Nikola ZapGo Termination Letter February 26, 2020

1. Exhibit 2
Case 1:20-cv-00380-CFC Document 1-2 Filed 03/17/20 Page 1 of 2 PageID #: 39

2. www.nikolamotor.com | 4141 East Broadway Road | Phoenix | AZ | 85040
26 February 2020
Sent via email
stephen.voller@zapgo.com
Mr Stephen Voller
ZapGo Ltd
Genesis Building
Library Avenue
Harwell
Oxford OX11 0SG
United Kingdom
Dear Stephen:
Nikola - ZapGo Ltd Letter of Intent dated October 31, 2019 (“Letter of Intent”)
After a thorough review of your plans related to the Generation 4 Carbon-Ion Cell (the
“Development Product”), we have been forced to conclude that ZapGo will not be able to deliver
a Development Product that performs to our expectations and needs (both as to performance
and cost parameters) as contemplated by the Letter of Intent. Therefore, we regret to inform
you that we are hereby giving notice in accordance with paragraph 13(b) of the Letter of Intent
that we do not intend to proceed with the Acquisition (as such term is defined in the Letter of
Intent), and that the Letter of Intent and further obligations thereunder are hereby terminated.
We understand that, in accordance with the penultimate sentence in paragraph 5 of the Letter
of Intent, Development Costs paid to date will be converted to an equity interest in ZapGo.
We should be grateful if you could acknowledge receipt of this letter.
Very truly yours,
Trevor Milton
Chief Executive Officer
Nikola Corporation
cc: Stan Pierson - spierson@pillsburylaw.com
James Campbell – james.campbell@pillsburylaw.com
DocuSign Envelope ID: AE8F1072-E271-4B4E-AB99-F64299022024
Case 1:20-cv-00380-CFC Document 1-2 Filed 03/17/20 Page 2 of 2 PageID #: 40