BERKELEY, Calif. — Shareholders of Nikola Corp have voted against a proposal to approve compensation paid to its “named executive officers,” including $159.2 million to founder and former Executive Chairman Trevor R. Milton, the electric truck maker said on Tuesday.
The decision, although nonbinding, illustrates shareholders’ discontent about Nikola, once a high-flying company whose shares tanked over 80 percent from their peak partly due to ongoing probes by regulators and prosecutors.
The compensation, which includes salary, bonus and stock awards, was proposed to a total of six people, including $159.2 million for CEO and President Mark Russell and $79.6 million for Britton Worthen, chief legal officer. The shareholders meeting took place on June 30.
Nikola and some of its executives are facing a series of class-action lawsuits, which allege they made false and/or misleading statements regarding Nikola’s business plan and prospects.