Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 363

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7
Chunk 363
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 was to have vested at a closing price of $315.00. The fair value of the PSUs was estimated to be $1,344,570.

Stock
Options

The
Company uses the Black-Scholes option pricing model to determine fair value of stock options on the grant date.

On
July 23, 2024, the Company engaged in stock option repricing for certain employees, executive officers, and members of the board of directors
of the Company. 538,896 stock options’ exercise prices were repriced to $7.042, and all other criteria were unchanged. As a result
of the modification in exercise prices, the Company recognized additional expense of $93,140 on the date of modification.

During
the year ended December 31, 2024, the Company issued 84,860 stock options to employees and directors with exercise prices ranging from
$5.20 to $14.10 and expiration dates ranging from February 1, 2029 to November 19, 2034. Of these stock options, 2,040 were subsequently
cancelled.

During
the year ended December 31, 2023, the Company issued 474,336 stock options to employees, directors, and consultants with exercise prices
ranging from $14.40 to $42.00 and expiration dates ranging from January 30, 2028 to October 31, 2033. Of these stock options, 15,720 were
subsequently cancelled.  

    63

Worksport
Ltd.

Notes
to the Consolidated Financial Statements

December
31, 2024 and 2023

16.
Equity Compensation (continued)

 Schedule of Stock Options Activity

    December
    31, 2024  
    December
    31, 2023 

    Number
    of
    stock options  
    Weighted
    average price  
    Number
    of
    stock options  
    Weighted
    average price 
  
    Balance,
    beginning of period 
     506,386  
    $19.62  
     78,500  
    $47.41 
  
    Granted 
     84,860  
    $7.70  
     474,336  
    $18.01 
  
    Forfeited 
     (11,310) 
    $(29.30) 
     (46,450)