Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 467

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7A
Chunk 467
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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 the administrator makes an award transferable, such award may only be transferred (i) by will, (ii) by the
laws of descent and distribution, (iii) to a revocable trust or (iv) as permitted by Rule 701 of the Securities Act of 1933, as amended
(the “Securities Act”).

Limitation
on Number of Shares Subject to Awards

The
maximum aggregate amount of cash that may be paid in cash during any calendar year (measured from the date of any payment) with respect
to one or more awards payable in cash is $100,000.

Amendments
to the 2022 Plan

The
administrator may at any time amend, alter, suspend, or terminate the 2022 Plan. We will obtain shareholder approval of any 2022 Plan