Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 291

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 4
Chunk 291
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20% vests for each
    $10,000,000 increase in annual run rates, each represented by an additional $2,500,000 of quarterly revenue. 20% of the stock option
    has vested. The expiration date of the option is October 31, 2033. During the year ended December 31, 2024, this stock
    option’s strike price was updated to $7.042.

74

Equity
Incentive Plans

2015
Equity Incentive Plan

In
July 2015, our Board and shareholders adopted the Worksport Ltd. 2015 Equity Incentive Plan (the “2015 Plan”), effective
as of July 5, 2015. The 2015 Plan provides for the grant of the following types of stock awards: (i) incentive stock options, (ii) nonstatutory
stock options, (iii) stock appreciation rights, (iv) restricted stock awards, (v) restricted stock unit awards and (vi) other stock awards.
The 2015 Plan is intended to help us secure and retain the services of eligible award recipients, provide incentives for such persons
to exert maximum efforts for our success and that of any affiliate and provide a means by which the eligible recipients may benefit from
increases in value of our common stock. The Board reserved 50,000 shares of common stock issuable upon the grant of awards under the
2015 Plan. As of December 31, 2024, zero shares of common stock remain available under the 2015 Plan.

2021
Equity Incentive Plan

On
March 31, 2021, our Board and shareholders adopted the Worksport Ltd. 2021 Equity Incentive Plan (the “2021 Plan”). The 2021
Plan provides for the grant of the following types of stock awards: (i) incentive stock options, (ii) nonstatutory stock options, (iii)
stock appreciation rights, (iv) restricted stock awards, (v) restricted stock unit awards and (vi) other stock awards. The 2021 Plan
is intended to help us secure and retain the services of eligible award recipients, provide incentives for such persons to exert maximum
efforts for our success and that of any affiliate and provide a means by which the eligible recipients may benefit from increases in
value of our common stock. The Board reserved 125,000 shares of common stock issuable upon the grant of awards