4//SEC Filing
Rossi Steven F. 4
Accession 0001493152-24-029133
CIK 0001096275other
Filed
Jul 24, 8:00 PM ET
Accepted
Jul 25, 8:15 PM ET
Size
27.4 KB
Accession
0001493152-24-029133
Insider Transaction Report
Form 4
Worksport LtdWKSP
Rossi Steven F.
DirectorChief Executive Officer10% Owner
Transactions
- Award
Non-Qualified Stock Option (Right to Buy) ("'NSO")
2024-07-23+2,000,000→ 2,000,000 totalExercise: $0.70Exp: 2033-05-01→ Common Stock (2,000,000 underlying) - Disposition to Issuer
Non-Qualified Stock Option (Right to Buy) ("'NSO")
2024-07-23−2,000,000→ 0 totalExercise: $1.74Exp: 2033-05-01→ Common Stock (2,000,000 underlying) - Award
Non-Qualified Stock Options
2024-07-23$0.00/sh+100,000$10→ 100,000 totalExercise: $0.70From: 2022-01-01Exp: 2026-08-06→ Common Stock (100,000 underlying) - Disposition to Issuer
Option (Right to buy)
2024-07-23−1,500,000→ 0 totalExercise: $1.44→ Common Stock (1,500,000 underlying) - Award
Option (Right to buy)
2024-07-23+1,500,000→ 1,500,000 totalExercise: $0.70→ Common Stock (1,500,000 underlying) - Award
Non-Qualified Stock Option (Right to Buy) ("'NSO")
2024-07-23$0.00/sh+3,500,000$350→ 3,500,000 totalExercise: $0.70From: 2024-07-23Exp: 2034-07-23→ Common Stock (3,500,000 underlying) - Disposition to Issuer
Non-Qualified Stock Options
2024-07-23$0.00/sh−100,000$10→ 0 totalExercise: $5.50From: 2022-01-01Exp: 2026-08-06→ Common Stock (100,000 underlying) - Disposition to Issuer
Option (Right to buy)
2024-07-23−50,000→ 0 totalExercise: $3.61Exp: 2028-07-21→ Common Stock (50,000 underlying) - Award
Option (Right to buy)
2024-07-23+50,000→ 50,000 totalExercise: $0.70Exp: 2028-07-21→ Common Stock (50,000 underlying) - Award
Option (Right to buy)
2023-10-31+1,500,000→ 1,500,000 totalExercise: $1.44→ Common Stock (1,500,000 underlying)
Footnotes (6)
- [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.
Documents
Issuer
Worksport Ltd
CIK 0001096275
Entity typeother
Related Parties
1- filerCIK 0001626032
Filing Metadata
- Form type
- 4
- Filed
- Jul 24, 8:00 PM ET
- Accepted
- Jul 25, 8:15 PM ET
- Size
- 27.4 KB