Workhorse Group Inc. — Director's Dealing 2020

Jul 15, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Workhorse Group Inc. (WKHS)
CIK: 0001425287
Period of Report: 2020-07-13

Reporting Person: Hughes Duane (Director, CEO and President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-07-13	Common Stock, $0.001 par value per share	S	11451	$17.16	Disposed	347589	Direct
2020-07-13	Common Stock, $0.001 par value per share	S	40516	$16.56	Disposed	359040	Direct
2020-07-13	Common Stock, $0.001 par value per share	S	10546	$15.67	Disposed	399556	Direct
2020-07-13	Common Stock, $0.001 par value per share	F	7487	$16.48	Disposed	410102	Direct
2020-07-13	Common Stock, $0.001 par value per share	M	20000	$1.75	Acquired	417589	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2020-07-13	Stock Options	$1.75	M	20000	Acquired	2020-08-03	Common Stock, $0.001 par value per share (20000)	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock Options	$0.97	2024-02-04	Common Stock, $0.001 par value per share (1000000)	1000000	Direct
Stock Options	$0.97	2024-02-04	Common Stock, $0.001 par value per share (50000)	50000	Direct
Stock Options	$5.28	2027-05-19	Common Stock, $0.001 par value per share (400000)	400000	Direct
Stock Options	$7.21	2021-08-16	Common Stock, $0.001 par value per share (22000)	22000	Direct
Stock Options	$4.99	2021-02-03	Common Stock, $0.001 par value per share (25000)	25000	Direct

Footnotes

F1: The sales reported on this Form 4 were effected pursuant to a Rule 10b-5 trading plan.

F2: The options vested in full on November 6, 2019.

F3: Options shall become exercisable in twelve (12) equal quarterly installments of 83,333 commencing on March 31, 2019.

F4: 5,500 of the options vested on each of August 16, 2016, February 16, 2017, August 16, 2017 and February 16, 2018.

F5: Workhorse Group Inc. granted stock options exercisable at $5.28 per share to Mr. Hughes to acquire 400,000 shares of common stock of the Company which are exercisable for a period of ten years. The Stock Options vest in 16 equal quarterly tranches of 25,000 shares commencing June 30, 2017.

F6: Represents the exercise of a stock option pursuant to which the Reporting Person received an aggregate of 20,000 shares by means of a cashless exercise. A cashless exercise is a method of exercising a stock option in which the option holder pays the exercise price to Workhorse Group Inc. using shares of common stock the Reporting Person would have received pursuant to the option exercise. As a result of this cashless exercise, the Reporting Person, on a net basis, acquired ownership of a net amount of 12,513 shares of common stock.