| FORM 4 |
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940 |
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| Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b). | |||||||||||||||||
| Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10. | |||||||||||||||||
1. Name and Address of Reporting Person*
(Street)
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2. Issuer Name and Ticker or Trading Symbol
Worksport Ltd [ WKSP ] |
5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
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3. Date of Earliest Transaction
(Month/Day/Year) 07/23/2024 | ||||||||||||||||||||||||||
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4. If Amendment, Date of Original Filed
(Month/Day/Year) |
6. Individual or Joint/Group Filing (Check Applicable Line)
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| Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned | ||||||||||
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| 1. Title of Security (Instr. 3) | 2. Transaction Date (Month/Day/Year) | 2A. Deemed Execution Date, if any (Month/Day/Year) | 3. Transaction Code (Instr. 8) | 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) | 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) | 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 7. Nature of Indirect Beneficial Ownership (Instr. 4) | |||
| Code | V | Amount | (A) or (D) | Price | ||||||
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) | |||||||||||||||
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| 1. Title of Derivative Security (Instr. 3) | 2. Conversion or Exercise Price of Derivative Security | 3. Transaction Date (Month/Day/Year) | 3A. Deemed Execution Date, if any (Month/Day/Year) | 4. Transaction Code (Instr. 8) | 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) | 6. Date Exercisable and Expiration Date (Month/Day/Year) | 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) | 8. Price of Derivative Security (Instr. 5) | 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) | 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) | 11. Nature of Indirect Beneficial Ownership (Instr. 4) | ||||
| Code | V | (A) | (D) | Date Exercisable | Expiration Date | Title | Amount or Number of Shares | ||||||||
| Non-Qualified Stock Options(1) | $5.5 | 07/23/2024 | D | 15,000 | 01/01/2022(1) | 08/06/2026 | Common Stock | 15,000 | $0.0001 | 0 | D | ||||
| Non-Qualified Stock Options(1) | $0.7042(2) | 07/23/2024 | A | 15,000 | 01/01/2022(1) | 08/06/2026 | Common Stock | 15,000 | $0.0001 | 15,000 | D | ||||
| Non-Qualified Stock Options(3) | $2.51 | 07/23/2024 | D | 30,000 | 12/29/2022(3) | 12/29/2026 | Common Stock | 30,000 | $0.0001 | 0 | D | ||||
| Non-Qualified Stock Options(3) | $0.7042(2) | 07/23/2024 | A | 30,000 | 12/29/2022(3) | 12/29/2026 | Common Stock | 30,000 | $0.0001 | 30,000 | D | ||||
| Stock Option (right to buy) | $1.66 | 07/23/2024 | D | 120,000 | (4) | (5) | Common Stock | 120,000 | $0 | 0 | D | ||||
| Stock Option (right to buy) | $0.7042(2) | 07/23/2024 | A | 120,000 | (4) | (5) | Common Stock | 120,000 | $0 | 120,000 | D | ||||
| Option (Right to buy) | $3.61 | 07/23/2024 | D | 7,500 | (6) | 07/21/2028 | Common Stock | 7,500 | $0 | 0 | D | ||||
| Option (Right to buy) | $0.7042(2) | 07/23/2024 | A | 7,500 | (6) | 07/21/2028 | Common Stock | 7,500 | $0 | 7,500 | D | ||||
| Option (Right to buy) | $0.7042(7) | 07/23/2024 | A | 25,000 | (7) | 07/23/2034 | Common Stock | 25,000 | $0 | 25,000 | D | ||||
| Explanation of Responses: |
| 1. 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. |
| 2. 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. |
| 3. 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. |
| 4. 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. |
| 5. Option expires on 01/30/33 subject to the terms of the 2022 Plan. |
| 6. 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. |
| 7. 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 |
| /s/ Craig W. Loverock | 07/25/2024 | |
| ** Signature of Reporting Person | Date | |
| Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. | ||
| * If the form is filed by more than one reporting person, see Instruction 4 (b)(v). | ||
| ** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). | ||
| Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure. | ||
| Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number. | ||