably incurred in connection with investigating or defending any such claim, loss, damage,
liability or action, in each case to the extent, but only to the extent, that such untrue statement (or alleged untrue statement)
or omission (or alleged omission) was made in such Registration Statement, prospectus, offering circular, free writing prospectus
or other document, in reliance upon and in conformity with written information that (i) relates to such Holder in its capacity
as a selling security holder and (ii) was furnished to PubCo by such Holder expressly for use therein; provided, however,
that the aggregate liability of each Holder hereunder shall be limited to the net proceeds after underwriting discounts and commissions
received by such Holder upon the sale of the Registrable Securities giving rise to such indemnification obligation. It is understood
and agreed that the indemnification obligations of each Holder pursuant to any underwriting agreement entered into in connection
with any Registration Statement shall be limited to the obligations contained in this ‎Section 3.6(b).

 

    	 	28	 

     

    

 

(c)           
Each party entitled to indemnification under this ‎Section 3.6 (the “Indemnified Party”)
shall give notice to the party required to provide such indemnification (the “Indemnifying Party”) of any claim
as to which indemnification may be sought promptly after such Indemnified Party has actual knowledge thereof, and shall permit
the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; provided, that counsel for
the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be subject to approval by the Indemnified
Party (whose approval shall not be unreasonably withheld) and the Indemnified Party may participate in such defense at the Indemnifying
Party’s expense if representation of such Indemnified Party would be inappropriate due to actual or potential differing
interests between such Indemnified Party and any other party represented by such counsel in such proceeding; and provided, further,
that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations
under this ‎Section 3.6, except to the extent that such failure to give notice materially prejudices the Indemnifying
Party in the defense of any such claim or any such litigation. An Indemnifying Party, in the defense of any such claim or litigation,
may, without the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement that (i) includes
as a term thereof the giving by the claimant or plaintiff therein to such Indemnified Party of an unconditional release from all
liability with respect to such claim or litigation and (ii) does not include any recovery (including any statement as to
or an admission of fault, culpability or a failure to act by or on behalf of such Indemnified Party) other than monetary damages,
and provided, that any sums payable in connection with such settlement are paid in full by the Indemnifying Party.

 

(d)           
In order to provide for just and equitable contribution in case indemnification is prohibited or limited by law, the Indemnifying
Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party
as a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect the relative fault
of the Indemnifying Party and Indemnified Party in connection with the actions which resulted in such losses, claims, damages
or liabilities, as well as any other relevant equitable considerations. The relative fault of such Indemnifying Party and Indemnified
Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged
untrue statement of material fact or omission or alleged omission to state a material fact, has been made by, or relates to information
supplied by, such Indemnifying Party or Indemnified Party, and such Person’s relative intent, knowledge, access to information
and opportunity to correct or prevent such actions; provided, however, that, in any case, (i) no Holder will be required
to contribute any amount in excess of the net proceeds after underwriting discounts and commissions received by such Holder upon
the sale of the Registrable Securities giving rise to such contribution obligation and (ii) no Person guilty of fraudulent
misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person
who was not guilty of such fraudulent misrepresentation.

 

    	 	29	 

     

    

 

(e)           
The indemnities provided in this ‎Section 3.6 shall survive the Transfer of any Registrable Securities by such
Holder.

 

(f)            
Notwithstanding the foregoing, to the extent that the provisions on indemnification and contribution contained in any underwriting
agreement entered into in connection with any Underwritten Offering conflict with the foregoing provisions, the provisions in
such underwriting agreement shall control.

 

Section 3.7.         
Information by Holder. The Holder or Holders of Registrable Securities included in any Registration shall furnish
to PubCo such information regarding such Holder or Holders and the distribution proposed by such Holder or Holders as PubCo may
reasonably request in writing and as shall be required in connection with any Registration, qualification or compliance referred
to in this ‎Article III. Each Holder agrees, if requested in writing by PubCo, to represent to PubCo the total number
of Registrable Securities held by such Holder in order for PubCo to make determinations under this Investor Rights Agreement,
including for purposes of ‎Section 3.9 hereof. Notwithstanding anything to the contrary contained in this Investor
Rights Agreement, if any Holder does not provide PubCo with information requested pursuant to this ‎Section 3.7, PubCo
may exclude such Holder’s Registrable Securities from the applicable Registration Statement or Prospectus if PubCo determines,
based on the advice of outside counsel, that such information is necessary to effect the Registration and such Holder continues
thereafter to withhold such information. No Person may participate in any Underwritten Offering of Equity Securities of PubCo
pursuant to a Registration under this Investor Rights Agreement unless such Person completes and executes all customary questionnaires,
powers of attorney, custody agreements, indemnities, lock-up agreements, underwriting agreements and other customary documents
as may be reasonably required under the terms of such underwriting arrangements. Subject to the minimum thresholds set forth in
‎Section 3.1(d)(ii) and ‎Section 3.2(a) of this Investor Rights Agreement, the exclusion of a Holder’s
Registrable Securities as a result of this ‎Section 3.7 shall not affect the registration of the other Registrable
Securities to be included in such Registration.

 

Section 3.8.         
Delay of Registration. No Holder shall have any right to obtain, and hereby waives any right to seek, an injunction
restraining or otherwise delaying any such Registration as the result of any controversy that might arise with respect to the
interpretation or implementation of this ‎Article III.

 

Section 3.9.         
Rule 144 Reporting. With a view to making available to the Holders the benefits of certain rules and regulations
of the SEC that may permit the sale of the Registrable Securities to the public without Registration, PubCo agrees to use its
commercially reasonable efforts to:

 

    	 	30	 

     

    

 

(a)           
make and keep current public information available, within the meaning of Rule 144 (or any similar or analogous rule) promulgated
under the Securities Act, at all times;

 

(b)           
file with the SEC, in a timely manner, all reports and other documents required of PubCo under the Securities Act and Exchange
Act; and

 

(c)           
so long as a Holder owns any Registrable Securities, furnish to such Holder forthwith upon request a written statement
by PubCo as to its compliance with the reporting requirements of said Rule 144 (at any time commencing after (x) in the case of
the Sponsor, the Sponsor Lock-Up Period or (y) in the case of Lucid Insiders who are Holders, the Lucid Shareholder Lock-Up Period),
the Securities Act and the Exchange Act, a copy of the most recent annual or quarterly report of PubCo and such other reports
and documents as a Holder may reasonably request in availing itself of any rule or regulation of the SEC allowing it to sell any
such securities without Registration.

 

Section 3.10.     
“Market Stand Off” Agreement. Each Holder hereby agrees with PubCo that, with respect to Underwritten
Offerings initiated by a Holder only, during such period (which period shall in no event exceed 90 days) following the effective
date of a Registration Statement of PubCo (or, in the case of an Underwritten Shelf Take-Down, the date of the filing of a preliminary
Prospectus or Prospectus supplement relating to such Underwritten Offering (or if there is no such filing, the first contemporaneous
press release announcing commencement of such Underwritten Offering)) as the Holders that own a majority of the Registrable Securities
participating in such Underwritten Offering may agree to with the Underwriter or Underwriters of such Underwritten Offering (a
 “Market Stand-Off Period”), such Holder or its Affiliates shall not sell, pledge, hypothecate, transfer, make
any short sale of, loan, grant any option or right to purchase of, or otherwise transfer or dispose of (other than to donees who
agree to be similarly bound) any Registrable Securities held by it at any time during such period except Registrable Securities
included in such Registration. In connection with any Underwritten Offering contemplated by this ‎Section 3.10, PubCo
shall use commercially reasonable efforts to cause each director and executive officer of PubCo to execute a customary lock-up
for the Market Stand-Off Period. Each Holder agrees with PubCo that it shall deliver to the Underwriter or Underwriters for any
such Underwritten Offering a customary agreement (with customary terms, conditions and exceptions) that is substantially similar
to the agreement delivered to the Underwriter or Underwriters by the Holders that own a majority of the Registrable Securities
participating in such Registration reflecting their agreement set forth in this ‎Section 3.10; provided, that such
agreement shall not be materially more restrictive than any similar agreement entered into by PubCo’s directors and executive
officers participating in such Underwritten Offering; provided, further, that such agreement shall not be required unless all
Holders are required to enter into similar agreements; provided, further, that such agreement shall provide that any early release
of any Holder from the provisions of the terms of such agreement shall be on a pro rata basis among all Holders.

 

    	 	31	 

     

    

 

Section 3.11.     
Other Obligations. In connection with a Transfer of Registrable Securities exempt from Section 5 of the Securities
Act or through any broker-dealer transactions described in the plan of distribution set forth within the Prospectus and pursuant
to the Registration Statement of which such Prospectus forms a part, PubCo shall, subject to applicable Law, as interpreted by
PubCo with the advice of counsel, and the receipt of any customary documentation required from the applicable Holders in connection
therewith, (a) promptly instruct its transfer agent to remove any restrictive legends applicable to the Registrable Securities
being Transferred and (b) cause its legal counsel to deliver the necessary legal opinions, if any, to the transfer agent
in connection with the instruction under clause ‎(a). In addition, PubCo shall cooperate reasonably with, and take
such customary actions as may reasonably be requested by the Holders, in connection with the aforementioned Transfers; provided,
however, that PubCo shall have no obligation to participate in any “road shows” or assist with the preparation of
any offering memoranda or related documentation with respect to any Transfer of Registrable Securities in any transaction that
does not constitute an Underwritten Offering.

  

Section 3.12.     
Other Registration Rights. Other than the registration rights set forth in the Original RRA and in the Subscription
Agreements, PubCo represents and warrants that no Person, other than a Holder of Registrable Securities pursuant to this Investor
Rights Agreement, has any right to require PubCo to register any securities of PubCo for sale or to include such securities of
PubCo in any Registration Statement filed by PubCo for the sale of securities for its own account or for the account of any other
Person. Further, each of PubCo and the Sponsor represents and warrants that this Investor Rights Agreement supersedes any other
registration rights agreement or agreement (including the Original RRA), other than the Subscription Agreements.

 

Section 3.13.     
Term. ‎Article III shall terminate with respect to any Holder on the date that such Holder no longer
holds any Registrable Securities. The provisions of ‎Section 3.6 shall survive any such termination with respect to
such Holder.

 

Section 3.14.     
Termination of Original RRA. Upon the Closing, PubCo and the Sponsor hereby agree that the Original RRA and all
of the respective rights and obligations of the parties thereunder are hereby terminated in their entirety and shall be of no
further force or effect.

 

Article
IV

Lock-Up

 

Section 4.1.         
Lock-Up.

 

(a)           
Each Lucid Shareholder severally, and not jointly, agrees with PubCo not to effect any Transfer, or make a public announcement
of any intention to effect such Transfer, of any Lock-Up Shares (as defined below) Beneficially Owned or otherwise held by such
Person during the Lucid Shareholder Lock-Up Period (as defined below); provided, that such prohibition shall not apply to Transfers
(i) permitted pursuant to ‎Section 4.2 or (ii) permitted pursuant to Section 5.04 of the Bylaws.

 

(b)           
The Sponsor agrees with PubCo not to effect any Transfer, or make a public announcement of any intention to effect such
Transfer, of any Lock-Up Shares Beneficially Owned or otherwise held by such Person during the Sponsor Lock-Up Period (as defined
below); provided, that such prohibition shall not apply to Transfers permitted pursuant to ‎Section 4.2 and, in
the case of Sponsor, permitted pursuant to Section 6(c) or the Sponsor Agreement.

 

    	 	32	 

     

    

 

(c)           
As used in this Investor Rights Agreement, the “Lock-Up Shares” means the Equity Securities of PubCo
held by the Holders as of the Closing Date, including Common Stock, the Warrants, and Common Stock issuable upon exercise of the
Warrants, options or other rights. The “Lucid Shareholder Lock-Up Period” means the period beginning on the
Closing Date and ending at 11:59 pm Eastern Time on the date that is 180 days after the Closing Date. The “Sponsor Lock-Up
Period” means the period starting on the Closing Date and ending at 11:59 pm Eastern Time on the date that is eighteen
(18) months following the Closing Date.

 

(d)           
During the Sponsor Lock-Up Period (or in the case of the Lucid Insiders who are Holders, the Lucid Shareholder Lock-Up
Period), any purported Transfer of Lock-Up Shares not in accordance with this Investor Rights Agreement shall be null and void,
and PubCo shall refuse to recognize any such Transfer for any purpose.

 

(e)           
The Holders acknowledge and agree that, notwithstanding anything to the contrary contained in this Investor Rights Agreement,
the Lock-Up Shares Beneficially Owned by such Person shall remain subject to any restrictions on Transfer under applicable securities
Laws of any Governmental Entity, including all applicable holding periods under the Securities Act and other rules of the SEC.

 

Section 4.2.         
Permitted Transfers. Notwithstanding anything to the contrary contained in this Investor Rights Agreement, during
the Sponsor Lock-Up Period (in the case of the Sponsor) or the Lucid Shareholder Lock-Up Period (in the case of the Lucid Insiders),
the Holders may Transfer, without the consent of PubCo, any of such Person’s Lock-Up Shares in accordance with Section 5.04
of the Bylaws and, in the case of Sponsor, permitted pursuant to Section 6(c) or the Sponsor Agreement; provided, that
the Transferee of such Lock-Up Shares shall have no rights under this Investor Rights Agreement, unless, for the avoidance of
doubt, such Transferee is a Permitted Transferee in accordance with this Investor Rights Agreement. Any Transferee of Lock-Up
Shares who is a Permitted Transferee of the Transferor pursuant to this ‎Section 4.2 shall be required, at the time
of and as a condition to such Transfer, to become a party to this Investor Rights Agreement by executing and delivering a joinder
in the form attached to this Investor Rights Agreement as Exhibit B, whereupon such Transferee will be treated as a Party (with
the same rights and obligations as the Transferor) for all purposes of this Investor Rights Agreement. Notwithstanding the foregoing
provisions of this ‎Section 4.2, a Holder may not make a Transfer to a Permitted Transferee if such Transfer has as
a purpose the avoidance of or is otherwise undertaken in contemplation of avoiding the restrictions on Transfers in this Investor
Rights Agreement (it being understood that the purpose of this provision includes prohibiting the Transfer to a Permitted Transferee
(A) that has been formed to facilitate a material change with respect to who or which entities Beneficially Own the underlying
Lock-Up Shares, or (B) followed by a change in the relationship between the Holder and the Permitted Transferee (or a change
of control of such Holder or Permitted Transferee) after the Transfer with the result and effect that the Holder has indirectly
made a Transfer of Lock-Up Shares by using a Permitted Transferee, which Transfer would not have been directly permitted under
this ‎Article IV had such change in such relationship occurred prior to such Transfer).

 

    	 	33	 

     

    

 

Article
V

General Provisions

 

Section 5.1.         
Assignment; Successors and Assigns; No Third Party Beneficiaries.

 

(a)           
Except as otherwise permitted pursuant to this Investor Rights Agreement, no Party may assign such Party’s rights
and obligations under this Investor Rights Agreement, in whole or in part, without the prior written consent of PubCo. Any such
assignee may not again assign those rights, other than in accordance with this ‎Article V. Any attempted assignment
of rights or obligations in violation of this ‎Article V shall be null and void.

 

(b)           
Notwithstanding anything to the contrary contained in this Investor Rights Agreement (other than the succeeding sentence
of this ‎Section 5.1(b)), (i) prior to the expiration of the Sponsor Lock-Up Period (or in the case of the
Lucid Insiders, the Lucid Shareholder Lock-Up Period) to the extent applicable to such Holder, no Holder may Transfer such Holder’s
rights or obligations under this Investor Rights Agreement in connection with a Transfer of such Holder’s Registrable Securities,
in whole or in part, except in connection with a Transfer pursuant to ‎Section 4.2; and (ii) after the expiration
of the Sponsor Lock-Up Period (or in the case of the Lucid Insiders, the Lucid Shareholder Lock-Up Period) to the extent
applicable to such Holder, a Holder may Transfer such Holder’s rights or obligations under this Investor Rights Agreement
in connection with a Transfer of such Holder’s Registrable Securities, in whole or in part, to (x) any of such Holder’s
Permitted Transferees, or (y) any Person with the prior written consent of PubCo. In no event can the Sponsor or Ayar assign any
of such Person’s rights under ‎Section 2.1. Any Transferee of Registrable Securities (other than pursuant to
an effective registration statement under the Securities Act or pursuant to a Rule 144 transaction) shall, except as otherwise
expressly stated herein, have all the rights and be subject to all of the obligations of the Transferor Holder under this Investor
Rights Agreement and shall be required, at the time of and as a condition to such Transfer, to become a party to this Investor
Rights Agreement by executing and delivering a joinder in the form attached to this Investor Rights Agreement as Exhibit B. No
Transfer of Registrable Securities by a Holder shall be registered on PubCo’s books and records, and such Transfer of Registrable
Securities shall be null and void and not otherwise effective, unless any such Transfer is made in accordance with the terms and
conditions of this Investor Rights Agreement, and PubCo is hereby authorized by all of the Holders to enter appropriate stop transfer
notations on its transfer records to give effect to this Investor Rights Agreement.

 

(c)           
All of the terms and provisions of this Investor Rights Agreement shall be binding upon the Parties and their respective
successors, assigns, heirs and representatives, but shall inure to the benefit of and be enforceable by the successors, assigns,
heirs and representatives of any Party only to the extent that they are permitted successors, assigns, heirs and representatives
pursuant to the terms of this Investor Rights Agreement.

 

    	 	34	 

     

    

 

(d)           
Nothing in this Investor Rights Agreement, express or implied, is intended to confer upon any Party, other than the Parties
and their respective permitted successors, assigns, heirs and representatives, any rights or remedies under this Investor Rights
Agreement or otherwise create any third party beneficiary hereto.

 

Section 5.2.         
Termination. Except for ‎Section 2.1(i) (which section shall terminate at such time as Ayar or its Permitted
Transferees are no longer entitled to any rights pursuant to such section), ‎Article II shall terminate automatically
(without any action by any Party) as to Ayar at such time at which such Party no longer has the right to designate an individual
for nomination to the Board under this Investor Rights Agreement. ‎Article III of this Investor Rights Agreement shall
terminate as set forth in ‎Section 3.13. The remainder of this Investor Rights Agreement shall terminate automatically
(without any action by any Party) as to each Holder when such Holder, following the Closing Date, ceases to Beneficially Own any
Registrable Securities. Notwithstanding anything herein to the contrary, in the event the Merger Agreement terminates in accordance
with its terms prior to the Closing, this Investor Rights Agreement shall automatically terminate and be of no further force or
effect, without any further action required by the Parties.

 

Section 5.3.         
Severability. If any provision of this Investor Rights Agreement is determined to be invalid, illegal or unenforceable
by any Governmental Entity, the remaining provisions of this Investor Rights Agreement, to the extent permitted by Law shall remain
in full force and effect.

 

Section 5.4.         
Entire Agreement; Amendments; No Waiver.

 

(a)           
This Investor Rights Agreement, together with the Exhibit to this Investor Rights Agreement, the Merger Agreement and all
other Transaction Agreements (as such term is defined in the Merger Agreement), constitute the entire agreement among the Parties
with respect to the subject matter hereof and thereof and supersede all prior and contemporaneous agreements, understandings and
discussions, whether oral or written, relating to such subject matter in any way and there are no warranties, representations
or other agreements among the Parties in connection with such subject matter except as set forth in this Investor Rights Agreement
and therein.

 

(b)           
No provision of this Investor Rights Agreement may be amended or modified in whole or in part at any time without 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; provided that any such amendment or modification that adversely affects any right granted to
Ayar or the Sponsor shall require the consent of Ayar or the Sponsor, as applicable.

 

    	 	35	 

     

    

 

(c)           
No waiver of any provision or default under, nor consent to any exception to, the terms of this Investor Rights Agreement
shall be effective unless in writing and signed by the Party to be bound and then only to the specific purpose, extent and instance
so provided.

 

Section 5.5.         
Counterparts; Electronic Delivery. This Investor Rights Agreement and any other agreements, certificates, instruments
and documents delivered pursuant to this Investor Rights Agreement may be executed and delivered in one or more counterparts and
by fax, email or other electronic transmission, each of which shall be deemed an original and all of which shall be considered
one and the same agreement. No Party shall raise the use of a fax machine or email to deliver a signature or the fact that any
signature or agreement or instrument was transmitted or communicated through the use of a fax machine or email as a defense to
the formation or enforceability of a contract and each Party forever waives any such defense. The words “execution,”
 “signed,” “signature,” “delivery,” and words of like import in or relating to this Investor
Rights Agreement or any document to be signed in connection with this Investor Rights Agreement shall be deemed to include electronic
signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity
or enforceability as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system,
as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

 

Section 5.6.         
Notices. All notices, demands and other communications to be given or delivered under this Investor Rights Agreement
shall be in writing and shall be deemed to have been given (a) when personally delivered (or, if delivery is refused, upon
presentment) or received by email (with confirmation of transmission) prior to 5:00 p.m. eastern time on a Business Day and, if
otherwise, on the next Business Day, (b) one (1) Business Day following sending by reputable overnight express courier (charges
prepaid) or (c) three (3) calendar days following mailing by certified or registered mail, postage prepaid and return receipt
requested. Unless another address is specified in writing pursuant to the provisions of this ‎Section 5.6, notices,
demands and other communications shall be sent to the addresses indicated below

 

if to PubCo,
prior to the Closing, to:

 

Churchill Capital Corp.
IV

640 Fifth Avenue, 12th Floor

New York, NY 10019

Attention: Michael S. Klein

Email:       michael.klein@mkleinandcompany.com

 

if to PubCo,
following the Closing, to:

 

c/o Lucid Group, Inc.

7373 Gateway Boulevard

Newark, CA 94560

Attention: Peter Rawlinson

                  Jonathan Butler

E-mail:     peterrawlinson@lucidmotors.com

                 jonathanbutler@lucidmotors.com

 

    	 	36	 

     

    

 

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

 

Davis Polk & Wardwell
LLP

1600 El Camino Real

Menlo Park, CA 94025

Attn: Emily Roberts

 Lee Hochbaum

E-mail:   emily.roberts@davispolk.com

                lee.hochbaum@davispolk.com

 

if to the
Sponsor, to:

 

640 Fifth Avenue, 12th
Floor

New York, NY 10019

Attention: Michael S. Klein

Email:       michael.klein@mkleinandcompany.com

 

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

 

Weil, Gotshal & Manges
LLP

767 Fifth Avenue

New York, NY 10153

Attn:       Michael J. Aiello and Matthew Gilroy

E-mail:   michael.aiello@weil.com and matthew.gilroy@weil.com

 

if to Ayar,
to:

 

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

                  InvestmentOperations@pif.gov.sa

 

with copies
(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

 

    	 	37	 

     

    

 

Section 5.7.         
Governing Law; Waiver of Jury Trial; Jurisdiction. The Law of the State of Delaware shall govern (a) all Actions,
claims or matters related to or arising from this Investor Rights Agreement (including any tort or non-contractual claims) and
(b) any questions concerning the construction, interpretation, validity and enforceability of this Investor Rights Agreement,
and the performance of the obligations imposed by this Investor Rights Agreement, in each case without giving effect to any choice
of law or conflict of law rules or provisions (whether of the State of Delaware or any other jurisdiction) that would cause the
application of the Law of any jurisdiction other than the State of Delaware. EACH PARTY TO THIS INVESTOR RIGHTS AGREEMENT HEREBY
IRREVOCABLY WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION BROUGHT TO RESOLVE ANY DISPUTE BETWEEN OR AMONG ANY OF THE PARTIES
(WHETHER ARISING IN CONTRACT, TORT OR OTHERWISE) ARISING OUT OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THIS INVESTOR RIGHTS
AGREEMENT, THE TRANSACTIONS CONTEMPLATED BY THIS INVESTOR RIGHTS AGREEMENT AND/OR THE RELATIONSHIPS ESTABLISHED AMONG THE PARTIES
UNDER THIS INVESTOR RIGHTS AGREEMENT. THE PARTIES FURTHER WARRANT AND REPRESENT THAT EACH HAS REVIEWED THIS WAIVER WITH SUCH PARTY’S
LEGAL COUNSEL, AND THAT EACH KNOWINGLY AND VOLUNTARILY WAIVES SUCH PARTY’S JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH
LEGAL COUNSEL. Each of the Parties submits to the exclusive jurisdiction of first, the Chancery Court of the State of Delaware
or if such court declines jurisdiction, then to the Federal District Court for the District of Delaware, in any Action arising
out of or relating to this Investor Rights Agreement, agrees that all claims in respect of the Action shall be heard and determined
in any such court and agrees not to bring any Action arising out of or relating to this Investor Rights Agreement in any other
courts. Each Party irrevocably consents to the service of process in any such Action by the mailing of copies thereof by registered
or certified mail, postage prepaid, to such Party, at its address for notices as provided in ‎Section 5.6 of this Investor
Rights Agreement, such service to become effective ten (10) days after such mailing. Each Party hereby irrevocably waives any
objection to such service of process and further irrevocably waives and agrees not to plead or claim in any Action commenced hereunder
or under any other documents contemplated hereby that service of process was in any way invalid or ineffective. Nothing in this
‎Section 5.7, however, shall affect the right of any Party to serve legal process in any other manner permitted by
Law or at equity; provided, that each of the Parties hereby waives any right it may have under the Laws of any jurisdiction to
commence by publication any Action with respect to this Investor Rights Agreement. To the fullest extent permitted by applicable
Law, each of the Parties hereby irrevocably waives any objection it may now or hereafter have to the laying of venue of any Action
arising out of or relating to this Investor Rights Agreement in any of the courts referred to in this ‎Section 5.7
and hereby further irrevocably waives and agrees not to plead or claim that any such court is not a convenient forum for any such
Action. Each Party agrees that a final judgment in any Action so brought shall be conclusive and may be enforced by suit on the
judgment or in any other manner provided by Law or at equity, in any jurisdiction.

 

    	 	38	 

     

    

 

Section 5.8.         
Specific Performance. Each Party hereby agrees and acknowledges that it may be impossible to measure in money the
damages that would be suffered if the Parties fail to comply with any of the obligations imposed on them by this Investor Rights
Agreement and that, in the event of any such failure, an aggrieved Party will be irreparably damaged and will not have an adequate
remedy at Law. Any such Party may, therefore, be entitled (in addition to any other remedy to which such Party may be entitled
at Law or in equity) to seek injunctive relief, including specific performance, to enforce such obligations, without the posting
of any bond.

 

Section 5.9.         
Subsequent Acquisition of Shares. Any Equity Securities of PubCo acquired subsequent to the Effective Date by a
Holder shall be subject to the terms and conditions of this Investor Rights Agreement and such shares shall be considered to be
 “Registrable Securities” as such term is used in this Investor Rights Agreement.

 

Section 5.10.     
Consents, Approvals and Actions. If any consent, approval or action of the Lucid Insiders is required at any time
pursuant to this Investor Rights Agreement, such consent, approval or action shall be deemed given if the holders of a majority
of the outstanding Equity Securities of PubCo held by the Lucid Insiders at such time provide such consent, approval or action
in writing at such time.

 

Section 5.11.     
Not a Group; Independent Nature of Holders’ Obligations and Rights. The Holders and PubCo agree that the arrangements
contemplated by this Investor Rights Agreement are not intended to constitute the formation of a “group” (as defined
in Section 13(d)(3) of the Exchange Act). Each Holder agrees that, for purposes of determining beneficial ownership of such Holder,
it shall disclaim any beneficial ownership by virtue of this Investor Rights Agreement of PubCo’s Equity Securities owned
by the other Holders, and PubCo agrees to recognize such disclaimer in its Exchange Act and Securities Act reports. The obligations
of each Holder under this Investor Rights Agreement are several and not joint with the obligations of any other Holder, and no
Holder shall be responsible in any way for the performance of the obligations of any other Holder under this Investor Rights Agreement.
Nothing contained herein, and no action taken by any Holder pursuant hereto, shall be deemed to constitute the Holders as, and
PubCo acknowledges that the Holders do not so constitute, a partnership, an association, a joint venture or any other kind of
group or entity, or create a presumption that the Holders are in any way acting in concert or as a group or entity with respect
to such obligations or the transactions contemplated by this Investor Rights Agreement, and PubCo acknowledges that the Holders
are not acting in concert or as a group, and PubCo shall not assert any such claim, with respect to such obligations or the transactions
contemplated by this Investor Rights Agreement. The decision of each Holder to enter into this Investor Rights Agreement has been
made by such Holder independently of any other Holder. Each Holder acknowledges that no other Holder has acted as agent for such
Holder in connection with such Holder making its investment in PubCo and that no other Holder will be acting as agent of such
Holder in connection with monitoring such Holder’s investment in the Common Stock or enforcing its rights under this Investor
Rights Agreement. PubCo and each Holder confirms that each Holder has had the opportunity to independently participate with PubCo
and its subsidiaries in the negotiation of the transaction contemplated hereby with the advice of its own counsel and advisors.
Each Holder shall be entitled to independently protect and enforce its rights, including, without limitation, the rights arising
out of this Investor Rights Agreement, and it shall not be necessary for any other Holder to be joined as an additional party
in any proceeding for such purpose. The use of a single agreement to effectuate the rights and obligations contemplated hereby
was solely in the control of PubCo, not the action or decision of any Holder, and was done solely for the convenience of PubCo
and its subsidiaries and not because it was required to do so by any Holder. It is expressly understood and agreed that each provision
contained in this Investor Rights Agreement is between PubCo and a Holder, solely, and not between PubCo and the Holders collectively
and not between and among the Holders.

 

    	 	39	 

     

    

 

Section 5.12.     
Representations and Warranties of the Parties. Each of the Parties hereby represents and warrants to each of the
other Parties as follows:

 

(a)           
Such Party, to the extent applicable, is duly organized or incorporated, validly existing and in good standing under the
laws of the jurisdiction of its organization or incorporation and has all requisite power and authority to conduct its business
as it is now being conducted and is proposed to be conducted.

 

(b)           
Such Party has the full power, authority and legal right to execute, deliver and perform this Investor Rights Agreement.
The execution, delivery and performance of this Investor Rights Agreement have been duly authorized by all necessary action, corporate
or otherwise, of such Party. This Investor Rights Agreement has been duly executed and delivered by such Party and constitutes
its, his or her legal, valid and binding obligation, enforceable against it, him or her in accordance with its terms, subject
to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally.

 

(c)           
The execution and delivery by such Party of this Investor Rights Agreement, the performance by such Party of its, his or
her obligations hereunder by such Party does not and will not violate (i) in the case of Parties who are not individuals,
any provision of its by-laws, charter, articles of association, partnership agreement or other similar organizational document,
(ii) any provision of any material agreement to which it, he or she is a Party or by which it, he or she is bound or (iii) any
law, rule, regulation, judgment, order or decree to which it, he or she is subject.

 

(d)           
Such Party is not currently in violation of any law, rule, regulation, judgment, order or decree, which violation could
reasonably be expected at any time to have a material adverse effect upon such Party’s ability to enter into this Investor
Rights Agreement or to perform its, his or her obligations hereunder.

 

(e)           
There is no pending legal action, suit or proceeding that would materially and adversely affect the ability of such Party
to enter into this Investor Rights Agreement or to perform its, his or her obligations hereunder.

 

    	 	40	 

     

    

 

Section 5.13.     
No Third Party Liabilities. This Investor Rights Agreement may only be enforced against the named parties hereto.
All claims or causes of action (whether in contract or tort) that may be based upon, arise out of or relate to any of this Investor
Rights Agreement, or the negotiation, execution or performance of this Investor Rights Agreement (including any representation
or warranty made in or in connection with this Investor Rights Agreement or as an inducement to enter into this Investor Rights
Agreement), may be made only against the Persons that are expressly identified as parties hereto, as applicable; and no past,
present or future direct or indirect director, officer, employee, incorporator, member, partner, stockholder, Affiliate, portfolio
company in which any such Party or any of its investment fund Affiliates have made a debt or equity investment (and vice versa),
agent, attorney or representative of any Party hereto (including any Person negotiating or executing this Investor Rights Agreement
on behalf of a Party hereto), unless a Party to this Investor Rights Agreement, shall have any liability or obligation with respect
to this Investor Rights Agreement or with respect any claim or cause of action (whether in contract or tort) that may arise out
of or relate to this Investor Rights Agreement, or the negotiation, execution or performance of this Investor Rights Agreement
(including a representation or warranty made in or in connection with this Investor Rights Agreement or as an inducement to enter
into this Investor Rights Agreement).

 

Section 5.14.     
Legends. Without limiting the obligations of PubCo set forth in ‎Section 3.11, each of the Holders acknowledges
that (i) no Transfer, hypothecation or assignment of any Registrable Securities Beneficially Owned by such Holder may be
made except in compliance with applicable federal and state securities laws and (ii) PubCo shall (x) place customary restrictive
legends on the certificates or book entries representing the Registrable Securities subject to this Investor Rights Agreement
and (y) remove such restrictive legends at the time the applicable Transfer and other restrictions contemplated thereby are
no longer applicable to the Registrable Securities represented by such certificates or book entries.

 

Section 5.15.     
Adjustments. If there are any changes in the Common Stock as a result of stock split, stock dividend, combination
or reclassification, or through merger, consolidation, recapitalization or other similar event, appropriate adjustment shall be
made in the provisions of this Investor Rights Agreement, as may be required, so that the rights, privileges, duties and obligations
under this Investor Rights Agreement shall continue with respect to the Common Stock as so changed.

 

[Signature
Pages Follow]

 

    	 	41	 

     

    

 

IN WITNESS
WHEREOF, each of the Parties has duly executed this Investor Rights Agreement as of the Effective Date.

   

		PUBCO:
	 	 
	 	CHURCHILL CAPITAL CORP IV
	 	 
	 	 
	 	By:	/s/ Jay Taragin
	 	 	Name: Jay Taragin
	 	 	Title: Chief Financial Officer

  

 

		SPONSOR:
	 	 
	 	CHURCHILL SPONSOR IV LLC
	 	 
	 	 
	 	By:	/s/ Jay Taragin
	 	 	Name: Jay Taragin
	 	 	Title: Authorized Person

 

    	 	42	 

     

    

 

	 	AYAR:
	 	 
	 	AYAR THIRD INVESTMENT COMPANY
	 	 
	 	 
	 	By:	/s/ Turqi Alnowaiser
	 	 	Name: Turqi Alnowaiser
	 	 	Title:Authorized Signatory

 

    	 	43	 

     

    

 

Exhibit
A

 

Form
of Joinder

 

This Joinder
(this “Joinder”) to the Investor Rights Agreement, made as of ___________, is executed by ___________ (“Joining
Lucid Insider”).

 

WHEREAS,
pursuant to the Merger Agreement, Joining Lucid Insider will receive shares of Common Stock; and

 

WHEREAS,
Joining Lucid Insider is required to become a party to that certain Investor Rights Agreement, dated as of February 22, 2021,
among Lucid Group, Inc. ( “PubCo”) and the other persons party thereto (the “Investor Rights Agreement”)
prior to the Closing Date by executing and delivering this Joinder, whereupon such Joining Lucid Insider will be treated as a
Party (with the same rights and obligations as other Lucid Insiders party thereto) for all purposes of the Investor Rights Agreement.

 

NOW, THEREFORE,
in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound
hereby, the parties hereto agree as follows:

 

Section 1.1.Definitions.
To the extent capitalized words used in this Joinder are not defined in this Joinder, such words shall have the respective meanings
set forth in the Investor Rights Agreement.

 

Section 1.3.Joinder.
Joining Lucid Insider hereby acknowledges and agrees that (a) such Joining Lucid Insider has received and read the Investor Rights
Agreement, and (b) such Joining Lucid Insider will be treated as a Party (with the same rights and obligations as other Lucid
Insiders party thereto) for all purposes of the Investor Rights Agreement.

 

Section 1.4.Notice.
Any notice, demand or other communication under the Investor Rights Agreement to Joining Lucid Insider shall be given to Joining
Lucid Insider at the address set forth on the signature page hereto in accordance with ‎Section
5.6 of the Investor Rights Agreement.

 

Section 1.5.Governing
Law. This Joinder shall be governed by and construed in accordance with the law of the State of Delaware.

 

Section 1.6.Counterparts;
Electronic Delivery. This Joinder may be executed and delivered in one or more counterparts, by fax, email or other electronic
transmission, each of which shall be deemed an original and all of which shall be considered one and the same agreement. The words
 “execution,” “signed,” “signature,” “delivery,” and words of like import in or
relating to this Joinder or any document to be signed in connection with this Joinder shall be deemed to include electronic signatures,
deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may
be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

 

    	 	1	 

     

    

 

IN WITNESS
WHEREOF, this Joinder has been duly executed and delivered by the parties as of the date first above written.

 

	 	[JOINING LUCID INSIDER]
	 	 
	 	 
	 	By:	 
	 	Name:
	 	Title:
	 
	 	Address for notices:

 

    	 	2	 

     

    

 

Exhibit
B

 

Form
of Joinder

 

This Joinder
(this “Joinder”) to the Investor Rights Agreement, made as of ___________, is between ___________ (“Transferor”)
and ___________ (“Transferee”).

 

WHEREAS,
as of the date hereof, Transferee is acquiring Registrable Securities (the “Acquired Interests”) from Transferor;

 

WHEREAS,
Transferor is a party to that certain Investor Rights Agreement, dated as of February 22, 2021, among Lucid Group, Inc. ( “PubCo”)
and the other persons party thereto (the “Investor Rights Agreement”); and

 

WHEREAS,
Transferee is required, at the time of and as a condition to such Transfer, to become a party to the Investor Rights Agreement
by executing and delivering this Joinder, whereupon such Transferee will be treated as a Party (with the same rights and obligations
as the Transferor) for all purposes of the Investor Rights Agreement.

 

NOW, THEREFORE,
in consideration of the foregoing and the respective covenants and agreements set forth herein, and intending to be legally bound
hereby, the parties hereto agree as follows:

 

Section 1.1.Definitions.
To the extent capitalized words used in this Joinder are not defined in this Joinder, such words shall have the respective meanings
set forth in the Investor Rights Agreement.

 

Section 1.2.Acquisition.
The Transferor hereby Transfers to the Transferee all of the Acquired Interests.

 

Section 1.3.Joinder.
Transferee hereby acknowledges and agrees that (a) such Transferee has received and read the Investor Rights Agreement, (b) such
Transferee is acquiring the Acquired Interests in accordance with and subject to the terms and conditions of the Investor Rights
Agreement and (c) such Transferee will be treated as a Party (with the same rights and obligations as the Transferor) for all
purposes of the Investor Rights Agreement.

 

Section 1.4.Notice.
Any notice, demand or other communication under the Investor Rights Agreement to Transferee shall be given to Transferee at the
address set forth on the signature page hereto in accordance with ‎Section
5.6 of the Investor Rights Agreement.

 

Section 1.5.Governing
Law. This Joinder shall be governed by and construed in accordance with the law of the State of Delaware.

 

Section 1.6.Counterparts;
Electronic Delivery. This Joinder may be executed and delivered in one or more counterparts, by fax, email or other electronic
transmission, each of which shall be deemed an original and all of which shall be considered one and the same agreement. The words
 “execution,” “signed,” “signature,” “delivery,” and words of like import in or
relating to this Joinder or any document to be signed in connection with this Joinder shall be deemed to include electronic signatures,
deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability
as a manually executed signature, physical delivery thereof or the use of a paper-based recordkeeping system, as the case may
be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means.

 

    	 	1	 

     

    

   

IN WITNESS
WHEREOF, this Joinder has been duly executed and delivered by the parties as of the date first above written.

 

	 	[TRANSFEROR]
	 
	 
	 	By:	 
	 	Name:
	 	Title:

 

 

	 	[TRANSFEREE]
	 
	 
	 	By:	 
	 	Name:
	 	Title:
	 
	 	Address for notices:Exhibit 10.2

 

Execution Version

 

Subscription
Agreement

 

This SUBSCRIPTION AGREEMENT
(this “Subscription Agreement”) is entered into this 22nd day of February, 2021, by and between Churchill Capital
Corp IV, a Delaware corporation (the “Issuer”), and the undersigned (“Subscriber” or “you”).
Defined terms used but not otherwise defined herein shall have the respective meanings ascribed thereto in the Merger Agreement
(as defined below).

 

WHEREAS, the Issuer,
Air Merger Sub, Inc., a Delaware corporation (“Merger Sub”) and Atieva, Inc., d/b/a Lucid Motors, an exempted
limited liability company organized under the laws of the Cayman Islands (“Lucid”), will, immediately following
the execution of this Subscription Agreement, enter into that certain Agreement and Plan of Merger, dated as of February 22, 2021
(as amended, modified, supplemented or waived from time to time in accordance with its terms, the “Merger Agreement”),
pursuant to which, inter alia, Merger Sub will be merged with and into Lucid, with Lucid surviving as a wholly owned subsidiary
of the Issuer (the “Merger”), on the terms and subject to the conditions set forth therein (the Merger, together
with the other transactions contemplated by the Merger Agreement, the “Transactions”);

 

WHEREAS, in connection
with the Transactions, Subscriber desires to subscribe for and purchase from the Issuer that number of shares of the Issuer’s
Class A common stock, par value $0.0001 per share (the “Class A common stock”) set forth on the signature page
hereto (the “Shares”) for a purchase price of $15.00 per share, for the aggregate purchase price set forth on
Subscriber’s signature page hereto (the “Purchase Price”), and the Issuer desires to issue and sell to
Subscriber the Shares in consideration of the payment of the Purchase Price therefor by or on behalf of Subscriber to the Issuer,
all on the terms and conditions set forth herein;

 

WHEREAS, certain other
 “qualified institutional buyers” (as defined in Rule 144A under the Securities Act of 1933, as amended (the “Securities
Act”)) or institutional “accredited investors” (as described in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act) (each, an “Other Subscriber”) have, severally and not jointly, entered into separate subscription
agreements with the Issuer (the “Other Subscription Agreements”), pursuant to which such investors have agreed
to purchase Class A common stock on the Closing Date at the same per share purchase price as the Subscriber, and the aggregate
amount of securities to be sold by the Issuer pursuant to this Subscription Agreement and the Other Subscription Agreements equals,
as of the date hereof, 166,666,667 shares of Class A common stock;

 

NOW, THEREFORE, in consideration
of the foregoing and the mutual representations, warranties and covenants, and subject to the conditions, herein contained, and
intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

For ease of administration,
this single Subscription Agreement is being executed so as to enable each Subscriber identified on the signature page to enter
into a Subscription Agreement, severally, but not jointly. The parties agree that (i) the Subscription Agreement shall be treated
as if it were a separate agreement with respect to each Subscriber listed on the signature page, as if each Subscriber entity
had executed a separate Subscription Agreement naming only itself as Subscriber, and (ii) no Subscriber listed on the signature
page shall have any liability under the Subscription Agreement for the obligations of any other Subscriber so listed. 

 

 

     

     

    

1.              
Subscription. Subject to the terms and conditions hereof, at the Closing, Subscriber hereby agrees to subscribe
for and purchase, and the Issuer hereby agrees to issue and sell to Subscriber, upon the payment of the Purchase Price, the Shares
(such subscription and issuance, the “Subscription”).

 

2.              
Representations, Warranties and Agreements.

 

2.1           
Subscriber’s Representations, Warranties and Agreements. To induce the Issuer to issue the Shares to Subscriber,
Subscriber hereby represents and warrants to the Issuer and acknowledges and agrees with the Issuer as follows:

 

2.1.1                  
Subscriber has been duly formed or incorporated and is validly existing in good standing under the laws of its jurisdiction
of incorporation or formation, with power and authority to enter into, deliver and perform its obligations under this Subscription
Agreement.

 

2.1.2                  
This Subscription Agreement has been duly authorized, validly executed and delivered by Subscriber. Assuming that this Subscription
Agreement constitutes the valid and binding agreement of the Issuer, this Subscription Agreement is the valid and binding obligation
of the Subscriber, is enforceable against Subscriber in accordance with its terms, except as may be limited or otherwise affected
by (i) bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights
of creditors generally, and (ii) principles of equity, whether considered at law or equity.

 

2.1.3                  
The execution, delivery and performance by Subscriber of this Subscription Agreement and the consummation of the transactions
contemplated herein do not and will not (i) conflict with or result in a breach or violation of any of the terms or provisions
of, or constitute a default under, or result in the creation or imposition of any lien, charge or encumbrance upon any of the property
or assets of Subscriber or any of its subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement,
lease, license or other agreement or instrument to which Subscriber or any of its subsidiaries is a party or by which Subscriber
or any of its subsidiaries is bound or to which any of the property or assets of Subscriber or any of its subsidiaries is subject,
which would reasonably be expected to have a material adverse effect on the legal authority of Subscriber to enter into and timely
perform its obligations under this Subscription Agreement (a “Subscriber Material Adverse Effect”), (ii) result
in any violation of the provisions of the organizational documents of Subscriber or any of its subsidiaries or (iii) result in
any violation of any statute or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or
foreign, having jurisdiction over Subscriber or any of its subsidiaries or any of their respective properties that would reasonably
be expected to have a Subscriber Material Adverse Effect.

 

2.1.4                  
Subscriber (i) is a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act) or an
institutional “accredited investor” (as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) satisfying
the applicable requirements set forth on Schedule I, (ii) is acquiring the Shares only for its own account and not for the
account of others, or if Subscriber is subscribing for the Shares as a fiduciary or agent for one or more investor accounts, each
owner of such account is a qualified institutional buyer, and Subscriber has full investment discretion with respect to each such
account, and the full power and authority to make the acknowledgements, representations, warranties and agreements herein on behalf
of each owner of each such account and (iii) is not acquiring the Shares with a view to, or for offer or sale in connection with,
any distribution thereof in violation of the Securities Act (and shall provide the requested information on Schedule I following
the signature page hereto). Subscriber is not an entity formed for the specific purpose of acquiring the Shares. Subscriber understands
that the offering of the Shares hereunder (the “offering”) meets the exemptions from filing under FINRA Rule 5123(b)(1)(C)
or (J).

 

 

    	 	Page 2 of 31	 

     

    

2.1.5                  
Subscriber (i) is an institutional account as defined in FINRA Rule 4512(c), (ii) is a sophisticated investor, experienced
in investing in private equity transactions and capable of evaluating investment risks independently, both in general and with
regard to all transactions and investment strategies involving a security or securities and (iii) has exercised independent judgment
in evaluating its participation in the purchase of the Shares. Accordingly, Subscriber understands that the offering meets (i)
the exemptions from filing under FINRA Rule 5123(b)(1)(A) and (ii) the institutional customer exemption under FINRA Rule 2111(b).

 

2.1.6                  
Subscriber understands that the Shares are being offered in a transaction not involving any public offering within the meaning
of the Securities Act and that the Shares have not been registered under the Securities Act. Subscriber understands that the Shares
may not be resold, transferred, pledged or otherwise disposed of by Subscriber absent an effective registration statement under
the Securities Act, except (i) to the Issuer or a subsidiary thereof, (ii) to non-U.S. persons pursuant to offers and sales that
occur solely outside the United States within the meaning of Regulation S under the Securities Act or (iii) pursuant to another
applicable exemption from the registration requirements of the Securities Act, and in each of cases (i) and (iii), in accordance
with any applicable securities laws of the states and other jurisdictions of the United States, and that any certificates representing
the Shares shall contain a legend to such effect. Subscriber acknowledges and agrees that the Shares will not immediately be eligible
for offer, resale, transfer, pledge or disposition pursuant to Rule 144 promulgated under the Securities Act, and that the provisions
of Rule 144(i) will apply to the Shares. Subscriber understands and agrees that the Shares will be subject to transfer restrictions
and, as a result of these transfer restrictions, Subscriber may not be able to readily resell the Shares and may be required to
bear the financial risk of an investment in the Shares for an indefinite period of time. Subscriber understands that it has been
advised to consult legal counsel prior to making any offer, resale, pledge or transfer of any of the Shares.

 

2.1.7                  
Subscriber understands and agrees that Subscriber is purchasing the Shares directly from the Issuer. Subscriber further
acknowledges that there have been no representations, warranties, covenants or agreements made to Subscriber by the Issuer, Lucid,
the Placement Agents or any of their respective officers or directors, expressly or by implication, other than those representations,
warranties, covenants and agreements expressly set forth in this Subscription Agreement.

 

 

    	 	Page 3 of 31	 

     

    

2.1.8                  
Subscriber represents and warrants that its acquisition and holding of the Shares will not constitute or result in a non-exempt
prohibited transaction under Section 406 of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”),
Section 4975 of the Internal Revenue Code of 1986, as amended (the “Code”), or any applicable similar law.

 

2.1.9                  
No disclosure or offering document has been prepared in connection with the offer and sale of the Shares by any of BofA
Securities Inc., Citigroup Global Markets Inc. or their respective affiliates (together, the “Placement Agents”).
In making its decision to purchase the Shares, Subscriber represents that it has relied solely upon the representations, warranties
and covenants set forth in this Agreement and the independent investigation made by Subscriber. Without limiting the generality
of the foregoing, Subscriber has not relied on any statements or other information provided by the Placement Agents or Lucid concerning
the Issuer, Lucid or the offer and sale of the Shares. Subscriber acknowledges and agrees that Subscriber had access to, and an
adequate opportunity to review, financial and other information as Subscriber deems necessary in order to make an investment decision
with respect to the Shares, including with respect to the Issuer, Lucid and the Transactions except that the Subscriber specifically
acknowledges that it has not had access to or reviewed the audited financial statements of Lucid in the proposed business combination,
which the Subscriber has considered not necessary to its decision to purchase the Shares. Subscriber represents and agrees that
Subscriber and Subscriber’s professional advisor(s), if any, have had the full opportunity to ask such questions, receive
such answers and obtain such information as Subscriber and such Subscriber’s professional advisor(s), if any, have deemed
necessary to make an investment decision with respect to the Shares. Subscriber has made its own assessment and has satisfied itself
concerning the relevant tax and other economic considerations relevant to its investment in the Shares.

 

2.1.10               
Subscriber became aware of this offering of the Shares solely by means of direct contact between Subscriber and the Issuer
or its representative (including the Placement Agents). Subscriber did not become aware of this offering of the Shares, nor were
the Shares offered to Subscriber, by any other means. Subscriber acknowledges that the Issuer represents and warrants that the
Shares (i) were not offered by any form of general solicitation or general advertising, including methods described in section
502(c) of Regulation D under the Securities Act and (ii) are not being offered in a manner involving a public offering under, or
in a distribution in violation of, the Securities Act, or any state securities laws.

 

2.1.11               
Subscriber acknowledges that it is aware that there are substantial risks incident to the purchase and ownership of the
Shares, including those set forth in the SEC Documents (as defined below) and the investor presentation provided by the Issuer.
Subscriber is able to fend for itself in the transactions contemplated herein, has such knowledge and experience in financial and
business matters as to be capable of evaluating the merits and risks of an investment in the Shares, and has sought such accounting,
legal and tax advice as Subscriber has considered necessary to make an informed investment decision.

 

 

    	 	Page 4 of 31	 

     

    

2.1.12               
Without limiting the representations, warranties and covenants set forth in this Agreement, alone, or together with any
professional advisor(s), Subscriber represents and acknowledges that Subscriber has adequately analyzed and fully considered the
risks of an investment in the Shares and determined that the Shares are a suitable investment for Subscriber and that Subscriber
is able at this time and in the foreseeable future to bear the economic risk of a total loss of Subscriber’s investment in
the Issuer. Subscriber acknowledges specifically that a possibility of total loss exists.

 

2.1.13               
Subscriber understands and agrees that no federal or state agency has passed upon or endorsed the merits of the offering
of the Shares or made any findings or determination as to the fairness of an investment in the Shares.

 

2.1.14               
Subscriber represents and warrants that Subscriber is not (i) a person or entity named on the List of Specially Designated
Nationals and Blocked Persons administered by the U.S. Treasury Department’s Office of Foreign Assets Control (“OFAC”)
or in any Executive Order issued by the President of the United States and administered by OFAC (“OFAC List”),
or a person or entity prohibited by any OFAC sanctions program, (ii) a Designated National as defined in the Cuban Assets Control
Regulations, 31 C.F.R. Part 515 or (iii) a non-U.S. shell bank or providing banking services indirectly to a non-U.S. shell bank
(collectively, a “Prohibited Investor”). Subscriber agrees to provide law enforcement agencies, if requested
thereby, such records as required by applicable law, provided, that Subscriber is permitted to do so under applicable law.
Subscriber represents that if it is a financial institution subject to the Bank Secrecy Act (31 U.S.C. Section 5311 et seq.) (the
 “BSA”), as amended by the USA PATRIOT Act of 2001 (the “PATRIOT Act”), and its implementing
regulations (collectively, the “BSA/PATRIOT Act”), that Subscriber maintains policies and procedures reasonably
designed to comply with applicable obligations under the BSA/PATRIOT Act. Subscriber also represents that, to the extent required,
it maintains policies and procedures reasonably designed for the screening of its investors against the OFAC sanctions programs,
including the OFAC List. Subscriber further represents and warrants that, to the extent required, it maintains policies and procedures
reasonably designed to ensure that the funds held by Subscriber and used to purchase the Shares were legally derived.

 

2.1.15               
If Subscriber is an employee benefit plan that is subject to Title I of ERISA, a plan, an individual retirement account
or other arrangement that is subject to section 4975 of the Code or an employee benefit plan that is a governmental plan (as defined
in section 3(32) of ERISA), a church plan (as defined in section 3(33) of ERISA), a non-U.S. plan (as described in section 4(b)(4)
of ERISA) or other plan that is not subject to the foregoing but may be subject to provisions under any other federal, state, local,
non-U.S. or other laws or regulations that are similar to such provisions of ERISA or the Code (collectively, “Similar
Laws”), or an entity whose underlying assets are considered to include “plan assets” of any such plan, account
or arrangement (each, a “Plan”) subject to the fiduciary or prohibited transaction provisions of ERISA or section
4975 of the Code, Subscriber represents and warrants that neither Issuer, nor any of its respective affiliates (the “Transaction
Parties”) has acted as the Plan’s fiduciary, or has been relied on for advice, with respect to its decision to
acquire and hold the Shares, and none of the Transaction Parties shall at any time be relied upon as the Plan’s fiduciary
with respect to any decision to acquire, continue to hold or transfer the Shares.

 

    	 	Page 5 of 31	 

     

    

2.1.16               
Except as expressly disclosed in a Schedule 13D or Schedule 13G (or amendments thereto) filed by such Subscriber, or a “group”
comprised solely of Subscriber and its affiliates, with the Commission with respect to the beneficial ownership of the Issuer’s
common stock, Subscriber is not currently (and at all times through Closing will refrain from being or becoming) a member of a
 “group” (within the meaning of Section 13(d)(3) or Section 14(d)(2) of the Securities Exchange Act of 1934, as amended
(the “Exchange Act”), or any successor provision), including any group acting for the purpose of acquiring,
holding or disposing of equity securities of the Issuer (within the meaning of Rule 13d-5(b)(1) under the Exchange Act).

 

2.1.17               
No foreign person (as defined in 31 C.F.R. Part 800.224) in which the national or subnational governments of a single foreign
state have a substantial interest (as defined in 31 C.F.R. Part 800.244) will acquire a substantial interest (as defined in 31
C.F.R. Part 800.244) in the Issuer as a result of the purchase and sale of the Shares hereunder such that a declaration to the
Committee on Foreign Investment in the United States would be mandatory under 31 C.F.R. Part 800.401, and Subscriber will not have
control (as defined in 31 C.F.R. Part 800.208) over the Issuer from and after the Closing as a result of the purchase and sale
of the Shares hereunder.

 

2.1.18               
Subscriber has, and on each date the Purchase Price would be required to be funded to the Issuer pursuant to Section
3.1 will have, sufficient immediately available funds to pay the Purchase Price pursuant to Section 3.1. Subscriber
is an entity having total liquid assets and net assets in excess of the Purchase Price as of the date hereof and as of each date
the Purchase Price would be required to be funded to the Issuer pursuant to Section 3.1 and was not formed for the purpose
of acquiring the Shares.

 

2.1.19               
No broker, finder or other financial consultant has acted on behalf of Subscriber in connection with this Subscription Agreement
or the transactions contemplated hereby in such a way as to create any liability on the Issuer.

 

2.1.20               
The Subscriber acknowledges that (i) the Issuer and the Placement Agents currently may have, and later may come into possession
of, information regarding the Issuer or Lucid that is not known to the Subscriber and that may be material to a decision to enter
into this transaction to purchase the Shares (“Excluded Information”), (ii) the Subscriber has determined to
enter into this transaction to purchase the Shares notwithstanding its lack of knowledge of the Excluded Information, and (iii)
none of the Issuer, Lucid nor the Placement Agents shall have liability to the Subscriber, and Subscriber hereby, to the extent
permitted by law, waives and releases any claims it may have against the Issuer, Lucid or any Placement Agent with respect to the
non-disclosure of the Excluded Information.

 

 

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2.1.21               
The Subscriber acknowledges that certain information provided to it was based on projections, and such projections were
prepared based on assumptions and estimates that are inherently uncertain and are subject to a wide variety of significant business,
economic and competitive risks and uncertainties that could cause actual results to differ materially from those contained in the
projections. The Subscriber acknowledges that such information and projections were prepared without the participation of the Placement
Agents and the Placement Agents assume no responsibility for independent verification of, or the accuracy or completeness of, such
information or projections.

 

2.1.22               
The Subscriber acknowledges that the Placement Agents and their respective directors, officers, employees, representatives
and controlling persons have made no independent investigation with respect to the Issuer, Lucid or the Shares or the accuracy,
completeness or adequacy of any information supplied to the Subscriber by the Issuer. In connection with the issue and purchase
of the Shares, the Placement Agents have not acted as the Subscriber’s financial advisors or fiduciaries.

 

2.2           
Issuer’s Representations, Warranties and Agreements. To induce Subscriber to purchase the Shares, the Issuer
hereby represents and warrants to Subscriber and agrees with Subscriber as follows:

 

2.2.1                  
The Issuer has been duly incorporated and is validly existing as a corporation in good standing under the Delaware General
Corporation Law (“DGCL”), with corporate power and authority to own, lease and operate its properties and conduct
its business as presently conducted and to enter into, deliver and perform its obligations under this Subscription Agreement.

 

2.2.2                  
The Shares have been duly authorized and, when issued and delivered to Subscriber against full payment for the Shares in
accordance with the terms of this Subscription Agreement and registered with the Issuer’s transfer agent, the Shares will
be validly issued, fully paid and non-assessable and will not have been issued in violation of or subject to any preemptive or
similar rights created under the Issuer’s amended and restated certificate of incorporation, bylaws, under the DGCL or otherwise.

 

2.2.3                  
This Subscription Agreement has been duly authorized, validly executed and delivered by the Issuer and, assuming that this
Subscription Agreement constitutes the valid and binding obligation of the Subscriber, is the valid and binding obligation of the
Issuer, is enforceable against the Issuer in accordance with its terms, except as may be limited or otherwise affected by (i) bankruptcy,
insolvency, fraudulent conveyance, reorganization, moratorium or other laws relating to or affecting the rights of creditors generally
and (ii) principles of equity, whether considered at law or equity.

 

 

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2.2.4                  
The Issuer is classified as a Subchapter C corporation for U.S. federal income tax purposes.

 

2.2.5                  
The execution, delivery and performance of this Subscription Agreement (including compliance by the Issuer with all of the
provisions hereof), issuance and sale of the Shares and the consummation of the certain other transactions contemplated herein
will not (i) conflict with or result in a breach or violation of any of the terms or provisions of, or constitute a default under,
or result in the creation or imposition of any lien, charge or encumbrance upon any of the property or assets of the Issuer or
any of its subsidiaries pursuant to the terms of any indenture, mortgage, deed of trust, loan agreement, lease, license or other
agreement or instrument to which the Issuer or any of its subsidiaries is a party or by which the Issuer or any of its subsidiaries
is bound or to which any of the property or assets of the Issuer or any of its subsidiaries is subject, which would reasonably
be expected to have a material adverse effect on the legal authority of the Issuer to enter into and timely perform its obligations
under this Subscription Agreement (an “Issuer Material Adverse Effect”), (ii) result in any violation of the
provisions of the organizational documents of the Issuer or any of its subsidiaries or (iii) result in any violation of any statute
or any judgment, order, rule or regulation of any court or governmental agency or body, domestic or foreign, having jurisdiction
over the Issuer or any of its subsidiaries or any of their respective properties that would reasonably be expected to have an Issuer
Material Adverse Effect.

 

2.2.6                  
Neither the Issuer, nor any person acting on its behalf has, directly or indirectly, made any offers or sales of any Issuer
security or solicited any offers to buy any security under circumstances that would adversely affect reliance by the Issuer on
Section 4(a)(2) of the Securities Act for the exemption from registration for the transactions contemplated hereby or would require
registration of the issuance of the Shares under the Securities Act.

 

2.2.7                  
Neither the Issuer nor any person acting on its behalf has conducted any general solicitation or general advertising, including
methods described in section 502(c) of Regulation D under the Securities Act, in connection with the offer or sale of any of the
Shares and neither the Issuer nor any person acting on its behalf offered any of the Shares in a manner involving a public offering
under, or in a distribution in violation of, the Securities Act or any state securities laws.

 

2.2.8                  
Concurrently with the execution and delivery of this Subscription Agreement, the Issuer is entering into the Other Subscription
Agreements providing for the sale of an aggregate of 166,666,667 shares of Class A common stock for an aggregate purchase price
of $2,500,000,005 (including the Shares purchased and sold under this Subscription Agreement). There are no Other Subscription
Agreements, side letter agreements or other agreements or understandings (including written summaries of any oral understandings)
with any Other Subscriber (other than Subscribers in connection with the Other Subscription Agreements) (collectively, the “PIPE
Agreements”) which include terms and conditions that are materially more advantageous to any such Other Holder (as compared
to Subscriber) other than such PIPE Agreements containing any of the following: (i) any rights or benefits granted to an Other
Subscriber in connection with such Other Subscriber’s compliance with any law, regulation or policy specifically applicable
to such Other Subscriber or in connection with the taxable status of an Other Subscriber, (ii) any rights or benefits which are
personal to an Other Subscriber based solely on its place of organization or headquarters, organizational form of, or other particular
restrictions applicable to, such Other Subscriber, (iii) any rights with respect to the confidentiality or disclosure of an Other
Subscriber’s identity, or (iv) any rights or benefits granted to the Issuer, Lucid or any of their respective affiliates
or any of their respective partners, members, shareholders, employees or agents.

 

 

    	 	Page 8 of 31	 

     

    

2.2.9                  
As of the date of this Subscription Agreement, the authorized capital stock of the Issuer consists of 501,000,000 shares
of capital stock, including (a) 400,000,000 shares of Class A common stock, (b) 100,000,000 shares of Class B common stock, par
value $0.0001 per share (“Class B common stock”); and (c) 1,000,000 shares of preferred stock, par value $0.0001
per share (“Preferred Shares”). As of the date hereof: (i) no Preferred Shares are issued and outstanding; (ii)
207,000,000 shares of Class A common stock are issued and outstanding; (iii) 51,750,000 shares of Class B common stock are
issued and outstanding; (iv) 42,850,000 warrants to purchase 42,850,000 shares of Class A common stock (the “Private Placement
Warrants”) are outstanding; and (v) 41,400,000 warrants to purchase 41,400,000 shares of Class A common stock (the “Public
Warrants”) are outstanding. All (i) issued and outstanding shares of Class A common stock and Class B common stock have
been duly authorized and validly issued, are fully paid and are non-assessable and are not subject to preemptive rights and (ii)
outstanding Private Placement Warrants and Public Warrants have been duly authorized and validly issued, are fully paid and are
not subject to preemptive rights. Except as set forth above and pursuant to the Other Subscription Agreements and the Merger Agreement,
there are no outstanding options, warrants or other rights to subscribe for, purchase or acquire from the Issuer any shares of
Class A common stock, or Class B common stock, or any other equity interests in the Issuer, or securities convertible into or exchangeable
or exercisable for such equity interests. As of the date hereof, other than Merger Sub, the Issuer has no subsidiaries and does
not own, directly or indirectly, interests or investments (whether equity or debt) in any person, whether incorporated or unincorporated.
There are no stockholder agreements, voting trusts or other agreements or understandings to which the Issuer is a party or by which
it is bound relating to the voting of any securities of the Issuer, other than (A) as set forth in the SEC Documents and (B) as
contemplated by the Merger Agreement and the Transaction Agreements.

 

2.2.10               
Assuming the accuracy of Subscriber’s representations and warranties set forth in Section 2.1 of this Subscription
Agreement, (x) no registration under the Securities Act is required for the offer and sale of the Shares by the Issuer to Subscriber
and (y) no consent, approval, order or authorization of, or registration, qualification, designation, declaration or filing with,
any federal, state or local Governmental Authority is required on the part of the Issuer in connection with the consummation of
the transactions contemplated by this Subscription Agreement.

 

 

    	 	Page 9 of 31	 

     

    

2.2.11               
The Issuer has made available to Subscriber (including via the Securities and Exchange Commission’s (the “Commission”)
EDGAR system) a true, correct and complete copy of each form, report, statement, schedule, prospectus, proxy, registration statement
and other documents filed by the Issuer with the Commission prior to the date of this Subscription Agreement (the “SEC
Documents”). None of the SEC Documents filed under the Exchange Act, contained, when filed or, if amended prior to the
date of this Subscription Agreement, as of the date of such amendment with respect to those disclosures that are amended, any untrue
statement of a material fact or omitted to state a material fact required to be stated therein or necessary to make the statements
therein, in light of the circumstances under which they were made, not misleading. The Issuer has timely filed each report, statement,
schedule, prospectus, and registration statement that the Issuer was required to file with the Commission since its inception and
through the date hereof. There are no material outstanding or unresolved comments in comment letters from the Commission staff
with respect to any of the SEC Documents.

 

2.2.12               
There are no pending or, to the knowledge of the Issuer, threatened, actions, which, if determined adversely, would, individually
or in the aggregate, reasonably be expected to have an Issuer Material Adverse Effect. As of the date hereof, there is no unsatisfied
judgment or any open injunction binding upon the Issuer which would, individually or in the aggregate, reasonably be expected to
have an Issuer Material Adverse Effect.

 

2.2.13               
The Issuer is not required to obtain any consent, waiver, authorization or order of, give any notice to, or make any filing
or registration with, any court or other federal, state, local or other governmental authority, self-regulatory organization or
other person in connection with the issuance of the Shares pursuant to this Subscription Agreement, other than (i) filings with
the SEC, (ii) filings required by applicable state securities laws, (iii) those required by the New York Stock Exchange, including
with respect to obtaining approval of the Issuer’s stockholders, and (iv) the failure of which to obtain would not be reasonably
be expected to have, individually or in the aggregate, an Issuer Material Adverse Effect.

 

2.2.14               
As of the date hereof, the Issuer has not received any written communication from a governmental authority that alleges
that the Issuer is not in compliance with or is in default or violation of any applicable law, except where such non-compliance,
default or violation would not reasonably be expected to have, individually or in the aggregate, an Issuer Material Adverse Effect.

 

2.2.15               
No broker, finder or other financial consultant has acted on behalf of Issuer in connection with this Subscription Agreement
or the transactions contemplated hereby in such a way as to create any liability on the Subscriber.

 

 

    	 	Page 10 of 31	 

     

    

2.2.16               
The Class A common stock of the Issuer is registered pursuant to Section 12(b) of the Exchange Act, and listed for trading
on the New York Stock Exchange (the “NYSE”). There is no suit, action, proceeding or investigation pending or, to the
knowledge of the Issuer, threatened against the Issuer by the NYSE or the Commission with respect to any intention by such entity
to deregister the Class A common stock or prohibit or terminate the listing of the Class A common stock on the NYSE. The Issuer
has taken no action that is designed to terminate the registration of the Class A common stock under the Exchange Act.

 

2.2.17               
There are no securities or instruments issued by or to which the Issuer is a party containing anti-dilution or similar provisions
that will be triggered by the issuance of (i) the Shares or (ii) the Class A common stock to be issued pursuant to any Other Subscription
Agreement, in each case, that have not been or will not be validly waived on or prior to the Closing Date.

 

2.2.18               
The Issuer acknowledges and agrees that, notwithstanding anything herein to the contrary, the Shares may be pledged in connection
with a bona fide margin agreement, provided such pledge shall be (i) pursuant to an available exemption from the registration requirements
of the Securities Act or (ii) pursuant to, and in accordance with, a registration statement that is effective under the Securities
Act at the time of such pledge, and Subscriber effecting a pledge of such Shares shall not be required to provide the Issuer with
any notice thereof; provided, however, that the Issuer shall not be required to take any action (or refrain from taking any action)
in connection with any such pledge, other than providing any such lender of such margin agreement with an acknowledgment that the
Shares are not subject to any contractual prohibition on pledging or lock-up, the form of such acknowledgment to be subject to
the reasonable review and comment by the Issuer in all respects.

 

2.2.19               
The Issuer is not, and has not been during the applicable period specified in Section 897(c)(1)(A)(ii) of the Code, a “United
States real property holding corporation” within the meaning of Section 897(c)(2) of the Code.

 

3.              
Settlement Date and Delivery.

 

3.1           
Closing. The closing of the Subscription contemplated hereby (the “Closing”) shall occur on the
date of, and immediately prior to, the consummation of the Transactions. Upon written notice from (or on behalf of) the Issuer
to Subscriber (the “Closing Notice”) at least five (5) Business Days prior to the date that the Issuer reasonably
expects all conditions to the closing of the Transactions to be satisfied (the “Expected Closing Date”), Subscriber
shall deliver to the Issuer no later than three (3) Business Days prior to the Expected Closing Date, the Purchase Price for the
Shares, by wire transfer of United States dollars in immediately available funds to the account specified by the Issuer in the
Closing Notice, such funds to be held by the Issuer in escrow until the Closing. If the Transactions are not consummated on or
prior to the tenth (10th) Business Day after the Expected Closing Date, the Issuer shall return the Purchase Price to Subscriber
by wire transfer of United States dollars in immediately available funds to an account specified by Subscriber. Notwithstanding
such return, (i) a failure to close on the Expected Closing Date shall not, by itself, be deemed to be a failure of any of
the conditions to Closing set forth in this Section 3 to be satisfied or waived on or prior to the Closing Date, and
(ii) Subscriber shall remain obligated (A) to redeliver funds to the Issuer following the Issuer’s delivery to Subscriber
of a new Closing Notice and (B) to consummate the Closing upon satisfaction of the conditions set forth in this Section 3.
Unless otherwise agreed by Lucid in writing, the Issuer shall deliver the Closing Notice at least two (2) Business Days prior to
the date of the Special Meeting. At the Closing, upon satisfaction (or, if applicable, waiver) of the conditions set forth in this
Section 3, the Issuer shall deliver to Subscriber the Shares in certificated or book entry form (at the Issuer’s election),
in the name of Subscriber (or its nominee in accordance with its delivery instructions) or to a custodian designated by Subscriber,
as applicable. For purposes of this Subscription Agreement, “Business Day” means any day that, in New York,
New York, is neither a legal holiday nor a day on which banking institutions are generally authorized or required by law or regulation
to close.

 

 

    	 	Page 11 of 31	 

     

    

3.2           
Conditions to Closing of the Issuer.

 

The Issuer’s obligations
to sell and issue the Shares at the Closing are subject to the fulfillment or (to the extent permitted by applicable law) written
waiver by Issuer, on or prior to the Closing Date, of each of the following conditions:

 

3.2.1                  
Representations and Warranties Correct. The representations and warranties made by Subscriber in Section 2.1
hereof shall be true and correct in all material respects when made (other than representations and warranties that are qualified
as to materiality or Subscriber Material Adverse Effect, which representations and warranties shall be true and correct in all
respects), and shall be true and correct in all material respects on and as of the Closing Date (unless they specifically speak
as of another date in which case they shall be true and correct in all material respects as of such date) (other than representations
and warranties that are qualified as to materiality or Subscriber Material Adverse Effect, which representations and warranties
shall be true in all respects) with the same force and effect as if they had been made on and as of said date, but in each case
without giving effect to consummation of the Transactions.

 

3.2.2                  
Compliance with Covenants. Subscriber shall have performed, satisfied and complied in all material respects with
the covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by
Subscriber at or prior to the Closing.

 

3.2.3                  
Closing of the Transactions. All conditions precedent to the Issuer’s obligations to consummate, or cause to
be consummated, the Transactions set forth in the Merger Agreement shall have been satisfied or waived by the party entitled to
the benefit thereof under the Merger Agreement (other than those conditions that may only be satisfied at the consummation of the
Transactions, but subject to satisfaction or waiver by such party of such conditions as of the consummation of the Transactions),
and the Transactions will be consummated immediately following the Closing.

 

 

    	 	Page 12 of 31	 

     

    

3.2.4                  
Legality. There shall not be in force any order, judgment, injunction, decree, writ, stipulation, determination or
award, in each case, entered by or with any Governmental Authority, statute, rule or regulation enjoining or prohibiting the consummation
of the Subscription.

 

3.3           
Conditions to Closing of Subscriber.

 

Subscriber’s obligation
to purchase the Shares at the Closing is subject to the fulfillment or (to the extent permitted by applicable law) written waiver
by Subscriber, on or prior to the Closing Date, of each of the following conditions:

 

3.3.1                  
Representations and Warranties Correct. The representations and warranties made by the Issuer in Section 2.2
hereof shall be true and correct in all material respects when made (other than representations and warranties that are qualified
as to materiality or Issuer Material Adverse Effect, which representations and warranties shall be true and correct in all respects),
and shall be true and correct in all material respects on and as of the Closing Date (unless they specifically speak as of another
date in which case they shall be true and correct in all material respects as of such date) (other than representations and warranties
that are qualified as to materiality or Issuer Material Adverse Effect, which representations and warranties shall be true and
correct in all respects) with the same force and effect as if they had been made on and as of said date, but in each case without
giving effect to consummation of the Transactions; provided, that in the event this condition would otherwise fail to be
satisfied as a result of a breach of one or more of the representations and warranties of the Issuer contained in this Subscription
Agreement and the facts underlying such breach would also cause a condition to Lucid’s obligations under the Merger Agreement
to fail to be satisfied, this condition shall nevertheless be deemed satisfied in the event Lucid waives such condition with respect
to such breach under the Merger Agreement.

 

3.3.2                  
Compliance with Covenants. The Issuer shall have performed, satisfied and complied in all material respects with
the covenants, agreements and conditions required by this Subscription Agreement to be performed, satisfied or complied with by
the Issuer at or prior to the Closing, except where the failure of such performance or compliance would not or would not reasonably
be expected to prevent, materially delay, or materially impair the ability of the Issuer to consummate the Closing.

 

3.3.3                  
Closing of the Transactions. (i) All conditions precedent to the consummation of the Transactions set forth in the
Merger Agreement shall have been satisfied or waived by the party entitled to the benefit thereof under the Merger Agreement (other
than those conditions that may only be satisfied at the consummation of the Transactions, but subject to satisfaction or waiver
by such party of such conditions as of the consummation of the Transactions), (ii) no amendment or modification of the Merger Agreement
(as the same exists on the date hereof as provided to the Subscriber) shall have occurred that would reasonably be expected to
materially and adversely affect the economic benefits that the Subscriber would reasonably expect to receive under this Agreement
without having received Subscriber’s prior written consent and (iii) the Transactions will be consummated immediately following
the Closing.

 

 

    	 	Page 13 of 31	 

     

    

3.3.4                  
Legality. There shall not be in force any order, judgment, injunction, decree, writ, stipulation, determination or
award, in each case, entered by or with any governmental authority, statute, rule or regulation enjoining or prohibiting the transactions
contemplated by this Subscription Agreement.

 

4.              
Registration Statement.

 

4.1           
The Issuer agrees that, within 30 calendar days after the consummation of the Transactions (the “Filing Date”),
the Issuer will file with the Commission (at the Issuer’s sole cost and expense) a registration statement for a shelf registration
on Form S-1 (the “Registration Statement”) registering the resale of the Shares that are eligible for registration
(determined as of two Business Days prior to such filing) (the “Registrable Securities”), and the Issuer shall
use its commercially reasonable efforts to have the Registration Statement declared effective as soon as practicable after the
filing thereof, but no later than the earlier of (i) the 90th calendar day (or 150th calendar day if the
Commission notifies the Issuer that it will “review” the Registration Statement) following the Closing and (ii) the
10th Business Day after the date the Issuer is notified (orally or in writing, whichever is earlier) by the Commission that the
Registration Statement will not be “reviewed” or will not be subject to further review (such earlier date, the “Effectiveness
Date”); provided, however, that the Issuer’s obligations to include the Registrable Securities
in the Registration Statement are contingent upon Subscriber furnishing a completed and executed selling shareholders questionnaire
in customary form to the Issuer that contains the information required by Commission rules for a Registration Statement regarding
Subscriber, the securities of the Issuer held by Subscriber and the intended method of disposition of the Registrable Securities
(which shall be limited to non-underwritten public offerings) to effect the registration of the Registrable Securities, and Subscriber
shall execute such documents in connection with such registration as the Issuer may reasonably request that are customary of a
selling stockholder in similar situations, including providing that the Issuer shall be entitled to postpone and suspend the effectiveness
or use of the Registration Statement during any customary blackout or similar period or as permitted hereunder. For purposes of
clarification, any failure by the Issuer to file the Registration Statement by the Filing Date or to effect such Registration Statement
by the Effectiveness Date shall not otherwise relieve the Issuer of its obligations to file or effect the Registration Statement
as set forth above in this Section 4. Notwithstanding the foregoing, if the Commission prevents the Issuer from including
any or all of the Shares proposed to be registered under the Registration Statement due to limitations on the use of Rule 415 of
the Securities Act for the resale of the Shares by the applicable stockholders or otherwise, such Registration Statement shall
register for resale such number of Shares which is equal to the maximum number of Shares as is permitted by the Commission. In
such event, the number of Shares to be registered for each selling stockholder named in the Registration Statement shall be reduced
pro rata among all such selling stockholders. Unless required under applicable laws and Commission rules, in no event shall the
Subscriber be identified as a statutory underwriter in the Registration Statement; provided, that if the Subscriber is required
to be so identified as a statutory underwriter in the Registration Statement, the Subscriber will have an opportunity to withdraw
its Registrable Securities from the Registration Statement.

 

 

    	 	Page 14 of 31	 

     

    

4.2           
In the case of the registration effected by the Issuer pursuant to this Subscription Agreement, the Issuer shall, upon reasonable
request, inform Subscriber as to the status of such registration. At its expense the Issuer shall:

 

4.2.1                  
except for such times as the Issuer is permitted hereunder to suspend the use of the prospectus forming part of a Registration
Statement, use its commercially reasonable efforts to keep such registration, and any qualification, exemption or compliance under
state securities laws which the Issuer determines to obtain, continuously effective with respect to Subscriber, and to keep the
applicable Registration Statement or any subsequent shelf registration statement free of any material misstatements or omissions,
until the earlier of the following: (i) Subscriber ceases to hold any Registrable Securities, (ii) the date all Registrable Securities
held by Subscriber may be sold without restriction under Rule 144, including without limitation, any volume and manner of sale
restrictions which may be applicable to affiliates under Rule 144 and without the requirement for the Issuer to be in compliance
with the current public information required under Rule 144(c)(1) (or Rule 144(i)(2), if applicable) and (iii) three years from
the date of effectiveness of the Registration Statement;

 

4.2.2                  
advise Subscriber as promptly as possible:

 

(a)            
when the Registration Statement or any post-effective amendment thereto has become effective;

 

(b)            
after it shall have received notice or obtained knowledge thereof, of the issuance by the Commission of any stop order suspending
the effectiveness the Registration Statement or the initiation of any proceedings for such purpose;

 

(c)            
of the receipt by the Issuer of any notification with respect to the suspension of the qualification of the Registrable
Securities included therein for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose;
and

 

(d)            
subject to the provisions in this Subscription Agreement, of the occurrence of any event that requires the making of any
changes in the Registration Statement or any prospectus so that, as of such date, the statements therein are not misleading and
do not omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of
a prospectus, in the light of the circumstances under which they were made) not misleading.

 

Notwithstanding anything
to the contrary set forth herein, the Issuer shall not, when so advising Subscriber of such events, provide Subscriber with any
material, non-public information regarding the Issuer other than to the extent that providing notice to Subscriber of the occurrence
of the events listed in (a) through (d) above constitutes material, non-public information regarding the Issuer;

 

4.2.3                  
use its commercially reasonable efforts to obtain the withdrawal of any order suspending the effectiveness of the Registration
Statement as soon as reasonably practicable;

 

 

    	 	Page 15 of 31	 

     

    

4.2.4                  
upon the occurrence of any event contemplated in Section 4.2.2(d), except for such times as the Issuer is permitted
hereunder to suspend, and has suspended, the use of a prospectus forming part of the Registration Statement, use its commercially
reasonable efforts to as soon as reasonably practicable prepare a post-effective amendment to the Registration Statement or a supplement
to the related prospectus, or file any other required document so that, as thereafter delivered to purchasers of the Registrable
Securities included therein, such prospectus will not include any untrue statement of a material fact or omit to state any material
fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading;
and

 

4.2.5                  
use its commercially reasonable efforts to cause all Shares to be listed on each securities exchange or market, if any,
on which the Issuer’s Class A common stock is then listed.

 

4.3           
Notwithstanding anything to the contrary in this Subscription Agreement, the Issuer shall be entitled to delay or postpone
the effectiveness of the Registration Statement, and from time to time to require Subscriber not to sell under the Registration
Statement or to suspend the effectiveness thereof, if the filing, effectiveness or continued use of any Registration Statement
would require the Issuer to make any public disclosure of material non-public information, which disclosure, in the good faith
determination of the board of directors of the Issuer, after consultation with counsel to the Issuer, (a) would be required to
be made in any Registration Statement in order for the applicable Registration Statement not to contain any untrue statement of
a material fact or omit to state a material fact necessary to make the statements contained therein not misleading, (b) would not
be required to be made at such time if the Registration Statement were not being filed, and (c) the Issuer has a bona fide
business purpose for not making such information public (each such circumstance, a “Suspension Event”);
provided, however, that the Issuer may not delay or suspend the Registration Statement on more than two occasions
or for more than ninety (90) consecutive calendar days, or more than one hundred and fifty (150) total calendar days, in each case
during any twelve-month period. Upon receipt of any written notice from the Issuer of the happening of any Suspension Event during
the period that the Registration Statement is effective or if as a result of a Suspension Event the Registration Statement or related
prospectus contains any untrue statement of a material fact or omits to state any material fact required to be stated therein or
necessary to make the statements therein, in light of the circumstances under which they were made (in the case of the prospectus)
not misleading, Subscriber agrees that (i) it will immediately discontinue offers and sales of the Shares under the Registration
Statement until Subscriber receives copies of a supplemental or amended prospectus (which the Issuer agrees to promptly prepare)
that corrects the misstatement(s) or omission(s) referred to above and receives notice that any post-effective amendment has become
effective or unless otherwise notified by the Issuer that it may resume such offers and sales, and (ii) it will maintain the confidentiality
of any information included in such written notice delivered by the Issuer except (A) for disclosure to the Subscriber’s
employees, agents and professional advisers who need to know such information and are obligated to keep it confidential, (B) for
disclosures to the extent required in order to comply with reporting obligations to its limited partners who have agreed to keep
such information confidential and (C) as required by law. If so directed by the Issuer, Subscriber will deliver to the Issuer or,
in Subscriber’s sole discretion destroy, all copies of the prospectus covering the Shares in Subscriber’s possession;
provided, however, that this obligation to deliver or destroy all copies of the prospectus covering the Shares shall
not apply (i) to the extent Subscriber is required to retain a copy of such prospectus (a) in order to comply with applicable legal,
regulatory, self-regulatory or professional requirements or (b) in accordance with a bona fide pre-existing document retention
policy or (ii) to copies stored electronically on archival servers as a result of automatic data back-up.

 

 

    	 	Page 16 of 31	 

     

    

5.              
Termination. This Subscription Agreement shall terminate and be void and of no further force and effect, and
all rights and obligations of the parties hereunder shall terminate without any further liability on the part of any party in respect
thereof, upon the earlier to occur of (i) such date and time as the Merger Agreement is validly terminated in accordance with its
terms and (ii) upon the mutual written agreement of each of the parties hereto to terminate this Subscription Agreement; provided,
that nothing herein will relieve any party from liability for any willful breach hereof prior to the time of termination, and each
party will be entitled to any remedies at law or in equity to recover losses, liabilities or damages arising from such breach.
The Issuer shall promptly notify Subscriber and the Placement Agents of the termination of the Merger Agreement promptly after
the termination of such agreement.

 

6.              
Short Sales/Transfers.

 

6.1           
Except as permitted by Section 6.3, from the date of this Subscription Agreement until the earlier of (a) termination
of this Subscription Agreement, and (b) the later of (ii) September 1, 2021, and (ii) the date the Registration Statement is declared
effective (the “Lock-up Period”), none of Subscriber, its controlled affiliates, or any person or entity acting
on behalf of Subscriber or any of its controlled affiliates or pursuant to any understanding with Subscriber or any of its controlled
affiliates shall, directly or indirectly, offer, sell, contract to sell, pledge, grant any option to purchase, or otherwise dispose
of or distribute (“Transfer”) any of the Shares, or publicly disclose the intention to make any Transfer of
the Shares. Subscriber further agrees that, during the Lock-Up Period, none of Subscriber, its controlled affiliates, or any person
or entity acting on behalf of Subscriber or any of its controlled affiliates or pursuant to any understanding with Subscriber or
any of its controlled affiliates will engage in any Short Sales with respect to securities of the Issuer. For the purposes hereof,
 “Short Sales” shall include, without limitation, all “short sales” as defined in Rule 200 promulgated
under Regulation SHO under the Exchange Act, and all types of direct and indirect stock pledges (other than pledges in the ordinary
course of business as part of prime brokerage arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements
(including on a total return basis), including through non-U.S. broker dealers or foreign regulated brokers.  The foregoing
restriction is expressly agreed to preclude Subscriber from engaging in any hedging or other transaction which is designed to or
which reasonably could be expected to lead to or result in a sale or disposition of the Shares even if such Shares would be disposed
of by someone other than Subscriber.  Such prohibited hedging or other transactions include any purchase, sale or grant of
any right (including any put or call option) with respect to any of the Shares of Subscriber or with respect to any security that
includes, relates to, or derives any significant part of its value from such Shares. Notwithstanding the foregoing, (x) nothing
herein shall prohibit other entities under common management with the Subscriber that have no knowledge of this Subscription Agreement
or the Subscriber’s entry into this Agreement from entering into any Transfer and (y) in the case of a Subscriber that is
a multi-managed investment vehicle whereby separate portfolio managers manage separate portions of such Subscriber’s assets
and the portfolio managers have no knowledge of the investment decisions made by the portfolio managers managing other portions
of such Subscriber’s assets, the limitations set forth in this Section 6 shall only apply with respect to the portion of
assets managed by the portfolio manager that made the investment decision to purchase the Shares covered by this Subscription Agreement.

 

 

    	 	Page 17 of 31	 

     

    

6.2           
Subscriber agrees and consents to the entry of stop transfer instructions with the Issuer’s transfer agent against
the transfer of any Shares during the Lock-Up Period, except in compliance with the foregoing restrictions. 

 

6.3           
Notwithstanding anything to the contrary set forth herein, Subscriber may Transfer Shares prior to the expiration of the
Lock-up Period (a) to (i) an Affiliate of Subscriber, (ii) in the case of an entity, to its direct or indirect beneficial owners
in accordance with their pro rata ownership share in such entity, or (iii) such other person or entity upon the prior written
consent of the Issuer; provided that, in each case, it shall be a condition to any such Transfer, that the transferee execute
and deliver a joinder to this Subscription Agreement in a form reasonably satisfactory to the Issuer whereby such transferee shall
agree to be bound by the terms of this Subscription Agreement as if such transferee were Subscriber hereunder and (b) pursuant
to a bona fide third-party tender offer made to all holders of the Issuer’s Class A common stock or any other shares of the
Issuer’s capital stock, merger, consolidation or other similar transaction approved by the Issuer’s board of directors,
and the result of which is that any “person” (as defined in Section 13(d)(3) of the Exchange Act), or group of persons,
becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 of the Exchange Act) of a majority of the total voting power
of the Issuer or the surviving entity (a “Change of Control Transaction”); provided that in the event
that the Change of Control Transaction is not completed, Subscriber’s Shares shall remain subject to the restrictions contained
in this Section 6.3.  For purposes of this Section 6.3, (i) “Affiliate” shall mean, with
respect to any person or entity, any other person or entity who, directly or indirectly, controls, is controlled by, or is under
direct or indirect common control with, such person or entity, and (ii)  “control,” when used with respect
to any specified person or entity, shall mean the power to direct or cause the direction of the management and policies of such
person or entity, directly or indirectly, whether through ownership of voting securities or partnership or other ownership interests,
by contract or otherwise; and the terms “controlling” and “controlled” shall have correlative meanings.

 

7.              
Miscellaneous.

 

7.1           
Further Assurances. At the Closing, the parties hereto shall execute and deliver such additional documents and take
such additional actions as the parties reasonably may deem to be practical and necessary in order to consummate the Subscription
as contemplated by this Subscription Agreement.

 

7.1.1                  
Subscriber acknowledges that the Issuer and the Placement Agents will rely on the acknowledgments, understandings, agreements,
representations and warranties made by Subscriber contained in this Subscription Agreement. Prior to the Closing, Subscriber agrees
to promptly notify the Issuer and the Placement Agents if any of the acknowledgments, understandings, agreements, representations
and warranties set forth herein are no longer accurate in all material respects.

 

 

    	 	Page 18 of 31	 

     

    

7.1.2                  
Each of the Issuer, Subscriber and the Placement Agents is entitled to rely upon this Subscription Agreement and is irrevocably
authorized to produce this Subscription Agreement or a copy hereof to any interested party in any administrative or legal proceeding
or official inquiry with respect to the matters covered hereby.

 

7.1.3                  
The Issuer may request from Subscriber such additional information as the Issuer may deem necessary to evaluate the eligibility
of Subscriber to acquire the Shares, and Subscriber shall provide such information as may be reasonably requested, to the extent
within Subscriber’s possession and control or otherwise readily available to Subscriber; provided that the Issuer agrees
to keep any such information confidential except to the extent required to be disclosed by applicable law.

 

7.1.4                  
Each of Subscriber and the Issuer shall pay all of its own expenses in connection with this Subscription Agreement and the
transactions contemplated herein.

 

7.1.5                  
Each of Subscriber and the Issuer shall take, or cause to be taken, all actions and do, or cause to be done, all things
necessary, proper or advisable to consummate the transactions contemplated by this Subscription Agreement on the terms and conditions
described therein no later than immediately prior to the consummation of the Transactions.

 

7.2           
Notices. Any notice or communication required or permitted hereunder shall be in writing and either delivered personally,
emailed or sent by overnight mail via a reputable overnight carrier, or sent by certified or registered mail, postage prepaid,
and shall be deemed to be given and received (i) when so delivered personally, (ii) when sent, with no mail undeliverable or other
rejection notice, if sent by email, or (iii) three (3) Business Days after the date of mailing to the address below or to such
other address or addresses as such person may hereafter designate by notice given hereunder:

 

(i)       if
to Subscriber, to such address or addresses set forth on the signature page hereto;

 

(ii)if to
the Issuer, to:

 

Churchill Capital
Corp. IV

640 Fifth Avenue,
12th Floor

New York, NY
10019

Attention: Michael
S. Klein

Telephone: 212-380-7775

Email: Michael.klein@mkleinandcompany.com

 

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

 

Weil, Gotshal &
Manges LLP

767 Fifth Avenue

New York, NY
10153

Attention: Michael
J. Aiello and Matthew Gilroy

Email: michael.aiello@weil.com
and matthew.gilroy@weil.com

 

 

    	 	Page 19 of 31	 

     

    

7.3           
Entire Agreement. This Subscription Agreement constitutes the entire agreement, and supersedes all other prior agreements,
understandings, representations and warranties, both written and oral, among the parties, with respect to the subject matter hereof,
including any commitment letter entered into relating to the subject matter hereof.

 

7.4           
Modifications and Amendments. This Subscription Agreement may not be amended, modified, supplemented or waived except
by an instrument in writing, signed by the party against whom enforcement of such amendment, modification, supplement or waiver
is sought; provided that any rights (but not obligations) of a party under this Agreement may be waived, in whole or in
part, by such party on its own behalf without the prior consent of any other party.

 

7.5           
Assignment. Neither this Subscription Agreement nor any rights, interests or obligations that may accrue to the parties
hereunder (including Subscriber’s rights to purchase the Shares) may be transferred or assigned without the prior written
consent of the other parties hereto (other than the Shares acquired hereunder, if any, and then only in accordance with this Subscription
Agreement); provided, that Subscriber’s rights and obligations hereunder may be assigned to any fund or account managed
by the same investment manager as Subscriber, without the prior consent of the Issuer, provided, that such assignee(s) agrees
in writing to be bound by the terms hereof, and upon such assignment by a Subscriber, the assignee(s) shall become Subscriber hereunder
and have the rights and obligations and be deemed to make the representations and warranties of Subscriber provided for herein
to the extent of such assignment; provided, further, that, no assignment shall relieve the assigning party of any
of its obligations hereunder, including any assignment to any fund or account managed by the same investment manager as Subscriber.

 

7.6           
Benefit.

 

7.6.1                  
Except as otherwise provided herein, this Subscription Agreement shall be binding upon, and inure to the benefit of the
parties hereto and their heirs, executors, administrators, successors, legal representatives, and permitted assigns, and the agreements,
representations, warranties, covenants and acknowledgments contained herein shall be deemed to be made by, and be binding upon,
such heirs, executors, administrators, successors, legal representatives and permitted assigns. This Subscription Agreement shall
not confer rights or remedies upon any person other than the parties hereto and their respective successors and assigns; provided,
however, each of the parties hereby agrees that each of BofA Securities, Inc. and Citigroup Global Markets Inc. is an intended
third party beneficiary of this Subscription Agreement, including the representations and warranties of the parties.

 

7.7           
Governing Law. This Subscription Agreement, and any claim or cause of action hereunder based upon, arising out of
or related to this Subscription Agreement (whether based on law, in equity, in contract, in tort or any other theory) or the negotiation,
execution, performance or enforcement of this Subscription Agreement, shall be governed by and construed in accordance with the
Laws of the State of Delaware, without giving effect to the principles of conflicts of law thereof.

 

 

    	 	Page 20 of 31	 

     

    

7.8           
Consent to Jurisdiction; Waiver of Jury Trial. Each of the parties irrevocably consents to the exclusive jurisdiction
and venue of the Court of Chancery of the State of Delaware, provided, that if subject matter jurisdiction over the matter
that is the subject of the legal proceeding is vested exclusively in the U.S. federal courts, such legal proceeding shall be heard
in the U.S. District Court for the District of Delaware (together with the Court of Chancery of the State of Delaware, “Chosen
Courts”), in connection with any matter based upon or arising out of this Subscription Agreement. Each party hereby waives,
and shall not assert as a defense in any legal dispute, that (i) such person is not personally subject to the jurisdiction of the
Chosen Courts for any reason, (ii) such legal proceeding may not be brought or is not maintainable in the Chosen Courts, (iii)
such person’s property is exempt or immune from execution, (iv) such legal proceeding is brought in an inconvenient forum
or (v) the venue of such legal proceeding is improper. Each party hereby consents to service of process in any such proceeding
in any manner permitted by Delaware law, further consents to service of process by nationally recognized overnight courier service
guaranteeing overnight delivery, or by registered or certified mail, return receipt requested, at its address specified pursuant
to Section 7.2 and waives and covenants not to assert or plead any objection which they might otherwise have to such manner
of service of process. Notwithstanding the foregoing in this Section 7.8, a party may commence any action, claim, cause
of action or suit in a court other than the Chosen Courts solely for the purpose of enforcing an order or judgment issued by the
Chosen Courts. TO THE EXTENT NOT PROHIBITED BY APPLICABLE LAW WHICH CANNOT BE WAIVED, EACH OF THE PARTIES WAIVES ANY RIGHT TO TRIAL
BY JURY ON ANY CLAIMS OR COUNTERCLAIMS ASSERTED IN ANY LEGAL DISPUTE RELATING TO THIS SUBSCRIPTION AGREEMENT WHETHER NOW EXISTING
OR HEREAFTER ARISING. IF THE SUBJECT MATTER OF ANY SUCH LEGAL DISPUTE IS ONE IN WHICH THE WAIVER OF JURY TRIAL IS PROHIBITED, NO
PARTY SHALL ASSERT IN SUCH LEGAL DISPUTE A NONCOMPULSORY COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS SUBSCRIPTION AGREEMENT.
FURTHERMORE, NO PARTY SHALL SEEK TO CONSOLIDATE ANY SUCH LEGAL DISPUTE WITH A SEPARATE ACTION OR OTHER LEGAL PROCEEDING IN WHICH
A JURY TRIAL CANNOT BE WAIVED.

 

7.9           
Severability. If any provision of this Subscription Agreement shall be invalid, illegal or unenforceable, the validity,
legality or enforceability of the remaining provisions of this Subscription Agreement shall not in any way be affected or impaired
thereby and shall continue in full force and effect.

 

7.10        
No Waiver of Rights, Powers and Remedies. No failure or delay by a party hereto in exercising any right, power or
remedy under this Subscription Agreement, and no course of dealing between the parties hereto, shall operate as a waiver of any
such right, power or remedy of such party. No single or partial exercise of any right, power or remedy under this Subscription
Agreement by a party hereto, nor any abandonment or discontinuance of steps to enforce any such right, power or remedy, shall preclude
such party from any other or further exercise thereof or the exercise of any other right, power or remedy hereunder. The election
of any remedy by a party hereto shall not constitute a waiver of the right of such party to pursue other available remedies. No
notice to or demand on a party not expressly required under this Subscription Agreement shall entitle the party receiving such
notice or demand to any other or further notice or demand in similar or other circumstances or constitute a waiver of the rights
of the party giving such notice or demand to any other or further action in any circumstances without such notice or demand.

 

 

    	 	Page 21 of 31	 

     

    

7.11        
Remedies.

 

7.11.1               
The parties agree that irreparable damage would occur if this Subscription Agreement was not performed or the Closing is
not consummated in accordance with its specific terms or was otherwise breached and that money damages or other legal remedies
would not be an adequate remedy for any such damage. It is accordingly agreed that the parties hereto shall be entitled to equitable
relief, including in the form of an injunction or injunctions, to prevent breaches or threatened breaches of this Subscription
Agreement and to enforce specifically the terms and provisions of this Subscription Agreement in an appropriate court of competent
jurisdiction as set forth in Section 7.8, this being in addition to any other remedy to which any party is entitled at law
or in equity, including money damages.  The right to specific enforcement shall include the right of the parties hereto to
cause the other parties hereto to cause the transactions contemplated hereby to be consummated on the terms and subject to the
conditions and limitations set forth in this Subscription Agreement. The parties hereto further agree (i) to waive any requirement
for the security or posting of any bond in connection with any such equitable remedy, (ii) not to assert that a remedy of specific
enforcement pursuant to this Section 7.11 is unenforceable, invalid, contrary to applicable law or inequitable for any reason
and (iii) to waive any defenses in any action for specific performance, including the defense that a remedy at law would be adequate. 

 

7.11.2               
The parties acknowledge and agree that this Section 7.11 is an integral part of the transactions contemplated hereby
and without that right, the parties hereto would not have entered into this Subscription Agreement.

 

7.11.3   
In any dispute arising out of or related to this Subscription Agreement, or any other agreement, document, instrument or
certificate contemplated hereby, or any transactions contemplated hereby or thereby, the applicable adjudicating body shall award
to the prevailing party, if any, the costs and attorneys’ fees reasonably incurred by the prevailing party in connection
with the dispute and the enforcement of its rights under this Subscription Agreement or any other agreement, document, instrument
or certificate contemplated hereby and, if the adjudicating body determines a party to be the prevailing party under circumstances
where the prevailing party won on some but not all of the claims and counterclaims, the adjudicating body may award the prevailing
party an appropriate percentage of the costs and attorneys’ fees reasonably incurred by the prevailing party in connection
with the adjudication and the enforcement of its rights under this Subscription Agreement or any other agreement, document, instrument
or certificate contemplated hereby or thereby.

 

7.12        
Survival of Representations and Warranties. All representations and warranties made by the parties hereto in this
Subscription Agreement shall survive the Closing. For the avoidance of doubt, if for any reason the Closing does not occur prior
to the consummation of the Transactions, all representations, warranties, covenants and agreements of the parties hereunder shall
survive the consummation of the Transactions and remain in full force and effect.

 

    	 	Page 22 of 31	 

     

    

7.13        
No Broker or Finder. Each of the Issuer and Subscriber agrees to indemnify and hold the other parties hereto harmless
from any claim or demand for commission or other compensation by any broker, finder, financial consultant or similar agent claiming
to have been employed by or on behalf of such party and to bear the cost of legal expenses incurred in defending against any such
claim.

 

7.14        
No Liability. The Subscriber agrees that neither Lucid nor any of the Placement Agents shall be liable to it (including
in contract, tort, under federal or state securities laws or otherwise) for any action heretofore or hereafter taken or omitted
to be taken by any of them in connection with the offering. On behalf of the Subscriber and its affiliates, the Subscriber releases
Lucid and the Placement Agents in respect of any losses, claims, damages, obligations, penalties, judgments, awards, liabilities,
costs, expenses or disbursements related to the offering. The Subscriber agrees not to commence any litigation or bring any claim
against Lucid or any of the Placement Agents in any court or any other forum which relates to, may arise out of, or is in connection
with, the offering. This undertaking is given freely and after obtaining independent legal advice.

 

7.15        
Headings and Captions. The headings and captions of the various subdivisions of this Subscription Agreement are for
convenience of reference only and shall in no way modify or affect the meaning or construction of any of the terms or provisions
hereof.

 

7.16        
Counterparts. This Subscription Agreement may be executed in one or more counterparts, all of which when taken together
shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and
delivered to the other party, it being understood that the parties need not sign the same counterpart. In the event that any signature
is delivered by facsimile transmission or any other form of electronic delivery, such signature shall create a valid and binding
obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such signature
page were an original thereof.

 

7.17        
Construction. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will
be construed to include any other gender, and words in the singular form will be construed to include the plural and vice versa,
unless the context otherwise requires. The words “this Subscription Agreement,” “herein,”
 “hereof,” “hereby,” “hereunder,” and words of similar import refer to
this Subscription Agreement as a whole and not to any particular subdivision unless expressly so limited. The parties hereto intend
that each representation, warranty, and covenant contained herein will have independent significance. If any party hereto has breached
any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation, warranty
or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has
not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty,
or covenant. All references in this Subscription Agreement to numbers of shares, per share amounts and purchase prices shall be
appropriately adjusted to reflect any stock split, stock dividend, stock combination, recapitalization or the like occurring after
the date hereof.

 

 

    	 	Page 23 of 31	 

     

    

7.18        
Mutual Drafting. This Subscription Agreement is the joint product of the parties hereto and each provision hereof
has been subject to the mutual consultation, negotiation and agreement of the parties and shall not be construed for or against
any party hereto.

 

8.              
Cleansing Statement; Disclosure.

 

8.1           
The Issuer shall, by 9:00 a.m., New York City time, on the first (1st) Business Day immediately following the date of this
Subscription Agreement, issue one or more press releases or file with the Commission a Current Report on Form 8-K (collectively,
the “Disclosure Document”) disclosing all material terms of the transactions contemplated hereby and by the
Other Subscription Agreements and the Transactions.

 

8.2           
Subscriber hereby consents to the publication and disclosure in (x) any Form 8-K filed by the Issuer with the Commission
in connection with the execution and delivery of the Merger Agreement, the Proxy Statement or any other filing with the Commission
pursuant to applicable securities laws, in each case, as and to the extent required by the federal securities laws or the Commission
or any other securities authorities, and (y) any other documents or communications provided by the Issuer or Lucid to any Governmental
Authority or to securityholders of the Issuer or Lucid, in each case, as and to the extent required by applicable law or the Commission
or any other Governmental Authority, of Subscriber’s name and identity and the nature of Subscriber’s commitments,
arrangements and understandings under and relating to this Subscription Agreement and, if deemed required or appropriate by the
Issuer or Lucid, a copy of this Subscription Agreement. Other than as set forth in the immediately preceding sentence, without
Subscriber’s prior written consent, the Issuer will not use or disclose the name of Subscriber or its affiliates or advisors
or any information relating to Subscriber or this Subscription Agreement, other than to the Issuer’s lawyers, independent
accountants and to other advisors and service providers who reasonably require such information in connection with the provision
of services to such person, are advised of the confidential nature of such information and are obligated to keep such information
confidential. Without Subscriber’s prior written consent, Issuer shall not use the name of Subscriber or any of its affiliates
or advisors in any press release issued in connection with the Transactions. Subscriber will promptly provide any information reasonably
requested by the Issuer or Lucid for any regulatory application or filing made or approval sought in connection with the Transactions
(including filings with the Commission).

 

9.              
Trust Account Waiver. Notwithstanding anything to the contrary set forth herein, Subscriber acknowledges that
the Issuer has established a trust account containing the proceeds of its initial public offering and from certain private placements
(collectively, with interest accrued from time to time thereon, the “Trust Account”). Subscriber agrees that
(i) it has no right, title, interest or claim of any kind in or to any monies held in the Trust Account, and (ii) it shall have
no right of set-off or any right, title, interest or claim of any kind (“Claim”) to, or to any monies in, the
Trust Account, in each case in connection with this Subscription Agreement, and hereby irrevocably waives any Claim to, or to any
monies in, the Trust Account that it may have in connection with this Subscription Agreement; provided, however,
that nothing in this Section 9 shall be deemed to limit Subscriber’s right, title, interest or claim to the Trust Account
by virtue of such Subscriber’s record or beneficial ownership of securities of the Issuer acquired by any means other than
pursuant to this Subscription Agreement, including, but not limited to, any redemption right with respect to any such securities
of the Issuer. In the event Subscriber has any Claim against the Issuer under this Subscription Agreement, Subscriber shall pursue
such Claim solely against the Issuer and its assets outside the Trust Account and not against the property or any monies in the
Trust Account. Subscriber agrees and acknowledges that such waiver is material to this Subscription Agreement and has been specifically
relied upon by the Issuer to induce the Issuer to enter into this Subscription Agreement and Subscriber further intends and understands
such waiver to be valid, binding and enforceable under applicable law. In the event Subscriber, in connection with this Subscription
Agreement, commences any action or proceeding which seeks, in whole or in part, relief against the funds held in the Trust Account
or distributions therefrom or any of the Issuer’s stockholders, whether in the form of monetary damages or injunctive relief,
Subscriber, as applicable, shall be obligated to pay to the Issuer all of its legal fees and costs in connection with any such
action in the event that the Issuer prevails in such action or proceeding.

 

 

    	 	Page 24 of 31	 

     

    

10.           
Non-Reliance. Subscriber acknowledges that it is not relying upon, and has not relied upon, any statement,
representation or warranty made by any person, firm or corporation (including, without limitation, Lucid, any of its affiliates
or any of their respective control persons, officers, directors or employees), other than the representations and warranties of
the Issuer expressly set forth in this Subscription Agreement, in making its investment or decision to invest in the Issuer. Subscriber
agrees that neither (i) any other Subscriber pursuant to this Subscription Agreement or any other agreement related to the offering
of shares of the Shares (including the controlling persons, officers, directors, partners, agents or employees of any such Subscriber)
nor (ii) Lucid, its affiliates or any of their respective control persons, officers, directors, partners, agents or employees shall
be liable to any other Subscriber pursuant to this Subscription Agreement or any other agreement related to the offering of the
Shares for any action heretofore or hereafter taken or omitted to be taken by any of them in connection with the purchase of the
Shares hereunder.

 

11.           
Rule 144. From and after such time as the benefits of Rule 144 promulgated under the Securities Act or any
other similar rule or regulation of the Commission that may allow Subscriber to sell securities of the Issuer to the public without
registration are available to holders of the Issuer’s common stock and until the third anniversary of the Closing Date, the
Issuer agrees to:

 

11.1.1               
make and keep public information available, as those terms are understood and defined in Rule 144;

 

11.1.2               
file with the Commission in a timely manner all reports and other documents required of the Issuer under the Securities
Act and the Exchange Act so long as the Issuer remains subject to such requirements and the filing of such reports and other documents
is required for the applicable provisions of Rule 144; and

 

11.1.3               
furnish to Subscriber, promptly upon request, (x) a written statement by the Issuer, if true, that it has complied with
the reporting requirements of Rule 144, the Securities Act and the Exchange Act, (y) a copy of the most recent annual or quarterly
report of the Issuer and such other reports and documents so filed by the Issuer and (z) such other information as may be reasonably
requested to permit Subscriber to sell such securities pursuant to Rule 144 without registration.

 

    	 	Page 25 of 31	 

     

    

If the Shares are eligible
to be sold without restriction under, and without the Issuer being in compliance with the current public information requirements
of, Rule 144 under the Securities Act, then at Subscriber’s request, the Issuer will cause its transfer agent to remove the
legend set forth in Section 2.1.6. In connection therewith, if required by the Issuer’s transfer agent, the Issuer
will promptly cause an opinion of counsel to be delivered to and maintained with its transfer agent, together with any other authorizations,
certificates and directions required by the transfer agent that authorize and direct the transfer agent to issue such Shares without
any such legend; provided, that, notwithstanding the foregoing, Issuer will not be required to deliver any such opinion,
authorization, certificate or direction if it reasonably believes that removal of the legend could result in or facilitate transfers
of securities in violation of applicable law.

 

 

 

 

 

[Signature Page Follows]

 

 

    	 	Page 26 of 31	 

     

    

IN WITNESS WHEREOF,
each of the Issuer and Subscriber has executed or caused this Subscription Agreement to be executed by its duly authorized representative
as of the date set forth below.

 

 

	 	 
	 	 	 
	 	CHURCHILL CAPITAL CORP IV
	 	 	 
	 	By:	/s/ Jay Taragin
	 	Name:	 Jay Taragin
	 	Title:	
        Chief Financial Officer
 

         

	 	 	 

 

 

     

     

    

 

	Accepted and agreed this ______ day of ________, 2021.	 	 	 
	 	 	 	 	 
	SUBSCRIBER:	 	 	 
	 	 	 	 	 
	Signature of Subscriber:	 	Signature of Joint Subscriber, if applicable:
	 	 	 	 	 
	By: 	 	 	By: 	 
	Name: 	 	Name: 
	Title:	 	Title:
	 	 	 	 	 
	 	 	 	 	 
	Name of Subscriber:	 	Name of Joint Subscriber, if applicable:
	 	 	 	 	 
	 	 	 
	(Please print.  Please indicate name and	 	(Please Print.  Please indicate name and
	capacity of person signing above)	 	capacity of person signing above)
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 
	Name in which securities are to be registered	 	 	 
	(if different from the name of Subscriber listed directly above):	 	 	 
	 	 	 	 	 
	Email Address:	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	If there are joint investors, please check one:	 	 	 
	  ̈	Joint Tenants with Rights of Survivorship	 	 	 
	  ̈	Tenants-in-Common	 	 	 
	  ̈	Community Property	 	 	 
	 	 	 	 	 
	Subscriber’s EIN:	 	Joint Subscriber’s EIN:
	 	 	 
	 	 	 	 	 
	Business Address-Street:	 	Mailing Address-Street (if different):
	 	 	 
	 	 	 
	 	 	 
	 	 	 	 	 

 

     

     

    

 

 

	City, State, Zip:	 	City, State, Zip:
	 	 	 	 	 
	Attn:	 	Attn:
	 	 	 	 	 
	Telephone No.:	 	Telephone No.:
	 	 	 
	 	 	 	 	 
	Facsimile No.:	 	Facsimile No.:
	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Aggregate Number of Shares subscribed for:	 	 	 
	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 
	Aggregate Purchase Price: $___________.	 	 	 

 

You must pay the Purchase Price by wire
transfer of U.S. dollars in immediately available funds, to be held in escrow until the Closing, to the account specified by the
Issuer in the Closing Notice.

 

 

     

     

    

 

SCHEDULE I

ELIGIBILITY REPRESENTATIONS OF SUBSCRIBER

 

 

		A.	QUALIFIED INSTITUTIONAL BUYER STATUS

(Please check the applicable subparagraphs):

 

  ̈
We are a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933, as amended
(the “Securities Act”) (a “QIB”)).

 

 ̈
We are subscribing for the Shares as a fiduciary or agent for one or more investor accounts, and each owner of such account
is a QIB.

 

*** OR ***

 

		B.	INSTITUTIONAL ACCREDITED INVESTOR STATUS (Please check the applicable subparagraphs):

 

  ̈
We are an institutional “accredited investor” (as described in Rule 501(a)(1), (2), (3) or (7) under the
Securities Act) and have marked and initialed the appropriate box on the following page indicating the provision under which
we qualify as an “accredited investor.”

 

 

*** AND ***

 

		C.	AFFILIATE STATUS

(Please check the applicable box) SUBSCRIBER:

 

		 ̈	is:

 

		 ̈	is not:

 

an “affiliate” (as
defined in Rule 144 under the Securities Act) of the Issuer or acting on behalf of an affiliate of the Issuer.

 

This page should be completed by Subscriber

and constitutes a part of the Subscription Agreement.

 

     

     

    

 

Rule 501(a) under the Securities Act, in
relevant part, states that an “accredited investor” shall mean any person who comes within any of the below listed
categories, or who the Issuer reasonably believes comes within any of the below listed categories, at the time of the sale of the
securities to that person. Subscriber has indicated, by marking and initialing the appropriate box below, the provision(s) below
which apply to Subscriber and under which Subscriber accordingly qualifies as an “accredited investor.”

 

 ̈ Any bank as defined in section
3(a)(2) of the Securities Act, or any savings and loan association or other institution as defined in section 3(a)(5)(A) of the
Securities Act whether acting in its individual or fiduciary capacity;

 

 ̈ Any broker or dealer registered
pursuant to section 15 of the Securities Exchange Act of 1934, as amended;

 

 ̈ Any insurance company as
defined in section 2(a)(13) of the Securities Act;

 

 ̈ Any investment company registered
under the Investment Company Act of 1940, as amended (the “Investment Company Act”) or a business development
company as defined in section 2(a)(48) of the Investment Company Act;

 

 ̈ Any Small Business Investment
Company licensed by the U.S. Small Business Administration under section 301(c) or (d) of the Small Business Investment Act of
1958, as amended;

 

 ̈ Any plan established and
maintained by a state, its political subdivisions, or any agency or instrumentality of a state or its political subdivisions, for
the benefit of its employees, if such plan has total assets in excess of $5,000,000;

 

 ̈ Any employee benefit plan
within the meaning of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), if (i) the
investment decision is made by a plan fiduciary, as defined in section 3(21) of ERISA, which is either a bank, a savings and loan
association, an insurance company, or a registered investment adviser, (ii) the employee benefit plan has total assets in excess
of $5,000,000 or, (iii) such plan is a self-directed plan, with investment decisions made solely by persons that are “accredited
investors”;

 

 ̈ Any private business development
company as defined in section 202(a)(22) of the Investment Advisers Act of 1940, as amended;

 

 ̈ Any (i) corporation, limited
liability company or partnership, (ii) Massachusetts or similar business trust, or (iii) organization described in section 501(c)(3)
of the Internal Revenue Code of 1986, as amended, not formed for the specific purpose of acquiring the securities offered, and
with total assets in excess of $5,000,000; or

 

 ̈ Any trust, with total assets
in excess of $5,000,000, not formed for the specific purpose of acquiring the securities offered, whose purchase is directed by
a sophisticated person as described in Section 230.506(b)(2)(ii) of Regulation D.

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