Steven F. Rossi - May 1, 2023 Form 4 Insider Report for Worksport Ltd (WKSP)

Role
CEO, President and Secretary, Director, 10%+ Owner
Signature
/s/ Steven Rossi
Stock symbol
WKSP
Transactions as of
May 1, 2023
Transactions value $
$0
Form type
4
Date filed
5/3/2023, 09:23 PM
Previous filing
Dec 30, 2021
Next filing
Jul 24, 2023

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type Sym Class Transaction Value $ Shares Change % * Price $ Shares After Date Underlying Class Amount Exercise Price Ownership Footnotes
transaction WKSP Performance Stock Unit ("PSU") Other $0 -400K -100% $0.00* 0 May 1, 2023 Common Stock 400K Direct F1
transaction WKSP Restricted Stock Unit ("RSU") Other $0 -1.6M -100% $0.00* 0 May 1, 2023 Common Stock 1.6M Direct F2
transaction WKSP Non-Qualified Stock Option (Right to Buy) ("'NSO") Award $0 +2M $0.00 2M May 1, 2023 Common Stock 2M $1.74 Direct F3
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
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.