Worksport Ltd. Performance Stock Unit Award Agreement with Steven Rossi
Worksport Ltd. has granted Steven Rossi 400,000 performance stock units (PSUs) under its 2015 Equity Incentive Plan. The PSUs vest in stages based on the company's stock price reaching specific milestones, with each milestone requiring the stock's volume-weighted average price (VWAP) to exceed a set price for ten consecutive days with at least $100,000 in daily trading volume. If these conditions are not met according to the vesting schedule, the unvested PSUs will be rescinded and revert to the company.
Exhibit 10.1
Worksport Ltd.
Notice of Performance Stock Unit Award
You (the “Stockholder”) have been granted the following performance stock units (the “PSU”) of Worksport Ltd. (the “Company”), par value $0.0001 per share, which may vest in the order provided for in the vesting schedule1 failing which the PSU shall stand rescinded and revert to the Company.
| Name of Grantee: | Steven Rossi | |
| Shares: | 400,000 | |
| Effective Date of Grant: | November 11, 2022 |
Vesting Schedule:
| Stock Price | Vesting % | |||||
| $ | 2.25 | 5 | % | |||
| $ | 2.48 | 10 | % | |||
| $ | 2.72 | 15 | % | |||
| $ | 2.99 | 20 | % | |||
| $ | 3.29 | 25 | % | |||
| $ | 3.62 | 30 | % | |||
| $ | 3.99 | 35 | % | |||
| $ | 4.38 | 40 | % | |||
| $ | 4.82 | 45 | % | |||
| $ | 5.31 | 50 | % | |||
| $ | 5.84 | 55 | % | |||
| $ | 6.42 | 60 | % | |||
| $ | 7.06 | 65 | % | |||
| $ | 7.77 | 70 | % | |||
| $ | 8.54 | 75 | % | |||
| $ | 9.40 | 80 | % | |||
| $ | 10.34 | 85 | % | |||
| $ | 11.37 | 90 | % | |||
| $ | 12.51 | 95 | % | |||
| $ | 13.76 | 100 | % | |||
The Grantee and the Company hereby agree and acknowledge that this Grant is governed by the terms and conditions of the 2015 Equity Incentive Plan (the “Plan”), which is incorporated herein by reference. The Grantee confirms that it has been provided with a copy of the Plan.
| GRANTEE | WORKSPORT LTD. | ||
| /s/ Steven Rossi | By: | /s/ William Caragol | |
| Steven Rossi | Name: | William Caragol | |
| Title: | Chair, Compensation Committee | ||
1 In accordance with the vesting schedule, a milestone is met if the VWAP exceeds the required price for ten (10) consecutive days, with over $100,000 of trading volume (min) on each of those days.
