Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 549

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 549
---
 an agreement must be in writing and signed by the participant and the Company. Termination of the 2022 Plan will not
affect the administrator’s ability to exercise the powers granted to it hereunder with respect to awards granted under the 2022
Plan prior to the date of such termination.

Options

Exercise
Price

The
per share exercise price for the shares to be issued pursuant to exercise of an option will be determined by the administrator but will
be no less than 100% of the fair market value per share on the date of grant. In addition, in the case of an incentive stock option granted
to an employee who, at the time the incentive stock option is granted, owns stock representing more than 10% of the voting power of all
classes of our stock or any parent or subsidiary, the per share exercise price will be no less than 110% of the fair market value per
share on the date of grant. Notwithstanding the foregoing, options may be granted with a per share exercise price of less than 100% of
the fair market value per share on the date of grant pursuant to a transaction described in, and in a manner consistent with, Section
424(a) of the Code.

Grant
of Options

Each
option will be designated in the award agreement as either an incentive stock option or a non-qualified stock option. However, notwithstanding
such designation, to the extent that the aggregate fair market value of the shares with respect to which incentive stock options are
exercisable for the first time by the participant during any calendar year (under all plans of the Company and any parent or subsidiary)
exceeds $100,000, such options will be treated as non-qualified stock options. Incentive stock options will be taken into account in
the order in which they were granted. The fair market value of the shares will be determined as of the time the option with respect to
such shares is granted.

76

Exercise
of Option

Any
option granted hereunder will be exercisable according to the terms of the 2022 Plan and at such times and under such conditions as determined
by the administrator and set forth in the award agreement. An option may not be exercised for a fraction of a share. An option will be
deemed exercised when we receive: (i) notice of exercise (in such form as the administrator specifies from time to time) from the person
entitled to exercise the option, and (ii) full payment for the