James Peters - Feb 21, 2024 Form 4/A - Amendment Insider Report for Workhorse Group Inc. (WKHS)

Role
VP, Supply Chain Management
Signature
/s/ Arthur McMahon, attorney-in-fact for James Peters
Stock symbol
WKHS
Transactions as of
Feb 21, 2024
Transactions value $
$0
Form type
4/A - Amendment
Date filed
10/3/2024, 04:08 PM
Date Of Original Report
Feb 23, 2024
Previous filing
Jan 3, 2024
Next filing
Apr 23, 2024

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 Award $0 +20.5K $0.00 20.5K Feb 21, 2024 Common Stock, $0.001 par value per share 20.5K Direct F1, F2
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
F1 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 Workhorse Group Inc. (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 21, 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.
F2 On June 17, 2024, the Company effected a 1-for-20 reverse split of the Company's common stock, resulting in a reduction in the number of shares held by the reporting person. In addition, proportionate adjustments were made to the Company's outstanding equity awards. Accordingly, all amounts of securities reported in this Form 4 have been adjusted to reflect the 1-for-20 reverse split.

Remarks:

Due to administrative error, the original Form 4 did not contemplate the ability of the Company to settle the RSUs in cash.