Lucid‘s new Chief Accounting Officer, Neil Laverty, will receive the shares behind most of his stock award only if the EV maker’s market value at least triples from current levels, a regulatory filing showed on Friday.
The Saudi-backed EV maker granted Laverty 303,327 performance-based restricted stock units and 202,219 time-based units on November 10, the day his appointment took effect, according to a Form 4 filed with the U.S. Securities and Exchange Commission (SEC).
The performance units are split into four tranches that vest only if Lucid’s market capitalization reaches $3.5 billion, $5.0 billion, $6.5 billion and $8.0 billion. They are the same hurdles attached to the awards Lucid granted on November 5 to CEO Silvio Napoli and Chief Financial Officer Alexander De Bock.
The vesting terms in Laverty’s filing are worded identically to those in Napoli’s and De Bock’s, with dates five days later in line with his later grant. The filing does not say how many units are in each tranche.
Hurdles
Lucid was worth about $1.17 billion at Friday’s close of $2.955, based on the 396,252,830 shares it reported outstanding on November 3. The close was a record low, below the $2.98 set on November 5, according to Nasdaq data. Shares fell 9.2%.
The first hurdle is about three times that value, and the last about 6.8 times. At the current share count, they would equal share prices of about $8.83 and $20.19, by EV‘s calculation.
Those are not targets set by Lucid, and the award agreement may measure market value differently.
At Friday’s close, Laverty’s 505,546 units of both kinds would be worth about $1.49 million if they all vested. Lucid’s shares are down 72.0% this year from $10.57 at the end of 2025.
Timing and Expiry
Each tranche vests on the later of a time-based date and the certification that its hurdle has been met, subject to Laverty remaining employed by the company. The first two tranches cannot vest before November 10, 2028, and the last two before November 10, 2029.
The performance units expire on November 10, 2030, according to the filing. The units awarded to Napoli and De Bock expire on November 5, 2030.
The time-based units vest over four years. A quarter vest on December 5, 2027, and the rest in 12 quarterly installments on March 5, June 5, September 5 and December 5 of each following year.
A Lower Price Per Unit
Lucid’s quarterly report put the target value of Laverty’s initial equity awards at $1.75 million, with $700,000 in time-based units and $1.05 million in performance units. Those amounts imply about $3.46 per unit for both grants.
That is well below the prices used for the executives’ November awards. Napoli’s 603,110 performance units imply about $9.45 each, and De Bock’s 836,036 about $5.98, EV calculated from their employment agreements, which set the unit counts from share prices around their start dates.
Lucid’s stock closed at $3.77 on November 10, the day of Laverty’s grant. Napoli’s agreement used a 30-day volume-weighted average price.
A volume-weighted average of Lucid’s closing prices over the 30 trading days before Laverty’s start comes to about $3.46, matching the per-unit value, by EV‘s calculation from Nasdaq data. The simple average of those closes was about $3.51.
Part of a Wider Program
Napoli and De Bock received a combined 1.44 million performance units under the same hurdles. Their new hurdles start and end lower than those attached to awards they received when they were hired.
Napoli was granted 1,000,000 performance stock options in April at an exercise price of $8.21. They vest in five tranches at market values of $5.0 billion, $7.5 billion, $10.0 billion, $12.5 billion and $17.5 billion, measured as an average over 45 trading days.
Lucid’s quarterly report also disclosed awards made in November to “certain employees.” Those consist of cash awards that pay out only if market capitalization hurdles are met within five years, and restricted stock units that vest quarterly over two years.
A Post Open Since August
The board appointed Laverty on November 5, effective November 10, Lucid disclosed in its quarterly report. He is also the company’s principal accounting officer and reports to De Bock.
He takes over a designation last held by Gagan Dhingra, the Senior VP of Finance and Accounting, who left Lucid on August 14. Dhingra had held it since December 2021 and served as interim Chief Financial Officer from December 2023 to February 2025.
Laverty has been a Principal at Deloitte since August 2012. From May 2010 to August 2012, he was a Professional Accounting Fellow in the SEC’s Office of the Chief Accountant.
He will receive a base salary of $500,000, a target annual incentive of 75% of salary from 2027 and a cash signing bonus of $50,000, according to the quarterly report.
A Year of Turnover
Laverty is the latest senior hire in a year that has reshaped Lucid’s finance and executive ranks. Napoli became Chief Executive Officer on June 1, when interim chief Marc Winterhoff resumed his previous role as Chief Operating Officer, a company filing said that day.
Winterhoff left on June 22, after Lucid eliminated the Chief Operating Officer position, according to a filing that also announced a cut of about 18% of its U.S. workforce. EV first reported his departure.
The board appointed De Bock on July 1, and he joined in August. His predecessor, Taoufiq Boussaid, is serving as a Senior Advisor through the year end at a monthly salary of $10,000 under a transition agreement disclosed in September.
Large investors have moved in different directions on Lucid. BlackRock raised its holding for an eighth straight quarter to a record 12,737,699 shares at the end of September, its 13F filing showed on Friday.
Vanguard cut its stake by 8.6% to 15,890,528 shares across its seven reporting entities, and Dimensional Fund Advisors reported no Lucid shares after four straight cuts. UBS lifted its stake to a record.
