Stanley Raymond March - 15 Dec 2025 Form 4 Insider Report for Workhorse Group Inc. (WKHS)

Role
VP, Corporate Development
Signature
/s/ Arthur McMahon III, attorney-in-fact for Stanley R. March
Issuer symbol
WKHS
Transactions as of
15 Dec 2025
Net transactions value
-$1,849
Form type
4
Filing time
15 Dec 2025, 16:53:34 UTC
Previous filing
21 Apr 2025
SEC
View on sec.gov

Reporting Owners (1)

Name Relationship Address Signature Signature date CIK
March Stanley Raymond VP, Corporate Development C/O WORKHORSE GROUP INC., 3600 PARK 42 DRIVE, SUITE 160E, SHARONVILLE /s/ Arthur McMahon III, attorney-in-fact for Stanley R. March 15 Dec 2025 0001896024

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 +106 +108% $0.000000 204 15 Dec 2025 Direct F1, F2, F3
transaction WKHS Common Stock, $0.001 par value per share Sale $690 -106 -52% $6.51* 98 15 Dec 2025 Direct F1, F2, F3
transaction WKHS Common Stock, $0.001 par value per share Options Exercise $0 +20 +20% $0.000000 118 15 Dec 2025 Direct F1, F2, F4
transaction WKHS Common Stock, $0.001 par value per share Sale $130 -20 -17% $6.51* 98 15 Dec 2025 Direct F1, F2, F4
transaction WKHS Common Stock, $0.001 par value per share Options Exercise $0 +158 +161% $0.000000 256 15 Dec 2025 Direct F1, F2, F5
transaction WKHS Common Stock, $0.001 par value per share Sale $1,029 -158 -62% $6.51* 98 15 Dec 2025 Direct F1, F2, F5
holding WKHS Common Stock, $0.001 par value per share 23 15 Dec 2025 By IRA

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 -106 -100% $0.000000 0 15 Dec 2025 Common Stock, $0.001 par value per share 106 Direct F1, F2, F3
transaction WKHS Performance Share Units Options Exercise $0 -20 -100% $0.000000 0 15 Dec 2025 Common Stock, $0.001 par value per share 20 Direct F1, F2, F4
transaction WKHS Performance Share Units Options Exercise $0 -158 -100% $0.000000 0 15 Dec 2025 Common Stock, $0.001 par value per share 158 Direct F1, F2, F5
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Stanley Raymond March is no longer subject to Section 16 filing requirements. Form 4 or Form 5 obligations may continue.

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.