Workhorse (WKHS) director receives 22,728 restricted stock units

Rhea-AI Filing Summary

Alan S. Henricks, a director of Workhorse Group Inc. (WKHS), received a grant of 22,728 restricted stock units (RSUs) on 08/18/2025. Each RSU represents a contingent right to one share of the company's common stock and vests on 02/18/2026. The RSUs may be settled in cash at the discretion of Workhorse's board upon vesting. Following the reported grant, Henricks beneficially owns 22,728 shares/units directly. The form is a routine Section 16 disclosure of an equity award to an officer/director.

Positive

• Director alignment with shareholders through an RSU grant that vests into common stock on 02/18/2026
• Clear disclosure of grant size (22,728 RSUs), grant date (08/18/2025), and vesting date in the Section 16 filing

Negative

• Settlement flexibility: the RSUs "may be settled in cash" at the board's discretion, which could affect issuance of common shares

Insights

Corporate Governance Expert

Director awarded RSUs that vest in ~6 months; settlement may be cash.

The grant aligns a director's compensation with company performance by delivering RSUs that convert to common stock on 02/18/2026, subject to board discretion to settle in cash. The filing is a standard Section 16 disclosure and contains no indication of accelerated vesting, forfeiture conditions, or other unusual terms.

Securities Analyst

Routine insider award; no cash proceeds or derivative exercises reported.

The Form 4 reports an award of 22,728 RSUs on 08/18/2025 with zero exercise price and a specified vest date. The report shows direct beneficial ownership post-grant and does not disclose any sale or exercise transactions. This is a routine equity compensation disclosure without material transactional activity.

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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OMB Number:			3235-0287
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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^*

Henricks Alan S.

(Last) (First) (Middle)

C/O WORKHORSE GROUP INC.

3600 PARK 42, 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		22,728		02/18/2026(1)	02/18/2026(1)	Common Stock, $0.001 par value per share	22,728	$0	22,728	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/ Alan S. Henricks	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 Alan S. Henricks report on Form 4 for WKHS?

The filing reports a grant of 22,728 RSUs to Alan S. Henricks on 08/18/2025, vesting on 02/18/2026.

When do the RSUs awarded to the WKHS director vest?

The RSUs vest on 02/18/2026.

How many shares does Henricks beneficially own after the grant?

The Form 4 shows Henricks beneficially owns 22,728 shares/units following the reported transaction.

Will the RSUs for Henricks necessarily convert into shares of WKHS common stock?

Each RSU represents a right to one share, but the filing states the RSUs may be settled in cash at the company's board discretion upon vesting.

What was the transaction type reported on the Form 4 for WKHS?

The transaction was an award (A) of Restricted Stock Units reported on 08/18/2025.