Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 624

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 9C
Chunk 624
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 exercised, during the lifetime of the participant,
only by the participant. If the administrator makes an award transferable, such award may only be transferred (i) by will, (ii) by the
laws of descent and distribution, (iii) to a revocable trust or (iv) as permitted by Rule 701 of the Securities Act of 1933, as amended
(the “Securities Act”).

Limitation
on Number of Shares Subject to Awards

The
maximum aggregate amount of cash that may be paid in cash during any calendar year (measured from the date of any payment) with respect
to one or more awards payable in cash is $100,000.

Amendments
to the 2022 Plan

The
administrator may at any time amend, alter, suspend, or terminate the 2022 Plan. We will obtain shareholder approval of any 2022 Plan
amendment to the extent necessary and desirable to comply with applicable laws. No amendment, alteration, suspension, or termination
of the 2022 Plan will impair the rights of any participant, unless mutually agreed otherwise between the participant and the administrator,
in which case such 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