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

Company: Worksport Ltd
Filing Date: 2025-10-20
Form: PRE 14A
Chunk 25
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 average price increases or for each additional $17,000,000 
 in which the Company’s market capitalization increases. 20% of the stock option has vested. The expiration date of the option         
 is May 1, 2033. During the year ended December 31, 2024, this stock option’s strike price was updated to $7.042.                      |
| (3) | On                                                                                                                                    
 July 21, 2023, we granted Steven Rossi a non-qualified stock option to purchase 5,000 shares of common stock for $36.10 per share     
 under the Worksport Ltd. 2022 Equity Incentive Plan. The option vests 50% on the first annual anniversary of the grant date, and      
 the other 50% vests on the second annual anniversary of the grant date. The expiration date of the option is July 21, 2028. During    
 the year ended December 31, 2024, this stock option’s strike price was updated to $7.042.                                             |
| (4) | On                                                                                                                                    
 October 31, 2023, we granted Steven Rossi an incentive stock option to purchase 150,000 shares of common stock for $14.40 per share.  
 Vesting is based upon the achievement of revenue-based milestones. The first tranche representing 20% of the option vests upon the    
 achieving of an annual run rate revenue of $10,000,000 as measured by $2,500,000 of quarterly revenue, and an additional 20% vests    
 for each $10,000,000 increase in annual run rates, each represented by an additional $2,500,000 of quarterly revenue. 20% of the      
 stock option has vested. The expiration date of the option is October 31, 2033. During the year ended December 31, 2024, this stock   
 option’s strike price was updated to $7.042.                                                                                          |

Equity Incentive Plans

2021 Equity Incentive Plan

On March 31, 2021, our Board and shareholders adopted the Worksport Ltd. 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)