ROBERT M. GINNAN - 15 Dec 2025 Form 4 Insider Report for Workhorse Group Inc. (WKHS)

Role
Chief Financial Officer
Signature
/s/ Arthur McMahon, attorney-in-fact for Robert M. Ginnan
Issuer symbol
WKHS
Transactions as of
15 Dec 2025
Net transactions value
-$3,691
Form type
4
Filing time
15 Dec 2025, 16:53:05 UTC
Previous filing
21 Apr 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
GINNAN ROBERT M Chief Financial Officer C/O WORKHORSE GROUP INC., 3600 PARK 42 DRIVE, SUITE 160E, SHARONVILLE /s/ Arthur McMahon, attorney-in-fact for Robert M. Ginnan 15 Dec 2025 0001189872

Transactions Table

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Ownership Footnotes
transaction WKHS Common Stock, $0.001 par value per share Options Exercise $0 +211 +126% $0.000000 379 15 Dec 2025 Direct F1, F2, F3
transaction WKHS Common Stock, $0.001 par value per share Sale $1,374 -211 -56% $6.51* 168 15 Dec 2025 Direct F1, F2, F3
transaction WKHS Common Stock, $0.001 par value per share Options Exercise $0 +40 +24% $0.000000 208 15 Dec 2025 Direct F1, F2, F4
transaction WKHS Common Stock, $0.001 par value per share Sale $260 -40 -19% $6.51* 168 15 Dec 2025 Direct F1, F2, F4
transaction WKHS Common Stock, $0.001 par value per share Options Exercise $0 +316 +188% $0.000000 484 15 Dec 2025 Direct F1, F2, F5
transaction WKHS Common Stock, $0.001 par value per share Sale $2,057 -316 -65% $6.51* 168 15 Dec 2025 Direct F1, F2, F5

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction WKHS Restricted Stock Units Options Exercise $0 -211 -100% $0.000000 0 15 Dec 2025 Common Stock, $0.001 par value per share 211 Direct F1, F2, F3
transaction WKHS Performance Share Units Options Exercise $0 -40 -100% $0.000000 0 15 Dec 2025 Common Stock, $0.001 par value per share 40 Direct F1, F2, F4
transaction WKHS Performance Share Units Options Exercise $0 -316 -100% $0.000000 0 15 Dec 2025 Common Stock, $0.001 par value per share 316 Direct F1, F2, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
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.