Craig W. Loverock - Jul 23, 2024 Form 4 Insider Report for Worksport Ltd (WKSP)

Role
Director
Signature
/s/ Craig W. Loverock
Stock symbol
WKSP
Transactions as of
Jul 23, 2024
Transactions value $
$0
Form type
4
Date filed
7/25/2024, 08:15 PM
Previous 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 Non-Qualified Stock Options Disposed to Issuer -$2 -15K -100% $0.00* 0 Jul 23, 2024 Common Stock 15K $5.50 Direct F1
transaction WKSP Non-Qualified Stock Options Award $1.50 +15K $0.00* 15K Jul 23, 2024 Common Stock 15K $0.70 Direct F1, F2
transaction WKSP Non-Qualified Stock Options Disposed to Issuer -$3 -30K -100% $0.00* 0 Jul 23, 2024 Common Stock 30K $2.51 Direct F3
transaction WKSP Non-Qualified Stock Options Award $3.00 +30K $0.00* 30K Jul 23, 2024 Common Stock 30K $0.70 Direct F2, F3
transaction WKSP Stock Option (right to buy) Disposed to Issuer $0 -120K -100% $0.00* 0 Jul 23, 2024 Common Stock 120K $1.66 Direct F4, F5
transaction WKSP Stock Option (right to buy) Award $0 +120K $0.00 120K Jul 23, 2024 Common Stock 120K $0.70 Direct F2, F4, F5
transaction WKSP Option (Right to buy) Disposed to Issuer $0 -7.5K -100% $0.00* 0 Jul 23, 2024 Common Stock 7.5K $3.61 Direct F6
transaction WKSP Option (Right to buy) Award $0 +7.5K $0.00 7.5K Jul 23, 2024 Common Stock 7.5K $0.70 Direct F2, F6
transaction WKSP Option (Right to buy) Award $0 +25K $0.00 25K Jul 23, 2024 Common Stock 25K $0.70 Direct F7
* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id Content
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 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 $2.51. The NQSOs vest 1/3 on December 29, 2022, 1/3 December 29, 2023 and 1/3 December 29, 2024. These NQSOs expire on December 29, 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.
F4 Non-qualified stock option granted under the Worksport Ltd 2022 Equity Incentive Plan (the "2022 Plan"). Option vests in six equal installments, commencing on the date of grant and each anniversary of the date of grant.
F5 Option expires on 01/30/33 subject to the terms of the 2022 Plan.
F6 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.
F7 Non-qualified stock option granted under the Worksport Ltd 2022 Equity Incentive Plan (the "2022 Plan"). Option vests in eight quarterly installments, commencing on the date of grant