4//SEC Filing
Rossi Steven F. 4
Accession 0001493152-23-015345
CIK 0001096275other
Filed
May 2, 8:00 PM ET
Accepted
May 3, 9:23 PM ET
Size
11.2 KB
Accession
0001493152-23-015345
Insider Transaction Report
Form 4
Worksport LtdWKSP
Rossi Steven F.
DirectorChief Executive Officer10% Owner
Transactions
- Other
Performance Stock Unit ("PSU")
2023-05-01−400,000→ 0 total→ Common Stock (400,000 underlying) - Other
Restricted Stock Unit ("RSU")
2023-05-01−1,600,000→ 0 total→ Common Stock (1,600,000 underlying) - Award
Non-Qualified Stock Option (Right to Buy) ("'NSO")
2023-05-01+2,000,000→ 2,000,000 totalExercise: $1.74Exp: 2033-05-01→ Common Stock (2,000,000 underlying)
Footnotes (3)
- [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.
Documents
Issuer
Worksport Ltd
CIK 0001096275
Entity typeother
Related Parties
1- filerCIK 0001626032
Filing Metadata
- Form type
- 4
- Filed
- May 2, 8:00 PM ET
- Accepted
- May 3, 9:23 PM ET
- Size
- 11.2 KB