Robert M. Ginnan - Feb 22, 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
Stock symbol
WKHS
Transactions as of
Feb 22, 2025
Transactions value $
-$2,667
Form type
4
Date filed
4/28/2025, 08:39 PM
Previous filing
Jan 7, 2025
Next filing
Apr 21, 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 +1.26K +106.68% $0.00 2.45K Feb 22, 2025 Direct F1
transaction WKHS Common Stock, $0.001 par value per share Tax liability -$2.67K -438 -17.91% $6.09 2.01K Feb 22, 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 Restricted Stock Units Options Exercise $0 -1.26K -33.33% $0.00 2.52K Feb 22, 2025 Common Stock, $0.001 par value per share 1.26K Direct F1, F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 On June 17, 2024, Workhorse Group Inc. (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 and price information reported in this Form 4 have been adjusted to reflect the cumulative 1-for-250 reverse split.
F2 Represents shares of common stock relinquished to the Company by the reporting person out of, and to cover estimated tax withholding for, restricted stock units previously granted subject to vesting. The stock price reflected in Table I Column 4 was determined based on fair market value as of the closing trading price of the Company's common stock on the vesting date.
F3 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 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 22, 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.