Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 551

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 551
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 award agreement), by the participant’s designated beneficiary, provided such beneficiary
has been designated prior to participant’s death in a form acceptable to the administrator. If no such beneficiary has been designated
by the participant, then such option may be exercised by the personal representative of the participant’s estate or by the person(s)
to whom the option is transferred pursuant to the participant’s will or in accordance with the laws of descent and distribution.
In the absence of a specified time in the award agreement, the option will remain exercisable for six (6) months following participant’s
death. Unless otherwise provided by the administrator, if at the time of death participant is not vested as to his or her entire option,
the shares covered by the unvested portion of the option will continue to vest in accordance with the award agreement. If the option
is not so exercised within the time specified herein, the option will terminate, and the shares covered by such option will revert to
the 2022 Plan.

Change
of Control

In
the event of a merger of the Company with or into another corporation or other entity or a change in control, each outstanding option
will be treated as the administrator determines without a participant’s consent.

Stock
Appreciation Rights

Grant
of Stock Appreciation Rights

Subject
to the terms and conditions of the 2022 Plan, a stock appreciation right may be granted to service providers at any time and from time
to time as will be determined by the administrator, in its sole discretion.

Number
of Shares

The
administrator will have complete discretion to determine the number of stock appreciation rights granted to any participant.

77

Exercise
Price and Other Terms

The
administrator, subject to the provisions of the 2022 Plan, will have complete discretion to determine the terms and conditions of stock
appreciation rights granted under the 2022 Plan; provided, however, that the exercise price will be not less than 100% of the fair
market value of a share on the date of grant.

Agreement,
Expiration, and Payment

Each
stock appreciation right grant will be evidenced by an award agreement that will specify the exercise price, the term of the stock appreciation
right, the conditions of exercise, and such other terms and conditions as the administrator, in its sole discretion, will determine.
A stock appreciation right granted under the 2022 Plan will expire upon the date determined by the administrator, in its sole discretion,
and set forth in the award agreement; provided, however,