Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 552

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 552
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 that the term will be no more than 10 years from the date of grant thereof.
Upon exercise of a stock appreciation right, a participant will be entitled to receive payment from the Company in an amount determined
by multiplying: (i) the difference between the fair market value of a share on the date of exercise over the exercise price; times
(ii) the number of shares with respect to which the stock appreciation right is exercised. At the discretion of the administrator,
the payment upon stock appreciation right exercise may be in cash, in shares of equivalent value, or in some combination thereof.

Restricted
Stock

Grant
of Restricted Stock

Subject
to the terms and provisions of the 2022 Plan, the administrator, at any time and from time to time, may grant shares of restricted stock
to service providers in such amounts as the administrator, in its sole discretion, will determine.

Agreement

Each
award of restricted stock will be evidenced by an award agreement that will specify the period of restriction, the number of shares granted,
and such other terms and conditions as the administrator, in its sole discretion, will determine. Unless the administrator determines
otherwise, the Company as escrow agent will hold shares of restricted stock until the restrictions on such shares have lapsed.

Transferability

Except
as provided otherwise in the 2022 Plan, shares of restricted stock may not be sold, transferred, pledged, assigned, or otherwise alienated
or hypothecated until the end of the applicable period of restriction. The administrator, in its sole discretion, may impose such other
restrictions on shares of restricted stock as it may deem advisable or appropriate.

Voting
Rights

During
the period of restriction, service providers holding shares of restricted stock granted hereunder may exercise full voting rights with
respect to those shares, unless the administrator determines otherwise.

Dividends,
Other Distributions, and Return

During
the period of restriction, service providers holding shares of restricted stock will be entitled to receive all dividends and other distributions
paid with respect to such shares unless otherwise provided in the award agreement. If any such dividends or distributions are paid in
shares, the shares will be subject to the same restrictions on transferability and forfeitability as the shares of restricted stock with
respect to which they were paid. On the date set forth in the award agreement, the restricted stock for which restrictions have not lapsed
will revert to the Company and again will become available for grant under the 2022 Plan.

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Restricted
Stock