Joshua A. Sherbin - 31 Dec 2024 Form 4 Insider Report for SHYFT GROUP, INC. (SHYF)

Footnote F1

Reflects restricted shares granted to the reporting person in lieu of a grant of restricted stock units that would otherwise be granted in March 2025. Such restricted shares are to vest in equal annual installments on each of the first three anniversaries of March 31, 2025.

Footnote F2

Reflects shares granted to the reporting person in lieu of a grant of restricted stock units that would otherwise be granted in March 2025. Such shares 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.

Footnote F3

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.

Footnote F4

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.