Workhorse Group Inc. — Director's Dealing 2025

Dec 15, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Workhorse Group Inc. (WKHS)
CIK: 0001425287
Period of Report: 2025-12-15

Reporting Person: March Stanley Raymond (VP, Corporate Development)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-12-15	Common Stock, $0.001 par value per share	M	106	—	Acquired	204	Direct
2025-12-15	Common Stock, $0.001 par value per share	S	106	$6.51	Disposed	98	Direct
2025-12-15	Common Stock, $0.001 par value per share	M	20	—	Acquired	118	Direct
2025-12-15	Common Stock, $0.001 par value per share	S	20	$6.51	Disposed	98	Direct
2025-12-15	Common Stock, $0.001 par value per share	M	158	—	Acquired	256	Direct
2025-12-15	Common Stock, $0.001 par value per share	S	158	$6.51	Disposed	98	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-12-15	Restricted Stock Units	$	M	106	Disposed	2027-02-21	Common Stock, $0.001 par value per share (106)	Direct
2025-12-15	Performance Share Units	$	M	20	Disposed	2025-12-31	Common Stock, $0.001 par value per share (20)	Direct
2025-12-15	Performance Share Units	$	M	158	Disposed	2026-12-23	Common Stock, $0.001 par value per share (158)	Direct

Holdings (Non-Derivative)

Security	Shares	Ownership
Common Stock, $0.001 par value per share	23	Indirect

Footnotes

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. On December 8, 2025, the Company effected a 1-for-12 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 reported in this Form 4 have been adjusted to reflect the foregoing reverse stock splits.

F2: Pursuant to an Agreement and Plan of Merger (the "Merger Agreement"), dated August 15, 2025, by and among the Company, Omaha Intermediate 2, Inc., Omaha Intermediate, Inc., Omaha Merger Subsidiary, Inc., and Motiv Power Systems, Inc., all of the Company's outstanding equity awards vested immediately prior to the effective time of the merger, with (to the extent applicable) performance deemed achieved at target.

F3: Represents Restricted Stock Units ("RSUs") granted by the Company to the reporting person on February 21, 2024. In accordance with the Merger Agreement, each RSU vested and settled in cash at the effective time of the merger based on the fair market value of the Company's common stock.

F4: Represents Performance Share Units ("PSUs") granted by the Company to the reporting person on May 2, 2023. In accordance with the Merger Agreement, each PSU vested and settled in cash at the effective time of the merger based on the fair market value of the Company's common stock.

F5: Represents Performance Share Units ("PSUs") granted by the Company to the reporting person on February 21, 2024. In accordance with the Merger Agreement, each PSU vested and settled in cash at the effective time of the merger based on the fair market value of the Company's common stock.