Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 198

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 1
Chunk 198
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 2022 Plan is equal to 15% of the total number of shares of common stock outstanding on December 31st of
the prior calendar year minus the total number of shares reserved and available for issuance under the 2015 Plan and 2021 Plan. As of
December 31, 2023, 96,779 shares of common stock were available under the 2022 Plan. The number of shares of common stock authorized
under the 2022 Plan as of January 1, 2024 was 303,311. As of December 31, 2024, 27,909 shares of common
stock were available under the 2022 Plan. The number of shares of common stock authorized under the 2022 Plan as of January 1, 2025 was 525,185.

Term

The
2022 Plan shall be in effect upon the adoption by the Board and remain in effect until the 10th anniversary of the date the
Board approves and adopts the 2022 Plan, unless terminated earlier by the Board.

Lapsed
Awards

If
awards are surrendered, terminated, or expire without being exercised in whole or in part, new awards may be granted covering the shares
of common stock not issued under such lapsed awards, subject to any restrictions that may be imposed by the Code.

75

Adjustment
in Shares of Common Stock

In
the event that any dividend or other distribution (whether in the form of cash, shares, other securities, or other property), recapitalization,
stock split, reverse stock split, reorganization, merger, consolidation, split-up, spin-off, combination, repurchase, or exchange of
shares or other securities of the Company, or other change in the corporate structure of the Company affecting the shares occurs, the
administrator, in order to prevent diminution or enlargement of the benefits or potential benefits intended to be made available under
the 2022 Plan, will adjust the number and class of shares that may be delivered under the 2022 Plan and/or the number, class, and price
of shares covered by each outstanding award, and the numerical share limits therein.

Non-Transferability

Unless
determined otherwise by the administrator, an award may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in
any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the participant,
only by the participant. If