Workhorse Group Management

Management criteria checks 3/4

Workhorse Group's CEO is Rick Dauch, appointed in Aug 2021, has a tenure of 3.08 years. total yearly compensation is $3.39M, comprised of 28.8% salary and 71.2% bonuses, including company stock and options. directly owns 0.59% of the company’s shares, worth €90.31K. The average tenure of the management team and the board of directors is 3 years and 3.1 years respectively.

Key information

Rick Dauch

Chief executive officer

US$3.4m

Total compensation

CEO salary percentage	28.8%
CEO tenure	3.1yrs
CEO ownership	0.6%
Management average tenure	3yrs
Board average tenure	3.1yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Rick Dauch's remuneration changed compared to Workhorse Group's earnings?
Date	Total Compensation	Salary	Company Earnings
Jun 30 2024	n/a	n/a	-US$131m
Mar 31 2024	n/a	n/a	-US$128m
Dec 31 2023	US$3m	US$975k	-US$124m
Sep 30 2023	n/a	n/a	-US$117m
Jun 30 2023	n/a	n/a	-US$122m
Mar 31 2023	n/a	n/a	-US$120m
Dec 31 2022	US$8m	US$1m	-US$117m
Sep 30 2022	n/a	n/a	-US$235m
Jun 30 2022	n/a	n/a	-US$280m
Mar 31 2022	n/a	n/a	-US$303m
Dec 31 2021	US$17m	US$442k	-US$401m

Compensation vs Market: Rick's total compensation ($USD3.39M) is above average for companies of similar size in the German market ($USD506.34K).

Compensation vs Earnings: Rick's compensation has been consistent with company performance over the past year.

CEO

Rick Dauch (63 yo)

3.1yrs

Tenure

US$3,388,174

Compensation

Mr. Richard F. Dauch, also known as Rick, has been Independent Director at DHC Acquisition Corp. since March 2021. He serves as Chief Executive Officer and Director of Workhorse Group Inc. since August 2,...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Richard Dauch	President	3.1yrs	US$3.39m	0.59% $ 90.3k
Robert Ginnan	Chief Financial Officer	2.7yrs	US$906.79k	0.069% $ 10.6k
James Harrington	Chief Compliance Officer	3.1yrs	US$970.26k	0.072% $ 11.0k
Joshua Anderson	Chief Technology Officer	3yrs	US$1.02m	0.047% $ 7.3k
Jeff Mowry	Chief Information Officer	1.8yrs	no data	no data
Stan March	Vice President of Corporate Development & Communications	2.8yrs	no data	0.053% $ 8.1k
Ryan Gaul	President of Commercial Vehicles	3.4yrs	no data	0.051% $ 7.8k
James Peters	Vice President of Supply Chain Management	3yrs	no data	0.026% $ 4.0k
Stephen Burns	Co-Founder & Consultant	no data	US$390.00k	no data

3.0yrs

Average Tenure

63yo

Average Age

Experienced Management: 1WO0's management team is considered experienced (3 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Richard Dauch	President	3.1yrs	US$3.39m	0.59% $ 90.3k
Jacqueline Dedo	Independent Director	4.3yrs	US$175.00k	0.031% $ 4.7k
William Quigley	Independent Director	2.6yrs	US$175.00k	0.017% $ 2.6k
Jean Botti	Independent Director	1.3yrs	US$150.00k	0.023% $ 3.5k
Raymond Chess	Independent Chairman	10.9yrs	US$225.00k	0.051% $ 7.8k
Pamela Mader	Independent Director	4.3yrs	US$175.00k	0.021% $ 3.2k
Austin Miller	Independent Director	2.3yrs	US$175.00k	0.015% $ 2.3k

3.1yrs

Average Tenure

63yo

Average Age

Experienced Board: 1WO0's board of directors are considered experienced (3.1 years average tenure).

Workhorse Group Management

Management criteria checks 3/4

Key information

Recent management updates

High number of new directors

Workhorse Group Inc., Annual General Meeting, May 14, 2024

Workhorse Group Inc. Notifies Greg Ackerson, Chief Accounting Officer and Corporate Controller Will Not Renew His Employment Agreement, His Last Day of Employment Will Be November 6, 2023

President recently bought €89k worth of stock

Independent Director recently sold €65k worth of stock

High number of new directors

Recent updates

Workhorse Group Receives Written Notice from Nasdaq Due to Non-Compliance with the Minimum Bid Price Requirement under Nasdaq Listing Rule 5550(a)(2)

Workhorse Group Inc. announced that it has received $2.6 million in funding

Workhorse Group Inc. announced delayed 10-Q filing

Workhorse Group Inc. to Report Q2, 2024 Results on Aug 14, 2024

Workhorse Group Inc. to Participate in Zero-Emissions Showcase + Ride & Drive Presented by CARB and CALSTART

Workhorse Group Inc. Introduces the W56 Extended Wheelbase Version

Workhorse Group Regains Compliance with Nasdaq's Continued Listing Requirements

Workhorse Group Inc. announced delayed 10-Q filing

High number of new directors

Workhorse Group Inc., Annual General Meeting, May 14, 2024

Full year 2023 earnings released: US$0.60 loss per share (vs US$0.74 loss in FY 2022)

New major risk - Revenue and earnings growth

Workhorse Group Inc. to Report Q4, 2023 Results on Mar 12, 2024

Workhorse Group Inc. announced that it expects to receive $50 million in funding from Lincoln Park Capital, LLC

Workhorse Group Inc. has filed a Follow-on Equity Offering in the amount of $50 million.

New minor risk - Profitability

New major risk - Shareholder dilution

Workhorse Group Inc. Provides Earnings Guidance for the Year 2023

Workhorse Group Inc. to Report Q3, 2023 Results on Nov 07, 2023

Workhorse Group Inc. Notifies Greg Ackerson, Chief Accounting Officer and Corporate Controller Will Not Renew His Employment Agreement, His Last Day of Employment Will Be November 6, 2023

Workhorse Group Receives Non-Compliance Notice From Nasdaq

Second quarter 2023 earnings released: US$0.12 loss per share (vs US$0.13 loss in 2Q 2022)

Workhorse Group Inc. Provides Revenue Guidance for the Year 2023

Workhorse Group Inc. to Report Q2, 2023 Results on Aug 08, 2023

First quarter 2023 earnings released: US$0.15 loss per share (vs US$0.14 loss in 1Q 2022)

Workhorse Group Inc. Reaffirms Revenue Guidance for 2023

Full year 2022 earnings released: US$0.74 loss per share (vs US$3.12 loss in FY 2021)

Workhorse Group Inc. to Report Q4, 2022 Results on Mar 01, 2023

President recently bought €89k worth of stock

Independent Director recently sold €65k worth of stock

High number of new directors

Workhorse Group Inc. Reaffirms Revenue Guidance for 2022

Workhorse Group Inc. Announces Proposed Settlements of Class Action Lawsuit and Related Shareholder Derivative Actions

Workhorse Group Inc. to Report Q3, 2022 Results on Nov 08, 2022

High number of new directors

Workhorse Group Inc. Provides Production and Revenue Guidance for the Full Year 2022

Workhorse Group Inc. Appoints Scott Miller to the Board of Directors and as a Member of the Nominating and Corporate Governance Committee as Well as the Compensation Committee

Insider recently bought €154k worth of stock

Workhorse Group Inc., Annual General Meeting, May 03, 2022

Workhorse Group Inc. Appoints Bill Quigley to Board of Directors

Workhorse Group Inc. to Report Q4, 2021 Results on Mar 01, 2022

Investor sentiment deteriorated over the past week

Third quarter 2021 earnings released: US$0.66 loss per share (vs US$0.78 loss in 3Q 2020)

Investor sentiment deteriorated over the past week

Chief Financial Officer Steve Schrader has left the company

Chief Operating Officer Robert Willison has left the company

Workhorse Group Provides Update on Review of Operating and Commercialization Plans

Second quarter 2021 earnings released: US$0.35 loss per share (vs US$1.76 loss in 2Q 2020)

First quarter 2021 earnings released: US$0.99 loss per share (vs US$0.069 profit in 1Q 2020)

Investor sentiment deteriorated over the past week

Kessler Topaz Meltzer & Check, LLP Reminds Shareholders of Workhorse Group Inc. of Deadline in Securities Fraud Class Action Lawsuit

Kessler Topaz Meltzer & Check, LLP Announces Deadline in Securities Fraud Class Action Lawsuit Filed Against Workhorse Group Inc

Investor sentiment deteriorated over the past week

Kessler Topaz Meltzer & Check, LLP Announces Securities Fraud Class Action Filed against Workhorse Group Inc

Bernstein Liebhard LLP Reminds Investors of the Deadline to File a Lead Plaintiff Motion In a Securities Class Action Lawsuit Against Workhorse Group, Inc

Notice of Lead Plaintiff Deadline for Shareholders in the Workhorse Group, Inc. Class Action Lawsuit

Investor sentiment improved over the past week

Rosen Law Firm Files Securities Class Action Lawsuit Against Workhorse Group Inc

New 90-day low: €12.55

Full year 2020 earnings released: EPS US$0.75 (vs US$0.58 loss in FY 2019)

Revenue misses expectations

Rosen Law Firm Encourages Workhorse Group Inc. Investors with Losses to Inquire About Class Action Investigation

Workhorse Group Inc. to Report Q4, 2020 Results on Mar 01, 2021

Corporate Controller recently sold €107k worth of stock

New 90-day high: €26.41

Workhorse Receives Purchase Order from Pride Group Enterprises for 6,320 C-Series All-Electric Delivery Vehicles

Independent Director recently sold €2.1m worth of stock

Revenue misses expectations

Third quarter 2020 earnings released: US$0.78 loss per share