Workhorse (WKHS) Form 4: 60,607 RSUs Granted to Director

Rhea-AI Filing Summary

Workhorse Group Inc. (WKHS) reported a Form 4 disclosing a grant of 60,607 restricted stock units (RSUs) to director William G. Quigley III on 08/18/2025. Each RSU represents a contingent right to one share of common stock that vests on 02/18/2026. The company’s board may elect to settle vested RSUs in cash instead of issuing shares. The Form 4 was signed by an attorney-in-fact on behalf of the reporting person on 08/21/2025. The filing shows the reporting person directly beneficially owns 60,607 RSUs following the transaction.

Positive

• 60,607 RSUs granted to director William G. Quigley III, clearly disclosed on Form 4
• Vesting date provided: RSUs vest on 02/18/2026, giving a defined timeline for potential issuance or cash settlement

Negative

• Settlement flexibility: The Board may settle vested RSUs in cash, which could create a cash obligation instead of equity issuance
• Potential dilution: If settled in shares, up to 60,607 additional common shares could be issued upon vesting

Insights

Corporate Governance Expert

TL;DR: Director received 60,607 RSUs vesting 02/18/2026; settlement may be in cash per board discretion.

The Form 4 documents a standard equity award to a director, specifying quantity, vesting date, and settlement mechanics. The explicit option for cash settlement preserves the company's flexibility to limit share dilution but may transfer cash flow obligations to the issuer upon vesting. As disclosed, the award is directly beneficial to the reporting person and is a compensatory equity grant rather than an open-market purchase or sale.

Securities Analyst

TL;DR: This disclosure is routine insider compensation with limited immediate market impact.

The filing reports a non-derivative grant of 60,607 RSUs to a company director, vesting on a specified future date. The reported price is $0 because RSUs represent contingent rights to shares; upon vesting the company may settle in stock or cash. For investors, the transaction is a governance/compensation item rather than a transfer of existing shares.

SEC Form 4

FORM 4

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940

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Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.

1. Name and Address of Reporting Person^*

QUIGLEY WILLIAM G III

(Last) (First) (Middle)

C/O WORKHORSE GROUP INC.

3600 PARK 42 DRIVE, SUITE 160E

(Street)

SHARONVILLE OH 45241

(City) (State) (Zip)

2. Issuer Name and Ticker or Trading Symbol
Workhorse Group Inc. [ WKHS ]

5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

X	Director		10% Owner
	Officer (give title below)		Other (specify below)

3. Date of Earliest Transaction (Month/Day/Year)
08/18/2025

4. If Amendment, Date of Original Filed (Month/Day/Year)

6. Individual or Joint/Group Filing (Check Applicable Line)

X	Form filed by One Reporting Person
	Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Restricted Stock Units	(1)	08/18/2025		A		60,607		02/18/2026(1)	02/18/2026(1)	Common Stock, $0.001 par value per share	60,607	$0	60,607	D

Explanation of Responses:

1. Represents 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"), vesting on February 18, 2026. Upon vesting, the RSUs may be settled in cash at the discretion of the Company's Board of Directors.

Remarks:

	/s/ Arthur McMahon, attorney-in-fact for William G. Quigley, III	08/21/2025
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

FAQ

What insider transaction did Workhorse Group (WKHS) report on Form 4?

The Form 4 reports a grant of 60,607 restricted stock units (RSUs) to director William G. Quigley III, dated 08/18/2025.

When do the RSUs to William G. Quigley III vest?

The RSUs vest on 02/18/2026, as specified in the Form 4 filing.

Can Workhorse settle the RSUs in cash or only in shares?

The filing states that upon vesting the RSUs may be settled in cash at the Board's discretion.

Who filed and signed the Form 4 for the RSU grant?

The Form 4 was signed on behalf of William G. Quigley III by Arthur McMahon, attorney-in-fact, dated 08/21/2025.

How many RSUs does the reporting person beneficially own after the transaction?

Following the reported transaction, the reporting person beneficially owns 60,607 RSUs.