Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 73

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 8
Chunk 73
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 outstanding securities of the Company which thereby renders Mr. Rossi the ability to elect members of our
Board of Directors. The Company is not aware of any other agreements or understandings by a person or group of persons that could be
construed as a controlling person.

Related
Person Transaction Policy

Under
our policy, if a transaction has been identified as a related person transaction, including any transaction that was not a related person
transaction when originally consummated or any transaction that was not initially identified as a related person transaction prior to
consummation, our management must present information regarding the related person transaction to our Audit Committee, or, if Audit Committee
approval would be inappropriate, to another independent body of our Board, for review, consideration and approval or ratification. The
presentation must include a description of, among other things, the material facts, the interests, direct and indirect, of the related
persons, the benefits to us of the transaction and whether the transaction is on terms that are comparable to the terms available to
or from, as the case may be, an unrelated third party or to or from employees generally. Under the policy, we will collect information
that we deem reasonably necessary from each director, executive officer and, to the extent feasible, significant shareholder to enable
us to identify any existing or potential related person transactions and to effectuate the terms of the policy. In addition, under our
code of business conduct and ethics, our employees and directors will have an affirmative responsibility to disclose any transaction
or relationship that reasonably could be expected to give rise to a conflict of interest. In considering related person transactions,
our Audit Committee, or other independent body of our Board, will take into account the relevant available facts and circumstances including,
but not limited to:

    ●
    the risks, costs and benefits
    to us;

    ●
    the impact on a director’s
    independence in the event that the related person is a director, immediate family member of a director or an entity with which a
    director is affiliated;

    ●
    the availability of other
    sources for comparable services or products; and

    ●
    the terms available to
    or from, as the case may be, unrelated third parties or to or from employees, generally.

The
policy requires that, in determining whether to approve, ratify or reject a related person transaction, our Audit Committee, or other
independent body of our Board of Directors, must consider, in light of known circumstances,