Nikola (NKLA) Form 4 Nikola / Trevor R. Milton ownership change

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person^*

Milton Trevor R.

(Last) (First) (Middle)

P.O. BOX 50608

(Street)

PHOENIX AZ 85076

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Nikola Corp [ NKLA ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

Director	X	10% Owner
Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
03/17/2022

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

	Form filed by One Reporting Person
X	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Common Stock	03/17/2022		X(1)(2)		5,260	D	$1.06	48,065,726	I	By M&M Residual, LLC(3)
Common Stock								1,250,000	I	By Spouse(4)

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Founder Stock Options (Obligation to Sell)	$1.06	03/17/2022		X(1)(5)			5,260	06/03/2020	12/31/2028	Common Stock	5,260	$0	1,856,224	I	By M&M Residual, LLC(3)

1. Name and Address of Reporting Person^*

Milton Trevor R.

(Last) (First) (Middle)

P.O. BOX 50608

(Street)

PHOENIX AZ 85076

(City) (State) (Zip)

1. Name and Address of Reporting Person^*

M&M Residual, LLC

(Last) (First) (Middle)

P.O. BOX 50608

(Street)

PHOENIX AZ 85076

(City) (State) (Zip)

Explanation of Responses:

1. 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.

2. 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.

3. As manager of M&M, Mr. Milton may be deemed to indirectly beneficially own securities held by such entity.

4. Mr. Milton may be deemed to indirectly beneficially own securities held by Mr. Milton's spouse.

5. 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.

	/s/ Trevor R. Milton	03/21/2022
	M&M Residual, LLC /s/ Trevor R. Milton Name: Trevor R. Milton Title: Manager	03/21/2022
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
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