Workhorse Group Inc. — Director's Dealing 2025

Apr 21, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Workhorse Group Inc. (WKHS)
CIK: 0001425287
Period of Report: 2025-04-17

Reporting Person: Gaul Ryan Wesley (President, Commercial Vehicles)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-04-17	Common Stock, $0.001 par value per share	M	200	—	Acquired	1077	Direct
2025-04-17	Common Stock, $0.001 par value per share	S	200	$1.31	Disposed	877	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-04-17	Performance Share Units	$	M	200	Disposed	2024-12-31	Common Stock, $0.001 par value per share (200)	Direct

Footnotes

F1: Represents Performance Share Units ("PSUs") granted by Workhorse Group Inc. (the "Company") to the reporting person on February 23, 2022. On April 17, 2025, the PSUs vested upon the achievement of certain performance incentives and settled in cash based on the fair market value of the Company's common stock.

F2: On June 17, 2024, 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. 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 cumulative 1-for-250 reverse split.