Company: WKSP
Filing Date: 2025-10-20
Form Type: PRE 14A
Source: 0001493152-25-018681
Chunk: 41

Company: Worksport Ltd
Filing Date: 2025-10-20
Form: PRE 14A
Chunk 41
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If approved by stockholders, the number of shares of common stock available for issuance under the Plan will automatically increase on the first trading day of each calendar quarter (January 1, April 1, July 1, and October 1) rather than on January 1 of each calendar year. The automatic increase, commonly referred to as the “evergreen,” will also be revised from 15% to 18% of the Company’s total outstanding shares of common stock as of the last trading day of the immediately preceding calendar quarter, minus the total number of shares reserved and available for issuance under the Worksport Ltd. 2021 Equity Incentive Plan. No other material terms of the 2022 Equity Incentive Plan are being amended. All other provisions, including eligibility, award types, vesting, and plan administration, will remain unchanged.

The 2022 Equity Incentive Plan was originally approved by stockholders at the 2022 Annual Meeting. The Plan currently provides for an automatic annual share reserve increase equal to 15% of the Company’s outstanding common stock as of December 31 of the prior year. The proposed amendments will replace that annual increase mechanism with a quarterly adjustment based on 18% of outstanding shares, which the Board believes will provide a more accurate and timely reflection of the Company’s equity needs and facilitate long-term incentive alignment with stockholder interests.

Approval of this proposal requires the affirmative vote of a majority of the shares present in person or represented by proxy at the Annual Meeting and entitled to vote on the proposal.

The Board unanimously recommends that stockholders vote “FOR” approval of the amendments to the Worksport Ltd. 2022 Equity Incentive Plan.

PROPOSAL No. 5: APPROVAL OF THE ADJOURNMENT OF THE ANNUAL MEETING, TO PERMIT FURTHER SOLICITATION OF PROXIES, IF NECESSARY OR APPROPRIATE

In the Adjournment Proposal, we are asking stockholders to authorize the holder of any proxy solicited by the Board to vote in favor of adjourning or postponing the Annual Meeting or any adjournment or postponement thereof. If our stockholders approve this proposal, we could adjourn or postpone the Annual Meeting, and any adjourned session of the Annual Meeting, to use the additional time to solicit additional proxies, if necessary or appropriate.

Vote Required

The affirmative “FOR” vote of a majority of the shares present in person entitled to vote or represented by proxy at