Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 588

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 9
Chunk 588
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 respect
to one or more awards payable in cash is $100,000.

Amendments
to the 2022 Plan

The
administrator may at any time amend, alter, suspend, or terminate the 2022 Plan. We will obtain shareholder approval of any 2022 Plan
amendment to the extent necessary and desirable to comply with applicable laws. No amendment, alteration, suspension, or termination
of the 2022 Plan will impair the rights of any participant, unless mutually agreed otherwise between the participant and the administrator,
in which case such an agreement must be in writing and signed by the participant and the Company. Termination of the 2022 Plan will not
affect the administrator’s ability to exercise the powers granted to it hereunder with respect to awards granted under the 2022
Plan prior to the date of such termination.

Options

Exercise
Price

The
per share exercise price for the shares to be issued pursuant to exercise of an option will be determined by the administrator but will
be no less than 100% of the fair market value per share on the date of grant. In addition, in the case of an incentive stock option granted
to an employee who, at the time the incentive stock option is granted, owns stock representing more than 10% of the voting power of all
classes of our stock or any parent or subsidiary, the per share exercise price will be no less than 110% of the fair market value per
share on the date of grant. Notwithstanding the foregoing, options may be granted with a per share exercise price of less than 100% of
the fair market value per share on the date of grant pursuant to a transaction described in, and in a manner consistent with, Section
424(a) of the Code.

Grant
of Options

Each
option will be designated in the award agreement as either an incentive stock option or a non-qualified stock option. However, notwithstanding
such designation, to the extent that the aggregate fair market value of the shares with respect to which incentive stock options are
exercisable for the first time by the participant during any calendar year (under all plans of the Company and any parent or subsidiary)
exceeds $100,000, such options will be treated as non-qualified stock options. Incentive stock options will be taken into account in
the order in which they were granted. The fair market value of the shares will be determined as of the time the option with respect to
such shares is granted