Workhorse updates credit lines and CEO pay terms

Workhorse Group Inc. updated its financing, executive pay and lease terms.

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Form Type

8-K

Rhea-AI Filing Summary

Workhorse Group Inc. updated its financing, executive pay and lease terms. The company amended its credit agreements with Motive GM Holdings II LLC, doubling the Cash Flow Credit Agreement commitment from $10,000,000 to $20,000,000 and reducing the Customer Order Credit Agreement commitment from $40,000,000 to $30,000,000. Interest on the additional $10,000,000 loan is deferred until the first interest payment date after September 30, 2026.

Workhorse also formalized CEO Scott Griffith’s compensation retroactive to December 15, 2025, including a $600,000 base salary, a target bonus of 50% of salary, long-term incentive eligibility and severance equal to 100% of base salary and 100% of his annual bonus target if terminated without cause or for good reason. Separately, the landlord for its Union City, Indiana manufacturing facility agreed to defer five months of rent from May through September 2026, with all deferred rent due by September 30, 2026.

Insights

Workhorse reshapes credit lines, defers rent and formalizes CEO pay without changing overall debt capacity dramatically.

The amendments shift Workhorse Group Inc.’s borrowing mix by increasing the Cash Flow Credit Agreement commitment to $20,000,000 and reducing the Customer Order Credit Agreement to $30,000,000. This keeps total commitments at $50,000,000 while emphasizing cash-flow-based lending over customer-order-based capacity.

Interest on the additional $10,000,000 cash flow loan is deferred until the first interest payment date after September 30, 2026, and rent on the Union City facility is deferred for five months with a lump-sum due by September 30, 2026. These steps concentrate obligations around the same date, which may affect liquidity management then. The CEO letter formalizes a $600,000 base salary, a 50% bonus target and one-year salary and bonus-target severance, aligning leadership incentives without directly altering near-term cash flows.

8-K Event Classification

5 items: 1.01, 2.03, 5.02, 8.01, 9.01

5 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers Governance

Key personnel changes including departures, elections, or appointments of directors and executive officers.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

Key Figures

Cash Flow Credit commitment: $20,000,000 Customer Order Credit commitment: $30,000,000 Total credit commitments: $50,000,000 +5 more

8 metrics

Cash Flow Credit commitment $20,000,000 Commitment under Cash Flow Credit Agreement after Omnibus Amendment

Customer Order Credit commitment $30,000,000 Commitment under Customer Order Credit Agreement after Omnibus Amendment

Total credit commitments $50,000,000 Combined commitments under both amended credit agreements

Additional loan amount $10,000,000 Incremental Cash Flow Credit Agreement loan with deferred interest

CEO base salary $600,000 Annual base salary for CEO Scott Griffith under letter agreement

CEO bonus target 50% of base salary Target cash bonus under Short-Term Incentive Plan

Rent deferral period 5 months Monthly rent deferred from May 2026 through September 2026

Deferred rent due date September 30, 2026 Deadline for lump-sum payment of deferred Union City facility rent

Key Terms

Omnibus Amendment, Commitment, Cash Flow Credit Agreement, Short-Term Incentive Plan, +2 more

6 terms

Omnibus Amendment financial

"entered into an Omnibus Amendment No. 1 to Credit Agreements"

Commitment financial

"increase the Commitment thereunder from $10,000,000 to $20,000,000"

Cash Flow Credit Agreement financial

"amends the Cash Flow Credit Agreement to increase the Commitment"

Short-Term Incentive Plan financial

"eligibility to participate in the Company’s Short-Term Incentive Plan"

Good Reason financial

"terminated by the Company other than for Cause or by Mr. Griffith for Good Reason"

severance benefits financial

"severance benefits in the event that Mr. Griffith’s employment is terminated"

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What credit agreement changes did Workhorse (WKHS) make on April 25, 2026?

Workhorse increased its Cash Flow Credit Agreement commitment from $10,000,000 to $20,000,000 and reduced its Customer Order Credit Agreement commitment from $40,000,000 to $30,000,000. Total committed borrowing capacity remains $50,000,000 across the two amended agreements with Motive GM Holdings II LLC.

How does the Omnibus Amendment affect interest payments for Workhorse (WKHS)?

The Omnibus Amendment defers interest payments on the additional $10,000,000 loan under the Cash Flow Credit Agreement until the first interest payment date occurring after September 30, 2026. Regular interest terms for existing borrowings remain governed by the underlying credit agreement provisions.

What are the key terms of CEO Scott Griffith’s compensation at Workhorse (WKHS)?

Scott Griffith’s employment letter sets a $600,000 annual base salary, eligibility for a Short-Term Incentive Plan with a 50% of salary target bonus, long-term incentive eligibility, and severance equal to 100% of base salary plus 100% of his annual bonus target if terminated without cause or for good reason.

What severance protections does Workhorse (WKHS) give its CEO under the new letter?

If Scott Griffith is terminated without cause or resigns for good reason, he is entitled to 100% of his then-current annual base salary paid over 12 months and 100% of his current-year cash bonus target in a lump sum, subject to signing a release of claims.

What rent deferral arrangement did Workhorse (WKHS) secure for its Union City facility?

Workhorse’s landlord, Mango Workhorse, LLC, agreed to defer monthly rent on the Union City, Indiana manufacturing facility for five months from May through September 2026. The entire deferred rent must then be paid in a single lump sum on or before September 30, 2026.

Does the Workhorse (WKHS) 8-K change total debt commitments with its lender?

Total commitments across the two credit agreements remain $50,000,000. The amendment increases the Cash Flow Credit Agreement commitment to $20,000,000 while reducing the Customer Order Credit Agreement commitment to $30,000,000, effectively reallocating capacity rather than expanding or shrinking the combined limit.

AI-generated analysis. How Rhea-AI works. Not financial advice.

Understanding 8-K Material Events →

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Accepted by SEC EDGAR 04/27/2026 - 04:29 PM EDT

___________________________________

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 25, 2026

___________________________________

WORKHORSE GROUP INC.

(Exact name of registrant as specified in its charter)

___________________________________

Nevada

001-37673

26-1394771

(State or Other Jurisdiction of Incorporation)

(Commission File Number)

(IRS Employer Identification Number)

48443 Alpha Drive #190, Wixom, Michigan 48393

(Address of principal executive offices and zip code)

Registrant’s telephone number, including area code: (888) 646-5205

(Former name or former address, if changed since last report)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, $0.001 par value

WKHS

The Nasdaq Capital Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

Omnibus Amendment No. 1 to Credit Agreements

On April 25, 2026, Workhorse Group Inc. (“Workhorse” or the “Company”) entered into an Omnibus Amendment No. 1 to Credit Agreements (the “Omnibus Amendment”), which amends the Company’s (i) Credit Agreement (Customer Orders) (the “Customer Order Credit Agreement”) and (ii) Credit Agreement (Cash Flow) (the “Cash Flow Credit Agreement” and together with the Customer Order Credit Agreement, the “Credit Agreements” and such transactions, collectively, the “Closing Debt Financing”), each dated as of December 15, 2025, by and among Workhorse, as borrower, certain subsidiaries of Workhorse, as guarantors, and Motive GM Holdings II LLC (“MGMH”), as lender.

The Omnibus Amendment (i) amends the Cash Flow Credit Agreement to increase the Commitment (as defined in the Cash Flow Credit Agreement) thereunder from $10,000,000 to $20,000,000 in accordance with Section 10.01 of the Cash Flow Credit Agreement, (ii) amends the Cash Flow Credit Agreement to defer interest payments on the additional $10,000,000 Loan made pursuant to the Omnibus Amendment until the first Interest Payment Date (as defined in the Cash Flow Credit Agreement) occurring after September 30, 2026 and (iii) amends the Customer Order Credit Agreement to reduce the Commitment thereunder from $40,000,000 to $30,000,000 in accordance with Section 10.01 of the Customer Order Credit Agreement.

The foregoing summary and description of the Omnibus Amendment are not and do not purport to be complete and are subject to, and qualified in their entirety by, the full text of the Omnibus Amendment, a copy of which is filed as Exhibit 10.1 is incorporated herein by reference.

Item 2.03. Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

To the extent required by this Item 2.03, the information related to the Omnibus Amendment set forth in Item 1.01 of this Current Report on Form 8-K is incorporated herein by reference.

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On April 25, 2026, the Company and Scott Griffith, the Company’s Chief Executive Officer, entered into an employment letter agreement (the “Letter Agreement”) memorializing the terms of his compensation retroactive to December 15, 2025, including (i) the previously approved annual base salary of $600,000 and eligibility to participate in the Company’s Short-Term Incentive Plan, with a target bonus amount of 50% of base salary; (ii) eligibility for long-term incentive awards; and (iii) severance benefits in the event that Mr. Griffith’s employment is terminated by the Company other than for Cause or by Mr. Griffith for Good Reason (each as defined in the Letter Agreement), which include 100% of his then-current annual base salary, paid in 12 monthly installments, and 100% of his cash bonus target for the current year, paid in a lump sum, subject to the execution of a release of claims.

The foregoing summary and description of the Letter Agreement are not and do not purport to be complete and are subject to, and qualified in their entirety by, the full text of the Letter Agreement, a copy of which is filed as Exhibit 10.2 is incorporated herein by reference.

Item 8.01. Other Events

Rent Deferral Arrangement

On April 25, 2026, the Company and Mango Workhorse, LLC (“Lessor”) entered into an agreement whereby Lessor agreed to a deferral of the Company’s monthly rental payments pursuant to the lease for the Company’s manufacturing facility in Union City, Indiana for the five months beginning May 2026 and ending September 2026, with the entire deferred amount due and payable in a single lump-sum payment on or before September 30, 2026.

Item 9.01. Financial Statements and Exhibits.

(a) Exhibits.


Exhibit Number			Description
10.1			Omnibus Amendment No. 1, dated as of April 25, 2026, by and among Workhorse Group Inc., as borrower, the subsidiary guarantors party thereto and Motive GM Holdings II LLC, as lender.
10.2*			Letter Agreement, dated as of April 25, 2026, by and between Workhorse Group Inc. and Scott Griffith.
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

*Certain schedules and exhibits to this Exhibit have been omitted in accordance with Item 601 of Regulation S-K.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


			WORKHORSE GROUP INC.

Date: April 27, 2026			By: /s/ Robert M. Ginnan
			Name: Robert M. Ginnan
			Title: Chief Financial Officer

Source: View Original Filing on SEC EDGAR

Filing Exhibits & Attachments

5 documents

Workhorse updates credit lines and CEO pay terms

Rhea-AI Filing Summary