ROBERT M. GINNAN - 17 Apr 2025 Form 4 Insider Report for Workhorse Group Inc. (WKHS)

Role: Chief Financial Officer
Signature: /s/ Arthur McMahon, attorney-in-fact for Robert M. Ginnan
Issuer symbol: WKHS
Transactions as of: 17 Apr 2025
Transactions value $: -$312
Form type: 4
Filing time: 21 Apr 2025, 20:43:27 UTC
Previous filing: 25 Feb 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	+238	+20%	$0	1,421	17 Apr 2025	Direct	F1, F2
transaction	WKHS	Common Stock, $0.001 par value per share	Sale	-$311	-238	-17%	$1.31	1,183	17 Apr 2025	Direct	F1, 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	-238	-100%	$0	0	17 Apr 2025	Common Stock, $0.001 par value per share	238		Direct	F1, F2

* 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 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.
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.

Content

Represents Performance Share Units ("PSUs") granted by Workhorse Group Inc. (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.

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.