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  Exhibit 4.1    
    

 
 

  NIKOLA CORPORATION    
    

 
    AMENDMENT NO. 1
  TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT    
    

        THIS
AMENDMENT NO. 1 TO THE REGISTRATION RIGHTS AND LOCK-UP AGREEMENT (this "Amendment") is entered into as of July 17, 2020. This
Amendment amends that certain Registration Rights and Lock-up Agreement, dated as of June 3, 2020, by and among Nikola Corporation, a Delaware corporation (the
"Company"), and the Holders named therein (the "Agreement"). Capitalized terms used but not defined
herein shall have the respective meanings ascribed to such terms in the Agreement. 

 
 

  RECITALS    
    

        WHEREAS, pursuant to Section 6.5 of the Agreement, any term of the Agreement may be amended or modified, and any provision thereof may be
waived, in whole or in part, at any time pursuant to an agreement in writing executed by the Company and Holders holding a majority of the Registrable Securities at such time (the
"Requisite Consent"); 

        WHEREAS,
the Company and the undersigned Holders who constitute the Requisite Consent desire to amend the Agreement as set forth herein. 

 
 

  AGREEMENT    
    

        NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements contained in this Amendment, the parties, intending to
be legally bound, agree as follows: 

        1.    Amendment.    

        1.1   Section 5.1.3
of the Agreement shall be amended and restated in its entirety to read as follows: 

"5.1.3
Except as permitted by Section 5.2, the Founder Entities shall not Transfer any shares of Common Stock beneficially owned or owned of record by such Founder Entity until
December 1, 2020 (the "Founder Lock-up Period"); provided that, prior to December 1, 2020, each Founder Entity may Transfer up to sixteen
percent (16%) of the shares of Common Stock held by such Founder Entity (the "Founder Cap") as of the date hereof only to the extent necessary to enable
such shares of Common Stock to be pledged as security or collateral in connection with indebtedness incurred by a Founder Entity solely for the purpose of purchasing additional shares of Common Stock;
and provider further
that, each Founder Entity may Transfer shares of Common Stock in excess of the Founder Cap solely for the purposes of repaying indebtedness incurred by such Founder Entity solely to purchase shares of
Common Stock secured by shares of Common Stock as permitted in the preceding proviso that cannot be satisfied with the pledged shares of Common Stock (but only if such repayment of indebtedness is
made on the maturity of such indebtedness, to satisfy a margin call by the lender or if otherwise required by the lender thereof)." 

        1.2   Section 5.2.11
of the Agreement shall be amended and restated in its entirety to read as follows: 

5.2.11
"the Founder Entities may collectively Transfer up to $70,000,000 of Common Stock in connection with the Closing." 

1

 

        2    Effective Date.    By execution of this Amendment, the Company and the undersigned Holders hereby agree that the
provisions set forth in the Agreement are hereby amended as set forth herein effective as of the date hereof. 

        3    Force and Effect; References.    Except as set forth in this Amendment, the Agreement shall remain in full force
and effect. Each reference in the Agreement to "this Agreement" shall be interpreted to mean "this Agreement, as amended." 

        4    Governing Law.    This Amendment shall be governed by, and construed in accordance with, the laws of the State of
Delaware applicable to contracts executed in and to be performed in that State. All legal actions and proceedings arising out of or relating to this Agreement shall be heard and determined exclusively
in any Delaware Chancery Court; provided, that if jurisdiction is not then available in the Delaware Chancery Court, then any such legal action may be brought in any federal court located in the State
of Delaware or any other Delaware state court.. 

        5    Counterparts.    This Amendment 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. This Amendment may be executed and delivered by facsimile signature, PDF or any electronic signature complying with
the U.S. federal ESIGN Act of 2000 (e.g., www.docusign.com) and upon such delivery the facsimile signature, PDF or electronic signature will be deemed to have the same effect as if the original
signature had been delivered to the other party. 

[Signature Page Follows] 

2

        IN
WITNESS THEREOF, the parties have executed this Amendment to Registration Rights and Lock-Up Agreement as of the date first written above. 

 

 
 

							
	 	 	 COMPANY
	

 	
 	
NIKOLA CORPORATION
	

 	
 	
By:	
 	
/s/ Mark A. Russell

 
	 	 	 	 	Name:	 	Mark A. Russell
	 	 	 	 	Title:	 	 President & Chief Executive Officer
	

 	
 	
Address:

 

   

   

 NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

        IN
WITNESS THEREOF, the parties have executed this Amendment to Registration Rights and Lock-Up Agreement as of the date first written above. 

 

 
 

							
	 	 	 HOLDER:
	

 	
 	
Name: Green Nikola Holdings LLC
	

 	
 	
By:	
 	
/s/ Haeyang Lee

 
	 	 	 	 	Name:	 	Haeyang Lee
	 	 	 	 	Title:	 	 President
	

 	
 	
Address:

 

   

   

 NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

        IN
WITNESS THEREOF, the parties have executed this Amendment to Registration Rights and Lock-Up Agreement as of the date first written above. 

 

 
 

							
	 	 	 HOLDER:
	

 	
 	
Name: Iveco S.p.A.
	

 	
 	
By:	
 	
/s/ Gerrit Marx

 
	 	 	 	 	Name:	 	Gerrit Marx
	 	 	 	 	Title:	 	 President, Commercial & Specialty Vehicles
	

 	
 	
Address:

 

   

   

 NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

        IN
WITNESS THEREOF, the parties have executed this Amendment to Registration Rights and Lock-Up Agreement as of the date first written above. 

 

 
 

							
	 	 	 HOLDER:
	

 	
 	
Name: Legend Capital Partners
	

 	
 	
By:	
 	
/s/ DeWitt C. Thompson, V

 
	 	 	 	 	Name:	 	DeWitt C. Thompson, V
	 	 	 	 	Title:	 	 President
	

 	
 	
Address:

 

   

   

 NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

        IN
WITNESS THEREOF, the parties have executed this Amendment to Registration Rights and Lock-Up Agreement as of the date first written above. 

 

 
 

							
	 	 	 HOLDER:
	

 	
 	
Name: M&M Residual LLC
	

 	
 	
By:	
 	
/s/ Trevor Milton

 
	 	 	 	 	Name:	 	Trevor Milton
	 	 	 	 	Title:	 	 CEO
	

 	
 	
Address:

 

   

   

 NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

        IN
WITNESS THEREOF, the parties have executed this Amendment to Registration Rights and Lock-Up Agreement as of the date first written above. 

 

 
 

							
	 	 	 HOLDER:
	

 	
 	
Name: Stephen J. Girsky
	

 	
 	
By:	
 	
/s/ Stephen Girsky

 
	 	 	 	 	Name:	 	Steve Girsky
	 	 	 	 	Title:	 	 Personal
	

 	
 	
Address:

 

   

   

 NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

        IN
WITNESS THEREOF, the parties have executed this Amendment to Registration Rights and Lock-Up Agreement as of the date first written above. 

 

 
 

							
	 	 	 HOLDER:
	

 	
 	
Name: T&M Residual, LLC
	

 	
 	
By:	
 	
/s/ Mark Russell

 
	 	 	 	 	Name:	 	Mark Russell
	 	 	 	 	Title:	 	 Manager
	

 	
 	
Address:

 

   

   

 NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

        IN
WITNESS THEREOF, the parties have executed this Amendment to Registration Rights and Lock-Up Agreement as of the date first written above. 

 

 
 

							
	 	 	 HOLDER:
	

 	
 	
Name: Thompson Nikola II LLC
	

 	
 	
By:	
 	
/s/ DeWitt C. Thompson, V

 
	 	 	 	 	Name:	 	DeWitt C. Thompson, V
	 	 	 	 	Title:	 	 President
	

 	
 	
Address:

 

   

   

 NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

        IN
WITNESS THEREOF, the parties have executed this Amendment to Registration Rights and Lock-Up Agreement as of the date first written above. 

 

 
 

							
	 	 	 HOLDER:
	

 	
 	
Name: Thompson Nikola LLC
	

 	
 	
By:	
 	
/s/ DeWitt C. Thompson, V

 
	 	 	 	 	Name:	 	DeWitt C. Thompson, V
	 	 	 	 	Title:	 	 President
	

 	
 	
Address:

 

   

   

 NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

        IN
WITNESS THEREOF, the parties have executed this Amendment to Registration Rights and Lock-Up Agreement as of the date first written above. 

 

 
 

							
	 	 	 HOLDER:
	

 	
 	
Name: ClearSky Power & Technology Fund II LLC
	

 	
 	
By:	
 	
/s/ Alex Weiss

 
	 	 	 	 	Name:	 	Alex Weiss
	 	 	 	 	Title:	 	 Managing Director
	

 	
 	
Address:

 

   

   

 NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

        IN
WITNESS THEREOF, the parties have executed this Amendment to Registration Rights and Lock-Up Agreement as of the date first written above. 

 

 
 

							
	 	 	 HOLDER:
	

 	
 	
Name: Cowen Investments II, LLC
	

 	
 	
By:	
 	
/s/ Owen Littman

 
	 	 	 	 	Name:	 	Owen Littman
	 	 	 	 	Title:	 	 Authorized Signatory
	

 	
 	
Address:

 

   

   

 NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

        IN
WITNESS THEREOF, the parties have executed this Amendment to Registration Rights and Lock-Up Agreement as of the date first written above. 

 

 
 

							
	 	 	 HOLDER:
	

 	
 	
Name: Steven Shindler
	

 	
 	
By:	
 	
/s/ Steven Shindler

 
	 	 	 	 	Name:	 	Steven Shindler
	 	 	 	 	Title:	 	 Investor
	

 	
 	
Address:

 

   

   

 NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

        IN
WITNESS THEREOF, the parties have executed this Amendment to Registration Rights and Lock-Up Agreement as of the date first written above. 

 

 
 

							
	 	 	 HOLDER:
	

 	
 	
Name: DFA Ventures, LLC
	

 	
 	
By:	
 	
/s/ Daniel F. Akerson

 
	 	 	 	 	Name:	 	Daniel F. Akerson
	 	 	 	 	Title:	 	 Manager
	

 	
 	
Address:

 

   

   

 NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

        IN
WITNESS THEREOF, the parties have executed this Amendment to Registration Rights and Lock-Up Agreement as of the date first written above. 

 

 
 

							
	 	 	 HOLDER:
	

 	
 	
Name: Mary Chan
	

 	
 	
By:	
 	
/s/ Mary Chan

 
	 	 	 	 	Name:	 	Mary Chan
	 	 	 	 	Title:	 	 Managing Partner VectoIQ, LLC
	

 	
 	
Address:

 

   

   

 NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

        IN
WITNESS THEREOF, the parties have executed this Amendment to Registration Rights and Lock-Up Agreement as of the date first written above. 

 

 
 

							
	 	 	 HOLDER:
	

 	
 	
Name: Robert Gendelman
	

 	
 	
By:	
 	
/s/ Robert Gendelman

 
	 	 	 	 	Name:	 	Robert Gendelman
	 	 	 	 	Title:	 	 Mr.
	

 	
 	
Address:

 

   

   

 NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

        IN
WITNESS THEREOF, the parties have executed this Amendment to Registration Rights and Lock-Up Agreement as of the date first written above. 

 

 
 

							
	 	 	 HOLDER:
	

 	
 	
Name: Stefan Jacoby
	

 	
 	
By:	
 	
/s/ Stefan Jacoby

 
	 	 	 	 	Name:	 	Stefan Jacoby
	 	 	 	 	Title:	 	 President
	

 	
 	
Address:

 

   

   

 NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

        IN
WITNESS THEREOF, the parties have executed this Amendment to Registration Rights and Lock-Up Agreement as of the date first written above. 

 

 
 

							
	 	 	 HOLDER:
	

 	
 	
Name: VA Spring NM, LLC
	

 	
 	
By:	
 	
/s/ Chris Allen

 
	 	 	 	 	Name:	 	Chris Allen
	 	 	 	 	Title:	 	 CFO
	

 	
 	
Address:

 

   

   

 NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

        IN
WITNESS THEREOF, the parties have executed this Amendment to Registration Rights and Lock-Up Agreement as of the date first written above. 

 

 
 

							
	 	 	 HOLDER:
	

 	
 	
Name: ValueAct Spring Master Fund, L.P.
	

 	
 	
By:	
 	
/s/ Chris Allen

 
	 	 	 	 	Name:	 	Chris Allen
	 	 	 	 	Title:	 	 CFO
	

 	
 	
Address:

 

   

   

 NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

        IN
WITNESS THEREOF, the parties have executed this Amendment to Registration Rights and Lock-Up Agreement as of the date first written above. 

 

 
 

							
	 	 	 HOLDER:
	

 	
 	
Name: Victoria McInnis
	

 	
 	
By:	
 	
/s/ Victoria McInnis

 
	 	 	 	 	Name:	 	Victoria McInnis
	 	 	 	 	Title:	 	 Holder
	

 	
 	
Address:

 

   

   

 NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

QuickLinks

Exhibit 4.1

NIKOLA CORPORATION

AMENDMENT NO. 1 TO REGISTRATION RIGHTS AND LOCK-UP AGREEMENT

RECITALS

AGREEMENTDocument

                  EXHIBIT 10.1

CURRENT DIRECTOR COMPENSATION PROGRAM
As of May 21, 2020

1.Annual Retainer:  $130,000 - Paid in quarterly installments in arrears at the end of each quarter in cash or, if the director so elects, in deferred stock units to be distributed at a later date designated by the director.
2.Annual Deferred Stock Award:  $175,000 (effective with respect to awards granted after December 31, 2016) – Awarded in February to incumbent directors who are nominated for re-election at the next shareholders’ meeting in the form of deferred stock units.  Deferred stock units vest one day prior to the date of the annual shareholder meeting occurring in the year following the year of the date of grant.  Vested deferred stock units are distributed either in a lump sum six months after termination of service as a director or, if the director so elects, in annual installments beginning at least six months following termination of service as a director.
3.Committee Chair Fees:  The annual amount of committee chair fees, which are paid quarterly in arrears, are as follows:  Audit - $25,000, Compensation - $25,000, Nominating and Governance - $20,000, Investment and Capital Markets - $20,000 and Risk - $25,000.
4.Lead Director:   The Lead Director will be paid $50,000 per year (payable in arrears in quarterly installments as of the last business day of each quarter).
1

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