The logo of U.S. Nikola is seen at an event in Turin, Italy, on December 3, 2019, to exhibit CNH’s new full-electric and hydrogen fuel-cell battery trucks in collaboration with U.S. Nikola. REUTERS/Massimo Pinca (Reuters) – BERKELEY, Calif., July 6 (Reuters) – Nikola Corp (NKLA.O) shareholders have voted against a motion to approve pay paid to the company’s “named executive officers,” including $159.2 million to founder and former executive chairman Trevor R. Milton. The decision, while non-binding, reflects shareholders’ dissatisfaction with Nikola, which was once a high-flying business whose shares plummeted by more than 80% from their peak, owing in part to continuing investigations by regulators and prosecutors. The compensation package, which includes salary, bonus, and stock awards, was offered to a total of six employees, including CEO and President Mark Russell, who will receive $159.2 million, and Chief Legal Officer Britton Worthen, who will receive $79.6 million. On June 30, the shareholders’ meeting was held. A number of class action lawsuits have been filed against Nikola and some of his executives, alleging that they made false and/or misleading statements about Nikola’s business plan and prospects. Hyunjoo Jin contributed reporting, and David Gregorio edited the piece. The Thomson Reuters Trust Principles are our standards./n
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