Workhorse Group Inc. announced on September 22, 2026, that its Board of Directors adopted the Workhorse Group Inc. Value Creation Incentive Plan (VCIP). The plan is intended to provide grants of performance awards to the Company’s executive officers and other employees. The VCIP allows for awards to be earned based on the achievement of one or more performance goals over a designated period, typically three to five years.
The Board also approved the immediate grant of performance awards under the VCIP to two key executives. Scott Griffith, the Chief Executive Officer, received a target award amount of $15 million. Jody Davis, the Chief Financial Officer, received a target award amount of $6.5 million.
The performance period for these awards begins October 1, 2026, and ends September 30, 2031. The awards are comprised of four distinct performance goals, each weighted differently toward the total target amount:
- Annualized GAAP Revenue Milestone (15% of Target): Achieving at least $75 million in annualized GAAP revenue for at least two consecutive fiscal quarterly periods.
- Positive Gross Margin Milestone (20% of Target): Achieving positive GAAP gross margin for at least two consecutive fiscal quarterly periods.
- Positive Operating Cash Flow Milestone (25% of Target): Achieving positive operating cash flow for at least two consecutive fiscal quarterly periods.
- Enterprise Equity Value Milestone (40% of Target): Achieving an average market capitalization of at least $500 million over any consecutive 45-trading day period.
The Company notes that the applicable level of achievement for each goal is determined independently. Earning more than the target level for one goal does not increase the payout for other goals. The awards may be paid in cash or, at the Committee's election, in shares of the Company’s common stock.
