Company: WKSP
Filing Date: 2025-12-11
Form Type: 8-K
Source: 0001493152-25-027177
Chunk: 1

Company: Worksport Ltd
Filing Date: 2025-12-11
Form: 8-K
Item: Item 1.01
Chunk 1
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 the Inducement Warrant Shares issuable upon the exercise of the Inducement Warrants (the “ Resale Registration
Statement”), as soon as practicable, and to have such Resale Registration Statement declared effective by the SEC within 60 days
following the date of the Inducement Letter. In the Inducement Letter, the Company agreed not to issue any shares of common stock or
common stock equivalents or to file any other registration statement with the SEC (in each case, subject to certain exceptions) until
60 days after the Closing Date. The Company also agreed not to effect or agree to effect any Variable Rate Transaction (as defined in
the Inducement Letter) until six (6) months after the Closing Date (subject to certain exceptions); provided, however, that after
sixty (60) days following the Closing Date, the issuance of Shares of Common Stock pursuant to the “at-the-market”
program that is in effect as of the date hereof shall not be considered to be a Variable Rate Transaction.

Inducement
Warrant Terms

Duration
and Exercise Price

Each
Inducement Warrant will have an exercise price equal to $3.00 per share. The Inducement Warrants will be exercisable at any time on or
after the date that is six (6) months from the issuance date and will have a term of exercise of five and one half (5½) years
following the date of issuance. The exercise price and number of shares of common stock issuable upon exercise is subject to appropriate
adjustment in the event of stock dividends, stock splits, subsequent rights offerings, pro rate distributions, reorganizations, a Fundamental
Transaction (as defined in the Inducement Warrants) or similar events affecting our common stock and the exercise price.

Exercisability

The
Inducement Warrants will be exercisable, at the option of each holder, in whole or in part, by delivering to the Company a duly executed
exercise notice accompanied by payment in full for the number of shares of our common stock purchased upon such exercise (except in the
case of a cashless exercise as discussed below). A holder (together with its affiliates) may not exercise any portion of such holder’s
Inducement Warrants to the extent that the holder would own more than 4.99% (or, 9.99% at the election of the holder prior to issuance)
of the outstanding common stock immediately after exercise, except that upon