Nikola Gave Senior Executives $560 Million in Equity Grants

Nikola Corp., one of the first electric-vehicle makers to be bought by a blank check company, awarded its top executives equity grants worth roughly $560 million before it was taken public in June through a reverse merger.

Chief Executive Officer Mark Russell and Trevor Milton, the founder who stepped down last year amid federal probes into alleged deception, each received grants valued at $159 million, Nikola said in a registration statement filed Monday.

Four other top bosses including Kim Brady, who’s finance chief, split the remainder.

The grants were disclosed as part of a $100 million offering ...