Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 391

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 7
Chunk 391
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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.

78

Restricted
Stock Units

Grant
of Restricted Stock Units

Restricted
stock units may be granted at any time and from time to time as determined by the administrator. Each restricted stock unit grant will
be evidenced by an award agreement that will specify such other terms and conditions as the administrator, in its sole discretion, will
determine, including all terms, conditions, and restrictions related to the grant, the number of restricted stock units and the form
of payout, which may be left to the discretion of the administrator.

Vesting
Criteria and Other Terms

The
administrator will set vesting criteria in its discretion, which, depending on the extent to which the criteria are met, will determine
the number of restricted stock units that will be paid out to the participant. After the grant of restricted stock units, the administrator,
in its sole discretion, may reduce or waive any restrictions for such restricted stock units. Each award of restricted stock units will
be evidenced by an award agreement that will specify the vesting criteria, and such other terms and conditions as the administrator,
in its sole discretion will determine. The administrator, in its discretion, may accelerate the time at which any restrictions will lapse
or be removed. Upon meeting the applicable vesting criteria, the participant will be entitled to receive a payout as specified in the
award agreement. On the date set forth in the award agreement, all unearned restricted stock units will be forfeited to us.

Performance
Units and Performance Shares

Grant
of Performance Units/Shares

Performance
units and performance shares may be granted to service providers at any time and from time to time, as will be determined by the administrator,
in its sole discretion. The