Workhorse Group Inc. — Director's Dealing 2020

May 26, 2020

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Workhorse Group Inc. (WKHS)
CIK: 0001425287
Period of Report: 2020-05-21

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2020-05-21	Common Stock, $0.001 par value per share	A	179245	$2.65	Acquired	418289	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 (1000000.0)	1000000	Direct
Stock Options	$0.97	2024-02-04	Common Stock, $0.001 par value per share (50000.0)	50000	Direct
Stock Options	$5.28	2027-05-19	Common Stock, $0.001 par value per share (400000.0)	400000	Direct
Stock Options	$7.21	2021-08-16	Common Stock, $0.001 par value per share (22000.0)	22000	Direct
Stock Options	$4.99	2021-02-03	Common Stock, $0.001 par value per share (25000.0)	25000	Direct
Stock Options	$1.75	2020-08-03	Common Stock, $0.001 par value per share (20000.0)	20000	Direct

Footnotes

F1: Represents shares of common stock granted under a Restricted Stock Award Agreement vesting in equal amounts over a three year period in six month intervals.

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 August 16, 2016 and an additional 5,500 will vest every six months thereafter.

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.