Jacob O. Farmer - Dec 31, 2024 Form 4 Insider Report for SHYFT GROUP, INC. (SHYF)

Role: President, Fleet Vehicles
Signature: /s/ Joshua A. Sherbin as Attorney In Fact for Jacob O. Farmer
Stock symbol: SHYF
Transactions as of: Dec 31, 2024
Transactions value $: $1,058,561
Form type: 4
Date filed: 1/2/2025, 05:50 PM
Previous filing: Dec 20, 2024

Transactions Table

Type	Sym	Class	Transaction	Value $	Shares	Change %	* Price $	Shares After	Date	Ownership	Footnotes
transaction	SHYF	Common Stock	Award	$1.06M	+90.2K	+200.06%	$11.74	135K	Dec 31, 2024	Direct	F1
transaction	SHYF	Common Stock	Award	$818K	+69.7K	+51.54%	$11.74	205K	Dec 31, 2024	Direct	F2
transaction	SHYF	Common Stock	Tax liability	-$818K	-69.7K	-34.01%	$11.74	135K	Dec 31, 2024	Direct	F2

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	Reflects restricted shares granted to the reporting person that will vest in three equal annual installments on each of the first three anniversaries of the consummation of the transactions contemplated by the Agreement and Plan of Merger, dated December 16, 2024, by and among The Shyft Group, Inc., Aebi Schmidt Holding AG ("Aebi Schmidt"), ASH US Group, LLC, a direct, wholly owned subsidiary of Aebi Schmidt, and Badger Merger Sub, Inc.
F2	Reflects shares granted to the executive that are fully vested and have been withheld for the purpose of paying applicable taxes in connection with the reporting person's recognition of income in connection with the receipt of shares reflected on this Form 4, including by reason of filing an election under Section 83(b) of the Internal Revenue Code of 1986.

Content

Reflects restricted shares granted to the reporting person that will vest in three equal annual installments on each of the first three anniversaries of the consummation of the transactions contemplated by the Agreement and Plan of Merger, dated December 16, 2024, by and among The Shyft Group, Inc., Aebi Schmidt Holding AG ("Aebi Schmidt"), ASH US Group, LLC, a direct, wholly owned subsidiary of Aebi Schmidt, and Badger Merger Sub, Inc.

Reflects shares granted to the executive that are fully vested and have been withheld for the purpose of paying applicable taxes in connection with the reporting person's recognition of income in connection with the receipt of shares reflected on this Form 4, including by reason of filing an election under Section 83(b) of the Internal Revenue Code of 1986.