Trevor R. Milton - 11 May 2021 Form 4 Insider Report for Nikola Corp (NKLA)

Role
10%+ Owner
Signature
/s/ Trevor R. Milton
Issuer symbol
NKLA
Transactions as of
11 May 2021
Net transactions value
-$21,200
Form type
4
Filing time
13 May 2021, 18:16:59 UTC
Next filing
01 Jun 2021
SEC
View on sec.gov

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction NKLA Common Stock Exercise of in-the-money or at-the-money derivative security $21,200 -20,000 -0.03% $1.06 79,059,795 11 May 2021 By M&M Residual, LLC F1, F2, F3
holding NKLA Common Stock 600,000 11 May 2021 Direct F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction NKLA Founder Stock Options (Obligation to Sell) Exercise of in-the-money or at-the-money derivative security $0 -20,000 -0.92% $0.000000 2,161,642 11 May 2021 Common Stock 20,000 $1.06 By M&M Residual, LLC F1, F3, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 As previously reported on the Schedule 13D filed on June 3, 2020 by the reporting persons, prior to June 3, 2020, M&M Residual, LLC ("M&M") issued 3,158,949 stock options to recognize the superior performance and contribution of specified employees of Nikola Subsidiary Corporation (f/k/a Nikola Corporation) ("Legacy Nikola") pursuant to Legacy Nikola's Founder Stock Option Plan (the "Founder Stock Options"). On June 3, 2020, as a result of the closing of the business combination between Legacy Nikola and Nikola Corporation (f/k/a VectoIQ Acquisition Corp.)("Nikola"), the previously issued Founder Stock Options became exercisable by the employees for a total of 6,005,139 shares of Common Stock of Nikola ("Common Stock") held by M&M.
F2 The reported transactions represent the disposition of Common Stock held by M&M upon the exercise by current and former Nikola employees of the Founder Stock Options that M&M previously granted to the employees.
F3 As manager of M&M, Mr. Milton may be deemed to indirectly beneficially own securities held by such entity.
F4 The reported holdings represent Common Stock issued on March 15, 2021 upon settlement of a restricted stock unit award that Nikola previously granted to Mr. Milton in connection with his employment.
F5 The reported transactions represent the exercise by current and former Nikola employees of Founder Stock Options that M&M previously granted to the employees.

Remarks:

This Form 4 is filed jointly by Trevor R. Milton and M&M Residual, LLC.