Steven F. Rossi - 23 Jul 2024 Form 4 Insider Report for Worksport Ltd (WKSP)

Role
Chief Executive Officer, Director, 10%+ Owner
Signature
/s/ Steven F. Rossi
Issuer symbol
WKSP
Transactions as of
23 Jul 2024
Net transactions value
+$350
Form type
4
Filing time
25 Jul 2024, 20:15:11 UTC
Previous filing
24 Jul 2023
Next filing
21 Nov 2024
SEC
View on sec.gov

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 $10 -100,000 -100% $0.000100* 0 23 Jul 2024 Common Stock 100,000 $5.50 Direct F1
transaction WKSP Non-Qualified Stock Options Award $10 +100,000 $0.000100* 100,000 23 Jul 2024 Common Stock 100,000 $0.7042 Direct F1, F2
transaction WKSP Non-Qualified Stock Option (Right to Buy) ("'NSO") Disposed to Issuer $0 -2,000,000 -100% $0.000000* 0 23 Jul 2024 Common Stock 2,000,000 $1.74 Direct F3
transaction WKSP Non-Qualified Stock Option (Right to Buy) ("'NSO") Award $0 +2,000,000 $0.000000 2,000,000 23 Jul 2024 Common Stock 2,000,000 $0.7042 Direct F2, F3
transaction WKSP Option (Right to buy) Disposed to Issuer $0 -50,000 -100% $0.000000* 0 23 Jul 2024 Common Stock 50,000 $3.61 Direct F4
transaction WKSP Option (Right to buy) Award $0 +50,000 $0.000000 50,000 23 Jul 2024 Common Stock 50,000 $0.7042 Direct F2, F4
transaction WKSP Option (Right to buy) Award $0 +1,500,000 $0.000000 1,500,000 31 Oct 2023 Common Stock 1,500,000 $1.44 Direct F5
transaction WKSP Option (Right to buy) Disposed to Issuer $0 -1,500,000 -100% $0.000000* 0 23 Jul 2024 Common Stock 1,500,000 $1.44 Direct F5
transaction WKSP Option (Right to buy) Award $0 +1,500,000 $0.000000 1,500,000 23 Jul 2024 Common Stock 1,500,000 $0.7042 Direct F2, F5
transaction WKSP Non-Qualified Stock Option (Right to Buy) ("'NSO") Award $350 +3,500,000 $0.000100* 3,500,000 23 Jul 2024 Common Stock 3,500,000 $0.7042 Direct F6
* 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 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.