Company: WKSP
Filing Date: 2025-08-13
Form Type: 10-Q
Source: 0001641172-25-023334
Chunk: 25

Company: Worksport Ltd
Filing Date: 2025-08-13
Form: 10-Q
Item: Part I, Item 1
Chunk 25
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1,344,570.

Stock
Options

The
Company uses the Black-Scholes option pricing model to determine fair value of stock options on the grant date.

During
the six months ended June 30, 2025, the Company issued 10,000 stock options to a director with an exercise price of $5.95 and an expiration
date of March 7, 2035.

During the six months ended June 30, 2025, the Company issued 102,600 stock options to various employees and directors
with an exercise price of $3.09 and an expiration date of April 4, 2035.

 During the six months ended June 30, 2025, the Company issued 30,000
stock options to Steven Rossi with an exercise price of $3.09 and an expiration date of April 4, 2035.

On
July 23, 2024, the Company engaged in stock option repricing for certain employees, executive officers, and members of the board of directors
of the Company. 538,896 stock options’ exercise prices were repriced to $7.042, and all other criteria were unchanged. As a result
of the modification in exercise prices, the Company recognized additional expense of $93,140 on the date of modification.

During
the year ended December 31, 2024, the Company issued 84,860 stock options to employees and directors with exercise prices ranging from
$5.20 to $14.10 and expiration dates ranging from February 1, 2029 to November 19, 2034. Of these stock options, 2,040 were subsequently
cancelled.

    18

Schedule
of Stock Options Activity

    June
    30, 2025  
    December
    31, 2024 

    Number
                                            of
                                                                                                  stock
options  
    Weighted
                                                                  average price  
    Number
                                            of
                                                                  stock options  
    Weighted
                                                                  average price 
  
    Balance, beginning of period 
     579,936  
    $7.14  
     506,386  
    $19.62 
  
    Granted 
     142,600  
    $3.29  
     84,860  
    $7.70 
  
    Forfeited 
     (960) 
    $7.04  
     (11