Workhorse Group Inc. — Director's Dealing 2025

Apr 28, 2025

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Workhorse Group Inc. (WKHS)
CIK: 0001425287
Period of Report: 2025-02-22

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

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2025-02-22	Common Stock, $0.001 par value per share	M	7635	—	Acquired	17999	Direct
2025-02-22	Common Stock, $0.001 par value per share	F	2283	$6.09	Disposed	15716	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2025-02-22	Restricted Stock Units	$	M	7635	Disposed		Common Stock, $0.001 par value per share (7635)	Direct

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. 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 and price information reported in this Form 4 have been adjusted to reflect the cumulative 1-for-250 reverse split.

F2: Represents shares of common stock relinquished to the Company by the reporting person out of, and to cover estimated tax withholding for, restricted stock units previously granted subject to vesting. The stock price reflected in Table I Column 4 was determined based on fair market value as of the closing trading price of the Company's common stock on the vesting date.

F3: 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 the Company. Upon vesting, the RSUs may be settled in cash at the discretion of the Company's Board of Directors or Compensation Committee. The RSUs vest in equal one-third increments over three years beginning on February 22, 2025, less shares relinquished to the Company by the reporting person out of, and to cover estimated tax withholding for, RSUs 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 the grant date.