0001493152-24-029133.txt : 20240725
0001493152-24-029133.hdr.sgml : 20240725
20240725201511
ACCESSION NUMBER: 0001493152-24-029133
CONFORMED SUBMISSION TYPE: 4
PUBLIC DOCUMENT COUNT: 1
CONFORMED PERIOD OF REPORT: 20240723
FILED AS OF DATE: 20240725
DATE AS OF CHANGE: 20240725
REPORTING-OWNER:
OWNER DATA:
COMPANY CONFORMED NAME: Rossi Steven F.
CENTRAL INDEX KEY: 0001626032
ORGANIZATION NAME:
FILING VALUES:
FORM TYPE: 4
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-40681
FILM NUMBER: 241143335
MAIL ADDRESS:
STREET 1: 1895 CLEMENTS ROAD
CITY: PICKERING
STATE: A6
ZIP: M1P 4Y9
ISSUER:
COMPANY DATA:
COMPANY CONFORMED NAME: Worksport Ltd
CENTRAL INDEX KEY: 0001096275
STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714]
ORGANIZATION NAME: 04 Manufacturing
IRS NUMBER: 650782227
STATE OF INCORPORATION: NV
FISCAL YEAR END: 1231
BUSINESS ADDRESS:
STREET 1: 2500 N AMERICA DR.
CITY: WEST SENECA
STATE: NY
ZIP: 14224
BUSINESS PHONE: 1-888-554-8789
MAIL ADDRESS:
STREET 1: 2500 N AMERICA DR.
CITY: WEST SENECA
STATE: NY
ZIP: 14224
FORMER COMPANY:
FORMER CONFORMED NAME: Worksport, Ltd
DATE OF NAME CHANGE: 20200702
FORMER COMPANY:
FORMER CONFORMED NAME: Franchise Holdings International, Inc.
DATE OF NAME CHANGE: 20090512
FORMER COMPANY:
FORMER CONFORMED NAME: TMANGLOBAL COM INC
DATE OF NAME CHANGE: 19991005
4
1
ownership.xml
X0508
4
2024-07-23
0
0001096275
Worksport Ltd
WKSP
0001626032
Rossi Steven F.
2500 N AMERICA DR.
WEST SENECA
NY
14224
1
1
1
0
Chief Executive Officer
0
Non-Qualified Stock Options
5.5
2024-07-23
4
D
0
100000
0.0001
D
2022-01-01
2026-08-06
Common Stock
100000
0
D
Non-Qualified Stock Options
0.7042
2024-07-23
4
A
0
100000
0.0001
A
2022-01-01
2026-08-06
Common Stock
100000
100000
D
Non-Qualified Stock Option (Right to Buy) ("'NSO")
1.74
2024-07-23
4
D
0
2000000
0
D
2033-05-01
Common Stock
2000000
0
D
Non-Qualified Stock Option (Right to Buy) ("'NSO")
0.7042
2024-07-23
4
A
0
2000000
0
A
2033-05-01
Common Stock
2000000
2000000
D
Option (Right to buy)
3.61
2024-07-23
4
D
0
50000
0
D
2028-07-21
Common Stock
50000
0
D
Option (Right to buy)
0.7042
2024-07-23
4
A
0
50000
0
A
2028-07-21
Common Stock
50000
50000
D
Option (Right to buy)
1.44
2023-10-31
4
A
0
1500000
0
A
Common Stock
1500000
1500000
D
Option (Right to buy)
1.44
2024-07-23
4
D
0
1500000
0
D
Common Stock
1500000
0
D
Option (Right to buy)
0.7042
2024-07-23
4
A
0
1500000
0
A
Common Stock
1500000
1500000
D
Non-Qualified Stock Option (Right to Buy) ("'NSO")
0.7042
2024-07-23
4
A
0
3500000
0.0001
A
2024-07-23
2034-07-23
Common Stock
3500000
3500000
D
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.
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.
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.
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.
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.
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.
/s/ Steven F. Rossi
2024-07-25