Workhorse Group Inc. 8-K

What Happened

• Workhorse Group Inc. filed an 8-K on April 27, 2026 disclosing an Omnibus Amendment (dated April 25, 2026) to its two credit agreements with Motive GM Holdings II LLC. The Cash Flow Credit Agreement commitment was increased from $10.0M to $20.0M and interest on the additional $10.0M is deferred until the first interest payment date after September 30, 2026. The Customer Order Credit Agreement commitment was reduced from $40.0M to $30.0M.
• The company also disclosed an employment letter with CEO Scott Griffith (dated April 25, 2026) retroactive to December 15, 2025 setting a $600,000 annual base salary, eligibility for a short-term incentive with a 50% target bonus and long-term awards, and specified severance if terminated other than for Cause or for Good Reason.
• Separately, Workhorse agreed with Lessor Mango Workhorse, LLC to defer monthly rent payments for the Union City, IN manufacturing facility for May–September 2026, with the full deferred amount due as a lump sum on or before September 30, 2026.

Key Details

• Cash Flow Credit commitment increased to $20,000,000 (was $10,000,000); interest on the extra $10,000,000 deferred until after Sept 30, 2026.
• Customer Order Credit commitment reduced from $40,000,000 to $30,000,000.
• CEO Scott Griffith: $600,000 base salary, short-term incentive target 50% of base, eligibility for long-term awards; severance = 100% of base salary (paid over 12 months) plus 100% of cash bonus target (lump sum), subject to release.
• Rent deferral for manufacturing lease payments May–Sept 2026; deferred amount due by Sept 30, 2026.

Why It Matters

• These actions directly affect Workhorse’s near-term liquidity and financing structure: the company gained an additional $10M of cash-flow financing and short-term interest relief, while reducing one of its order-related credit commitments by $10M.
• The rent deferral and interest deferral provide immediate cash-flow relief through September 2026, concentrating repayment obligations at quarter-end (Sept 30, 2026).
• The CEO employment terms formalize leadership compensation and include severance protections that could affect cash outflows if a qualifying termination occurs.
• Investors should view these items as measures to manage liquidity and stabilize leadership, with repayment and credit-commitment changes that bear on the company’s financial obligations through late 2026.