Nikola CLO Gets $80M Stock Haul After Skipping Salary
“Nikola Corp. has given more than $79.6 million in stock to its chief legal officer Britton Worthen, who last year agreed to forego a $250,000 salary at the electric truck and hydrogen fuel cell battery maker,” reports Brian Baxter in Bloomberg Law’s Business & Practice.
“Nikola disclosed the equity grants to Worthen and five other current and former executives—worth more than $560 million—in a Monday securities filing ahead of a $100 million share sale by the company.”
“The executives must stay at Nikola through June 2023 to collect the grants, which are pegged to certain share price targets. ‘None of the share price milestones have been achieved and none of the performance awards have been earned,’ the filing said.”
