Company: WKSP
Filing Date: 2025-10-31
Form Type: DEF 14A
Source: 0001493152-25-020401
Chunk: 24

Company: Worksport Ltd
Filing Date: 2025-10-31
Form: DEF 14A
Chunk 24
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 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) 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.

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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