Exhibit 10.6


 


NIKOLA CORPORATION


2020 EMPLOYEE STOCK PURCHASE PLAN


(Adopted by the Board of Directors on May 6,
2020)


(Approved by the Stockholders on June 2, 2020)


(Effective on June 3, 2020)


 






     


     


    




Table of Contents


 


	 	 	Page
	SECTION 1	Purpose Of The Plan	1
	 	 	 
	SECTION 2	Definitions	1
	 	 	 
	(a)	“Board”	1
	(b)	“Code”	1
	(c)	“Committee”	1
	(d)	“Company”	1
	(e)	“Compensation”	1
	(f)	“Corporate Reorganization”	1
	(g)	“Eligible Employee”	1
	(h)	“Exchange Act”	1
	(i)	“Fair Market Value”	1
	(j)	“Offering”	2
	(k)	“Offering Date”	2
	(l)	“Offering Period”	2
	(m)	“Participant”	2
	(n)	“Participating Company”	2
	(o)	“Plan”	2
	(p)	“Plan Account”	2
	(q)	“Purchase Date”	2
	(r)	“Purchase Period”	2
	(s)	“Purchase Price”	2
	(t)	“Stock”	2
	(u)	“Subsidiary”	2
	 	 	 
	SECTION 3	Administration Of The Plan	2
	 	 	 
	(a)	Administrative Powers and Responsibilities	2
	(b)	International Administration	3
	 	 	 
	SECTION 4	Enrollment And Participation	3
	 	 	 
	(a)	Offering Periods	3
	(b)	Enrollment	4
	(c)	Duration of Participation	4
	 	 	 
	SECTION 5	Employee Contributions	4
	 	 	 
	(a)	Frequency of Payroll Deductions	4
	(b)	Amount of Payroll Deductions	4
	(c)	Changing Withholding Rate	4
	(d)	Discontinuing Payroll Deductions	4
	 	 	 
	SECTION 6	Withdrawal From The Plan	4
	 	 	 
	(a)	Withdrawal	4
	(b)	Renrollment After Withdrawal	5
	 	 	 
	SECTION 7	Change In Employment Status	5
	 	 	 
	(a)	Termination of Employment	5
	(b)	Leave of Absence	5
	(c)	Death	5
	 	 	 
	SECTION 8	Plan Accounts and Purchase Of Shares	5
	 	 	 
	(a)	Plan Accounts	5
	(b)	Purchase Price	5
	(c)	Number of Shares Purchased	5
	(d)	Available Shares Insufficient	6
	(e)	Issuance of Stock	6
	(f)	Unused Cash Balances	6
	(g)	Stockholder Approval	6











    


     


    





 


	SECTION 9	Limitations On Stock Ownership	6
	 	 	 
	(a)	Five Percent Limit	6
	(b)	Dollar Limit	6
	 	 	 
	SECTION 10	Rights Not Transferable	7
	 	 	 
	SECTION 11	No Rights As An Employee	7
	 	 	 
	SECTION 12	No Rights As A Stockholder	7
	 	 	 
	SECTION 13	Securities Law Requirements	7
	 	 	 
	SECTION 14	Stock Offered Under The Plan	7
	 	 	 
	(a)	Authorized Shares	7
	(b)	Antidilution Adjustments	7
	(c)	Reorganizations	7
	 	 	 
	SECTION 15	Amendment Or Discontinuance	8
	 	 	 
	SECTION 16	Execution	8



 





     


     


    



 


NIKOLA CORPORATION


 


2020 EMPLOYEE STOCK PURCHASE PLAN


 


SECTION 1 Purpose Of The Plan.


 


The Plan was adopted by the Board of Directors
on May 6, 2020 and is effective on June 3, 2020 (the “Effective Date”). The purpose of the Plan is to provide a broad-based employee
benefit to attract the services of new employees, to retain the services of existing employees, and to provide incentives for such
individuals to exert maximum efforts toward our success by purchasing Stock from the Company on favorable terms and to pay for
such purchases through payroll deductions. The Plan is intended to qualify under section 423 of the Code.


 


SECTION 2 Definitions.


 


(a)       “Board”
means the Board of Directors of the Company, as constituted from time to time.


 


(b)       “Code”
means the Internal Revenue Code of 1986, as amended.


 


(c)       “Committee”
means the Compensation Committee of the Board or such other committee, comprised exclusively of one or more directors of the Company,
as may be appointed by the Board from time to time to administer the Plan.


 


(d)       “Company”
means Nikola Corporation, a Delaware corporation.


 


(e)       “Compensation”
means, unless provided otherwise by the Committee in the terms and conditions of an Offering, base salary and wages paid in cash
to a Participant by a Participating Company, without reduction for any pre-tax contributions made by the Participant under sections 401(k)
or 125 of the Code. “Compensation” shall, unless provided otherwise by the Committee in the terms and conditions of
an Offering, exclude variable compensation (including commissions, bonuses, incentive compensation, overtime pay and shift premiums),
all non-cash items, moving or relocation allowances, cost-of-living equalization payments, car allowances, tuition reimbursements,
imputed income attributable to cars or life insurance, severance pay, fringe benefits, contributions or benefits received under
employee benefit plans, income attributable to the exercise of stock options, and similar items. The Committee shall determine
whether a particular item is included in Compensation.


 


(f)       “Corporate
Reorganization” means:


 


(i)       The
consummation of a merger or consolidation of the Company with or into another entity, or any other corporate reorganization; or


 


(ii)       The
sale, transfer or other disposition of all or substantially all of the Company’s assets or the complete liquidation or dissolution
of the Company.


 


(g)       “Eligible
Employee” means any employee of a Participating Company whose customary employment is for more than five months per calendar
year and for more than 20 hours per week.


 


The foregoing notwithstanding,
an individual shall not be considered an Eligible Employee if his or her participation in the Plan is prohibited by the law of
any country which has jurisdiction over him or her.


 


(h)       “Exchange
Act” means the Securities Exchange Act of 1934, as amended.


 


(i)       “Fair
Market Value” means the fair market value of a share of Stock, determined as follows:


 


(i)       If
Stock was traded on any established national securities exchange including the New York Stock Exchange or The Nasdaq Stock Market
on the date in question, then the Fair Market Value shall be equal to the closing price as quoted on such exchange (or the exchange
with the greatest volume of trading in the Stock) on such date as reported in the Wall Street Journal or such other source
as the Committee deems reliable; or


 






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(ii)       If
the foregoing provision is not applicable, then the Fair Market Value shall be determined by the Committee in good faith on such
basis as it deems appropriate.


 


For any date that is not a Trading
Day, the Fair Market Value of a share of Stock for such date shall be determined by using the closing sale price for the immediately
preceding Trading Day. Determination of the Fair Market Value pursuant to the foregoing provisions shall be conclusive and binding
on all persons.


 


(j)       “Offering”
means the grant of options to purchase shares of Stock under the Plan to Eligible Employees.


 


(k)       “Offering
Date” means the first day of an Offering.


 


(l)       “Offering
Period” means a period with respect to which the right to purchase Stock may be granted under the Plan, as determined
pursuant to Section 4(a).


 


(m)       “Participant”
means an Eligible Employee who elects to participate in the Plan, as provided in Section 4(b).


 


(n)       “Participating
Company” means (i) the Company and (ii) each present or future Subsidiary designated by the Committee as a
Participating Company.


 


(o)       “Plan”
means this Nikola Corporation 2020 Employee Stock Purchase Plan, as it may be amended from time to time.


 


(p)       “Plan
Account” means the account established for each Participant pursuant to Section 8(a).


 


(q)       “Purchase
Date” means one or more dates during an Offering on which shares of Stock may be purchased pursuant to the terms of the
Offering.


 


(r)       “Purchase
Period” means one or more successive periods during an Offering, beginning on the Offering Date or on the day after a
Purchase Date, and ending on the next succeeding Purchase Date.


 


(s)       “Purchase
Price” means the price at which Participants may purchase shares of Stock under the Plan, as determined pursuant to Section 8(b).


 


(t)       “Stock”
means the Common Stock of the Company.


 


(u)       “Subsidiary”
means any corporation (other than the Company) in an unbroken chain of corporations beginning with the Company, if each of the
corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting
power of all classes of stock in one of the other corporations in such chain.


 


(r)       “Trading
Day” means a day on which the national stock exchange on which the Stock is traded is open for trading.


 






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SECTION 3 Administration Of The
Plan.


 


(a) Administrative Powers and
Responsibilities. The Plan shall be administered by the Committee. The Committee shall have full power and authority, subject
to the provisions of the Plan, to promulgate such rules and regulations as it deems necessary for the proper administration of
the Plan, to interpret the provisions and supervise the administration of the Plan, and to take all action in connection therewith
or in relation thereto as it deems necessary or advisable. Any decision reduced to writing and signed by all of the members of
the Committee shall be fully effective as if it had been made at a meeting duly held. The Committee’s determinations under
the Plan, unless otherwise determined by the Board, shall be final and binding on all persons. The Company shall pay all expenses
incurred in the administration of the Plan. No member of the Committee shall be personally liable for any action, determination,
or interpretation made in good faith with respect to the Plan, and all members of the Committee shall be fully indemnified by the
Company with respect to any such action, determination or interpretation. The Committee may adopt such rules, guidelines and forms
as it deems appropriate to implement the Plan. Subject to the requirements of applicable law, the Committee may designate persons
other than members of the Committee to carry out its responsibilities and may prescribe such conditions and limitations as it may
deem appropriate. All decisions, interpretations and other actions of the Committee shall be final and binding on all Participants
and all persons deriving their rights from a Participant. No member of the Committee shall be liable for any action that he has
taken or has failed to take in good faith with respect to the Plan. Notwithstanding anything to the contrary in the Plan, the Board
may, in its sole discretion, at any time and from time to time, resolve to administer the Plan. In such event, the Board shall
have all of the authority and responsibility granted to the Committee herein.


 


(b) International Administration.
The Committee may establish sub-plans (which need not qualify under section 423 of the Code) and initiate separate Offerings
through such sub-plans for the purpose of (i) facilitating participation in the Plan by non-U.S. employees in compliance with
foreign laws and regulations without affecting the qualification of the remainder of the Plan under section 423 of the Code
or (ii) qualifying the Plan for preferred tax treatment under foreign tax laws (which sub-plans, at the Committee’s
discretion, may provide for allocations of the authorized shares reserved for issue under the Plan as set forth in Section 14(a)).
The rules, guidelines and forms of such sub-plans (or the Offerings thereunder) may take precedence over other provisions of the
Plan, with the exception of Section 4(a)(i), Section 5(b), Section 8(b) and Section 14(a), but unless otherwise
superseded by the terms of such sub-plan, the provisions of the Plan shall govern the operation of such sub-plan. Alternatively
and in order to comply with the laws of a foreign jurisdiction, the Committee shall have the power, in its discretion, to grant
options in an Offering to citizens or residents of a non-U.S. jurisdiction (without regard to whether they are also citizens of
the United States or resident aliens) that provide terms which are less favorable than the terms of options granted under the same
Offering to employees resident in the United States, subject to compliance with section 423 of the Code.


 


SECTION 4 Enrollment And Participation.


 


(a) Offering Periods. While
the Plan is in effect, the Committee may from time to time grant options to purchase shares of Stock pursuant to the Plan to Eligible
Employees during a specified Offering Period. Each such Offering shall be in such form and shall contain such terms and conditions
as the Committee shall determine, subject to compliance with the terms and conditions of the Plan (which may be incorporated by
reference) and the requirements of section 423 of the Code, including the requirement that all Eligible Employees have the
same rights and privileges. The Committee shall specify prior to the commencement of each Offering (i) the period during which
the Offering shall be effective, which may not exceed 27 months from the Offering Date and may include one or more successive
Purchase Periods within the Offering, (ii) the Purchase Dates and Purchase Price for shares of Stock which may be purchased
pursuant to the Offering, and (iii) if applicable, any limits on the number of shares purchasable by a Participant, or by
all Participants in the aggregate, during any Offering Period or, if applicable, Purchase Period, in each case consistent with
the limitations of the Plan. The Committee shall have the discretion to provide for the automatic termination of an Offering following
any Purchase Date on which the Fair Market Value of a share of Stock is equal to or less than the Fair Market Value of a share
of Stock on the Offering Date, and for the Participants in the terminated Offering to be automatically re-enrolled in a new Offering
that commences immediately after such Purchase Date. The terms and conditions of each Offering need not be identical, and shall
be deemed incorporated by reference and made a part of the Plan.


 






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(b) Enrollment. Any individual
who, on the day preceding the first day of an Offering Period, qualifies as an Eligible Employee may elect to become a Participant
in the Plan for such Offering Period by completing the enrollment process prescribed and communicated for this purposes from time
to time by the Company to Eligible Employees.


 


(c) Duration of Participation.
Once enrolled in the Plan, a Participant shall continue to participate in the Plan until he or she ceases to be an Eligible Employee
or withdraws from the Plan under Section 6(a). A Participant who withdrew from the Plan under Section 6(a) may again
become a Participant, if he or she then is an Eligible Employee, by following the procedure described in Subsection (b) above.
A Participant whose employee contributions were discontinued automatically under Section 9(b) shall automatically resume participation
at the beginning of the earliest Offering Period ending in the next calendar year, if he or she then is an Eligible Employee. When
a Participant reaches the end of an Offering Period but his or her participation is to continue, then such Participant shall automatically
be re-enrolled for the Offering Period that commences immediately after the end of the prior Offering Period.


 


SECTION 5 Employee Contributions.


 


(a) Frequency of Payroll Deductions.
A Participant may purchase shares of Stock under the Plan solely by means of payroll deductions; provided, however, that to the
extent provided in the terms and conditions of an Offering, a Participant may also make contributions through payment by cash or
check prior to one or more Purchase Dates during the Offering. Payroll deductions, subject to the provisions of Subsection (b)
below or as otherwise provided under the terms and conditions of an Offering, shall occur on each payday during participation in
the Plan.


 


(b) Amount of Payroll Deductions.
An Eligible Employee shall designate during the enrollment process the portion of his or her Compensation that he or she elects
to have withheld for the purchase of Stock. Such portion shall be a whole percentage of the Eligible Employee’s Compensation,
but not less than 1% nor more than 15% (or such lower rate of Compensation specified as the limit in the terms and conditions of
the applicable Offering).


 


(c) Changing Withholding Rate.
Unless otherwise provided under the terms and conditions of an Offering, a Participant may not increase the rate of payroll withholding
during the Offering Period, but may discontinue or decrease the rate of payroll withholding during the Offering Period to a whole
percentage of his or her Compensation in accordance with such procedures and subject to such limitations as the Company may establish
for all Participants. A Participant may also increase or decrease the rate of payroll withholding effective for a new Offering
Period by submitting an authorization to change the payroll deduction rate pursuant to the process prescribed by the Company from
time to time. The new withholding rate shall be a whole percentage of the Eligible Employee’s Compensation consistent with
Subsection (b) above.


 


(d) Discontinuing Payroll Deductions.
If a Participant wishes to discontinue employee contributions entirely, he or she may do so by withdrawing from the Plan pursuant
to Section 6(a). In addition, employee contributions may be discontinued automatically pursuant to Section 9(b).


 


SECTION 6 Withdrawal From The Plan.


 


(a) Withdrawal. A Participant
may elect to withdraw from the Plan by giving notice pursuant to the process prescribed and communicated by the Company from time
to time. Such withdrawal may be elected at any time before the last day of an Offering Period, except as otherwise provided in
the Offering. In addition, if payment by cash or check is permitted under the terms and conditions of an Offering, Participants
may be deemed to withdraw from the Plan by declining or failing to remit timely payment to the Company for the shares of Stock.
As soon as reasonably practicable thereafter, payroll deductions shall cease and the entire amount credited to the Participant’s
Plan Account shall be refunded to him or her in cash, without interest. No partial withdrawals shall be permitted.


 






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(b) Re-enrollment After Withdrawal.
A former Participant who has withdrawn from the Plan shall not be a Participant until he or she re-enrolls in the Plan under Section 4(b).
Re-enrollment may be effective only at the commencement of an Offering Period.


 


SECTION 7 Change In Employment Status.


 


(a) Termination of Employment.
Termination of employment as an Eligible Employee for any reason, including death, shall be treated as an automatic withdrawal
from the Plan under Section 6(a). A transfer from one Participating Company to another shall not be treated as a termination
of employment.


 


(b) Leave of Absence. For
purposes of the Plan, employment shall not be deemed to terminate when the Participant goes on a military leave, a sick leave or
another bona fide leave of absence, if the leave was approved by the Company in writing. Employment, however, shall be deemed to
terminate three months after the Participant goes on a leave, unless a contract or statute guarantees his or her right to return
to work. Employment shall be deemed to terminate in any event when the approved leave ends, unless the Participant immediately
returns to work.


 


(c) Death. In the event
of the Participant’s death, the amount credited to his or her Plan Account shall be paid to the Participant’s estate.


 


SECTION 8 Plan Accounts and Purchase
Of Shares.


 


(a) Plan Accounts. The
Company shall maintain a Plan Account on its books in the name of each Participant. Whenever an amount is deducted from the Participant’s
Compensation under the Plan, such amount shall be credited to the Participant’s Plan Account. Amounts credited to Plan Accounts
shall not be trust funds and may be commingled with the Company’s general assets and applied to general corporate purposes.
No interest shall be credited to Plan Accounts.


 


(b) Purchase Price. The
Purchase Price for each share of Stock purchased during an Offering Period shall be the lesser of:


 


(i)       85%
of the Fair Market Value of such share on the Purchase Date; or


 


(ii)       85%
of the Fair Market Value of such share on the Offering Date.


 


The Committee may specify for an
alternate Purchase Price amount or formula in the terms and conditions of an Offering, but in no event may such amount or formula
result in a Purchase Price less than that calculated pursuant to the immediately preceding formula.


 


(c) Number of Shares Purchased.
As of each Purchase Date, each Participant shall be deemed to have elected to purchase the number of shares of Stock calculated
in accordance with this Subsection (c), unless the Participant has previously elected to withdraw from the Plan in accordance
with Section 6(a). The amount then in the Participant’s Plan Account shall be divided by the Purchase Price, and the
number of shares that results shall be purchased from the Company with the funds in the Participant’s Plan Account. Unless
provided otherwise by the Committee prior to commencement of an Offering, the maximum number of shares of Stock which may be purchased
by an individual Participant during such Offering is two thousand five hundred (2,500) shares. The foregoing notwithstanding, no
Participant shall purchase more than such number of shares of Stock as may be determined by the Committee with respect to the Offering
Period, or Purchase Period, if applicable, nor more than the amounts of Stock set forth in Sections 9(b) and 14(a). For each
Offering Period and, if applicable, Purchase Period, the Committee shall have the authority to establish additional limits on the
number of shares purchasable by all Participants in the aggregate.


 






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(d) Available Shares Insufficient.
In the event that the aggregate number of shares that all Participants elect to purchase during an Offering Period exceeds the
maximum number of shares remaining available for issuance under Section 14(a), or which may be purchased pursuant to any additional
aggregate limits imposed by the Committee, then the number of shares to which each Participant is entitled shall be determined
by multiplying the number of shares available for issuance by a fraction, the numerator of which is the number of shares that such
Participant has elected to purchase and the denominator of which is the number of shares that all Participants have elected to
purchase.


 


(e) Issuance of Stock.
Certificates representing the shares of Stock purchased by a Participant under the Plan shall be issued to him or her as soon as
reasonably practicable after the applicable Purchase Date, except that the Company may determine that such shares shall be held
for each Participant’s benefit by a broker designated by the Company. Shares may be registered in the name of the Participant
or jointly in the name of the Participant and his or her spouse as joint tenants with right of survivorship or as community property.


 


(f) Unused Cash Balances.
An amount remaining in the Participant’s Plan Account that represents the Purchase Price for any fractional share shall be
carried over in the Participant’s Plan Account to the next Offering Period or refunded to the Participant in cash at the
end of the Offering Period, without interest, if his or her participation is not continued. Any amount remaining in the Participant’s
Plan Account that represents the Purchase Price for whole shares that could not be purchased by reason of Subsection (c) or
(d) above, Section 9(b) or Section 14(a) shall be refunded to the Participant in cash, without interest.


 


(g) Stockholder Approval.
The Plan shall be submitted to the stockholders of the Company for their approval within twelve (12) months after the date
the Plan is adopted by the Board. Any other provision of the Plan notwithstanding, no shares of Stock shall be purchased under
the Plan unless and until the Company’s stockholders have approved the adoption of the Plan.


 


SECTION 9 Limitations On Stock Ownership.


 


(a) Five Percent Limit.
Any other provision of the Plan notwithstanding, no Participant shall be granted a right to purchase Stock under the Plan if such
Participant, immediately after his or her election to purchase such Stock, would own stock possessing 5% or more of the total combined
voting power or value of all classes of stock of the Company or any parent or Subsidiary of the Company. For purposes of this Subsection (a),
the following rules shall apply:


 


(i)       Ownership
of stock shall be determined after applying the attribution rules of section 424(d) of the Code;


 


(ii)       Each
Participant shall be deemed to own any stock that he or she has a right or option to purchase under this or any other plan; and


 


(iii)       Each
Participant shall be deemed to have the right to purchase up to the maximum number of shares of Stock that may be purchased by
a Participant under this Plan under the individual limit specified pursuant to Section 8(c) with respect to each Offering
Period.


 


(b) Dollar Limit. Any other
provision of the Plan notwithstanding, no Participant shall accrue the right to purchase Stock at a rate which exceeds $25,000
of Fair Market Value of such Stock per calendar year (under this Plan and all other employee stock purchase plans of the Company
or any parent or Subsidiary of the Company), determined in accordance with the provisions of section 423(b)(8) of the Code
and applicable Treasury Regulations promulgated thereunder.


 






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For purposes of this Subsection (b),
the Fair Market Value of Stock shall be determined as of the beginning of the Offering Period in which such Stock is purchased.
Employee stock purchase plans not described in section 423 of the Code shall be disregarded. If a Participant is precluded
by this Subsection (b) from purchasing additional Stock under the Plan, then his or her employee contributions shall automatically
be discontinued and shall resume at the beginning of the earliest Offering Period ending in the next calendar year (if he or she
then is an Eligible Employee).


 


SECTION 10 Rights Not Transferable.
The rights of any Participant under the Plan, or any Participant’s interest in any Stock or moneys to which he or she may
be entitled under the Plan, shall not be transferable by voluntary or involuntary assignment or by operation of law, or in any
other manner other than by the laws of descent and distribution. If a Participant in any manner attempts to transfer, assign or
otherwise encumber his or her rights or interest under the Plan, other than by the laws of descent and distribution, then such
act shall be treated as an election by the Participant to withdraw from the Plan under Section 6(a).


 


SECTION 11 No Rights As An Employee.
Nothing in the Plan or in any right granted under the Plan shall confer upon the Participant any right to continue in the employ
of a Participating Company for any period of specific duration or interfere with or otherwise restrict in any way the rights of
the Participating Companies or of the Participant, which rights are hereby expressly reserved by each, to terminate his or her
employment at any time and for any reason, with or without cause.


 


SECTION 12 No Rights As A Stockholder.
A Participant shall have no rights as a stockholder with respect to any shares of Stock that he or she may have a right to purchase
under the Plan until such shares have been purchased on the applicable Purchase Date.


 


SECTION 13 Securities Law Requirements.
Shares of Stock shall not be issued under the Plan unless the issuance and delivery of such shares comply with (or are exempt from)
all applicable requirements of law, including (without limitation) the Securities Act of 1933, as amended, the rules and regulations
promulgated thereunder, state securities laws and regulations, and the regulations of any stock exchange or other securities market
on which the Company’s securities may then be traded.


 


SECTION 14 Stock Offered Under The
Plan.


 


(a) Authorized Shares.
The maximum aggregate number of shares of Stock available for purchase under the Plan is four million (4,000,000) shares plus an
annual increase to be added on the first day of each of the Company’s fiscal years for a period of up to ten years, beginning
with the fiscal year that begins January 1, 2021, equal to the lesser of (i) one percent (1%) of the outstanding shares
of Stock on such date or (ii) a lesser amount determined by the Committee or Board. The aggregate number of shares available
for purchase under the Plan (and the limit in clause ii to the annual increase thereto) shall at all times be subject to adjustment
pursuant to Section 14(b).


 


(b) Antidilution Adjustments.
The aggregate number of shares of Stock offered under the Plan, the individual and aggregate Participant share limitations described
in Section 8(c) and the price of shares that any Participant has elected to purchase shall be adjusted proportionately by
the Committee in the event of any change in the number of issued shares of Stock (or issuance of shares other than Common Stock)
by reason of any forward or reverse share split, subdivision or consolidation, or share dividend or bonus issue, recapitalization,
reclassification, merger, amalgamation, consolidation, split-up, spin-off, reorganization, combination, exchange of shares of Stock,
the issuance of warrants or other rights to purchase shares of Stock or other securities, or any other change in corporate structure
or in the event of any extraordinary distribution (whether in the form of cash, shares of Stock, other securities or other property).


 


(c) Reorganizations. Any
other provision of the Plan notwithstanding, in the event of a Corporate Reorganization in which the Plan is not assumed by the
surviving corporation or its parent corporation pursuant to the applicable plan of merger or consolidation, the Offering Period
then in progress shall terminate immediately prior to the effective time of such Corporate Reorganization and either shares shall
be purchased pursuant to Section 8 or, if so determined by the Board or Committee, all amounts in all Participant Accounts
shall be refunded pursuant to Section 15 without any purchase of shares. The Plan shall in no event be construed to restrict
in any way the Company’s right to undertake a dissolution, liquidation, merger, consolidation or other reorganization.


 






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SECTION 15 Amendment Or Discontinuance.


 


The Board or Committee shall have the right
to amend, suspend or terminate the Plan at any time and without notice. Upon any such amendment, suspension or termination of the
Plan during an Offering Period, the Board or Committee may in its discretion determine that the applicable Offering shall immediately
terminate and that all amounts in the Participant Accounts shall be carried forward into a payroll deduction account for each Participant
under a successor plan, if any, or promptly refunded to each Participant. Except as provided in Section 14, any increase in
the aggregate number of shares of Stock to be issued under the Plan shall be subject to approval by a vote of the stockholders
of the Company. In addition, any other amendment of the Plan shall be subject to approval by a vote of the stockholders of the
Company to the extent required by an applicable law or regulation. This Plan shall continue until the earlier to occur of (a) termination
of this Plan pursuant to this Section 15 or (b) issuance of all of the shares of Stock reserved for issuance under this
Plan.


 


SECTION 16 Execution.


 


To record the adoption of the Plan by the
Board, the Company has caused its authorized officer to execute the same.


 


	 	NIKOLA CORPORATION
	 	 
	 	By:	/s/ Mark A. Russell
	 	 	Name:	Mark A. Russell
	 	 	Title:	President and Chief Executive Officer


 






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