Company: WKSP
Filing Date: 2025-03-27
Form Type: 10-K
Source: 0001641172-25-000850
Chunk: 636

Company: Worksport Ltd
Filing Date: 2025-03-27
Form: 10-K
Item: Item 9C
Chunk 636
---
 exceed $120,000 (or, if less, 1% of the average of our total assets amounts as of December 31, 2024), and in which any
of our directors, executive officers or, to our knowledge, beneficial owners of more than 5% of our capital stock or any member of the
immediate family of any of the foregoing persons had or will have a direct or indirect material interest, other than equity and other
compensation, termination, change in control and other arrangements, which are described under “Executive and Director Compensation.”
We also describe below certain other transactions with our directors, executive officers and stockholders.

Forbes
Anderson Limited, an accounting firm based in Ontario, Canada and managed by Worksport’s Chief Financial Officer, Michael Johnston,
received $54,767 ($75,000 CAD) based on the 2024 average exchange rate for services rendered within the year ending December 31, 2024.

Controlling
Persons

Mr.
Rossi owns 100% of the outstanding shares of Series A Preferred Stock of the Company. The shares of Series A Preferred Stock collectively
have 51% voting power of the 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 effect