Workhorse Group Inc. — Director's Dealing 2021

Nov 9, 2021

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Workhorse Group Inc. (WKHS)
CIK: 0001425287
Period of Report: 2021-11-05

Reporting Person: DAUCH RICHARD F (Director, Chief Executive Officer)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2021-11-05	Common Stock, $0.001 par value per share	A	750000	$7.22	Acquired	750000	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2021-11-05	Performance Share Units	$	A	250000	Acquired	2024-12-31	Common Stock, $0.001 par value per share (250000.0)	Direct

Footnotes

F1: Represents (i) 500,000 shares of common stock granted by Workhorse Group Inc. (the "Company") under a Restricted Stock Award Agreement vesting in equal amounts over a three year period in six month intervals beginning on March 1, 2022, less shares relinquished to the Company by the reporting person out of, and to cover estimated tax withholding for, restricted shares previously granted subject to vesting and (ii) 250,000 shares of common stock granted by the Company under a Restricted Stock Award Agreement vesting in equal amounts over a three year period in six month intervals beginning on April 30, 2022, less shares relinquished to the Company by the reporting person out of, and to cover estimated tax withholding for, restricted shares 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 November 4, 2021.

F2: Each Performance Share Unit represents a contingent right to receive one share of common stock of the Company. The shares will vest based on the Company's performance compared to certain peer issuers, measured by the total return to shareholders over a performance period ending on December 31, 2024.