Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 289

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 4
Chunk 289
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 milestones, of which 20%
has vested as of December 31, 2024. 

Employment
Agreements

We
entered into an employment agreement with Steven Rossi, our Chief Executive Officer, effective May 10, 2021 (the “Employment
Agreement”). Details of the Employee Agreement were filed as an exhibit (Exhibit 10.1) to the Company’s Form 8-K filed
on 05/12/2021.

Consulting
Agreements

The
employment agreement previously entered into with Steven Rossi, our Chief Executive Officer, effective May 10, 2021, was terminated on
July 23, 2024 and replaced with a consulting agreement (the “Consulting Agreement”). The term of the Consulting Agreement commenced on July 23, 2024 (the “Effective Date”) and continues indefinitely. Other details
of the Consulting Agreement were filed as an exhibit (Exhibit 10.1) to the Company’s Form 8-K filed on 07/26/2024.

73

The
table below set forth the outstanding equity awards held by our named executive officers at of December 31, 2024.

OUTSTANDING
EQUITY AWARDS AT DECEMBER 31, 2024

    Option
    Awards
     
    Stock
    Awards

    Name
     
    Number
    of securities underlying exercised options (#)

    Number
    of securities underlying unexercised options (#) exercisable  
     
    Equity
    incentive plan awards: Number of securities underlying unexercised unearned options (#)
     
    Option
    exercise price ($)
     
    Option
    expiration date
     
    Number
    of shares or units of stock that have not vested (#)
     
    Market
    value of shares of units of stock that have not vested ($)

    Steven
    Rossi, CEO & Pres. (PEO)

    0 

    82,500(1)(2)(3)(4)

    282,500(2)(3)(4)

    7.042

    (1)(2)(3)(4)

       -

       -

    (1)
    On August 6, 2021, we granted
    Steven Rossi an incentive stock option to purchase 10,000 shares of common stock for $55.00 per share under the Worksport Ltd. 2021