Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 197

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 197
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. 2021 Equity Incentive Plan (the “2021 Plan”). The 2021
Plan provides for 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 unit awards and (vi) other stock awards. The 2021 Plan
is intended to help us secure and retain the services of eligible award recipients, provide incentives for such persons to exert maximum
efforts for our success and that of any affiliate and provide a means by which the eligible recipients may benefit from increases in
value of our common stock. The Board reserved 125,000 shares of common stock issuable upon the grant of awards under the 2021 Plan. As
of December 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