Company: WKSP
Filing Date: 2025-10-20
Form Type: PRE 14A
Source: 0001493152-25-018681
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Company: Worksport Ltd
Filing Date: 2025-10-20
Form: PRE 14A
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 the options are valid and exercisable.

Purpose and Effect

The Board believes the Non-Plan Grants were appropriate and in the best interests of the Company and its stockholders. These awards help the Company attract, motivate, and retain experienced executives, directors, and consultants, and align their interests with those of stockholders through long-term equity ownership. Approval of this proposal will bring the Company into full compliance with Nasdaq’s listing rules and confirm that the Non-Plan Grants are exercisable according to their terms.

If stockholders do not approve this proposal, the Non-Plan Grants will remain outstanding but may not be exercised unless and until approval is obtained.

No Additional Shares

This proposal does not increase the Company’s authorized share capital and does not change the terms of the 2022 Equity Incentive Plan. Approval of this proposal will not result in additional dilution beyond what is already authorized.

Vote Required

Approval of this proposal requires the affirmative vote of a majority of the votes cast at the Annual Meeting, provided that a quorum is present. Abstentions and broker non-votes will have no effect on the outcome.

<div align='center'>RECOMMENDATION OF THE BOARD OF DIRECTORS</div>

THE BOARD OF DIRECTORS UNANIMOUSLY RECOMMENDS THAT STOCKHOLDERS VOTE “FOR” APPROVAL AND RATIFICATION OF THE NON-PLAN STOCK OPTION GRANTS PREVIOUSLY APPROVED BY THE BOARD IN ACCORDANCE WITH NASDAQ LISTING RULE 5635(c).

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PROPOSAL No. 4: APPROVAL OF AMENDMENTS TO THE WORKSPORT LTD. 2022 EQUITY INCENTIVE PLAN

At the Annual Meeting, stockholders will be asked to approve amendments to the Worksport Ltd. 2022 Equity Incentive Plan (the “2022 Equity Incentive Plan” or the “Plan”) to (i) change the Plan’s “evergreen” formula from an annual increase to a quarterly increase and (ii) increase the evergreen percentage from 15% to 18% of the Company’s outstanding common stock.

The Board believes these amendments are necessary to provide the Company with greater flexibility in administering its equity compensation program and to better align the timing of share reserve replenishment with the Company’s operational and hiring cycles. The Board further believes that these changes will help ensure that the Company can continue to attract, retain, and incentivize key employees, officers, consultants, and directors as it executes its growth strategy and expands its operations