Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 466

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7A
Chunk 466
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 31, 2024, 1,500 shares of common stock were available under the 2021 Plan.

2022
Equity Incentive Plan

In
September 2022 and November 2022, our Board and shareholders, respectively, approved and adopted the Worksport Ltd. 2022 Equity Incentive
Plan (the “2022 Plan”). The 2022 Plan authorizes the grant of the following types of stock awards: (i) incentive stock options,
(ii) nonstatutory stock options, (iii) stock appreciation rights, (iv) restricted stock awards, (v) restricted stock units, (vi) performance
units, (vii) performance shares and (vii) other awards as the administrator may determine. The 2022 Plan is to be administered by the
Board, the Compensation Committee or any other committee appointed by the Board. The 2022 Plan is intended to (i) attract and retain
the best available personnel for positions of substantial responsibility, (ii) provide incentives to individuals who perform services
for us and (iii) promote the success of our business. A total of 75,000 shares of common stock have been reserved for the issuance of
awards under the 2022 Plan. The 2022 Plan also contains an “evergreen formula” pursuant to which the number of shares of
common stock available for issuance under the 2022 Plan will automatically increase on January 1 of each calendar year during the term
of the 2022 Plan, beginning with the calendar year 2023, by an amount of shares of common stock so that the total amount of common stock
available under the 2022 Plan is equal to 15% of the total number of shares of common stock outstanding on December 31st of
the prior calendar year minus the total number of shares reserved and available for issuance under the 2015 Plan and 2021 Plan. As of
December 31, 2023, 96,779 shares of common stock were available under the 2022 Plan. The number of shares of common stock authorized
under the 2022 Plan as of January 1, 2024 was 303,311. As of December 31, 2024, 27,909 shares of common
stock were available under the 2022 Plan. The number of shares of common stock authorized under the 2022 Plan as of January 1, 2025 was 525,185.