Document:

Exhibit 10.1

 

EXECUTION
VERSION

 

TENDER AND SUPPORT AGREEMENT

 

This Tender and Support Agreement
(this “Agreement”), dated as of July 30, 2022, is entered into by and between NIKOLA CORPORATION, a Delaware corporation
(“Parent”), and each of the undersigned stockholders (each, a “Stockholder”) of ROMEO POWER, INC.,
a Delaware corporation (the “Company”).

 

WHEREAS, on the terms and
subject to the conditions of the Agreement and Plan of Merger and Reorganization (as the same may be amended, supplemented or modified,
the “Merger Agreement”), dated as of the date hereof, by and among the Company, Parent and J Purchaser Corp., a Delaware
corporation and a direct, wholly owned Subsidiary of Parent (“Purchaser”), which provides, among other things, for
Purchaser to commence an exchange offer to acquire all of the outstanding shares of Romeo Common Stock and for the merger of the Company
with and into Purchaser, with the Company as the surviving corporation (the “Merger”), upon the terms and subject to
the conditions set forth in the Merger Agreement;

 

WHEREAS, as of the date of
this Agreement, each Stockholder owns beneficially or of record, and has the power to vote or direct the voting of, certain shares of
common stock, par value $0.0001 per share, of the Company (“Romeo Common Stock”); and

 

WHEREAS, as a condition and
inducement for Parent to enter into the Merger Agreement, Parent has required that each Stockholder, severally and not jointly, in its
capacity as a stockholder of the Company, and on such Stockholder’s own account with respect to the Shares (as defined below) enter
into this Agreement, and each Stockholder has agreed to enter into this Agreement.

 

NOW THEREFORE, in consideration
of the foregoing, the mutual covenants and agreements set forth herein, and other good and valuable consideration, the receipt and sufficiency
of which are hereby acknowledged, the parties hereto agree as follows:

 

		1.	Definitions. Capitalized terms not defined in this Agreement have the meanings assigned
to those terms in the Merger Agreement.

 

		2.	Effectiveness; Termination. This Agreement shall be effective upon execution by all parties
hereto. This Agreement, and all obligations, terms and conditions contained herein, shall automatically terminate without any notice or
further action required by any person upon the earliest to occur of: (a) the termination of the Merger Agreement in accordance with
its terms, (b) the Effective Time, and (c) the occurrence of the End Date. In addition, this Agreement will also terminate with
respect to any Stockholder (i) by written consent of such Stockholder and Parent, or (ii) upon written notice from such Stockholder
to Parent at any time following the making of any change, by amendment, waiver or other modification to any provision of the Merger Agreement
that decreases the Offer Consideration or changes the terms of the Offer or the Merger or changes the form of consideration payable in
the Offer or the Merger in a manner that is adverse to the holders of Romeo Common Stock. Notwithstanding the foregoing, this Section 2
and Sections 15 through 22 hereof shall survive any such termination.

 

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		3.	Agreement to Tender. Subject to the terms of this Agreement, each Stockholder agrees to
tender or cause to be tendered in the Offer all of such Stockholder’s Shares (as defined below) pursuant to and in accordance with
the terms of the Offer; provided, however, that a Stockholder shall not be required to (x) exercise any unexercised
Romeo Options for the purposes of this Agreement or (y) tender any Shares into the Offer if such tender could cause such Stockholder
to incur liability under Section 16(b) of the Exchange Act. Without limiting the generality of the foregoing, as promptly as
practicable after, but in no event later than 20 Business Days after, the commencement (within the meaning of Rule 14d-2 under the
Exchange Act) of the Offer, each Stockholder shall deliver pursuant to the terms of the Offer (a) a letter of transmittal with respect
to all of such Stockholder’s Shares complying with the terms of the Offer, (b) a certificate representing all such Shares that
are certificated or, in the case of a book-entry share of any uncertificated Shares, written instructions to such Stockholder’s
broker, dealer or other nominee that such Shares be tendered, including a reference to this Agreement, and requesting delivery of an “agent’s
message” (or such other evidence, if any, of transfer as the Exchange Agent may reasonably request), and (c) all other documents
or instruments required to be delivered by other Company stockholders pursuant to the terms of the Offer. Each Stockholder agrees that,
once any of such Stockholder’s Shares are tendered, such Stockholder will not withdraw such Shares from the Offer, unless and until
this Agreement shall have terminated with respect to such Stockholder in accordance with Section 2.

 

		4.	Voting Agreement. From the date hereof until the termination of this Agreement in accordance
with its terms (the “Support Period”), each Stockholder irrevocably and unconditionally (except as expressly provided
herein) hereby agrees that at any meeting (whether annual or special and each postponement, recess, adjournment or continuation thereof)
of the Company’s stockholders, however called, and in connection with any written consent of the Company’s stockholders, such
Stockholder shall (i) appear at such meeting or otherwise cause all of their Existing Shares (as defined below), and all other Romeo
Common Stock over which they have acquired beneficial or record ownership and the power to vote or direct the voting thereof after the
date hereof and prior to the applicable record date (together with the Existing Shares, the “Shares”) to be counted
as present thereat for purposes of calculating a quorum, and (ii) vote or cause to be voted (including by proxy or written consent,
if applicable) all of their Shares: (A) against any action or proposal in favor of any Acquisition Proposal, (B) against any
action or proposal that could reasonably be expected to interfere with or delay the timely consummation of the Offer or Merger and (C) against
any amendments to the Company’s and its Subsidiaries’ organizational documents if such amendment would reasonably be expected
to prevent or delay the consummation of the Closing. Each Stockholder covenants and agrees that, except for this Agreement, they have
not entered into, and shall not enter into during the Support Period, any voting agreement or voting trust with respect to their Shares.
For the avoidance of doubt, the foregoing voting commitments apply to Romeo Common Stock held by any trust, limited partnership or other
entity directly or indirectly over which the applicable Stockholder exercises direct or indirect voting control.

 

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		5.	Proxy. Solely with respect to matters described in Section 4, during the Support
Period, each Stockholder hereby irrevocably and unconditionally grants to, and appoints, Parent or any designee of Parent as such Stockholder’s
proxy and attorney-in-fact (with full power of substitution), for and in the name, place and stead of such Stockholder, to vote or cause
to be voted (including by proxy or written consent, if applicable) the Shares on the matters described in Section 4; provided
that each Stockholder’s grant of the proxy contemplated by this Section 5 shall be effective if, and only if, such Stockholder
has not delivered to the Company prior to the meeting at which any of the matters described in Section 4 are to be considered,
a duly executed irrevocable proxy card directing that all of their Shares be voted in accordance with Section 4; provided,
further, that any grant of such proxy shall only entitle Parent or its designee to vote on the matters specified by Section 4,
and each Stockholder shall retain the authority to vote on all other matters. For the avoidance of doubt, nothing herein shall restrict
a Stockholder from voting or granting consents or approvals in respect of the Shares for any matters other than those set forth in Section 4.
Each Stockholder hereby represents that any proxies heretofore given in respect of their Shares with respect to the matters specified
by Section 4, if any, are revocable, and hereby revokes all other proxies. Each Stockholder hereby affirms that the irrevocable
proxy set forth in this Section 5, if it becomes effective, is given in connection with the execution of the Merger Agreement,
and that such irrevocable proxy is given to secure the performance of the duties of such Stockholder under this Agreement. The parties
hereby further affirm that the irrevocable proxy, if it becomes effective, is coupled with an interest and is intended to be irrevocable
until the termination of this Agreement, at which time it will terminate automatically. If for any reason any proxy granted herein is
not irrevocable and is revoked after it becomes effective, then the Stockholder agrees, until the termination of this Agreement, to vote
the Shares in accordance with Section 4, solely with respect to matters set forth in Section 4. The parties agree
that the foregoing is a voting agreement.

 

		6.	Transfer Restrictions Prior to the Merger. Except as provided hereunder, each Stockholder
hereby agrees that they will not, during the Support Period, without the prior written consent of Parent, encumber, sell, transfer, assign,
pledge, give, tender in any tender or exchange offer or similarly dispose of any of their Shares, or any interest therein, including the
right to vote any of their Shares, as applicable (a “Transfer”); provided, that a Stockholder may Transfer its
Shares (i) for estate planning or philanthropic purposes, (ii) to any member of such Stockholder’s immediate family, (iii) to
a trust for the sole benefit of such Stockholder or any member of such Stockholder’s immediate family (i.e., spouse, lineal descendant
or antecedent, brother or sister, adopted child or grandchild or the spouse of any child, adopted child, grandchild or adopted grandchild),
and (iv) by will or under the laws of intestacy or other similar law upon the death of such Stockholder so long as the transferee,
prior to the date of Transfer referenced in clauses (i) – (iv), agrees in a signed writing, reasonably satisfactory in form
and substance to Parent, to be bound by and comply with the provisions of this Agreement, or (v) surrender their Shares to the Company
in connection with the vesting, settlement or exercise of Romeo RSU and Romeo PSU awards, as applicable, to satisfy any withholding for
the payment of taxes incurred in connection with such vesting, settlement or exercise, or, in respect of Romeo Options, the exercise price
thereon. Notwithstanding the foregoing, such Stockholder may make Transfers of its Shares as Parent may agree in writing in its sole discretion.

 

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		7.	New Securities. During the Support Period, in the event that, (a) any shares of Romeo
Common Stock or other equity securities of Company are issued to any Stockholder after the date of this Agreement pursuant to any stock
dividend, stock split, recapitalization, reclassification, combination or other securities of any other entity in exchange for Company
securities owned by the Stockholder, (b) any Stockholder purchases or otherwise acquires beneficial ownership of any shares of Romeo
Common Stock or other equity securities of Company or securities of any other entity in exchange for Company securities owned by the Stockholder,
after the date of this Agreement, or (c) any Stockholder acquires the right to vote or share in the voting of any Romeo Common Stock
or other equity securities of the Company after the date of this Agreement (such Romeo Common Stock or other equity securities of the
Company, collectively the “New Securities”), then such New Securities acquired or purchased by the relevant Stockholder
shall be subject to the terms of this Agreement to the same extent as if they constituted the Shares as of the date hereof.

 

		8.	Representations of the Parties.

 

a) Representations of the Stockholder.
Each Stockholder represents and warrants, on its own account with respect to the Shares, to Parent as to such Stockholder on a several
basis as follows: (a) such Stockholder has full legal right, capacity and authority to execute and deliver this Agreement, to perform
such Stockholder’s obligations hereunder and to consummate the transactions contemplated hereby; (b) this Agreement has been
duly and validly executed and delivered by such Stockholder and assuming the due authorization, execution and delivery by each of Parent
and Purchaser, constitutes a valid and legally binding agreement of such Stockholder, enforceable against such Stockholder in accordance
with its terms, and no other action is necessary to authorize the execution and delivery of this Agreement by such Stockholder or the
performance of their obligations hereunder except that (i) such enforcement may be subject to applicable bankruptcy, insolvency,
examinership, reorganization, moratorium or other similar laws, now or hereafter in effect, relating to creditors’ rights generally
and (ii) equitable remedies of specific performance and injunctive and other forms of equitable relief may be subject to equitable
defenses and to the discretion of the court before which any proceeding therefor may be brought; (d) such Stockholder beneficially
owns, has good and marketable title to, and has the power, authority and legal capacity to enter into, execute and deliver this Agreement
and to vote or direct the voting of Romeo Common Stock set forth on Schedule A (the “Existing Shares”);
and (e) such Stockholder beneficially owns its Shares free and clear of any proxy, voting restriction, adverse claim or other lien
(other than any restrictions under (a) applicable federal or state securities laws, and (b) this Agreement) that would prevent
such Stockholder’s performance of its obligations under this Agreement. As used in this Agreement, the terms “beneficial
owner,” “beneficially own” and “beneficial ownership” shall have the meaning set forth
in Rule 13d-3 promulgated by the Securities and Exchange Commission under the Securities Exchange Act of 1934, as amended.

 

b) Representations of Parent.
Parent represents and warrants to each Stockholder as follows: (a) Parent has full legal right, capacity and authority to execute
and deliver this Agreement, to perform its obligations hereunder and to consummate the transactions contemplated hereby; and (b) this
Agreement has been duly and validly executed and delivered by Parent and Purchaser and, assuming the due authorization, execution and
delivery by the Stockholders, constitutes a legal, valid and binding obligation of each of Parent and Purchaser, enforceable against
each of Parent and Purchaser in accordance with its terms,  except that (i) such enforcement may be subject to applicable bankruptcy,
insolvency, examinership, reorganization, moratorium or other similar Laws, now or hereafter in effect, relating to creditors’
rights generally and (ii) equitable remedies of specific performance and injunctive and other forms of equitable relief may be subject
to equitable defenses and to the discretion of the court before which any proceeding therefor may be brought.

 

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		9.	Non-solicitation. Subject to Section 21, each Stockholder acknowledges and agrees
that such Stockholder has received a copy of the Merger Agreement, has read the provisions set forth in Section 5.4 thereof and all
related sections and understands the obligations of the directors and officers of the Company thereunder. Notwithstanding anything to
the contrary herein, this Agreement shall not restrict the ability of such Stockholder and its respective Representatives to review and
discuss with the Company any Acquisition Proposal or Superior Offer, in such Stockholder’s capacity as a director or officer of
the Company and in connection with such Stockholder’s exercise of its fiduciary duties, in each case in accordance with Section 5.4
of the Merger Agreement.

 

		10.	Waiver of Appraisal Rights. Each Stockholder hereby irrevocably and unconditionally waives,
and agrees not to assert or perfect, any rights of appraisal or rights to dissent from the Merger that such Stockholder may have.

 

		11.	Waiver of Certain Other Actions. Each Stockholder agrees not to commence, join in, facilitate,
assist or encourage, and agrees to take all actions necessary to opt out of any class in any class action with respect to, any claim,
derivative or otherwise, against Parent, the Company or Purchaser or any of their respective successors (a) challenging the validity
of, or seeking to enjoin or delay the operation of, any provision of this Agreement or the Merger Agreement or (b) alleging a breach
of any fiduciary duty of any person in connection with the evaluation, negotiation or entry into the Merger Agreement, this Agreement
or the transactions contemplated thereby or hereby.

 

		12.	Publicity. Subject to Section 21, each Stockholder hereby authorizes Parent
and the Company to publish and disclose in any announcement or disclosure in connection with the Merger, including in any filing with
any Governmental Authority made in connection with the Merger or the Offer, such Stockholder’s identity and ownership of their Shares
and the nature of such Stockholder’s obligations under this Agreement. Each Stockholder agrees to notify Parent as promptly as reasonably
practicable of any inaccuracies or omissions in any information relating to such Stockholder that is so published or disclosed.

 

		13.	Entire Agreement. This Agreement and the Merger Agreement constitute the entire agreement
among the parties with respect to the subject matter hereof and supersede all other prior agreements and understandings, both written
and oral, among the parties with respect to the subject matter hereof, other than, with respect to any employment agreement between such
Stockholder and the Company, Parent or their respective affiliates. Nothing in this Agreement, express or implied, is intended to or shall
confer upon any person not a party to this Agreement any right, benefit or remedy of any nature whatsoever under or by reason of this
Agreement. Parent acknowledges and agrees that, except as expressly provided herein, nothing in this Agreement shall be deemed to vest
in Parent any direct or indirect ownership or incidence of ownership of or with respect to any Shares. All rights, ownership and economic
benefits of and relating to the Shares shall remain vested in and belong to the applicable Stockholder, and Parent shall have no authority
to manage, direct, superintend, restrict, regulate, govern or administer any of the policies or operations of the Company or exercise
any power or authority to direct such Stockholder in the voting of any of the Shares, except as otherwise expressly provided herein. This
Agreement is intended to create, and creates, a contractual relationship and is not intended to create, and does not create, any agency,
partnership, joint venture or other like relationship between the parties.

 

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		14.	Assignment. This Agreement shall not be assigned by operation of law or otherwise and shall
be binding upon and inure solely to the benefit of each party hereto.

 

		15.	Specific Enforcement. The parties hereto agree that if any of the provisions of this Agreement
were not performed in accordance with their specific terms or were otherwise breached, irreparable damage would occur, no adequate remedy
at law would exist and damages would be difficult to determine, and accordingly (a) the parties shall be entitled to an injunction
or injunctions to prevent breaches of this Agreement and to specific performance of the terms hereof, in each case only in the state courts
of the Delaware Court of Chancery, any other court of the State of Delaware or any federal court sitting in the State of Delaware, this
being in addition to any other remedy to which they are entitled at law or in equity, (b) the parties waive any requirement for the
securing or posting of any bond in connection with the obtaining of any specific performance or injunctive relief and (c) the parties
will waive, in any action for specific performance, the defense of adequacy of a remedy at law.

 

		16.	Governing Law and Enforceability. Section 9.5 of the Merger Agreement is incorporated
by reference herein, mutatis mutandis, to apply with full force to any disputes arising under this Agreement.

 

		17.	Notice. All notices and other communications hereunder shall be in writing and shall be
deemed given (a) upon personal delivery to the party to be notified; (b) when received when sent by email or facsimile by the
party to be notified; provided, that notice given by email or facsimile shall not be effective unless either (i) a duplicate
copy of such email or fax notice is promptly given by one of the other methods described in this Section 17 or (ii) the
receiving party delivers a written confirmation of receipt for such notice either by email or fax or any other method described in this
Section 17; or (c) when delivered by a courier (with confirmation of delivery); if to a Stockholder, to the address set
forth with respect to such Stockholder in Schedule A hereto, and if to Parent, to the address set forth in Section 9.8
of the Merger Agreement.

 

		18.	Severability. Any term or provision of this Agreement that is invalid or unenforceable in
any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such invalidity or unenforceability without rendering
invalid or unenforceable the remaining terms and provisions of this Agreement in any other jurisdiction. If any provision of this Agreement
is so broad as to be unenforceable, such provision shall be interpreted to be only so broad as is enforceable.

 

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		19.	Amendments; Waivers. At any time prior to a termination of this Agreement pursuant to Section 2,
any provision of this Agreement may be amended or waived if, and only if, such amendment or waiver is in writing and signed, (a) in
the case of an amendment, by Parent and each Stockholder, and (b) in the case of a waiver, by the party against whom the waiver is
to be effective. Notwithstanding the foregoing, no failure or delay by any party hereto in exercising any right hereunder shall operate
as a waiver thereof nor shall any single or partial exercise thereof preclude any other or further exercise of any other right hereunder.

 

		20.	Waiver of Jury Trial. EACH OF THE PARTIES HERETO IRREVOCABLY WAIVES ANY AND ALL RIGHT TO
TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

		21.	No Representative Capacity. Notwithstanding anything to the contrary herein, this Agreement
applies solely to each Stockholder in their individual capacity as a stockholder, and, to the extent the Stockholder serves as a member
of the board of directors or officer of the Company or as a fiduciary for others, nothing in this Agreement shall limit or affect any
actions or omissions taken by a Stockholder in such Stockholder’s capacity as a director or officer or as a fiduciary for others,
including in exercising rights under the Merger Agreement, and no such actions or omissions shall be deemed a breach of this Agreement
or shall be construed to prohibit, limit or restrict a Stockholder from discharging such Stockholder’s duties as a director or officer
or as a fiduciary for others.

 

		22.	Stockholder Obligation Several and Not Joint. The obligations of each Stockholder hereunder
shall be several and not joint, and no Stockholder shall be liable for any breach of the terms of this Agreement by any other Stockholder.

 

		23.	Counterparts. The parties may execute this Agreement in one or more counterparts, including
by facsimile or other electronic signature. All the counterparts will be construed together and will constitute one Agreement.

 

[Signature pages follow]

 

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IN WITNESS WHEREOF, the parties have executed this Agreement as of
the date first set forth above.

 

NIKOLA CORPORATION

 

 

	By:	/s/ Kim Brady	 

	Name:	Kim Brady	 

	Title:	Chief Financial Officer	 

 

[Signature Page to Tender and Support
Agreement]

 

     

     

    

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of
the date first set forth above.

 

STOCKHOLDERS:

 

	/s/ Susan Brennan	 
	Susan Brennan	 
	 	 
	/s/ Kerry Shiba	 
	Kerry Shiba	 
	 	 
	/s/ Robert S. Mancini	 
	Robert S. Mancini	 
	 	 
	/s/ Philip Kassin	 
	Philip Kassin	 
	 	 
	/s/ Donald S. Gottwald	 
	Donald S. Gottwald	 
	 	 
	/s/ Timothy E. Stuart	 
	Timothy E. Stuart	 
	 	 
	/s/ Paul S. Williams	 
	Paul S. Williams	 
	 	 
	/s/ Lauren Webb 	 
	Lauren Webb 	 
	 	 
	/s/ Laurene Horiszny	 
	Laurene Horiszny	 

 

[Signature Page to Tender and Support
Agreement]

 

     

     

    

 

Schedule
A

 

Stockholder Information

 

	Existing Shares	Name and Address for NoticesExhibit 10.2

 

Execution Version

 

Loan
and Security Agreement

 

BORROWERS:
Romeo Power, Inc. and Romeo Systems, Inc.,

	each a Delaware corporation	DATE: July 30, 2022

 

THIS LOAN AND SECURITY AGREEMENT
(as the same may be amended, modified, supplemented or restated from time to time, this “Agreement”) is entered into
as of the date set forth above (the “Effective Date”) by and among Nikola Corporation, a Delaware corporation (the
 “Lender”), and the borrowers named above (individually, a “Borrower” and collectively, the “Borrowers”).
Concurrently with the execution of this Agreement, Lender, J Purchaser Corp. and Romeo Power, Inc. are entering into an Agreement
and Plan of Merger and Reorganization dated as the date hereof (as amended, amended and restated, supplemented or otherwise modified
from time to time, the “Merger Agreement”). The definitions of terms herein shall apply equally to the singular and
plural forms of the terms defined. The words “include,” “includes” and “including” shall be deemed
to be followed by the phrase “without limitation.” The word “will” shall be interpreted to express a command.
The word “or” is not exclusive. Capitalized terms used but not otherwise defined herein shall have the meanings given them
on Schedule C. The parties agree as follows:

 

1.            Loans.
The Lender will make extensions of credit to the Borrowers under this Agreement (collectively, “Loans”), and the Borrowers,
jointly and severally, promise to pay the Lender the amount of all Loans and other debts, principal, interest (including capitalized
interest), fees, Expenses (as defined in Section 8.2) and other amounts the Borrowers owe the Lender now or later, including but
not limited to interest accruing after insolvency proceedings begin and debts, liabilities, or obligations of Borrower assigned to the
Lender (collectively, “Obligations”) pursuant to the terms and conditions of this Agreement and as set forth on Schedule
A. All Obligations and any other obligations owing by either or both of the Borrowers to the Lender are the joint and several obligations
of the Borrowers.

 

2.            Security
Interest. As security for all present and future Obligations and for the Borrowers’ performance of each of their duties hereunder,
each Borrower grants the Lender a continuing first-priority security interest in and lien upon all of such Borrower’s right, title
and interest in, to and under the Collateral (as defined in Schedule B), whether now owned or existing or hereafter acquired or
arising.

 

If this Agreement is terminated, the Lender’s
lien in the Collateral shall continue until the Obligations (other than inchoate indemnity obligations not yet due and for which no claim
has been made) are satisfied in full, and at such time, the Lender shall, at the Borrowers’ sole cost and expense, terminate its
security interest in the Collateral and all rights therein shall revert to the Borrowers. In the event (a) all Obligations (other
than inchoate indemnity obligations not yet due and for which no claim has been made), are satisfied in full, and (b) this Agreement
is terminated, the Lender shall terminate the security interest granted herein.

 

3.            Representations,
Warranties and Covenants of the Borrowers. Each Borrower represents, warrants and covenants to the Lender as follows, as of the Effective
Date and with respect to covenants, for so long as this Agreement is in effect or any Obligations (other than inchoate indemnity obligations
not yet due and for which no claim has been made) remain outstanding:

 

3.1            Corporate
Existence; Authority. Such Borrower and each of its Subsidiaries is duly existing and in good standing in its jurisdiction of
formation and qualified and licensed to do business in, and in good standing in, any jurisdiction where such qualification is necessary,
except for jurisdictions in which failure to do so would not have a material adverse effect on the Borrowers taken as a whole. The execution,
delivery and performance by such Borrower of this Agreement has been duly and validly authorized, and this Agreement has been duly executed
and delivered by each Borrower. This Agreement constitutes the legal, valid and binding obligation of each Borrower, enforceable against
it in accordance with its terms, subject to: (i) laws of general application relating to bankruptcy, insolvency and the relief of
debtors; and (ii) rules of law governing specific performance, injunctive relief and other equitable remedies.

 

3.2            Collateral.
The Lender has and will at all times continue to have a first-priority perfected security interest in all of the Collateral, subject
(in the case of priority only) to Permitted Liens arising by operation of law. If, at any time, such Borrower has actual knowledge (after
due inquiry) that it shall have acquired a commercial tort claim for monetary damages in excess of Four Hundred Thousand Dollars ($400,000)
(individually or in the aggregate), such Borrower shall promptly provide written notice thereof (together with a reasonably detailed
description thereof) to the Lender and grant to the Lender in writing a security interest therein and in the proceeds thereof.

 

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3.3            Access.
After termination of the Merger Agreement and upon reasonable prior notice, the Lender or its agents shall have the right to inspect
the Collateral and the books and records relating thereto during such Borrower’s regular business hours. A “Business Day”
is any day that is not a Saturday, Sunday or a day on which banks are required to be closed in the States of Arizona, California, and
New York.

 

3.4            Perfection
Certificate. All of such Borrower’s information set forth on the Perfection Certificate is true, complete and correct in
all material respects as of the Effective Date, and such Borrower shall provide written notice to the Lender of any material changes
within the prescribed periods of time set forth therein.

 

3.5            Additional
Agreements. Such Borrower will not without the Lender’s prior written consent (which shall be a matter of the Lender’s
good faith business judgment), (i) incur or become liable for any indebtedness, other than Permitted Indebtedness, or grant any
liens on any assets of the Borrowers to secure any indebtedness, other than Permitted Liens or (ii) prior to the termination of
the Merger Agreement, issue equity securities (except to the extent permitted under the Merger Agreement). Such Borrower shall provide
written notice to the Lender no later than ten (10) days after a relocation of its principal offices from such Borrower’s
address set forth on the signature page hereof or a change of its jurisdiction or name of formation. Borrower shall take or authorize
any further actions (including the Lender’s filing of financing statements to perfect the Lender’s security interest in the
Collateral). Each Borrower shall execute any further instruments as the Lender reasonably requests to perfect or continue the Lender’s
security interests or to effect the purposes of this Agreement (this immediately preceding provision, the “Further Assurances
Covenant”). Each Borrower hereby expressly authorizes the Lender to file financing statements or continuation statements, and
amendments thereto, in all jurisdictions and with all filing offices as the Lender may determine, in its sole discretion, are necessary
or advisable to perfect the security interest granted or to be granted to the Lender under this Agreement. Such financing statements
may describe the collateral in the same manner as described in this Agreement or may contain an indication or description of collateral
that describes such property in any other manner as the Lender may determine, in its sole discretion, is necessary, advisable or prudent
to ensure the perfection of the security interest in the collateral granted to the Lender, including, without limitation, describing
such property as “all assets” or “all personal property”, in each case, “whether now owned or existing,
or hereafter acquired or arising”.

 

3.6            Incorporation
by Reference. The representations and warranties of Romeo Power, Inc. set forth in Section 3 of the Merger Agreement
are incorporated by reference herein, mutatis mutandis, and such incorporation by reference shall survive any termination of the Merger
Agreement solely to the extent such representation or warranty survives the termination of the Merger Agreement pursuant to the terms
thereof. For so long as this Agreement is in effect or any Obligations (other than inchoate indemnity obligations not yet due and for
which no claim has been made) remain outstanding, (a) the Borrowers shall comply (or cause compliance with, as applicable) with
all covenants and obligations under 5.3(a), 5.3(e) (other than with respect to the incurrence or guarantee of indebtedness, which
shall be governed by Section 3.5(i) hereof) and 5.3(i) (other than with respect to the granting of any lien, which shall
be governed by Section 3.5(i) hereof) of the Merger Agreement (whether or not the Merger Agreement is then in effect), (b) the
Borrowers shall not engage in any transaction with any of their respective Affiliates unless such transaction is on terms no less favorable
to the applicable Borrower than would be obtained in a comparable arm’s-length transaction with a Person that is not an Affiliate,
except (i) transactions between the Borrowers or between the Borrowers and their respective Subsidiaries, and (ii) as permitted
or contemplated under the Merger Agreement, and (c) the Borrowers shall not purchase, acquire or make any investment other than
investments in the ordinary course of business.

 

3.7            PATRIOT
Act, OFAC and FCPA.  The Borrowers will not, directly or, to the knowledge of the Borrowers, indirectly, use the proceeds of
the transaction, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person,
for the purpose of funding (i) any activities of or business with any Person, or in any country or territory, that, at the time
of such funding, is the subject of Sanctions, or (ii) any other transaction that will result in a violation by any Person (including
any Person participating in the transaction, whether as underwriter, advisor, investor or otherwise) of Sanctions. The Borrowers will
not use the proceeds of the Loans directly, or, to the knowledge of the Borrowers, indirectly, for any payments to any governmental official
or employee, political party, official of a political party, candidate for political office, or anyone else acting in an official capacity,
in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices
Act of 1977, as amended.

 

    	 	-2-	 

     

    

 

4.            Term.
This Agreement shall continue in effect until the maturity date set forth in Schedule A (the “Maturity Date”).
On the Maturity Date or on any earlier effective date of termination of this Agreement, the Borrowers shall pay in cash all Obligations
in full, whether or not such Obligations are otherwise then due and payable. No termination shall in any way affect or impair any security
interest or other right or remedy of the Lender, nor shall any such termination relieve the Borrowers of any obligation to the Lender,
until all of the Obligations (other than inchoate indemnity obligations not yet due and for which no claim has been made) have been paid
and performed in full.

 

5.            Events
of Default. The occurrence of any of the following events shall constitute an “Event of Default” hereunder: (i) the
Borrowers fail to pay when due any Loan or other Obligation within three (3) Business Days after the due date; (ii) the Borrowers
fail to comply with the terms and provisions of clauses (i) and (ii) of Section 3.5; (iii) the Borrowers shall default
in the performance of or compliance with the Further Assurances Covenant and such default shall not have been remedied or waived within
30 days after such default; (iv) a default in any indebtedness for borrowed money owed by a Borrower to a third party (other than
an affiliate of a Borrower) that gives the third party the right to accelerate any indebtedness for borrowed money with a principal amount
exceeding Four Hundred Thousand Dollars ($400,000); (v) an involuntary case shall be commenced against any Borrower under Title
11 of the United States Code entitled “Bankruptcy”, as now and hereafter in effect (the “Bankruptcy Code”)
or under any other applicable bankruptcy, insolvency or similar law now or hereafter in effect; or a decree or order of a court having
jurisdiction in the premises for the appointment of a receiver, liquidator, sequestrator, trustee, custodian or other officer having
similar powers over a Borrower, or over all or a substantial part of its property, shall have been entered; or there shall have occurred
the involuntary appointment of an interim receiver, trustee or other custodian of a Borrower for all or a substantial part of its property;
or a warrant of attachment, execution or similar process shall have been issued against any substantial part of the property of a Borrower,
and any such event described in this clause (v) shall continue for 60 days unless dismissed, bonded or discharged; (vi) a Borrower
shall have an order for relief entered with respect to it or commence a voluntary case under the Bankruptcy Code or under any other applicable
bankruptcy, insolvency or similar law now or hereafter in effect, or shall consent to the entry of an order for relief in an involuntary
case, or to the conversion of an involuntary case to a voluntary case, under any such law, or shall consent to the appointment of or
taking possession by a receiver, trustee or other custodian for all or a substantial part of its property; or (vii) a Subsequent
Transaction (as such term is defined in the Merger Agreement) is consummated.

 

6.            Rights
and Remedies. If an Event of Default occurs and continues, the Lender may, without notice or demand do any or all of the following:
(i) accelerate and declare all of the Loans and other Obligations to be immediately due and payable (but if an Event of Default
described in Sections 5(v) or 5(vi) occurs, all Obligations are immediately due and payable without any action by the Lender);
(ii) stop advancing money or extending credit for the Borrowers’ benefit under this Agreement; (iii) make any payments
and do any acts it considers necessary or reasonable to protect its security interest in the Collateral; (iv) prepare for sale,
and sell or otherwise dispose of the Collateral; and/or (v) exercise any other rights and remedies permitted by applicable law or
otherwise available to the Lender at law or in equity, including all rights and remedies of a secured party under the UCC (whether or
not the UCC applies to the affected Collateral or is otherwise in effect in the jurisdiction where the rights and remedies are asserted),
and all other rights and remedies available to the Lender or any of its Related Persons under the Merger Agreement. Until the satisfaction
in full of all Obligations (other than inchoate indemnity obligations not yet due and for which no claim has been made), each Borrower
hereby irrevocably appoints the Lender as such Borrower’s attorney-in-fact, with full authority in the place and stead of such
Borrower and in the name of such Borrower, the Lender or otherwise, from time to time in the Lender’s discretion to take any action
and to execute and/or deliver any instrument that the Lender may deem necessary or advisable to accomplish the purposes of this Agreement
or otherwise for the purpose of carrying out the provisions of this Agreement, in each case, upon the occurrence and during the continuation
of an Event of Default, including but not limited to the following: (a) endorsing such Borrower’s name on any checks or other
forms of payment or security; (b) signing such Borrower’s name on any invoice or bill of lading for any account or drafts
against account debtors; (c) making, settling, and adjusting all claims under such Borrower’s insurance policies; (d) settling
and adjusting disputes and claims about the accounts directly with account debtors for amounts and on terms the Lender determines reasonable;
(e) filing any claims or take any action or commence, institute and/or prosecute any suit, action or proceeding that the Lender
may deem necessary or desirable for the collection or realization of any of the Collateral or otherwise to exercise or enforce the rights
or remedies of the Lender with respect to any of the Collateral; and (f) transferring the Collateral into the name of the Lender
or a third party as the UCC permits. The Lender’s appointment as each Borrower’s attorney in fact, and all of the Lender’s
rights and powers, coupled with an interest, are irrevocable until all Obligations (other than inchoate indemnity obligations not yet
due and for which no claim has been made) have been fully repaid and performed. All of the Lender’s rights and remedies under this
Agreement are cumulative. Each Borrower waives demand, notice of default or dishonor, notice of payment and nonpayment, notice of any
default, nonpayment at maturity, release, compromise, settlement, extension, or renewal of accounts, documents, instruments, chattel
paper, and guarantees held by the Lender on which such Borrower is liable.

 

    	 	-3-	 

     

    

 

7.            Indemnification.
The Borrowers, jointly and severally, will indemnify, defend and hold harmless the Lender and its affiliates, and each of their officers,
directors, employees, attorneys, accountants and agents (such persons, “Related Parties”) against: (i) all obligations,
demands, claims, and liabilities asserted by any other party in connection with this Agreement and the Loans provided hereunder and the
grant of the security interests hereunder; and (ii) subject to the second sentence of Section 8.2, all losses and expenses
incurred, or paid by the Lender arising from transactions governed by this Agreement between the Lender and the Borrowers; provided
that this Section 7 shall not apply to losses caused by the Lender’s or any of its Related Person’s gross negligence,
bad faith or willful misconduct, in each case, as determined in a final non-appealable judgment of a court of competent jurisdiction.
This Section 7 shall survive termination of this Agreement.

 

8.            General.

 

8.1            No
Waivers; Amendments. The failure of the Lender at any time to require the Borrowers to comply strictly with any of the provisions
of this Agreement shall not waive the Lender’s right to later demand and receive strict compliance. Any waiver of a default shall
not waive any other default. None of the provisions of this Agreement may be waived except by a specific written waiver signed by the
Lender and delivered to the Borrowers. The provisions of this Agreement may not be amended except in a writing signed by Borrowers and
the Lender.

 

8.2            Expenses;
Attorneys’ Fees. Each party shall pay its own fees and expenses incurred in connection with entering into this Agreement.
In the event that the Lender or a Borrower files any lawsuit against the other predicated on a breach of this Agreement, the prevailing
party shall be entitled to recover its out of pocket and documented costs and reasonable attorneys’ fees from the non-prevailing
party.

 

8.3            Binding
Effect; Assignment. This Agreement is binding upon and for the benefit of the successors and permitted assignees of each party.
No party hereto may assign any of its rights under this Agreement without the prior written consent of the other parties hereto; provided
that the Lender may assign its rights hereunder to affiliates of the Lender without the consent of the Borrowers.

 

8.4            Notices.
All notices by any party required or permitted under this Agreement or any other related agreement must be in writing and be personally
delivered or sent by overnight delivery, certified mail (postage prepaid and return receipt requested), email or facsimile to the addresses
and numbers below.

 

8.5            Governing
Law; Jurisdiction. This Agreement shall be governed by the laws of the State of New York without regard to principles of conflicts
of law. The Borrowers and the Lender each submit to the exclusive jurisdiction of the federal and state courts in the state, county and
city of New York.

 

8.6            Other.
If any provision hereof is unenforceable, the remainder of this Agreement shall continue in full force and effect. This Agreement (including
schedules hereto), the Merger Agreement (including schedules thereto) and any other written agreements and, documents executed in connection
herewith or therewith are the complete agreement between the Borrowers and the Lender and supersede all prior and contemporaneous negotiations
and oral representations and agreements, all of which are merged and integrated herein. This Agreement may be executed in one or more
counterparts, all of which when taken together will constitute one agreement.

 

8.7            Electronic
Execution of Documents. The words “execution,” “signed,” “signature,” and words of like import
in any Loan Document shall be deemed to include electronic signatures or the keeping of records in electronic form, each of which shall
be of the same legal effect, validity and enforceability as a manually executed signature or the use of a paper-based recordkeeping system,
as the case may be, to the extent and as provided for in any applicable law, including, without limitation, the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act, and any other state law based on the Uniform
Electronic Transactions Act.

 

    	 	-4-	 

     

    

 

9.            Confidentiality.
The handling of any Confidential Information shall be governed by the terms of that certain Confidentiality Agreement entered
into by Romeo Power, Inc. and Lender dated November 17, 2021, but disclosure of information may be made: (a) to the Lender’s
Subsidiaries or affiliates (such Subsidiaries and affiliates, together with the Lender, collectively, “the Lender Entities”);
(b) as required by law, regulation, subpoena, or other order; and (c) as the Lender considers appropriate in exercising remedies
under the Loan Documents. “Confidential Information” means: (i) all non-public information, in whatever form,
disclosed in connection with the transactions contemplated by this Agreement and (ii) such portions of any memorandum, analysis,
compilation, summary, interpretation, study, report or other document, record or material that is or has been prepared by or for the
Lender or any of its Related Persons and that contains, reflects, interprets, or is based directly or indirectly upon any information
of the type referred to in the immediately preceding clause (i). Notwithstanding the foregoing, Confidential Information does not include
information that (A) was in the possession Lender or its Related Persons at the time of disclosure; (B) is disclosed or otherwise
becomes available to Lender or any of its Related Persons from a source other than a Borrower or its respective affiliates; provided;
that the source of such information was not known by the Lender to be bound by a confidentiality agreement between a Borrower and such
source prohibiting the disclosure of such information or bound by a legal, contractual or fiduciary obligation owed to a Borrower prohibiting
the disclosure of such information; (C) prior to or after the time of disclosure, becomes generally available to the public, in
each case, other than as a result of any inaction or action of the Lender or any of its affiliates in breach of the terms hereof; or
(D) is independently developed by or on behalf of the Lender without us of or reference to any Confidential Information. The provisions
of the immediately preceding sentence shall survive termination of this Agreement.

 

10.          Lender
Discretion. In connection with making any determination, providing any consent or waiver, taking any discretionary action, or
otherwise interpreting and/or implementing any provision of this Agreement (including any provision that is incorporated by reference
from the Merger Agreement), it is understood and agreed by the parties hereto that the Lender shall, and shall be entitled to, exercise
its discretion in its capacity as a secured lender to the Borrowers (“Lender Discretion”), notwithstanding that the Lender
has and may from time to time have other relationships with the Borrowers and their affiliates (including as customer, counterparty to
the Merger Agreement or any other relationship). The parties further understand and agree that the exercise of Lender Discretion could
result in an outcome that would be different than would be the outcome in the absence of the exercise of Lender Discretion. Each Borrower
hereby waives any potential, perceived or real conflict of interest caused or purported to be caused by the Lender having different relationships
with the Borrowers and their affiliates and agrees not to assert any defense or claim (other than a claim based on a theory of gross
negligence, bad faith and willful misconduct) against the Lender arising out of or in connection therewith in regard to the Obligations,
this Agreement or otherwise. The parties acknowledge and agree that the Lender is entering into this Agreement and agreeing to the provisions
hereof in material reliance upon the acknowledgements, agreements, and waivers contained in this Section 10. Each Borrower acknowledges
that it has sought and received the advice of independent counsel on this subject and has knowingly and willingly agreed to the terms
of this Section 10.

 

11.          Mutual
Waiver of Jury Trial. TO THE FULL EXTENT PERMITTED BY APPLICABLE LAW, THE BORROWERS AND THE LENDER EACH WAIVE THEIR RIGHT TO A JURY
TRIAL OF ANY CLAIM OR CAUSE OF ACTION ARISING OUT OF THIS AGREEMENT OR ANY RELATED DOCUMENT OR ANY TRANSACTION CONTEMPLATED HEREBY OR
THEREBY, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO
ENTER INTO THIS AGREEMENT. EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

 

[Signature pages follow.]

 

    	 	-5-	 

     

    

 

In
Witness Whereof, the parties hereto have executed this Agreement as of the date initially set forth above.

 

	Borrower:	 
	 	 
	ROMEO
    POWER, INC.	 
	 	 
	By:	/s/ Susan Brennan 	 
	 	Name: Susan Brennan	 
	 	Title: President and Chief Executive Officer	 
	 	 
	Address:  5560 Katella Avenue

                                                                                       Cypress, CA 90630
	 
	 	 
	 	 
	ROMEO
    SYSTEMS, INC.	 
	 	 
	By:	/s/ Susan Brennan 	 
	 	Name: Susan Brennan	 
	 	Title: President and Chief Executive Officer	 

 

[Signature Page to Loan and Security Agreement]

 

     

     

    

 

	the Lender:	 
	 	 
	Nikola Corporation	 
	 	 
	By:	/s/ Kim Brady	 
	 	Name: Kim Brady	 
	 	Title: Chief Financial Officer	 
	 	 
	Address:  4141 E. Broadway Road

                                                                                       Phoenix, AZ 85040
	 

 

 

 

 

 

 

[Signature Page to Loan and Security Agreement]

 

     

     

    

 

Schedule
A

 

LOAN
TERMS

 

Borrowers:
JULIET P, INC. AND JULIET S, INC.

and certain of their Subsidiaries

 

	TERM LOAN
	Term Loan Amount:	Up to $30,000,000 of liquidity support senior secured debt financing (subject
to incremental increase described below if negotiated pricing support granted by the Lender to the Borrowers does not result in the Borrowers
achieving a negotiated increased liquidity target of $20,000,000) comprised of:
	 	 
	 	(a) Up to $15,000,000 of liquidity support, limited to $5,000,000 per month,
to be advanced on a biweekly basis during the three-month period commencing on or about the date hereof;
	 	 
	 	(b) Up to $15,000,000 of additional liquidity support, if necessary, limited
to $5,000,000 per month to be advanced during the fourth, fifth and sixth months following the date hereof, provided the Availability
End Date has not occurred; and
	 	 
	 	(c) Up to $20,000,000 of incremental senior secured debt financing, which
may become available for borrowing on a dollar-for-dollar basis to cover the shortfall (if any) of actual increased liquidity of the
Borrowers, as compared to targeted increased liquidity of $20,000,000, for Batteries to be purchased by the Lender during the Pricing
Support Period (which increased liquidity would be the result of the Pricing Adjustments negotiated between the Lender and the Borrowers
under the Supply Agreement), to be advanced, if necessary, during the second and third months following the date hereof, provided the
Availability End Date has not occurred.
	 	 
	 	The sum of the amounts in items (a), (b) and (c) above are referred
to as the “Maximum Term Loan Amount”.
	 	 
	Availability End Date:	The earlier of (a) six months from the date of the execution and delivery
of the Merger Agreement and this Agreement and (b) the date of the termination of the Merger Agreement (the “Availability
End Date”).
	 	 
	Maturity Date:	The earlier of (a) the date that is the six-month anniversary of the termination
of the Merger Agreement and (b) the date that is the six-month anniversary of the End Date (as defined in the Merger Agreement),
subject to acceleration upon the occurrence of certain events set forth in the Agreement.
	 	 
	Term Loan Advances:	On or prior to the Availability End Date, from month to month upon the delivery
to the Lender by the Borrowers of a completed and executed irrevocable Loan Advance Request Form at least five Business Days before
the date of the proposed borrowing (in the form attached hereto as Schedule D), the Lender will make a Loan or Loans to Borrower
(each a “Term Loan Advance” and, collectively, the “Term Loan Advances”), in an aggregate original
principal amount not to exceed the amount set forth opposite the dates provided in Schedule E, and in any event not to exceed
the Maximum Term Loan Amount. Any amount eligible to be borrowed that is not borrowed by the date opposite it on Schedule E shall
automatically reduce the Maximum Term Loan Amount and no longer be available for borrowing. Each Term Loan Advance must be in an original
principal amount of at least Five Hundred Thousand Dollars ($500,000).

 

     

     

    

 

	 	Once repaid, the Term Loan Advances may not be re-borrowed.
	 	 
	 	The Lender will be obligated to make a requested Term Loan Advance, so long
as (i) the amount to be borrowed on a date does not exceed the amount opposite such date on Schedule E, (ii) the cumulative
amount to be borrowed (i.e., including all amounts previously Borrowed) does not exceed the Maximum Term Loan Amount, (iii) there
is no breach of any representation, warranty, covenant or agreement on the part of Romeo Power, Inc. set forth in the Merger Agreement,
or any representation or warranty of Romeo Power, Inc. shall have become inaccurate, in each case, solely to the extent such breach
or inaccuracy gives rise to a right in favor of Nikola Corporation to terminate the Merger Agreement or to not consummate the transactions
thereunder, (iv) a Subsequent Transaction (as such term is defined in the Merger Agreement) is consummated and (v) no Event
of Default under Section 5 (v) or (vi) of the Agreement shall have occurred and be continuing.
	 	 
	Repayment:	The principal amount of all Term Loan Advances shall be due and payable on the
Maturity Date. Interest on all Term Loan Advances shall accrue and be added to principal until the Maturity Date at which time all amounts
become due and payable in cash and if unpaid continue to accrue in cash.
	 	 
	Interest Rate:	The Term Loan Advances shall accrue interest on the outstanding principal balance
at a floating per annum rate equal to the sum of (a) daily SOFR plus (b) eight percent (8.0%). The interest rate increases
or decreases when SOFR changes. Interest is computed on a three hundred sixty-five/six (365/6) day year for the actual number of days
elapsed.
	 	 
	Prepayment:	If the Term Loans are accelerated following the occurrence of an Event of Default,
the Borrowers shall immediately pay to the Lender an amount equal to the sum of (A) all outstanding principal with respect to the
Term Loan Advances Including any interest that accrued and been added to principal, plus accrued and unpaid interest thereon, if any,
and (B) all other sums, if any, that shall have become due and payable hereunder in connection with the Term Loan Advances.
	 	 
	 	So long as an Event of Default has not occurred and is not continuing, the Borrowers
shall have the option to prepay in whole or in part, without premium or penalty, any or all of the Term Loan Advances advanced by the
Lender under this Agreement (including accrued interest that has been added to principal), provided the Borrowers deliver written notice
to the Lender of their election to prepay the Term Loan Advances at least five (5) Business Days prior to such prepayment.
	 	 
	Timing of Payments:	Payments received after 12:00 noon Pacific time are considered received at the
opening of business on the next Business Day. When a payment is due on a day that is not a Business Day, the payment is due the next
Business Day and additional interest shall accrue.
	 	 
	Deposit Accounts:	The Borrowers will use their commercially reasonable efforts to deliver to the
Lender within 30 days after the Effective Date (as such period may be extended by the Lender in its reasonable discretion) a control
agreement in form and substance reasonably satisfactory to the Lender with respect to each Borrower’s deposit accounts (other than
any deposit account used exclusively for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of
the Borrowers’ employees and identified to the Lender in writing) and securities accounts.

 

     

     

    

 

SCHEDULE B

 

COLLATERAL

 

The Collateral consists of
all of each Borrower’s right, title and interest in and to the following property as such terms (where applicable) are defined
under the Uniform Commercial Code as in effect from time to time in the State of New York (the “UCC”); provided that
if, with respect to any financing statement or amendment or continuation thereof or by reason of any mandatory provisions of law, the
perfection or the effect of perfection or non-perfection of the security interests granted to the Lender pursuant to this Agreement is
governed by the Uniform Commercial Code as in effect in a jurisdiction of the United States other than New York, UCC means the Uniform
Commercial Code as in effect from time to time in such other jurisdiction for purposes of the provisions of this Agreement and any financing
statement or amendment or continuation thereof relating to such perfection or effect of perfection or non-perfection:

 

All goods, equipment, inventory,
contract rights or rights to payment of money, leases, license agreements, franchise agreements, general intangibles (including payment
intangibles and Intellectual Property), accounts (including health-care receivables), documents, instruments (including any promissory
notes), chattel paper (whether tangible or electronic), cash, money, commercial tort claims, as-extracted collateral, deposit accounts,
securities accounts, commodity accounts, fixtures, letter of credit rights (whether or not the letter of credit is evidenced by a writing),
vehicles, securities, and all other investment property, supporting obligations, financial assets, controllable electronic records, digital
assets and electronic money, and all insurance policies all insurance policies (regardless of whether the Lender is the loss payee thereof
or additional insured thereunder), in each case, whether now owned, held or existing or hereafter acquired or arising, and wherever located;
and

 

All of each Borrower’s
Books relating to the foregoing and any and all claims, rights and interests in any of the above and all substitutions for, additions,
attachments, accessories, accessions and improvements to and replacements, products, proceeds and insurance proceeds of any or all of
the foregoing.

 

Notwithstanding the foregoing,
(i) the Collateral does not include (w) the Intellectual Property held directly by Romeo Systems Technology, LLC, (x) the
equity interests of Romeo Systems Technology, LLC (y) more than sixty-five percent (65%) of the presently existing and hereafter
arising issued and outstanding shares of capital stock owned by Borrower of any Foreign Subsidiary which shares entitle the holder thereof
to vote for directors or any other matter or (z) any Excluded Assets (as defined below), and (ii) no actions shall be required
to perfect a security interest in vehicles, other than the filing of a UCC financing statement.

 

“Excluded Assets”
means, collectively, (i) any asset or property owned by any Borrower on the date hereof or hereafter acquired that is subject to
a lien securing a purchase money obligation or capital lease obligation if the contract or other agreement in which such lien is granted
(or the documentation providing for such purchase money obligation or capital lease obligation) prohibits the lien hereunder, except
to the extent such prohibition or restriction in such contract, agreement or capital lease would be rendered ineffective pursuant to
the UCC or any other applicable law (including the Bankruptcy Code) or principles of equity and provided, that immediately upon the ineffectiveness,
lapse or termination of any such provision in such contract, agreement or capital lease, the Collateral shall include, and such Borrower
shall be deemed to have granted a security interest in, such asset or property as if such provision had never been in effect; and (ii) any
applications filed in the United States Patent and Trademark Office to register Trademarks on the basis of any Borrower’s “intent
to use” such Intellectual Property unless and until the filing of a “Statement of Use” or “Amendment to Allege
Use” has been filed and accepted by the United States Patent and Trademark Office, whereupon such applications shall be automatically
subject to the security interest granted herein and deemed included in the Collateral.

 

     

     

    

 

Schedule
C

 

DEFINiTIONS

 

As used in this Agreement, the following words
shall have the following meanings:

 

“Borrower’s
Books” means all books and records of the relevant Borrower including ledgers, records regarding Borrower’s assets or
liabilities, the Collateral, business operations or financial condition and all computer programs or discs or any equipment containing
the information.

 

“daily SOFR”
means, for any day (a “SOFR Rate Day”), a rate per annum equal to SOFR for the day (such day, a “SOFR Determination
Date”) that is two U.S. Government Securities Business Days prior to (i) if such SOFR Rate Day is a U.S. Government Securities
Business Day, such SOFR Rate Day or (ii) if such SOFR Rate Day is not a U.S. Government Securities Business Day, the U.S. Government
Securities Business Day immediately preceding such SOFR Rate Day, in each case, as such SOFR is published by the SOFR Administrator on
the SOFR Administrator’s Website.  Any change in Daily SOFR due to a change in SOFR shall be effective from and including
the effective date of such change in SOFR without notice to any Borrower.  If SOFR is not published on any U.S. Government Securities
Business Day, Daily SOFR for such day shall be SOFR for the most recent preceding U.S. Government Securities Business Day on which SOFR
was published.

 

“Dollars,”
 “dollars” or use of the sign “$” means only lawful money of the United States and not any other
currency, regardless of whether that currency uses the “$” sign to denote its currency or may be readily converted into lawful
money of the United States.

 

“Domestic Subsidiary”
means a Subsidiary organized under the laws of the United Sates or any state or territory thereof or the District of Columbia.

 

“Foreign Subsidiary”
means any Subsidiary that is not a Domestic Subsidiary.

 

“Intellectual Property”
means any copyright rights, copyright applications, copyright registrations and like protections in each work of authorship and derivative
work, whether published or unpublished, any patents, patent applications and like protections, including improvements, divisions, continuations,
renewals, reissues, extensions, and continuations-in-part of the same, trademarks, service marks and applications therefor, whether registered
or not, and the goodwill of the business of each Borrower connected with and symbolized thereby, source code, know-how, operating manuals,
trade secret rights, design rights, rights to unpatented inventions, and any claims for damage by way of any past, present, or future
infringement of any of the foregoing.

 

“Loan Documents”
are, collectively, this Agreement, any note, or notes or guaranties executed by one or both Borrowers or any guarantor, and any other
present or future agreement between one or both Borrowers and/or any guarantor for the benefit of the Lender in connection with this
Agreement, all as amended, extended or restated.

 

“NYFRB”
means the Federal Reserve Bank of New York.

 

“Perfection Certificate”
is a completed Perfection Certificate signed by the Borrowers entitled “Perfection Certificate.”

 

“Permitted Indebtedness”
means (a) indebtedness owed by a Borrower to the Lender; (b) indebtedness permitted to exist pursuant to the Merger Agreement;
(c) indebtedness to trade creditors incurred in the ordinary course of business; (d) indebtedness secured by Permitted Liens;
(f) indebtedness arising from the endorsement of instruments in the ordinary course of business; and (g) other unsecured indebtedness
not consisting of indebtedness for borrowed money not exceeding Four Hundred Thousand Dollars ($400,000) in the aggregate outstanding
at any time; and (h) extensions, refinancings, modifications, amendments and restatements of any items of Permitted Indebtedness
described in (a) through (g) above, provided that the principal amount thereof is not increased or the terms thereof are not
modified to impose materially more burdensome terms upon the Borrowers or their Subsidiaries, as the case may be.

 

     

     

    

 

“Permitted Liens”
means (a) liens listed in Section 3.6(a) of the Romeo Disclosure Schedule to the Merger Agreement or that are in
favor of the Lender; (b) liens for taxes, fees, assessments or other government charges or levies, either not delinquent or being
contested in good faith and for which the Borrowers maintain adequate reserves on its books, if they have no priority over any of the
Lender’s security interests; (c) purchase money liens (i) on equipment and related software acquired or held by a Borrower
or its Subsidiaries incurred for financing the acquisition of the equipment and related software, if any, including the financing of
the costs of shipping, taxes and installation, or (ii) existing on equipment and related software when acquired, if the lien is
confined to such property, improvements thereon, and proceeds thereof; (d) liens in favor of other financial institutions arising
in connection with Borrower’s deposit or investment accounts held at such institutions to secure customary fees and charges (but
not credit/debt relationships or margin accounts), provided that the Lender has a perfected security interest in the amounts held in
such deposit accounts; (e) statutory liens securing claims or demands of materialmen, mechanics, carriers, warehousemen, landlords
and other Persons imposed without action of such parties, provided, they have no priority over any of the Lender’s security interests
and the aggregate amount of such liens does not at any time exceed Four Hundred Thousand Dollars ($400,000); (f) liens arising from
the filing of any financing statement on operating leases, to the extent such operating leases are permitted under this Agreement; (g) easements,
reservations, rights-of-way, restrictions, minor defects or irregularities in title and other similar charges or encumbrances affecting
real property not likely to result in a material adverse effect on the Borrowers; (h) licenses and sublicenses granted by a Borrower
in the ordinary course of its business and not otherwise prohibited by this Agreement; and (i) liens arising from attachments, judgments,
orders or decrees not constituting an Event of Default hereunder.

 

“Person”
is any individual, sole proprietorship, partnership, limited liability company, joint venture, company association, trust, unincorporated
organization, association, corporation, institution, public benefit corporation, firm, joint stock company, estate, entity or government
agency.

 

“Sanctions”
means economic sanctions administered or enforced by the United States Government (including without limitation, sanctions enforced by
OFAC), the United Nations Security Council, the European Union or Her Majesty’s Treasury.

 

“SOFR”
means a rate equal to the secured overnight financing rate as administered by the SOFR Administrator. If the Lender determines that SOFR
has ceased to exist as a benchmark rate, the Lender and the Borrowers will select a replacement benchmark consistent with market practice
recommendations of the Loan Syndications Trading Association.

 

“SOFR Administrator”
means the NYFRB (or a successor administrator of the secured overnight financing rate).

 

“SOFR Administrator’s
Website” means the NYFRB’s website, currently at http://www.newyorkfed.org, or any successor source for the secured overnight
financing rate identified as such by the SOFR Administrator from time to time.

 

“U.S. Government
Securities Business Day” means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the
Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire
day for purposes of trading in United States government securities.

 

     

     

    

 

SCHEDULE D

 

LOAN ADVANCE REQUEST

 

Dated as of [_______], 2022

 

Pursuant to that certain Loan and Security Agreement,
dated as of July 30, 2022 (as amended, amended and restated, supplemented or otherwise modified to the date hereof, the “Loan
Agreement”; all capitalized terms used but not otherwise defined herein have the meanings given to them in the Loan Agreement),
by and among Nikola Corporation, a Delaware corporation (the “Lender”), and Romeo Power, Inc. and Romeo Systems, Inc.,
each a Delaware corporation (individually, a “Borrower” and collectively, the “Borrowers”), this
notice constitutes Borrowers’ request to borrow Loans as follows:

 

		1.	Name of Borrower:

 

		2.	Date of borrowing:

 

		3.	Amount of borrowing:  $

 

The proceeds of such Loans are to be deposited,
distributed or otherwise applied in accordance with the funds flow memorandum attached as Exhibit A hereto.

 

The undersigned officer of each Borrower (to
the best of his or her knowledge and in his or her capacity as an officer, and not individually) on behalf of such Borrower certifies
as of the date of the proposed borrowing that:

 

(i) the amount to be borrowed
on the date set forth above does not exceed the amount opposite such date on Schedule E of the Loan Agreement;

 

(ii) the cumulative amount to
be borrowed (i.e., including all amounts previously Borrowed) does not exceed the Maximum Term Loan Amount;

 

(iii) there is no breach of any
representation, warranty, covenant or agreement on the part of any Borrower set forth in the Merger Agreement, nor has any representation
or warranty of any Borrower become inaccurate, in each case, solely to the extent such breach or inaccuracy gives rise to a right in
favor of the Lender to terminate the Merger Agreement or to not consummate the transactions thereunder;

 

(iv) no Subsequent Transaction
(as such term is defined in the Merger Agreement) has been consummated; and

 

(v) no Event of Default under
Section 5(v) or Section 5(vi) of the Loan Agreement has occurred or would result from the borrowing requested hereunder.

 

[Remainder of page intentionally
left blank]

 

     

     

    

 

	 	Romeo Power, Inc.
	 	 
	 	By:	     
	 	Name:
	 	Title:
	 	 
	 	Romeo Systems, Inc.
	 	 
	 	By:	 
	 	Name:
	 	Title:

 

     

     

    

 

Exhibit A

 

Funds Flow

 

     

     

    

 

SCHEDULE E

 

TERM LOAN ADVANCES

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