Worksport Ltd — Director's Dealing 2024

Jul 25, 2024

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: Worksport Ltd (WKSP)
CIK: 0001096275
Period of Report: 2024-07-23

Reporting Person: Rossi Steven F. (Director, Chief Executive Officer, 10% Owner)

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2024-07-23	Non-Qualified Stock Options	$5.5	D	100000	Disposed	2026-08-06	Common Stock (100000)	Direct
2024-07-23	Non-Qualified Stock Options	$0.7042	A	100000	Acquired	2026-08-06	Common Stock (100000)	Direct
2024-07-23	Non-Qualified Stock Option (Right to Buy) ("'NSO")	$1.74	D	2000000	Disposed	2033-05-01	Common Stock (2000000)	Direct
2024-07-23	Non-Qualified Stock Option (Right to Buy) ("'NSO")	$0.7042	A	2000000	Acquired	2033-05-01	Common Stock (2000000)	Direct
2024-07-23	Option (Right to buy)	$3.61	D	50000	Disposed	2028-07-21	Common Stock (50000)	Direct
2024-07-23	Option (Right to buy)	$0.7042	A	50000	Acquired	2028-07-21	Common Stock (50000)	Direct
2023-10-31	Option (Right to buy)	$1.44	A	1500000	Acquired		Common Stock (1500000)	Direct
2024-07-23	Option (Right to buy)	$1.44	D	1500000	Disposed		Common Stock (1500000)	Direct
2024-07-23	Option (Right to buy)	$0.7042	A	1500000	Acquired		Common Stock (1500000)	Direct
2024-07-23	Non-Qualified Stock Option (Right to Buy) ("'NSO")	$0.7042	A	3500000	Acquired	2034-07-23	Common Stock (3500000)	Direct

Footnotes

F1: The Reporting Person was granted Non-Qualified Stock Options ("NQSOs") which represent a contingent right to receive one share of Common Stock for each NQSO at a price of $5.50. The NQSOs vest entirely on January 1st of 2022. These NQSOs expire on August 6th, 2026. The right of exercise shall be cumulative so that to the extent this Option is not exercised in any period to the maximum extent permissible it shall continue to be exercisable, in whole or in part, with respect to all Shares Subject to Option for which it is vested until the earlier of the date on which this Option is fully exercised and the Expiration Date.

F2: On July 23, 2024, the Issuer's Board of Directors approved an option repricing (the "Repricing") whereby the Reporting Person's options were repriced to an exercise price of $0.7042 per share. All of the other terms of the options remain unchanged. Such transactions were exempt pursuant to Rule 16b-6(d) and Rule 16b-3 of the Exchange Act, as applicable.

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.

F4: 50% of option vests on the first anniversary of the date of grant and 50% of option vests on the second anniversary of the date of grant.

F5: On October 31, 2023, the Compensation Committee of the Company and the Board approved the grant of incentive stock options ("CEO Award") to Mr. Rossi. The Option will become exercisable ("vest") per the Company's achievement of specified revenue metrics.

F6: Granted pursuant to the consulting agreement dated July 23, 2024 entered into between the Company, the Reporting Person, and 2230164 Ontario Inc., an Ontario corporation owned by the Reporting Person. The option shall vest in equal quarterly installments over a period of five (5) years.