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Worksport Ltd — Director's Dealing 2023
May 3, 2023
34957_dirs_2023-05-03_6bc249b9-9bac-4958-9004-29aa55edd6ac.zip
Director's Dealing
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SEC Form 4 — Statement of Changes in Beneficial Ownership
Issuer: Worksport Ltd (WKSP)
CIK: 0001096275
Period of Report: 2023-05-01
Reporting Person: Rossi Steven F. (Director, CEO, President and Secretary, 10% Owner)
Derivative Transactions
| Date | Security | Exercise Price | Code | Shares | A/D | Expiration | Underlying | Ownership |
|---|---|---|---|---|---|---|---|---|
| 2023-05-01 | Performance Stock Unit ("PSU") | $ | J | 400000 | Disposed | Common Stock (400000) | Direct | |
| 2023-05-01 | Restricted Stock Unit ("RSU") | $ | J | 1600000 | Disposed | Common Stock (1600000) | Direct | |
| 2023-05-01 | Non-Qualified Stock Option (Right to Buy) ("'NSO") | $1.74 | A | 2000000 | Acquired | 2033-05-01 | Common Stock (2000000) | Direct |
Footnotes
F1: Each PSU represented the right to receive, upon vesting, one share of common stock of WKSP. On November 11, 2022, 400,000 PSUs granted to Steven Rossi on December 29, 2021 were modified. The PSUs were to vest in 5% increments according to a schedule that correlates with the stock price of WKSP. The first 5% of the PSUs were to vest upon the stock price of WKSP closing at $2.25. 50% were to have vested at a closing price of $5.31 and 100% were to have vested at a closing price of $13.76. The PSUs were cancelled on May 1, 2023. As of the date of cancellation of the PSUs, none of the PSUs had vested.
F2: Each RSU represented the right to receive, upon vesting, one share of common stock of WKSP. On November 11, 2022, WKSP granted Steven Rossi 1,600,000 RSUs that were to vest in equal installments of 200,000 pursuant to the completion of eight milestones. The RSUs were cancelled on May 1, 2023. As of the date of cancellation of the RSUs, none of the RSUs had vested.
F3: On May 1, 2023, WKSP granted Steven Rossi 2,000,000 NSOs. The NSOs vest in 10% (200,000 shares) increments upon the achievement of milestones. Vesting is based upon the achievement of certain values regarding either WKSP's market capitalization or the share price of WKSP using the volume weighted average price of the common stock of WKSP for ten (10) consecutive trading days.