Kerry Roraff - Dec 31, 2022 Form 5 Insider Report for Workhorse Group Inc. (WKHS)

Role
Chief Human Resources Officer
Signature
Arthur McMahon, III, attorney-in-fact for Kerry Roraff
Stock symbol
WKHS
Transactions as of
Dec 31, 2022
Transactions value $
$352,475
Form type
5
Date filed
1/6/2023, 04:03 PM
Previous filing
Apr 29, 2022
Next filing
Feb 23, 2023

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 Award $158K +50K $3.15 50K Feb 21, 2022 Direct F1
transaction WKHS Common Stock, $0.001 par value per share Award $203K +67K +133.99% $3.03 117K Feb 23, 2022 Direct F2
transaction WKHS Common Stock, $0.001 par value per share Tax liability -$8.03K -2.34K -2% $3.43 115K Aug 21, 2022 Direct F3

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 Performance Share Units Award $0 +14.4K $0.00 14.4K Feb 23, 2022 Common Stock, $0.001 par value per share 14.4K Direct F4
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 Represents shares of common stock granted by Workhorse Group Inc. (the "Company") under an Employment Agreement vesting in equal amounts over a three year period in six month intervals beginning on August 21, 2022, less shares relinquished to the Company by the reporting person out of, and to cover estimated tax withholding for, restricted shares 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.
F2 Represents shares of common stock granted by Workhorse Group Inc. (the "Company") under a Restricted Stock Award Agreement vesting in equal amounts over a three year period in one year intervals beginning on February 23, 2023, less shares relinquished to the Company by the reporting person out of, and to cover estimated tax withholding for, restricted shares 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 February 22, 2022.
F3 Represents shares of common stock relinquished to the Company by the reporting person out of, and to cover estimated tax withholding for, restricted shares 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.
F4 Each Performance Share Unit represents a contingent right to receive either one share of common stock of the Company or an equivalent cash value. Between 0% to 200% of the reported shares will vest based on the Company's performance compared to certain peer issuers, measured by the total return to shareholders over a performance period ending on December 31, 2024.