Form 4: Lucid Group VP Gagan Dhingra Reports Share Transaction
SEC Form 4 Filing
Gagan Dhingra, VP of Accounting & Internal Control and Interim CFO at Lucid Group, reports the withholding of shares to cover tax obligations related to settled performance stock units and restricted stock units.
Summary
- On September 5, 2024, Gagan Dhingra, VP of Accounting & Internal Control and Interim CFO of Lucid Group, Inc., reported a transaction involving Class A Common Stock.
- A total of 10,172 shares were disposed of at a price of $3.82 per share to cover tax withholding and remittance obligations.
- This transaction resulted in Mr. Dhingra holding 311,915 shares of Lucid Group's Class A Common Stock following the reported transaction.
- The shares were withheld by Lucid Group to satisfy tax obligations related to the settlement of performance stock units (PSUs) and the time-based vesting of restricted stock units (RSUs).
Sentiment
Score: 7
Explanation: The document is a routine SEC filing related to stock transactions by a company insider. It doesn't contain any particularly positive or negative news, but rather reflects standard compensation practices and regulatory compliance.
Industry Context
Form 4 filings are standard practice for company insiders and officers to report transactions in their company's stock, providing transparency to investors.
Comparison to Industry Standards
- Executive compensation packages often include stock options, restricted stock units (RSUs), and performance stock units (PSUs) as a way to align executive interests with shareholder value.
- The withholding of shares to cover tax obligations upon vesting of RSUs and PSUs is a common practice across publicly traded companies.
- Companies like Tesla, Rivian, and Nio also utilize similar equity-based compensation plans for their executives.
Stakeholder Impact
- The transaction has a minimal direct impact on shareholders, as it is a routine transaction related to executive compensation and tax obligations.
- The transaction does not directly impact employees, customers, suppliers, or creditors.
Key Dates
| Date | Description |
|---|---|
| August 20, 2024 | Date of Power of Attorney execution. |
| September 5, 2024 | Date of the reported transaction involving Class A Common Stock. |
| September 6, 2024 | Date of signature for the Form 4 filing. |
Disclaimer:The information provided here is for general informational purposes only and does not constitute financial advice, recommendation, or endorsement of any kind. It may contain errors or omissions. You should not rely on this information to make financial decisions. Always seek the advice of a qualified financial professional before making any investment or financial decisions. Use of this information is at your own risk.