Nikola Ex-CEO Opposes Plan Proposal Over Funding, Pending Appeal

The founder of Nikola Corp. objects to the bankrupt electric-vehicle maker’s proposed plan disclosures, saying the documents are misleading and incomplete.

Nikola and former CEO Trevor Milton had a separation agreement that required the company to pay future litigation expenses in exchange for him stepping down, but the EV maker failed to do so, Milton said in a Monday objection in the US Bankruptcy Court for the District of Delaware.

The agreement also required Miltion to give up 100% of his performance-based stock, his right to enter a two-year consulting agreement worth $10 million annually, and other rights, the objection ...