Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 390

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7
Chunk 390
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The
administrator, subject to the provisions of the 2022 Plan, will have complete discretion to determine the terms and conditions of stock
appreciation rights granted under the 2022 Plan; provided, however, that the exercise price will be not less than 100% of the fair
market value of a share on the date of grant.

Agreement,
Expiration, and Payment

Each
stock appreciation right grant will be evidenced by an award agreement that will specify the exercise price, the term of the stock appreciation
right, the conditions of exercise, and such other terms and conditions as the administrator, in its sole discretion, will determine.
A stock appreciation right granted under the 2022 Plan will expire upon the date determined by the administrator, in its sole discretion,
and set forth in the award agreement; provided, however, 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