Company: WKSP
Filing Date: 2025-05-15
Form Type: 10-Q
Source: 0001641172-25-010837
Chunk: 24

Company: Worksport Ltd
Filing Date: 2025-05-15
Form: 10-Q
Item: Part I, Item 1
Chunk 24
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 of $53.10, and 100% will have
vested at a closing price of $137.60 as measured
using the volume weighted average of the Company’s common stock for ten (10) consecutive trading days, with over $100,000
of trading volume on each of those days. The
fair value of the PSUs was estimated to be $1,254,460.
As of March 31, 2025, 7,500
PSUs of the remaining 30,000
PSUs had vested.

On
December 29, 2021, the Company granted 40,000 and 30,000 PSUs to the Company’s Chief Executive Officer and a director, respectively.
The PSUs were to vest in 5% increments according to a schedule that correlates with the Company’s stock price. The first 5% of
the PSUs was to have vested upon the Company’s stock price closing at $30.00, 50% was to have vested at a closing price of $165.00,
and 100% was to have vested at a closing price of $315.00. The fair value of the PSUs was estimated to be $1,344,570.

Stock
Options

The
Company uses the Black-Scholes option pricing model to determine fair value of stock options on the grant date.

During
the three months ended March 31, 2025, the Company issued 10,000 stock options to a director with an exercise price of $5.95 and an expiration
date of Marh 7, 2035.

On
July 23, 2024, the Company engaged in stock option repricing for certain employees, executive officers, and members of the board of directors
of the Company. 538,896 stock options’ exercise prices were repriced to $7.042, and all other criteria were unchanged. As a result
of the modification in exercise prices, the Company recognized additional expense of $93,140 on the date of modification.

During
the year ended December 31, 2024, the Company issued 84,860 stock options to employees and directors with exercise prices ranging from
$5.20 to $14.10 and expiration dates ranging from February 1, 2029 to November 19, 2034. Of these stock options, 2,040 were subsequently
cancelled.

Schedule
of Stock Options Activity

    March 31, 2025