Stanley R. March - 21 Feb 2024 Form 4/A - Amendment Insider Report for Workhorse Group Inc. (WKHS)

Role: VP, Corporate Development
Signature: /s/ Arthur McMahon III, attorney-in-fact for Stanley R. March
Issuer symbol: WKHS
Transactions as of: 21 Feb 2024
Net transactions value: $0
Form type: 4/A - Amendment
Filing time: 27 Dec 2024, 17:34:11 UTC
Date Of Original Report: 23 Feb 2024
Previous filing: 03 Jan 2024
Next filing: 23 Apr 2024
SEC: View on sec.gov

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
transaction	WKHS	Restricted Stock Units	Award	$0	+473,186		$0.000000	473,186	21 Feb 2024	Common Stock, $0.001 par value per share	473,186		Direct	F1, F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Represents shares of restricted stock units ("RSUs") granted to the reporting person. Each RSU represents a contingent right to receive one share of common stock of Workhorse Group Inc. (the "Company"). Upon vesting, the RSUs may be settled in cash at the discretion of the Company's Board of Directors or Compensation Committee. The RSUs vest in equal one-third increments over three years beginning on February 21, 2025, less shares relinquished to the Company by the reporting person out of, and to cover estimated tax withholding for, RSUs previously granted subject to vesting. The stock price reflected in Table I Column 4 was determined based on fair market value as the closing trading price of the Company's common stock on the grant date.
F2	On June 17, 2024, the Company effected a 1-for-20 reverse split of the Company's common stock, resulting in a reduction in the number of shares held by the reporting person. In addition, proportionate adjustments were made to the Company's outstanding equity awards. Accordingly, all amounts of securities reported in this Form 4 have been adjusted to reflect the 1-for-20 reverse split.

Content

Represents shares of restricted stock units ("RSUs") granted to the reporting person. Each RSU represents a contingent right to receive one share of common stock of Workhorse Group Inc. (the "Company"). Upon vesting, the RSUs may be settled in cash at the discretion of the Company's Board of Directors or Compensation Committee. The RSUs vest in equal one-third increments over three years beginning on February 21, 2025, less shares relinquished to the Company by the reporting person out of, and to cover estimated tax withholding for, RSUs previously granted subject to vesting. The stock price reflected in Table I Column 4 was determined based on fair market value as the closing trading price of the Company's common stock on the grant date.

On June 17, 2024, the Company effected a 1-for-20 reverse split of the Company's common stock, resulting in a reduction in the number of shares held by the reporting person. In addition, proportionate adjustments were made to the Company's outstanding equity awards. Accordingly, all amounts of securities reported in this Form 4 have been adjusted to reflect the 1-for-20 reverse split.

Remarks:

Due to administrative error, the original Form 4 did not contemplate the ability of the Company to settle the RSUs in cash.