Document:

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

 

    8Exhibit 10.12

 

 

 

June 3, 2020

 

Trevor Milton

 

Re:         Executive
Employment Arrangement

 

Dear Trevor:

 

This Agreement will
amend and restate your existing Employment Agreement with Nikola Corporation (the “Company”), dated as of July 13,
2016, effective as of the close of the business combination contemplated by the Business Combination Agreement, dated as of March 2,
2020 (the “Merger Agreement”) by and among VectoIQ Acquisition Corp., VCTIQ Merger Sub Corp., and the Company (the
 “Effective Date”). On behalf of the Company, I am pleased to offer you the position of Executive Chairman of
the Board of Nikola Corporation.

 

You will report to
the Company’s Board of Directors (the “Board”) and your responsibilities will include such employment duties
as are usual and customary for this position including presiding over all meetings of the Company’s stockholders and at all
meetings of its Board. The Executive Chairman shall also have supervisory powers over and management authority for the Company’s
Chief Executive Officer (“CEO”), and shall have all other powers commonly incident to such position or which are from
time to time delegated to him by the Board. At the Company’s request, you shall serve the Company and/or its subsidiaries
and affiliates in other capacities in addition to the foregoing, consistent with expectations for your position.

 

The terms of your employment
are as follows:

 

Employment Period.
Your employment shall continue indefinitely until terminated in accordance with the terms of this Agreement. Notwithstanding the
foregoing, your employment is terminable at will by the Company or by you at any time (for any reason or for no reason), subject
to the termination provisions of this Agreement.

 

Annual Salary.
You have indicated your interest in declining any salary in excess of $1 per year, without regard to Arizona’s minimum wage.
Accordingly, for purposes of this Agreement and due to your request, your annual salary will be $1, paid bi-weekly less payroll
deductions and all required withholdings. Your signature on this Agreement confirms your election.

 

     

     

    

 

Annual Bonus.
You have indicated your interest in declining participation in any annual cash bonus program provided by the Company, without regard
to your eligibility in any such program. Your signature on this Agreement confirms your election.

 

Stock Awards.
You will be eligible to receive stock awards under the Company’s equity incentive plan as in effect from time to time (the
 “Plan”). Subject to Board approval, you will be granted an annual time-vested stock award (a “Time-Vested Award”)
and a performance-based stock award (a “Performance Award”) as soon as administratively practicable following the Effective
Date and the effective registration of the securities under the Plan on Form S-8 (the “Grant Date”). The Company
shall file the Form S-8 for the Plan with the Securities and Exchange Commission no later than sixty-five (65) days following
the Effective Date. These awards are designed to reward you for significantly increasing the value of the Company’s stock
over time.

 

Each Time-Vested Award
that you are eligible to receive will consist of restricted stock units for shares of the Company’s common stock having a
value on the Grant Date of not less than $6,000,000. These awards provide immediate and ongoing retention value over time, with
the vesting restrictions on the underlying shares lapsing on the third anniversary of their respective dates of grant (or, in the
case of your first Time-Vested Award, the third anniversary of the Effective Date) subject to your continued employment. The number
of shares associated with the first Time-Vested Award will be determined based upon a stock price of $10.00 as contemplated per
the Merger Agreement. Subsequent Time-Vested Awards would be granted annually, typically concurrent with stock awards to other
employees in the first quarter, with the number of shares determined based upon the Company’s closing stock price on the
date of grant.

 

The Performance Award
will consist of 4,859,000 restricted stock units that can be earned upon the achievement of pre-established “stretch”
share of stock price milestones described in the table below and your continued employment through the third anniversary of the
Effective Date. Each share of stock price milestone represents an incremental increase of $6 billion in the market capitalization
of the Company and unlocks a tranche of the total shares granted. This tiered performance structure ensures shareholders receive
an incremental return on their investment prior to you earning the associated incremental shares. Any and all shares that are earned
upon the achievement (defined as the Company’s share of stock price trading at or above the milestone for at least 20 consecutive
trading days) of the three stock price milestones during the period beginning on the date the Resale Shelf Registration Statement
(as defined in Exhibit A to the Merger Agreement, and which registration statement is required to be filed within 45 days
of the Effective Date) is declared effective by the SEC and ending on the third anniversary of the Effective Date (the “Performance
Period”) will be delivered, free of vesting restrictions, following certification by the Board within 30 days following the
final day of the Performance Period.

 

The general structure
of the Performance Award is illustrated below, assuming a stock price of $10.00 on the grant date. The specific share price milestones
will be approved on the date of grant and included in the associated award document.

 

	Share Price Milestone	 	 	Market Capitalization at Price	 	Incremental Performance 

Shares Earned at Share

 Price Milestone	 
	 	Below $25.00	 	 	Below $10 billion	 	 	0	 
		$25.00	 	 	$10 billion	 	 	1,069,000	 
		$40.00	 	 	$16 billion	 	 	1,603,000	 
	 	$55.00 or Above	 	 	$22+ billion	 	 	2,187,000	 

 

In the event of a Change
in Control (as defined in the Plan), the achievement of share of stock price milestones under your Performance Award will be based
on the Company’s performance through the closing of such Change in Control. The amount of the Performance Award that would
have been earned based on this measurement will be converted to time-vested restricted stock units immediately prior to such Change
in Control (the “Converted Awards”). If the Converted Awards are assumed, substituted or otherwise continued by the
successor corporation (or a parent or subsidiary thereof), all vesting restrictions applicable to the Converted Awards will lapse
on the earlier of (i) the final day of the Performance Period subject to your continued employment with the successor corporation
(or a parent or subsidiary thereof) through such date, at which time such Converted Awards will be settled, and (ii) subject
to your compliance with the Severance Conditions (as defined below), the date of your Involuntary Termination of employment with
the successor corporation (or a parent or subsidiary thereof). All Time-Vested Awards and Converted Awards that are not assumed,
substituted or otherwise continued by the successor corporation (or a parent or subsidiary thereof) will fully vest and will be
settled immediately prior to the consummation of such Change in Control.

 

	 	www.nikolamotor.com
| 4141 E Broadway Rd | Phoenix | AZ | 85040

 

     

     

    

 

The terms and conditions
of each Time-Vested Award and the Performance Award will be set forth in separate award agreements in forms prescribed by the Company
(each, an “Award Agreement”), and all shares underlying the respective awards will contain the right to receive dividend
equivalents, if any, subject to the same vesting conditions as the shares underlying the stock awards. The stock awards shall be
governed in all respects by the terms and conditions of the Plan and the applicable Award Agreement.

 

Benefits. You
(and your spouse and/or eligible dependents to the extent provided in the applicable plans and programs) are eligible to participate
in and be covered under the health, welfare and financial benefit plans and programs maintained by the Company for the benefit
of its employees, pursuant to the terms of such plans, on the same terms and conditions as those applicable to similarly situated
executives. Detailed descriptions of the Company’s benefit plans are available and will be provided to you upon request.
Your eligibility to receive such benefits will be subject in each case to the generally applicable terms and conditions for the
benefits in question and to the determinations of any person or committee administering such benefits. The Company may modify or
terminate any benefits plan or program from time to time in its sole discretion.

 

Expenses. You
are entitled to receive prompt reimbursement for all reasonable business expenses incurred in connection with the performance of
your duties in accordance with the policies, practices and procedures of the Company. Such reimbursements will be made no later
than March 15th of the year following the year in which such expenses were incurred, subject to your submission
of receipts and documentation in accordance with the Company’s policies and procedures.

 

Vacation. You
are entitled to paid vacation in accordance with the policies, practices and procedures of the Company.

 

Indemnification/Legal
Fees. The Company agrees that you will be entitled to the same indemnification rights as the Company grants to other directors
of the Company to the fullest extent permitted by Delaware corporate law. The Company will maintain a directors and officers liability
policy covering you with coverage comparable or equal to that provided to other directors and officers of the Company. In the event
of any dispute over your entitlement to payments or benefits hereunder, the Company shall advance you an amount equal to your monthly
legal fees incurred in connection with such dispute until there is a final non-appealable decision by a court that you are not
entitled to such payment or benefit.

 

	 	www.nikolamotor.com
| 4141 E Broadway Rd | Phoenix | AZ | 85040

 

     

     

    

 

Termination of Employment.
In the event of an Involuntary Termination of your employment at any time:

 

		·	You will enter into a Separation and Consulting Agreement which will provide that, effective as
of the date of your termination of employment (the “Termination Date”), your status as an employee of the Company shall
terminate and the Company shall engage you as a non-employee consultant for the period commencing on the Termination Date and ending
on the second anniversary of the Termination Date (the “Consulting Period”). As a consultant, you shall provide services
to the Company as assigned by the Board, working from your office located at your residence unless reasonably requested by the
Company to travel or appear at the Company’s offices at such times as mutually agreeable to you and the Company. As consideration
for services rendered and/or your continuing agreement to remain available for assignments on an “on-call” basis, the
Company shall pay you $10 million on each of the first and second anniversaries of the Termination Date. During the Consulting
Period you shall be an independent contractor with respect to the Company and there shall not be implied any relationship of employer-employee,
partnership or joint venture. You shall not be entitled to participate in any employee benefit plans or other benefits or conditions
of employment available to the employees of the Company, except as may be elected pursuant to COBRA.

 

		·	Subject to (i) your execution of a general release of claims in favor of the Company in substantially
the form attached as Exhibit A (the “Release”) and with customary carve outs for continued indemnification, rights
to enforce the Release and mutual non-disparagement, (ii) your non-revocation of the Release and it becoming effective within
sixty (60) days following your Termination Date, and (iii) your faithful observance of the terms of such Release (such conditions,
the “Severance Conditions”), you shall be entitled to the following severance benefits (the “Severance Benefits”):

 

		o	Equity and Equity-Based Awards. All outstanding restricted stock awards, stock options,
and restricted stock units, including all restricted stock units subject to your Performance Award and all Converted Awards, as
applicable, will immediately vest in full. Unexercised stock options will remain exercisable for earlier of (i) three years
following your Termination Date or (ii) remaining option term. The settlement of the restricted stock units subject to your
Performance Award (other than Converted Awards) that are subject to accelerated vesting pursuant to this provision will occur on
the later of (i) the final day of the Performance Period (or if earlier, the closing of a Change in Control) or (ii) the
effective date of the Release, in all cases subject to compliance with Section 409A of the Code. The settlement of all Converted
Awards will occur on the effective date of the Release, subject to compliance with Section 409A of the Code.

 

		o	Benefits Continuation. The Company will pay to you a cash lump sum equal in value to 18
months of COBRA benefits coverage, less applicable withholding, on the effective date of the Release.

 

For the avoidance of
doubt, if you independently and unilaterally decide to end your employment at the Company without Good Reason, or if you are terminated
for Cause, or if your employment is terminated due to your Death or Disability, you will not be entitled to enter into the Separation
and Consulting Agreement or receive any Severance Benefits.

 

	 	www.nikolamotor.com
| 4141 E Broadway Rd | Phoenix | AZ | 85040

 

     

     

    

 

You may terminate your
employment with the Company at any time and for any reason whatsoever simply by notifying the Company. Likewise, the Company may
terminate your employment at any time, with or without cause or advance notice, subject to the consulting and other benefits described
herein. Your employment at-will status can only be modified in a written agreement signed by you and by an authorized officer of
the Company.

 

Section 409A.
Notwithstanding anything to the contrary in this Agreement, no compensation or benefits, including any Severance Benefits, stock
awards, consulting payments or other benefits payable due to termination, shall be paid to you during the six-month period
following termination if the Company determines that paying such amounts would be a prohibited distribution under Section 409A
of the Code. If the payment of any such amounts is so delayed, then on the first day of the seventh month following termination
(or such earlier date upon which such amount can be paid under Section 409A without resulting in a prohibited distribution)
the Company shall pay to you a lump-sum amount equal to the cumulative amount that would have otherwise been payable
during such period. In addition, to the extent required in order to comply with Section 409A, you shall not be considered
to have terminated employment with the Company for purposes of this Agreement and no payment of such amounts due pursuant to your
termination shall be due until you would be considered to have incurred a “separation from service” from the Company
within the meaning of Section 409A. Each such amount which constitutes deferred compensation subject to Section 409A
shall be construed as a separate identified payment for purposes of Section 409A. If the period during which you have discretion
to execute or revoke the Release straddles two calendar years, then the Company will make the payment of amounts that are subject
to Section 409A and contingent on the effectiveness of such Release starting in the second of such years regardless of which
year you actually deliver the Release. You may not, directly or indirectly, designate the calendar year of payment of any amounts
subject to Section 409A.

 

The intent of the parties
is that the payments and benefits under this Agreement comply with or be exempt from Section 409A and, accordingly, to the
maximum extent permitted, this Agreement shall be interpreted to be exempt from or in compliance therewith

 

Work Product.
As a condition of employment, you will be expected to abide by Company rules and policies and sign and comply with the Employee
Proprietary Information and Inventions Assignment Agreement (PIIA), attached as Exhibit B to this Agreement, which prohibits
unauthorized use or disclosure of Company proprietary information.

 

Confidentiality.
In your work for the Company, you will be expected not to use or disclose any confidential information, including trade secrets,
of any former employer or other person to whom you have an obligation of confidentiality. Rather, you will be expected to use only
that information which is generally known and used by persons with training and experience comparable to your own, which is common
knowledge in the industry or otherwise legally in the public domain, or which is otherwise provided or developed by the Company.

 

You agree that you
will not bring onto Company premises any unpublished documents or property belonging to any former employer or other person to
whom you have an obligation of confidentiality. You represent that you have disclosed to the Company any contract you have signed
that may restrict your activities on behalf of the Company. You represent further that you have the ability to perform the essential
functions of your job with or without reasonable accommodations.

 

	 	www.nikolamotor.com
| 4141 E Broadway Rd | Phoenix | AZ | 85040

 

     

     

    

 

This Agreement, together
with its attached exhibits, forms the complete and exclusive statement of your employment agreement with the Company. The employment
terms in this Agreement supersede any other agreements or promises made to you by anyone, whether oral or written. Changes in your
employment terms, other than those changes expressly reserved to the Company’s discretion in this Agreement, require a written
modification signed by an authorized officer of the Company and by you.

 

Successors/Assigns.
The Company shall assign this Agreement to any successor to all or substantially all of the business and assets of the Company
and the Company shall require successor to expressly assume and agree to in the same manner and to the same extent that the Company
would be required to perform it if no such succession had taken place.

 

Governing Law.
The terms of this Agreement and the resolution of any dispute as to the meaning, effect, performance or validity of this Agreement
or arising out of, related to, or in any way connected with, this Agreement, your employment with the Company (or termination thereof)
or any other relationship between you and the Company (a “Dispute”) will be governed by the laws of the State of Arizona,
without giving effect to the principles of conflict of laws. To the extent not subject to arbitration as described below, you and
the Company consent to the exclusive jurisdiction of, and venue in, the state courts in State of Arizona (or in the event of exclusive
federal jurisdiction, the courts of the District of Arizona in connection with any Dispute or any claim related to any Dispute).

 

Except as prohibited
by law, you agree that any Dispute between you and the Company (or between you and any officer, director, employee or affiliates
of the Company, each of whom is hereby designated a third party beneficiary of this Agreement regarding arbitration) will be resolved
through binding arbitration in Maricopa County, Arizona under the rules of the American Arbitration Association and the Arbitration
Rules set forth in Arizona Rules of Civil Procedure. Nothing in this arbitration provision is intended to limit any right
you may have to file a charge with or obtain relief from the National Labor Relations Board or any other state or federal agency.
You agree that such arbitration shall be conducted on an individual basis only, not a class, collective or representative basis,
and hereby waive any right to bring class-wide, collective or representative claims before any arbitrator or in any forum. THE
PARTIES UNDERSTAND THAT BY AGREEING TO ARBITRATE DISPUTES THEY ARE WAIVING ANY RIGHT THEY MIGHT OTHERWISE HAVE TO A JURY TRIAL.
This arbitration provision is not intended to modify or limit substantive rights or the remedies available to the parties, including
the right to seek interim relief, such as injunction or attachment, through judicial process, which shall not be deemed a waiver
of the right to demand and obtain arbitration.

 

Please sign and date
this Agreement if you wish to accept employment at the Company under the terms described above and return it, along with the signed
PIIA, to joe.pike@nikolamotor.com. For the purposes of this Agreement and the PIIA, a facsimile or electronic signature
shall serve as an original.

 

Certain Definitions.
Defined terms in this Agreement are as follows:

 

Involuntary Termination.
Involuntary Termination shall mean a termination of employment by the Company without Cause or by you with Good Reason.

 

	 	www.nikolamotor.com
| 4141 E Broadway Rd | Phoenix | AZ | 85040

 

     

     

    

 

Good Reason.
Good Reason shall mean a resignation by the employee as a result of (i) an adverse change in title, authorities, duties or
responsibilities that diminishes employee's position; (ii) a change in the employee's reporting relationship such that he
is no longer reporting to the Company's Board or that the supervisory powers over and management authority for the Company’s
CEO ceases; (iii) a material reduction in the employee's base salary; (iv) a material breach by the Company of any of
its obligations under this Agreement or any other written agreement between the Company and the employee; or (v) any failure
to nominate or elect employee as Executive Chairman and director of the Company. A resignation for Good Reason will not be deemed
to have occurred unless employee gives the Company written notice of the condition within ninety (90) days after the condition
comes into existence and the Company fails to remedy the condition within thirty (30) days after receiving your written notice
and employee resigns within thirty (30) days thereafter.

 

Cause. Cause
shall mean any of the following as determined by a two-thirds majority of the Company’s Board (excluding the employee): (i) employee's
willful and intentional failure to follow the lawful instructions of the Company's Board consistent with employee's title following
written notice of any alleged failure and 30 days to cure such failure; (ii) employee's willful and intentional violation
of any written Company policy that has been provided to the employee that results in material and demonstrable harm to the Company;
(iii) employee's commission of any act of fraud, embezzlement or any other misconduct that has caused or is reasonably expected
to result in material and demonstrable injury to the Company; (iv) employee's willful and intentional breach of any of his
obligations under any written agreement or covenant with the Company; or (v) employee willfully and intentionally acts in
any way that materially and demonstrably harms the Company's reputation. The Company may not terminate employee for Cause unless:
(i) no fewer than 30 days prior to the date of termination, the Company provides employee with written notice (the “Notice
of Consideration”) of its intent to consider termination of employee’s employment with the Company for Cause, including
a detailed description of the specific reasons which form the basis for such consideration; (ii) after providing the Notice
of Consideration, the Board may, by an affirmative vote of a two-thirds of its members (excluding the employee), suspend the employee
with pay until a final determination of whether “Cause” exists; (iii) on a date designated in the Notice of Consideration,
which shall be at least 30 days following the date the Notice of Consideration was provided, the employee shall have the opportunity
to appear before the Board, with his own legal counsel to present arguments and evidence on employee’s behalf; and (iv) following
the presentation to the Board as provided for in clause (iii) or the employee’s failure to appear before the Board at
the time and place set forth in the Notice of Consideration, the employee may be terminated by the Board only if two-thirds of
its members (excluding the employee), determines that the actions or inactions of the employee set forth in the Notice of Consideration
occurred, that such actions constitute Cause and that the employee’s employment should be terminated for Cause. Cause shall
not include any one or more of the following: (i) bad judgment, (ii) negligence, (iii) any act or omission that
employee believed in good faith to have been in or not opposed to the interest of the Company or (iv) any act or omission
of which any member of the Board who is not a party to such act or omission has had actual knowledge for at least three (3) months.

 

[Remainder
of Page Intentionally Left Blank]

 

 

	 	www.nikolamotor.com
| 4141 E Broadway Rd | Phoenix | AZ | 85040

 

     

     

    

 

I am delighted to confirm
the terms of this offer to you on behalf of the Company. We look forward to your favorable reply and to building a successful Company
together.

 

	Sincerely,	 
		 
	Nikola Corporation  	 
	 	 

	 	 
	By:	/s/ Mark Russell	 
	 	 
	Name:	 Mark Russell	 
	 	 
	Its:	 CEO	 

 

 

Accepted:

 

	/s/ Trevor Milton	 	June 3, 2020
	Trevor Milton	 	Date
	 	 	 

 

 

Attachments:     Exhibit A
 – Form Severance Agreement and Release

 

    Exhibit B –
Employee Proprietary Information and Inventions Assignment Agreement

 

	 	www.nikolamotor.com
| 4141 E Broadway Rd | Phoenix | AZ | 85040

 

     

     

    

 

EXHIBIT A

 

Severance Agreement and Release

 

I. Release of Claims. In exchange
for receipt of the severance benefits (the “Severance Benefits”) described in <insert name>’s (“Executive”)
Employment Agreement dated [ ], 2020 (the “Employment Agreement”), Executive hereby releases and discharges and covenants
not to sue Nikola Corporation (the “Company”), its subsidiaries, parents, or affiliated corporations, past and present,
and each of them, as well as each of its and their assignees, successors, directors, officers, stockholders, partners, representatives,
insurers, attorneys, agents or employees, past or present, or any of them (individually and collectively, “Releasees”),
from and with respect to any and all claims, agreements, obligations, demands and causes of action, known or unknown, suspected
or unsuspected, arising out of or in any way connected with events, acts, conduct, or omissions occurring at any time prior to
and including the date Executive signs this release, including without limiting the generality of the foregoing, any claim for
severance pay, profit sharing, bonus or similar benefit, equity-based awards and/or dividend equivalents thereon, pension, retirement,
life insurance, health or medical insurance or any other fringe benefit, or disability, or any other claims, agreements, obligations,
demands and causes of action, known or unknown, suspected or unsuspected resulting from any act or omission by or on the part of
Releasees committed or omitted prior to the date of this release, including, without limiting the generality of the foregoing,
any claim under Title VII of the Civil Rights Act of 1964, the Americans with Disabilities Act, or any other federal, state or
local law, regulation, constitution, ordinance or common law (collectively, the “Claims”). Notwithstanding the above,
however, Executive is not releasing (1) any claims that cannot be waived under applicable state or federal law, (2) rights
Executive may have to indemnification (including, without limitation, under the Executive’s indemnification agreement with
the Company, the Company’s by-laws, the Company’s D&O insurance and otherwise), (3) vested rights or benefits
under Executive’s 401k or other plans, or (4) Executive’s workers’ compensation rights and, provided further,
that nothing in this Agreement shall prevent Executive from filing, cooperating with, or participating in any proceeding before
the Equal Employment Opportunity Commission or Department of Labor. In addition, nothing in this release shall prevent Executive
from challenging its validity in a legal or administrative proceeding.

 

II. ADEA Waiver. Executive expressly
acknowledges and agrees that by entering into this release, Executive is waiving any and all rights or claims that Executive may
have arising under the Age Discrimination in Employment Act of 1967, as amended (“ADEA”), which have arisen on or before
the date of execution of this release. Executive further expressly acknowledges and agrees that:

 

A. In return for this release, the Executive
will receive consideration beyond that which Executive was already entitled to receive before entering into this Release;

 

B. Executive is hereby advised in writing
by this release to consult with an attorney before signing this release;

 

C. Executive was given a copy of this release
on [____________] and informed that Executive had twenty-one (21) days within which to consider the release and that if Executive
executes this release prior to the expiration of such 21-day period, Executive acknowledges that Executive will have done so voluntarily
and knowing that Executive is waiving Executive’s right to have 21 days to consider this release;

 

	 	www.nikolamotor.com
| 4141 E Broadway Rd | Phoenix | AZ | 85040

 

     

     

    

 

D. Nothing in this release prevents or precludes
Executive from challenging or seeking a determination in good faith of the validity of this waiver under the ADEA, nor does it
impose any condition precedent, penalties or costs from doing so, unless specifically authorized by federal law; and

 

E. Executive was informed that Executive
has seven (7) days following the date of execution of this release in which to revoke it, and this release will become null
and void if Executive elects revocation during that time. Any revocation must be in writing and must be received by the Company
during the seven-day revocation period.

 

III. Company Release of Executive.
Company, on its own behalf and on behalf of its divisions, subsidiaries, parents, or affiliated corporations, past and present,
and each of them, as well as each of its and their assignees, successors, directors, officers, stockholders, partners, representatives,
insurers, attorneys, agents or employees, past or present, or any of them (individually and collectively), hereby releases Executive
from and with respect to any and all claims, agreements, obligations, demands and causes of action, known or unknown, suspected
or unsuspected, arising out of or in any way connected with events, acts, conduct, or omissions occurring at any time prior to
and including the date Company signs this release; provided, however, that such release shall not include claims for fraud, securities
laws violations or intentional criminal acts.

 

IV. Extension of Restrictive Covenants.
In exchange for receipt of the Severance Benefits described in the Employment Agreement, the duration of the restrictive covenants
included in Section 4(g) (Nonsolicitation of Employees/Contractors), Section 4(h) (No Hire), Section 4(i) (Nonsolicitation
of Customers) and Section 4(j) (Noncompete Provision) of Executive’s Employee Proprietary Information and Inventions
Assignment Agreement (“PIIA”) will increase from one (1) year to two (2) years following the date of Executive’s
termination of employment.

 

V. Non-Disparagement. Executive will
refrain from making any defamatory or disparaging statements about the Company, its board of directors, officers, management, practices,
procedures, or business operations to any person or entity. Nothing in this paragraph shall prohibit Executive from providing truthful
information in response to a subpoena or other legal or regulatory process. The foregoing requirement under this paragraph will
not apply to any statements that Executive makes in response to any defamatory or disparaging statements made by the Company (in
its formal public statements), its executive officers and/or its directors regarding Executive or Executive’s performance
as an employee of the Company so long as Executive’s statements are, in the reasonable, good faith judgment of Executive,
true and extend no further than addressing such statements by the Company.

 

VI. Forfeiture of Severance Benefits.
Executive acknowledges and agrees that any material breach of this Agreement, the Employment Agreement, or the PIIA, including
any of the restrictive covenants set forth therein, shall entitle the Company immediately to recover and/or cease providing the
Severance Benefits, except as provided by law. All other provisions of this Agreement, the Employment Agreement, and the PIIA shall
remain in full force and effect.

 

	 	www.nikolamotor.com
| 4141 E Broadway Rd | Phoenix | AZ | 85040

 

     

     

    

 

VII. Waiver of Unknown Claims. Executive
and Company understand and agree that the claims released above include not only claims presently known to Executive and Company,
but also include all unknown or unanticipated claims, rights, demands, actions, obligations, liabilities, and causes of action
of every kind and character that would otherwise come within the scope of the released claims described herein. Executive and Company
understand that they may hereafter discover facts different from what they now believe to be true, which if known, could have materially
affected their decisions to execute this release, but Executive and Company nevertheless hereby waive any claims or rights based
on different or additional facts.

 

	“EXECUTIVE”	 	“COMPANY”
	 	 	 
	 	 	NIKOLA CORPORATION

 

 

		 	By:	 
	<Name>	 		 
	 	 	Name:	 
	Date:	 	 		 
		 	Title:	 
	 	 		 
	 	 	Date:	 

 

	 	www.nikolamotor.com
| 4141 E Broadway Rd | Phoenix | AZ | 85040

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