Document:

ex_175173.htm

 

Exhibit 10.5

 

 

AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

 

 

This AMENDED AND RESTATED EMPLOYMENT AGREEMENT is made effective as of the January 1, 2020 (the “Effective Date”), between Christos P. Traios, an individual residing at Piraeus - Greece (hereinafter referred to as the "Executive") and, Petrogress, Inc. a corporation with offices at 319, Clematis str. West Palm Beach - Florida (hereinafter referred to as the "Employer" or the “Company”).

 

WITNESSETH

 

WHEREAS, the Employer desires to continue to employ the Executive under the terms and conditions of the Agreement; and

 

WHEREAS, the Executive is willing to continue to provide his services to the Employer on the terms and conditions hereinafter set forth.

 

NOW THEREFORE, in consideration of the mutual covenants and promises of the parties hereto, the Employer and the Executive agree as follows:

 

	 	
			1.

				
			Employment: The Employer hereby agrees to employ the Executive to perform managerial and executive functions for the Employer, and the Executive hereby agrees to perform such services for the Employer on the terms and conditions hereinafter stated, subject to the directives of the Board of Directors of the Employer.

			

 

	 	
			2.

				
			Term of Employment: The period during which the Executive serves as an employee of the Company in accordance with and subject to the provisions of the Agreement is referred to in the Agreement as the Term of Employment. The Term of Employment pursuant to the Agreement shall be deemed to have commenced as of the Effective Date and shall continue in full force and effect until the third anniversary of the Effective Date unless sooner terminated as provided herein, provided, however, that on the first anniversary of the Effective Date and each such anniversary thereafter, the Term of Employment Agreement shall be automatically renewed for an additional year unless either party provides written notice not less than three (3) months prior to such anniversary of its or his election not to permit such renewal.

			

 

	 	
			3.

				
			Position and Duties 

			

 

(a)  The Executive shall serve as Chief Executive Officer for the Company. The Executive shall be responsible for compliance with and periodic review of the Company’s corporate governance policies and practices, ensuring that the Company follows and complies with state and federal regulations as well as internal corporate rules and polices as set forth in the Company’s Certificate of Incorporation and By-Laws and as may be determined by the Board of Directors of the Company; the preparation and conducting of the meetings of the shareholders; establishment and maintenance of clear and effective channels of communications between the various governing bodies of the Company; the keeping of corporate records; and the review of and response to shareholders correspondence. The Employee shall also have such other duties as from time to time may be prescribed by the Board. Notwithstanding the foregoing, the Agreement shall not apply to the Executive’s position on the Board of Directors but shall apply to his Corporate Secretary position with the Company.

 

(b)     During the Term, the Executive shall perform and discharge the duties that may be assigned to his by the Board from time to time in accordance with the Agreement, and the Executive shall devote his best talents, efforts and abilities to the performance of his duties hereunder.

 

Page 1

 

 

(c)     During the Term, the Executive shall perform his duties hereunder on a full-time basis and shall be employed exclusively by the Company. The Executive shall not engage in any other business or accept other employment unless approved in advance by the Board. In addition to the foregoing, the Executive shall, at all times during the Term and any extension thereof, discharge his duties in consultation with, and under the supervision of the Board.

 

	 	
			4.

				
			Compensation and Bonuses:

			

 

(a) During the Term of Employment the Employer shall pay the Executive a salary at an annual rate of U.S. $180,000.00 (One Hundred Eighty Thousand U.S. dollars (the “Base Salary”). The Base Salary will be payable in monthly installments of U.S. $15,000 (Fifteen Thousand U.S. Dollars) on the 1st day of each month during the Term of Employment.

 

(b) In addition to the Base Salary, the Executive shall receive a bonus each year (the “Performance Bonus”) based on the Company achieving certain financial targets and the Executive achieving certain personal goals, in each case, to be agreed upon by the Company and the Executive at the beginning of each year (subject to modification from time to time by agreement of the parties hereto). The amount of the Performance Bonus shall be determined by agreement between the Company and the Executive, which amount will be subject to arbitration in accordance with Section 16 of this Agreement, if the parties fail to reach an agreement.

 

(c) Notwithstanding the foregoing, the Company may, at its election, pay the Base Salary or any installment thereof and the Performance Bonus in common shares, of the Company, valued at the then market price of such shares.

 

(d) The Executive will also receive a non-accountable expense allowance of U.S. Five Thousand ($5,000) Dollars per month in connection with Executive’s activities on behalf of the Company in the United States. In addition Executive will be entitled to reimbursement of all expenses incurred by Executive in the performance of his obligations hereunder subject to the Company receiving receipts for any such expenses.

 

(d) The Executive shall also be eligible to participate in any future bonus, profit sharing and/or ESOP plans approved and enacted by the Board on the same basis with all other senior executives of the Company, subject to the terms thereof. The Executive understands, however, that no such plans are currently in effect.

 

	 	
			5.

				
			Benefits:

			

 

(a) General. The Executive shall be entitled to receive such benefits and fringe benefits, subject to the Company’s policies and guidelines for the same, if any, as are approved from time to time by the Company for all of the Company’s senior executives.

 

(b) Health and Dental. The Employer currently does not have a health and dental plan, however, when the Employer is in a position to have such a plan, the Executive will be offered the opportunity to participate in the plan.

 

(c) Vacation: During each year of the term of the Agreement, the Executive shall be entitled to three (3) weeks of vacation annually, which, if unused, will accrue daily and shall be paid to the Executive (based upon the per-day amount of the Base Salary for the calendar year in which such vacation is accrued and prorated through the date of such termination) upon the Executive’s termination or the expiration of the Term of Employment.

 

(d) Moving Expenses. The Executive shall be entitled to receive reimbursement for all reasonable expenses incurred by the Executive to move his immediate family and belongings if required by the Company. At the Executive’s sole option, however, the Agreement may be terminated if the Company requires such a move as a condition of continued employment. In such a case, the provisions of Termination of Employment will apply as if the Company had terminated the Agreement without cause.

 

Page 2

 

 

(e) No Obligation to Establish or Maintain Benefits. Except as contemplated by this Section 5 and the other express terms of the Agreement, compliance with the provisions of this Section 5 shall in no way create or be deemed to create any obligation, express or implied, on the part of the Company or any Parent, Subsidiary, or Affiliate of the Company with respect to the continuation of any benefit or other plan or arrangement maintained as of or prior to the date hereof or the creation and maintenance of any particular benefit or other plan or arrangement at any time after the date hereof.

 

	 	
			6.

				
			Termination of Employment: Unless renewed as provided in Section 2 hereof, the Agreement may be terminated as follows:

			

 

(a) At any time by the mutual written consent of the Executive and the Company. Upon termination pursuant to this Section 6(a), all obligations of the Company for the payment of earned but unpaid Base Salary, Performance Bonus and any other unpaid bonus and benefits through the date of termination shall continue until fully discharged.

 

(b) At any time for cause by the Company upon written notice to the Executive. For the purposes of the Agreement, a termination shall be for cause if a majority of the Board of Directors of the Company reasonably determines that:

 

	 	
			(i)

				
			the Executive has been convicted by a court of competent jurisdiction or has pleaded guilty or nolo contendere to any felony or any lesser crime having as its predicate element fraud, embezzlement, misappropriation or breach of fiduciary duty against the Company; or

			

	 	
			(ii)

				
			the Executive has committed an act which submits the Company to criminal liability; or

			

	 	
			(iii)

				
			the Executive has committed a breach of any of the covenants, terms, or provisions in this Agreement concerning Non-competition or Intellectual Property; or

			

	 	
			(iv)

				
			the Executive has committed a breach of any of the covenants, terms, or provisions of this Agreement other than those related to Non-competition or Intellectual Property, and which breach has not been remedied within thirty (30) days after delivery to the Executive by the Company written notice thereof; or

			

	 	
			(v)

				
			the Executive has disobeyed for a period of thirty (30) days reasonable and lawful written instructions from the Company’s Board of Directors regarding the performance of the Executive’s duties as required by Section 3 hereof or has been grossly negligent in the performance of the Executive’s duties hereunder, after written notice from said Board.

			

 

Upon termination for cause as provided in this Section 6(b),

 

(A) all obligations of the Company under the Agreement thereupon shall terminate other than any obligations with respect to earned but unpaid salary, Performance Bonus, any other unpaid bonus and unreimbursed expenses and benefits through the date of termination;

 

(B) the Company shall have any and all rights and remedies under the Agreement and applicable law, and

 

(C) the Executive shall continue to be subject to any provisions under the Agreement regarding Non-competition and Intellectual Property.

 

(c) Upon the Executive’s death or upon the Executive’s permanent disability (as defined below) continuing for a period of ninety (90) days. Upon termination or the event of death or permanent disability as provided in this Section 6(c), all obligations of the Company under the Agreement thereupon shall immediately terminate other than any obligations with respect to earned but unpaid Base Salary, Performance Bonus, any other unpaid bonus and unreimbursed expenses and benefits through date of termination, and to the extent applicable, the Executive shall continue to be subject to the covenants, terms, and provisions under the Agreement with regard to Non-competition and Intellectual Property. As used herein, the term permanent disability or permanently disabled is hereby defined as the inability of the Executive, by reason of illness, injury, or other cause, to perform a major part of the duties and responsibilities which the Executive had been performing prior to the date of disability in connection with the conduct of the business and affairs of the Company.

 

Page 3

 

 

(d) At any time by the Executive upon sixty (60) days written notice of intent to terminate to the Company. Upon termination by the Executive as provided in this Section 6(d), all obligations of the Company under the Agreement thereupon immediately shall terminate other than any obligations with respect to earned but unpaid salary, Performance Bonus, any other unpaid bonus and unreimbursed expenses and benefits through the date of termination, and the Executive shall continue to be subject to covenants, terms, and provisions under the Agreement with regard to Non-competition and Intellectual Property of the Agreement in accordance with the terms thereof.

 

(e) At any time without cause (as defined in Section 6(b) above) by the Company upon written notice to the Executive of not less than thirty (30) days. In the event of termination of the Executive’s employment by the Company pursuant to this Section 6(e), the Company shall (i) continue to pay the Base Salary for a period of three years from the date of termination (ii) pay any unpaid Performance Bonus, any other unpaid bonus and unreimbursed expenses and benefits through the date of termination and (iii) pay an amount each year for a period of three years from the date of termination equal to the amount of the Performance Bonus earned by the Executive in the year prior to such termination or, if in the first year, agreed to by the Executive and the Company at the beginning of such year, in each case subject to the Executive’s execution of a general release in favor of the Company and its directors and officers of all claims arising out of his employment by the Company or this Agreement. In addition, the Executive shall be entitled to all vested and accrued benefits through the date of termination. If terminated without cause, the provisions of Section 7 below shall not apply, although the Executive shall nevertheless continue to be bound by the terms of that Non-Disclosure Agreement between the Executive and the Company. Any payments of Base Salary of other amounts under this Section 6(e) shall be in the same intervals (i.e., weekly, monthly, yearly, etc.) as such payments were made to the Executive immediately prior to termination. Payment of the amounts contemplated by this Section 6(e) shall be in full satisfaction and compromised of any claims arising out of any termination of the Executive’s employment pursuant to this Section 6(e).

 

(f) The Executive may, upon sixty (60) days prior written notice, retire from his employment with the Company. In the event of termination of the Executive’s employment due to his retirement pursuant to this Section 6(f), the Company shall (i) continue to pay the Base Salary in regular monthly installments for a period of ten (10) years following the date of termination (the “Retirement Period”) (ii) pay any unpaid Performance Bonus, any other unpaid bonus and unreimbursed expenses and benefits through the date of termination and (iii) pay an amount each year through the end of the Retirement Period equal to the amount of the Performance Bonus earned by the Executive in the year prior to such retirement or, if in the first year, agreed to by the Executive and the Company at the beginning of such year, in each case subject to the Executive’s execution of a general release in favor of the Company and its directors and officers of all claims arising out of his employment by the Company or this Agreement and the Executive’s compliance with Section 7 below and the Non-disclosure and Confidentiality Agreement. In the event the Executive shall engage in conduct during the Retirement Period that would have violated the provisions of Section 7 below or the Non-disclosure and Confidentiality Agreement had it occurred during the Non-Compete Period (as defined below), the Executive’s right to continued payments under this Section 6(f) shall immediately cease. Notwithstanding the foregoing, the Executive shall not be entitled to retire under this Section 6(f) if he engaged in conduct constituting Cause within six (6) months prior to such retirement.

 

(g) For purposes of this Section 6, any unpaid Performance Bonus and any other unpaid bonus shall be deemed to have been earned on a pro rata basis to the date of termination of employment.

 

Page 4

 

 

(h) Except as otherwise provided above, all obligations of the Company and its affiliates hereunder shall terminate as of the last day of the Term of Employment other than the obligation to pay earned but unpaid Base Salary, Performance Bonus, any other unpaid bonus and unreimbursed expenses and benefits with respect to periods ending prior thereto.

 

	 	
			7.

				
			Non-Competition and Intellectual Property

			

 

(a) Except as otherwise provided in the Agreement, during any period in which the Executive serves as an employee of the Company and for a period of two (2) years after the date of termination of the Executive’s employment at any time (the Non-compete Period), the Executive shall not, without the express written consent of the Board of Directors, directly or indirectly, engage, participate, invest in, be employed by or assist, whether as owner, part-owner, shareholder, partner, director, officer, trustee, employee, agent, or consultant, or in any other capacity, any business entity other than the Company and its affiliates, which develops, manufactures, sells or markets products or performs services which are directly competitive with the products or services of the Company, or products or services which the Company has under development or which are the subject of active study on the date of the termination of the Executive’s employment (hereinafter a Competitor). Without limiting the foregoing, the foregoing covenant shall prohibit the Executive during the period set forth above from (i) soliciting for or on behalf of any such Competitor any customer of the Company and (ii) diverting to any such Competitor any customer of the Company. In addition, during the period covered by this Section 7(a), the Executive shall not hire or attempt to hire for or on behalf of any Person (including any Competitor) any officer of employee of the Company or encourage for on or behalf of any such Person (including the Competitor) any officer of employee to terminate his or his relationship or employment with the Company. Notwithstanding the foregoing, however, the Executive may make passive investments in a Competitor, whether or not the securities of such Competitor are publicly traded, if such investment constitutes less than one percent (1%) of the outstanding shares of capital stock or comparable equity interests of the Competitor. As of the date of the Agreement, the Executive represents he is not performing any other duties for, and is not a party to any similar agreement with any Competitor. The Executive understands that the restrictions set forth in this Section 7(a) are intended to protect the Company’s interest in its proprietary information and established customer relationships and goodwill, and agrees that such restrictions are reasonable and appropriate for the purpose. For purposes of the Agreement, the term Person shall mean an individual, a corporation, an association, a partnership, a limited liability company or partnership, an estate, a trust, and any other entity or organization.

 

(b) For purposes of the Agreement, "proprietary information" shall mean any proprietary information relating to the business of the Employer or its Parent or any entity in which the Employer or its Parent has a controlling interest that has not previously been publicly released by duly authorized representatives of the Employer and shall include (but shall not be limited to) information encompassed in all proposals, marketing and sales plans, financial information, costs, pricing information, computer programs (including without limitation source code, object code, algorithms and models), customer information, customer lists, and all methods, concepts, know-how or ideas in or reasonably related to the business of Employer or any entity in which the Employer has a controlling interest.

 

(c) In connection with the execution of the Agreement, the Executive has executed and delivered the Non-disclosure and Confidentiality Agreement and for so long as the Executive is subject to the terms of Section 7(a) hereof, the Executive agrees to be bound by the terms thereof as if the same were set forth in full herein, it being understood that nay breach of the Nondisclosure and Confidentiality Agreement shall constitute a breach of the Agreement.

 

Page 5

 

 

	 	
			8.

				
			Business Opportunities. The Executive agrees, while he is employed by the Company, to offer or otherwise make known or available to the Company and without additional compensation or consideration, any business prospects, contracts or other business opportunities that he may discover, find, develop or otherwise have available to his in any field in which the Company is engaged, and further agrees that any such prospects, contracts or other business opportunities shall be the property of the Company.

			

 

	 	
			9.

				
			Specific Performance; Severability. It is specifically understood and agreed that nay breach of the provisions of the Agreement (including, without limitation, Section 7 hereof and the obligations referred to and incorporated therein) by the Executive is likely to result in irreparable injuring to the Company, that the remedy a law alone will be an inadequate remedy for such breach and that, in addition to any other remedy it may have, the Company shall be entitled to enforce the specific performance of the Agreement by the Executive through both temporary and permanent injunctive relief, and through any other appropriate equitable relief, without the necessity of showing or proving actual damages. In case any of the provisions contained in the Agreement shall for any reason be held to be invalid, illegal or unenforceable in any respect, including without limitation geographic scope, duration of functional coverage, any such invalidity, illegality or enforceability shall not affect any other provision of the Agreement, but the Agreement shall be construed as if such invalid, illegal or unenforceable provision had been limited or modified (consistent with its general intent) to the extent necessary to make it valid, legal and enforceable provision or part of a provision, the Agreement shall be construed as if such invalid, illegal or unenforceable provision or part of a provision had never been contained in the Agreement.

			

 

	 	
			10.

				
			Injunctive Relief: The Executive acknowledges that the injury to the Employer resulting from any violation by his of any of the covenants contained in the Agreement will be of such a character that it cannot be adequately compensated by money damages, and, accordingly, the Employer may, in addition to pursuing its other remedies, obtain an injunction from any court having jurisdiction of the matter restraining any such violation.

			

 

	 	
			11.

				
			Representation of the Executive: The Executive represents and warrants that neither the execution and delivery of the Agreement nor the performance of his duties hereunder violates the provisions of any other agreement to which he is a party or by which he is bound.

			

 

	 	
			12.

				
			Parties; Non-Assignability: As used herein, the term the "Employer" shall mean and include the Employer, its Parent and any subsidiary thereof and any successor thereto unless the context indicates otherwise. Any assignment of the Agreement shall be subject to the provisions of Section 8(g). The Agreement and all rights hereunder are personal to the Executive and shall not be assignable by his and any purported assignment shall be null and void and shall not be binding on the Employer.

			

 

	 	
			13.

				
			Entire Agreement: The Agreement and its attachments contains the entire agreement between the parties hereto with respect to the transactions contemplated herein and supersedes all previous representations, negotiations, commitments, and writing with respect thereto.

			

 

	 	
			14.

				
			Amendment or Alteration: No amendment or alteration of the terms of the Agreement shall be valid unless made in writing and signed by all of the parties hereto.

			

 

	 	
			15.

				
			Choice of Law: The Agreement shall be governed by the laws of State of Delaware.

			

 

	 	
			16.

				
			Arbitration: Any controversy, claim, or breach arising out of or relating to the Agreement or the breach thereof shall be settled by arbitration in New York, New York in accordance with the rules of the American Arbitration Association and the judgment upon the award rendered shall be entered by consent in any court having jurisdiction thereof.

			

 

Page 6

 

 

	 	
			17.

				
			Notices: Any notices required or permitted to be given under the Agreement shall be sufficient if in writing, and if sent by registered mail to the residence of the Executive, or to the principal office of the Employer, respectively.

			

 

	 	
			18.

				
			Waiver of Breach: The waiver by any party hereto of a breach of any provision of the Agreement shall not operate or be construed as a waiver of any subsequent breach by any of the parties hereto.

			

 

	 	
			19.

				
			Binding Effect: The terms of the Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective personal representatives, heirs, administrators, successors, and permitted assigns.

			

 

	 	
			20.

				
			Gender: Pronouns in any gender shall be construed as masculine, feminine, or neuter as the context requires in the Agreement.

			

 

	 	
			21.

				
			Miscellaneous. The failure of any of the parties to require the performance of a term of obligation or to exercise of such right or the enforcement at any time of any other right hereunder or be deemed a waiver of any subsequent breach of the provision so breached, or of any other breach hereunder. The Agreement shall inure to the benefit of successors of the Company by way of merger, consolidation or transfer of all or substantially all of the assets of the Company, shall be binding upon the heirs, executors, administrators and legal representatives of the Executive and may not be assigned by the Executive. The Agreement supersedes all prior understandings and agreements among the parties relating to the subject matter hereof.

			

 

IN WITNESS WHEREOF, the parties have executed the Agreement as of the day and year first above written.

 

	PETROGRESS, INC.	 	 	EXECUTIVE	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	 	 	 	 	 	 
	By:	 	 	 	 	 
	Name:	 	 	Christos P. Traios	 
	Title:	 	 	 	 
	 	 	 	 	 	 

 

 

Page 7Exhibit 10.1

 

STOCKHOLDER SUPPORT AGREEMENT

 

STOCKHOLDER SUPPORT AGREEMENT, dated as of
March 2, 2020 (this “Agreement”), by and among VectoIQ Acquisition Corp.,
a Delaware corporation (“VectoIQ”), and certain of the stockholders of Nikola Corporation , a Delaware
corporation (the “Company”), whose names appear on the signature pages of this Agreement (each, a “Stockholder”
and, collectively, the “Stockholders”).

 

WHEREAS, VectoIQ, VCTIQ Merger Sub Corp.,
a Delaware corporation and wholly owned subsidiary of VectoIQ (“Merger Sub”), and the Company propose to enter
into, simultaneously herewith, a business combination agreement in the form attached hereto as Exhibit B (the “BCA”;
terms used but not defined in this Agreement shall have the meanings ascribed to them in the BCA), which provides, among other
things, that, upon the terms and subject to the conditions thereof, Merger Sub will be merged with and into the Company (the “Merger”),
with the Company surviving the Merger as a wholly owned subsidiary of VectoIQ; and

 

WHEREAS, as of the date hereof, each Stockholder
owns of record the number of shares of Company Common Stock and Company Preferred Stock as set forth opposite such Stockholder’s
name on Exhibit A hereto (all such shares of Company Common Stock and Company Preferred Stock and any shares of Company
Common Stock and Company Preferred Stock of which ownership of record or the power to vote is hereafter acquired by the Stockholders
prior to the termination of this Agreement being referred to herein as the “Shares”).

 

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

 

1.  Agreement to Vote. Each
Stockholder, by this Agreement, with respect to its Shares, severally and not jointly, hereby agrees, regardless of whether or
not there shall have been a Company Adverse Recommendation Change, to vote, at any meeting of the stockholders of the Company,
and in any action by written consent of the stockholders of the Company (which written consent shall be delivered promptly, and
in any event within twenty four (24) hours, after the Company requests such delivery), all of such Stockholder’s Shares held
by such Stockholder at such time (a) in favor of the approval and adoption of the BCA and approval of the Merger and all other
transactions contemplated by the BCA (including but limited to approval of the conversion of all preferred stock of the Company
into Company Common Stock subject to and effective immediately prior to the Closing under the BCA) and (b) against any action,
agreement or transaction or proposal that would result in a breach of any covenant, representation or warranty or any other obligation
or agreement of the Company under the BCA or that would reasonably be expected to result in the failure of the Merger from being
consummated. Each Stockholder acknowledges receipt and review of a copy of the BCA.

 

2.  Termination of Stockholder
Agreement, Related Agreements. Each Stockholder, by this Agreement, with respect to its Shares, severally and not jointly,
hereby agrees to terminate, subject to and effective immediately prior to the Closing under the BCA provided that all Terminating
Rights (as defined below) between the Company or any of its subsidiaries and any other holder of Company capital stock shall also
terminate at such time, (a) that certain Fourth Amended and Restated Stockholder Agreement dated as of September 30, 2019 among
the Company and the stockholders of the Company named therein (the “Stockholder Agreement”) and (b) if applicable
to Stockholder, any rights under any letter agreement providing for redemption rights, put rights, purchase rights or other similar
rights not generally available to stockholders of the Company (the "Terminating Rights") between Stockholder and
the Company, but excluding, for the avoidance of doubt, any rights such Stockholder may have that relate to any commercial or employment
agreements or arrangements between such Stockholder and the Company or any subsidiary, which shall survive in accordance with their
terms.

 

     

     

    

 

3.  Transfer of Shares. Each
Stockholder severally and not jointly, agrees that it shall not, directly or indirectly, (a) sell, assign, transfer (including
by operation of law), lien, pledge, dispose of or otherwise encumber any of the Shares or otherwise agree to do any of the foregoing,
except for a sale, assignment or transfer pursuant to the BCA (including but not limited to Section 7.18 thereof) or to another
stockholder of the Company that is a party to this Agreement and bound by the terms and obligations hereof, (b) deposit any
Shares into a voting trust or enter into a voting agreement or arrangement or grant any proxy or power of attorney with respect
thereto that is inconsistent with this Agreement or (c) enter into any contract, option or other arrangement or undertaking
with respect to the direct or indirect acquisition or sale, assignment, transfer (including by operation of law) or other disposition
of any Shares; provided, that the foregoing shall not prohibit the transfer of the Shares to an affiliate of Stockholder, but only
if such affiliate of such Stockholder shall execute this Agreement or a joinder agreeing to become a party to this Agreement.

 

4.  No Solicitation of Transactions.
Each of the Stockholders severally and not jointly, agrees not to directly or indirectly, through any officer, director, representative,
agent or otherwise, (a) solicit, initiate or knowingly encourage (including by furnishing information) the submission of,
or participate in any discussions or negotiations regarding, any transaction in violation of the BCA or (b) participate in any
discussions or negotiations regarding, or furnish to any person, any information with the intent to, or otherwise cooperate in
any way with respect to, or knowingly assist, participate in, facilitate or encourage, any unsolicited proposal that constitutes,
or may reasonably be expected to lead to, a Company Superior Proposal in violation of the BCA. Each Stockholder shall, and shall
direct its representatives and agents to, immediately cease and cause to be terminated any discussions or negotiations with any
parties that may be ongoing with respect to any Company Acquisition Proposal or Business Combination Proposal (other than the transactions
contemplated by the BCA) to the extent required by the BCA. Each Stockholder may respond to any unsolicited proposal regarding
an Acquisition Proposal by indicating that the Company is subject to an exclusivity agreement and such Stockholder is unable to
provide any information related to the Company or entertain any proposals or offers or engage in any negotiations or discussions
concerning an Acquisition Proposal for as long as the BCA remains in effect.

 

5.  Representations and Warranties.
Each Stockholder severally and not jointly, represents and warrants to VectoIQ as follows:

 

(a)               
The execution, delivery and performance by such Stockholder of this Agreement and the consummation by such Stockholder of
the transactions contemplated hereby do not and will not (i) conflict with or violate any United States or non-United States statute,
law, ordinance, regulation, rule, code, executive order, injunction, judgment, decree or other order applicable to such Stockholder,
(ii) require any consent, approval or authorization of, declaration, filing or registration with, or notice to, any person or entity,
(iii) result in the creation of any encumbrance on any Shares (other than under this Agreement, the BCA and the agreements contemplated
by the BCA) or (iv) conflict with or result in a breach of or constitute a default under any provision of such Stockholder’s
governing documents.

 

(b)               
As of the date of this Agreement, such Stockholder owns exclusively of record and has good and valid title to the Shares
set forth opposite the Stockholder’s name on Exhibit A free and clear of any security interest, lien, claim, pledge,
proxy, option, right of first refusal, agreement, voting restriction, limitation on disposition, charge, adverse claim of ownership
or use or other encumbrance of any kind, other than pursuant to (i) this Agreement, (ii) applicable securities laws, (iii) the
Company’s Certificate of Incorporation and bylaws and (iv) the Stockholder Agreement, and as of the date of this Agreement,
such Stockholder has the sole power (as currently in effect) to vote and right, power and authority to sell, transfer and deliver
such Shares, and such Stockholder does not own, directly or indirectly, any other Shares.

 

    2

     

    

 

(c)               
Such Stockholder has the power, authority and capacity to execute, deliver and perform this Agreement and that this Agreement
has been duly authorized, executed and delivered by such Stockholder.

 

6.  Termination. This Agreement
and the obligations of the Stockholders under this Agreement shall automatically terminate upon the earliest of (a) the Effective
Time; (b) the termination of the BCA in accordance with its terms and (c) the effective date of a written agreement of the
parties hereto terminating this Agreement. Upon termination of this Agreement, neither party shall have any further obligations
or liabilities under this Agreement; provided that nothing in this Section 6 shall relieve any party of liability for any
willful material breach of this Agreement occurring prior to termination. The representations and warranties contained in this
Agreement and in any certificate or other writing delivered pursuant hereto shall not survive the Closing or the termination of
this Agreement.

 

7.  Miscellaneous.

 

(a)       Except
as otherwise provided herein, all costs and expenses incurred in connection with this Agreement and the transactions contemplated
hereby shall be paid by the party incurring such costs and expenses, whether or not the transactions contemplated hereby are consummated.

 

(b)       All
notices, requests, claims, demands and other communications hereunder shall be in writing and shall be given (and shall be deemed
to have been duly given upon receipt) by delivery in person, by e-mail or by registered or certified mail (postage prepaid, return
receipt requested) to the respective parties at the following addresses or e-mail addresses (or at such other address or email
address for a party as shall be specified in a notice given in accordance with this Section 7(b)):

 

If to VectoIQ, to it at:

 

VectoIQ Acquisition Corp.

1354 Flagler Drive

Mamaroneck, NY 10543

Attention: Steve Girsky

Email:  sgirsky@vectoiq.com

 

with a copy to:

 

Greenberg Traurig, LLP

200 Park Avenue

New York, New York 10166

Attention: Alan I. Annex, Esq.

Email: annexa@gtlaw.com

 

If to a Stockholder, to the address
or email address set forth for Stockholder on the signature page hereof.

 

    3

     

    

 

(c)       If
any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of law, or public
policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to any party.
Upon such determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible
in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to
the fullest extent possible.

 

(d)       This
Agreement constitutes the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior
agreements and undertakings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof.
This Agreement shall not be assigned (whether pursuant to a merger, by operation of law or otherwise), by any party without the
prior express written consent of the other parties hereto.

 

(e)       This
Agreement shall be binding upon and inure solely to the benefit of each party hereto (and VectoIQ’s permitted assigns), and
nothing in this Agreement, express or implied, is intended to or shall confer upon any other person any right, benefit or remedy
of any nature whatsoever under or by reason of this Agreement. No Stockholder shall be liable for the breach by any other Stockholder
of this Agreement.

 

(f)       The
parties hereto agree that irreparable damage would occur in the event any provision of this Agreement was not performed in accordance
with the terms hereof and that the parties shall be entitled to specific performance of the terms hereof, in addition to any other
remedy at law or in equity.

 

(g)       This
Agreement shall be governed by, and construed in accordance with, the laws of the State of Delaware applicable to contracts executed
in and to be performed in that State. All Actions arising out of or relating to this Agreement shall be heard and determined exclusively
in any Delaware Chancery Court. The parties hereto hereby (i) submit to the exclusive jurisdiction of the Delaware Chancery Court
for the purpose of any Action arising out of or relating to this Agreement brought by any party hereto, and (ii) irrevocably
waive, and agree not to assert by way of motion, defense, or otherwise, in any such Action, any claim that it is not subject personally
to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the Action
is brought in an inconvenient forum, that the venue of the Action is improper, or that this Agreement or the transactions contemplated
hereunder may not be enforced in or by any of the above-named courts.

 

(h)       This
Agreement may be executed and delivered (including by facsimile or portable document format (pdf) transmission) in counterparts,
and by the different parties hereto in separate counterparts, each of which when executed shall be deemed to be an original but
all of which taken together shall constitute one and the same agreement.

 

(i)       At
the request of VectoIQ, in the case of any Stockholder, or at the request of the Stockholders, in the case of VectoIQ, and without
further consideration, each party shall execute and deliver or cause to be executed and delivered such additional documents and
instruments and take such further action as may be reasonably necessary to consummate the transactions contemplated by this Agreement.

 

(j)       This
Agreement shall not be effective or binding upon any Stockholder until after such time as the BCA is executed and delivered by
the Company, VectoIQ and Merger Sub.

 

    4

     

    

 

(k)       Each
of the parties hereto hereby waives to the fullest extent permitted by applicable law any right it may have to a trial by jury
with respect to any litigation directly or indirectly arising out of, under or in connection with this Agreement. Each of the parties
hereto (i) certifies that no representative, agent or attorney of any other party has represented, expressly or otherwise, that
such other party would not, in the event of litigation, seek to enforce that foregoing waiver and (ii) acknowledges that it and
the other parties hereto have been induced to enter into this Agreement and the transactions contemplated hereby, as applicable,
by, among other things, the mutual waivers and certifications in this Section 7(k).

 

[Signature pages follow]

 

    5

     

    

 

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

 

	 	VectoIQ Acquisition Corp.
	 	 
	 	 
	 	By:	/s/ Stephen Girsky
	 	Name:	Stephen Girsky
	 	Title:	President and Chief Executive Officer

 

Signature page to Stockholder Support
Agreement

 

    

     

    

 

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

  

	 	M&M RESIDUAL, LLC
	 	 
	 	By:	/s/ Trevor Milton
	 	Print Name:	Trevor Milton
	 	 	 
	 	Title:	 
	 	 	 
	 	Address:	4141
E Broadway Rd.

	 	 	Phoenix, AZ 85040
	 	 	 
	 	Email:	trevor@nikolamotor.com
	 	 	 
	 	T&M
    Residual, LLC 
	 	 
	 	By:	/s/ Trevor Milton
	 	Print Name:	Trevor Milton
	 	 	 
	 	Title:	Manager
	 	 	 
	 	Address:	4141
E Broadway Rd.

	 	 	Phoenix, AZ 85040
	 	 	 
	 	Email:	trevor@nikolamotor.com

 

    

     

    

 

 

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

 

	 	OTW STL LLC
	 	 
	 	By:	/s/ William Milton
	 	 	William Milton
	 	 
	 	Title:	Member
	 	Address:	2415 Via Linda Cir. 
	 	 	St. George, UT 84790
	 	 
	 	Email:	wlm84765@gmail.com

 

     

     

    

 

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

 

	 	GREEN NIKOLA HOLDINGS LLC
	 	 	 
	 	By:	/s/ Haeyoung Lee
	 	Name:	Haeyoung Lee
	 	Title:	President
	 	Address:	3040 Post Blvd. 
	 	 	Houston, TX 77056
	 	Email:	harris.lee@hanwha-usa.com

 

     

     

    

 

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

 

	 	LEGEND CAPITAL PARTNERS
	 	 	 
	 	By:	/s/ DeWitt C. Thompson, V
	 	Name:	DeWitt C. Thompson, V
	 	Title:	President
	 	Address:	1245 Bridgestone Blvd.
	 	 	 Lavergne, TN 37086
	 	Email:	dewitt5@tmcat.com

 

     

     

    

 

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

 

	 	THOMPSON NIKOLA,
LLC
	 	 	 
	 	By:	/s/ DeWitt C. Thompson, V
	 	Name:	DeWitt C. Thompson, V
	 	Title:	President
	 	Address:	1245 Bridgestone Blvd.
	 	 	Lavergne, TN 37086
	 	Email:	dewitt5@tmcat.com

 

     

     

    

 

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

 

	 	THOMPSON NIKOLA II, LLC
	 	 	 
	 	By:	/s/ DeWitt C. Thompson, V
	 	Name:	DeWitt C. Thompson, V
	 	Title:	President
	 	Address:	1245 Bridgestone Blvd.
	 	 	Lavergne, TN 37086
	 	Email:	dewitt5@tmcat.com

 

     

     

    

 

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

 

	 	VA SPRING
    NM, LLC
	 	 	 
	 	By:	/s/ Jason Breeding
	 	Name:	Jason Breeding
	 	Title:	General Counsel & Corp. Secretary
	 	Address:	One Letterman Drive
	 	 	Building D, 4th floor
	 	 	San Francisco, CA 94129
	 	Email:	jbreeding@valueact.com

 

     

     

    

 

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

 

	 	VALUEACT
    SPRING MASTER FUND, L.P.
	 	 	 
	 	By:	/s/ Jason Breeding
	 	Name:	Jason Breeding
	 	Title:	General Counsel & Corp. Secretary
	 	Address:	One Letterman Drive
	 	 	Building D, 4th floor
	 	 	San Francisco, CA 94129
	 	Email:	jbreeding@valueact.com

 

     

     

    

 

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

 

	 	NIMBUS HOLDINGS
    LLC
	 	a Delaware limited liability company
	 	 
	 	By:	/s/ Johannes-Joerg Rueger
	 	Name:	Johannes-Joerg Rueger
	 	Title:	President
	 	 	 
	 	By:	/s/ Guido Stueber
	 	Name:	 Guido Stueber
	 	Title:	Vice President

 

     

     

    

 

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

 

	 	Iveco S.p.A.
	 	 
	 	By:	/s/
Gerrit Marx

	 	Name:	Gerrit Marx
	 	Title:	President Commercial & Special Vehicles CNH Industrial
	 	Address:	Via Puglia 35, 
	 	 	Turin, Italy
	 	Email:	gerrit.marx@cnhind.com

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00305-of-00352.parquet"}]]