WKHS · Workhorse Group Inc.

Workhorse Group Inc. entered into an Omnibus Amendment No. 1 to Credit Agreements with Motive GM Holdings II LLC, effective April 25, 2026, reflecting a strategic reallocation of its debt financing structure. The amendment increases the commitment under the Cash Flow Credit Agreement from $10 million to $20 million, providing additional liquidity for general corporate purposes, while simultaneously reducing the commitment under the Customer Order Credit Agreement from $40 million to $30 million. This shift suggests a prioritization of operational cash flow support over customer order financing capacity. A notable term includes the deferral of interest payments on the incremental $10 million loan until after September 30, 2026, offering near-term cash flow relief. Concurrently, the company formalized the employment terms for CEO Scott Griffith, retroactive to December 15, 2025. Griffith receives an annual base salary of $600,000, eligibility for a 50% target bonus, and a severance package providing 12 months of salary and a lump-sum bonus payment upon qualifying termination. These actions collectively indicate management's focus on stabilizing the executive leadership structure and optimizing the capital structure to support ongoing operations.