Lucid Group, Inc. filed a Form 8-K on September 11, 2026, disclosing a Transition Agreement and Release entered into on September 4, 2026, with Taoufiq Boussaid, the company's former Chief Financial Officer.

Key Highlights

  • Transition role: Taoufiq Boussaid will serve as Senior Advisor through December 31, 2026, referred to in the filing as the "Separation Date."
  • Monthly salary: Mr. Boussaid will receive a monthly salary of $10,000 during the advisory period, along with employee benefits and continued equity award vesting through the Separation Date.
  • Prorated 2026 bonus: Subject to conditions, Mr. Boussaid is eligible to receive a prorated 2026 annual bonus of $156,390.
  • Additional severance: Mr. Boussaid will receive amounts he is otherwise eligible to receive under the company's Executive Severance Plan and his offer letter that had last applied to him as CFO, as well as his company vehicle.
  • Conditions: Severance benefits are contingent on continued employment in good standing through the Separation Date, timely execution and non-revocation of a release of claims, and satisfaction of other conditions.
  • New CFO signing: The filing was signed by Alexander De Bock, identified as Chief Financial Officer.

Lucid Group Outlines Former CFO Boussaid's Departure Terms

According to the filing, Lucid Group, Inc. (NASDAQ:LCID) entered into the Transition Agreement and Release with Taoufiq Boussaid effective September 4, 2026. Under the agreement, Mr. Boussaid transitions from his role as Chief Financial Officer to a Senior Advisor position, which the filing states will run through December 31, 2026. During that period, the company disclosed he will receive a monthly salary of $10,000, employee benefits, and continued vesting of equity awards, subject to the terms and conditions of the Transition Agreement.

The filing further discloses that upon satisfying specified conditions, including continued employment in good standing through the Separation Date and timely execution and non-revocation of a release of claims, Mr. Boussaid will receive severance amounts under the company's Executive Severance Plan and his offer letter that had last applied to him in the CFO role. In addition, the filing states he will receive a prorated 2026 annual bonus of $156,390 and his company vehicle.

The company noted that the Transition Agreement also contains "customary releases of claims, confidentiality, non-disparagement, cooperation and other restrictive covenant provisions." The filing states that a full copy of the Transition Agreement will be filed as an exhibit to the company's Quarterly Report on Form 10-Q for the fiscal quarter ending September 30, 2026. The 8-K was signed by Alexander De Bock in the capacity of Chief Financial Officer.

What Was Disclosed

Lucid Group disclosed the key terms of a Transition Agreement with former CFO Taoufiq Boussaid, covering his advisory role through December 31, 2026, monthly compensation of $10,000, a prorated 2026 bonus of $156,390, continued equity vesting, and his company vehicle, subject to stated conditions.