Workhorse Group Inc. granted 93,750 restricted stock units (RSUs) to Jody Davis as an inducement material to his appointment as Chief Financial Officer. The award was approved by the Human Resource Management and Compensation Committee of the Company’s Board of Directors on July 20, 2026. The grant was made under the Company’s Inducement Equity Award Plan in accordance with NASDAQ Listing Rule 5635(c)(4).

The RSUs will vest over a three-year period, contingent upon Mr. Davis’s continued employment with the Company. Vesting will occur in three equal installments on the first, second, and third anniversaries of June 1, 2026.

Grant Details

Workhorse Group Inc. is a North American original equipment manufacturer (OEM) and provider of all-electric trucks, step vans, shuttles, and buses. The Company is headquartered in the Detroit area and operates a commercial-scale manufacturing plant in Union City, Indiana.

Workhorse Group Inc. (NASDAQ: WKHS) has appointed Jody Davis as Chief Financial Officer (CFO), replacing Bob Ginnan, who is retiring. Davis, a finance executive with approximately 15 years of experience, joins the company to lead its financial strategy during a critical growth phase. His appointment is effective immediately, as announced by the North American OEM and provider of all-electric trucks, step vans, shuttles, and buses.

Davis brings extensive experience across manufacturing, energy storage, aerospace, and technology sectors. He has a track record of closing large capital rounds and guiding development-stage businesses into full production. His expertise includes strategic finance, capital formation, treasury, and building finance infrastructure for capital-intensive companies transitioning to commercialization.

Executive Background

Before joining Workhorse, Davis served as Vice President of Strategic Finance at Unimacts, where he led financing initiatives across a complex capital structure. He was also the CFO of Evio, formerly EOS Aircraft Inc., a hybrid-electric regional aircraft program. In that role, he led the strategic repositioning of the business to Montreal, Canada, as part of an Industrial and Technological Benefits partnership with Boeing Canada.

Davis was part of the founding team and CFO of Our Next Energy, Inc. (ONE), a Michigan-based LFP battery innovator. During his tenure, ONE scaled from pre-seed stage to production, expanding to approximately 500 employees. He played a key role in capital formation, debt structures, investor diligence, and manufacturing scale-up.

Strategic Priorities

Workhorse's leadership believes Davis' background aligns with its near-term priorities, which include securing additional growth capital and developing relationships with analysts and institutional investors. The company also aims to accelerate cost reductions on its W56 and next-generation Class 5–6 platforms. Davis replaces Ginnan, who served as CFO since January 2022 and assisted with key corporate financial events, including capital raises, a divestiture, and the merger with Motiv Electric Trucks.

Scott Griffith, CEO of Workhorse, emphasized Davis' experience in raising later-stage growth capital and developing relationships with analysts and investors as critical assets for the company. Davis expressed confidence in Workhorse's growth potential, citing its product economics, manufacturing facility, and customer base among North America's largest medium-duty fleets.