# EDGAR Filing Document

**Accession Number:** 0001731289
**File Stem:** 0001193125-23-035975
**Filing Date:** 2023-2
**Character Count:** 33111
**Document Hash:** 44999460b6c3673ffedfd8962b12b4ee
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-035975.hdr.sgml**: 20230213

**ACCESSION NUMBER**: 0001193125-23-035975

**CONFORMED SUBMISSION TYPE**: SC 13D

**PUBLIC DOCUMENT COUNT**: 3

**FILED AS OF DATE**: 20230213

**DATE AS OF CHANGE**: 20230213

**GROUP MEMBERS**: MARK A. RUSSELL

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nikola Corp
- **CENTRAL INDEX KEY:** 0001731289
- **STANDARD INDUSTRIAL CLASSIFICATION:** MOTOR VEHICLES & PASSENGER CAR BODIES [3711]
- **IRS NUMBER:** 824151153
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13D
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 005-90485
- **FILM NUMBER:** 23619346

**BUSINESS ADDRESS:**
- **STREET 1:** 4141 E BROADWAY ROAD
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85040
- **BUSINESS PHONE:** (480) 666-1038

**MAIL ADDRESS:**
- **STREET 1:** 4141 E BROADWAY ROAD
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85040

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** VectoIQ Acquisition Corp.
- **DATE OF NAME CHANGE:** 20180213
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** T&M Residual, LLC
- **CENTRAL INDEX KEY:** 0001813430
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** AZ
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SC 13D

**BUSINESS ADDRESS:**
- **STREET 1:** 4141 E BROADWAY ROAD
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85040
- **BUSINESS PHONE:** 559-464-5652

**MAIL ADDRESS:**
- **STREET 1:** 4141 E BROADWAY ROAD
- **CITY:** PHOENIX
- **STATE:** AZ
- **ZIP:** 85040

------

------

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**SCHEDULE 13D** 

**Under the Securities Exchange Act of 1934** 

**(Amendment No.)\*** 

------

## Nikola Corporation
**(Name of Issuer)** 

**Common Stock, $0.0001 par value per share** 

**(Title of Class of Securities)** 

**654110105** 

**(CUSIP Number)** 

**c/o Nikola Corporation** 

**Attention: Britton M. Worthen, Esq.** 

**Chief Legal Officer** 

**Nikola Corporation** 

**Phoenix, AZ 85040** 

**(480) 666-1038** 

**(Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications)** 

**December 30, 2022** 

**(Date of Event which Requires Filing of this Statement)** 

------

If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of §§240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. ☐

------

**Note**: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See §240.13d-7 for other parties to whom copies are to be sent.

------

\* The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.

The information required on the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).

------

---

| | |
|:---|:---|
| **CUSIP No. 654110105** | **Schedule 13D** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **1** | &nbsp;&nbsp;&nbsp;&nbsp;**NAMES OF REPORTING PERSONS**<br>&nbsp;&nbsp;&nbsp;&nbsp;T&M Residual, LLC |
| &nbsp;&nbsp;&nbsp; **2** | &nbsp;&nbsp;&nbsp;&nbsp;**CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP**<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) ☐ (b) ☒ |
| &nbsp;&nbsp;&nbsp; **3** | &nbsp;&nbsp;&nbsp;&nbsp;**SEC USE ONLY** |
| &nbsp;&nbsp;&nbsp; **4** | &nbsp;&nbsp;&nbsp;&nbsp;**SOURCE OF FUNDS (SEE INSTRUCTIONS)**<br>&nbsp;&nbsp;&nbsp;&nbsp;OO |
| &nbsp;&nbsp;&nbsp; **5** | &nbsp;&nbsp;&nbsp;&nbsp;**CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEMS 2(D) OR 2(E)**<br>&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| &nbsp;&nbsp;&nbsp; **6** | &nbsp;&nbsp;&nbsp;&nbsp;**CITIZENSHIP OR PLACE OF ORGANIZATION**<br>&nbsp;&nbsp;&nbsp;&nbsp;Arizona |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **NUMBER OF**<br> **SHARES**<br> **BENEFICIALLY** <br> **OWNED BY**<br> **EACH**<br> **REPORTING**<br> **PERSON**<br> **WITH** | **7** | &nbsp;&nbsp;&nbsp;&nbsp;**SOLE VOTING POWER**<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp; **NUMBER OF**<br> **SHARES**<br> **BENEFICIALLY** <br> **OWNED BY**<br> **EACH**<br> **REPORTING**<br> **PERSON**<br> **WITH** | **8** | &nbsp;&nbsp;&nbsp;&nbsp;**SHARED VOTING POWER**<br>&nbsp;&nbsp;&nbsp;&nbsp;39,876,497 (See Item 5 of this Schedule 13D) |
| &nbsp;&nbsp;&nbsp; **NUMBER OF**<br> **SHARES**<br> **BENEFICIALLY** <br> **OWNED BY**<br> **EACH**<br> **REPORTING**<br> **PERSON**<br> **WITH** | **9** | &nbsp;&nbsp;&nbsp;&nbsp;**SOLE DISPOSITIVE POWER**<br>&nbsp;&nbsp;&nbsp;&nbsp;39,876,497 |
| &nbsp;&nbsp;&nbsp; **NUMBER OF**<br> **SHARES**<br> **BENEFICIALLY** <br> **OWNED BY**<br> **EACH**<br> **REPORTING**<br> **PERSON**<br> **WITH** | **10** | &nbsp;&nbsp;&nbsp;&nbsp;**SHARED DISPOSITIVE POWER**<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**11** | &nbsp;&nbsp;&nbsp;&nbsp;**AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON**<br>&nbsp;&nbsp;&nbsp;&nbsp;39,876,497 |
| &nbsp;&nbsp;&nbsp;**12** | &nbsp;&nbsp;&nbsp;&nbsp;**CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(SEE INSTRUCTIONS)**<br>&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| &nbsp;&nbsp;&nbsp;**13** | &nbsp;&nbsp;&nbsp;&nbsp;**PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)**<br>&nbsp;&nbsp;&nbsp;&nbsp;7.7%(1) |
| &nbsp;&nbsp;&nbsp;**14** | &nbsp;&nbsp;&nbsp;&nbsp;**TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)**<br>&nbsp;&nbsp;&nbsp;&nbsp;OO |

---

(1) Calculation of the percentage of the shares of Common Stock beneficially owned assumes 512,485,485 shares of
Common Stock outstanding as of December 21, 2022, based on information included in the Issuer's Prospectus Supplement filed pursuant to Rule 424(b)(5) on December 30, 2022.

------

---

| | |
|:---|:---|
| **CUSIP No. 654110105** | **Schedule 13D** |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp; **1** | &nbsp;&nbsp;&nbsp;&nbsp;**NAMES OF REPORTING PERSONS**<br>&nbsp;&nbsp;&nbsp;&nbsp;Mark A. Russell |
| &nbsp;&nbsp;&nbsp; **2** | &nbsp;&nbsp;&nbsp;&nbsp;**CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP**<br> &nbsp;&nbsp;&nbsp;&nbsp;(a) ☐ (b) ☒ |
| &nbsp;&nbsp;&nbsp; **3** | &nbsp;&nbsp;&nbsp;&nbsp;**SEC USE ONLY** |
| &nbsp;&nbsp;&nbsp; **4** | &nbsp;&nbsp;&nbsp;&nbsp;**SOURCE OF FUNDS (SEE INSTRUCTIONS)**<br>&nbsp;&nbsp;&nbsp;&nbsp;OO |
| &nbsp;&nbsp;&nbsp; **5** | &nbsp;&nbsp;&nbsp;&nbsp;**CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(D) OR 2(E)**<br>&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| &nbsp;&nbsp;&nbsp; **6** | &nbsp;&nbsp;&nbsp;&nbsp;**CITIZENSHIP OR PLACE OF ORGANIZATION**<br>&nbsp;&nbsp;&nbsp;&nbsp;USA |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; **NUMBER OF**<br> **SHARES**<br> **BENEFICIALLY** <br> **OWNED BY**<br> **EACH**<br> **REPORTING**<br> **PERSON**<br> **WITH** | **7** | &nbsp;&nbsp;&nbsp;&nbsp;**SOLE VOTING POWER**<br>&nbsp;&nbsp;&nbsp;&nbsp;5,012,102 |
| &nbsp;&nbsp;&nbsp; **NUMBER OF**<br> **SHARES**<br> **BENEFICIALLY** <br> **OWNED BY**<br> **EACH**<br> **REPORTING**<br> **PERSON**<br> **WITH** | **8** | &nbsp;&nbsp;&nbsp;&nbsp;**SHARED VOTING POWER**<br>&nbsp;&nbsp;&nbsp;&nbsp;39,876,497 (See Item 5 of this Schedule 13D) |
| &nbsp;&nbsp;&nbsp; **NUMBER OF**<br> **SHARES**<br> **BENEFICIALLY** <br> **OWNED BY**<br> **EACH**<br> **REPORTING**<br> **PERSON**<br> **WITH** | **9** | &nbsp;&nbsp;&nbsp;&nbsp;**SOLE DISPOSITIVE POWER**<br>&nbsp;&nbsp;&nbsp;&nbsp;44,888,599 |
| &nbsp;&nbsp;&nbsp; **NUMBER OF**<br> **SHARES**<br> **BENEFICIALLY** <br> **OWNED BY**<br> **EACH**<br> **REPORTING**<br> **PERSON**<br> **WITH** | **10** | &nbsp;&nbsp;&nbsp;&nbsp;**SHARED DISPOSITIVE POWER**<br>&nbsp;&nbsp;&nbsp;&nbsp;0 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**11** | &nbsp;&nbsp;&nbsp;&nbsp;**AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON**<br>&nbsp;&nbsp;&nbsp;&nbsp;44,888,599 |
| &nbsp;&nbsp;&nbsp;**12** | &nbsp;&nbsp;&nbsp;&nbsp;**CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES**<br> &nbsp;&nbsp;&nbsp;&nbsp;**(SEE INSTRUCTIONS)**<br>&nbsp;&nbsp;&nbsp;&nbsp;☐ |
| &nbsp;&nbsp;&nbsp;**13** | &nbsp;&nbsp;&nbsp;&nbsp;**PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)**<br>&nbsp;&nbsp;&nbsp;&nbsp;8.7%(2) |
| &nbsp;&nbsp;&nbsp;**14** | &nbsp;&nbsp;&nbsp;&nbsp;**TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)**<br>&nbsp;&nbsp;&nbsp;&nbsp;OO |

---

(2) Calculation of the percentage of the shares of Common Stock beneficially owned assumes 512,485,485 shares of
Common Stock outstanding as of December 21, 2022, based on information included in the Issuer's Prospectus Supplement filed pursuant to Rule 424(b)(5) on December 30, 2022.

------

---

| | |
|:---|:---|
| ***Item 1.*** | ***Security and Issuer.***  |

---

This statement on Schedule 13D relates to the Common Stock, $0.0001 par value per share (the "<u>Common Stock</u>"), of Nikola Corporation, a Delaware corporation (the "<u>Issuer</u>"). The address of the principal executive offices of the Issuer is 4141 E Broadway Road, Phoenix, Arizona 85040. Information given in response to each item shall be deemed incorporated by reference in all other items, as applicable.

---

| | |
|:---|:---|
| ***Item 2.*** | ***Identity and Background.***  |

---

**(a), (b), (c) and (f)** This Statement is being filed jointly on behalf of the following persons (collectively, the "Reporting Persons"):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) T&M Residual, LLC, an Arizona limited liability company (" <u>T&M</u> "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Mark A. Russell, a United States citizen.

The agreement among the Reporting Persons relating to the joint filing of this Schedule 13D is attached to this Schedule 13D as Exhibit I.

Mark A. Russell is a member of the board of directors of the Issuer (the "<u>Board</u>"), and co-owner of T&M. T&M is owned by Mark A. Russell and Trevor R. Milton. Mr. Russell is the manager of T&M, and has sole dispositive power over the shares of Common Stock held by T&M. Mr. Milton has sole voting power over the shares of Common Stock held by T&M, as T&M granted Mr. Milton a proxy to vote all of its shares of Common Stock, which expires on June 3, 2023. The principal business of T&M is investment.

The principal business address of each of the Reporting Persons is 4141 E Broadway Road, Phoenix, AZ 85040.

Pursuant to Instruction C of Schedule 13D, the name, business address, present principal occupation or employment, and the name, principal business and address of any corporation or other organization in which such employment is conducted for each of the persons who may be deemed to exert control over the Reporting Persons is set forth in this Schedule 13D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d) and (e)** During the last five years, none of the Reporting Persons have been convicted in any criminal proceedings (excluding traffic violations or similar misdemeanors) or has been a party to a civil proceeding of a judicial or administrative body of competent jurisdiction and as a result of which such person was or is subject to a judgment, decree or final order enjoining future violations of, or prohibiting or mandating activities subject to, federal or state securities laws or finding any violation with respect to such laws.

---

| | |
|:---|:---|
| ***Item 3.*** | ***Source and Amount of Funds or Other Consideration.***  |

---

All of the shares of Common Stock reported herein as beneficially owned by the Reporting Persons were acquired pursuant to a Business Combination Agreement, dated as of March 2, 2020 (the "<u>Business Combination Agreement</u>"), by and among the Issuer (f/k/a VectoIQ Acquisition Corp. ("<u>VectoIQ</u>")), VCTIQ Merger Sub Corp., a wholly-owned subsidiary of VectoIQ incorporated in the State of Delaware ("<u>Merger Sub</u>"), and Nikola Subsidiary Corporation, a Delaware corporation (f/k/a Nikola Corporation) ("<u>Legacy Nikola</u>"). Pursuant to the terms of the Business Combination Agreement, a business combination between the Issuer and Legacy Nikola was effected through the merger of Merger Sub with and into Legacy Nikola, with Legacy Nikola surviving as the surviving company and as a wholly-owned subsidiary of Issuer (the "<u>Merger</u>" and, collectively with the other transactions described in the Business Combination Agreement, the "<u>Business Combination</u>"). The Business Combination closed on June 3, 2020 (the "<u>Closing</u>").

Immediately prior to the Closing, the 13,387,130 shares of Legacy Nikola series seed preferred stock and 7,589,460 shares of Legacy Nikola Common Stock held by T&M, were automatically converted into 39,876,497 shares of Common Stock.

------

Immediately prior to the Closing, the 150,817 shares of Legacy Nikola series seed preferred stock, 403,992 shares of Legacy Nikola Common Stock and the option to purchase 4,651,920 shares of Legacy Nikola Common Stock held by Mark A. Russell, were automatically converted into the right to receive 1,054,691 shares of Common Stock and the option to purchase 8,843,299 shares of Common Stock. The option to purchase 8,843,299 shares of Common Stock held by Mark A. Russell is fully vested and immediately exercisable.

---

| | |
|:---|:---|
| ***Item 4.*** | ***Purpose of Transaction.***  |

---

The information contained above in Item 1 and Item 3 of this Schedule 13D is incorporated herein by reference. The Reporting Persons acquired the securities of the Issuer pursuant to the Business Combination Agreement relate to items described in subparagraphs (a) through (j) of Item 4 of Schedule 13D.

Mark A. Russell, is the manager of T&M and serves as a member of the Board, and, in such capacity, may have influence over the corporate activities of the Issuer, including activities which may relate to items described in subparagraphs (a) through (j) of Item 4 of Schedule 13D. Subject to the Issuer's Insider Trading Policy, Mr. Russell may from time to time buy or sell securities of the Issuer.

Except as described in this Schedule 13D, the Reporting Persons do not have any present plans or proposals that relate to or would result in any of the actions described in subparagraphs (a) through (j) of Item 4 of Schedule 13D, although, subject to the agreements described herein, the Reporting Persons, at any time and from time to time, may review, reconsider and change their position and/or change their purpose and/or develop such plans and may seek to influence management of the Issuer or the Board with respect to the business and affairs of the Issuer and may from time to time consider pursuing or proposing such matters with advisors, the Issuer or other persons.

---

| | |
|:---|:---|
| ***Item 5.*** | ***Interest in Securities of the Issuer.***  |

---

The information contained in Item 3 of this Schedule 13D is incorporated by reference herein.

**(a), (b)** The responses of the Reporting Persons with respect to Rows 7 through 13 of the respective cover pages of the individual Reporting Persons to this Schedule 13D are incorporated herein by reference.

The Reporting Persons' aggregate percentage of beneficial ownership is approximately 8.71% of the outstanding shares of the Common Stock. Calculations of the percentage of the shares of Common Stock beneficially owned in this Schedule 13D assume 512,485,485 shares of Common Stock outstanding as of December 21, 2022, based on information included in the Issuer's Prospectus Supplement filed pursuant to Rule 424(b)(5) on December 30, 2022.

T&M beneficially owns 39,876,497 shares of the Issuer's Common Stock, representing approximately 7.78% of the Issuer's outstanding Common Stock as of December 30, 2022. T&M is owned by Mark A. Russell and Trevor R. Milton. Mr. Russell is the manager of T&M, and has sole dispositive power over the shares held by T&M. Accordingly, Mr. Russell may be deemed to beneficially own the 39,876,497 shares of the Issuer's Common Stock directly held by T&M. Mr. Milton has shared voting power over the shares held by T&M as a result of a proxy granted to Mr. Milton by T&M to vote all of its shares of Common Stock, which expires on June 3, 2023. As a result of his shared voting power over the shares of Common Stock directly held by T&M, Mr. Milton may also be deemed to beneficially own the 39,876,497 shares of Common Stock held by T&M. As a result, Mr. Milton may be deemed to be the beneficial owner of 39,876,497 shares of Common Stock held by T&M, representing approximately 7.78% of the outstanding shares of Common Stock.

Mark A. Russell owns an additional 1,959,917 shares of Common Stock and options to purchase 3,052,185 shares of Common Stock (which are fully vested and immediately exercisable). As a result, Mr. Russell may be deemed to beneficially own an aggregate of 44,888,599 shares of Common Stock, consisting of 39,876,497 shares of Common Stock held by T&M, 1,959,917 shares of Common Stock held in his name and options to purchase 3,052,185 shares of Common Stock held in his name, representing an aggregate of approximately 8.71% of the Issuer's outstanding Common Stock.

------

Each of the Reporting Persons expressly disclaims beneficial ownership of all of the shares of Common Stock included in this Schedule 13D, other than the shares of Common Stock held of record by such Reporting Person, and the filing of this Schedule 13D shall not be construed as an admission that any such person is, for the purposes of sections 13(d) or 13(g) of the Act, or for any other purposes, the beneficial owner of any securities covered by this Schedule 13D.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(c)** Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(d)** To the best knowledge of the Reporting Persons, no one other than the Reporting Persons, or the members or affiliates of the Reporting Persons, is known to have the right to receive, or the power to direct the receipt of, dividends from, or proceeds from the sale of, the shares of Common Stock reported herein as beneficially owned by the Reporting Persons.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**(e)** Not applicable.

---

| | |
|:---|:---|
| ***Item 6.*** | ***Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.***  |

---

*Registration Rights and Lock-Up Agreement* 

In connection with the Business Combination, the Issuer, certain persons and entities holding founder shares and private units of the Issuer (the "<u>Original Holders</u>") and certain stockholders of Legacy Nikola including T&M (the "<u>New Holders</u>" and, collectively with the Original Holders, the "<u>Holders</u>") entered into a Registration Rights and Lock-Up Agreement at Closing (the "<u>Registration Rights Agreement</u>"). Pursuant to the terms of the Registration Rights Agreement, the Issuer is obligated to file a registration statement to register the resale of certain securities of the Issuer held by the Holders. In addition, pursuant to the terms of the Registration Rights Agreement and subject to certain requirements and customary conditions, including with regard to the number of demand rights that may be exercised, the Holders may demand at any time or from time to time, that the Issuer file a registration statement on Form S-3 (or on Form S-1 if Form S-3 is not available) to register the securities of the Issuer held by such Holders. The Registration Rights Agreement also provides the Holders with "piggy-back" registration rights, subject to certain requirements and customary conditions.

This summary is qualified by the actual terms of the Registration Rights Agreement, a copy of which is attached as an exhibit to this Schedule 13D and is incorporated herein by reference.

*Grant of Proxy* 

On June 2, 2020, T&M, Mr. Milton, and Mr. Russell entered into the First Amendment to the Limited Liability Company Agreement of T&M Residual, LLC (the "<u>First Amendment</u>"). The First Amendment grants Mr. Milton a proxy to vote securities of the Issuer on behalf of T&M until the day after the third anniversary of the First Amendment or the earlier death or total and permanent disability of Mr. Milton. Pursuant to the First Amendment, Mr. Russell holds the sole authority, without the need for prior approval from a manager of T&M, and without any prior written notice, to sell securities of the Issuer, in whole or in part, on behalf of the Issuer. This summary is qualified by the actual terms of the First Amendment, a copy of which is attached as an exhibit to this Schedule 13D and is incorporated herein by reference.

---

| | |
|:---|:---|
| ***Item 7.*** | ***Material to be Filed as Exhibits.***  |

---

---

| | |
|:---|:---|
| **Exhibit No.** | **Description** |
| Exhibit I | [Joint Filing Agreement by and among the Reporting Persons.](d427944dex99i.htm) |
| Exhibit II | [First Amendment to the Limited Liability Company Agreement of T&M Residual, LLC by and among T&M Residual, LLC, Trevor R. Milton, and Mark A. Russell, dated June 2, 2020.](d427944dex99ii.htm) |
| Exhibit III | [Registration Rights and Lock-Up Agreement by and among VectoIQ Acquisition Corp. and certain stockholders of VectoIQ Acquisition Corp., dated June 3, 2020 (incorporated by reference to Exhibit 2.1 as Exhibit A to the Current Report on Form 8-K filed on March 3, 2020).](http://www.sec.gov/Archives/edgar/data/1731289/000110465920028233/tm2011332d1_ex2-1.htm) |
| Exhibit IV | [Founder Stock Option Plan, dated December 31, 2018 (incorporated by reference to Exhibit 10.5 to the Registration Statement on Form S-4 filed on March 13, 2020).](http://www.sec.gov/Archives/edgar/data/1731289/000104746920001479/a2240989zex-10_5.htm) |

---

------

**SIGNATURES** 

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

Dated: February 7, 2023

---

| | |
|:---|:---|
| **T&M Residual, LLC** | **T&M Residual, LLC** |
| By: | /s/ Mark A. Russell |
|  | Name: Mark A. Russell |
|  | Title: Manager |

---

---

| |
|:---|
|  **Mark A. Russell** |
|  /s/ Mark A. Russell |

---

## Ex-99.I

**EXHIBIT I** 

**JOINT FILING AGREEMENT** 

This will confirm the agreement by and among the undersigned that the Schedule 13D filed with the Securities and Exchange Commission on or about the date hereof with respect to the beneficial ownership by the undersigned of the Common Stock, $0.0001 par value per share, of Nikola Corporation, a Delaware corporation, is being filed and all amendments thereto will be filed, on behalf of each of the persons and entities named below in accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934, as amended. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

Dated: February 7, 2023

---

| | |
|:---|:---|
| **T&M Residual, LLC** | **T&M Residual, LLC** |
| By: | /s/ Mark A. Russell |
|  | Name: Mark A. Russell |
|  | Title: Manager |

---

---

| |
|:---|
|  **Mark A. Russell** |
|  /s/ Mark A. Russell |

---

## Ex-99.Ii

**EXHIBIT II** 

**<u>FIRST AMENDMENT TO</u>**

**<u>THE LIMITED LIABILITY COMPANY AGREEMENT</u>**

**<u>OF T & M RESIDUAL, LLC</u>**

This FIRST AMENDMENT (this "<u>First Amendment</u>") to the Limited Liability Company Agreement of T & M Residual LLC, dated as of February 11, 2019 (the "<u>LLC Agreement</u>"), is entered into as of June 2, 2020 by and between T & M Residual LLC, an Arizona limited liability company (the "<u>Company</u>"). Trevor Milton ("<u>Milton</u>"), and Mark Russell ("<u>Russell</u>"). All capitalized terms used but not defined herein shall have the meanings given to such terms in the LLC Agreement.

WHEREAS, the Company, Milton and Russell, desire to amend the LLC Agreement as set forth below.

NOW, THEREFORE, in consideration of the mutual promises hereinafter set forth and other good and valuable consideration, the receipt and sufficiency of which is acknowledged, Milton and Russell, constituting all of the Unitholders of the Company, and the Company, amend the LLC Agreement as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Amendments to Section</u> <u>1.1</u>. Section 1.1 of the LLC Agreement is amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The "Class A-1 and Class A-2 Unretumed Capital," "Class A-2 Return," "Class B Catch-Up," and "Class B Unit" definitions in Section 1.1 of the LLC Agreement are deleted and removed in their entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The reference to "Milton" in the "Manager" definition in Section 1.1 of the LLC Agreement is removed and deleted in its entirety and replaced with "Russell."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) A new "Percentage Interest" definition is added to Section 1.1 of the LLC Agreement as follows:

"<u>Percentage Interest</u>" means, with respect to each Unitholder, a fraction, expressed as a percentage, the numerator of which is the number of Units owned by the Unitholder, and the denominator of which is the total number of outstanding Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The references to "Class B Units" in the "Unit" definition in Section 1.1 of the LLC Agreement are deleted and removed in their entirety, *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Amendments to Sections 3.1(bl and 3.1(cl</u>. The references to "Class B Units" in Sections 3.1(b) and 3.1(c) of the LLC Agreement are deleted and removed in their entirety, *mutatis mutandis*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Removal Section</u> <u>3.11</u>. Section 3.11 of the LLC Agreement is deleted and removed in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Amendments to Section</u> <u>4.1</u>. Section 4.1 of the LLC Agreement is amended and restated in its entirety as follows:

Section 4.1 <u>Distribution Priorities</u>. Except as otherwise set forth in this Article IV, and subject to the provisions of Section 29-706 of the Arizona Act, the Company shall make Distributions at any time or from time to time to the extent that cash is available to make Distributions. All Distributions, other than Tax Distributions (which are addressed separately in Section 4.2), shall be made to the Unitholders pro rata in accordance with their Percentage Interests. For the avoidance of doubt, each Unitholder acknowledges and agrees that this Section 4.1 may not be amended or modified by the Manager without the consent or approval of all Unitholders.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Amendments to Section</u> <u>5.1</u>. Section 5.1 of the LLC Agreement is amended as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Section 5.1(a)(i) of the LLC Agreement is amended and restated in its entirety as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The business and affairs of the Company shall be managed by the Manager, except as otherwise provided by this Agreement (including Section 5.1(a)(vi) and Section 5.1(b)). The Manager shall be the "manager" of the Company for the purposes of the Act. No person shall replace Russell as the Manager until such time as Russell's death or Total and Permanent Disability. Any subsequent the Manager shall be selected by a unanimous vote of the Unitholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Section 5.1(b) of the LLC Agreement is amended and restated in its entirety as follows;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Authority of Russell</u>. Russell shall have the sole authority, without the need for prior Manager approval and without any prior written notice, to sell the Nikola Securities, in whole or in part, on behalf of the Company (a "<u>Nikola Security Sale</u>," and such authority, the "<u>Russell Sale Authority</u>"). At any time when the Russell Sale Authority is in effect, Russell shall have the sole and absolute discretion to determine (A) the timing of sale, (B) the number of securities to be sold, (C) the manner of sale (whether on a securities exchange or in a private transaction or otherwise), (D) the sales price (and other terms, if applicable), and (E) the selection of any underwriters, brokers, bankers or other intermediaries to be involved in such sale and the compensation to be paid to any such Persons. Russell shall have the authority to execute and deliver on behalf of the Company any agreements and other documentation necessary or advisable to complete any such sale. Notwithstanding anything to the contrary in this Section 5.1, from and after the date of the First Amendment until the day after the third anniversary of the First Amendment or the earlier death or Total and Permanent Disability of Milton, the Company grants to Milton, other than in connection with a Nikola Security Sale, a proxy to vote the Nikola Securities on behalf of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Removal of Section</u> <u>7.13</u>. Section 7.13 of the LLC Agreement is deleted and removed in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Removal of the Exhibits</u>. Each of Exhibit A and Exhibit B to the LLC Agreement is deleted and removed in its entirety.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Representations and Warranties</u>. Each of the parties hereto hereby represents and warrants as of the date of this First Amendment that the execution, delivery and performance of this First Amendment by such party and the consummation of the transactions contemplated hereby will not (i) violate any law applicable to such party or (ii) result in the breach of, or constitute a default under, any contract to which such party is bound in any manner that is material to the transactions contemplated hereby. Each of the parties hereto further represents that this First Amendment is made pursuant to and in accordance with Section 12.1 of the LLC Agreement, and that this First Amendment constitutes a written amendment to the LLC Agreement approved in writing by the unanimous vote of the Unitholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Cooperation</u>. Each of the parties hereto, without further consideration, shall execute and deliver other documents and take such other action as may be necessary to fully consummate the transactions contemplated hereby.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Successors and Assigns</u>. This First Amendment shall be binding upon and inure to the benefit of the respective successors, assigns and representatives of the parties hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Modification and Amendment; Counterparts</u>. This First Amendment may be modified or amended only by written agreement executed by all of the parties hereto. This First Amendment may be executed in any number of counterparts, each of which shall be deemed an original and all when taken together shall constitute this First Amendment, and may be delivered by email or facsimile.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Governing Law</u>. This First Amendment shall in all respects be interpreted, enforced and governed by and under the laws of the State of Delaware.

[*Signature Page Follows*]

------

IN WITNESS WHEREOF, the parties have executed this First Amendment as of the date first above written.

---

| | |
|:---|:---|
| **<u>T&M RESIDUAL LLC</u>** | **<u>T&M RESIDUAL LLC</u>** |
| By: | /s/ Trevor Milton |
|  | Name: Trevor Milton |
|  | Title: Manager |

---

---

| | |
|:---|:---|
| **<u>TREVOR MILTON</u>** | **<u>TREVOR MILTON</u>** |
| By: | /s/ Trevor Milton |
|  | Name: Trevor Milton |

---

---

| | |
|:---|:---|
| **<u>MARK RUSSELL</u>** | **<u>MARK RUSSELL</u>** |
| By: | /s/ Mark Russell |
|  | Name: Mark Russell |

---