Kerry Roraff - 31 Dec 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
Issuer symbol: WKHS
Transactions as of: 31 Dec 2022
Net transactions value: +$352,475
Form type: 5
Filing time: 06 Jan 2023, 16:03:17 UTC
Previous filing: 29 Apr 2022
Next filing: 23 Feb 2023
SEC: View on sec.gov

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	$157,500	+50,000		$3.15	50,000	21 Feb 2022	Direct	F1
transaction	WKHS	Common Stock, $0.001 par value per share	Award	$203,001	+66,997	+134%	$3.03	116,997	23 Feb 2022	Direct	F2
transaction	WKHS	Common Stock, $0.001 par value per share	Tax liability	$8,026	-2,340	-2%	$3.43	114,657	21 Aug 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	+14,356		$0.000000	14,356	23 Feb 2022	Common Stock, $0.001 par value per share	14,356		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.