Workhorse Group Inc. — Director's Dealing 2024

May 16, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Workhorse Group Inc. (WKHS)
CIK: 0001425287
Period of Report: 2024-05-14

Reporting Person: Declet Brandon Torres (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2024-05-14	Common Stock, $0.001 par value per share	M	157728	—	Acquired	269710	Direct
2024-05-14	Common Stock, $0.001 par value per share	D	157728	$0.21	Disposed	111982	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-05-14	Restricted Stock Units	$	M	157728	Disposed		Common Stock, $0.001 par value per share (157728)	Direct

Footnotes

F1: 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 Workhorse Group Inc. (the "Company"), vesting on August 21, 2024. Upon vesting, the RSUs may be settled in cash at the discretion of the Company's Board of Directors or Compensation Committee. If the reporting person is no longer a director of the Company on August 21, 2024 by reason of death, disability, or not standing for re-election, the RSUs will vest pro rata based on the number of board meetings attended by the grantee in 2024, as compared to the total number of scheduled board meetings in 2024 between the grant date and the six-month anniversary thereof. 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.

F2: Pursuant to the terms of the Award Agreement, all of the RSUs that vested were settled in cash.

F3: Reflects the removal of 315,457 RSUs that were originally reported as common stock and were subsequently reported as derivatives by amendment.