A member of Lucid‘s board of directors sold 1,000 shares of the EV maker on the open market on November 2, the fourth consecutive month in which he has made such a sale, according to a filing with the U.S. Securities and Exchange Commission (SEC).
Ori Winitzer sold the Class A shares at $3.09 each, for about $3,100, his Form 4 filed on Wednesday showed.
The sale was made under a Rule 10b5-1 trading plan he adopted on March 2, 2026, according to the filing. Such plans set out trades in advance, allowing insiders to sell shares on a predetermined schedule.
After the sale, Winitzer reported owning 64,263 shares directly.
Five Sales Since June
Winitzer has filed five sales since adopting the plan, each of 1,000 shares, according to his Form 4 filings. A Form 4 must be filed within two business days of a transaction.
The first came on June 1 at $6.38 a share. He then sold on August 3 at $7.46, September 1 at $4.80, October 1 at $4.12 and November 2 at $3.09.
No sale was reported for July.
The five transactions total 5,000 shares, for proceeds of about $25,850 before fees. The price he received in November was 59% below the price of his August sale.
All five sales were coded “S” for open-market or private sales. None of his filings report a sale to cover tax withholding, which is coded “F,” and none report a purchase of Lucid shares on the open market.
The first sale came 91 days after the plan was adopted. SEC rules require directors and officers to wait at least 90 days after adopting a trading plan before trading under it.
Where the Shares Came From
Winitzer filed two notices of proposed sale on Form 144, as required for sales by company affiliates.
The first, dated June 1, covered 1,000 shares with a market value of $6,550. The second, dated August 3, covered 4,000 shares with a market value of $29,520, matching the four monthly sales from August to November.
Both notices said the shares had been acquired from Lucid through restricted stock units on April 24, 2024, and both listed Morgan Stanley Smith Barney as the broker.
That date matches the first vesting of the 48,387 restricted stock units Lucid granted Winitzer when he joined the board on April 24, 2023, which vested in three equal installments on the following three anniversaries.
Annual Awards
Winitzer did not own any Lucid shares when he joined, according to his Form 3. He was elected to the board at Lucid’s annual meeting on April 24, 2023, according to a company filing.
He has since received four annual awards of restricted stock units, all reported at no cost. After the 2023 grant, he received 96,822 units in June 2024 and 108,713 in June 2025, bringing his reported holdings to 253,922 shares.
Lucid carried out a one-for-ten reverse stock split that took effect on August 29, 2025, reducing that holding to about 25,400 shares.
On June 4, 2026, he received a further 43,870 units, which vest on the earlier of the first anniversary of the grant or the next annual stockholder meeting. That award is subject to a deferral election, meaning the shares will not be issued until a settlement date he chose.
His reported holding of 64,263 shares includes those 43,870 deferred units, according to the filings.
The filings do not say why Winitzer adopted the trading plan.
Who Winitzer Is
Winitzer is a founding member and Partner of Integrated Media Company, a TPG platform focused on digital media, which he joined in October 2018, according to Lucid’s 2026 proxy statement.
He previously led the digital media practice at Guggenheim Partners as Senior Managing Director and held investment banking roles at LionTree and Rothschild & Co.
Winitzer was designated for nomination to Lucid’s board by Ayar Third Investment Company, an affiliate of Saudi Arabia’s Public Investment Fund and Lucid’s largest shareholder, under an investor rights agreement, the proxy said. He is one of five directors Ayar designated.
Lucid’s board has determined that he is independent under Nasdaq listing standards. He sits on the board’s Compensation and Human Capital Committee and its Executive Committee.
Lucid’s 2023 proxy statement said he had been a director of Footballco, a group of football media properties, since October 2020 and its Co-Chairman since September 2021, and a director of games and esports company Savvy Games Fund since July 2022.
Integrated Media Company agreed in July 2023 to buy Montreal-based Toon Boom Animation from Corus Entertainment for about C$147.5 million ($105.6 million), Corus said at the time.
His LinkedIn profile lists him as Co-Chairman of Toon Boom since September 2023, and as a board member of mobile games publisher Scopely since March 2026 and of Compound Creative Holdings since June 2026.
Lucid’s Shares
Lucid’s stock has fallen sharply over the period of the sales.
The shares closed at $3.37 on Wednesday, up 11.6% on the day, on volume of 17.98 million shares, about 65% above their 65-day average, according to MarketWatch data. They traded between $3.08 and $3.52 during the session.
Wednesday’s close was 9.1% above the $3.09 Winitzer received on November 2 and less than half the $7.46 he received on August 3.
Even after Wednesday’s gain, the stock was down 11.8% over the past month, 51.7% over three months, 68.1% so far this year and 81.2% over the past 12 months.
Lucid’s market value stood at about $1.19 billion at Wednesday’s close.
Lucid will report its third-quarter results on November 9. It produced 2,954 vehicles and delivered 3,806 in the third quarter.
