[Form 4] Workhorse Group, Inc Insider Trading Activity

Rhea-AI Filing Summary

Workhorse Group Inc. (WKHS) reported a Form 4 showing that director Austin S. Miller was granted 60,607 restricted stock units (RSUs) on 08/18/2025. Each RSU represents a contingent right to one share of common stock and vests on February 18, 2026. The RSUs may be settled in cash at the discretion of the company's Board of Directors. Following the grant, the reporting person beneficially owns 60,607 shares on a direct basis. The Form 4 was signed by an attorney-in-fact on behalf of Austin S. Miller on 08/20/2025.

Positive

• 60,607 RSUs were granted to the reporting director, each representing a contingent right to one share
• RSUs have a clear vesting date of February 18, 2026
• Filing discloses that RSUs may be settled in cash at the Board's discretion, clarifying settlement terms

Negative

• None.

Insights

Financial Analyst

TL;DR Director Austin S. Miller received 60,607 RSUs vesting Feb 18, 2026; settlement may be cash at Board discretion.

The grant increases the director's potential equity stake by 60,607 shares if RSUs settle in stock. The award is time-based with a defined vesting date, which is a routine compensation mechanism to align management and board members with shareholder interests. No cash amounts, exercise prices, or immediate disposals are disclosed in the filing, so short-term market impact is likely limited.

Corporate Governance Expert

TL;DR A standard director RSU award was reported, vesting in about six months and allowing cash settlement per Board policy.

The filing discloses a single class of derivative award (RSUs) with explicit vesting and potential cash settlement. This indicates the company uses equity-based awards for director compensation. The Form 4 is complete regarding the award terms provided; there is no indication of related-party transactions beyond the director grant or changes to governance structure in this filing.

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

OMB APPROVAL

OMB Number:			3235-0287
Estimated average burden
hours per response:			0.5

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^*

Miller Austin Scott

(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, III, attorney-in-fact for Austin S. Miller	08/20/2025
	** 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 did the Workhorse (WKHS) Form 4 report for Austin S. Miller?

The Form 4 reports a grant of 60,607 RSUs on 08/18/2025, vesting on 02/18/2026, with possible cash settlement at the Board's discretion.

How many shares does Austin S. Miller beneficially own after the reported transaction?

Following the reported transaction the filing shows direct beneficial ownership of 60,607 shares related to the RSUs.

When do the RSUs granted to the director vest?

The RSUs vest on February 18, 2026 according to the Form 4.

Can Workhorse settle these RSUs in cash?

Yes. The Form 4 explicitly states the RSUs may be settled in cash at the discretion of the company's Board of Directors.

Who signed the Form 4 and when was it filed?

The Form 4 was signed by Arthur McMahon, III, attorney-in-fact for Austin S. Miller on 08/20/2025.