SEC Form 4 · accession 0001213900-17-005771
Workhorse Group Inc. · WKHS
Statement of changes in beneficial ownership, as filed. Original on EDGAR ↗
Reporting owner
Duane Hughes
Officer — COO and President
Period of report
May 19, 2017
Accepted (ET)
May 23, 2017 · 5:00 pm EDT
Rule 10b5-1 plan
unknown — predates the checkbox
Issuer CIK
0001425287
Table I — non-derivative securities
No Table I lines on this filing.
Table II — derivative securities
| Security | Conv. / exercise price | Date | Code | Shares | A/D | Exercisable | Expires | Underlying | Underlying shares | Owned after | D/I |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Stock OptionsF1,F3 | $5.28 | May 19, 2017 | A | 25,000 | A | Jun 30, 2017 | May 19, 2027 | Common Stock, Par Value $0.001 | 25,000 | 12,500 | D |
| Stock OptionsF2 | $1.75 | holding | — | — | — | Aug 3, 2015 | Aug 3, 2020 | Common Stock, Par Value $0.001 | 20,000 | 20,000 | D |
| Stock OptionsF3,F1 | $4.99 | holding | — | — | — | Feb 3, 2016 | Feb 3, 2021 | Common Stock, Par Value $0.001 | 20,000 | 20,000 | D |
| Stock OptionsF4 | $7.21 | holding | — | — | — | Aug 16, 2016 | Aug 16, 2021 | Common Stock, Par Value $0.001 | 22,000 | 22,000 | D |
Explanation of responses
- F1Subject to the Company adopting an equity incentive plan and increasing its authorized shares of common stock, Workhorse Group Inc. granted stock options exercisable at $5.28 per share to Mr. Hughes to acquire 400,000 shares of common stock of the Company which are exercisable for a period of ten years. The Stock Options vest in 16 equal quarterly tranches of 25,000 shares commencing June 30, 2017.
- F25,000 of the options vested on August 3, 2015 and 5,000 shall vest every six (6) months thereafter.
- F35,000 of the options vested on February 2, 2016 and 5,000 shall vest every six (6) months thereafter.
- F45,500 of the options vested on August 16, 2016 and an additional 5,500 will vest every six months thereafter.