Stanley R. March - Apr 17, 2025 Form 4 Insider Report for Workhorse Group Inc. (WKHS)

Role: VP, Corporate Development
Signature: /s/ Arthur McMahon III, attorney-in-fact for Stanley R. March
Stock symbol: WKHS
Transactions as of: Apr 17, 2025
Transactions value $: -$241
Form type: 4
Date filed: 4/21/2025, 08:43 PM
Previous filing: Feb 25, 2025
SEC: View on sec.gov

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	WKHS	Common Stock, $0.001 par value per share	Options Exercise	$0	+80	+10.58%	$0.00	836	Apr 17, 2025	Direct	F1, F2
transaction	WKHS	Common Stock, $0.001 par value per share	Sale	-$105	-80	-9.57%	$1.31	756	Apr 17, 2025	Direct	F1, F2
transaction	WKHS	Common Stock, $0.001 par value per share	Options Exercise	$0	+104	+13.76%	$0.00	860	Apr 17, 2025	Direct	F2, F3
transaction	WKHS	Common Stock, $0.001 par value per share	Sale	-$136	-104	-12.09%	$1.31	756	Apr 17, 2025	Direct	F2, F3
holding	WKHS	Common Stock, $0.001 par value per share						268	Apr 17, 2025	By IRA	F2

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	Performance Share Units	Options Exercise	$0	-80	-100%	$0.00	0	Apr 17, 2025	Common Stock, $0.001 par value per share	80		Direct	F1, F2
transaction	WKHS	Performance Share Units	Options Exercise	$0	-104	-0.35%	$0.00	29.6K	Apr 17, 2025	Common Stock, $0.001 par value per share	104		Direct	F2, F3

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

Explanation of Responses:

Id	Content
F1	Represents Performance Share Units ("PSUs") granted by Workhorse Group Inc. (the "Company") to the reporting person on December 17, 2021. On April 17, 2025, the PSUs vested upon the achievement of certain performance incentives and settled in cash based on the fair market value of the Company's common stock.
F2	On June 17, 2024, the Company effected a 1-for-20 reverse split of the Company's common stock. On March 17, 2025, the Company effected a 1-for-12.5 reverse split of the Company's common stock. The reverse stock splits resulted in a reduction in the number of shares held by the reporting person and proportional adjustments to the Company's outstanding equity awards. Accordingly, all amounts of securities reported in this Form 4 have been adjusted to reflect the cumulative 1-for-250 reverse split.
F3	Represents PSUs granted by the Company to the reporting person on February 23, 2022. On April 17, 2025, the PSUs vested upon the achievement of certain performance incentives and settled in cash based on the fair market value of the Company's common stock.